PowerShares Exchange-Traded Fund Trust II NCSRS Certified semi-annual shareholder report (management investment company)

PowerShares Exchange-Traded Fund Trust II (LALT) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)	The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b)	Not applicable.

Invesco Semi-Annual Report to Shareholders

April 30, 2022

PBTP Invesco PureBeta^SM0-5 Yr US TIPS ETF

PBDM Invesco PureBeta^SMFTSE Developed ex-North America ETF

PBEE Invesco PureBeta^SMFTSE Emerging Markets ETF

Table of Contents


Liquidity Risk Management Program			3

Schedules of Investments

Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)			4

Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)			6

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)			22

Statements of Assets and Liabilities			34

Statements of Operations			35

Statements of Changes in Net Assets			36

Financial Highlights			37

Notes to Financial Statements			40

Fund Expenses			51

Approval of Investment Advisory and Sub-Advisory Contracts			53


		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 15, 2022, 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, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds 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 PureBeta^SM0-5 Yr US TIPS ETF (PBTP)

April 30, 2022

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.89%
U.S. Treasury Inflation – Indexed Notes-99.89%^(a)
0.13%, 07/15/2022	$	6,174,178	$	6,286,458
0.13%, 01/15/2023		6,151,527		6,324,913
0.63%, 04/15/2023		6,553,087		6,776,444
0.38%, 07/15/2023		6,101,064		6,339,922
0.63%, 01/15/2024		6,079,578		6,346,886
0.50%, 04/15/2024		4,422,550		4,615,560
0.13%, 07/15/2024		5,976,979		6,224,445
0.13%, 10/15/2024		4,745,848		4,927,443
0.25% - 2.38%, 01/15/2025		11,134,397		11,887,439
0.13%, 04/15/2025		4,765,475		4,934,474
0.38%, 07/15/2025		5,984,582		6,268,054
0.13%, 10/15/2025		4,574,953		4,744,046
0.63% - 2.00%, 01/15/2026		9,667,326		10,364,926
0.13%, 04/15/2026		5,259,846		5,427,804
0.13%, 07/15/2026		5,321,555		5,512,833
0.13%, 10/15/2026		4,854,120		5,017,528
0.38% - 2.38%, 01/15/2027		8,346,407		8,977,598
0.13%, 04/15/2027		2,446,597		2,519,713

Total U.S. Treasury Securities (Cost $114,704,694)				113,496,486


	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(b)(c) (Cost $55,412)		55,412	$	55,412

TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $114,760,106)				113,551,898
OTHER ASSETS LESS LIABILITIES-0.06%				67,110

NET ASSETS-100.00%			$	113,619,008

Notes to Schedule of Investments:

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

^(b)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	60,551		$	1,258,330		$	(1,263,469	)		$	-		$	-			$	55,412		$	39
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,543,304			13,231,432			(14,774,736	)			-			-				-			123	*
Invesco Private Prime Fund			3,601,042			23,857,518			(27,457,908	)			-			(652	)			-			743	*

Total		$	5,204,897		$	38,347,280		$	(43,496,113	)		$	-		$	(652	)		$	55,412		$	905

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

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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


		4

Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Maturing in 0-5 Years			99.89
Money Market Funds Plus Other Assets Less Liabilities			0.11

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


		5

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

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.61%
Australia-8.81%
Adbri Ltd.		2,521	$	5,152
AGL Energy Ltd.		3,628		22,227
Allkem Ltd.^(a)		3,186		26,555
ALS Ltd.		2,648		24,114
Altium Ltd.		601		13,468
Alumina Ltd.		13,913		17,727
AMP Ltd.^(a)		18,019		14,595
Ampol Ltd.		1,314		30,916
Ansell Ltd.		709		13,657
APA Group		6,512		52,558
Appen Ltd.		606		2,782
Aristocrat Leisure Ltd.		3,692		85,833
ASX Ltd.		1,068		64,563
Atlas Arteria Ltd.		5,290		25,806
Aurizon Holdings Ltd.		9,740		27,777
Australia & New Zealand Banking Group Ltd.		15,535		296,580
Bank of Queensland Ltd.		3,529		20,009
Beach Energy Ltd.		9,733		11,129
Bendigo & Adelaide Bank Ltd.^(b)		3,044		22,718
BHP Group Ltd.		27,880		942,507
BlueScope Steel Ltd.		2,703		38,542
Boral Ltd.^(b)		2,219		5,550
Brambles Ltd.		7,915		58,787
carsales.com Ltd.		1,487		21,900
Challenger Ltd.		3,698		18,714
Charter Hall Group		2,600		27,717
Cleanaway Waste Management Ltd.		7,511		16,902
Cochlear Ltd.		353		57,044
Coles Group Ltd.		6,997		92,163
Commonwealth Bank of Australia		9,531		694,498
Computershare Ltd.		2,964		52,257
Crown Resorts Ltd.^(a)		1,925		17,572
CSL Ltd.		2,673		508,825
CSR Ltd.		2,677		11,474
Deterra Royalties Ltd.		2,333		7,937
Dexus		5,936		46,522
Domain Holdings Australia Ltd.		1,276		3,108
Domino’s Pizza Enterprises Ltd.		333		17,703
Downer EDI Ltd.		3,800		14,787
EBOS Group Ltd.		595		16,266
Endeavour Group Ltd.		6,997		38,679
Evolution Mining Ltd.		9,242		26,094
Flight Centre Travel Group Ltd.^(a)(b)		791		12,389
Fortescue Metals Group Ltd.		8,772		133,756
Glencore PLC		73,400		451,747
Goodman Group		10,114		169,203
GPT Group (The)		10,572		37,832
Harvey Norman Holdings Ltd.^(b)		3,268		11,700
IDP Education Ltd.		999		18,497
IGO Ltd.		3,427		31,768
Iluka Resources Ltd.		2,313		18,240
Incitec Pivot Ltd.		10,701		29,132
Insignia Financial Ltd.		3,508		8,401
Insurance Australia Group Ltd.		13,408		42,773
JB Hi-Fi Ltd.		623		23,196
Lendlease Corp. Ltd.		3,793		32,588
Lynas Rare Earths Ltd.^(a)		4,957		31,347


	Shares		Value
Australia-(continued)
Macquarie Group Ltd.		1,915	$	276,015
Magellan Financial Group Ltd.^(b)		769		8,738
Medibank Pvt Ltd.		15,200		34,235
Metcash Ltd.^(b)		5,327		17,957
Mineral Resources Ltd.		768		31,464
Mirvac Group		21,708		36,964
National Australia Bank Ltd.		18,175		416,071
Newcrest Mining Ltd.		4,923		92,827
NEXTDC Ltd.^(a)		2,499		19,505
Northern Star Resources Ltd.		6,273		42,901
Nufarm Ltd.		1,758		7,932
Orica Ltd.		2,240		25,837
Origin Energy Ltd.		9,690		46,555
Orora Ltd.		4,783		13,412
OZ Minerals Ltd.		1,791		31,266
Perpetual Ltd.^(b)		310		7,142
Pilbara Minerals Ltd.^(a)		14,500		28,085
Platinum Asset Management Ltd.		2,893		3,804
Pro Medicus Ltd.^(b)		223		7,292
Qantas Airways Ltd.^(a)		4,060		15,750
QBE Insurance Group Ltd.		8,129		70,031
Qube Holdings Ltd.		8,104		16,732
Ramsay Health Care Ltd.		964		54,771
REA Group Ltd.		278		24,814
Reece Ltd.		1,467		17,832
Rio Tinto Ltd.		2,048		163,275
Rio Tinto PLC		6,081		430,668
Santos Ltd.		16,944		95,174
Scentre Group		28,619		59,965
SEEK Ltd.		1,923		37,659
Seven Group Holdings Ltd.		740		10,353
Shopping Centres Australasia Property Group		6,119		13,084
Sonic Healthcare Ltd.		2,635		67,968
South32 Ltd.		25,739		86,278
Star Entertainment Group Ltd. (The)^(a)		4,729		10,496
Stockland		13,163		38,138
Suncorp Group Ltd.		6,964		56,164
Tabcorp Holdings Ltd.		11,472		43,876
Telstra Corp. Ltd.		22,694		64,675
TPG Telecom Ltd.		2,024		8,361
Transurban Group		16,776		168,669
Treasury Wine Estates Ltd.		3,984		31,297
Vicinity Centres		20,790		27,258
Washington H Soul Pattinson & Co. Ltd.		1,468		28,585
Wesfarmers Ltd.		6,244		216,608
Westpac Banking Corp.		19,644		329,159
Whitehaven Coal Ltd.		4,762		16,460
WiseTech Global Ltd.		869		26,950
Woodside Petroleum Ltd.		5,302		115,906
Woolworths Group Ltd.		6,673		181,286
Worley Ltd.		2,060		20,196

				8,262,723

Austria-0.26%
ams-OSRAM AG^(a)(b)		1,356		16,665
ANDRITZ AG		371		15,738
Erste Group Bank AG		1,695		52,361
Mondi PLC^(b)		2,672		49,386

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


		6

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

April 30, 2022

(Unaudited)


	Shares		Value
Austria-(continued)
OMV AG		783	$	39,978
Raiffeisen Bank International AG^(b)		713		8,010
Telekom Austria AG		754		5,377
Verbund AG^(b)		364		38,978
voestalpine AG		633		16,507

				243,000

Belgium-0.85%
Ackermans & van Haaren N.V.		140		24,959
Ageas S.A./N.V.		981		47,032
Anheuser-Busch InBev S.A./N.V.		4,763		274,612
D’Ieteren Group		153		24,788
Elia Group S.A./N.V.^(b)		185		29,481
Etablissements Franz Colruyt N.V.		275		10,115
Groupe Bruxelles Lambert S.A.		560		52,915
KBC Group N.V.		1,515		103,189
Proximus SADP		771		13,445
Sofina S.A.		84		25,805
Solvay S.A., Class A		371		35,063
Telenet Group Holding N.V.		251		7,463
UCB S.A.		666		75,791
Umicore S.A.^(b)		1,129		43,586
Warehouses De Pauw C.V.A.^(b)		776		29,783

				798,027

Brazil-0.05%
Yara International ASA		897		45,927

Cambodia-0.01%
NagaCorp Ltd.		6,692		5,981

Chile-0.04%
Antofagasta PLC^(b)		1,909		36,659

China-0.47%
AAC Technologies Holdings, Inc.		3,807		8,813
BeiGene Ltd.^(a)(b)		3,670		46,019
BOC Hong Kong Holdings Ltd.		19,614		70,760
Budweiser Brewing Co. APAC Ltd.^(c)		9,298		23,262
China Travel International Investment Hong Kong Ltd.^(a)		13,198		2,375
Chow Tai Fook Jewellery Group Ltd.		8,909		14,877
ESR Cayman Ltd.^(a)(c)		9,202		27,914
FIH Mobile Ltd.^(a)		15,371		1,906
HUTCHMED China Ltd.^(a)		2,500		8,019
Kerry Logistics Network Ltd.		1,263		2,883
Lee & Man Paper Manufacturing Ltd.		7,642		3,646
Lenovo Group Ltd.		41,428		40,189
MicroPort Scientific Corp.		2,619		5,159
Minth Group Ltd.		4,329		10,209
MMG Ltd.^(a)		13,057		5,508
Nexteer Automotive Group Ltd.		4,389		2,459
Shangri-La Asia Ltd.^(a)		6,527		4,947
Shui On Land Ltd.		19,144		2,709
SITC International Holdings Co. Ltd.		6,545		21,853
Tingyi Cayman Islands Holding Corp.		10,889		19,777
Towngas Smart Energy Co. Ltd.		5,488		2,704
Uni-President China Holdings Ltd.		6,548		5,749
Want Want China Holdings Ltd.		29,387		26,459
Wharf Holdings Ltd. (The)		7,614		22,168


	Shares		Value
China-(continued)
Wilmar International Ltd.		11,622	$	37,239
Xinyi Glass Holdings Ltd.		10,912		24,117

				441,720

Denmark-2.40%
Ambu A/S, Class B^(b)		945		12,421
AP Moller - Maersk A/S, Class A		23		64,551
AP Moller - Maersk A/S, Class B		30		86,079
Carlsberg A/S, Class B		530		67,084
Chr. Hansen Holding A/S		567		44,184
Coloplast A/S, Class B		734		99,099
Danske Bank A/S		3,634		55,091
Demant A/S^(a)		559		24,577
DSV A/S		1,071		174,943
Genmab A/S^(a)		326		114,996
GN Store Nord A/S		705		26,283
H Lundbeck A/S		329		7,565
Novo Nordisk A/S, Class B		8,804		1,006,916
Novozymes A/S, Class B		1,094		76,009
Orsted A/S^(c)		1,039		116,833
Pandora A/S		512		44,407
ROCKWOOL A/S, Class B		34		9,541
Royal Unibrew A/S		260		22,237
SimCorp A/S		219		15,363
Tryg A/S		1,696		40,200
Vestas Wind Systems A/S		5,564		143,144

				2,251,523

Finland-1.19%
Elisa OYJ		791		46,232
Fortum OYJ		2,379		39,127
Huhtamaki OYJ		512		19,191
Kesko OYJ, Class B		1,486		37,493
Kojamo OYJ		1,075		21,206
Kone OYJ, Class B		2,166		103,935
Metso Outotec OYJ		3,340		28,262
Neste OYJ		2,294		98,617
Nokia OYJ^(a)		31,062		158,069
Nokian Renkaat OYJ		747		10,047
Nordea Bank Abp		19,697		195,531
Orion OYJ, Class B		572		22,378
Sampo OYJ, Class A		2,787		134,299
Stora Enso OYJ, Class R		3,166		61,962
UPM-Kymmene OYJ		2,939		100,953
Valmet OYJ		732		19,592
Wartsila OYJ Abp		2,687		21,451

				1,118,345

France-9.42%
Accor S.A.^(a)		1,008		32,761
Adevinta ASA, Class B^(a)		1,530		12,029
Aeroports de Paris^(a)(b)		148		20,924
Air Liquide S.A.		2,601		449,045
Airbus SE		3,124		339,727
ALD S.A.^(b)(c)		444		6,040
Alstom S.A.		1,627		35,419
Amundi S.A.^(c)		314		18,734
Arkema S.A.		358		40,404
Atos SE		518		12,533
AXA S.A.		10,607		280,828
BioMerieux		223		21,157

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


		7

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

April 30, 2022

(Unaudited)


	Shares			Value
France-(continued)
BNP Paribas S.A.		6,002		$	307,820
Bollore SE		5,448			25,299
Bouygues S.A.^(b)		1,173			40,302
Bureau Veritas S.A.		1,564			44,818
Capgemini SE		882			179,423
Carrefour S.A.		3,420			72,498
Cie de L’Odet SE		2			2,309
Cie de Saint-Gobain		2,576			149,906
Cie Generale des Etablissements Michelin S.C.A.		965			119,298
Cie Plastic Omnium S.A.		304			4,884
CNP Assurances^(b)		824			18,142
Covivio		276			19,502
Credit Agricole S.A.		6,678			71,678
Danone S.A.		3,311			199,049
Dassault Aviation S.A.		128			21,632
Dassault Systemes SE		3,670			163,259
Edenred		1,375			68,922
Eiffage S.A.		408			40,023
Electricite de France S.A.		3,904			35,301
ENGIE S.A.^(b)		9,145			107,425
EssilorLuxottica S.A.		1,627			276,015
Eurazeo SE		267			20,443
Faurecia SE		656			14,133
Gecina S.A.		284			31,818
Getlink SE		2,510			45,849
Hermes International		171			210,399
ICADE		179			10,650
Ipsen S.A.		185			19,197
JCDecaux S.A.^(a)		400			8,421
Kering S.A.		405			215,117
Klepierre S.A.		999			23,724
La Francaise des Jeux SAEM^(c)		480			17,858
Legrand S.A.		1,474			130,113
L’Oreal S.A.^(b)		1,378			501,317
LVMH Moet Hennessy Louis Vuitton SE^(b)		1,383			884,976
Neoen S.A.^(a)(b)(c)		148			5,894
Orange S.A.		10,573			125,926
Orpea S.A.^(b)		259			9,194
Pernod Ricard S.A.		1,151			237,146
Publicis Groupe S.A.		1,261	��		75,481
Remy Cointreau S.A.		135			26,734
Renault S.A.^(a)		1,016			24,624
Rexel S.A.		1,674			34,351
Safran S.A.		1,920			204,341
Sanofi^(b)		6,085			640,453
Sartorius Stedim Biotech		132			42,966
Schneider Electric SE		2,965			422,287
SCOR SE		863			24,260
SEB S.A.		166			19,902
Societe Generale S.A.		4,202			99,836
Sodexo S.A.		480			35,991
SOITEC^(a)		112			20,055
Somfy S.A.		43			5,726
Teleperformance		320			114,413
Thales S.A.		553			70,840
TotalEnergies SE		13,280			654,327
Ubisoft Entertainment S.A.^(a)(b)		518			23,388
Unibail-Rodamco-Westfield^(a)(b)		566			40,097
Valeo		1,324			23,875


	Shares		Value
France-(continued)
Veolia Environnement S.A.		3,573	$	102,983
Vinci S.A.		2,765		266,779
Vivendi SE^(b)		3,868		44,353
Wendel SE		148		14,663
Worldline S.A.^(a)(c)		1,340		52,522

				8,834,528

Germany-7.39%
1&1 AG		254		5,334
adidas AG		1,011		205,919
Allianz SE		2,299		524,356
Aroundtown S.A.		6,286		31,818
Auto1 Group SE^(a)(c)		370		3,915
BASF SE		5,048		268,453
Bayer AG		5,522		363,970
Bayerische Motoren Werke AG		1,771		146,682
Bayerische Motoren Werke AG, Preference Shares		318		23,701
Bechtle AG		444		20,759
Beiersdorf AG		550		55,597
Brenntag SE		853		66,537
Carl Zeiss Meditec AG, BR		202		25,514
Commerzbank AG^(a)		5,737		38,020
Continental AG^(a)		596		41,510
Covestro AG^(c)		993		43,254
CTS Eventim AG & Co. KGaA^(a)		324		22,517
Daimler Truck Holding AG^(a)		2,314		62,524
Deutsche Bank AG^(a)		11,269		115,082
Deutsche Boerse AG		1,013		177,612
Deutsche Lufthansa AG^(a)(b)		3,298		24,887
Deutsche Post AG		5,394		232,851
Deutsche Telekom AG		18,972		349,458
Deutsche Wohnen SE		251		7,217
DWS Group GmbH & Co. KGaA^(c)		185		6,124
E.ON SE		11,942		125,100
Evonik Industries AG		1,053		27,845
Evotec SE^(a)		849		20,621
Fielmann AG		134		6,814
Fraport AG Frankfurt Airport Services Worldwide^(a)		185		10,002
Fresenius Medical Care AG & Co. KGaA		1,120		70,231
Fresenius SE & Co. KGaA		2,250		80,229
Fuchs Petrolub SE		185		4,938
Fuchs Petrolub SE, Preference Shares		384		12,225
GEA Group AG		913		35,867
Hannover Rueck SE		331		51,994
HeidelbergCement AG		798		46,521
Hella GmbH & Co. KGaA		126		7,982
HelloFresh SE^(a)		902		38,614
Henkel AG & Co. KGaA		555		35,481
Henkel AG & Co. KGaA, Preference Shares		963		62,337
HOCHTIEF AG		106		6,459
Infineon Technologies AG		7,182		207,979
KION Group AG		432		24,363
Knorr-Bremse AG		365		26,315
LANXESS AG		470		18,480
LEG Immobilien SE		402		41,391
Mercedes-Benz Group AG		4,714		333,691
Merck KGaA		713		132,223
METRO AG^(a)		722		6,349

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


		8

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

April 30, 2022

(Unaudited)


	Shares		Value
Germany-(continued)
MTU Aero Engines AG		294	$	59,458
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		773		184,971
Nemetschek SE		296		23,766
Porsche Automobil Holding SE, Preference Shares		845		70,905
Puma SE		549		40,936
Rational AG		18		11,080
Rheinmetall AG		238		53,796
RWE AG		3,475		145,135
SAP SE		6,196		639,074
Sartorius AG		13		4,361
Sartorius AG, Preference Shares		136		51,521
Scout24 SE^(c)		414		26,415
Siemens AG		4,204		522,356
Siemens Energy AG		2,364		45,770
Siemens Healthineers AG^(c)		1,529		82,683
Sixt SE^(a)		72		9,472
Sixt SE, Preference Shares		91		6,634
SUSE S.A.^(a)		198		6,448
Symrise AG		761		91,080
Talanx AG		293		12,355
Telefonica Deutschland Holding AG		3,684		11,150
thyssenkrupp AG^(a)		2,674		20,819
Traton SE		276		4,628
TUI AG^(a)(b)		5,943		16,701
Uniper SE		482		12,468
United Internet AG		592		19,192
Vantage Towers AG		510		17,324
Varta AG		74		6,962
Volkswagen AG		176		38,842
Volkswagen AG, Preference Shares		1,010		158,696
Vonovia SE		4,286		171,382
Wacker Chemie AG		74		11,935
Zalando SE^(a)(c)		1,202		47,674

				6,923,651

Hong Kong-2.40%
AIA Group Ltd.		67,586		660,381
ASM Pacific Technology Ltd.		1,741		17,594
Bank of East Asia Ltd. (The)		6,966		10,280
Cafe de Coral Holdings Ltd.		2,159		3,365
Cathay Pacific Airways Ltd.^(a)		5,377		5,371
Champion REIT		10,931		4,777
CK Asset Holdings Ltd.		10,888		73,718
CK Hutchison Holdings Ltd.		14,705		102,960
CK Infrastructure Holdings Ltd.		3,296		22,179
CLP Holdings Ltd.		9,239		89,948
Dah Sing Banking Group Ltd.		2,174		1,817
Dah Sing Financial Holdings Ltd.		869		2,526
Dairy Farm International Holdings Ltd.		1,686		4,542
Guotai Junan International Holdings Ltd.		14,111		1,530
Haitong International Securities Group Ltd.		14,069		2,234
Hang Lung Group Ltd.		4,416		8,615
Hang Lung Properties Ltd.		10,912		20,811
Hang Seng Bank Ltd.		4,026		71,097
Henderson Land Development Co. Ltd.		7,584		30,581
Hong Kong & China Gas Co. Ltd. (The)		59,892		65,992
Hong Kong Exchanges & Clearing Ltd.		7,026		298,006
Hongkong Land Holdings Ltd.		6,431		29,939


	Shares		Value
Hong Kong-(continued)
Huabao International Holdings Ltd.		5,425	$	2,954
Hutchison Port Holdings Trust, Class U		27,834		6,648
Hutchison Telecommunications Hong Kong Holdings Ltd.		6,614		1,101
Hysan Development Co. Ltd.		3,296		9,648
Jardine Matheson Holdings Ltd.		1,147		60,614
Johnson Electric Holdings Ltd., H Shares		1,662		1,900
Kerry Properties Ltd.		3,284		8,831
Lifestyle International Holdings Ltd.^(a)		2,713		1,304
Link REIT		11,636		100,343
Man Wah Holdings Ltd.		8,501		7,942
Mapletree North Asia Commercial Trust^(c)		11,992		10,328
Melco International Development Ltd.^(a)		4,380		3,435
MTR Corp. Ltd.		8,147		43,243
New World Development Co. Ltd.		7,656		29,279
NWS Holdings Ltd.		7,665		6,937
Orient Overseas International Ltd.		700		19,297
PCCW Ltd.		22,985		13,035
Power Assets Holdings Ltd.		7,623		51,224
Shun Tak Holdings Ltd.^(a)		6,883		1,390
Sino Land Co. Ltd.		19,416		25,591
Sun Hung Kai Properties Ltd.		8,098		93,309
Swire Pacific Ltd., Class A		2,740		15,616
Swire Pacific Ltd., Class B		5,440		5,116
Swire Properties Ltd.		5,903		14,060
Techtronic Industries Co. Ltd.		7,062		94,292
United Energy Group Ltd.		41,446		4,888
Vinda International Holdings Ltd.^(b)		1,117		2,694
Vitasoy International Holdings Ltd.^(b)		4,362		7,917
VTech Holdings Ltd.		875		6,178
WH Group Ltd.		42,789		29,454
Wharf Real Estate Investment Co. Ltd.		8,738		40,981
Yue Yuen Industrial Holdings Ltd.^(a)		3,844		5,648

				2,253,460

Indonesia-0.01%
First Pacific Co. Ltd.		13,111		5,274
Golden Agri-Resources Ltd.		35,054		8,192

				13,466

Ireland-0.55%
AIB Group PLC		4,327		9,328
CRH PLC		4,267		168,818
Flutter Entertainment PLC^(a)		966		96,901
Glanbia PLC		1,037		12,449
Kerry Group PLC, Class A		849		93,791
Kingspan Group PLC		833		76,359
Smurfit Kappa Group PLC		1,430		59,948

				517,594

Israel-0.77%
AFI Properties Ltd.		92		5,586
Airport City Ltd.^(a)		407		9,074
Alony Hetz Properties & Investments Ltd.		592		9,659
Amot Investments Ltd.		777		5,897
Ashtrom Group Ltd.^(b)		221		6,177
Azrieli Group Ltd.		222		19,031
Bank Hapoalim BM		7,371		68,191
Bank Leumi Le-Israel BM		8,170		85,629
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		11,807		18,720

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


		9

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

April 30, 2022

(Unaudited)


	Shares		Value
Israel-(continued)
Big Shopping Centers Ltd.		74	$	11,217
Camtek Ltd.^(a)		147		4,278
Elbit Systems Ltd.		147		31,968
Elco Ltd.		52		4,046
Electra Ltd.		10		6,869
Energix-Renewable Energies Ltd.		1,036		3,533
Enlight Renewable Energy Ltd.^(a)		5,091		10,977
Fattal Holdings 1998 Ltd.^(a)		45		6,473
First International Bank of Israel Ltd. (The)		296		12,421
Fox Wizel Ltd.		38		5,539
Gav-Yam Lands Corp. Ltd.		554		6,079
Gazit-Globe Ltd		481		4,539
Harel Insurance Investments & Financial Services Ltd.		629		7,690
ICL Group Ltd.		4,005		44,369
Israel Corp. Ltd. (The)^(a)		20		11,331
Israel Discount Bank Ltd., Class A		6,753		39,851
Maytronics Ltd.		258		4,595
Melisron Ltd.^(a)		111		9,003
Mivne Real Estate KD Ltd.		3,894		14,649
Mizrahi Tefahot Bank Ltd.		740		27,359
Nice Ltd.^(a)		372		76,904
Nova Ltd.^(a)		149		14,260
OPC Energy Ltd.^(a)		407		4,477
Paz Oil Co. Ltd.^(a)		86		13,350
Phoenix Holdings Ltd. (The)		703		8,806
Sapiens International Corp. N.V		148		3,458
Shapir Engineering and Industry Ltd.^(b)		629		5,871
Shikun & Binui Ltd.^(a)		1,182		6,979
Shufersal Ltd.^(b)		629		5,301
Strauss Group Ltd.		222		5,923
Teva Pharmaceutical Industries Ltd.^(a)(b)		5,570		48,984
Tower Semiconductor Ltd.^(a)		592		28,453

				717,516

Italy-1.97%
A2A S.p.A.		8,343		14,222
Amplifon S.p.A.		703		27,973
Assicurazioni Generali S.p.A.^(b)		7,159		135,106
Atlantia S.p.A.^(a)		2,714		64,429
Banca Mediolanum S.p.A.		1,325		9,542
Buzzi Unicem S.p.A.^(b)		513		9,437
Coca-Cola HBC AG		1,076		21,721
Davide Campari-Milano N.V.		2,725		30,667
De Longhi S.p.A.^(b)		389		9,409
DiaSorin S.p.A.		150		19,608
Enel S.p.A.		42,862		277,020
Eni S.p.A.		13,658		191,649
Ferrari N.V.		685		144,488
FinecoBank Banca Fineco S.p.A.		3,365		46,358
Hera S.p.A.		4,334		16,121
Infrastrutture Wireless Italiane S.p.A.^(c)		1,941		20,680
Interpump Group S.p.A.		443		17,827
Intesa Sanpaolo S.p.A.		91,560		184,131
Italgas S.p.A.		2,700		17,431
Iveco Group N.V.^(a)		1,085		6,465
Leonardo S.p.A.^(a)		2,206		22,863
Mediobanca Banca di Credito Finanziario S.p.A.		3,832		38,101
Moncler S.p.A.		1,185		61,549


	Shares		Value
Italy-(continued)
Nexi S.p.A.^(a)(c)		4,094	$	40,240
Pirelli & C S.p.A.^(c)		2,698		13,231
Poste Italiane S.p.A.^(c)		2,516		24,427
PRADA S.p.A.		2,843		17,519
Prysmian S.p.A.		1,453		47,107
Recordati Industria Chimica e Farmaceutica S.p.A.		534		25,564
Reply S.p.A.		148		21,715
Snam S.p.A.		12,287		67,428
Telecom Italia S.p.A.^(b)		59,181		17,157
Telecom Italia S.p.A., RSP		33,268		9,172
Terna Rete Elettrica Nazionale S.p.A		7,773		63,314
UniCredit S.p.A.^(b)		11,812		107,728
UnipolSai Assicurazioni S.p.A.^(b)		2,347		6,570

				1,847,969

Japan-22.19%
ABC-Mart, Inc.		148		6,112
Acom Co. Ltd.		2,067		5,333
Activia Properties, Inc.		4		12,782
Advance Residence Investment Corp.		7		19,261
Advantest Corp.		1,082		74,618
Aeon Co. Ltd.		3,867		73,543
AEON Financial Service Co. Ltd.		666		6,116
Aeon Mall Co. Ltd.		703		8,536
AEON REIT Investment Corp.		9		10,344
AGC, Inc.		1,036		38,975
Aica Kogyo Co. Ltd.		296		6,844
Ain Holdings, Inc.		148		6,671
Air Water, Inc.^(b)		888		11,765
Aisin Corp.		962		27,972
Ajinomoto Co., Inc.		2,649		69,064
Alfresa Holdings Corp.		936		12,770
Alps Alpine Co. Ltd.		1,110		9,785
Amada Co. Ltd.		1,750		13,642
Amano Corp.		370		7,142
ANA Holdings, Inc.^(a)		866		16,344
Anritsu Corp.		777		9,807
Aozora Bank Ltd.		666		13,334
Ariake Japan Co. Ltd.		111		4,454
As One Corp.		148		7,785
Asahi Group Holdings Ltd.		2,442		91,329
Asahi Intecc Co. Ltd.		1,073		21,036
Asahi Kasei Corp.		6,774		55,839
Asics Corp.		961		14,999
ASKUL Corp.		222		2,696
Astellas Pharma, Inc.		10,240		156,335
Azbil Corp.		740		22,627
Bandai Namco Holdings, Inc.		1,108		75,528
Bank of Kyoto Ltd. (The)		407		17,704
BayCurrent Consulting, Inc.		74		24,501
Benefit One, Inc.		333		5,004
Benesse Holdings, Inc.		407		7,142
Bic Camera, Inc.		788		6,653
BIPROGY, Inc.		370		9,424
Bridgestone Corp.		3,309		121,314
Brother Industries Ltd.		1,330		23,158
Calbee, Inc.		444		7,968
Canon Marketing Japan, Inc.		259		5,636
Canon, Inc.^(b)		5,508		126,773

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


		10

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

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Capcom Co. Ltd.		1,036	$	27,382
Casio Computer Co. Ltd.		1,184		12,172
Central Japan Railway Co.		1,034		130,674
Chiba Bank Ltd. (The)		3,315		19,087
Chubu Electric Power Co., Inc.		3,831		38,795
Chugai Pharmaceutical Co. Ltd.		3,571		107,347
Chugoku Bank Ltd. (The)		899		6,622
Chugoku Electric Power Co., Inc. (The)		1,649		10,869
Coca-Cola Bottlers Japan Holdings, Inc.		751		8,441
COMSYS Holdings Corp.		628		13,092
Concordia Financial Group Ltd.		6,157		22,431
Cosmo Energy Holdings Co. Ltd.		617		15,287
Cosmos Pharmaceutical Corp.		116		10,794
Credit Saison Co. Ltd.		825		9,266
CyberAgent, Inc.		2,158		22,977
Dai Nippon Printing Co. Ltd.		1,428		29,891
Daicel Corp.		1,456		8,885
Daido Steel Co. Ltd.		222		6,370
Daifuku Co. Ltd.		553		34,191
Dai-ichi Life Holdings, Inc.		5,467		109,901
Daiichi Sankyo Co. Ltd.		10,595		266,756
Daiichikosho Co. Ltd.		222		6,063
Daikin Industries Ltd.		1,492		229,791
Daio Paper Corp.		443		5,289
Daito Trust Construction Co. Ltd.		369		35,575
Daiwa House Industry Co. Ltd.		3,499		84,653
Daiwa House REIT Investment Corp.		12		29,176
Daiwa Office Investment Corp.		2		11,362
Daiwa Securities Group, Inc.		8,031		39,358
DeNA Co. Ltd.^(a)		482		6,995
Denka Co. Ltd.		481		12,884
Denso Corp.		2,464		150,617
Dentsu Group, Inc.		1,219		44,132
Descente Ltd.		200		3,880
DIC Corp.		481		9,161
Disco Corp.		148		36,539
DMG Mori Co. Ltd.		592		7,463
Dowa Holdings Co. Ltd.		259		11,075
East Japan Railway Co.		2,039		107,066
Ebara Corp.		518		23,966
Eisai Co. Ltd.		1,492		65,093
Electric Power Development Co. Ltd.		862		11,889
ENEOS Holdings, Inc.		16,459		57,792
EXEO Group, Inc.		518		8,643
Ezaki Glico Co. Ltd.		296		8,520
Fancl Corp.		370		7,117
FANUC Corp.		1,072		166,077
Fast Retailing Co. Ltd.		284		130,358
Food & Life Cos. Ltd.		592		14,120
FP Corp.		258		5,800
Fuji Electric Co. Ltd.		666		29,387
Fuji Kyuko Co. Ltd.		101		3,205
Fuji Media Holdings, Inc.		259		2,238
Fuji Oil Holdings, Inc.		259		3,690
FUJIFILM Holdings Corp.		1,999		110,673
Fujitsu General Ltd.		333		5,928
Fujitsu Ltd.		1,020		144,444
Fukuoka Financial Group, Inc.		851		15,560
Fukuyama Transporting Co. Ltd.		185		5,182
Furukawa Electric Co. Ltd.		370		6,034


	Shares		Value
Japan-(continued)
Fuyo General Lease Co. Ltd.		111	$	6,007
GLP J-Reit		23		30,943
GMO internet, Inc.		333		6,716
GMO Payment Gateway, Inc.		222		18,776
GOLDWIN, Inc.		186		9,244
GS Yuasa Corp.		444		7,738
GungHo Online Entertainment, Inc.		185		3,793
H.U. Group Holdings, Inc.		296		6,622
Hachijuni Bank Ltd. (The)		2,452		8,086
Hakuhodo DY Holdings, Inc.		1,331		15,762
Hamamatsu Photonics K.K.		703		31,656
Hankyu Hanshin Holdings, Inc.		1,220		32,259
Haseko Corp.		1,455		15,942
Heiwa Corp.		296		4,434
Hikari Tsushin, Inc.		111		12,851
Hino Motors Ltd.		1,501		7,778
Hirogin Holdings, Inc.		1,649		8,171
Hirose Electric Co. Ltd.		185		23,598
Hisamitsu Pharmaceutical Co., Inc.		407		11,192
Hitachi Construction Machinery Co. Ltd.		629		14,278
Hitachi Ltd.		5,102		237,976
Hitachi Metals Ltd.^(a)		1,070		16,749
Hitachi Transport System Ltd.		184		12,128
Honda Motor Co. Ltd.		9,448		248,494
Horiba Ltd.		222		10,822
Hoshizaki Corp.		296		18,793
House Foods Group, Inc.		407		9,538
Hoya Corp.		2,010		200,587
Hulic Co. Ltd.		2,119		17,904
Ibiden Co. Ltd.		592		22,466
Idemitsu Kosan Co. Ltd.		1,308		34,376
IHI Corp.		703		15,939
Iida Group Holdings Co. Ltd.		814		13,056
Industrial & Infrastructure Fund Investment Corp.		10		14,362
Information Services International-Dentsu Ltd.		112		3,201
INFRONEER Holdings, Inc.		1,377		10,101
Inpex Corp.		4,728		55,907
Internet Initiative Japan, Inc.		296		9,346
Isetan Mitsukoshi Holdings Ltd.		1,872		13,877
Isuzu Motors Ltd.		2,870		33,478
Ito En Ltd.		297		12,213
ITOCHU Corp.		7,640		231,503
Itochu Techno-Solutions Corp.		553		13,040
Itoham Yonekyu Holdings, Inc.		777		3,940
Iwatani Corp.		260		10,394
Iyo Bank Ltd. (The)		1,538		7,454
Izumi Co. Ltd.		222		4,794
J. Front Retailing Co. Ltd.		1,356		10,158
Japan Airlines Co. Ltd.^(a)		1,022		16,905
Japan Airport Terminal Co. Ltd.^(a)		259		10,753
Japan Aviation Electronics Industry Ltd.		259		3,629
Japan Exchange Group, Inc.		2,871		43,127
Japan Hotel REIT Investment Corp.		25		12,619
Japan Logistics Fund, Inc.		5		12,272
Japan Metropolitan Fund Investment Corp.		37		29,501
Japan Post Bank Co. Ltd.		2,204		16,705
Japan Post Holdings Co. Ltd.		12,241		85,922
Japan Post Insurance Co. Ltd.		1,110		18,034
Japan Prime Realty Investment Corp.		5		15,195

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


		11

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

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Japan Real Estate Investment Corp.		7	$	33,888
Japan Steel Works Ltd. (The)		300		8,482
Japan Tobacco, Inc.		6,479		111,026
JCR Pharmaceuticals Co. Ltd.		296		5,473
Jeol Ltd.		223		10,158
JFE Holdings, Inc.		2,796		34,480
JGC Holdings Corp.		1,171		13,331
JSR Corp.		999		27,283
JTEKT Corp.		1,245		8,681
JustSystems Corp.		185		8,041
Kadokawa Corp.		546		13,748
Kagome Co. Ltd.		444		11,124
Kajima Corp.		2,389		26,681
Kakaku.com, Inc.		738		15,546
Kaken Pharmaceutical Co. Ltd.		185		5,609
Kamigumi Co. Ltd.		592		10,079
Kandenko Co. Ltd.		592		3,759
Kaneka Corp.		333		8,930
Kansai Electric Power Co., Inc. (The)		3,993		35,134
Kansai Paint Co. Ltd.		1,073		14,860
Kao Corp.		2,601		104,772
Katitas Co. Ltd.		300		7,025
Kawasaki Heavy Industries Ltd.		851		15,117
Kawasaki Kisen Kaisha Ltd.		445		23,107
KDDI Corp.		9,165		304,374
Keihan Holdings Co. Ltd.		555		11,882
Keikyu Corp.		1,356		13,690
Keio Corp.		664		25,529
Keisei Electric Railway Co. Ltd.^(b)		776		19,077
Kenedix Office Investment Corp.^(b)		2		10,444
Kewpie Corp.		591		10,017
Keyence Corp.		999		403,722
Kikkoman Corp.		1,034		58,224
Kinden Corp.		701		8,304
Kintetsu Group Holdings Co. Ltd.		1,036		29,794
Kirin Holdings Co. Ltd.		4,214		61,987
Kobayashi Pharmaceutical Co. Ltd.^(b)		333		22,788
Kobe Bussan Co. Ltd.		758		18,490
Kobe Steel Ltd.		1,786		7,811
Koei Tecmo Holdings Co. Ltd.		443		13,512
Koito Manufacturing Co. Ltd.		629		23,136
Kokuyo Co. Ltd.		481		6,279
Komatsu Ltd.		5,064		113,794
Konami Holdings Corp.		518		32,145
Konica Minolta, Inc.		2,511		8,779
Kose Corp.		148		15,353
Kotobuki Spirits Co. Ltd.		111		5,872
K’s Holdings Corp.		862		8,568
Kubota Corp.		6,026		102,805
Kuraray Co. Ltd.		1,936		15,527
Kurita Water Industries Ltd.		627		21,573
Kusuri no Aoki Holdings Co. Ltd.		74		3,284
Kyocera Corp.		1,749		92,647
Kyowa Kirin Co. Ltd.		1,404		29,532
Kyudenko Corp.		222		5,045
Kyushu Electric Power Co., Inc.		2,548		16,072
Kyushu Financial Group, Inc.		2,004		6,156
Kyushu Railway Co.		825		16,224
LaSalle Logiport REIT		10		13,569
Lasertec Corp.		443		59,965


	Shares		Value
Japan-(continued)
Lawson, Inc.		259	$	9,536
Lintec Corp.		296		5,554
Lion Corp.		1,418		14,629
Lixil Corp.		1,491		26,287
M3, Inc.		2,442		78,757
Mabuchi Motor Co. Ltd.		296		7,936
Makita Corp.		1,381		41,099
Mani, Inc.		333		3,769
Marubeni Corp.^(b)		8,635		94,808
Marui Group Co. Ltd.		1,045		18,044
Maruichi Steel Tube Ltd.		370		7,908
Maruwa Unyu Kikan Co. Ltd.		258		3,029
Matsui Securities Co. Ltd.		592		3,671
MatsukiyoCocokara & Co.		644		21,399
Mazda Motor Corp.		3,128		22,341
Mebuki Financial Group, Inc.		5,149		10,412
Medipal Holdings Corp.		813		13,340
MEIJI Holdings Co. Ltd.		740		37,010
Menicon Co. Ltd.		260		5,569
MINEBEA MITSUMI, Inc.		2,204		42,603
MISUMI Group, Inc.		1,566		39,454
Mitsubishi Chemical Holdings Corp.		6,974		42,686
Mitsubishi Corp.		6,705		225,369
Mitsubishi Electric Corp.		10,740		113,075
Mitsubishi Estate Co. Ltd.		6,320		91,693
Mitsubishi Gas Chemical Co., Inc.		999		14,706
Mitsubishi HC Capital, Inc.		3,471		15,638
Mitsubishi Heavy Industries Ltd.		1,538		52,648
Mitsubishi Logistics Corp.		334		7,725
Mitsubishi Materials Corp.		640		10,043
Mitsubishi Motors Corp.^(a)		3,446		8,658
Mitsubishi UFJ Financial Group, Inc.		68,545		399,070
Mitsui & Co. Ltd.		8,684		211,135
Mitsui Chemicals, Inc.		997		22,819
Mitsui Fudosan Co. Ltd.		5,100		107,792
Mitsui Fudosan Logistics Park, Inc.		3		12,863
Mitsui High-Tec, Inc.		168		14,688
Mitsui Mining & Smelting Co. Ltd.		333		8,482
Mitsui OSK Lines Ltd.		1,887		43,998
Miura Co. Ltd.		554		11,626
Mizuho Financial Group, Inc.		13,997		170,533
Money Forward, Inc.^(a)		333		11,313
MonotaRO Co. Ltd.		1,245		21,622
Mori Hills REIT Investment Corp.		9		10,199
Morinaga & Co. Ltd.		222		6,896
Morinaga Milk Industry Co. Ltd.		222		8,982
MS&AD Insurance Group Holdings, Inc.		2,527		75,697
Murata Manufacturing Co. Ltd.		3,176		190,465
Nabtesco Corp.		629		14,394
Nagase & Co. Ltd.		629		9,023
Nagoya Railroad Co. Ltd.		1,073		17,293
Nankai Electric Railway Co. Ltd.		629		11,254
NEC Corp.		1,491		57,903
NEC Networks & System Integration Corp.		407		5,788
NET One Systems Co. Ltd.		481		11,489
Nexon Co. Ltd..		2,306		52,745
NGK Insulators Ltd.		1,441		19,423
NGK Spark Plug Co. Ltd.		1,110		17,064
NH Foods Ltd.		554		17,553
NHK Spring Co. Ltd.		862		5,584

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


		12

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

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Nichirei Corp.		529	$	9,725
Nidec Corp.		2,601		170,672
Nifco, Inc.		445		9,353
Nihon Kohden Corp.		407		9,828
Nihon M&A Center Holdings, Inc.		1,456		18,041
Nikon Corp.		1,824		20,630
Nintendo Co. Ltd.		592		273,282
Nippon Accommodations Fund, Inc.		3		14,769
Nippon Building Fund, Inc.		9		46,705
Nippon Electric Glass Co. Ltd.		381		7,714
Nippon Express Holdings, Inc.		371		21,877
Nippon Kayaku Co. Ltd.		899		7,842
Nippon Paint Holdings Co. Ltd.^(b)		5,600		44,675
Nippon Prologis REIT, Inc.		13		36,127
Nippon Sanso Holdings Corp.		812		14,600
Nippon Shinyaku Co. Ltd.		296		20,079
Nippon Shokubai Co. Ltd.		185		7,502
Nippon Steel Corp.		4,509		72,024
Nippon Telegraph & Telephone Corp.		6,626		196,064
Nippon Television Holdings, Inc.		148		1,423
Nippon Yusen K.K.		888		63,825
Nipro Corp.		603		4,765
Nishi-Nippon Railroad Co. Ltd.		444		8,910
Nissan Chemical Corp.		740		39,279
Nissan Motor Co. Ltd.^(a)		10,682		42,432
Nisshin Seifun Group, Inc.		1,441		19,178
Nissin Foods Holdings Co. Ltd.		371		25,915
Nitori Holdings Co. Ltd.		407		41,475
Nitto Denko Corp.		814		54,747
Noevir Holdings Co. Ltd.		74		2,907
NOF Corp.		370		13,887
NOK Corp.		666		5,688
Nomura Holdings, Inc.		16,491		63,226
Nomura Real Estate Holdings, Inc.		628		15,254
Nomura Real Estate Master Fund, Inc.		25		31,347
Nomura Research Institute Ltd.		1,455		41,297
NS Solutions Corp.		185		5,541
NSK Ltd.		2,389		13,217
NTT Data Corp.		3,460		63,872
Obayashi Corp.		3,683		25,421
OBIC Business Consultants Co. Ltd.		174		6,287
Obic Co. Ltd.		370		54,842
Odakyu Electric Railway Co. Ltd.		1,649		25,071
Oji Holdings Corp.		4,878		23,110
OKUMA Corp.		149		5,350
Olympus Corp.		5,754		102,086
Omron Corp.		1,036		61,486
Ono Pharmaceutical Co. Ltd.		2,316		59,580
Open House Group Co. Ltd.		370		14,348
Orient Corp.		3,113		2,999
Oriental Land Co. Ltd.		1,036		156,192
ORIX Corp.		6,665		121,787
ORIX JREIT, Inc.		14		18,813
Osaka Gas Co. Ltd.		2,130		38,552
OSG Corp.		407		5,110
Otsuka Corp.		590		19,401
Otsuka Holdings Co. Ltd.		2,278		76,574
Paltac Corp.		185		6,756
Pan Pacific International Holdings Corp.		2,180		33,837
Panasonic Holdings Corp.		11,727		104,698


	Shares		Value
Japan-(continued)
Park24 Co. Ltd.^(a)		629	$	8,989
Penta-Ocean Construction Co. Ltd.		1,575		7,726
PeptiDream, Inc.^(a)		481		7,766
Persol Holdings Co. Ltd.		925		18,429
Pigeon Corp.		629		10,676
Pola Orbis Holdings, Inc.		444		5,141
Rakus Co. Ltd.		553		6,741
Rakuten Group, Inc.		4,472		31,576
Recruit Holdings Co. Ltd.		7,898		291,822
Relo Group, Inc.		592		8,510
Renesas Electronics Corp.^(a)		5,422		58,149
Rengo Co. Ltd.		1,121		6,650
RENOVA, Inc.^(a)		258		3,178
Resona Holdings, Inc.		11,951		51,947
Resorttrust, Inc.		370		6,181
Ricoh Co. Ltd.		3,335		24,421
Rinnai Corp.		186		11,804
Rohm Co. Ltd.		445		31,377
Rohto Pharmaceutical Co. Ltd.		555		14,833
Ryohin Keikaku Co. Ltd.		1,345		12,097
Sankyo Co. Ltd.		258		7,443
Sankyu, Inc.		296		9,019
Sansan, Inc.^(a)		444		4,259
Santen Pharmaceutical Co. Ltd.		2,009		16,441
Sanwa Holdings Corp.		1,047		9,565
Sapporo Holdings Ltd.		370		7,694
Sawai Group Holdings Co. Ltd.		222		7,462
SBI Holdings, Inc.^(b)		1,345		30,151
SCREEN Holdings Co. Ltd.		222		18,217
SCSK Corp.		703		11,230
Secom Co. Ltd.		1,073		75,822
Sega Sammy Holdings, Inc.		1,047		18,622
Seibu Holdings, Inc.		1,147		11,438
Seiko Epson Corp.		1,529		21,386
Seino Holdings Co. Ltd.		751		6,139
Sekisui Chemical Co. Ltd.		1,835		24,824
Sekisui House Ltd.		3,128		54,037
Sekisui House REIT, Inc.		23		13,499
Seven & i Holdings Co. Ltd.		4,250		187,569
Seven Bank Ltd.		3,531		6,613
SG Holdings Co. Ltd.		2,379		41,989
Sharp Corp.		1,486		12,575
SHIFT, Inc.^(a)		73		13,876
Shikoku Electric Power Co., Inc.		888		5,128
Shimadzu Corp.		1,451		47,782
Shimamura Co. Ltd.		111		9,860
Shimano, Inc.		443		77,550
Shimizu Corp.		2,944		15,490
Shin-Etsu Chemical Co. Ltd.		2,232		308,236
Shinko Electric Industries Co. Ltd.		370		16,098
Shinsei Bank Ltd.^(a)		362		6,352
Shionogi & Co. Ltd.		1,529		85,809
Ship Healthcare Holdings, Inc.		444		7,451
Shiseido Co. Ltd.		2,204		104,037
Shizuoka Bank Ltd. (The)		2,722		17,669
SHO-BOND Holdings Co. Ltd.		259		10,932
Shochiku Co. Ltd.^(a)		38		3,886
Showa Denko K.K.		1,135		22,048
Skylark Holdings Co. Ltd.		1,110		13,204
SMC Corp.		319		154,443

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


		13

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

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
SMS Co. Ltd.		259	$	5,990
Softbank Corp.		15,044		175,114
SoftBank Group Corp.		7,308		295,522
Sohgo Security Services Co. Ltd.		370		10,312
Sojitz Corp.		1,221		18,693
Sompo Holdings, Inc.		1,761		71,835
Sony Group Corp.		6,888		593,016
Sotetsu Holdings, Inc.		444		7,643
Square Enix Holdings Co. Ltd.		444		17,805
Stanley Electric Co. Ltd.		813		14,020
Subaru Corp.		3,315		49,956
Sugi Holdings Co. Ltd.		185		7,968
SUMCO Corp.		1,571		22,774
Sumitomo Bakelite Co. Ltd.		185		6,106
Sumitomo Chemical Co. Ltd.		8,303		35,222
Sumitomo Corp.		6,210		98,658
Sumitomo Electric Industries Ltd.		4,140		44,521
Sumitomo Forestry Co. Ltd.		777		11,949
Sumitomo Heavy Industries Ltd.		666		14,093
Sumitomo Metal Mining Co. Ltd.		1,330		57,894
Sumitomo Mitsui Financial Group, Inc.		7,339		221,297
Sumitomo Mitsui Trust Holdings, Inc.^(b)		2,047		63,519
Sumitomo Pharma Co. Ltd.		962		8,573
Sumitomo Realty & Development Co. Ltd.		2,131		56,311
Sumitomo Rubber Industries Ltd.		1,036		8,981
Sundrug Co. Ltd.		370		8,625
Suntory Beverage & Food Ltd.		702		27,919
Suzuken Co. Ltd..		444		13,160
Suzuki Motor Corp.		2,489		74,780
Sysmex Corp.		1,071		69,480
T&D Holdings, Inc.		2,906		37,358
Taiheiyo Cement Corp.		664		10,760
Taisei Corp.		851		23,114
Taisho Pharmaceutical Holdings Co. Ltd.		259		10,174
Taiyo Yuden Co. Ltd.		666		26,329
Takara Bio, Inc.		259		4,178
Takara Holdings, Inc.		936		7,894
Takashimaya Co. Ltd.		751		6,832
Takeda Pharmaceutical Co. Ltd.		8,450		245,537
TBS Holdings, Inc.		222		2,918
TDK Corp.		1,945		60,855
TechnoPro Holdings, Inc.		592		14,842
Teijin Ltd.		1,036		11,135
Terumo Corp.		3,609		108,061
THK Co. Ltd.		566		11,272
TIS, Inc.		1,345		30,324
Tobu Railway Co. Ltd.		1,145		25,777
Toda Corp.		1,282		7,411
Toho Co. Ltd.		628		23,350
Toho Gas Co. Ltd.		518		12,191
Tohoku Electric Power Co., Inc.		2,573		14,339
Tokai Carbon Co. Ltd.		1,047		8,660
Tokio Marine Holdings, Inc.		3,535		191,082
Tokyo Century Corp.^(b)		334		10,284
Tokyo Electric Power Co. Holdings, Inc.^(a)		8,563		29,610
Tokyo Electron Ltd.		827		351,407
Tokyo Gas Co. Ltd.		2,379		45,740
Tokyo Ohka Kogyo Co. Ltd.		221		12,120
Tokyo Tatemono Co. Ltd.		1,109		15,578
Tokyu Corp.		2,749		33,668


	Shares		Value
Japan-(continued)
Tokyu Fudosan Holdings Corp.		3,361	$	17,502
Toppan, Inc.		1,551		25,695
Toray Industries, Inc.		8,340		39,728
Toshiba Corp.		2,352		98,439
Toshiba TEC Corp.		148		5,055
Tosoh Corp.		1,566		21,618
TOTO Ltd.		813		27,396
Toyo Seikan Group Holdings Ltd.		814		8,833
Toyo Suisan Kaisha Ltd.		518		16,013
Toyo Tire Corp.		592		6,787
Toyoda Gosei Co. Ltd.		444		6,420
Toyota Boshoku Corp.		370		5,919
Toyota Industries Corp.		888		53,160
Toyota Motor Corp.		67,368		1,149,853
Toyota Tsusho Corp.		1,256		45,334
Trend Micro, Inc.		664		37,054
TS Tech Co. Ltd.		592		6,130
Tsumura & Co.		370		9,105
Tsuruha Holdings, Inc.		186		9,532
UBE Corp.		554		8,656
Ulvac, Inc.		260		10,290
Unicharm Corp.		2,194		76,440
United Urban Investment Corp.		16		17,467
Ushio, Inc.		628		8,213
USS Co. Ltd.		1,183		19,558
Welcia Holdings Co. Ltd.		555		11,476
West Japan Railway Co.		1,294		48,257
Yakult Honsha Co. Ltd.		703		36,463
Yamada Holdings Co. Ltd.^(a)		4,088		12,199
Yamaguchi Financial Group, Inc.		1,245		6,827
Yamaha Corp.		886		34,065
Yamaha Motor Co. Ltd.		1,675		34,636
Yamato Holdings Co. Ltd.		1,797		33,761
Yamato Kogyo Co. Ltd.		185		5,997
Yamazaki Baking Co. Ltd.		640		7,933
Yaoko Co. Ltd.		111		5,876
Yaskawa Electric Corp.		1,455		49,724
Yokogawa Electric Corp.		1,319		21,118
Yokohama Rubber Co. Ltd. (The)		529		7,069
Z Holdings Corp.		14,335		56,625
Zenkoku Hosho Co. Ltd.		296		10,407
Zensho Holdings Co. Ltd.		555		13,132
Zeon Corp.		751		8,055
ZOZO, Inc.		627		12,820

				20,806,212

Jordan-0.02%
Hikma Pharmaceuticals PLC		931		21,884

Luxembourg-0.19%
ArcelorMittal S.A.		3,237		94,493
Eurofins Scientific SE		669		62,171
L’Occitane International S.A.		2,466		7,755
RTL Group S.A.^(b)		213		11,118

				175,537

Macau-0.12%
Galaxy Entertainment Group Ltd.		11,968		68,369
MGM China Holdings Ltd.^(a)		3,956		2,256
Sands China Ltd.^(a)		13,081		28,722

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


		14

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

April 30, 2022

(Unaudited)


	Shares		Value
Macau-(continued)
SJM Holdings Ltd.^(a)		9,892	$	4,169
Wynn Macau Ltd.^(a)		7,895		4,818

				108,334

Mexico-0.01%
Fresnillo PLC^(b)		1,017		9,988

Netherlands-4.98%
Aalberts N.V.		530		25,551
ABN AMRO Bank N.V., CVA^(b)(c)		2,283		28,478
Adyen N.V.^(a)(b)(c)		165		275,956
Aegon N.V.		9,764		50,511
Akzo Nobel N.V.		947		81,707
Argenx SE^(a)(b)		281		80,789
ASM International N.V.		275		82,120
ASML Holding N.V.^(b)		2,120		1,199,430
ASR Nederland N.V.		721		32,627
BE Semiconductor Industries N.V.^(b)		401		24,282
CTP N.V.^(c)		333		4,681
Euronext N.V.^(c)		445		35,727
EXOR N.V.		570		39,242
Heineken Holding N.V.		583		45,441
Heineken N.V.^(b)		1,313		128,061
IMCD N.V.		314		49,883
ING Groep N.V.		20,839		195,015
JDE Peet’s N.V.^(b)		460		13,510
Koninklijke Ahold Delhaize N.V.^(b)		5,375		158,778
Koninklijke DSM N.V.		917		153,588
Koninklijke KPN N.V.^(b)		17,934		62,028
Koninklijke Philips N.V.		4,829		126,684
Koninklijke Vopak N.V.		359		9,614
NN Group N.V.		1,712		83,653
Prosus N.V.		4,861		234,401
Randstad N.V.		609		32,203
Shell PLC		42,348		1,144,419
Signify N.V.		693		29,261
Universal Music Group N.V.		4,117		95,248
Wolters Kluwer N.V.		1,415		143,128

				4,666,016

New Zealand-0.33%
a2 Milk Co. Ltd. (The)^(a)		4,062		12,891
Air New Zealand Ltd.^(a)(b)		2,797		1,587
Auckland International Airport Ltd.^(a)		6,523		32,975
Contact Energy Ltd.		4,153		21,936
Fisher & Paykel Healthcare Corp. Ltd.		3,136		43,381
Fletcher Building Ltd.		4,452		17,747
Infratil Ltd.^(b)		2,813		15,244
Kiwi Property Group Ltd.		8,658		5,926
Mainfreight Ltd.		444		23,251
Mercury NZ Ltd.		3,721		14,514
Meridian Energy Ltd.		6,787		20,709
Ryman Healthcare Ltd.		2,263		13,423
SKYCITY Entertainment Group Ltd.		3,857		7,245
Spark New Zealand Ltd.		10,285		32,728
Xero Ltd.^(a)		690		45,514

				309,071

Nigeria-0.01%
Airtel Africa PLC^(c)		5,506		9,964


	Shares		Value
Norway-0.71%
Aker ASA, Class A		132	$	10,870
Aker BP ASA		815		29,399
DNB Bank ASA		5,647		110,978
Equinor ASA		5,296		181,692
Gjensidige Forsikring ASA		916		19,792
Leroy Seafood Group ASA		1,413		13,415
Mowi ASA		2,438		69,588
Nordic Semiconductor ASA^(a)		862		17,334
Norsk Hydro ASA		7,375		62,590
Orkla ASA		4,194		34,375
Salmar ASA		296		24,486
Schibsted ASA, Class A		426		8,898
Schibsted ASA, Class B		531		10,213
Telenor ASA		3,494		49,633
TOMRA Systems ASA		645		25,698

				668,961

Poland-0.23%
Allegro.eu S.A.^(a)(c)		2,130		10,885
Bank Polska Kasa Opieki S.A		863		18,923
CD Projekt S.A.^(b)		361		9,745
Cyfrowy Polsat S.A.		1,473		8,008
Dino Polska S.A.^(a)(c)		259		16,694
InPost S.A.^(a)(b)		1,034		6,322
KGHM Polska Miedz S.A.		753		24,319
LPP S.A.^(b)		6		12,610
Polski Koncern Naftowy ORLEN S.A.		1,711		28,794
Polskie Gornictwo Naftowe i Gazownictwo S.A		9,567		13,393
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		4,698		34,401
Powszechny Zaklad Ubezpieczen S.A.		3,088		21,200
Santander Bank Polska S.A.^(b)		149		9,018

				214,312

Portugal-0.15%
EDP - Energias de Portugal S.A.		15,589		72,577
Galp Energia SGPS S.A.		2,837		34,617
Jeronimo Martins SGPS S.A		1,517		31,472

				138,666

Russia-0.00%
Evraz PLC^(d)		3,267		0

Singapore-1.40%
Ascendas REIT		18,804		38,775
Ascott Residence Trust		10,290		8,569
BOC Aviation Ltd.^(c)		1,199		9,379
CapitaLand Integrated Commercial Trust		28,187		47,233
CapitaLand Investment Ltd.^(a)		14,036		42,690
City Developments Ltd.		2,585		15,852
ComfortDelGro Corp. Ltd.		11,351		11,972
DBS Group Holdings Ltd.		9,943		241,189
Frasers Logistics & Commercial Trust^(c)		15,073		15,702
Genting Singapore Ltd.		31,948		18,606
Jardine Cycle & Carriage Ltd.		592		12,357
Kenon Holdings Ltd.		75		4,280
Keppel Corp. Ltd.		7,896		39,105
Keppel DC REIT		6,828		10,213
Keppel REIT		11,309		9,939
Mapletree Commercial Trust		13,293		17,933
Mapletree Industrial Trust		10,105		19,021
Mapletree Logistics Trust		18,743		24,182

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


		15

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

April 30, 2022

(Unaudited)


	Shares		Value
Singapore-(continued)
NetLink NBN Trust^(c)		15,073	$	10,900
Olam Group Ltd.		3,598		4,403
Oversea-Chinese Banking Corp. Ltd		19,306		171,439
SATS Ltd.^(a)		3,483		11,409
Sembcorp Industries Ltd.		5,024		10,645
Sembcorp Marine Ltd.^(a)		84,723		6,688
SIA Engineering Co. Ltd.^(a)		1,282		2,469
Singapore Airlines Ltd.^(a)(b)		7,527		29,735
Singapore Exchange Ltd.		4,545		32,053
Singapore Post Ltd.		8,357		4,298
Singapore Technologies Engineering Ltd.		8,413		24,817
Singapore Telecommunications Ltd.		41,507		82,624
StarHub Ltd.		3,150		2,865
STMicroelectronics N.V.		3,489		129,222
Suntec REIT		11,289		14,946
United Overseas Bank Ltd.		7,183		154,168
UOL Group Ltd.		2,722		14,321
Venture Corp. Ltd.		1,393		17,174
Wing Tai Holdings Ltd.		2,093		2,646

				1,313,819

South Africa-0.32%
Anglo American PLC		6,828		302,526

South Korea-5.17%
Alteogen, Inc.^(a)		149		6,696
Amorepacific Corp.		172		24,248
Amorepacific Corp., Preference Shares		58		3,481
Amorepacific Group		148		5,819
BGF retail Co. Ltd.		34		4,872
BNK Financial Group, Inc.		1,594		9,858
Celltrion Healthcare Co. Ltd.		407		20,639
Celltrion Pharm, Inc.^(a)		106		7,668
Celltrion, Inc.		593		82,266
Cheil Worldwide, Inc.	��	380		7,595
CJ CheilJedang Corp.		38		11,869
CJ CheilJedang Corp., Preference Shares		1		141
CJ Corp.		71		4,869
CJ ENM Co. Ltd.		56		5,593
CJ Logistics Corp.^(a)		37		3,584
Coway Co. Ltd.		297		16,627
Daewoo Engineering & Construction Co. Ltd.^(a)		973		5,162
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		259		5,325
DB Insurance Co. Ltd.		245		13,047
Delivery Hero SE^(a)(c)		1,038		36,984
DGB Financial Group, Inc.		843		5,923
DL E&C Co. Ltd.		148		6,954
DL Holdings Co. Ltd.		67		3,268
Dongsuh Cos., Inc.		169		3,570
Doosan Bobcat, Inc.		133		4,303
Doosan Enerbility^(a)		1,887		30,081
Ecopro BM Co. Ltd.		48		17,511
E-MART, Inc.		110		11,384
F&F Co. Ltd		85		9,335
Fila Holdings Corp.		282		7,205
Green Cross Corp.		30		4,456
GS Engineering & Construction Corp.		333		10,994
GS Holdings Corp.		280		9,669
GS Retail Co. Ltd.		148		3,368
Hana Financial Group, Inc.		1,582		58,926


	Shares		Value
South Korea-(continued)
Hanjin Kal Corp.^(a)		112	$	5,067
Hankook Tire & Technology Co. Ltd.		404		11,061
Hanmi Pharm Co. Ltd.		37		9,129
Hanmi Science Co. Ltd.		75		3,021
Hanon Systems		884		7,878
Hanssem Co. Ltd.		37		2,287
Hanwha Aerospace Co. Ltd.		185		7,811
Hanwha Corp.		222		5,253
Hanwha Corp., Preference Shares		111		1,396
Hanwha Life Insurance Co. Ltd.		1,511		3,496
Hanwha Solutions Corp.^(a)		527		13,164
HD Hyundai Co. Ltd.		277		12,682
HDC Hyundai Development Co-Engineering & Construction, Class E		253		2,981
Helixmith Co. Ltd.^(a)		163		2,690
Hite Jinro Co. Ltd.		167		4,923
HLB, Inc.^(a)		444		10,820
HMM Co. Ltd.		2,317		51,624
Hotel Shilla Co. Ltd.		170		10,841
HYBE Co. Ltd.^(a)		100		19,615
Hyundai Department Store Co. Ltd.		74		4,410
Hyundai Doosan Infracore Co. Ltd.^(a)		739		3,816
Hyundai Engineering & Construction Co. Ltd.		399		13,915
Hyundai Glovis Co. Ltd.		101		16,547
Hyundai Heavy Industries Co. Ltd.^(a)		79		8,656
Hyundai Marine & Fire Insurance Co. Ltd.		326		8,363
Hyundai Mipo Dockyard Co. Ltd.^(a)		111		7,280
Hyundai Mobis Co. Ltd.		346		56,517
Hyundai Motor Co.		764		111,011
Hyundai Motor Co., First Pfd.		111		8,259
Hyundai Motor Co., Second Pfd.		185		13,843
Hyundai Steel Co.		407		13,788
Hyundai Wia Corp.		74		3,781
Iljin Materials Co. Ltd.		93		6,389
Industrial Bank of Korea		1,385		12,270
Kakao Corp.		1,498		104,417
Kakao Games Corp.^(a)		149		7,020
KakaoBank Corp.^(a)		750		24,790
Kangwon Land, Inc.^(a)		584		12,298
KB Financial Group, Inc.		2,132		98,528
KCC Corp.		24		6,377
KEPCO Plant Service & Engineering Co. Ltd.		111		3,289
Kia Corp.		1,414		93,021
Korea Aerospace Industries Ltd.		355		12,253
Korea Electric Power Corp.^(a)		1,401		25,384
Korea Gas Corp.		142		4,576
Korea Investment Holdings Co. Ltd.		209		11,625
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		223		16,039
Korea Zinc Co. Ltd.		54		24,627
Korean Air Lines Co. Ltd.^(a)		960		22,694
Krafton, Inc.^(a)		154		30,031
KT&G Corp.		597		39,195
Kumho Petrochemical Co. Ltd.		96		11,605
L&F Co. Ltd.^(a)		118		19,725
LG Chem Ltd.		255		102,428
LG Chem Ltd., Preference Shares		37		7,237
LG Corp.		480		27,695
LG Display Co. Ltd.		1,226		16,104
LG Electronics, Inc.		592		53,766

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


		16

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

April 30, 2022

(Unaudited)


	Shares		Value
South Korea-(continued)
LG Electronics, Inc., Preference Shares		95	$	4,357
LG Household & Health Care Ltd.		48		34,121
LG Household & Health Care Ltd., Preference Shares		12		4,701
LG Innotek Co. Ltd.		74		20,124
LG Uplus Corp.		1,073		11,879
LOTTE Chemical Corp.		75		11,560
LOTTE Chilsung Beverage Co. Ltd.		19		2,729
LOTTE Corp.		144		3,889
LOTTE Fine Chemical Co. Ltd.		96		6,161
LOTTE Shopping Co. Ltd.		62		4,616
LS Corp.		95		4,325
Mando Corp.		181		7,676
Medy-Tox, Inc.^(a)		25		2,683
Meritz Financial Group, Inc.		149		4,436
Mirae Asset Securities Co. Ltd.		1,854		11,727
Mirae Asset Securities Co. Ltd., Second Pfd		773		2,709
NAVER Corp.		750		169,652
NCSoft Corp.		92		30,680
Netmarble Corp.^(c)		94		7,050
NH Investment & Securities Co. Ltd.		740		6,339
NHN Corp.^(a)		74		2,035
NongShim Co. Ltd.		18		4,317
OCI Co. Ltd.		99		8,203
Orion Corp.		111		8,308
Ottogi Corp.		7		2,608
Pan Ocean Co. Ltd.		1,032		5,407
Paradise Co. Ltd.^(a)		250		3,267
Pearl Abyss Corp.^(a)		170		9,064
POSCO Chemical Co. Ltd.		148		15,581
POSCO Holdings, Inc.		356		80,669
Posco International Corp.		270		5,259
S-1 Corp.		104		5,676
Samsung Biologics Co. Ltd.^(a)(c)		78		51,535
Samsung C&T Corp.		460		41,689
Samsung Card Co. Ltd.		165		4,358
Samsung Electro-Mechanics Co. Ltd.		296		38,309
Samsung Electronics Co. Ltd.		26,238		1,394,133
Samsung Electronics Co. Ltd., Preference Shares		4,542		212,105
Samsung Engineering Co. Ltd.^(a)		865		17,649
Samsung Fire & Marine Insurance Co. Ltd.		180		29,595
Samsung Fire & Marine Insurance Co. Ltd.
Preference Shares		15		1,936
Samsung Heavy Industries Co. Ltd.^(a)		3,393		16,156
Samsung Life Insurance Co. Ltd.		334		17,087
Samsung SDI Co. Ltd.		289		137,632
Samsung SDI Co. Ltd., Preference Shares		8		1,905
Samsung SDS Co. Ltd.		228		26,588
Samsung Securities Co. Ltd.		347		10,855
SD Biosensor, Inc.		187		6,789
Seegene, Inc.		157		4,997
Shin Poong Pharmaceutical Co. Ltd.^(a)		183		4,374
Shinhan Financial Group Co. Ltd.		2,735		90,855
Shinsegae, Inc.		37		7,232
SillaJen, Inc.^(a)(d)		8		0
SK Biopharmaceuticals Co. Ltd.^(a)		134		9,684
SK Bioscience Co. Ltd.^(a)		109		11,446
SK Chemicals Co. Ltd		74		7,388
SK Hynix, Inc.		2,885		251,349


	Shares		Value
South Korea-(continued)
SK IE Technology Co. Ltd.^(a)(c)		140	$	13,727
SK Innovation Co. Ltd.^(a)		297		47,060
SK Networks Co. Ltd.		734		2,805
SK Square Co. Ltd.^(a)		542		22,339
SK Telecom Co. Ltd		307		13,823
SK, Inc.		198		41,438
SKC Co. Ltd.		104		12,261
S-Oil Corp.		222		18,056
Solus Advanced Materials Co. Ltd.		63		3,560
SSANGYONG C&E Co. Ltd.		566		3,718
Wemade Co. Ltd.		92		5,521
Woori Financial Group, Inc.		3,478		40,105
Yuhan Corp.		273		13,161

				4,847,626

Spain-2.24%
Acciona S.A.		126		24,631
ACS Actividades de Construccion y Servicios S.A.		1,195		30,515
Aena SME S.A.^(a)(c)		388		54,839
Amadeus IT Group S.A.^(a)		2,347		146,343
Banco Bilbao Vizcaya Argentaria S.A.		36,699		193,108
Banco Santander S.A.^(b)		93,040		272,634
Bankinter S.A.		3,773		22,279
CaixaBank S.A.		24,306		77,566
Cellnex Telecom S.A.^(c)		3,352		156,681
Corp ACCIONA Energias Renovables S.A.		273		10,134
EDP Renovaveis S.A.^(b)		1,327		31,538
Enagas S.A.		1,371		29,607
Endesa S.A.		1,747		36,744
Ferrovial S.A.		2,613		66,713
Fluidra S.A.		590		15,918
Grifols S.A.		1,824		30,348
Grifols S.A., Class B, Preference Shares		1,426		15,472
Iberdrola S.A.		33,625		384,190
Industria de Diseno Textil S.A.		5,796		121,542
Inmobiliaria Colonial SOCIMI S.A.		1,893		15,829
Mapfre S.A.		5,443		9,940
Merlin Properties SOCIMI S.A.		1,829		19,723
Naturgy Energy Group S.A.^(b)		797		23,879
Red Electrica Corp. S.A.		2,376		47,743
Repsol S.A.		7,164		107,492
Siemens Gamesa Renewable Energy S.A. Class R^(a)		1,236		19,707
Telefonica S.A.		28,023		136,357

				2,101,472

Sweden-3.09%
Alfa Laval AB^(b)		1,729		48,117
Assa Abloy AB, Class B		5,056		127,893
Atlas Copco AB, Class A^(b)		3,482		158,105
Atlas Copco AB, Class B		2,083		82,542
Beijer Ref AB^(b)		1,346		21,946
Boliden AB^(b)		1,509		66,157
Castellum AB		1,492		29,405
Electrolux AB, Class B		1,269		19,416
Elekta AB, Class B^(b)		1,976		13,249
Epiroc AB, Class A^(b)		3,438		70,105
Epiroc AB, Class B		2,081		36,190
EQT AB		1,556		44,059
Essity AB, Class B		3,359		89,520

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


		17

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

April 30, 2022

(Unaudited)


	Shares		Value
Sweden-(continued)
Evolution AB^(c)		890	$	91,761
Fastighets AB Balder, Class B^(a)		555		27,591
Getinge AB, Class B^(b)		1,231		35,788
H & M Hennes & Mauritz AB, Class B^(b)		4,832		60,943
Hexagon AB, Class B^(b)		10,341		134,063
Holmen AB, Class B		530		30,700
Husqvarna AB, Class A		137		1,311
Husqvarna AB, Class B		2,246		21,544
Industrivarden AB, Class A^(b)		1,240		31,816
Industrivarden AB, Class C^(b)		944		23,810
Indutrade AB		1,545		36,613
Investment AB Latour, Class B		790		20,980
Investor AB, Class A^(b)		2,927		61,222
Investor AB, Class B		10,024		193,091
Kinnevik AB, Class A^(a)		74		1,618
Kinnevik AB, Class B^(a)		1,320		25,886
L E Lundbergforetagen AB, Class B		407		19,057
Lifco AB, Class B		1,251		26,317
Lundin Energy AB^(b)		1,042		43,223
Nibe Industrier AB, Class B		6,605		64,808
Sagax AB, Class B		947		23,970
Sagax AB, Class D		555		1,711
Samhallsbyggnadsbolaget i Norden AB, Class B^(b)		6,093		18,908
Samhallsbyggnadsbolaget i Norden AB, Class D		326		852
Sandvik AB^(b)		5,937		111,931
Securitas AB, Class B^(b)		1,703		20,097
Sinch AB^(a)(c)		3,046		13,469
Skandinaviska Enskilda Banken AB, Class A		7,912		88,709
Skandinaviska Enskilda Banken AB, Class C		111		1,354
Skanska AB, Class B		1,975		37,757
SKF AB, Class B		2,117		34,447
Svenska Cellulosa AB S.C.A., Class A		111		2,174
Svenska Cellulosa AB S.C.A., Class B		3,274		63,651
Svenska Handelsbanken AB, Class A		8,187		82,747
Svenska Handelsbanken AB, Class B^(b)		185		2,085
Sweco AB, Class B		1,102		15,598
Swedbank AB, Class A		5,536		87,591
Swedish Match AB^(b)		8,511		68,002
Swedish Orphan Biovitrum AB, Class B^(a)		972		20,454
Tele2 AB, Class B^(b)		2,755		36,461
Telefonaktiebolaget LM Ericsson, Class A		201		1,694
Telefonaktiebolaget LM Ericsson, Class B		16,587		133,550
Telia Co. AB		14,154		58,785
Thule Group AB^(b)(c)		577		19,993
Trelleborg AB, Class B^(b)		1,339		29,261
Vitrolife AB		363		9,243
Volvo AB, Class A		1,131		18,463
Volvo AB, Class B		8,324		132,457

				2,894,260

Switzerland-7.11%
ABB Ltd.		9,040		271,381
Adecco Group AG		872		33,817
Alcon, Inc.		2,534		180,176
Baloise Holding AG		247		42,986
Banque Cantonale Vaudoise		148		12,531
Barry Callebaut AG		20		46,188
Belimo Holding AG		51		25,247


	Shares		Value
Switzerland-(continued)
BKW AG		99	$	12,088
Chocoladefabriken Lindt & Spruengli AG, PC		12		134,552
Cie Financiere Richemont S.A		2,866		333,873
Clariant AG		1,246		21,178
Credit Suisse Group AG		14,174		96,059
DKSH Holding AG		185		15,907
Emmi AG		11		10,935
EMS-Chemie Holding AG		43		38,470
Flughafen Zurich AG^(a)		104		17,634
Geberit AG		193		110,366
Georg Fischer AG		460		24,996
Givaudan S.A.^(b)		51		203,103
Helvetia Holding AG		185		23,771
Holcim AG		3,025		148,271
Julius Baer Group Ltd.		1,177		56,402
Kuehne + Nagel International AG, Class R		276		77,561
Logitech International S.A., Class R^(b)		806		52,340
Lonza Group AG		418		245,937
Novartis AG		11,639		1,031,900
Partners Group Holding AG		124		131,679
PSP Swiss Property AG		269		34,009
Roche Holding AG		3,914		1,452,751
Roche Holding AG, BR		147		59,170
Schindler Holding AG		105		20,259
Schindler Holding AG, PC		222		42,855
SGS S.A.		32		82,354
SIG Group AG^(a)		1,852		38,893
Sika AG		843		256,893
Sonova Holding AG, Class A		293		105,725
Straumann Holding AG		560		66,176
Swatch Group AG (The)		244		12,039
Swatch Group AG (The), BR		159		41,149
Swiss Life Holding AG		171		99,993
Swiss Prime Site AG		407		39,918
Swisscom AG^(b)		140		83,096
Tecan Group AG, Class R		69		20,781
Temenos AG		333		33,611
UBS Group AG		17,841		302,495
VAT Group AG^(c)		142		44,162
Vifor Pharma AG		295		52,691
Zurich Insurance Group AG		833		379,699

				6,668,067

Taiwan-0.00%
FIT Hon Teng Ltd.^(a)(c)		5,482		699

United Kingdom-11.15%
3i Group PLC		5,252		85,566
abrdn PLC^(b)		11,848		27,552
Admiral Group PLC		1,183		37,024
Ashtead Group PLC		2,465		127,247
Associated British Foods PLC		1,917		38,150
AstraZeneca PLC		8,581		1,138,149
Auto Trader Group PLC^(b)(c)		5,132		40,493
AVEVA Group PLC^(b)		629		16,917
Aviva PLC		20,589		110,372
B&M European Value Retail S.A.		4,943		30,259
BAE Systems PLC		17,516		162,736
Barclays PLC		92,306		168,402
Barratt Developments PLC		5,581		34,117
Bellway PLC		681		20,562

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


		18

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

April 30, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Berkeley Group Holdings PLC		575	$	29,150
BP PLC		107,417		523,661
British American Tobacco PLC		12,782		537,923
British Land Co. PLC (The)		5,099		32,648
BT Group PLC		38,290		84,604
Bunzl PLC		1,857		71,810
Burberry Group PLC		2,185		42,901
Centrica PLC^(a)		32,418		31,949
CNH Industrial N.V		5,426		77,455
Compass Group PLC		9,827		206,671
ConvaTec Group PLC^(c)		8,823		23,271
Croda International PLC^(b)		743		71,879
DCC PLC		544		41,040
Dechra Pharmaceuticals PLC		579		26,153
Deliveroo PLC^(a)(c)		7,106		9,750
Derwent London PLC		556		21,053
Diageo PLC		12,844		635,499
Direct Line Insurance Group PLC		7,348		23,302
Dr. Martens PLC		3,097		8,143
DS Smith PLC		7,036		28,610
easyJet PLC^(a)(b)		2,050		14,052
Entain PLC^(a)		3,212		60,297
Experian PLC		5,044		174,562
Halma PLC		2,089		64,226
Hargreaves Lansdown PLC^(b)		2,082		23,639
Hiscox Ltd.		1,849		21,859
HomeServe PLC		1,522		18,728
Howden Joinery Group PLC		3,144		29,670
HSBC Holdings PLC		114,008		710,514
IMI PLC		1,423		23,910
Imperial Brands PLC		5,196		108,299
Informa PLC^(a)		8,253		58,749
InterContinental Hotels Group PLC		1,010		64,380
Intermediate Capital Group PLC		1,533		29,361
International Consolidated Airlines Group S.A.^(a)		6,173		10,839
Intertek Group PLC		890		55,380
ITV PLC^(b)		20,544		18,963
J Sainsbury PLC		9,316		27,119
JD Sports Fashion PLC		13,586		22,451
Johnson Matthey PLC^(b)		1,028		28,322
Just Eat Takeaway.com N.V.^(a)(c)		996		26,867
Kingfisher PLC^(b)		11,352		35,629
Land Securities Group PLC		3,929		36,611
Legal & General Group PLC		32,681		101,473
Lloyds Banking Group PLC		390,622		219,885
London Stock Exchange Group PLC		2,002		198,344
M&G PLC		14,334		38,333
Meggitt PLC^(a)		4,298		41,740
Melrose Industries PLC		23,877		34,292
National Grid PLC		19,935		295,937
NatWest Group PLC		28,308		75,989
Next PLC		702		52,604
Ocado Group PLC^(a)(b)		2,683		30,541
Pearson PLC^(b)		4,160		40,398
Pennon Group PLC		1,475		20,486
Pepco Group N.V.^(a)(c)		602		5,619
Persimmon PLC		1,751		45,596
Phoenix Group Holdings PLC		4,045		30,470
Prudential PLC		15,142		187,930


	Shares		Value
United Kingdom-(continued)
Reckitt Benckiser Group PLC		3,494	$	272,150
RELX PLC		10,258		305,885
Renishaw PLC		186		9,777
Rentokil Initial PLC^(b)		10,260		70,383
Rightmove PLC^(b)		4,653		35,714
Rolls-Royce Holdings PLC^(a)		46,173		47,077
Royal Mail PLC^(b)		4,955		21,232
RS GROUP PLC		2,592		33,754
Sage Group PLC (The)		5,658		51,980
Schroders PLC^(b)		616		21,702
Segro PLC		6,602		110,312
Severn Trent PLC		1,345		52,883
Smith & Nephew PLC		4,848		78,312
Smiths Group PLC		2,140		39,094
Spirax-Sarco Engineering PLC		405		61,159
SSE PLC		5,879		136,733
St James’s Place PLC		2,930		46,667
Standard Chartered PLC		13,904		95,104
Tate & Lyle PLC		2,581		25,112
Taylor Wimpey PLC		19,955		31,289
Tesco PLC		41,635		141,222
THG PLC^(a)		5,214		6,851
Travis Perkins PLC		1,199		18,226
Unilever PLC		14,283		662,389
United Utilities Group PLC		3,762		54,048
Vodafone Group PLC		149,036		225,129
Weir Group PLC (The)		1,428		27,360
Whitbread PLC^(a)(b)		1,113		38,523
Wise PLC, Class A^(a)(b)		2,505		12,150
WPP PLC		6,109		75,654

				10,456,953

United States-3.60%
Amcor PLC, CDI		8,509		101,198
Avast PLC^(c)		3,051		21,659
Ferguson PLC		1,221		153,746
GlaxoSmithKline PLC		27,634		621,273
James Hardie Industries PLC, CDI		2,449		70,821
JS Global Lifestyle Co. Ltd.^(c)		6,774		8,030
Nestle S.A.		15,307		1,980,493
Oracle Corp.		185		11,938
QIAGEN N.V.^(a)		1,218		56,308
Samsonite International S.A.^(a)(c)		7,211		15,826
Sims Ltd.		897		13,051
Stellantis N.V.		11,153		148,583
Swiss Re AG		1,592		130,844
Tenaris S.A.		2,577		39,290

				3,373,060

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.61% (Cost $107,848,794)				93,399,516


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.49%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		2,387,931		2,387,931

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


		19

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

April 30, 2022

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		5,570,716	$	5,570,716

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,958,325)				7,958,647

TOTAL INVESTMENTS IN SECURITIES-108.10% (Cost $115,807,119)				101,358,163
OTHER ASSETS LESS LIABILITIES-(8.10)%				(7,598,868	)

NET ASSETS-100.00%			$	93,759,295

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

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, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $1,648,809, which represented 1.76% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	160,782	$	4,665,323	$	(4,826,105	)	$	-	$	-		$	-	$	51
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		335,481		5,378,960		(3,326,510	)		-		-			2,387,931		870	*
Invesco Private Prime Fund		783,705		11,209,978		(6,422,625	)		322		(664	)		5,570,716		2,220	*

Total	$	1,279,968	$	21,254,261	$	(14,575,240	)	$	322	$	(664	)	$	7,958,647	$	3,141

*	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, 2022.

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

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


		20

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

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Financials		16.62
Industrials		15.35
Health Care		12.38
Consumer Discretionary		11.08
Consumer Staples		9.97
Information Technology		9.88
Materials		8.61
Communication Services		4.87
Energy		3.98
Utilities		3.44
Real Estate		3.43
Money Market Funds Plus Other Assets Less Liabilities		0.39

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


		21

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-91.37%
Bahrain-0.12%
Ahli United Bank BSC		16,458	$	16,872

Brazil-6.53%
Alpargatas S.A., Preference Shares		584		2,311
Ambev S.A.		10,633		31,176
Americanas S.A.		1,792		8,685
Atacadao S.A.		1,123		4,665
Auren Energia S.A.		903		2,673
Azul S.A., Preference Shares^(a)		275		1,220
B3 S.A. - Brasil, Bolsa, Balcao		15,789		42,404
Banco Bradesco S.A.		2,658		8,003
Banco Bradesco S.A., Preference Shares		11,653		42,309
Banco BTG Pactual S.A.		2,300		10,724
Banco do Brasil S.A.		1,490		9,995
Banco Inter S.A.		1,800		1,854
Banco Inter S.A., Preference Shares^(b)		1,800		1,901
Banco Pan S.A., Preference Shares		300		567
Banco Santander Brasil S.A.		571		3,661
BB Seguridade Participacoes S.A		1,800		9,243
BR Malls Participacoes S.A.^(a)		2,353		4,509
Bradespar S.A., Preference Shares		647		3,827
Braskem S.A., Class A, Preference Shares		599		4,865
BRF S.A.^(a)		1,848		5,068
CCR S.A.		2,986		7,483
Centrais Eletricas Brasileiras S.A.		1,215		9,932
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		604		4,897
Cia Brasileira de Distribuicao		670		2,750
Cia de Locacao das Americas		597		2,840
Cia de Saneamento Basico do Estado de Sao Paulo		952		8,560
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		587		2,982
Cia Energetica de Minas Gerais		300		1,160
Cia Energetica de Minas Gerais, Preference Shares		2,772		8,212
Cia Paranaense de Energia		900		1,185
Cia Paranaense de Energia, Class B, Preference Shares		2,460		3,696
Cia Siderurgica Nacional S.A		1,289		5,484
Cosan S.A.		1,588		6,734
CPFL Energia S.A.		587		4,285
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		614		1,754
Dexco S.A.		663		1,723
EDP - Energias do Brasil S.A.		631		2,699
Embraer S.A.^(a)		1,800		5,165
Energisa S.A.		583		5,608
Eneva S.A.^(a)		2,332		6,461
ENGIE Brasil Energia S.A.		576		4,873
Equatorial Energia S.A.		2,382		12,333
Gerdau S.A., Preference Shares		2,346		13,250
GPS Participacoes e Empreendimentos S.A.^(b)		800		2,420
GRUPO DE MODA SOMA S.A.^(a)		1,000		2,439
Grupo Mateus S.A.^(a)		2,300		2,197
Hapvida Participacoes e Investimentos S.A.^(b)		9,145		16,195
Hypera S.A.		1,177		8,894


	Shares		Value
Brazil-(continued)
Itau Unibanco Holding S.A.		1,228	$	4,979
Itau Unibanco Holding S.A., Preference Shares		10,948		52,770
Itausa S.A., Preference Shares		12,545		23,331
Klabin S.A.		1,553		6,504
Localiza Rent a Car S.A.		1,253		13,395
Locaweb Servicos de Internet S.A.^(a)(b)		1,100		1,593
Lojas Renner S.A.		2,607		12,503
Magazine Luiza S.A.		7,028		6,926
Marfrig Global Foods S.A.		1,700		6,437
Multiplan Empreendimentos Imobiliarios S.A.		607		3,021
Natura & Co. Holding S.A.		2,374		8,912
Neoenergia S.A.		1,100		4,171
Odontoprev S.A.		2,005		4,109
Petro Rio S.A.^(a)		1,500		8,087
Petroleo Brasileiro S.A.		9,429		63,670
Petroleo Brasileiro S.A., Preference Shares		11,323		69,234
Porto Seguro S.A.		300		1,233
Raia Drogasil S.A.		3,005		12,700
Rede D’Or Sao Luiz S.A.^(b)		900		6,675
Rumo S.A.		3,896		12,879
Sao Martinho S.A.		583		5,464
Sendas Distribuidora S.A		2,050		6,325
Sul America S.A.		1,214		6,511
Suzano S.A.		1,823		18,262
Telefonica Brasil S.A.		1,185		12,728
TIM S.A.		2,474		6,734
TOTVS S.A.		1,207		7,792
Transmissora Alianca de Energia Eletrica S.A.		200		1,776
Ultrapar Participacoes S.A.		2,376		6,271
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		1,220		2,786
Vale S.A		9,394		157,996
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.		300		827
Via S/A^.^(a)		3,204		1,922
Vibra Energia S.A.		3,005		12,816
WEG S.A.		3,654		22,209
YDUQS Participacoes S.A., Class A		620		2,018

				951,437

Chile-0.55%
Banco de Chile		130,246		13,001
Banco de Credito e Inversiones S.A.		130		4,022
Banco Santander Chile		162,510		7,816
Cencosud S.A.		2,724		4,359
Cencosud Shopping S.A.		1,796		1,831
Cia Cervecerias Unidas S.A.		418		2,793
Colbun S.A.		22,565		1,612
Embotelladora Andina S.A., Class B, Preference Shares		617		1,121
Empresas CMPC S.A.		3,253		4,847
Empresas COPEC S.A.		1,011		7,431
Enel Americas S.A.		45,827		4,797
Enel Chile S.A.		76,082		2,006
Falabella S.A.		1,963		5,511
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		260		19,293

				80,440

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


		22

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
China-33.09%
360 DigiTech, Inc., ADR^(c)		254	$	3,665
51job, Inc., ADR^(a)(c)		89		5,416
AECC Aero-Engine Control Co. Ltd., A Shares		2,000		7,203
AECC Aviation Power Co. Ltd., A Shares		600		3,427
Agricultural Bank of China Ltd., A Shares		35,600		16,485
Agricultural Bank of China Ltd., H Shares		56,702		21,292
Aier Eye Hospital Group Co. Ltd., A Shares		1,248		6,752
Airtac International Group		392		10,649
Akeso, Inc.^(a)(b)		1,509		2,805
Alibaba Group Holding Ltd.^(a)		33,406		408,326
Alibaba Health Information Technology Ltd.^(a)		11,976		6,776
A-Living Smart City Services Co. Ltd., U Shares^(b)		2,148		3,375
Aluminum Corp. of China Ltd., A Shares^(a)		11,200		8,009
Anhui Conch Cement Co. Ltd., A Shares		1,100		6,610
Anhui Conch Cement Co. Ltd., H Shares		3,027		16,393
Anhui Expressway Co. Ltd., H Shares		10,000		8,787
Anhui Gujing Distillery Co. Ltd., B Shares		1,100		14,626
ANTA Sports Products Ltd.		2,964		34,092
Autohome, Inc., ADR		171		4,971
AviChina Industry & Technology Co. Ltd., H Shares^(c)		11,085		6,000
Baidu, Inc., A Shares^(a)		4,150		65,154
Bank of China Ltd., A Shares		27,100		13,237
Bank of China Ltd., H Shares		154,797		60,939
Bank of Communications Co. Ltd., A Shares		8,200		6,305
Bank of Communications Co. Ltd., H Shares		18,243		12,718
Bank of Ningbo Co. Ltd., A Shares		1,500		8,187
Bank of Shanghai Co. Ltd., A Shares		6,800		6,673
Beijing Enterprises Water Group Ltd.		12,423		4,007
Beijing Shiji Information Technology Co. Ltd., A Shares		200		540
Bengang Steel Plates Co. Ltd., A Shares		9,400		5,855
Bilibili, Inc., Z Shares^(a)		260		6,370
BOE Technology Group Co. Ltd., A Shares		8,664		4,967
Bosideng International Holdings Ltd.^(c)		6,000		2,987
BYD Co. Ltd., A Shares		500		18,204
BYD Co. Ltd., H Shares		1,747		51,334
BYD Electronic International Co. Ltd.^(c)		2,659		5,346
CanSino Biologics, Inc., H Shares^(a)(b)(c)		150		1,601
Central China Securities Co. Ltd., A Shares		10,700		6,362
CGN Power Co. Ltd., H Shares^(b)		29,976		8,415
China Cinda Asset Management Co. Ltd., H Shares		23,904		4,015
China CITIC Bank Corp. Ltd., H Shares		24,151		12,284
China Conch Environment Protection Holdings Ltd.^(a)		3,000		2,569
China Conch Venture Holdings Ltd.		3,000		7,819
China Construction Bank Corp., H Shares		216,158		153,614
China Everbright Bank Co. Ltd., H Shares		14,382		5,212
China Everbright Environment Group Ltd.		11,606		6,823
China Feihe Ltd.^(b)		8,848		8,340
China Galaxy Securities Co. Ltd., H Shares		5,645		3,062
China Greatwall Technology Group Co. Ltd., A Shares		2,300		3,129
China Hongqiao Group Ltd.		5,645		7,058
China International Capital Corp. Ltd., H Shares^(b)		4,491		8,965
China Jinmao Holdings Group Ltd.		22,599		7,357
China Lesso Group Holdings Ltd.		2,485		3,082


	Shares		Value
China-(continued)
China Life Insurance Co. Ltd., H Shares		12,453	$	18,072
China Literature Ltd.^(a)(b)		1,181		4,976
China Longyuan Power Group Corp. Ltd., H Shares		8,894		17,255
China Medical System Holdings Ltd.		5,331		7,581
China Meidong Auto Holdings Ltd.^(c)		1,419		4,640
China Mengniu Dairy Co. Ltd.		7,322		39,398
China Merchants Bank Co. Ltd., A Shares		4,500		26,991
China Merchants Bank Co. Ltd., H Shares		8,585		51,683
China Merchants Port Holdings Co. Ltd.		4,725		8,231
China Merchants Securities Co. Ltd., H Shares^(b)		6,007		6,235
China Minsheng Banking Corp. Ltd., A Shares		9,400		5,269
China Minsheng Banking Corp. Ltd., H Shares^(c)		18,341		6,957
China Molybdenum Co. Ltd., H Shares		15,239		7,593
China National Building Material Co. Ltd., H Shares		11,722		15,538
China Northern Rare Earth Group High-Tech Co. Ltd., A Shares		500		2,364
China Oilfield Services Ltd., H Shares		5,890		6,064
China Overseas Land & Investment Ltd.		9,209		28,364
China Pacific Insurance (Group) Co. Ltd., A Shares		1,400		4,386
China Pacific Insurance (Group) Co. Ltd., H Shares		7,015		15,498
China Petroleum & Chemical Corp., A Shares		22,200		14,554
China Petroleum & Chemical Corp., H Shares		59,372		29,243
China Power International Development Ltd.		15,000		7,204
China Resources Beer Holdings Co. Ltd.		4,375		25,539
China Resources Cement Holdings Ltd.		10,302		8,525
China Resources Land Ltd.		7,036		31,237
China Resources Mixc Lifestyle Services Ltd.^(b)		1,800		8,625
China Resources Power Holdings Co. Ltd.		4,449		8,328
China Shenhua Energy Co. Ltd., H Shares		9,015		28,738
China Taiping Insurance Holdings Co. Ltd.		4,847		5,530
China Three Gorges Renewables Group Co. Ltd., A Shares		2,400		2,099
China Tourism Group Duty Free Corp. Ltd., A Shares		355		9,598
China Tower Corp. Ltd., H Shares^(b)		132,799		15,493
China Traditional Chinese Medicine Holdings Co. Ltd.		11,088		5,389
China Vanke Co. Ltd., A Shares		1,700		4,954
China Vanke Co. Ltd., H Shares		5,403		12,621
China Yangtze Power Co. Ltd., A Shares		5,300		18,173
Chongqing Changan Automobile Co. Ltd., A Shares		1,820		2,865
Chongqing Zhifei Biological Products Co. Ltd., A Shares		300		4,270
CIFI Holdings Group Co. Ltd.		11,501		5,545
CITIC Ltd.		12,188		12,634
CITIC Securities Co. Ltd., A Shares		2,600		7,691
CITIC Securities Co. Ltd., H Shares		5,556		12,187
Contemporary Amperex Technology Co. Ltd., A Shares		300		18,311
COSCO SHIPPING Holdings Co. Ltd., A Shares^(a)		4,870		10,519
COSCO SHIPPING Holdings Co. Ltd., H Shares^(a)		3,450		5,402

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


		23

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
China-(continued)
Country Garden Holdings Co. Ltd.		18,279	$	12,492
Country Garden Services Holdings Co. Ltd.		4,299		18,107
CSC Financial Co. Ltd., H Shares^(b)		1,890		1,729
CSG Holding Co. Ltd., B Shares		30,600		11,080
CSPC Pharmaceutical Group Ltd.		22,025		22,431
Dada Nexus Ltd., ADR^(a)		183		1,396
Dali Foods Group Co. Ltd.^(b)		6,416		3,265
Datang International Power Generation Co. Ltd., A Shares		31,500		10,886
DiDi Global, Inc., ADR^(a)		4,137		7,778
Dongfang Electric Corp. Ltd., A Shares		400		758
Dongfeng Motor Group Co. Ltd., H Shares		6,333		4,619
East Group Co. Ltd., A Shares		3,000		2,892
East Money Information Co. Ltd., A Shares		2,251		7,648
ENN Energy Holdings Ltd.		1,400		18,614
Eternal Asia Supply Chain Management Ltd., A Shares		9,200		6,850
Eve Energy Co. Ltd., A Shares		500		4,876
Evergrande Property Services Group Ltd.^(a)(b)(d)		13,000		2,858
Far East Horizon Ltd.		6,938		5,648
Flat Glass Group Co. Ltd., H Shares		1,504		5,396
Foshan Haitian Flavouring & Food Co. Ltd., A Shares		645		7,934
Fosun International Ltd.		6,000		6,319
Full Truck Alliance Co. Ltd., ADR^(a)(c)		800		4,824
Fuyao Glass Industry Group Co. Ltd., H Shares^(b)		2,135		8,709
Ganfeng Lithium Co. Ltd., A Shares		500		8,289
GDS Holdings Ltd., A Shares^(a)		500		1,990
Geely Automobile Holdings Ltd.		12,557		19,454
Genscript Biotech Corp.^(a)		2,278		6,360
GF Securities Co. Ltd., H Shares		5,489		6,825
GOME Retail Holdings Ltd.^(a)		39,903		1,919
Great Wall Motor Co. Ltd., H Shares		8,703		12,192
GRG Banking Equipment Co. Ltd., A Shares		4,700		6,049
Guangdong Haid Group Co. Ltd., A Shares		800		7,434
Guangdong Investment Ltd.		10,495		13,444
Guangshen Railway Co. Ltd., H Shares^(a)		28,000		4,660
Guangzhou Automobile Group Co. Ltd., H Shares		7,381		6,273
Guangzhou R&F Properties Co. Ltd., H Shares^(c)		19,200		7,131
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., A Shares.		3,865		4,282
Haidilao International Holding Ltd.^(b)(c)		2,689		5,241
Haier Smart Home Co. Ltd., A Shares		2,300		8,911
Haier Smart Home Co. Ltd., H Shares		4,800		17,157
Haitian International Holdings Ltd.		942		2,327
Haitong Securities Co. Ltd., A Shares		4,700		6,407
Haitong Securities Co. Ltd., H Shares		6,320		4,419
Hangzhou Shunwang Technology Co. Ltd., A Shares		300		451
Hangzhou Tigermed Consulting Co. Ltd., A Shares		500		6,703
Hansoh Pharmaceutical Group Co. Ltd.^(b)		1,903		3,107
Hello Group, Inc., ADR		513		2,729
Henan Shuanghui Investment & Development Co. Ltd., A Shares		1,400		6,300
Hengan International Group Co. Ltd.		2,606		12,334


	Shares		Value
China-(continued)
Hongta Securities Co. Ltd., A Shares		4,400	$	5,969
Hua Hong Semiconductor Ltd.^(a)(b)		1,506		5,855
Huadian Power International Corp. Ltd., A Shares		3,600		2,029
Huaneng Power International, Inc., H Shares		13,885		6,973
Huatai Securities Co. Ltd., H Shares^(b)		5,566		7,652
Huazhu Group Ltd., ADR		519		15,695
Hubei Biocause Pharmaceutical Co. Ltd., A Shares		30,700		13,147
Hygeia Healthcare Holdings Co. Ltd.^(b)		600		2,920
Industrial & Commercial Bank of China Ltd., A Shares		10,400		7,511
Industrial & Commercial Bank of China Ltd., H Shares		181,944		109,671
Industrial Bank Co. Ltd., A Shares		4,200		12,935
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		1,700		9,854
Innovent Biologics, Inc.^(a)(b)		3,327		10,168
Inspur Electronic Information Industry Co. Ltd., A Shares		1,500		5,577
iQIYI, Inc., ADR^(a)		803		2,859
JA Solar Technology Co. Ltd., A Shares		200		2,452
JD Health International, Inc.^(a)(b)		1,750		10,987
JD.com, Inc., A Shares^(a)		3,675		114,564
Jiangsu Expressway Co. Ltd., H Shares		5,406		5,337
Jiangsu Hengrui Medicine Co. Ltd., A Shares		1,524		6,775
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares		500		11,964
Jiangsu Zhongtian Technology Co. Ltd., A Shares		300		730
Jiangxi Copper Co. Ltd., H Shares		3,899		6,142
Jiangxi Special Electric Motor Co. Ltd., A Shares^(a)		200		606
Jiayuan International Group Ltd.		23,242		3,525
Jinxin Fertility Group Ltd.^(a)(b)(c)		4,260		2,660
Jiumaojiu International Holdings Ltd.^(b)(c)		2,504		5,515
Joyoung Co. Ltd., A Shares		1,100		2,498
JOYY, Inc., ADR		148		5,856
Juewei Food Co. Ltd., A Shares		600		3,978
Kaishan Group Co. Ltd., A Shares		4,100		7,996
Kanzhun Ltd., ADR^(a)(c)		519		12,212
KE Holdings, Inc., ADR^(a)		573		8,125
Kingboard Holdings Ltd.		2,587		11,628
KingClean Electric Co. Ltd., A Shares		1,160		3,580
Kingdee International Software Group Co. Ltd.^(a)		6,286		12,800
Kingsoft Cloud Holdings Ltd., ADR^(a)(c)		184		666
Kingsoft Corp. Ltd.		2,455		7,451
Kuaishou Technology^(a)(b)		3,839		31,546
Kweichow Moutai Co. Ltd., A Shares		253		69,647
KWG Group Holdings Ltd.		10,500		3,737
Legend Holdings Corp., H Shares^(b)		2,900		3,409
Lens Technology Co. Ltd., A Shares		1,700		2,600
Leyard Optoelectronic Co. Ltd., A Shares		4,200		3,766
Li Auto, Inc., ADR^(a)		1,066		23,910
Li Ning Co. Ltd.		5,434		42,497
LianChuang Electronic Technology Co. Ltd., A Shares		3,200		5,449
Logan Group Co. Ltd.^(c)		5,111		1,577
Longfor Group Holdings Ltd.^(b)		5,505		26,825

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


		24

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
China-(continued)
LONGi Green Energy Technology Co. Ltd., A Shares		1,160	$	11,739
Longshine Technology Group Co. Ltd., A Shares		300		950
Lufax Holding Ltd., ADR		1,432		7,948
Luxshare Precision Industry Co. Ltd., A Shares		1,869		8,648
Luzhou Laojiao Co. Ltd., A Shares		300		9,497
Mango Excellent Media Co. Ltd., A Shares		800		4,296
Maxscend Microelectronics Co. Ltd., A Shares		200		5,579
Meituan, B Shares^(a)(b)		9,180		197,061
Ming Yuan Cloud Group Holdings Ltd.^(c)		2,098		2,753
MINISO Group Holding Ltd., ADR^(c)		250		1,838
Muyuan Foods Co. Ltd., A Shares		1,418		11,121
NARI Technology Co. Ltd., A Shares		400		1,923
NAURA Technology Group Co. Ltd., A Shares		200		7,128
NetEase, Inc.		3,499		66,869
New China Life Insurance Co. Ltd., A Shares		1,100		4,937
New China Life Insurance Co. Ltd., H Shares		2,389		6,035
New Hope Liuhe Co. Ltd., A Shares^(a)		3,500		7,402
New Oriental Education & Technology Group, Inc., ADR^(a)(c)		371		4,656
Ninestar Corp., A Shares		2,000		12,256
Ningbo Orient Wires & Cables Co. Ltd., A Shares		100		713
NIO, Inc., ADR^(a)(c)		2,814		46,994
Nongfu Spring Co. Ltd., H Shares^(b)(c)		1,000		5,293
People’s Insurance Co. Group of China Ltd. (The), H Shares		17,682		5,638
PetroChina Co. Ltd., H Shares		59,275		28,391
Pharmaron Beijing Co. Ltd., A Shares		500		9,452
PICC Property & Casualty Co. Ltd., H Shares		17,653		17,940
Pinduoduo, Inc., ADR^(a)		904		38,953
Ping An Bank Co. Ltd., A Shares		4,700		10,834
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		1,160		2,855
Ping An Insurance (Group) Co. of China Ltd., A Shares		1,400		9,396
Ping An Insurance (Group) Co. of China Ltd., H Shares		15,052		96,809
Poly Developments and Holdings Group Co. Ltd., A Shares		4,100		11,239
Poly Property Services Co. Ltd., H Shares^(b)		1,000		6,582
Pop Mart International Group Ltd.^(b)		1,373		6,252
Postal Savings Bank of China Co. Ltd., H Shares^(b)(c)		24,176		18,382
Power Construction Corp. of China Ltd., A Shares		700		811
Qingdao Hanhe Cable Co. Ltd., A Shares		13,000		6,911
Remegen Co. Ltd., H Shares^(a)(b)		157		662
RLX Technology, Inc., ADR^(a)		1,182		2,399
Sany Heavy Industry Co. Ltd., A Shares		2,400		5,942
Seazen Group Ltd.		10,036		4,187
SF Holding Co. Ltd., A Shares		800		6,182
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		7,018		7,438
Shanghai Baosight Software Co. Ltd., B Shares		300		1,099
Shanghai Flyco Electrical Appliance Co. Ltd., A Shares		1,700		15,382


	Shares		Value
China-(continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares		1,794	$	7,589
Shanghai International Airport Co. Ltd., A Shares^(a)		800		5,930
Shanghai Jahwa United Co. Ltd., A Shares		600		2,820
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		3,258		5,245
Shanghai Pudong Development Bank Co. Ltd., A Shares		7,000		8,490
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares^(a)		60,100		14,905
Shanxi Taigang Stainless Steel Co. Ltd., A Shares		3,900		3,523
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., A Shares		340		13,920
Shenzhen Agricultural Products Group Co. Ltd., A Shares		9,100		8,219
Shenzhen Huaqiang Industry Co. Ltd., A Shares		3,200		5,423
Shenzhen Inovance Technology Co. Ltd., A Shares		850		7,360
Shenzhen International Holdings Ltd.		4,401		4,711
Shenzhen Kaifa Technology Co. Ltd., A Shares		3,500		5,141
Shenzhen Kangtai Biological Products Co. Ltd., A Shares		300		2,916
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares		255		12,002
Shenzhen MTC Co. Ltd., A Shares^(a)		6,800		3,301
Shenzhen Neptunus Bioengineering Co. Ltd., A Shares^(a)		18,200		8,872
Shenzhou International Group Holdings Ltd.		1,820		25,024
Sieyuan Electric Co. Ltd., A Shares		1,700		7,702
Silergy Corp.		154		13,602
Sino Biopharmaceutical Ltd.		24,261		12,634
Sinopec Oilfield Service Corp., A Shares^(a)		26,800		7,294
Sinopharm Group Co. Ltd., H Shares		2,558		5,870
Sinotruk Hong Kong Ltd.		3,003		3,614
Smoore International Holdings Ltd.^(b)		3,960		8,328
Sun Art Retail Group Ltd.		7,000		2,172
Sunac China Holdings Ltd.^(d)		8,090		4,250
Sungrow Power Supply Co. Ltd., A Shares		300		2,878
Sunny Optical Technology Group Co. Ltd.		1,759		25,738
TAL Education Group, ADR^(a)		1,093		3,705
Tencent Holdings Ltd.		14,047		658,951
Tencent Music Entertainment Group, ADR^(a)		1,487		6,320
Tianjin Guangyu Development Co. Ltd., A Shares		300		498
Tongcheng Travel Holdings Ltd.^(a)(b)		3,567		6,279
Tongwei Co. Ltd., A Shares		1,200		7,348
Topsec Technologies Group, Inc., A Shares		3,200		4,432
Topsports International Holdings Ltd.^(b)		6,000		4,591
TravelSky Technology Ltd., H Shares		3,000		4,492
Trina Solar Co. Ltd., A Shares		218		1,663
Trip.com Group Ltd., ADR^(a)(c)		1,255		29,681
Tsingtao Brewery Co. Ltd., H Shares		1,214		9,847
Vipshop Holdings Ltd., ADR^(a)		1,088		8,334
Walvax Biotechnology Co. Ltd., A Shares		200		1,608
Wanhua Chemical Group Co. Ltd., A Shares		800		9,399
Weibo Corp., ADR^(a)		159		3,679
Weichai Power Co. Ltd., H Shares		6,346		8,838

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


		25

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
China-(continued)
Will Semiconductor Co. Ltd., A Shares		200	$	4,487
Wingtech Technology Co. Ltd., A Shares		500		4,899
Wuliangye Yibin Co. Ltd., A Shares		600		14,592
WuXi AppTec Co. Ltd., A Shares		200		3,077
WuXi AppTec Co. Ltd., H Shares^(b)		908		12,163
Wuxi Biologics Cayman, Inc.^(a)(b)		7,834		56,857
Xiaomi Corp., B Shares^(a)(b)		17,800		27,041
Xinhua Winshare Publishing and Media Co. Ltd., H Shares		9,000		6,396
Xinjiang Goldwind Science & Technology Co. Ltd., A Shares		4,100		6,924
Xinyi Solar Holdings Ltd.		11,162		16,647
XPeng, Inc., ADR^(a)		1,140		28,055
Yadea Group Holdings Ltd.^(b)		1,604		2,405
Yangzijiang Shipbuilding Holdings Ltd.		6,111		4,009
Yankuang Energy Group Co. Ltd., H Shares		7,007		19,750
Yanlord Land Group Ltd.		4,696		4,139
Yantai Eddie Precision Machinery Co. Ltd., A Shares		1,220		3,520
Yihai International Holding Ltd.^(c)		961		2,691
Yonyou Network Technology Co. Ltd., A Shares		1,430		4,102
Yunnan Baiyao Group Co. Ltd., A Shares		500		5,751
Yunnan Energy New Material Co. Ltd., A Shares		200		6,103
Zai Lab Ltd., ADR^(a)(c)		149		5,954
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., A Shares		200		9,203
Zhefu Holding Group Co. Ltd., A Shares		11,200		7,541
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares		900		6,817
Zhengqi Holdings Co. Ltd., Rts., TBA^(a)(d)		15		0
ZhongAn Online P&C Insurance Co. Ltd., H Shares^(a)(b)(c)		1,150		3,958
Zhongsheng Group Holdings Ltd.^(c)		1,866		12,288
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		1,725		6,762
Zijin Mining Group Co. Ltd., H Shares		16,924		24,889
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares		6,186		3,608
ZTE Corp., H Shares		2,537		5,308

				4,820,326

Colombia-0.23%
Bancolombia S.A.		480		4,684
Bancolombia S.A., Preference Shares		731		7,057
Cementos Argos S.A.		3,355		5,065
Grupo de Inversiones Suramericana S.A		738		7,439
Grupo de Inversiones Suramericana S.A., Preference Shares		85		468
Interconexion Electrica S.A. ESP		1,489		8,145

				32,858

Czech Rep-0.24%
CEZ A.S.		684		29,278
Komercni banka A.S.		195		6,361

				35,639

Egypt-0.17%
Commercial International Bank Egypt S.A.E.		3,554		8,611
Eastern Co. S.A.E.		2,587		1,507


	Shares		Value
Egypt-(continued)
Egypt Kuwait Holding Co. S.A.E.		9,017	$	11,632
ElSewedy Electric Co.		3,878		1,642
Fawry for Banking & Payment Technology Services SAE^(a)		4,218		1,054
Telecom Egypt Co.		405		357

				24,803

Greece-0.37%
Alpha Services and Holdings S.A.^(a)		4,676		5,253
Eurobank Ergasias Services and Holdings S.A.^(a)		3,778		3,928
Hellenic Petroleum Holdings S.A.		212		1,588
Hellenic Telecommunications Organization S.A.		631		11,982
JUMBO S.A.		308		4,982
Motor Oil Hellas Corinth Refineries S.A.		183		2,888
Mytilineos S.A.		302		5,571
OPAP S.A.		518		7,569
Piraeus Financial Holdings S.A.^(a)		898		1,290
Public Power Corp. S.A.^(a)		429		3,414
Terna Energy S.A.		253		4,692

				53,157

Hong Kong-0.10%
Alibaba Pictures Group Ltd.^(a)		65,836		5,520
Kingboard Laminates Holdings Ltd.		2,960		4,547
Nine Dragons Paper Holdings Ltd.		5,701		5,020

				15,087

Hungary-0.26%
Gedeon Richter PLC		465		9,241
Magyar Telekom Telecommunications PLC		3,945		4,269
MOL Hungarian Oil & Gas PLC		1,099		9,374
OTP Bank Nyrt^(a)		511		15,083

				37,967

India-6.78%
Axis Bank Ltd., GDR^(a)(b)		1,892		88,257
Dr. Reddy’s Laboratories Ltd., ADR		1,298		69,677
ICICI Bank Ltd., ADR^(c)		2,526		48,095
Infosys Ltd., ADR		6,823		135,573
Larsen & Toubro Ltd., GDR^(b)(c)		4,794		103,837
Mahindra & Mahindra Ltd., GDR^(b)		6,677		78,115
Reliance Industries Ltd., GDR^(b)		2,572		183,436
State Bank of India, GDR^(b)(c)		1,431		90,678
Tata Motors Ltd., ADR^(a)(c)		2,159		60,905
Tata Steel Ltd., GDR^(b)		4,866		77,569
Wipro Ltd., ADR		7,963		51,282

				987,424

Indonesia-2.12%
PT Adaro Energy Tbk		26,043		5,974
PT Astra International Tbk		43,539		22,750
PT Bank Central Asia Tbk		88,346		49,412
PT Bank Mandiri (Persero) Tbk		47,283		29,134
PT Bank Negara Indonesia (Persero) Tbk		20,831		13,176
PT Bank Rakyat Indonesia (Persero) Tbk		145,080		48,223
PT Bank Syariah Indonesia Tbk^(a)		6,804		742
PT Barito Pacific Tbk		76,525		4,476
PT Bukit Asam Tbk		12,017		3,161
PT Bumi Serpong Damai Tbk^(a)		15,660		1,036
PT Charoen Pokphand Indonesia Tbk		19,817		7,040

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


		26

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Indonesia-(continued)
PT Elang Mahkota Teknologi Tbk^(a)		69,200	$	14,177
PT Gudang Garam Tbk		1,368		2,897
PT Hanjaya Mandala Sampoerna Tbk		30,406		2,031
PT Indah Kiat Pulp & Paper Corp. Tbk		6,972		3,643
PT Indocement Tunggal Prakarsa Tbk		4,030		2,909
PT Indofood CBP Sukses Makmur Tbk		7,212		3,790
PT Indofood Sukses Makmur Tbk		12,890		5,602
PT Jasa Marga (Persero) Tbk^(a)		8,054		2,239
PT Kalbe Farma Tbk		57,382		6,491
PT Media Nusantara Citra Tbk		19,302		1,337
PT Perusahaan Gas Negara Tbk^(a)		47,200		4,716
PT Sarana Menara Nusantara Tbk		58,884		4,098
PT Semen Indonesia (Persero) Tbk		8,361		3,685
PT Smartfren Telecom Tbk^(a)		407,630		2,323
PT Surya Citra Media Tbk^(a)		102,611		1,788
PT Telkom Indonesia (Persero) Tbk		121,212		38,629
PT Tower Bersama Infrastructure Tbk		33,854		7,017
PT Unilever Indonesia Tbk		16,257		4,358
PT United Tractors Tbk		4,352		9,071
PT XL Axiata Tbk		15,660		3,438

				309,363

Kuwait-0.90%
Agility Public Warehousing Co. KSC		3,793		15,377
Boubyan Bank KSCP		2,615		8,371
Boubyan Petrochemicals Co. KSCP		1,751		5,805
Gulf Bank KSCP		4,819		5,362
Humansoft Holding Co. KSC		256		2,820
Kuwait Finance House KSCP		6,925		22,245
Mabanee Co. K.P.S.C		2,352		6,409
Mobile Telecommunications Co. KSCP		2,063		4,585
National Bank of Kuwait SAKP		17,356		59,424

				130,398

Luxembourg-0.04%
Reinet Investments S.C.A.		309		6,250

Malaysia-2.08%
Alliance Bank Malaysia Bhd		2,988		2,580
AMMB Holdings Bhd		7,188		6,062
Axiata Group Bhd		12,417		9,987
British American Tobacco Malaysia Bhd		574		1,696
CIMB Group Holdings Bhd		19,647		23,415
Dialog Group Bhd		12,493		7,154
DiGi.Com Bhd		12,484		10,904
FGV Holdings Bhd		7,077		3,300
Fraser & Neave Holdings Bhd		552		2,916
Genting Bhd		6,581		6,972
Genting Malaysia Bhd		7,676		5,335
Hartalega Holdings Bhd		4,589		4,630
Hong Leong Bank Bhd		1,761		8,456
Hong Leong Financial Group Bhd		620		2,754
IHH Healthcare Bhd		7,482		11,270
IOI Corp. Bhd		8,856		9,478
Kuala Lumpur Kepong Bhd		606		4,084
Malayan Banking Bhd		10,482		21,785
Malaysia Airports Holdings Bhd.^(a)		2,460		3,876
Maxis Bhd		7,130		6,203
MISC Bhd		3,660		6,552
Nestle Malaysia Bhd		270		8,254
Petronas Chemicals Group Bhd		5,902		13,855


	Shares		Value
Malaysia-(continued)
Petronas Dagangan Bhd		620	$	3,085
PPB Group Bhd		1,783		7,036
Press Metal Aluminium Holdings Bhd		9,094		12,471
Public Bank Bhd		33,870		36,399
QL Resources Bhd		3,549		4,160
RHB Bank Bhd		4,876		6,987
Sime Darby Bhd		10,479		5,607
Sime Darby Plantation Bhd		8,945		10,752
Supermax Corp. Bhd		4,700		1,198
Telekom Malaysia Bhd		2,417		2,760
Tenaga Nasional Bhd		9,747		20,240
Top Glove Corp. Bhd		14,068		5,429
Westports Holdings Bhd		3,655		3,301
YTL Corp. Bhd		17,793		2,587

				303,530

Mexico-2.68%
Alfa S.A.B. de C.V., Class A		6,353		4,255
Alpek S.A.B. de C.V.		700		945
America Movil S.A.B. de C.V., Series L		69,895		68,016
Arca Continental S.A.B. de C.V.		1,098		6,967
Banco del Bajio S.A.^(b)		1,802		4,449
Becle S.A.B. de C.V.		1,733		4,320
Cemex S.A.B. de C.V., Series CPO^(a)(e)		34,308		15,096
Coca-Cola FEMSA S.A.B. de C.V., Series L		1,333		7,268
Concentradora Fibra Danhos S.A. de C.V		700		783
Controladora Vuela Cia de Aviacion S.A.B. de C.V., Class A^(a)		1,952		3,131
El Puerto de Liverpool S.A.B. de C.V., Series C-1		624		3,146
Fibra Uno Administracion S.A. de C.V.		6,335		6,947
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO^(f)		4,519		33,976
Gruma S.A.B. de C.V., Class B		606		7,197
Grupo Aeroportuario del Centro Norte S.A.B.de C.V.		100		702
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		614		9,448
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		305		6,656
Grupo Bimbo S.A.B. de C.V., Series A^(c)		6,642		20,471
Grupo Carso S.A.B. de C.V., Series A1		1,332		4,351
Grupo Comercial Chedraui, S.A. de C.V		2,600		6,553
Grupo Elektra S.A.B. de C.V		36		2,158
Grupo Financiero Banorte S.A.B. de C.V., Class O		7,054		46,561
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)(c)		4,630		7,847
Grupo Mexico S.A.B. de C.V., Class B		7,713		36,100
Grupo Televisa S.A.B., Series CPO^(g)		6,500		12,065
Industrias Penoles S.A.B. de C.V.		348		3,832
Kimberly-Clark de Mexico S.A.B. de C.V., Class A^(c)		3,781		5,278
Megacable Holdings S.A.B. de C.V., Series CPO^(h)		624		1,777
Operadora de Sites Mexicanos S.A. de C.V., Class A-1		6,616		8,079
Orbia Advance Corp. S.A.B. de C.V.		2,906		6,991
Prologis Property Mexico S.A. de C.V.		1,500		4,026

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


		27

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Mexico-(continued)
Promotora y Operadora de Infraestructura S.A.B de C.V.		274	$	1,997
Regional S.A.B. de C.V.		100		603
Wal-Mart de Mexico S.A.B. de C.V., Series V		11,059		39,102

				391,093

Pakistan-0.01%
Fauji Fertilizer Co. Ltd.		1,677		1,083

Philippines-0.96%
Aboitiz Power Corp.		5,508		3,389
AC Energy Corp.		13,100		1,801
Alliance Global Group, Inc.		13,154		2,970
Ayala Corp.		606		8,536
Ayala Land, Inc.		18,968		11,618
Bank of the Philippine Islands		5,172		9,378
BDO Unibank, Inc.		5,544		13,685
Bloomberry Resorts Corp.^(a)		5,404		627
Converge Information and Communications Technology Solutions, Inc.^(a)		5,500		3,022
DMCI Holdings, Inc.		6,954		1,107
Globe Telecom, Inc.		60		2,616
GT Capital Holdings, Inc.		312		2,998
International Container Terminal Services, Inc.		2,821		11,558
JG Summit Holdings, Inc.		7,819		8,318
Jollibee Foods Corp.		962		3,946
LT Group, Inc.		7,152		1,163
Manila Electric Co.		666		4,492
Megaworld Corp.		38,673		2,119
Metro Pacific Investments Corp.		47,797		3,474
Metropolitan Bank & Trust Co.		5,552		5,423
Monde Nissin Corp.^(a)(b)		6,500		1,616
PLDT, Inc.		313		11,188
San Miguel Corp.		841		1,712
San Miguel Food and Beverage, Inc.		1,415		1,680
Semirara Mining & Power Corp.		2,102		1,100
SM Prime Holdings, Inc.		24,308		16,248
Universal Robina Corp.		2,011		3,941

				139,725

Qatar-1.31%
Barwa Real Estate Co.		5,040		4,693
Commercial Bank P.S.Q.C. (The)		5,243		11,070
Doha Bank Q.P.S.C.		4,019		2,869
Industries Qatar Q.S.C.		3,967		20,490
Masraf Al Rayan Q.S.C.		9,718		14,383
Mesaieed Petrochemical Holding Co. Q.P.S.C.		11,463		8,152
Ooredoo Q.P.S.C.		1,354		2,789
Qatar Aluminum Manufacturing Co.		7,233		4,767
Qatar Electricity & Water Co. Q.S.C.		1,330		6,245
Qatar Fuel Co. Q.P.S.C.		832		4,188
Qatar Gas Transport Co. Ltd.		7,180		6,743
Qatar Insurance Co. (S.A.Q.)		4,232		2,853
Qatar International Islamic Bank Q.S.C.		1,964		6,229
Qatar Islamic Bank (S.A.Q)		3,062		20,591
Qatar National Bank Q.P.S.C.		11,152		71,113
United Development Co. Q.S.C.		4,590		1,827
Vodafone Qatar Q.S.C.		4,357		1,973

				190,975

Romania-0.04%
NEPI Rockcastle PLC		1,031		6,231


	Shares		Value
Russia-0.00%
Alrosa PJSC^(d)		5,728	$	0
Gazprom PJSC^(d)		23,800		0
Inter RAO UES PJSC^(d)		91,895		0
Lukoil PJSC^(d)		959		0
Magnit PJSC^(d)		196		0
Magnitogorsk Iron & Steel Works PJSC^(d)		6,370		0
MMC Norilsk Nickel PJSC^(d)		119		0
Mobile TeleSystems PJSC^(d)		2,469		0
Moscow Exchange MICEX-RTS PJSC^(d)		3,806		0
Novatek PJSC^(d)		2,626		0
Novolipetsk Steel PJSC^(d)		2,494		0
PhosAgro PJSC^(d)		127		0
Polyus PJSC^(d)		72		0
Raspadskaya OJSC^(d)		586		0
Rosneft Oil Co. PJSC^(d)		2,287		0
Rostelecom PJSC^(d)		2,632		0
RusHydro PJSC^(d)		250,330		0
Sberbank of Russia PJSC^(d)		21,738		0
Severstal PAO^(d)		487		0
Sistema PJSFC^(d)		17,276		0
Surgutneftegas PJSC^(d)		18,011		0
Surgutneftegas PJSC, Preference Shares^(d)		16,402		0
Tatneft PJSC^(d)		4,111		0
Transneft PJSC, Preference Shares^(d)		1		0
United Co. RUSAL International PJSC^(a)(d)		7,760		0
VTB Bank PJSC^(d)		13,924,072		0

				0

Saudi Arabia-5.70%
Abdullah Al Othaim Markets Co.		161		4,783
ACWA Power Co.^(a)		373		14,062
Advanced Petrochemical Co.		938		16,725
Al Rajhi Bank		2,548		119,091
Alinma Bank		1,553		17,120
Almarai Co. JSC		232		3,202
Arab National Bank		1,176		11,036
Arabian Centres Co. Ltd.		1,098		6,459
Arabian Internet & Communications Services Co.^(a)		19		1,220
Bank AlBilad^(a)		2,124		29,160
Bank Al-Jazira		228		1,910
Banque Saudi Fransi		1,440		20,782
Bupa Arabia for Cooperative Insurance Co.		307		13,603
Company for Cooperative Insurance (The)		378		6,909
Dallah Healthcare Co.		230		7,368
Dr Sulaiman Al Habib Medical Services Group Co.		155		8,251
Emaar Economic City^(a)		1,565		4,554
Etihad Etisalat Co.		456		5,237
Jarir Marketing Co.		261		13,350
Mobile Telecommunications Co.^(a)		1,499		5,556
Mouwasat Medical Services Co.		143		9,124
National Industrialization Co.^(a)		1,464		7,989
Qassim Cement Co. (The)		316		6,774
Rabigh Refining & Petrochemical Co.^(a)		389		2,966
Riyad Bank		2,696		29,298
SABIC Agri-Nutrients Co.		713		30,842
Sahara International Petrochemical Co.		1,476		22,329
Saudi Airlines Catering Co.^(a)		498		12,510
Saudi Arabian Mining Co.^(a)		1,001		36,598

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


		28

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Saudi Arabia-(continued)
Saudi Arabian Oil Co.^(b)		4,155	$	49,649
Saudi Basic Industries Corp.		1,658		57,834
Saudi British Bank (The)		2,174		25,846
Saudi Cement Co.		361		5,563
Saudi Electricity Co.		1,026		7,414
Saudi Ground Services Co.^(a)		540		4,919
Saudi Industrial Investment Group		1,955		17,051
Saudi Kayan Petrochemical Co.^(a)		2,564		12,830
Saudi National Bank (The)		4,554		95,242
Saudi Pharmaceutical Industries & Medical Appliances Corp.		159		1,524
Saudi Research & Media Group^(a)		157		11,067
Saudi Telecom Co.		1,327		40,755
Saudia Dairy & Foodstuff Co.		214		10,042
Savola Group (The)		385		3,664
Southern Province Cement Co.		523		9,301
United Electronics Co.		33		1,132
Yamama Cement Co.^(a)		149		1,388
Yanbu National Petrochemical Co., Class A		421		6,822

				830,851

Singapore-0.02%
Yangzijiang Financial Holding Pte. Ltd.^(a)		6,111		2,412

South Africa-4.23%
Absa Group Ltd.		1,719		18,581
African Rainbow Minerals Ltd.		302		5,001
Anglo American Platinum Ltd.		138		15,310
Aspen Pharmacare Holdings Ltd.		976		10,439
AVI Ltd.	��	561		2,439
Barloworld Ltd.		625		4,498
Bid Corp. Ltd.		674		14,084
Bidvest Group Ltd. (The)		920		12,599
Capitec Bank Holdings Ltd.^(c)		159		22,154
Clicks Group Ltd.		691		13,579
Coronation Fund Managers Ltd.		852		2,248
Dis-Chem Pharmacies Ltd.^(b)		1,950		4,721
Discovery Ltd.^(a)(c)		1,120		10,742
Exxaro Resources Ltd.		385		5,471
FirstRand Ltd.		11,322		48,692
Fortress REIT Ltd., Class A		3,378		2,643
Foschini Group Ltd. (The)		641		5,584
Gold Fields Ltd.		2,167		29,215
Growthpoint Properties Ltd.		7,998		7,140
Harmony Gold Mining Co. Ltd.		1,349		5,506
Impala Platinum Holdings Ltd.		1,943		25,332
Investec Ltd.		638		3,867
Kumba Iron Ore Ltd.		162		5,381
Life Healthcare Group Holdings Ltd.		4,135		5,599
Momentum Metropolitan Holdings		2,887		3,061
Mr Price Group Ltd.		542		7,325
MTN Group Ltd.		4,044		42,863
MultiChoice Group		1,190		9,700
Naspers Ltd., Class N		476		47,398
Nedbank Group Ltd.		816		11,365
Netcare Ltd.		4,353		4,173
Northam Platinum Holdings Ltd.^(a)		607		7,206
Pepkor Holdings Ltd.^(b)		3,535		4,765
Pick n Pay Stores Ltd.		856		3,116
Rand Merchant Investment Holdings Ltd.^(c)		2,258		3,856
Redefine Properties Ltd.		18,697		5,168


	Shares		Value
South Africa-(continued)
Remgro Ltd.		1,470	$	13,197
Resilient REIT Ltd.		697		2,554
Royal Bafokeng Platinum Ltd.		495		4,945
Sanlam Ltd.		4,282		17,700
Santam Ltd.		196		3,620
Sappi Ltd.^(a)		1,666		6,119
Sasol Ltd.^(a)		1,072		26,211
Shoprite Holdings Ltd.^(c)		1,319		19,001
Sibanye Stillwater Ltd.		6,637		22,889
SPAR Group Ltd. (The)		506		5,283
Standard Bank Group Ltd.^(c)		3,039		32,181
Telkom S.A. SOC Ltd.		952		2,845
Tiger Brands Ltd.^(c)		488		4,755
Transaction Capital Ltd.		334		1,067
Truworths International Ltd.		1,331		4,733
Vodacom Group Ltd.		1,106		10,587
Woolworths Holdings Ltd.		2,178		8,132

				616,640

Taiwan-17.39%
Accton Technology Corp.		1,497		11,687
Acer, Inc.		8,145		7,562
Advantech Co. Ltd.		1,083		13,415
ASE Technology Holding Co. Ltd.		8,728		28,150
Asia Cement Corp.		5,972		9,700
ASMedia Technology, Inc.		107		5,032
Asustek Computer, Inc.		1,367		16,473
AU Optronics Corp.		21,691		12,407
Capital Securities Corp.		6,241		3,285
Catcher Technology Co. Ltd.		665		3,252
Cathay Financial Holding Co. Ltd.		20,331		42,815
Chailease Holding Co. Ltd.		2,718		21,565
Chang Hwa Commercial Bank Ltd.		18,153		11,323
Cheng Shin Rubber Industry Co. Ltd.		5,887		6,619
Chicony Electronics Co. Ltd.		3,083		8,565
China Airlines Ltd.^(a)		5,764		5,269
China Development Financial Holding Corp.		30,241		18,224
China Steel Corp.		30,603		37,044
Chunghwa Telecom Co. Ltd.		8,916		39,430
Compal Electronics, Inc.		11,687		8,716
CTBC Financial Holding Co. Ltd.		38,821		38,269
Delta Electronics, Inc.		5,379		44,899
E Ink Holdings, Inc.		2,000		11,465
E.Sun Financial Holding Co. Ltd.		18,170		20,812
Eclat Textile Co. Ltd.		414		6,747
ENNOSTAR, Inc.^(a)		2,373		4,644
Eva Airways Corp.^(a)		6,125		7,161
Evergreen Marine Corp. Taiwan Ltd.		6,192		30,021
Far Eastern International Bank		5,694		2,307
Far Eastern New Century Corp.		11,789		11,937
Far EasTone Telecommunications Co. Ltd.		5,264		14,809
Feng TAY Enterprise Co. Ltd.		1,209		7,736
First Financial Holding Co. Ltd.		24,460		22,989
Formosa Chemicals & Fibre Corp.		8,470		22,805
Formosa Petrochemical Corp.		2,145		6,643
Formosa Plastics Corp.		11,867		42,264
Formosa Taffeta Co. Ltd.		5,535		5,074
Foxconn Technology Co. Ltd.		2,991		5,937
Fubon Financial Holding Co. Ltd.		18,874		47,253
Giant Manufacturing Co. Ltd.		537		4,468

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


		29

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Taiwan-(continued)
Globalwafers Co. Ltd.		547	$	9,508
Hiwin Technologies Corp.		414		3,070
Hon Hai Precision Industry Co. Ltd.		27,457		93,939
Hotai Motor Co. Ltd.		627		12,184
HTC Corp.^(a)		5,379		8,570
Hua Nan Financial Holdings Co. Ltd.		21,842		17,437
Innolux Corp.		21,000		9,607
Inventec Corp.		8,466		7,249
Largan Precision Co. Ltd.		263		14,921
Lite-On Technology Corp.		3,846		8,426
MediaTek, Inc.		3,439		94,232
Mega Financial Holding Co. Ltd.		24,848		34,865
Micro-Star International Co. Ltd.		1,980		8,021
momo.com, Inc.		124		3,278
Nan Ya Plastics Corp.		12,050		35,198
Nan Ya Printed Circuit Board Corp.		565		7,503
Nien Made Enterprise Co. Ltd.		135		1,414
Novatek Microelectronics Corp.		1,421		18,890
Oneness Biotech Co. Ltd.^(a)		356		2,315
Pegatron Corp.		3,910		9,263
Pou Chen Corp.		6,194		6,441
President Chain Store Corp.		1,586		14,659
Quanta Computer, Inc.		6,516		18,352
Realtek Semiconductor Corp.		1,235		16,819
Ruentex Development Co. Ltd.		1,000		2,618
Shanghai Commercial & Savings Bank Ltd. (The)		8,884		14,579
Shin Kong Financial Holding Co. Ltd.		30,108		9,953
Sino-American Silicon Products, Inc.		948		4,712
SinoPac Financial Holdings Co. Ltd.		29,887		18,370
Synnex Technology International Corp.		5,674		14,846
Taishin Financial Holding Co. Ltd.		20,304		13,298
Taiwan Business Bank		6,716		2,895
Taiwan Cement Corp.		11,343		17,633
Taiwan Cooperative Financial Holding Co. Ltd.		24,775		23,877
Taiwan Fertilizer Co. Ltd.		3,552		8,985
Taiwan Glass Industry Corp.		3,939		2,975
Taiwan Mobile Co. Ltd.		2,752		10,111
Taiwan Semiconductor Manufacturing Co. Ltd.		56,058		1,023,196
Teco Electric and Machinery Co. Ltd.		6,664		7,013
Transcend Information, Inc.		3,000		7,214
U-Ming Marine Transport Corp.		2,000		4,308
Unimicron Technology Corp.		3,086		21,582
Uni-President Enterprises Corp.		11,513		26,566
United Microelectronics Corp.		28,995		46,450
Vanguard International Semiconductor Corp.		2,713		9,536
Voltronic Power Technology Corp.		128		5,556
Walsin Lihwa Corp.		8,145		12,264
Walsin Technology Corp.		1,283		5,225
Wan Hai Lines Ltd.		2,023		9,861
Win Semiconductors Corp		1,108		7,192
Winbond Electronics Corp		6,000		5,382
Wistron Corp.		6,188		5,964
Wiwynn Corp.		261		8,938
Yageo Corp.		1,058		14,233
Yang Ming Marine Transport Corp.^(a)		3,505		14,605
Yuanta Financial Holding Co. Ltd.		29,951		26,301
Zhen Ding Technology Holding Ltd.		609		2,167

				2,533,339


	Shares		Value
Thailand-2.64%
Advanced Info Service PCL, NVDR		2,888	$	18,043
Airports of Thailand PCL, NVDR^(a)		11,327		21,865
Asset World Corp. PCL, NVDR		20,399		2,862
B. Grimm Power PCL, NVDR		2,033		1,917
Bangkok Dusit Medical Services PCL, NVDR		23,168		17,341
Bangkok Expressway & Metro PCL, NVDR		23,138		5,541
Banpu PCL, NVDR		12,716		4,537
Berli Jucker PCL, NVDR		2,888		2,878
BTS Group Holdings PCL, NVDR		23,030		6,025
Bumrungrad Hospital PCL, NVDR		924		4,330
Central Pattana PCL, NVDR		6,702		11,743
Central Retail Corp. PCL, NVDR		2,100		2,398
Charoen Pokphand Foods PCL, NVDR		9,552		6,697
CP ALL PCL, NVDR		12,962		24,449
Delta Electronics Thailand PCL, NVDR		684		7,134
Electricity Generating PCL, NVDR		756		3,659
Energy Absolute PCL, NVDR		5,517		14,112
Global Power Synergy PCL, NVDR		1,169		2,252
Gulf Energy Development PCL, NVDR		11,327		16,016
Home Product Center PCL, NVDR		16,612		7,224
Indorama Ventures PCL, NVDR		5,664		7,430
Intouch Holdings PCL, NVDR		6,507		13,237
IRPC PCL, NVDR		29,707		3,005
Kasikornbank PCL, NVDR		1,100		4,873
Krung Thai Bank PCL, NVDR		14,281		6,308
Krungthai Card PCL, NVDR		4,106		6,872
Land & Houses PCL, NVDR		19,331		5,378
Minor International PCL, NVDR^(a)		10,458		10,521
Muangthai Capital PCL, NVDR		2,115		2,841
Osotspa PCL, NVDR		3,452		3,494
PTT Exploration & Production PCL, NVDR		3,114		13,653
PTT Global Chemical PCL, NVDR		6,369		9,244
PTT PCL, NVDR		32,899		35,840
Ratch Group PCL, NVDR		2,207		2,828
SCB X PCL, NVDR		6,634		22,275
SCG Packaging PCL, NVDR		500		801
Siam Cement PCL (The), NVDR		2,177		23,439
Siam Makro PCL, NVDR		4,328		4,710
Srisawad Corp. PCL, NVDR		1,936		3,007
Thai Oil PCL, NVDR		2,900		4,763
Thai Union Group PCL, NVDR		8,494		4,175
TMBThanachart Bank PCL, NVDR		104,401		3,921
TMBThanachart Bank PCL, Wts., expiring 10/25/2025^(a)		1,044		11
Total Access Communication PCL, NVDR		4,010		5,366
True Corp. PCL, NVDR		41,063		5,760

				384,775

Turkey-0.53%
Akbank T.A.S.		6,298		3,782
Anadolu Efes Biracilik ve Malt Sanayii A.S.		1,316		2,610
Arcelik A.S.		608		2,756
Aselsan Elektronik Sanayi Ve Ticaret A.S.		1,857		3,026
BIM Birlesik Magazalar A.S.		1,289		7,203
Coca-Cola Icecek A.S.		273		2,253
Enka Insaat ve Sanayi A.S.		2,821		2,991
Eregli Demir ve Celik Fabrikalari TAS		3,139		7,017
Ford Otomotiv Sanayi A.S.		172		3,461
Gubre Fabrikalari TAS^(a)		476		2,573
Haci Omer Sabanci Holding A.S.		3,069		4,099

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


		30

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Turkey-(continued)
KOC Holding A.S.		2,276	$	6,097
Petkim Petrokimya Holding A.S.^(a)		3,885		2,478
Sasa Polyester Sanayi A.S.^(a)		475		2,027
Turk Hava Yollari AO^(a)		3,142		8,640
Turkcell Iletisim Hizmetleri A.S.		2,726		3,941
Turkiye Garanti Bankasi A.S.		3,813		3,828
Turkiye Is Bankasi A.S., Class C		3,876		2,726
Turkiye Petrol Rafinerileri A.S.^(a)		218		3,393
Turkiye Sise ve Cam Fabrikalari A.S.		2,172		2,649

				77,550

United Arab Emirates-1.89%
Abu Dhabi Commercial Bank PJSC		6,957		19,232
Abu Dhabi Islamic Bank PJSC		3,219		7,679
Abu Dhabi National Oil Co. for Distribution PJSC		1,035		1,163
ADNOC Drilling Co. PJSC		2,713		2,647
Air Arabia PJSC		16,368		9,548
AL Seer Marine Supplies & Equipment Co. LLC^(a)		336		1,207
Aldar Properties PJSC		10,112		15,477
Alpha Dhabi Holding PJSC^(a)		2,966		21,867
Dana Gas PJSC		30,542		9,812
Dubai Financial Market PJSC		5,507		3,952
Dubai Investments PJSC		19,703		13,438
Dubai Islamic Bank PJSC		4,750		8,324
Emaar Development PJSC^(a)		5,269		7,397
Emaar Properties PJSC		7,519		13,000
Emirates Telecommunications Group Co. PJSC		8,086		77,050
First Abu Dhabi Bank PJSC		10,326		62,921

				274,714

United Republic of Tanzania-0.15%
AngloGold Ashanti Ltd		1,058		21,624

United States-0.24%
GCC S.A.B. de C.V.		750		4,960

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

ETF-Exchange-Traded Fund

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

TBA-To Be Announced

Wts.-Warrants


	Shares		Value
United States-(continued)
JBS S.A.		2,718	$	20,774
Parade Technologies Ltd.		178		8,457

				34,191

Total Common Stocks & Other Equity Interests (Cost $15,230,114)				13,310,754


Exchange-Traded Funds-8.49%
India-8.49%
Invesco India ETF^(c)(i)		25,947		653,086
iShares MSCI India ETF		13,393		584,470

Total Exchange-Traded Funds (Cost $1,211,387)				1,237,556

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral fromsecurities on loan)-99.86% (Cost $16,441,501)				14,548,310


Investments Purchased with Cash Collateral from Securitieson Loan

Money Market Funds-7.85%
Invesco Private Government Fund, 0.40%^(i)(j)(k)		339,759		339,759
Invesco Private Prime Fund, 0.35%^(i)(j)(k)		803,210		803,210

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,142,924)				1,142,969

TOTAL INVESTMENTS IN SECURITIES-107.71% (Cost $17,584,425)				15,691,279
OTHER ASSETS LESS LIABILITIES-(7.71)%				(1,122,550	)

NET ASSETS-100.00%			$	14,568,729

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


		31

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(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, 2022 was $1,275,861, which represented 8.76% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

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

⁽ⁱ⁾


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco India ETF		$	518,180		$	239,399		$	(63,031	)		$	(63,605	)		$	22,143			$	653,086		$	4,983
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			76,781			304,219			(381,000	)			-				-				-			3
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			120,790			2,959,800			(2,740,831	)			-				-				339,759			169	*
Invesco Private Prime Fund			281,842			6,534,050			(6,012,600	)			45				(127	)			803,210			441	*

Total		$	997,593		$	10,037,468		$	(9,197,462	)		$	(63,560	)		$	22,016			$	1,796,055		$	5,596

*	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.

^(j)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(k)	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.


		32

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Financials			21.49
Information Technology			14.86
Consumer Discretionary			11.69
Communication Services			10.08
Materials			8.58
Exchange-Traded Funds			8.50
Consumer Staples			5.92
Industrials			5.77
Energy			4.64
Health Care			3.23
Sector Types Each Less Than 3%			5.10
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.


		33

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


	Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)				Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)				Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)
Assets:
Unaffiliated investments in securities, at value^(a)		$	113,496,486			$	93,399,516			$	13,895,224
Affiliated investments in securities, at value			55,412				7,958,647				1,796,055
Foreign currencies, at value			-				10,137				8,467
Receivable for:
Dividends and interest			134,876				385,772				24,774
Securities lending			81				2,550				446
Investments sold			2,456,765				4				-
Fund shares sold			787,536				-				-
Foreign tax reclaims			-				51,825				-

Total assets			116,931,156				101,808,451				15,724,966


Liabilities:
Due to custodian			-				85,127				11,065
Payable for:
Investments purchased			3,306,521				71				3
Collateral upon return of securities loaned			-				7,958,325				1,142,924
Accrued unitary management fees			5,627				5,633				1,308
Accrued tax expenses			-				-				936
Other payables			-				-				1

Total liabilities			3,312,148				8,049,156				1,156,237

Net Assets		$	113,619,008			$	93,759,295			$	14,568,729


Net assets consist of:
Shares of beneficial interest		$	113,835,399			$	108,501,377			$	16,762,910
Distributable earnings (loss)			(216,391	)			(14,742,082	)			(2,194,181	)

Net Assets		$	113,619,008			$	93,759,295			$	14,568,729

Shares outstanding (unlimited amount authorized, $0.01 par value)			4,330,001				3,700,001				600,001
Net asset value		$	26.24			$	25.34			$	24.28

Market price		$	26.24			$	25.36			$	24.46

Unaffiliated investments in securities, at cost		$	114,704,694			$	107,848,794			$	15,801,346

Affiliated investments in securities, at cost		$	55,412			$	7,958,325			$	1,783,079

Foreign currencies, at cost		$	-			$	10,114			$	8,635

^(a)Includes securities on loan with an aggregate value of:		$	-			$	7,188,947			$	1,096,491

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


		34

Statements of Operations

For the six months ended April 30, 2022

(Unaudited)


		Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)			Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)			Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)
Investment income:
Unaffiliated interest income	$	1,777,195		$	-		$	7
Unaffiliated dividend income		-			1,537,326			179,490
Affiliated dividend income		39			51			4,986
Non-cash dividend income		-			85,881			6,693
Securities lending income		1,091			7,473			1,394
Foreign withholding tax		-			(145,930	)		(9,822	)

Total investment income		1,778,325			1,484,801			182,748


Expenses:
Unitary management fees		23,497			35,787			9,984
Tax expenses		-			-			936

Total expenses		23,497			35,787			10,920

Less: Waivers		(5	)		(7	)		(2,441	)

Net expenses		23,492			35,780			8,479

Net investment income		1,754,833			1,449,021			174,269


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(88,138	)		(441,380	)		(154,508	)
Affiliated investment securities		(652	)		(664	)		22,016
In-kind redemptions		65,269			-			-
Foreign currencies		-			6,957			(38	)

Net realized gain (loss)		(23,521	)		(435,087	)		(132,530	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,653,697	)		(15,108,393	)		(2,105,733	)
Affiliated investment securities		-			322			(63,560	)
Foreign currencies		-			(18,458	)		(742	)

Change in net unrealized appreciation (depreciation)		(1,653,697	)		(15,126,529	)		(2,170,035	)

Net realized and unrealized gain (loss)		(1,677,218	)		(15,561,616	)		(2,302,565	)

Net increase (decrease) in net assets resulting from operations	$	77,615		$	(14,112,595	)	$	(2,128,296	)

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


		35

Statements of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)						Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)						Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)
	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,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	1,754,833		$	1,143,858		$	1,449,021		$	240,660		$	174,269		$	192,890
Net realized gain (loss)		(23,521	)		151,996			(435,087	)		(49,942	)		(132,530	)		(96,527	)
Change in net unrealized appreciation (depreciation)		(1,653,697	)		221,002			(15,126,529	)		877,821			(2,170,035	)		174,620

Net increase (decrease) in net assets resulting from operations		77,615			1,516,856			(14,112,595	)		1,068,539			(2,128,296	)		270,983


Distributions to Shareholders from:
Distributable earnings		(1,096,564	)		(872,608	)		(1,264,586	)		(176,508	)		(151,270	)		(157,773	)


Shareholder Transactions:
Proceeds from shares sold		67,100,234			42,247,747			38,575,267			67,426,085			5,481,419			8,781,479
Value of shares repurchased		(5,287,793	)		(2,936,202	)		-			-			-			-

Net increase in net assets resulting from share transactions		61,812,441			39,311,545			38,575,267			67,426,085			5,481,419			8,781,479

Net increase in net assets		60,793,492			39,955,793			23,198,086			68,318,116			3,201,853			8,894,689


Net assets:
Beginning of period		52,825,516			12,869,723			70,561,209			2,243,093			11,366,876			2,472,187

End of period	$	113,619,008		$	52,825,516		$	93,759,295		$	70,561,209		$	14,568,729		$	11,366,876


Changes in Shares Outstanding:
Shares sold		2,550,000			1,590,000			1,300,000			2,300,000			200,000			300,000
Shares repurchased		(200,000	)		(110,000	)		-			-			-			-
Shares outstanding, beginning of period		1,980,001			500,001			2,400,001			100,001			400,001			100,001

Shares outstanding, end of period		4,330,001			1,980,001			3,700,001			2,400,001			600,001			400,001

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


		36

Financial Highlights

Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)


	Six Months Ended April 30, 2022 (Unaudited)				Years Ended October 31,																For the Period September 19, 2017^(a) Through October 31,
	Six Months Ended April 30, 2022 (Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.68			$	25.74			$	24.89			$	24.40			$	24.99			$	25.00

Net investment income^(b)			0.68				1.12				0.35				0.59				0.63				0.06
Net realized and unrealized gain (loss) oninvestments			(0.64	)			0.53				0.71				0.39				(0.55	)			(0.07	)

Total from investment operations			0.04				1.65				1.06				0.98				0.08				(0.01	)

Distributions to shareholders from:
Net investment income			(0.47	)			(0.69	)			(0.21	)			(0.49	)			(0.67	)			-
Net realized gains			(0.01	)			(0.02	)			-				-				-				-

Total distributions			(0.48	)			(0.71	)			(0.21	)			(0.49	)			(0.67	)			-

Net asset value at end of period		$	26.24			$	26.68			$	25.74			$	24.89			$	24.40			$	24.99

Market price at end of period^(c)		$	26.24			$	26.70			$	25.75			$	24.90			$	24.40			$	24.99

Net Asset Value Total Return^(d)			0.15	%			6.46	%			4.28	%			4.04	%			0.33	%			(0.04	)%^(e)
Market Price Total Return^(d)			0.08	%			6.50	%			4.28	%			4.07	%			0.33	%			(0.04	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	113,619			$	52,826			$	12,870			$	7,467			$	2,440			$	2,499
Ratio to average net assets of:
Expenses			0.07	%^(f)			0.07	%			0.07	%			0.20	%^(g)			0.07	%			0.07	%^(f)
Net investment income			5.23	%^(f)			4.26	%			1.40	%			2.39	%^(g)			2.53	%			2.22	%^(f)
Portfolio turnover rate^(h)			15	%			28	%			29	%			30	%			19	%			0	%

^(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 (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.12% . The market price total return from Fund Inception to October 31, 2017 was 0.12%.

^(f)	Annualized.

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

^(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.


		37

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2022 (Unaudited)				Years Ended October 31,																For the Period September 19, 2017^(a)Through October 31, 2017
	Six Months Ended April 30, 2022 (Unaudited)				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	29.40			$	22.43			$	24.31			$	22.80			$	25.37			$	25.00

Net investment income^(b)			0.39				0.78				0.53				0.69				0.73				0.07
Net realized and unrealized gain (loss) on investments .			(4.11	)			6.78				(1.88	)			1.61				(2.60	)			0.30

Total from investment operations			(3.72	)			7.56				(1.35	)			2.30				(1.87	)			0.37

Distributions to shareholders from:
Net investment income			(0.34	)			(0.59	)			(0.53	)			(0.77	)			(0.70	)			-
Net realized gains			-				-				-				(0.02	)			-				-

Total distributions			(0.34	)			(0.59	)			(0.53	)			(0.79	)			(0.70	)			-

Net asset value at end of period		$	25.34			$	29.40			$	22.43			$	24.31			$	22.80			$	25.37

Market price at end of period^(c)		$	25.36			$	29.51			$	22.63			$	24.35			$	23.03			$	25.54

Net Asset Value Total Return^(d)			(12.73	)%			33.78	%			(5.33	)%			10.31	%			(7.60	)%			1.48	%^(e)
Market Price Total Return^(d)			(12.99	)%			33.09	%			(4.66	)%			9.37	%			(7.30	)%			2.16	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	93,759			$	70,561			$	2,243			$	2,431			$	2,280			$	2,537
Ratio to average net assets of:
Expenses			0.07	%^(f)			0.07	%			0.07	%			0.37	%^(g)			0.07	%			0.07	%^(f)
Net investment income			2.83	%^(f)			2.77	%			2.30	%			2.99	%^(g)			2.89	%			2.38	%^(f)
Portfolio turnover rate^(h)			3	%			7	%			3	%			4	%			7	%			2	%

^(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 (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.80% . The market price total return from Fund Inception to October 31, 2017 was 2.12%.

^(f)	Annualized.

⁽^g)	Ratios include non-recurring costs associated with a proxy statement of 0.30%.

^(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.


		38

Financial Highlights–(continued)

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)


	Six Months Ended April 30, 2022 (Unaudited)				Years Ended October 31,																For the Period September 19, 2017^(a)Through October 31,
	Six Months Ended April 30, 2022 (Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	28.42			$	24.72			$	23.86			$	21.66			$	25.07			$	25.00

Net investment income^(b)			0.33				0.76				0.55				0.74	^(c)			0.66				0.03
Net realized and unrealized gain (loss) oninvestments			(4.16	)			3.45				1.06				2.06				(3.42	)			0.04

Total from investment operations			(3.83	)			4.21				1.61				2.80				(2.76	)			0.07

Distributions to shareholders from:
Net investment income			(0.31	)			(0.51	)			(0.75	)			(0.60	)			(0.65	)			-

Net asset value at end of period		$	24.28			$	28.42			$	24.72			$	23.86			$	21.66			$	25.07

Market price at end of period^(d)		$	24.46			$	28.36			$	24.97			$	23.82			$	21.75			$	25.20

Net Asset Value Total Return^(e)			(13.55	)%			17.02	%			7.08	%			13.02	%			(11.28	)%			0.28	%^(f)
Market Price Total Return^(e)			(12.73	)%			15.61	%			8.33	%			12.34	%			(11.38	)%			0.80	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	14,569			$	11,367			$	2,472			$	2,386			$	2,166			$	2,507
Ratio to average net assets of:
Expenses, after Waivers			0.12	%^(g)(h)			0.10	%^(h)			0.11	%^(h)			0.39	%^(h)(i)			0.11	%			0.14	%^(g)
Expenses, prior to Waivers			0.15	%^(g)(h)			0.14	%^(h)			0.14	%^(h)			0.43	%^(h)(i)			0.14	%			0.14	%^(g)
Net investment income			2.44	%^(g)			2.63	%			2.35	%			3.16	%^(c)(i)			2.64	%			1.03	%^(g)
Portfolio turnover rate^(j)			6	%			32	%			18	%			13	%			16	%			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(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 $0.56 and 2.39%, respectively.

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

^(e)

^(f)	The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.05% . The market price total return from Fund Inception to October 31, 2017 was (0.39)%.

^(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 0.29%.

^(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.


		39

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2022

(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 PureBeta^SM0-5 Yr US TIPS ETF (PBTP)		“PureBeta^SM0-5 Yr US TIPS ETF”

Invesco PureBeta^SMFTSE Developed ex-North America ETF (PBDM)		“PureBeta^SMFTSE Developed ex-North America ETF”

Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)		“PureBeta^SMFTSE Emerging Markets 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, 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

PureBeta^SM0-5 Yr US TIPS ETF		ICE BofA 0-5 Year US Inflation-Linked Treasury Index^SM

PureBeta^SMFTSE Developed ex-North America ETF		FTSE Developed ex North America Index

PureBeta^SMFTSE Emerging Markets ETF		FTSE Emerging Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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


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in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund 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 using procedures approved by the Board of Trustees. 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 approved 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.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The 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.


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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 and the country that has the primary market for the issuer’s securities, 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 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 financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

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

I.	Treasury Inflation-Protected Securities - PureBeta^SM0-5 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


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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.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, PureBeta^SMFTSE Emerging Markets ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by PureBeta^SMFTSE Emerging Markets ETF as listed below:


		Amount

PureBeta^SMFTSE Emerging Markets ETF		$63

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

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

L.	Other Risks


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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 this risk.

Changing U.S. Fixed-Income Market Conditions Risk. The historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

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

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

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and


		44

computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Inflation-Linked Security Risk. For certain Funds, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall.


		45

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

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

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

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

U.S. Government Obligation Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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


		46

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


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

PureBeta^SM0-5 Yr US TIPS ETF		0.07%

PureBeta^SMFTSE Developed ex-North America ETF		0.07%

PureBeta^SMFTSE Emerging Markets ETF		0.14%

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do 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, 2022, the Adviser waived fees for each Fund in the following amounts:



PureBeta^SM0-5 Yr US TIPS ETF	$	5

PureBeta^SMFTSE Developed ex-North America ETF		7

PureBeta^SMFTSE Emerging Markets ETF		2,441

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

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


Fund		Licensor

PureBeta^SM0-5 Yr US TIPS ETF		ICE Data Indices, LLC

PureBeta^SMFTSE Developed ex-North America ETF		FTSE International Ltd.

PureBeta^SMFTSE Emerging Markets ETF		FTSE International Ltd.

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

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


		47

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 or are unreliable. 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 a Fund’s own 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

PureBeta^SM0-5 Yr US TIPS ETF

Investments in Securities

U.S. Treasury Securities		$	-		$	113,496,486		$	-		$	113,496,486

Money Market Funds			55,412			-			-			55,412


Total Investments		$	55,412		$	113,496,486		$	-		$	113,551,898


PureBeta^SMFTSE Developed ex-North America ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	8,482,751		$	84,916,765		$	0		$	93,399,516

Money Market Funds			-			7,958,647			-			7,958,647

Total Investments		$	8,482,751		$	92,875,412		$	0		$	101,358,163


PureBeta^SMFTSE Emerging Markets ETF
Investments in Securities

Common Stocks & Other Equity Interests		$	3,892,497		$	9,411,149		$	7,108		$	13,310,754

Exchange-Traded Funds			1,237,556			-			-			1,237,556

Money Market Funds			-			1,142,969			-			1,142,969


Total Investments		$	5,130,053		$	10,554,118		$	7,108		$	15,691,279

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.


		48

The Funds had capital loss carryforwards as of October 31, 2021, as follows:


	No expiration
	Short-Term			Long-Term			Total*

PureBeta^SM0-5 Yr US TIPS ETF		$	-		$	-		$	-

PureBeta^SMFTSE Developed ex-North America ETF			-			36,825			36,825

PureBeta^SMFTSE Emerging Markets ETF			25,803			125,297			151,100

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

NOTE 6–Investment Transactions

For the six months ended April 30, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

PureBeta^SMFTSE Developed ex-North America ETF	$	6,432,244	$	3,121,379

PureBeta^SMFTSE Emerging Markets ETF		4,816,317		935,242

For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

PureBeta^SM0-5 Yr US TIPS ETF	$	56,658,830	$	2,755,244

PureBeta^SMFTSE Developed ex-North America ETF		35,274,449		-

PureBeta^SMFTSE Emerging Markets ETF		1,628,563		-

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

As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

PureBeta^SM0-5 Yr US TIPS ETF	$	72,217	$	(1,289,656	)	$	(1,217,439	)	$	114,769,337

PureBeta^SMFTSE Developed ex-North America ETF		2,135,128		(16,678,593	)		(14,543,465	)		115,901,628

PureBeta^SMFTSE Emerging Markets ETF		968,577		(2,941,086	)		(1,972,509	)		17,663,788

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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 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 Authorized Participants 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 Authorized Participant or as a result of other market circumstances.


		49

Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

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

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


		50

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, 2021 through April 30, 2022.

In addition to the fees and expenses which the Invesco PureBeta^SMFTSE Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco PureBeta^SM0-5 Yr US TIPS ETF (PBTP)

Actual		$	1,000.00		$	1,001.50		0.07	%		$	0.35

Hypothetical (5% return before expenses)			1,000.00			1,024.45		0.07				0.35

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

Actual			1,000.00			872.70		0.07				0.33

Hypothetical (5% return before expenses)			1,000.00			1,024.45		0.07				0.35


		51

Calculating your ongoing Fund expenses–(continued)


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco PureBeta^SMFTSE Emerging Markets ETF (PBEE)

Actual		$	1,000.00		$	864.50		0.12	%		$	0.55

Hypothetical (5% return before expenses)			1,000.00			1,024.20		0.12				0.60

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


		52

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, 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 74 series (each, a “Fund” and collectively, the “Funds”):


Invesco 1-30 Laddered Treasury ETF		Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF		Invesco S&P 500^® Enhanced Value ETF
Invesco CEF Income Composite ETF		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF		Invesco S&P 500^® High Beta ETF
Invesco DWA Developed Markets Momentum ETF		Invesco S&P 500^® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF		Invesco S&P 500^® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF		Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF		Invesco S&P 500^® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF		Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF		Invesco S&P International Developed High Dividend Low
Invesco Fundamental High Yield^® Corporate Bond ETF		Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF		Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF		Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF		Invesco S&P International Developed Quality ETF
Invesco Global Water ETF		Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers™ ETF		Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF		Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF		Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF		Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF		Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF		Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF		Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF		Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF		Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF		Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF		Invesco S&P SmallCap Quality ETF
Invesco PureBeta^SM0-5 Yr US TIPS ETF		Invesco S&P SmallCap Utilities & Communication Services
Invesco PureBeta^SMFTSE Developed ex-North America ETF		ETF
Invesco PureBeta^SMFTSE Emerging Markets ETF		Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBeta^SMMSCI USA ETF		Invesco Senior Loan ETF
Invesco PureBeta^SMMSCI USA Small Cap ETF		Invesco Taxable Municipal Bond ETF
Invesco PureBeta^SMUS Aggregate Bond ETF		Invesco Treasury Collateral ETF
Invesco Russell 1000 Enhanced Equal Weight ETF		Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Equal Weight ETF		Invesco VRDO Tax-Free ETF

Also at the April 6, 2022 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 Treasury Collateral 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”).

Investment Advisory Agreement


		53

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

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 also 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, 2021, 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 April 6, 2018 or 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 and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral 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 VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. 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 Trustees 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 Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees 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 net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, 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 PureBeta^SMMSCI USA ETF;

●

0.05% of the Fund’s average daily net assets for Invesco PureBeta^SMUS Aggregate Bond ETF;

●

0.06% of the Fund’s average daily net assets for Invesco PureBeta^SMMSCI USA Small Cap ETF;

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM0-5 Yr US TIPS ETF and Invesco PureBeta^SMFTSE Developed ex-North America ETF;

●

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

●

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

●

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;


		54

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

●

0.14% of the Fund’s average daily net assets for Invesco PureBeta^SMFTSE Emerging Markets ETF;

●

0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

●

0.20% of the Fund’s average daily net assets for 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 1-30 Laddered Treasury 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, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free 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 Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility 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, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

●

0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield 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 Russell 1000 Low Beta Equal Weight 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 daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s 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 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 daily net assets for Invesco International BuyBack Achievers^TMETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

●

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

●

0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

●

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

●

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

●

0.90% of the Fund’s daily net assets for Invesco DWA 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


		55

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

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight 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 Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

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 NASDAQ 100 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 Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta 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


		56

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

Equal

Equal to/Lower

Lower than

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^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum 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 High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

N/A

Invesco S&P International Developed Quality ETF

N/A

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility 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 Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

*	The information provided by the Adviser indicated that certain Funds did not have any comparable 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 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free 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.

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 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.


		57

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

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, 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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees 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 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 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 was 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 does not have any soft-dollar arrangements. 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 for money market cash management vehicles and fees as the Funds’ direct 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 Treasury Collateral ETF at a meeting held on April 6, 2022. 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 to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral 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 rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.


		58

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral 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 Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from 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 money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral 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 Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.


		59

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PBETA-SAR-1

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders
		April 30, 2022


		IDLB		Invesco FTSE International Low Beta Equal Weight ETF

		EELV		Invesco S&P Emerging Markets Low Volatility ETF

		EEMO		Invesco S&P Emerging Markets Momentum ETF

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

		IDLV		Invesco S&P International Developed Low Volatility ETF

		IDMO		Invesco S&P International Developed Momentum ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)			4

Invesco S&P Emerging Markets Low Volatility ETF (EELV)			14

Invesco S&P Emerging Markets Momentum ETF (EEMO)			18

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)			22

Invesco S&P International Developed Low Volatility ETF (IDLV)			25

Invesco S&P International Developed Momentum ETF (IDMO)			29

Statements of Assets and Liabilities			34

Statements of Operations			36

Statements of Changes in Net Assets			38

Financial Highlights			40

Notes to Financial Statements			46

Fund Expenses			56

Approval of Investment Advisory and Sub-Advisory Contracts			58


		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 FTSE International Low Beta Equal Weight ETF (IDLB)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.18%
Australia-5.86%
Adbri Ltd.		3,215	$	6,571
AGL Energy Ltd.		1,378		8,442
ALS Ltd.		792		7,212
Altium Ltd.		294		6,588
Ansell Ltd.		400		7,705
APA Group		1,023		8,257
Appen Ltd.		1,407		6,458
Aristocrat Leisure Ltd.		277		6,440
ASX Ltd.		123		7,436
Aurizon Holdings Ltd.		2,943		8,393
BHP Group Ltd.		210		7,099
Boral Ltd.		2,814		7,038
carsales.com Ltd.		480		7,069
Cochlear Ltd.		45		7,272
Coles Group Ltd.		578		7,613
CSL Ltd.		40		7,614
CSR Ltd.		1,788		7,663
Domino’s Pizza Enterprises Ltd.		131		6,964
EBOS Group Ltd.		278		7,600
Evolution Mining Ltd.		2,407		6,796
Fortescue Metals Group Ltd.		547		8,341
Goodman Group		456		7,629
Harvey Norman Holdings Ltd.^(a)		1,950		6,981
IGO Ltd.		862		7,991
Iluka Resources Ltd.		921		7,263
Incitec Pivot Ltd.		3,266		8,891
Insurance Australia Group Ltd.		2,308		7,363
JB Hi-Fi Ltd.		202		7,521
Macquarie Group Ltd.		57		8,216
Medibank Pvt Ltd.		3,195		7,196
Metcash Ltd.		2,483		8,370
Newcrest Mining Ltd.		397		7,486
NEXTDC Ltd.^(b)		909		7,095
Northern Star Resources Ltd.		1,001		6,846
Orora Ltd.		2,791		7,826
Pro Medicus Ltd.^(a)		215		7,030
Qube Holdings Ltd.		3,373		6,964
Ramsay Health Care Ltd.		162		9,204
Reece Ltd.		519		6,309
Rio Tinto Ltd.		84		6,697
Rio Tinto PLC		92		6,516
Seven Group Holdings Ltd.		455		6,365
Shopping Centres Australasia Property Group		3,554		7,600
Sonic Healthcare Ltd.		295		7,609
TPG Telecom Ltd.		1,743		7,200
Transurban Group		804		8,084
Treasury Wine Estates Ltd.		897		7,046
Washington H Soul Pattinson & Co. Ltd.		395		7,691
Wesfarmers Ltd.		208		7,216
Woodside Petroleum Ltd.		333		7,280
Woolworths Group Ltd.		288		7,824

				377,880

Austria-0.44%
ANDRITZ AG		174		7,381
Telekom Austria AG		926		6,604


	Shares		Value
Austria-(continued)
Verbund AG^(a)		78	$	8,352
voestalpine AG		220		5,737

				28,074

Belgium-1.11%
Ackermans & van Haaren N.V.		41		7,310
Ageas S.A./N.V.		157		7,527
Elia Group S.A./N.V.		51		8,127
Etablissements Franz Colruyt N.V.		195		7,173
Groupe Bruxelles Lambert S.A.		73		6,898
Proximus SADP		370		6,452
Telenet Group Holding N.V.		217		6,452
UCB S.A.		68		7,738
Umicore S.A.^(a)		175		6,756
Warehouses De Pauw C.V.A.		192		7,369

				71,802

Brazil-0.24%
Wheaton Precious Metals Corp.		179		8,064
Yara International ASA		147		7,527

				15,591

Canada-3.39%
Agnico Eagle Mines Ltd.		154		9,011
Barrick Gold Corp.		352		7,891
BCE, Inc.		150		8,016
Canadian Imperial Bank of Commerce		59		6,556
Canadian National Railway Co.		60		7,093
Canadian Pacific Railway Ltd.		104		7,647
Canadian Tire Corp. Ltd., Class A		56		7,753
Canadian Utilities Ltd., Class A		288		8,703
Enbridge, Inc.		183		8,027
Fortis, Inc.		175		8,559
Franco-Nevada Corp.		53		8,057
George Weston Ltd.		73		9,129
Great-West Lifeco, Inc.		278		7,709
Hydro One Ltd.^(c)		323		8,777
Intact Financial Corp.		56		7,875
Loblaw Cos. Ltd.		102		9,378
Metro, Inc.		153		8,453
Nutrien Ltd.		92		9,087
Restaurant Brands International, Inc.		145		8,326
Rogers Communications, Inc., Class B		152		8,323
Saputo, Inc.		335		7,198
Shaw Communications, Inc., Class B		269		8,053
Sun Life Financial, Inc.		156		7,801
TC Energy Corp.		148		7,869
Teck Resources Ltd., Class B		210		8,327
TELUS Corp.		317		7,972
Thomson Reuters Corp.		73		7,336

				218,926

China-1.78%
AAC Technologies Holdings, Inc.		2,827		6,545
BOC Hong Kong Holdings Ltd.		2,500		9,019
Budweiser Brewing Co. APAC Ltd.^(c)		2,400		6,004
China Travel International Investment Hong Kong Ltd.^(b)		38,000		6,839
Chow Tai Fook Jewellery Group Ltd.		3,800		6,346

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


		4

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

April 30, 2022

(Unaudited)


	Shares		Value
China-(continued)
ESR Cayman Ltd.^(b)(c)		2,699	$	8,187
Kerry Logistics Network Ltd.		3,008		6,866
Lee & Man Paper Manufacturing Ltd.		12,510		5,968
Minth Group Ltd.		2,538		5,985
Shui On Land Ltd.		51,500		7,286
SITC International Holdings Co. Ltd.		2,000		6,678
Tingyi Cayman Islands Holding Corp.		3,584		6,510
Towngas Smart Energy Co. Ltd.		11,319		5,577
Uni-President China Holdings Ltd.		7,425		6,519
Want Want China Holdings Ltd.		8,132		7,322
Wharf Holdings Ltd. (The)		2,000		5,823
Wilmar International Ltd.		2,313		7,411

				114,885

Denmark-1.40%
Ambu A/S, Class B^(a)		434		5,704
AP Moller—Maersk A/S, Class A		1		2,807
AP Moller—Maersk A/S, Class B		1		2,869
Carlsberg A/S, Class B		56		7,088
Chr. Hansen Holding A/S		105		8,182
Coloplast A/S, Class B		49		6,616
Danske Bank A/S		466		7,065
DSV A/S		42		6,861
GN Store Nord A/S^(a)		151		5,629
H Lundbeck A/S		297		6,829
Novo Nordisk A/S, Class B		72		8,235
Novozymes A/S, Class B^(a)		115		7,990
Royal Unibrew A/S		80		6,842
Tryg A/S		330		7,822

				90,539

Finland-1.22%
Elisa OYJ		134		7,832
Huhtamaki OYJ		221		8,284
Kesko OYJ, Class B		277		6,989
Kojamo OYJ		318		6,273
Kone OYJ, Class B		136		6,526
Nordea Bank Abp		703		6,979
Orion OYJ, Class B		163		6,377
Sampo OYJ, Class A		166		7,999
Stora Enso OYJ, Class R		407		7,965
UPM-Kymmene OYJ^(a)		223		7,660
Valmet OYJ		215		5,754

				78,638

France-4.21%
Air Liquide S.A.		45		7,769
ALD S.A.^(c)		563		7,659
Arkema S.A.		58		6,546
BioMerieux		78		7,400
Bollore SE		1,502		6,975
Bouygues S.A.^(a)		211		7,250
Bureau Veritas S.A.		260		7,451
Carrefour S.A.		377		7,992
Cie de L’Odet SE		6		6,928
Cie de Saint-Gobain		124		7,216
Cie Generale des Etablissements Michelin S.C.A.		56		6,923
Danone S.A.^(a)		127		7,635
Dassault Aviation S.A.		51		8,619
Dassault Systemes SE		153		6,806
Edenred		163		8,170


	Shares		Value
France-(continued)
ENGIE S.A.^(a)		552	$	6,484
EssilorLuxottica S.A.		45		7,634
Gecina S.A.		62		6,946
Hermes International		6		7,382
Ipsen S.A.		65		6,745
Kering S.A.		11		5,843
La Francaise des Jeux SAEM^(c)		184		6,846
Legrand S.A.		79		6,973
L’Oreal S.A.^(a)		19		6,912
LVMH Moet Hennessy Louis Vuitton SE^(a)		11		7,039
Orange S.A.		616		7,337
Pernod Ricard S.A.		36		7,417
Publicis Groupe S.A.		118		7,063
Remy Cointreau S.A.		40		7,921
Sanofi^(a)		74		7,789
Sartorius Stedim Biotech		20		6,510
Schneider Electric SE		48		6,836
SEB S.A.		52		6,234
SOITEC^(b)		46		8,237
Somfy S.A.		43		5,726
Teleperformance		20		7,151
Ubisoft Entertainment S.A.^(b)		141		6,366
Vivendi SE^(a)		597		6,846

				271,576

Germany-4.77%
1&1 AG		306		6,426
adidas AG		33		6,721
Beiersdorf AG		74		7,480
Brenntag SE		93		7,254
Carl Zeiss Meditec AG, BR		47		5,936
Commerzbank AG^(b)		976		6,468
Covestro AG^(c)		145		6,316
Deutsche Bank AG^(b)		640		6,536
Deutsche Boerse AG		46		8,065
Deutsche Post AG		153		6,605
Deutsche Telekom AG		414		7,626
Deutsche Wohnen SE		180		5,176
DWS Group GmbH & Co. KGaA^(c)		210		6,952
E.ON SE		596		6,244
Evotec SE^(b)		255		6,194
Fielmann AG		130		6,610
Fresenius Medical Care AG & Co. KGaA		118		7,399
Fuchs Petrolub SE		67		1,788
Fuchs Petrolub SE, Preference Shares		138		4,394
GEA Group AG		176		6,914
Hannover Rueck SE		43		6,755
HelloFresh SE^(b)		159		6,807
Henkel AG & Co. KGaA		38		2,429
Henkel AG & Co. KGaA, Preference Shares		64		4,143
KION Group AG		97		5,470
Knorr-Bremse AG		90		6,489
LEG Immobilien SE		58		5,972
Mercedes-Benz Group AG		106		7,503
Merck KGaA		39		7,232
METRO AG^(b)		864		7,597
MTU Aero Engines AG		32		6,472
Nemetschek SE		84		6,744
Puma SE		87		6,487
Rational AG		11		6,771

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


		5

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

April 30, 2022

(Unaudited)


	Shares		Value
Germany-(continued)
Rheinmetall AG		44	$	9,946
RWE AG		179		7,476
Sartorius AG		1		336
Sartorius AG, Preference Shares		16		6,061
Scout24 SE^(c)		125		7,976
Siemens AG		54		6,710
Siemens Healthineers AG^(c)		117		6,327
Symrise AG		63		7,540
Telefonica Deutschland Holding AG		2,737		8,284
United Internet AG		223		7,229
Varta AG		74		6,962
Vonovia SE		142		5,678
Wacker Chemie AG		48		7,742
Zalando SE^(b)(c)		129		5,116

				307,358

Hong Kong-3.42%
Cafe de Coral Holdings Ltd.		5,074		7,909
CK Infrastructure Holdings Ltd.		1,500		10,094
CLP Holdings Ltd.		1,013		9,862
Dairy Farm International Holdings Ltd.		2,839		7,648
Guotai Junan International Holdings Ltd.		56,000		6,073
Hang Lung Group Ltd.		4,000		7,804
Hang Lung Properties Ltd.		3,462		6,603
Hang Seng Bank Ltd.		445		7,858
Hong Kong & China Gas Co. Ltd. (The)		5,143		5,667
Hong Kong Exchanges & Clearing Ltd.		159		6,744
Hutchison Port Holdings Trust, Class U		30,000		7,165
Hutchison Telecommunications Hong Kong Holdings Ltd.		46,178		7,690
Jardine Matheson Holdings Ltd.		180		9,512
Johnson Electric Holdings Ltd., H Shares		5,000		5,716
Kerry Properties Ltd.		2,886		7,761
Lifestyle International Holdings Ltd.^(b)		13,000		6,249
Link REIT		1,000		8,624
Mapletree North Asia Commercial Trust^(c)		9,500		8,182
New World Development Co. Ltd.		2,000		7,649
PCCW Ltd.		14,000		7,939
Power Assets Holdings Ltd.		1,306		8,776
Shun Tak Holdings Ltd.^(b)		30,000		6,060
Sino Land Co. Ltd.		6,997		9,222
Sun Hung Kai Properties Ltd.		749		8,630
Swire Properties Ltd.		3,200		7,622
Techtronic Industries Co. Ltd.		466		6,222
Vinda International Holdings Ltd.^(a)		2,706		6,525
VTech Holdings Ltd.		1,047		7,392
WH Group Ltd.		10,803		7,436

				220,634

Indonesia-0.24%
First Pacific Co. Ltd.		20,000		8,045
Golden Agri-Resources Ltd.		32,700		7,642

				15,687

Ireland-0.32%
CRH PLC		169		6,686
Kerry Group PLC, Class A		65		7,181
Smurfit Kappa Group PLC		162		6,791

				20,658


	Shares		Value
Israel-2.19%
Bezeq The Israeli Telecommunication Corp. Ltd.^(b)		4,650	$	7,373
Camtek Ltd.^(b)		231		6,723
Elco Ltd.		88		6,847
Electra Ltd.		10		6,869
Energix-Renewable Energies Ltd.		1,784		6,084
First International Bank of Israel Ltd. (The)		184		7,721
Fox Wizel Ltd.		44		6,414
Gav-Yam Lands Corp. Ltd.		596		6,539
Harel Insurance Investments & Financial Services Ltd.		641		7,837
Maytronics Ltd.		355		6,323
Mizrahi Tefahot Bank Ltd.		203		7,505
Nice Ltd.^(b)		33		6,822
Nova Ltd.^(b)		71		6,795
Sapiens International Corp. N.V.		283		6,612
Shapir Engineering and Industry Ltd.		784		7,317
Shikun & Binui Ltd.^(b)		1,239		7,312
Shufersal Ltd.		862		7,265
Strauss Group Ltd.		241		6,430
Teva Pharmaceutical Industries Ltd.^(b)		962		8,460
Tower Semiconductor Ltd.^(b)		162		7,786

				141,034

Italy-2.70%
A2A S.p.A.		4,412		7,521
Amplifon S.p.A.		177		7,043
Assicurazioni Generali S.p.A.^(a)		386		7,285
Atlantia S.p.A.^(b)		418		9,923
Buzzi Unicem S.p.A.		402		7,395
Davide Campari-Milano N.V.		715		8,047
De Longhi S.p.A.^(a)		236		5,709
DiaSorin S.p.A.^(a)		52		6,797
Enel S.p.A.		1,079		6,974
Ferrari N.V.		36		7,594
FinecoBank Banca Fineco S.p.A.		474		6,530
Hera S.p.A.^(a)		2,022		7,521
Infrastrutture Wireless Italiane S.p.A.^(c)		737		7,852
Interpump Group S.p.A.		141		5,674
Italgas S.p.A.		1,189		7,676
Mediobanca Banca di Credito Finanziario S.p.A.		768		7,636
Moncler S.p.A.		132		6,856
Nexi S.p.A.^(b)(c)		574		5,642
Prysmian S.p.A.		217		7,035
Recordati Industria Chimica e Farmaceutica S.p.A.		155		7,420
Reply S.p.A.^(a)		46		6,749
Snam S.p.A.^(a)		1,385		7,601
Terna Rete Elettrica Nazionale S.p.A.^(a)		913		7,437
UnipolSai Assicurazioni S.p.A.^(a)		2,841		7,953

				173,870

Japan-34.53%
ABC-Mart, Inc.		200		8,259
Acom Co. Ltd.		2,900		7,483
Activia Properties, Inc.		2		6,391
Advance Residence Investment Corp.		3		8,255
AEON Financial Service Co. Ltd.		800		7,347
Aeon Mall Co. Ltd.		600		7,285
AEON REIT Investment Corp.		6		6,896
AGC, Inc.		200		7,524
Aica Kogyo Co. Ltd.		319		7,376
Ain Holdings, Inc.^(a)		150		6,761

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


		6

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

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Aisin Corp.		200	$	5,815
Ajinomoto Co., Inc.		245		6,388
Alfresa Holdings Corp.		470		6,412
Alps Alpine Co. Ltd.		800		7,052
Amano Corp.		399		7,701
Anritsu Corp.		553		6,980
Ariake Japan Co. Ltd.		188		7,543
As One Corp.		140		7,364
Asahi Kasei Corp.		900		7,419
ASKUL Corp.		530		6,437
Astellas Pharma, Inc.		488		7,450
Azbil Corp.		226		6,910
Benesse Holdings, Inc.		382		6,703
Bic Camera, Inc.^(a)		851		7,185
BIPROGY, Inc.		300		7,641
Bridgestone Corp.		221		8,102
Calbee, Inc.		374		6,712
Canon Marketing Japan, Inc.		356		7,746
Canon, Inc.		345		7,941
Capcom Co. Ltd.		334		8,828
Chiba Bank Ltd. (The)		1,400		8,061
Chugoku Bank Ltd. (The)		1,060		7,808
Concordia Financial Group Ltd.		2,000		7,286
Cosmo Energy Holdings Co. Ltd.		300		7,433
Cosmos Pharmaceutical Corp.		57		5,304
Credit Saison Co. Ltd.		700		7,862
Dai Nippon Printing Co. Ltd.		320		6,698
Daicel Corp.		1,057		6,450
Dai-ichi Life Holdings, Inc.		400		8,041
Daito Trust Construction Co. Ltd.		70		6,749
Daiwa House REIT Investment Corp.		3		7,294
Daiwa Office Investment Corp.		1		5,681
Daiwa Securities Group, Inc.		1,300		6,371
DeNA Co. Ltd.^(b)		500		7,256
Denka Co. Ltd.		300		8,036
Denso Corp.		123		7,519
Descente Ltd.		300		5,820
DIC Corp.		352		6,704
Disco Corp.		36		8,888
Eisai Co. Ltd.		163		7,111
Electric Power Development Co. Ltd.		460		6,345
ENEOS Holdings, Inc.		1,900		6,671
Ezaki Glico Co. Ltd.		256		7,369
FANUC Corp.		40		6,197
Fast Retailing Co. Ltd.		15		6,885
FP Corp.		255		5,733
Fuji Electric Co. Ltd.		200		8,825
Fuji Media Holdings, Inc.		700		6,049
Fuji Oil Holdings, Inc.		447		6,368
FUJIFILM Holdings Corp.		122		6,754
Fukuoka Financial Group, Inc.		400		7,314
Furukawa Electric Co. Ltd.		369		6,018
Fuyo General Lease Co. Ltd.		147		7,956
GLP J-Reit		5		6,727
GMO internet, Inc.		325		6,554
GMO Payment Gateway, Inc.		77		6,512
GOLDWIN, Inc.		169		8,399
GungHo Online Entertainment, Inc.		350		7,175
H.U. Group Holdings, Inc.		340		7,607
Hachijuni Bank Ltd. (The)		2,044		6,740


	Shares		Value
Japan-(continued)
Haseko Corp.		600	$	6,574
Heiwa Corp.		460		6,891
Hikari Tsushin, Inc.		60		6,946
Hino Motors Ltd.		900		4,663
Hirogin Holdings, Inc.^(a)		1,400		6,937
Hirose Electric Co. Ltd.		60		7,653
Hitachi Ltd.		200		9,329
Hitachi Metals Ltd.^(b)		500		7,826
Hitachi Transport System Ltd.		145		9,558
Horiba Ltd.		144		7,019
House Foods Group, Inc.		317		7,429
Hulic Co. Ltd.		893		7,545
Ibiden Co. Ltd.		188		7,134
Idemitsu Kosan Co. Ltd.		289		7,595
Industrial & Infrastructure Fund Investment Corp.		5		7,181
Information Services International-Dentsu Ltd.		261		7,460
Inpex Corp.		700		8,277
Internet Initiative Japan, Inc.		239		7,546
ITOCHU Corp.		242		7,333
Itochu Techno-Solutions Corp.		325		7,663
Itoham Yonekyu Holdings, Inc.		1,333		6,759
Iyo Bank Ltd. (The)		1,496		7,250
Izumi Co. Ltd.		318		6,867
Japan Aviation Electronics Industry Ltd.		500		7,006
Japan Exchange Group, Inc.		428		6,429
Japan Hotel REIT Investment Corp.		16		8,076
Japan Logistics Fund, Inc.		3		7,363
Japan Post Bank Co. Ltd.		930		7,049
Japan Post Holdings Co. Ltd.		986		6,921
Japan Post Insurance Co. Ltd.		500		8,124
Japan Prime Realty Investment Corp.		2		6,078
Japan Real Estate Investment Corp.		1		4,841
Japan Steel Works Ltd. (The)		245		6,927
Japan Tobacco, Inc.		438		7,506
JCR Pharmaceuticals Co. Ltd.		400		7,397
Jeol Ltd.		147		6,696
JTEKT Corp.		1,000		6,973
JustSystems Corp.		170		7,389
Kagome Co. Ltd.		279		6,990
Kaken Pharmaceutical Co. Ltd.		221		6,701
Kamigumi Co. Ltd.		396		6,742
Kandenko Co. Ltd.		1,060		6,731
Kansai Electric Power Co., Inc. (The)		718		6,318
Kao Corp.		174		7,009
Katitas Co. Ltd.		300		7,025
KDDI Corp.		231		7,672
Kenedix Office Investment Corp.		1		5,222
Kewpie Corp.		418		7,085
Keyence Corp.		17		6,870
Kinden Corp.		602		7,132
Kintetsu Group Holdings Co. Ltd.		300		8,628
Kobayashi Pharmaceutical Co. Ltd.		129		8,828
Kobe Bussan Co. Ltd.		259		6,318
Kokuyo Co. Ltd.		577		7,532
Komatsu Ltd.		400		8,988
Kose Corp.		85		8,818
K’s Holdings Corp.		700		6,958
Kuraray Co. Ltd.		900		7,218
Kusuri no Aoki Holdings Co. Ltd.		152		6,746
Kyocera Corp.		160		8,475

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


		7

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

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Kyushu Electric Power Co., Inc.		1,000	$	6,308
Kyushu Financial Group, Inc.		2,220		6,820
Kyushu Railway Co.		400		7,866
LaSalle Logiport REIT		5		6,785
Lawson, Inc.		204		7,511
Lintec Corp.		358		6,717
Lion Corp.		670		6,912
Mabuchi Motor Co. Ltd.		238		6,381
Mani, Inc.		581		6,575
Marui Group Co. Ltd.		400		6,907
Maruichi Steel Tube Ltd.		304		6,497
Maruwa Unyu Kikan Co. Ltd.		847		9,944
Matsui Securities Co. Ltd.		1,098		6,809
Mebuki Financial Group, Inc.		3,400		6,876
Medipal Holdings Corp.		417		6,843
MEIJI Holdings Co. Ltd.		161		8,052
Menicon Co. Ltd.		308		6,597
MISUMI Group, Inc.		260		6,551
Mitsubishi Chemical Holdings Corp.		1,100		6,733
Mitsubishi Corp.		237		7,966
Mitsubishi Heavy Industries Ltd.		300		10,269
Mitsubishi Materials Corp.		400		6,277
Mitsubishi UFJ Financial Group, Inc.		1,300		7,569
Mitsui & Co. Ltd.		300		7,294
Mitsui Fudosan Logistics Park, Inc.		2		8,575
Mitsui Mining & Smelting Co. Ltd.		300		7,641
Mizuho Financial Group, Inc.		600		7,310
MonotaRO Co. Ltd.		362		6,287
Mori Hills REIT Investment Corp.		7		7,932
Morinaga & Co. Ltd.		237		7,362
Morinaga Milk Industry Co. Ltd.		166		6,716
MS&AD Insurance Group Holdings, Inc.		245		7,339
Nagase & Co. Ltd.		500		7,172
Nankai Electric Railway Co. Ltd.		363		6,495
NEC Networks & System Integration Corp.		534		7,594
Nexon Co. Ltd.		357		8,166
NGK Insulators Ltd.		500		6,739
NGK Spark Plug Co. Ltd.		500		7,687
NH Foods Ltd.		258		8,175
NHK Spring Co. Ltd.		1,100		7,125
Nichirei Corp.		382		7,022
Nihon Kohden Corp.		298		7,196
Nintendo Co. Ltd.		21		9,694
Nippon Accommodations Fund, Inc.		1		4,923
Nippon Building Fund, Inc.		1		5,189
Nippon Electric Glass Co. Ltd.		300		6,074
Nippon Kayaku Co. Ltd.		800		6,979
Nippon Prologis REIT, Inc.		3		8,337
Nippon Shinyaku Co. Ltd.		128		8,683
Nippon Shokubai Co. Ltd.		200		8,111
Nippon Telegraph & Telephone Corp.		276		8,167
Nippon Television Holdings, Inc.		730		7,017
Nipro Corp.		900		7,112
Nishi-Nippon Railroad Co. Ltd.		400		8,027
Nissan Chemical Corp.		142		7,537
Nisshin Seifun Group, Inc.		608		8,092
Nissin Foods Holdings Co. Ltd.		131		9,151
Nitori Holdings Co. Ltd.		55		5,605
Nitto Denko Corp.		116		7,802
Noevir Holdings Co. Ltd.		199		7,817


	Shares		Value
Japan-(continued)
NOK Corp.		800	$	6,832
Nomura Real Estate Master Fund, Inc.		6		7,523
Nomura Research Institute Ltd.		267		7,578
NS Solutions Corp.		297		8,896
NSK Ltd.		1,300		7,192
Obayashi Corp.		1,000		6,902
Oji Holdings Corp.		1,590		7,533
Ono Pharmaceutical Co. Ltd.		321		8,258
Orient Corp.^(a)		7,000		6,744
ORIX JREIT, Inc.		6		8,063
Osaka Gas Co. Ltd.		421		7,620
OSG Corp.		500		6,278
Otsuka Corp.		197		6,478
Paltac Corp.		236		8,618
Pan Pacific International Holdings Corp.		507		7,870
Panasonic Holdings Corp.		800		7,142
PeptiDream, Inc.^(b)		400		6,458
Pigeon Corp.		464		7,876
Pola Orbis Holdings, Inc.		561		6,496
Relo Group, Inc.		500		7,187
Renesas Electronics Corp.^(b)		700		7,507
Rengo Co. Ltd.		1,159		6,876
Resona Holdings, Inc.^(a)		1,700		7,389
Rohm Co. Ltd.		100		7,051
Rohto Pharmaceutical Co. Ltd.		241		6,441
Ryohin Keikaku Co. Ltd.		500		4,497
Sankyo Co. Ltd.		320		9,232
Sansan, Inc.^(b)		783		7,510
Santen Pharmaceutical Co. Ltd.		692		5,663
Sanwa Holdings Corp.		700		6,395
Sawai Group Holdings Co. Ltd.		200		6,723
SBI Holdings, Inc.		300		6,725
Secom Co. Ltd.		133		9,398
Sega Sammy Holdings, Inc.		467		8,306
Sekisui Chemical Co. Ltd.		500		6,764
Sekisui House REIT, Inc.^(a)		12		7,043
Seven & i Holdings Co. Ltd.		166		7,326
Seven Bank Ltd.		3,700		6,930
SHIFT, Inc.^(b)		44		8,364
Shimamura Co. Ltd.		113		10,037
Shimano, Inc.		34		5,952
Shimizu Corp.		1,200		6,314
Shinsei Bank Ltd.^(b)		410		7,195
Ship Healthcare Holdings, Inc.		404		6,780
Shiseido Co. Ltd.		146		6,892
Shizuoka Bank Ltd. (The)		1,074		6,972
SHO-BOND Holdings Co. Ltd.		224		9,454
Skylark Holdings Co. Ltd.		600		7,137
Softbank Corp.		652		7,589
SoftBank Group Corp.		181		7,319
Sohgo Security Services Co. Ltd.		229		6,382
Sojitz Corp.		475		7,272
Sompo Holdings, Inc.		230		9,382
Sony Group Corp.		97		8,351
Square Enix Holdings Co. Ltd.		173		6,938
Stanley Electric Co. Ltd.		364		6,277
Subaru Corp.		500		7,535
Sugi Holdings Co. Ltd.		134		5,771
Sumitomo Bakelite Co. Ltd.		200		6,601
Sumitomo Chemical Co. Ltd.		1,600		6,787

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


		8

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

April 30, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Sumitomo Corp.		500	$	7,943
Sumitomo Electric Industries Ltd.		657		7,065
Sumitomo Forestry Co. Ltd.		400		6,151
Sumitomo Heavy Industries Ltd.		300		6,348
Sumitomo Metal Mining Co. Ltd.		200		8,706
Sumitomo Mitsui Financial Group, Inc.		200		6,031
Sumitomo Mitsui Trust Holdings, Inc.		237		7,354
Sumitomo Rubber Industries Ltd.		900		7,802
Sundrug Co. Ltd.		304		7,086
Suzuken Co. Ltd.		240		7,113
Taiheiyo Cement Corp.		400		6,482
Taisho Pharmaceutical Holdings Co. Ltd.		166		6,521
Takara Bio, Inc.		352		5,679
TBS Holdings, Inc.		500		6,572
TDK Corp.		188		5,882
THK Co. Ltd.		357		7,109
TIS, Inc.		358		8,071
Tobu Railway Co. Ltd.		300		6,754
Toda Corp.		1,215		7,024
Toho Co. Ltd.		200		7,436
Tokai Carbon Co. Ltd.		793		6,559
Tokio Marine Holdings, Inc.		149		8,054
Tokyo Electric Power Co. Holdings, Inc.^(b)		2,200		7,607
Tokyo Gas Co. Ltd.		421		8,094
Tokyo Ohka Kogyo Co. Ltd.		161		8,830
Tokyu Corp.		600		7,349
Toshiba Corp.		237		9,919
Toshiba TEC Corp.		239		8,163
Tosoh Corp.		467		6,447
Toyo Seikan Group Holdings Ltd.		600		6,511
Toyo Suisan Kaisha Ltd.		196		6,059
Toyoda Gosei Co. Ltd.		400		5,784
Toyota Boshoku Corp.		452		7,231
Toyota Motor Corp.		480		8,193
Trend Micro, Inc.		183		10,212
TS Tech Co. Ltd.		600		6,213
Tsumura & Co.		304		7,481
Tsuruha Holdings, Inc.		100		5,125
UBE Corp.		400		6,250
Ulvac, Inc.		200		7,915
Unicharm Corp.		232		8,083
United Urban Investment Corp.		7		7,642
Ushio, Inc.		500		6,539
USS Co. Ltd.		500		8,266
Welcia Holdings Co. Ltd.		289		5,976
Yakult Honsha Co. Ltd.		176		9,129
Yamada Holdings Co. Ltd.^(b)		2,200		6,565
Yamaguchi Financial Group, Inc.		1,283		7,035
Yamato Holdings Co. Ltd.		393		7,383
Yamato Kogyo Co. Ltd.		247		8,007
Yamazaki Baking Co. Ltd.^(a)		601		7,450
Yaoko Co. Ltd.		156		8,259
Yokohama Rubber Co. Ltd. (The)		600		8,018
Z Holdings Corp.		1,600		6,320
Zenkoku Hosho Co. Ltd.		200		7,032
Zensho Holdings Co. Ltd.		300		7,099
Zeon Corp.		663		7,111
ZOZO, Inc.		266		5,439

				2,227,700


	Shares		Value
Jordan-0.10%
Hikma Pharmaceuticals PLC		275	$	6,464

Luxembourg-0.34%
Eurofins Scientific SE		75		6,970
L’Occitane International S.A.		2,400		7,548
RTL Group S.A.^(a)		136		7,099

				21,617

Mexico-0.12%
Fresnillo PLC^(a)		786		7,719

Netherlands-2.05%
Aalberts N.V.		140		6,749
ABN AMRO Bank N.V., CVA^(a)(c)		604		7,534
Aegon N.V.		1,549		8,013
Akzo Nobel N.V.		82		7,075
ASR Nederland N.V.		179		8,100
Euronext N.V.^(c)		85		6,824
Heineken Holding N.V.		95		7,405
Heineken N.V.^(a)		77		7,510
JDE Peet’s N.V.^(a)		229		6,726
Koninklijke Ahold Delhaize N.V.^(a)		246		7,267
Koninklijke DSM N.V.		41		6,867
Koninklijke KPN N.V.^(a)		2,177		7,530
Koninklijke Philips N.V.		229		6,008
Koninklijke Vopak N.V.		200		5,356
NN Group N.V.		162		7,916
Prosus N.V.^(a)		123		5,931
Randstad N.V.		116		6,134
Signify N.V.		149		6,291
Wolters Kluwer N.V.		71		7,182

				132,418

New Zealand-0.78%
Auckland International Airport Ltd.^(b)		1,538		7,775
Contact Energy Ltd.		1,325		6,999
Infratil Ltd.^(a)		1,345		7,289
Kiwi Property Group Ltd.		10,203		6,983
Mainfreight Ltd.		134		7,017
SKYCITY Entertainment Group Ltd.		3,702		6,953
Spark New Zealand Ltd.		2,356		7,497

				50,513

Nigeria-0.11%
Airtel Africa PLC^(c)		3,745		6,777

Norway-0.71%
Gjensidige Forsikring ASA		298		6,439
Nordic Semiconductor ASA^(b)		282		5,671
Orkla ASA		820		6,721
Salmar ASA		98		8,107
Schibsted ASA, Class A		118		2,465
Schibsted ASA, Class B		148		2,846
Telenor ASA		500		7,102
TOMRA Systems ASA		161		6,415

				45,766

Poland-0.47%
CD Projekt S.A.^(a)		185		4,994
Cyfrowy Polsat S.A.		1,145		6,225
Dino Polska S.A.^(b)(c)		109		7,026

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


		9

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

April 30, 2022

(Unaudited)


	Shares		Value
Poland-(continued)
KGHM Polska Miedz S.A.		181	$	5,845
Polskie Gornictwo Naftowe i Gazownictwo S.A.		4,623		6,472

				30,562

Portugal-0.23%
EDP - Energias de Portugal S.A.		1,616		7,524
Jeronimo Martins SGPS S.A.		346		7,178

				14,702

Singapore-2.63%
Ascendas REIT		3,623		7,471
CapitaLand Integrated Commercial Trust		4,660		7,809
Frasers Logistics & Commercial Trust^(c)		7,100		7,396
Jardine Cycle & Carriage Ltd.		497		10,374
Kenon Holdings Ltd.		134		7,646
Keppel Corp. Ltd.		1,700		8,419
Keppel DC REIT		4,622		6,914
Keppel REIT		8,745		7,685
Mapletree Commercial Trust		5,487		7,402
Mapletree Industrial Trust		3,957		7,448
Mapletree Logistics Trust		5,650		7,290
NetLink NBN Trust^(c)		10,578		7,649
Olam Group Ltd.		5,896		7,216
Sembcorp Industries Ltd.		3,800		8,052
Singapore Exchange Ltd.		1,141		8,047
Singapore Post Ltd.		15,806		8,130
Singapore Technologies Engineering Ltd.		2,600		7,670
StarHub Ltd.		8,092		7,360
STMicroelectronics N.V.		182		6,741
Suntec REIT		6,100		8,076
Venture Corp. Ltd.		614		7,570
Wing Tai Holdings Ltd.		5,695		7,200

				169,565

South Korea-10.46%
Amorepacific Corp., Preference Shares		114		6,841
BGF retail Co. Ltd.		55		7,882
BNK Financial Group, Inc.		1,169		7,229
Celltrion Healthcare Co. Ltd.		1		51
Celltrion Pharm, Inc.^(b)		2		145
Cheil Worldwide, Inc.		394		7,875
CJ CheilJedang Corp.		24		7,497
CJ CheilJedang Corp., Preference Shares		54		7,605
CJ Corp.		108		7,406
CJ ENM Co. Ltd.		70		6,991
CJ Logistics Corp.^(b)		69		6,683
Coway Co. Ltd.		124		6,942
DB Insurance Co. Ltd.		152		8,095
DGB Financial Group, Inc.		979		6,878
DL Holdings Co. Ltd.		149		7,268
Dongsuh Cos., Inc.		325		6,865
Doosan Bobcat, Inc.		230		7,441
Doosan Enerbility^(b)		420		6,695
Ecopro BM Co. Ltd.		23		8,391
E-MART, Inc.		69		7,141
Fila Holdings Corp.		250		6,388
GS Engineering & Construction Corp.		206		6,801
GS Holdings Corp.		214		7,390
GS Retail Co. Ltd.		329		7,487
Hana Financial Group, Inc.		193		7,189
Hankook Tire & Technology Co. Ltd.		263		7,201


	Shares		Value
South Korea-(continued)
Hanssem Co. Ltd.		122	$	7,542
Hanwha Aerospace Co. Ltd.		165		6,966
Hanwha Corp.		223		5,276
Hanwha Corp., Preference Shares		120		1,510
Hanwha Solutions Corp.^(b)		241		6,020
Hite Jinro Co. Ltd.		248		7,311
Hotel Shilla Co. Ltd.		111		7,078
Hyundai Department Store Co. Ltd.		114		6,793
Hyundai Doosan Infracore Co. Ltd.^(b)		1,287		6,646
Hyundai Engineering & Construction Co. Ltd.		202		7,045
Hyundai Glovis Co. Ltd.		51		8,355
Hyundai Marine & Fire Insurance Co. Ltd.		326		8,363
Hyundai Mobis Co. Ltd.		40		6,534
Hyundai Motor Co.		44		6,393
Hyundai Motor Co., First Pfd		7		521
Hyundai Motor Co., Second Pfd.		12		898
Iljin Materials Co. Ltd.		98		6,732
Industrial Bank of Korea		846		7,495
Kakao Games Corp.^(b)		118		5,560
KB Financial Group, Inc.		156		7,209
KCC Corp.		28		7,439
KEPCO Plant Service & Engineering Co. Ltd.		237		7,023
Kia Corp.		124		8,157
Korea Aerospace Industries Ltd.		234		8,076
Korea Gas Corp.		212		6,832
Korea Investment Holdings Co. Ltd.		114		6,341
Korea Zinc Co. Ltd.		16		7,297
KT&G Corp.		111		7,287
Kumho Petrochemical Co. Ltd.		56		6,770
LG Chem Ltd.		16		6,427
LG Chem Ltd., Preference Shares		3		587
LG Household & Health Care Ltd.		9		6,398
LG Household & Health Care Ltd., Preference Shares		2		784
LG Innotek Co. Ltd.		28		7,615
LG Uplus Corp.		677		7,495
LOTTE Chemical Corp.		44		6,782
LOTTE Chilsung Beverage Co. Ltd.		56		8,042
LOTTE Corp.		301		8,128
LOTTE Fine Chemical Co. Ltd.		114		7,317
Medy-Tox, Inc.^(b)		74		7,941
Meritz Financial Group, Inc.		246		7,324
Mirae Asset Securities Co. Ltd.		838		5,300
Mirae Asset Securities Co. Ltd., Second Pfd.		349		1,223
NAVER Corp.		29		6,560
NCSoft Corp.		20		6,670
Netmarble Corp.^(c)		87		6,525
NH Investment & Securities Co. Ltd.		752		6,442
NHN Corp.^(b)		234		6,435
NongShim Co. Ltd.		30		7,195
Orion Corp.		98		7,335
Ottogi Corp.		21		7,824
Pearl Abyss Corp.^(b)		90		4,799
POSCO Holdings, Inc.		32		7,251
Posco International Corp.		432		8,415
S-1 Corp.		124		6,767
Samsung Biologics Co. Ltd.^(b)(c)		12		7,929
Samsung C&T Corp.		81		7,341
Samsung Card Co. Ltd.		274		7,236
Samsung Engineering Co. Ltd.^(b)		380		7,753

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


		10

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

April 30, 2022

(Unaudited)


	Shares		Value
South Korea-(continued)
Samsung Fire & Marine Insurance Co. Ltd.		45	$	7,399
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		4		516
Samsung Life Insurance Co. Ltd.		149		7,622
Samsung SDS Co. Ltd.		65		7,580
Samsung Securities Co. Ltd.		210		6,569
Seegene, Inc.		172		5,474
Shin Poong Pharmaceutical Co. Ltd.^(b)		249		5,952
Shinhan Financial Group Co. Ltd.		231		7,674
Shinsegae, Inc.		35		6,841
SK Chemicals Co. Ltd.		72		7,188
SK Networks Co. Ltd.		1,966		7,514
SK Telecom Co. Ltd.		165		7,429
SKC Co. Ltd.		65		7,663
S-Oil Corp.		101		8,215
SSANGYONG C&E Co. Ltd.		1,151		7,561
Wemade Co. Ltd.		82		4,921
Woori Financial Group, Inc.		648		7,472
Yuhan Corp.		155		7,472

				674,748

Spain-1.29%
Acciona S.A.		46		8,992
ACS Actividades de Construccion y Servicios S.A.		296		7,559
Enagas S.A.		351		7,580
Endesa S.A.		362		7,614
Fluidra S.A.		243		6,556
Grifols S.A.		253		4,210
Grifols S.A., Class B, Preference Shares		198		2,148
Iberdrola S.A.		694		7,929
Mapfre S.A.		3,797		6,934
Naturgy Energy Group S.A.		287		8,599
Red Electrica Corp. S.A.		381		7,656
Telefonica S.A		1,542		7,503

				83,280

Sweden-3.08%
Assa Abloy AB, Class B^(a)		283		7,159
Boliden AB		157		6,883
Castellum AB		333		6,563
Epiroc AB, Class A^(a)		258		5,261
Epiroc AB, Class B		158		2,748
Essity AB, Class B		300		7,995
Fastighets AB Balder, Class B^(b)		122		6,065
Getinge AB, Class B^(a)		198		5,756
H & M Hennes & Mauritz AB, Class B^(a)		475		5,991
Hexagon AB, Class B^(a)		569		7,377
Holmen AB, Class B		153		8,863
Industrivarden AB, Class A		162		4,157
Industrivarden AB, Class C^(a)		123		3,102
Kinnevik AB, Class A^(b)		276		6,035
Lundin Energy AB^(a)		188		7,798
Sagax AB, Class D		2,275		7,015
Securitas AB, Class B		633		7,470
Skandinaviska Enskilda Banken AB, Class A		677		7,591
Skandinaviska Enskilda Banken AB, Class C		10		122
SKF AB, Class B		427		6,948
Svenska Cellulosa AB S.C.A., Class A		16		313
Svenska Cellulosa AB S.C.A., Class B		430		8,360
Svenska Handelsbanken AB, Class A		786		7,944
Svenska Handelsbanken AB, Class B		19		214


	Shares		Value
Sweden-(continued)
Sweco AB, Class B		554	$	7,841
Swedbank AB, Class A		485		7,674
Swedish Match AB		989		7,902
Swedish Orphan Biovitrum AB, Class B^(b)		379		7,976
Tele2 AB, Class B^(a)		564		7,464
Telefonaktiebolaget LM Ericsson, Class A		12		101
Telefonaktiebolaget LM Ericsson, Class B		922		7,423
Telia Co. AB		2,018		8,381
Volvo AB, Class A		49		800
Volvo AB, Class B		357		5,681

				198,973

Switzerland-2.28%
Alcon, Inc.		98		6,968
Baloise Holding AG		46		8,006
Banque Cantonale Vaudoise		90		7,620
Barry Callebaut AG		3		6,928
BKW AG		60		7,326
Chocoladefabriken Lindt & Spruengli AG, PC		1		11,213
DKSH Holding AG		86		7,394
Emmi AG		7		6,958
Helvetia Holding AG		65		8,352
Logitech International S.A., Class R^(a)		98		6,364
Lonza Group AG		11		6,472
PSP Swiss Property AG		57		7,206
Roche Holding AG		19		7,052
Roche Holding AG, BR		1		403
Sonova Holding AG, Class A		19		6,856
Swatch Group AG (The)		31		1,530
Swatch Group AG (The), BR		20		5,176
Swiss Prime Site AG		76		7,454
Swisscom AG		13		7,716
Tecan Group AG, Class R		17		5,120
UBS Group AG		423		7,172
Zurich Insurance Group AG		17		7,749

				147,035

Taiwan-0.09%
FIT Hon Teng Ltd.^(b)(c)		43,000		5,483

United Kingdom-4.37%
3i Group PLC		425		6,924
Admiral Group PLC		189		5,915
Ashtead Group PLC		111		5,730
AstraZeneca PLC		60		7,958
Auto Trader Group PLC^(c)		830		6,549
B&M European Value Retail S.A.		919		5,626
British American Tobacco PLC		170		7,154
Bunzl PLC		191		7,386
Croda International PLC		79		7,643
Dechra Pharmaceuticals PLC		132		5,962
Derwent London PLC		186		7,043
Diageo PLC		153		7,570
Direct Line Insurance Group PLC		1,908		6,051
Entain PLC^(b)		353		6,627
Experian PLC		188		6,506
Halma PLC		226		6,948
Hargreaves Lansdown PLC		520		5,904
HomeServe PLC		816		10,041
Howden Joinery Group PLC		673		6,351
IMI PLC		373		6,267

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


		11

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

April 30, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Intertek Group PLC		105	$	6,534
J Sainsbury PLC		2,128		6,195
JD Sports Fashion PLC		3,788		6,260
Johnson Matthey PLC^(a)		299		8,238
Kingfisher PLC^(a)		1,876		5,888
London Stock Exchange Group PLC		88		8,719
National Grid PLC		492		7,304
Next PLC		86		6,444
Renishaw PLC		122		6,413
Rentokil Initial PLC^(a)		1,057		7,251
Rightmove PLC		808		6,202
Sage Group PLC (The)		777		7,138
Segro PLC		425		7,101
Smiths Group PLC		361		6,595
Spirax-Sarco Engineering PLC		46		6,946
SSE PLC		341		7,931
Tate & Lyle PLC		744		7,239
Tesco PLC		1,958		6,641
Unilever PLC		153		7,096
United Utilities Group PLC		521		7,485
Weir Group PLC (The)		328		6,284

				282,059

United States-1.25%
Amcor PLC, CDI		653		7,766
Avast PLC^(c)		879		6,240
Ferguson PLC		49		6,170
GlaxoSmithKline PLC		355		7,981
JS Global Lifestyle Co. Ltd.^(c)		7,500		8,890
Nestle S.A.		57		7,375
Oracle Corp.		122		7,873
QIAGEN N.V.^(b)		154		7,120


	Shares		Value
United States-(continued)
Stellantis N.V.		432	$	5,755
Swiss Re AG		85		6,986
Waste Connections, Inc.		63		8,736

				80,892

Total Common Stocks & Other Equity Interests (Cost $6,934,835)				6,333,425


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $3,051)		3,051		3,051

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.23% (Cost $6,937,886)				6,336,476


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.97%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		121,467		121,467
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		264,020		264,020

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $385,456)				385,487

TOTAL INVESTMENTS IN SECURITIES-104.20% (Cost $7,323,342)				6,721,963
OTHER ASSETS LESS LIABILITIES-(4.20)%				(270,913	)

NET ASSETS-100.00%			$	6,451,050

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $176,658, which represented 2.74% of the Fund’s Net Assets.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	363,329	$	(360,278	)	$	-	$	-	$	3,051	$	5

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


		12

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

April 30, 2022

(Unaudited)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	112,402	$	484,049	$	(474,984	)	$	-	$	-		$	121,467	$	87	*
Invesco Private Prime Fund		262,272		1,034,754		(1,032,844	)		31		(193	)		264,020		255	*

Total	$	374,674	$	1,882,132	$	(1,868,106	)	$	31	$	(193	)	$	388,538	$	347

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Industrials			16.57
Consumer Staples			12.72
Financials			12.13
Consumer Discretionary			10.34
Materials			10.08
Health Care			7.68
Communication Services			7.43
Real Estate			7.39
Information Technology			7.27
Utilities			5.20
Energy			1.37
Money Market Funds Plus Other Assets
Less Liabilities			1.82

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


		13

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

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Brazil-1.90%
ENGIE Brasil Energia S.A.		616,800	$	5,218,675
Itausa S.A., Preference Shares		1,852,600		3,445,427
Neoenergia S.A.		1,152,800		4,371,710
Telefonica Brasil S.A.		430,300		4,621,715

				17,657,527


China-8.95%
Agricultural Bank of China Ltd., H Shares		11,943,131		4,484,791
Bank of China Ltd., H Shares		15,326,334		6,033,536
Bank of Communications Co. Ltd., H Shares		6,622,923		4,617,219
China CITIC Bank Corp. Ltd., H Shares		10,270,907		5,224,056
China Conch Venture Holdings Ltd.		852,784		2,222,674
China Construction Bank Corp., H Shares		6,477,149		4,603,038
China Everbright Bank Co. Ltd., H Shares		11,309,000		4,098,454
China Galaxy Securities Co. Ltd., H Shares		6,947,000		3,768,050
China Life Insurance Co. Ltd., H Shares		2,917,974		4,234,701
China Tower Corp. Ltd., H Shares^(a)		40,375,797		4,710,550
Chongqing Rural Commercial Bank Co. Ltd., H Shares		11,947,403		4,633,453
CRRC Corp. Ltd., H Shares		9,597,000		3,546,659
Guotai Junan Securities Co. Ltd., H Shares^(a)(b)		2,650,749		3,408,793
Haitong Securities Co. Ltd., H Shares		5,457,303		3,815,970
Hengan International Group Co. Ltd.		733,537		3,471,827
Huatai Securities Co. Ltd., H Shares^(a)		2,389,868		3,285,598
Industrial & Commercial Bank of China Ltd., H Shares		8,456,875		5,097,583
People’s Insurance Co. Group of China Ltd.
(The), H Shares		16,923,708		5,395,928
Want Want China Holdings Ltd.		3,848,597		3,465,107
Yum China Holdings, Inc.		72,831		3,044,336

				83,162,323


Czech Rep-1.00%
CEZ A.S.		127,179		5,443,793
Komercni banka A.S.^(c)		117,560		3,834,676

				9,278,469


Egypt-0.41%
Commercial International Bank Egypt S.A.E		1,586,730		3,844,538

Greece-0.50%
Hellenic Telecommunications Organization S.A.		242,568		4,606,154

India-0.82%
Dr. Reddy’s Laboratories Ltd., ADR^(c)		72,252		3,878,487
WNS (Holdings) Ltd., ADR^(b)		48,132		3,772,105

				7,650,592


Indonesia-1.27%
PT Bank Central Asia Tbk		7,264,977		4,063,298
PT Indofood CBP Sukses Makmur Tbk		7,272,481		3,821,361
PT Indofood Sukses Makmur Tbk		9,007,459		3,914,395

				11,799,054


Kuwait-3.81%
Gulf Bank KSCP		5,092,063		5,666,156
Humansoft Holding Co. KSC		341,181		3,758,613
Kuwait Finance House KSCP		2,860,692		9,189,276


	Shares		Value
Kuwait-(continued)
Mobile Telecommunications Co. KSCP		4,094,629	$	9,099,176
National Bank of Kuwait SAKP		2,253,664		7,716,209

				35,429,430


Malaysia-7.64%
CIMB Group Holdings Bhd.		3,792,000		4,519,184
Genting Bhd.		3,628,900		3,844,385
Hong Leong Bank Bhd.		1,338,100		6,425,115
IHH Healthcare Bhd.		2,545,247		3,833,901
IOI Corp. Bhd.		3,632,100		3,887,322
Kuala Lumpur Kepong Bhd.		560,800		3,778,940
Malayan Banking Bhd.		3,874,392		8,052,431
Petronas Chemicals Group Bhd.		2,131,800		5,004,478
Petronas Gas Bhd.		1,351,300		5,270,489
Public Bank Bhd.		6,345,000		6,818,698
RHB Bank Bhd.		3,755,400		5,381,410
Sime Darby Bhd.		7,179,900		3,841,990
Telekom Malaysia Bhd.		3,798,100		4,336,847
Tenaga Nasional Bhd.		2,868,072		5,955,523

				70,950,713


Mexico-4.35%
America Movil S.A.B. de C.V., Series L		4,512,328		4,391,054
Arca Continental S.A.B. de C.V.		862,693		5,473,705
Coca-Cola FEMSA S.A.B. de C.V., Series L		887,339		4,837,897
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO^(d)		542,476		4,078,571
Gruma S.A.B. de C.V., Class B		347,763		4,130,351
Grupo Elektra S.A.B. de C.V		89,916		5,391,171
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(b)(c)		2,263,332		3,836,081
Kimberly-Clark de Mexico S.A.B. de C.V., Class A^(c)		2,846,937		3,974,287
Promotora y Operadora de Infraestructura S.A.B de C.V.		592,560		4,319,241

				40,432,358


Philippines-0.41%
Bank of the Philippine Islands		2,082,495		3,776,124

Poland-0.35%
Cyfrowy Polsat S.A.		593,807		3,228,426

Qatar-5.20%
Commercial Bank P.S.Q.C. (The)		2,004,281		4,231,734
Doha Bank Q.P.S.C.		4,750,070		3,391,277
Ezdan Holding Group Q.S.C.^(b)		10,731,094		3,886,679
Industries Qatar Q.S.C.		785,688		4,058,156
Masraf Al Rayan Q.S.C.		4,110,274		6,083,443
Mesaieed Petrochemical Holding Co. Q.P.S.C.		5,054,055		3,594,426
Ooredoo Q.P.S.C.		2,566,009		5,284,815
Qatar Gas Transport Co. Ltd.		5,622,319		5,279,970
Qatar Islamic Bank (S.A.Q)		904,547		6,082,888
Qatar National Bank Q.P.S.C.		1,012,739		6,457,909

				48,351,297


Romania-0.52%
NEPI Rockcastle PLC		803,118		4,854,099

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


		14

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

April 30, 2022

(Unaudited)


	Shares		Value
Russia-0.00%
Mobile TeleSystems PJSC, ADR^(e)		206,291	$	0
X5 Retail Group N.V., GDR^(a)(e)		51,546		0

				0


Saudi Arabia-10.88%
Advanced Petrochemical Co.		262,603		4,682,178
Al Rajhi Bank		90,078		4,210,170
Alinma Bank		436,540		4,812,359
Almarai Co. JSC		364,850		5,035,438
Arab National Bank		656,091		6,157,194
Bank Al-Jazira		572,324		4,795,289
Dar Al Arkan Real Estate Development Co.^(b).		1,465,195		4,202,231
Dr Sulaiman Al Habib Medical Services Group Co.		87,345		4,649,750
Etihad Etisalat Co.		551,771		6,336,691
Jarir Marketing Co.		88,432		4,523,122
Riyad Bank		369,852		4,019,298
Saudi Arabian Oil Co.^(a)		668,850		7,992,268
Saudi Basic Industries Corp.		121,955		4,253,998
Saudi British Bank (The)		352,161		4,186,696
Saudi Cement Co.		464,158		7,152,696
Saudi Electricity Co.		477,150		3,447,794
Saudi National Bank (The)		216,059		4,518,617
Saudi Telecom Co.		144,638		4,442,160
Savola Group (The)		510,364		4,857,629
United Electronics Co.		101,508		3,480,305
Yanbu National Petrochemical Co., Class A		208,043		3,371,128

				101,127,011


South Africa-3.74%
Capitec Bank Holdings Ltd.^(c)		32,299		4,500,252
Clicks Group Ltd.^(c)		203,903		4,007,090
FirstRand Ltd.		831,569		3,576,284
Growthpoint Properties Ltd.^(c)		4,444,603		3,967,931
Remgro Ltd.		422,145		3,789,892
Sanlam Ltd.		948,418		3,920,367
Shoprite Holdings Ltd.^(c)		231,020		3,327,915
Tiger Brands Ltd.^(c)		371,833		3,623,243
Vodacom Group Ltd.		426,426		4,082,018

				34,794,992


South Korea-8.76%
CJ Logistics Corp.^(b)		34,668		3,357,819
GS Retail Co. Ltd.		181,927		4,140,230
Hyundai Department Store Co. Ltd.		61,071		3,639,221
Hyundai Motor Co.		28,631		4,160,145
Industrial Bank of Korea		503,020		4,456,281
KT&G Corp.		114,776		7,535,350
LG Uplus Corp.		387,643		4,291,449
Mirae Asset Securities Co. Ltd.		541,493		3,425,033
NH Investment & Securities Co. Ltd.		435,384		3,729,525
NongShim Co. Ltd.^(c)		16,476		3,951,499
S-1 Corp.		90,730		4,951,500
Samsung Card Co. Ltd.		177,468		4,686,873
Samsung Electronics Co. Ltd.		85,459		4,540,788
Samsung Life Insurance Co. Ltd.		78,077		3,994,209
Samsung SDS Co. Ltd.		35,127		4,096,267
Samsung Securities Co. Ltd.		110,738		3,464,122
Shinhan Financial Group Co. Ltd.		136,378		4,530,382


	Shares		Value
South Korea-(continued)
SSANGYONG C&E Co. Ltd		697,905	$	4,584,427
Yuhan Corp.		80,748		3,892,699

				81,427,819


Taiwan-24.49%
Asia Cement Corp.		2,940,000		4,775,265
Catcher Technology Co. Ltd.		756,000		3,696,751
Chang Hwa Commercial Bank Ltd.		11,060,267		6,899,061
Chicony Electronics Co. Ltd.		1,238,000		3,439,343
Chunghwa Telecom Co. Ltd.		2,085,222		9,221,659
Compal Electronics, Inc.		4,636,000		3,457,335
CTBC Financial Holding Co. Ltd.		5,192,053		5,118,264
E.Sun Financial Holding Co. Ltd.		7,225,891		8,276,596
Far Eastern New Century Corp.		4,069,000		4,120,128
Far EasTone Telecommunications Co. Ltd.		3,046,993		8,571,852
First Financial Holding Co. Ltd.		7,957,684		7,479,130
Formosa Chemicals & Fibre Corp.		1,795,095		4,833,223
Formosa Petrochemical Corp.		1,019,000		3,155,672
Formosa Taffeta Co. Ltd.		5,169,000		4,738,642
Highwealth Construction Corp.		3,112,300		4,946,991
Hotai Finance Co. Ltd.^(b)		1,016,000		3,808,396
Hua Nan Financial Holdings Co. Ltd.		8,784,030		7,012,333
Inventec Corp.		5,214,000		4,464,413
Kings Town Bank Co. Ltd.		3,904,000		5,146,165
Lien Hwa Industrial Holdings Corp.		1,653,580		3,137,931
Lite-On Technology Corp.		1,469,000		3,218,397
Mega Financial Holding Co. Ltd.		4,773,777		6,698,144
Nan Ya Plastics Corp.		1,343,930		3,925,569
Pegatron Corp.		2,379,000		5,636,054
Powertech Technology, Inc.		1,096,000		3,448,288
President Chain Store Corp.		619,000		5,721,309
Quanta Computer, Inc.		1,348,000		3,796,538
Radiant Opto-Electronics Corp.		1,080,000		3,725,376
Shanghai Commercial & Savings Bank Ltd. (The)		2,674,000		4,388,272
SinoPac Financial Holdings Co. Ltd.		9,069,421		5,574,392
Synnex Technology International Corp.		1,513,264		3,959,424
Taichung Commercial Bank Co. Ltd.		14,049,000		7,071,375
Taishin Financial Holding Co. Ltd.		7,505,106		4,915,588
Taiwan Business Bank		15,488,154		6,676,731
Taiwan Cement Corp.		2,581,317		4,012,682
Taiwan Cooperative Financial Holding Co. Ltd.		7,232,068		6,970,064
Taiwan Fertilizer Co. Ltd.		1,529,000		3,867,895
Taiwan High Speed Rail Corp.		5,355,000		5,065,612
Taiwan Mobile Co. Ltd.		2,032,162		7,466,036
Taiwan Semiconductor Manufacturing Co. Ltd.		208,397		3,803,755
Tripod Technology Corp.		896,000		3,746,959
Uni-President Enterprises Corp.		2,369,181		5,466,796
Wistron Corp.		4,264,000		4,109,309
WPG Holdings Ltd.		2,028,937		3,727,415
Yuanta Financial Holding Co. Ltd.		4,844,010		4,253,740

				227,544,870


Thailand-11.06%
Advanced Info Service PCL, NVDR		628,436		3,926,216
Airports of Thailand PCL, NVDR^(b)		1,935,476		3,736,153
B. Grimm Power PCL, NVDR		3,910,248		3,686,448
Bangkok Bank PCL, NVDR		1,002,881		3,790,673
Bangkok Dusit Medical Services PCL, NVDR		6,351,658		4,754,194

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


		15

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

April 30, 2022

(Unaudited)


	Shares		Value
Thailand-(continued)
Bangkok Expressway & Metro PCL, NVDR		16,316,842	$	3,907,531
Berli Jucker PCL, NVDR		3,632,857		3,620,425
BTS Group Holdings PCL, NVDR		15,830,046		4,141,459
Bumrungrad Hospital PCL, NVDR		778,095		3,646,255
Charoen Pokphand Foods PCL, NVDR		6,019,408		4,220,391
CP ALL PCL, NVDR		2,140,478		4,037,311
Electricity Generating PCL, NVDR		1,060,914		5,134,929
Global Power Synergy PCL, NVDR		1,926,066		3,710,320
Home Product Center PCL, NVDR		8,009,896		3,483,308
Krung Thai Bank PCL, NVDR		9,774,357		4,317,351
Land & Houses PCL, NVDR		17,790,783		4,949,004
Osotspa PCL, NVDR		3,647,780		3,691,854
PTT Exploration & Production PCL, NVDR		893,113		3,915,730
PTT Global Chemical PCL, NVDR		2,561,700		3,718,141
PTT PCL, NVDR		3,722,916		4,055,682
Ratch Group PCL, NVDR		3,561,723		4,564,466
Siam Cement PCL (The), NVDR		447,124		4,814,034
Thai Beverage PCL		9,522,878		4,700,712
Tisco Financial Group PCL, NVDR		1,753,552		4,624,686
WHA Corp. PCL, NVDR		36,684,277		3,579,670

				102,726,943

United Arab Emirates-3.71%
Abu Dhabi Commercial Bank PJSC		1,477,391		4,084,103
Abu Dhabi Islamic Bank PJSC		1,797,899		4,288,781
Abu Dhabi National Oil Co. for Distribution PJSC		3,590,501		4,033,423


	Shares		Value
United Arab Emirates-(continued)
Aldar Properties PJSC		4,931,057	$	7,547,257
Dubai Islamic Bank PJSC		3,439,909		6,027,923
Emirates NBD Bank PJSC		1,022,846		4,231,666
First Abu Dhabi Bank PJSC		696,255		4,242,603

				34,455,756

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $906,298,427)				927,098,495


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.07%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		5,810,703		5,810,703
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		13,412,914		13,412,914

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,222,834)				19,223,617

TOTAL INVESTMENTS IN SECURITIES-101.84% (Cost $925,521,261)				946,322,112

OTHER ASSETS LESS LIABILITIES-(1.84)%				(17,124,344	)

NET ASSETS-100.00%			$	929,197,768

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

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, 2022 was $19,397,209, which represented 2.09% 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, 2022.

^(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, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	9,266,939	$	141,923,899	$	(151,190,838	)	$	-	$	-	$	-	$	1,393

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


		16

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

April 30, 2022

(Unaudited)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	1,823,421	$	16,589,286	$	(12,602,004	)	$	-	$	-		$	5,810,703	$	2,579	*
Invesco Private Prime Fund		4,254,649		33,845,286		(24,685,300	)		782		(2,503	)		13,412,914		6,325	*

Total	$	15,345,009	$	192,358,471	$	(188,478,142	)	$	782	$	(2,503	)	$	19,223,617	$	10,297

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials			40.20
Consumer Staples			12.47
Communication Services			9.54
Information Technology			7.17
Materials			6.74
Industrials			5.09
Utilities			5.04
Consumer Discretionary			4.16
Real Estate			4.08
Sector Types Each Less Than 3%			5.28
Money Market Funds Plus Other Assets Less Liabilities			0.23

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


		17

Invesco S&P Emerging Markets Momentum ETF (EEMO)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Brazil-0.10%
Braskem S.A., Class A, Preference Shares		715	$	5,807

Chile-0.19%
Cia Sud Americana de Vapores S.A.		89,756		10,143
Sociedad Quimica y Minera de Chile S.A., Class A		14		980

				11,123

China-4.98%
Bank of China Ltd., H Shares		237,000		93,300
Bank of Communications Co. Ltd., H Shares		65,000		45,315
China Coal Energy Co. Ltd., H Shares		6,000		5,116
China Railway Group Ltd., H Shares		13,000		9,071
China Resources Power Holdings Co. Ltd.		8,000		14,975
CITIC Ltd.		21,000		21,769
COSCO SHIPPING Holdings Co. Ltd., H Shares^(a).		10,398		16,282
Genscript Biotech Corp.^(a)		4,000		11,167
Kunlun Energy Co. Ltd.		14,000		11,565
PetroChina Co. Ltd., H Shares		78,000		37,360
Shanghai Baosight Software Co. Ltd., B Shares.		1,088		3,986
Yankuang Energy Group Co. Ltd., H Shares		6,753		19,034

				288,940

Czech Rep-0.88%
CEZ A.S.		943		40,365
Komercni banka A.S.		317		10,340

				50,705

Greece-0.73%
Eurobank Ergasias Services and Holdings S.A.^(a)		10,643		11,064
Hellenic Telecommunications Organization S.A.		899		17,071
National Bank of Greece S.A.^(a)		1,957		7,764
Star Bulk Carriers Corp.		232		6,519

				42,418

India-28.73%
Aarti Industries Ltd.		661		7,596
ABB India Ltd.		175		4,754
ACC Ltd.		240		7,260
Adani Enterprises Ltd.		1,813		54,908
Adani Green Energy Ltd.^(a)		1,340		50,111
Adani Total Gas Ltd.		1,811		57,671
Adani Transmission Ltd.^(a)		1,806		65,431
Ambuja Cements Ltd.		2,166		10,469
Apollo Hospitals Enterprise Ltd.		308		17,762
Astral Ltd.		266		7,419
Avenue Supermarts Ltd.^(a)(b)		433		22,123
Bajaj Finance Ltd.		700		60,309
Bajaj Finserv Ltd.		139		26,649
Bajaj Holdings & Investment Ltd.		103		6,921
Bharat Electronics Ltd.		3,616		11,119
Canara Bank^(a)		1,244		3,677
Coforge Ltd.		99		5,351
Deepak Nitrite Ltd.		309		9,281
Grasim Industries Ltd.		1,386		30,420
Gujarat Gas Ltd..		607		3,807
Hindalco Industries Ltd.		6,470		40,247
Hindustan Aeronautics Ltd.^(b)		267		5,532


	Shares		Value
India-(continued)
Hindustan Petroleum Corp. Ltd.		1,925	$	6,770
ICICI Bank Ltd.		14,009		135,316
Indian Oil Corp. Ltd.		8,929		14,636
Indian Railway Catering & Tourism Corp. Ltd.		1,463		14,088
Infosys Ltd.		12,512		253,874
JSW Energy Ltd.		2,662		11,010
JSW Steel Ltd.		3,092		29,212
L&T Technology Services Ltd.^(b)		96		5,069
Larsen & Toubro Infotech Ltd.^(b)		128		7,981
Larsen & Toubro Ltd.		2,088		45,834
Macrotech Developers Ltd.^(b)		303		3,942
Max Healthcare Institute Ltd.^(a)		1,741		9,426
Mindtree Ltd.		338		15,327
Mphasis Ltd.		373		13,719
NTPC Ltd.		18,686		37,988
Oil & Natural Gas Corp. Ltd.		17,122		35,775
Page Industries Ltd.		17		10,055
Pidilite Industries Ltd.		514		16,156
Piramal Enterprises Ltd.		420		11,757
Polycab India Ltd.		206		6,650
Power Grid Corp. of India Ltd.		12,479		37,035
SBI Life Insurance Co. Ltd.^(b)		1,342		19,305
Siemens Ltd.		251		7,406
SRF Ltd.		769		24,862
State Bank of India		7,621		48,909
Sun Pharmaceutical Industries Ltd.		3,290		39,818
Tata Elxsi Ltd.		222		22,198
Tata Motors Ltd.^(a)		5,814		33,155
Tata Motors Ltd., Class A^(a)		1,924		5,371
Tata Power Co. Ltd. (The)		10,971		34,619
Tata Steel Ltd.		2,720		44,812
Tech Mahindra Ltd.		2,045		33,411
Titan Co. Ltd.		1,525		48,689
Trent Ltd.		570		9,082
UltraTech Cement Ltd.		291		25,038
United Spirits Ltd.^(a)		838		9,403
Vedanta Ltd.		5,454		28,903

				1,665,418

Indonesia-0.51%
PT Adaro Energy Tbk		57,500		13,190
PT Bank Aladin Syariah Tbk^(a)		11,100		1,546
PT Bank Jago Tbk^(a)		18,500		14,867

				29,603

Kuwait-3.79%
Agility Public Warehousing Co. KSC		3,792		15,373
Gulf Bank KSCP		6,891		7,668
Kuwait Finance House KSCP		29,156		93,656
National Bank of Kuwait SAKP		30,083		103,000

				219,697

Malaysia-1.05%
CIMB Group Holdings Bhd.		21,700		25,861
Petronas Chemicals Group Bhd.		8,200		19,250
Press Metal Aluminium Holdings Bhd.		11,500		15,770

				60,881

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


		18

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

April 30, 2022

(Unaudited)


	Shares		Value
Mexico-2.45%
America Movil S.A.B. de C.V., Series L		80,900	$	78,726
Arca Continental S.A.B. de C.V.		1,500		9,517
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,100		16,926
Grupo Bimbo S.A.B. de C.V., Series A		5,500		16,951
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		8,300		14,068
Ternium S.A., ADR		132		5,663

				141,851

Peru-0.04%
Sociedad Minera Cerro Verde SAA		64		2,560

Philippines-0.27%
Converge Information and Communications Technology Solutions, Inc.^(a)		6,700		3,681
International Container Terminal Services, Inc.		2,845		11,656

				15,337

Poland-1.12%
Bank Polska Kasa Opieki S.A.		1,003		21,992
LPP S.A.^(c)		4		8,407
mBank S.A.^(a)		61		4,064
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		2,990		21,894
Santander Bank Polska S.A.^(c)		142		8,594

				64,951

Qatar-2.63%
Commercial Bank P.S.Q.C. (The)		8,779		18,536
Industries Qatar Q.S.C.		6,991		36,109
Qatar Aluminum Manufacturing Co.		16,078		10,596
Qatar National Bank Q.P.S.C.		13,704		87,386

				152,627

Russia-0.00%
Alrosa PJSC^(d)		11,439		0
Gazprom PJSC^(d)		43,562		0
Severstal PAO^(d)		1,045		0

				0

Saudi Arabia-18.45%
Al Rajhi Bank		8,015		374,614
Alinma Bank		6,438		70,972
Arab National Bank		475		4,458
Bank AlBilad^(a)		2,766		37,974
Bank Al-Jazira		2,011		16,849
Banque Saudi Fransi		1,938		27,969
Dr Sulaiman Al Habib Medical Services Group Co.		291		15,491
Emaar Economic City^(a)		1,456		4,237
Mouwasat Medical Services Co.		125		7,976
National Industrialization Co.^(a)		1,214		6,625
Rabigh Refining & Petrochemical Co.^(a)		299		2,280
Riyad Bank		6,057		65,823
SABIC Agri-Nutrients Co.		962		41,613
Sahara International Petrochemical Co.		2,328		35,219
Saudi Arabian Mining Co.^(a)		2,411		88,149
Saudi British Bank (The)		1,304		15,503
Saudi Kayan Petrochemical Co.^(a)		1,913		9,572


	Shares		Value
Saudi Arabia-(continued)
Saudi National Bank (The)		11,482	$	240,132
United Electronics Co.		110		3,772

				1,069,228

South Africa-4.92%
Capitec Bank Holdings Ltd.		348		48,487
Investec Ltd.		2,033		12,323
MTN Group Ltd.		11,257		119,316
Nedbank Group Ltd.		1,408		19,610
Pepkor Holdings Ltd.^(b)		3,831		5,164
Rand Merchant Investment Holdings Ltd.		2,898		4,949
Sasol Ltd.^(a)		2,047		50,050
Shoprite Holdings Ltd.		1,767		25,454

				285,353

South Korea-3.22%
BNK Financial Group, Inc.		1,015		6,277
DB Insurance Co. Ltd.		183		9,745
Ecopro BM Co. Ltd.		31		11,309
Industrial Bank of Korea		861		7,628
KB Financial Group, Inc.		1,241		57,352
KCC Corp.		14		3,720
L&F Co. Ltd.^(a)		81		13,540
LG Innotek Co. Ltd.		42		11,422
Meritz Financial Group, Inc.		244		7,264
Meritz Fire & Marine Insurance Co. Ltd.		343		12,051
Meritz Securities Co. Ltd.		1,138		5,866
Samsung Engineering Co. Ltd.^(a)		460		9,385
Woori Financial Group, Inc.		2,716		31,318

				186,877

Taiwan-18.42%
Advanced Energy Solution Holding Co. Ltd.		110		3,342
Asustek Computer, Inc.		1,798		21,667
Cathay Financial Holding Co. Ltd.		33,274		70,072
Chailease Holding Co. Ltd.		5,122		40,638
China Airlines Ltd.^(a)		9,000		8,228
China Development Financial Holding Corp.		95,000		57,249
Chung Hung Steel Corp.		3,454		4,393
CTBC Financial Holding Co. Ltd.		88,000		86,749
E Ink Holdings, Inc.		5,054		28,973
E.Sun Financial Holding Co. Ltd.		55,000		62,998
Eclat Textile Co. Ltd.		624		10,169
Elite Material Co. Ltd.		826		6,071
eMemory Technology, Inc.		186		7,795
Evergreen Marine Corp. Taiwan Ltd.		12,460		60,410
First Financial Holding Co. Ltd.		42,000		39,474
Formosa Sumco Technology Corp.		357		2,314
Fubon Financial Holding Co. Ltd.		36,957		92,526
Gigabyte Technology Co. Ltd.		1,459		5,205
Hotai Finance Co. Ltd.^(a)		526		1,972
Hua Nan Financial Holdings Co. Ltd.		39,000		31,134
Kinsus Interconnect Technology Corp.		1,000		5,635
Lien Hwa Industrial Holdings Corp.		5,000		9,488
Medigen Vaccine Biologics Corp.^(a)		472		3,987
Medigen Vaccine Biologics Corp., Rts.^(a)		12		12
Mega Financial Holding Co. Ltd.		50,000		70,156
momo.com, Inc.		135		3,569
Nan Ya Printed Circuit Board Corp.		694		9,216
Ruentex Development Co. Ltd.		8,463		22,154
Ruentex Industries Ltd.		2,016		7,746

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


		19

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

April 30, 2022

(Unaudited)


	Shares		Value
Taiwan-(continued)
Shin Kong Financial Holding Co. Ltd.		42,000	$	13,885
SinoPac Financial Holdings Co. Ltd.		61,000		37,493
Synnex Technology International Corp.		5,374		14,061
TA Chen Stainless Pipe		5,000		7,430
Taichung Commercial Bank Co. Ltd.		12,000		6,040
Taishin Financial Holding Co. Ltd.		59,000		38,643
Taiwan Cooperative Financial Holding Co. Ltd.		52,000		50,116
Unimicron Technology Corp.		4,890		34,198
Wisdom Marine Lines Co. Ltd.		2,263		7,004
Yang Ming Marine Transport Corp.^(a)		11,368		47,368
Yuanta Financial Holding Co. Ltd.		33,000		28,979
Yulon Finance Corp.		1,197		9,312

				1,067,871

Thailand-0.63%
Com7 PCL, NVDR		1,300		1,570
Gulf Energy Development PCL, NVDR		15,200		21,493
Land & Houses PCL, NVDR		11,900		3,310
Regional Container Lines PCL, NVDR		900		1,165
SCG Packaging PCL, NVDR		3,110		4,985
Thai Union Group PCL, NVDR		7,709		3,789

				36,312

Turkey-1.10%
Aksa Enerji Uretim A.S.^(a)		1,366		1,531
Arcelik A.S.		757		3,432
Coca-Cola Icecek A.S.		225		1,857
Enka Insaat ve Sanayi A.S.		7,122		7,552
Eregli Demir ve Celik Fabrikalari TAS		5,706		12,754
Ford Otomotiv Sanayi A.S.		187		3,762
Iskenderun Demir ve Celik A.S.		689		1,259
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class D^(a)		2,192		2,237
Petkim Petrokimya Holding A.S.^(a)		3,684		2,349
Sasa Polyester Sanayi A.S.^(a)		650		2,774
Tofas Turk Otomobil Fabrikasi A.S.		566		2,997
Turk Hava Yollari AO^(a)		3,227		8,874
Turkiye Petrol Rafinerileri A.S.^(a)		371		5,775
Turkiye Sise ve Cam Fabrikalari A.S.		5,209		6,353

				63,506

United Arab Emirates-5.50%
Abu Dhabi Commercial Bank PJSC		10,832		29,944
Abu Dhabi Islamic Bank PJSC		5,555		13,251


	Shares		Value
United Arab Emirates-(continued)
Aldar Properties PJSC		9,679	$	14,814
Emirates Telecommunications Group Co. PJSC .		17,679		168,461
First Abu Dhabi Bank PJSC		15,173		92,456

				318,926

United States-0.30%
JBS S.A.		2,300		17,579
Total Common Stocks & Other Equity Interests (Cost $5,663,197)				5,797,570

	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.00%^(e)
India-0.00%
Britannia Industries Ltd., 8.00%, 08/28/2022 (Cost $214)		INR 15,360		203

	Shares

Money Market Funds-0.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(f)(g)(Cost $11,027)		11,027		11,027

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.20% (Cost $5,674,438)				5,808,800


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.23%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		4,026		4,026
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		9,346		9,346

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,372)				13,372

TOTAL INVESTMENTS IN SECURITIES-100.43% (Cost $5,687,810)				5,822,172
OTHER ASSETS LESS LIABILITIES-(0.43)%				(25,190	)

NET ASSETS-100.00%			$	5,796,982

Investment Abbreviations:

ADR-American Depositary Receipt

INR-Indian Rupee

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

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


		20

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

April 30, 2022

(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, 2022 was $69,116, which represented 1.19% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

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

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

^(f)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	11,208	$	373,968	$	(374,149)		$	-	$	-		$	11,027	$	9
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,674		611,019		(611,667	)		-		-			4,026		8	*
Invesco Private Prime Fund		10,905		1,013,413		(1,014,933	)		-		(39	)		9,346		31	*

Total	$	26,787	$	1,998,400	$	(2,000,749	)	$	-	$	(39	)	$	24,399	$	48

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials	49.23
Materials	10.49
Information Technology	8.90
Industrials	8.24
Utilities	6.69
Communication Services	6.68
Sector Types Each Less Than 3%	9.78
Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

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


		21

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

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.39%
Australia-8.60%
APA Group		30,415	$	245,478
Australia & New Zealand Banking Group Ltd.		9,675		184,706
Coles Group Ltd.		12,071		158,997
Dexus		24,576		192,607
GPT Group (The)		53,619		191,875
Medibank Pvt Ltd.		61,751		139,081
National Australia Bank Ltd.		8,226		188,313
Westpac Banking Corp.		14,023		234,973

				1,536,030

Austria-0.76%
Oesterreichische Post AG^(a)		4,225		135,984

Belgium-0.65%
Solvay S.A., Class A		1,233		116,531

China-1.80%
BOC Hong Kong Holdings Ltd.		49,901		180,025
Wilmar International Ltd.		44,100		141,304

				321,329

Finland-2.55%
Elisa OYJ		2,503		146,294
Orion OYJ, Class B		4,231		165,530
Sampo OYJ, Class A		2,974		143,310

				455,134

France-5.14%
Bouygues S.A.^(a)		6,233		214,156
Danone S.A.		2,294		137,909
ENGIE S.A.^(a)		11,011		129,344
Orange S.A.		23,907		284,736
Sanofi^(a)		1,444		151,983

				918,128

Germany-4.85%
BASF SE		2,941		156,402
Deutsche Telekom AG		8,374		154,246
E.ON SE		11,703		122,597
Evonik Industries AG		5,127		135,578
Talanx AG		2,825		119,118
Uniper SE		3,017		78,042
Vonovia SE		2,496		99,806

				865,789

Hong Kong-7.17%
CK Infrastructure Holdings Ltd.		33,298		224,062
CLP Holdings Ltd.		16,600		161,612
Hang Seng Bank Ltd.		8,192		144,665
HKT Trust & HKT Ltd.		210,733		302,062
Link REIT		21,585		186,138
Power Assets Holdings Ltd.		39,061		262,478

				1,281,017

Israel-3.96%
Amot Investments Ltd.		18,809		142,756
Bank Hapoalim BM		11,993		110,950
Bank Leumi Le-Israel BM		14,432		151,261


	Shares		Value
Israel-(continued)
First International Bank of Israel Ltd. (The)		3,794	$	159,211
Mizrahi Tefahot Bank Ltd.		3,889		143,782

				707,960

Italy-5.12%
Assicurazioni Generali S.p.A.^(a)		14,342		270,664
Snam S.p.A.		34,125		187,269
Terna Rete Elettrica Nazionale S.p.A.		20,810		169,504
UnipolSai Assicurazioni S.p.A.		102,339		286,494

				913,931

Japan-18.28%
Chubu Electric Power Co., Inc.		16,174		163,787
Chugoku Electric Power Co., Inc. (The)^(a)		27,132		178,842
Daiwa House REIT Investment Corp.		51		123,997
Daiwa Office Investment Corp.		30		170,423
EXEO Group, Inc.		7,061		117,816
Japan Prime Realty Investment Corp.		52		158,033
Japan Real Estate Investment Corp.		28		135,553
Japan Tobacco, Inc.		12,293		210,657
KDDI Corp.		4,810		159,742
Kenedix Office Investment Corp.^(a)		30		156,658
Kirin Holdings Co. Ltd.		9,100		133,858
Nippon Telegraph & Telephone Corp.		5,153		152,478
Nomura Real Estate Master Fund, Inc.		138		173,036
ORIX JREIT, Inc.		117		157,227
Sekisui House REIT, Inc.^(a)		256		150,252
Seven Bank Ltd.		85,985		161,040
Softbank Corp.		19,549		227,552
Takeda Pharmaceutical Co. Ltd.		8,311		241,498
Teijin Ltd.		12,200		131,127
Tohoku Electric Power Co., Inc.^(a)		28,953		161,347

				3,264,923

Netherlands-2.15%
Koninklijke KPN N.V.^(a)		63,218		218,651
NN Group N.V.		3,377		165,009

				383,660

New Zealand-2.40%
Fletcher Building Ltd.		35,604		141,926
Spark New Zealand Ltd.		90,025		286,473

				428,399

Norway-1.96%
Gjensidige Forsikring ASA		5,316		114,863
Telenor ASA		16,631		236,246

				351,109

Singapore-13.66%
Ascendas REIT		62,446		128,766
CapitaLand Integrated Commercial Trust		163,799		274,477
Keppel Corp. Ltd.		39,300		194,633
Keppel REIT		252,068		221,529
Mapletree Commercial Trust		148,953		200,945
Mapletree Industrial Trust		105,354		198,313
Mapletree Logistics Trust		157,431		203,119
Oversea-Chinese Banking Corp. Ltd.		15,200		134,977
Singapore Exchange Ltd.		18,865		133,045
Singapore Technologies Engineering Ltd.		60,693		179,036

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


		22

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

April 30, 2022

(Unaudited)


	Shares		Value
Singapore-(continued)
Suntec REIT		209,520	$	277,394
United Overseas Bank Ltd.		6,316		135,560
Venture Corp. Ltd.		12,785		157,622

				2,439,416

Spain-1.23%
Red Electrica Corp. S.A.		10,962		220,267

Sweden-2.35%
Tele2 AB, Class B^(a)		13,522		178,959
Telia Co. AB		58,174		241,611

				420,570

Switzerland-4.58%
Holcim AG		3,236		158,613
Novartis AG		1,769		156,838
Swiss Life Holding AG		227		132,739
Swisscom AG		316		187,559
Zurich Insurance Group AG		401		182,784

				818,533

United Kingdom-9.89%
BAE Systems PLC		22,728		211,159
British American Tobacco PLC		7,834		329,689
Direct Line Insurance Group PLC		74,004		234,682
National Grid PLC		13,195		195,881
Phoenix Group Holdings PLC		29,934		225,482
Severn Trent PLC		3,653		143,629
Tesco PLC		33,899		114,982
Unilever PLC		3,158		146,456
United Utilities Group PLC		11,447		164,457

				1,766,417


	Shares		Value
United States-2.29%
GlaxoSmithKline PLC		9,419	$	211,760
Swiss Re AG		2,398		197,087

				408,847

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.39% (Cost $18,491,342)				17,753,974


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.14%
Invesco Private Government Fund, 0.40%^(b)(c)(d)		543,304		543,304
Invesco Private Prime Fund, 0.35%^(b)(c)(d)		1,267,617		1,267,617

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,810,837)				1,810,921

TOTAL INVESTMENTS IN SECURITIES-109.53% (Cost $20,302,179)				19,564,895
OTHER ASSETS LESS LIABILITIES-(9.53)%				(1,701,619	)

NET ASSETS-100.00%			$	17,863,276

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	976,776	$	(976,776)		$	-	$	-		$	-	$	9
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		419,898		1,731,970		(1,608,564	)		-		-			543,304		237	*
Invesco Private Prime Fund		979,762		3,928,418		(3,640,339	)		84		(308	)		1,267,617		651	*

Total	$	1,399,660	$	6,637,164	$	(6,225,679	)	$	84	$	(308	)	$	1,810,921	$	897

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

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

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


		23

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

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Financials			23.93
Real Estate			19.83
Utilities			15.72
Communication Services			15.55
Consumer Staples			7.69
Industrials			6.69
Health Care			5.19
Materials			3.91
Information Technology			0.88
Money Market Funds Plus Other Assets Less Liabilities			0.61

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


		24

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

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.70%
Australia-8.05%
APA Group		350,042	$	2,825,176
ASX Ltd.		47,826		2,891,203
Australia & New Zealand Banking Group Ltd.		154,598		2,951,439
Bank of Queensland Ltd.		430,069		2,438,490
Brambles Ltd.		361,957		2,688,370
Coles Group Ltd.		220,122		2,899,398
Dexus		322,607		2,528,338
GPT Group (The)		678,095		2,426,549
Medibank Pvt Ltd.		1,170,949		2,637,309
National Australia Bank Ltd.		136,858		3,133,018
Ramsay Health Care Ltd.		57,496		3,266,709
Tabcorp Holdings Ltd.^(a)		657,684		2,515,403
Telstra Corp. Ltd.		987,688		2,814,780
Transurban Group		295,209		2,968,090
Wesfarmers Ltd.		68,025		2,359,826
Westpac Banking Corp.^(a)		161,590		2,707,640
Woolworths Group Ltd.		97,524		2,649,448

				46,701,186

Belgium-1.47%
Ackermans & van Haaren N.V.		16,091		2,868,717
Groupe Bruxelles Lambert S.A.		33,155		3,132,835
Warehouses De Pauw C.V.A.^(a)		66,028		2,534,173

				8,535,725

Canada-23.65%
Algonquin Power & Utilities Corp.		219,953		3,201,069
AltaGas Ltd.		136,028		3,127,031
Bank of Montreal^(a)		28,575		3,045,421
Bank of Nova Scotia (The)		52,160		3,320,070
BCE, Inc.		96,094		5,135,339
Canadian Apartment Properties REIT		71,083		2,798,714
Canadian Imperial Bank of Commerce		27,211		3,023,752
Canadian Utilities Ltd., Class A		136,539		4,125,923
CCL Industries, Inc., Class B^(a)		58,665		2,570,969
CGI, Inc., Class A^(b)		31,327		2,510,964
Choice Properties REIT		298,600		3,546,612
Dollarama, Inc.		50,836		2,840,818
Emera, Inc.^(a)		109,187		5,299,378
Empire Co. Ltd., Class A		79,926		2,653,464
Enbridge, Inc.		75,263		3,301,314
Fortis, Inc.		98,379		4,811,761
George Weston Ltd.		23,185		2,899,281
Great-West Lifeco, Inc.		152,209		4,220,717
Hydro One Ltd.^(c)		183,706		4,992,066
iA Financial Corp., Inc.		46,901		2,464,958
IGM Financial, Inc.		79,435		2,530,260
Intact Financial Corp.		24,445		3,437,468
Loblaw Cos. Ltd.		34,922		3,210,895
Manulife Financial Corp.		129,770		2,550,622
Metro, Inc.		62,024		3,426,716
National Bank of Canada		45,734		3,210,559
Open Text Corp.		62,611		2,520,509
Pembina Pipeline Corp.		68,227		2,594,980
Power Corp. of Canada		133,198		3,939,505
Quebecor, Inc., Class B		123,414		2,919,139
Restaurant Brands International, Inc.		42,309		2,429,527
RioCan REIT		170,335		3,198,654


	Shares		Value
Canada-(continued)
Rogers Communications, Inc., Class B		49,960	$	2,735,574
Royal Bank of Canada		39,252		3,984,936
Saputo, Inc.		98,680		2,120,224
Sun Life Financial, Inc.^(a)		72,367		3,618,775
TC Energy Corp.		55,135		2,931,359
TELUS Corp.		172,715		4,343,383
Thomson Reuters Corp.		28,821		2,896,420
TMX Group Ltd.		29,718		3,041,209
Toromont Industries Ltd.		27,419		2,426,208
Toronto-Dominion Bank (The)		43,799		3,179,930

				137,136,473

China-0.41%
Wilmar International Ltd.		740,936		2,374,087

Denmark-0.50%
Tryg A/S^(a)		121,594		2,882,145

Finland-1.44%
Elisa OYJ		57,430		3,356,630
Kojamo OYJ		110,092		2,171,784
Sampo OYJ, Class A		57,948		2,792,369

				8,320,783

France-4.86%
Air Liquide S.A.		18,478		3,190,098
Bouygues S.A.^(a)		77,297		2,655,798
Bureau Veritas S.A.		112,336		3,219,096
Danone S.A.^(a)		44,185		2,656,291
ENGIE S.A.^(a)		206,548		2,426,282
Legrand S.A.		28,669		2,530,677
L’Oreal S.A.^(a)		6,167		2,243,559
Orange S.A.		298,670		3,557,211
Pernod Ricard S.A.		13,641		2,810,521
Sanofi^(a)		27,414		2,885,352

				28,174,885

Germany-3.78%
Allianz SE		10,905		2,487,215
Beiersdorf AG		29,549		2,986,971
Brenntag SE		31,706		2,473,164
Deutsche Boerse AG		18,354		3,218,057
E.ON SE		227,219		2,380,268
Evonik Industries AG		103,833		2,745,750
Symrise AG		24,732		2,960,027
Talanx AG		62,721		2,644,668

				21,896,120

Hong Kong-5.52%
CK Hutchison Holdings Ltd.		359,179		2,514,865
CK Infrastructure Holdings Ltd.		432,090		2,907,536
CLP Holdings Ltd.		474,907		4,623,530
Hang Seng Bank Ltd.		143,688		2,537,437
HKT Trust & HKT Ltd.		2,716,881		3,894,349
Hong Kong & China Gas Co. Ltd. (The)		2,261,003		2,491,299
Link REIT		385,425		3,323,704
MTR Corp. Ltd.		725,330		3,849,978
Power Assets Holdings Ltd.		513,362		3,449,629
Sun Hung Kai Properties Ltd.		211,826		2,440,751

				32,033,078

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


		25

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

April 30, 2022

(Unaudited)


	Shares		Value
Ireland-0.47%
Kerry Group PLC, Class A		24,861	$	2,746,448

Israel-2.19%
Bank Leumi Le-Israel BM		230,626		2,417,174
First International Bank of Israel Ltd. (The)^(a)		62,705		2,631,340
Mivne Real Estate KD Ltd.		631,929		2,377,318
Mizrahi Tefahot Bank Ltd.		68,063		2,516,396
Strauss Group Ltd.^(a)		103,199		2,753,220

				12,695,448

Italy-2.47%
Assicurazioni Generali S.p.A.^(a)		157,802		2,978,060
Hera S.p.A.^(a)		665,663		2,476,111
Snam S.p.A.		566,913		3,111,060
Terna Rete Elettrica Nazionale S.p.A.		334,672		2,726,012
UnipolSai Assicurazioni S.p.A.^(a)		1,089,301		3,049,457

				14,340,700

Japan-14.11%
Advance Residence Investment Corp.		912		2,509,478
Chubu Electric Power Co., Inc.^(a)		268,738		2,721,397
Daiwa House REIT Investment Corp.		925		2,248,958
Daiwa Office Investment Corp.		450		2,556,345
EXEO Group, Inc.		122,936		2,051,246
Ezaki Glico Co. Ltd.		79,310		2,282,939
GLP J-Reit		1,611		2,167,375
House Foods Group, Inc.		96,470		2,260,764
Japan Prime Realty Investment Corp.		856		2,601,464
Japan Real Estate Investment Corp.		488		2,362,490
Japan Tobacco, Inc.		168,130		2,881,134
Kao Corp.		62,186		2,504,952
KDDI Corp.		75,668		2,512,972
Kenedix Office Investment Corp.^(a)		453		2,365,531
Kinden Corp.		181,778		2,153,415
Kirin Holdings Co. Ltd.		160,209		2,356,631
McDonald’s Holdings Co. Japan Ltd.^(a)		98,024		3,896,446
MEIJI Holdings Co. Ltd.		43,744		2,187,819
Mitsubishi Estate Co. Ltd.		175,526		2,546,602
Mizuho Financial Group, Inc.		195,550		2,382,492
Nippon Building Fund, Inc.		450		2,335,263
Nippon Telegraph & Telephone Corp.		90,281		2,671,429
Nisshin Seifun Group, Inc.		192,876		2,567,006
Nissin Foods Holdings Co. Ltd.		33,644		2,350,094
ORIX JREIT, Inc.		1,765		2,371,838
Osaka Gas Co. Ltd.		136,850		2,476,947
Secom Co. Ltd.		36,744		2,596,450
Sekisui House REIT, Inc.^(a)		4,194		2,461,545
Seven Bank Ltd.		1,157,079		2,167,081
Softbank Corp.		269,235		3,133,920
Takeda Pharmaceutical Co. Ltd.		90,696		2,635,417
Tohoku Electric Power Co., Inc.		396,854		2,211,551
Tokyo Gas Co. Ltd.		121,066		2,327,689

				81,856,680

Netherlands-1.91%
Koninklijke Ahold Delhaize N.V.^(a)		85,323		2,520,452
Koninklijke DSM N.V.		15,527		2,600,617
Koninklijke KPN N.V.^(a)		809,966		2,801,420
Wolters Kluwer N.V.		31,238		3,159,731

				11,082,220


	Shares		Value
New Zealand-0.50%
Spark New Zealand Ltd.		910,709	$	2,898,012

Norway-1.48%
Gjensidige Forsikring ASA		127,501		2,754,908
Orkla ASA		366,234		3,001,715
Telenor ASA		199,762		2,837,655

				8,594,278

Singapore-10.58%
Ascendas REIT		1,710,692		3,527,510
CapitaLand Integrated Commercial Trust		1,846,165		3,093,609
City Developments Ltd.		510,274		3,129,074
DBS Group Holdings Ltd.		119,319		2,894,337
Genting Singapore Ltd.		4,685,280		2,728,700
Jardine Cycle & Carriage Ltd.		142,304		2,970,474
Keppel Corp. Ltd.		588,528		2,914,679
Keppel REIT		2,897,954		2,546,852
Mapletree Commercial Trust		2,189,674		2,953,975
Mapletree Industrial Trust^(a)		1,827,249		3,439,521
Mapletree Logistics Trust		2,309,501		2,979,740
Oversea-Chinese Banking Corp. Ltd.		351,299		3,119,564
SATS Ltd.^(b)		877,294		2,873,761
Singapore Exchange Ltd.		426,220		3,005,905
Singapore Technologies Engineering Ltd.		1,191,170		3,513,784
Singapore Telecommunications Ltd.		1,596,114		3,177,213
Suntec REIT		2,301,383		3,046,922
United Overseas Bank Ltd.		144,548		3,102,426
UOL Group Ltd.		654,014		3,440,869
Venture Corp. Ltd.		235,839		2,907,588

				61,366,503

Spain-0.51%
Red Electrica Corp. S.A.^(a)		146,393		2,941,568

Sweden-3.09%
AAK AB		165,405		2,879,590
Axfood AB^(a)		120,424		3,572,225
Essity AB, Class B		105,068		2,800,140
Swedbank AB, Class A		164,729		2,606,341
Tele2 AB, Class B^(a)		192,387		2,546,176
Telia Co. AB		847,690		3,520,670

				17,925,142

Switzerland-5.35%
Chocoladefabriken Lindt & Spruengli AG, PC		228		2,556,496
EMS-Chemie Holding AG^(a)		2,695		2,411,117
Geberit AG		4,496		2,571,026
Givaudan S.A.^(a)		670		2,668,220
Holcim AG		51,608		2,529,580
Novartis AG		39,557		3,507,077
Roche Holding AG		7,314		2,714,722
SGS S.A		1,188		3,057,401
Swiss Life Holding AG		4,492		2,626,715
Swisscom AG^(a)		5,470		3,246,663
Zurich Insurance Group AG		6,882		3,136,959

				31,025,976

United Kingdom-4.80%
BAE Systems PLC		255,372		2,372,586
Bunzl PLC		67,187		2,598,101
Diageo PLC		61,133		3,024,754
National Grid PLC		201,489		2,991,128
RELX PLC		108,601		3,238,387

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


		26

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

April 30, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Segro PLC		147,302	$	2,461,244
Severn Trent PLC^(a)		77,416		3,043,856
Tesco PLC		785,379		2,663,925
Unilever PLC		54,264		2,516,548
United Utilities Group PLC		203,347		2,921,451

				27,831,980

United States-2.56%
Ferguson PLC		17,078		2,150,427
GlaxoSmithKline PLC		144,219		3,242,357
Nestle S.A.		30,047		3,887,625
Swiss Re AG		28,749		2,362,832
Waste Connections, Inc.		23,208		3,218,304

				14,861,545

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.70% (Cost $584,864,207)				578,220,982


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.62%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		18,490,515	$	18,490,515
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		43,125,191		43,125,191

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $61,612,724)				61,615,706

TOTAL INVESTMENTS IN SECURITIES-110.32% (Cost $646,476,931)				639,836,688
OTHER ASSETS LESS LIABILITIES-(10.32)%				(59,869,536	)

NET ASSETS-100.00%			$	579,967,152

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, 2022.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	45,037,215	$	(45,037,215	)	$	-	$	-		$	-	$	644
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		16,037,629		77,878,965		(75,426,079	)		-		-			18,490,515		8,570	*
Invesco Private Prime Fund		37,421,121		156,078,863		(150,365,057	)		2,982		(12,718	)		43,125,191		24,072	*

Total	$	53,458,750	$	278,995,043	$	(270,828,351	)	$	2,982	$	(12,718	)	$	61,615,706	$	33,286

*	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, 2022.

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

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


		27

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

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Financials			21.69
Consumer Staples			15.04
Real Estate			14.57
Utilities			13.21
Industrials			12.50
Communication Services			10.02
Materials			3.74
Health Care			3.15
Sector Types Each Less Than 3%			5.78
Money Market Funds Plus Other Assets Less Liabilities			0.30

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


		28

Invesco S&P International Developed Momentum ETF (IDMO)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.47%
Australia-2.83%
Computershare Ltd.		529	$	9,327
Glencore PLC		10,792		66,420
IGO Ltd.		803		7,444
Lynas Rare Earths Ltd.^(a)		820		5,185
Macquarie Group Ltd.		383		55,203
Mineral Resources Ltd.		145		5,940
Pilbara Minerals Ltd.^(a)		4,682		9,069
South32 Ltd.		4,545		15,235
Telstra Corp. Ltd.		3,930		11,200

				185,023

Austria-0.42%
BAWAG Group AG^(b)		84		3,984
Erste Group Bank AG		446		13,777
OMV AG		152		7,761
Raiffeisen Bank International AG^(c)		151		1,696

				27,218

Belgium-0.32%
Ackermans & van Haaren N.V.		25		4,457
D’Ieteren Group		39		6,318
Shurgard Self Storage S.A.^(c)		22		1,269
Sofina S.A.		13		3,994
Warehouses De Pauw C.V.A.		127		4,874

				20,912

Canada-26.86%
AltaGas Ltd.		358		8,230
Bank of Montreal		1,122		119,579
Bank of Nova Scotia (The)		1,805		114,891
BCE, Inc.		462		24,690
Brookfield Asset Management, Inc., Class A		1,470		73,704
Canadian Imperial Bank of Commerce		834		92,676
Canadian Natural Resources Ltd.		2,151		133,818
Canadian Utilities Ltd., Class A		111		3,354
Cenovus Energy, Inc.		2,104		39,099
Constellation Software, Inc.		19		30,058
Dollarama, Inc.		257		14,362
Emera, Inc.		263		12,765
Enbridge, Inc.		2,494		109,396
Fairfax Financial Holdings Ltd.		22		12,151
Fortis, Inc.		493		24,113
George Weston Ltd.		98		12,255
Gildan Activewear, Inc.		194		6,608
Great-West Lifeco, Inc.		484		13,421
iA Financial Corp., Inc.		137		7,200
IGM Financial, Inc..		86		2,739
Imperial Oil Ltd.		366		18,523
Intact Financial Corp.		167		23,484
Ivanhoe Mines Ltd., Class A^(a)		543		4,376
Keyera Corp.		172		4,289
Loblaw Cos. Ltd.		292		26,848
Metro, Inc.		220		12,155
National Bank of Canada		509		35,732
Nutrien Ltd.		536		52,944
Onex Corp.		66		3,986
Power Corp. of Canada		987		29,192
RioCan REIT		172		3,230


	Shares		Value
Canada-(continued)
Royal Bank of Canada		2,618	$	265,784
Sun Life Financial, Inc.		669		33,454
Suncor Energy, Inc.		1,573		56,837
TC Energy Corp.		882		46,893
Teck Resources Ltd., Class B		387		15,346
TELUS Corp.		420		10,562
Thomson Reuters Corp.		148		14,873
Toronto-Dominion Bank (The)		2,819		204,667
Tourmaline Oil Corp.		563		29,144
WSP Global, Inc.		67		7,854

				1,755,282

China-0.25%
BOC Hong Kong Holdings Ltd.		3,443		12,421
Wharf Holdings Ltd. (The)		1,345		3,916

				16,337

Denmark-4.10%
AP Moller—Maersk A/S, Class A		4		11,226
AP Moller—Maersk A/S, Class B		7		20,085
DSV A/S		171		27,932
Novo Nordisk A/S, Class B		1,827		208,955

				268,198

Finland-1.35%
Kesko OYJ, Class B		214		5,399
Nordea Bank Abp		5,923		59,152
Sampo OYJ, Class A		490		23,612

				88,163

France-11.63%
AXA S.A.		3,199		84,696
BNP Paribas S.A.		1,415		72,570
Bollore SE		836		3,882
Capgemini SE		224		45,568
Christian Dior SE		4		2,439
Cie de Saint-Gobain		533		31,017
Cie Generale des Etablissements Michelin S.C.A.		149		18,420
Credit Agricole S.A.		1,541		16,540
EssilorLuxottica S.A.		307		52,081
Hermes International		39		47,986
LVMH Moet Hennessy Louis Vuitton SE^(c)		260		166,373
Publicis Groupe S.A.		245		14,665
Societe Generale S.A.		1,410		33,500
TotalEnergies SE		2,827		139,291
Veolia Environnement S.A.		761		21,934
Vivendi SE^(c)		792		9,082

				760,044

Germany-2.65%
Bayerische Motoren Werke AG, Preference Shares		52		3,876
Deutsche Post AG		784		33,844
E.ON SE		2,893		30,306
Hannover Rueck SE		66		10,367
Hapag-Lloyd AG^(b)		11		4,405
Mercedes-Benz Group AG		749		53,020
Merck KGaA		118		21,883
Porsche Automobil Holding SE, Preference Shares .		117		9,817

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


		29

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

April 30, 2022

(Unaudited)


	Shares		Value
Germany-(continued)
Talanx AG		65	$	2,741
Uniper SE		112		2,897

				173,156

Hong Kong-0.26%
Orient Overseas International Ltd.		314		8,656
Power Assets Holdings Ltd.		1,196		8,037

				16,693

Israel-1.82%
Airport City Ltd.^(a)		110		2,453
Alony Hetz Properties & Investments Ltd.		189		3,084
Amot Investments Ltd.		286		2,171
Azrieli Group Ltd.		42		3,600
Bank Hapoalim BM		1,339		12,387
Bank Leumi Le-Israel BM		2,554		26,768
Bezeq The Israeli Telecommunication Corp. Ltd.^(a).		2,965		4,701
Big Shopping Centers Ltd.		15		2,274
Clal Insurance Enterprises Holdings Ltd.^(a)		89		1,967
First International Bank of Israel Ltd. (The)		109		4,574
Fox Wizel Ltd.		14		2,041
ICL Group Ltd.		903		10,004
Israel Corp. Ltd. (The)^(a)		6		3,399
Israel Discount Bank Ltd., Class A		1,767		10,427
Melisron Ltd.^(a)		28		2,271
Mivne Real Estate KD Ltd.		1,341		5,045
Mizrahi Tefahot Bank Ltd.		257		9,502
Nova Ltd.^(a)		23		2,201
Phoenix Holdings Ltd. (The)		187		2,343
ZIM Integrated Shipping Services Ltd.		141		7,844

				119,056

Italy-2.78%
A2A S.p.A.		1,239		2,112
Assicurazioni Generali S.p.A.		1,612		30,422
Banca Mediolanum S.p.A.		224		1,613
Eni S.p.A.		3,928		55,118
Hera S.p.A.		723		2,689
Intesa Sanpaolo S.p.A.		22,699		45,649
Mediobanca Banca di Credito Finanziario S.p.A.		802		7,974
Pirelli & C S.p.A.^(b)		431		2,114
Poste Italiane S.p.A.^(b)		570		5,534
UniCredit S.p.A.^(c)		2,954		26,941
UnipolSai Assicurazioni S.p.A.^(c)		424		1,187

				181,353

Japan-12.05%
AGC, Inc.		219		8,239
Aozora Bank Ltd.		109		2,182
BayCurrent Consulting, Inc.		19		6,291
Bridgestone Corp.		479		17,561
Dai Nippon Printing Co. Ltd.		286		5,987
Dai-ichi Life Holdings, Inc.		1,295		26,033
Daiwa Securities Group, Inc.		1,598		7,831
Denso Corp.		434		26,529
Ebara Corp.		72		3,331
Hitachi Transport System Ltd.		45		2,966
Inpex Corp.		1,342		15,869
JFE Holdings, Inc.		476		5,870
Kawasaki Kisen Kaisha Ltd.		143		7,425
Lasertec Corp.		64		8,663


	Shares		Value
Japan-(continued)
Marubeni Corp.^(c)		2,204	$	24,199
Mitsubishi Corp.		1,756		59,023
Mitsubishi UFJ Financial Group, Inc.		14,111		82,154
Mitsui & Co. Ltd.		1,650		40,117
Mitsui OSK Lines Ltd.		663		15,459
MS&AD Insurance Group Holdings, Inc.		450		13,480
Nippon Steel Corp.		768		12,268
Nippon Yusen K.K.		311		22,353
NTT Data Corp.		557		10,282
ORIX Corp.		1,130		20,648
Resona Holdings, Inc.^(c)		2,184		9,493
Seven & i Holdings Co. Ltd.		705		31,114
Shinko Electric Industries Co. Ltd.		77		3,350
Shinsei Bank Ltd.^(a)		111		1,948
Sojitz Corp.		211		3,230
Tokio Marine Holdings, Inc.		635		34,325
Toppan, Inc.		320		5,301
Toyota Motor Corp.		14,889		254,129

				787,650

Netherlands-4.46%
ING Groep N.V.^(c)		5,983		55,990
NN Group N.V.		433		21,158
Shell PLC		6,927		187,196
Wolters Kluwer N.V.		267		27,007

				291,351

Norway-1.33%
DNB Bank ASA		880		17,294
Equinor ASA		1,174		40,277
Kongsberg Gruppen ASA		123		5,323
Nordic Semiconductor ASA^(a)		175		3,519
Norsk Hydro ASA		1,563		13,265
SpareBank 1 SR-Bank ASA, Class B		223		2,863
Storebrand ASA		511		4,492

				87,033

Portugal-0.11%
Jeronimo Martins SGPS S.A.		359		7,448
Singapore-1.95%
DBS Group Holdings Ltd.		2,303		55,864
Kenon Holdings Ltd.		47		2,682
Oversea-Chinese Banking Corp. Ltd.		3,543		31,462
United Overseas Bank Ltd.		1,750		37,560

				127,568

Spain-0.92%
Banco Bilbao Vizcaya Argentaria S.A.		5,805		30,546
Naturgy Energy Group S.A.		384		11,505
Repsol S.A.		1,215		18,230

				60,281

Sweden-1.69%
AddTech AB, Class B		199		3,519
Alfa Laval AB^(c)		265		7,375
Fastighets AB Balder, Class B^(a)		95		4,723
Getinge AB, Class B^(c)		262		7,617
Investment AB Latour, Class B		141		3,744
Investor AB, Class A^(c)		572		11,964
Investor AB, Class B		1,549		29,838
Lundin Energy AB^(c)		204		8,462

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


		30

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

April 30, 2022

(Unaudited)


	Shares		Value
Sweden-(continued)
Sagax AB, Class B		173	$	4,379
Samhallsbyggnadsbolaget i Norden AB, Class B^(c)		1,853		5,750
Skandinaviska Enskilda Banken AB, Class A^(c)		1,559		17,479
SSAB AB, Class A		188		1,200
SSAB AB, Class B		495		2,924
Vitrolife AB		64		1,630

				110,604

Switzerland-3.84%
Chocoladefabriken Lindt & Spruengli AG, PC		2		22,426
Cie Financiere Richemont S.A.		548		63,839
Sika AG		120		36,568
Sonova Holding AG, Class A		51		18,403
Straumann Holding AG		110		12,999
Swiss Life Holding AG		45		26,314
Zurich Insurance Group AG		154		70,196

				250,745

United Kingdom-9.35%
Ashtead Group PLC		391		20,184
Aviva PLC		3,459		18,543
BAE Systems PLC		3,057		28,402
Barclays PLC		14,334		26,151
BT Group PLC		8,041		17,767
CNH Industrial N.V.		795		11,348
Diageo PLC		2,211		109,396
HSBC Holdings PLC		19,547		121,820
Lloyds Banking Group PLC		77,057		43,376
National Grid PLC		4,308		63,953
NatWest Group PLC		6,331		16,995
RELX PLC		1,835		54,718
Segro PLC		1,265		21,137
Severn Trent PLC		236		9,279
St James’s Place PLC		450		7,167


	Shares		Value
United Kingdom-(continued)
Tesco PLC		6,837	$	23,190
WPP PLC		1,392		17,239

				610,665

United States-8.50%
Ferguson PLC		244		30,724
GlaxoSmithKline PLC		4,463		100,338
Nestle S.A.		2,588		334,848
Stellantis N.V.		1,841		24,526
Swiss Re AG		307		25,232
Tenaris S.A.		461		7,029
Waste Connections, Inc.		237		32,865

				555,562

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.47% (Cost $6,798,798)				6,500,342


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.75%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		112,108		112,108
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		263,537		263,537

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $375,645)				375,645

TOTAL INVESTMENTS IN SECURITIES-105.22% (Cost $7,174,443)				6,875,987
OTHER ASSETS LESS LIABILITIES-(5.22)%				(341,227	)

NET ASSETS-100.00%			$	6,534,760

Investment Abbreviations:

PC-Participation Certificate

REIT -Real Estate Investment Trust

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, 2022 was $16,037, which represented less than 1% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	118,890	$	(118,890	)	$	-	$	-	$	-	$	2

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


		31

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

April 30, 2022

(Unaudited)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	325,717	$	1,085,649	$	(1,299,258	)	$	-	$	-		$	112,108	$	46	*
Invesco Private Prime Fund		760,007		1,770,549		(2,266,962	)		-		(57	)		263,537		148	*

Total	$	1,085,724	$	2,975,088	$	(3,685,110	)	$	-	$	(57	)	$	375,645	$	196

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials			38.02
Energy			14.04
Consumer Discretionary			11.82
Industrials			9.20
Consumer Staples			8.95
Health Care			5.69
Materials			4.09
Utilities			3.12
Sector Types Each Less Than 3%			4.54
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.


		32

(This Page Intentionally Left Blank)


		33

Statements of Assets and Liabilities

April 30, 2022

(Unaudited)


	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Assets:
Unaffiliated investments in securities, at value^(a)		$	6,333,425			$	927,098,495			$	5,797,773			$	17,753,974
Affiliated investments in securities, at value			388,538				19,223,617				24,399				1,810,921
Cash			346				-				26				-
Foreign currencies, at value			7,050				896,688				2,932				3,302
Deposits with brokers:
Cash segregated as collateral			-				171,272				-				-
Receivable for:
Dividends			32,523				2,597,116				4,759				118,796
Securities lending			212				10,481				9				1,567
Investments sold			1				-				3,959				-
Fund shares sold			-				195,941				-				-
Foreign tax reclaims			94,227				8,831				-				24,817

Total assets			6,856,322				950,202,441				5,833,857				19,713,377

Liabilities:
Due to custodian			-				859,490				-				34,733
Payable for:
Investments purchased			17,343				513,740				7,616				10
Collateral upon return of securities loaned			385,456				19,222,834				13,372				1,810,837
Collateral upon receipt of securities in-kind			-				171,272				-				-
Accrued unitary management fees			2,473				237,337				1,626				4,521
Accrued tax expenses			-				-				14,261				-
Other payables			-				-				-				-

Total liabilities			405,272				21,004,673				36,875				1,850,101

Net Assets		$	6,451,050			$	929,197,768			$	5,796,982			$	17,863,276


Net assets consist of:
Shares of beneficial interest		$	22,907,710			$	1,006,754,568			$	7,388,283			$	21,262,815
Distributable earnings (loss)			(16,456,660	)			(77,556,800	)			(1,591,301	)			(3,399,539	)

Net Assets		$	6,451,050			$	929,197,768			$	5,796,982			$	17,863,276

Shares outstanding (unlimited amount authorized, $0.01 par value)			250,001				36,800,000				350,000				700,001
Net asset value		$	25.80			$	25.25			$	16.56			$	25.52

Market price		$	25.72			$	25.24			$	16.43			$	25.52

Unaffiliated investments in securities, at cost		$	6,934,835			$	906,298,427			$	5,663,411			$	18,491,342

Affiliated investments in securities, at cost		$	388,507			$	19,222,834			$	24,399			$	1,810,837

Foreign currencies, at cost		$	7,166			$	896,882			$	2,924			$	3,296

^(a)Includes securities on loan with an aggregate value of:		$	349,859			$	17,980,865			$	12,539			$	1,680,265

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


		34



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

	$	578,220,982			$	6,500,342
		61,615,706				375,645
		-				-
		223,627				2,801

		-				-

		2,205,699				29,352
		32,393				115
		-				2,016
		-				-
		971,973				10,035

		643,270,380				6,920,306


		1,531,385				8,089

		1,110				10
		61,612,724				375,645
		-				-
		152,343				1,507
		-				-
		5,666				295

		63,303,228				385,546

	$	579,967,152			$	6,534,760




	$	763,737,252			$	9,076,716
		(183,770,100	)			(2,541,956	)

	$	579,967,152			$	6,534,760

		19,250,000				200,000
	$	30.13			$	32.67

	$	30.02			$	32.54

	$	584,864,207			$	6,798,798

	$	61,612,724			$	375,645

	$	223,353			$	2,808

	$	57,545,551			$	350,930


		35

Statements of Operations

For the six months ended April 30, 2022

(Unaudited)



	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Investment income:
Unaffiliated interest income		$	-			$	-			$	8			$	-
Unaffiliated dividend income			114,155				11,036,786				65,533				385,198
Affiliated dividend income			5				1,393				9				9
Non-cash dividend income			157				-				4,352				2,457
Securities lending income			1,022				26,318				148				3,877
Foreign withholding tax			(13,840	)			(716,206	)			(4,225	)			(40,808	)

Total investment income			101,499				10,348,291				65,825				350,733


Expenses:
Unitary management fees			15,912				759,200				8,753				27,631

Less: Waivers			-				(75	)			(1	)			(1	)

Net expenses			15,912				759,125				8,752				27,630

Net investment income			85,587				9,589,166				57,073				323,103


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(43,496	)			5,632,433				(238,428	)^(a)			(338,526	)
Affiliated investment securities			(193	)			(2,503	)			(39	)			(308	)
In-kind redemptions			-				171,414				-				646,992
Foreign currencies			(143	)			(651,676	)			883				(1,680	)

Net realized gain (loss)			(43,832	)			5,149,668				(237,584	)			306,478

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(1,029,973	)			(13,321,349	)			(231,388	)^(b)			(1,176,998	)
Affiliated investment securities			31				782				-				84
Foreign currencies			(11,563	)			2,337				(119	)			(4,879	)

Change in net unrealized appreciation (depreciation)			(1,041,505	)			(13,318,230	)			(231,507	)			(1,181,793	)

Net realized and unrealized gain (loss)			(1,085,337	)			(8,168,562	)			(469,091	)			(875,315	)

Net increase (decrease) in net assets resulting from operations		$	(999,750	)		$	1,420,604			$	(412,018	)		$	(552,212	)

^(a) Net of foreign taxes of $228.

^(b) Net of foreign taxes of $1,850.

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


		36



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

	$	-			$	-
		11,876,461				126,947
		644				2
		-				29,421
		108,640				508
		(1,432,497	)			(15,665	)

		10,553,248				141,213



		854,950				11,353

		(55	)			-

		854,895				11,353

		9,698,353				129,860




		3,632,980				(500,227	)
		(12,718	)			(57	)
		11,975,348				713,508
		230,572				(3,246	)

		15,826,182				209,978


		(43,014,947	)			(1,324,631	)
		2,982				-
		(151,625	)			(1,390	)

		(43,163,590	)			(1,326,021	)

		(27,337,408	)			(1,116,043	)

	$	(17,639,055	)		$	(986,183	)


		37

Statements of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)								Invesco S&P Emerging Markets Low Volatility ETF (EELV)
	Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021
Operations:
Net investment income		$	85,587			$	194,278			$	9,589,166			$	9,747,834
Net realized gain (loss)			(43,832	)			961,992				5,149,668				29,466,019
Change in net unrealized appreciation (depreciation)			(1,041,505	)			550,351				(13,318,230	)			36,093,653

Net increase (decrease) in net assets resulting from operations			(999,750	)			1,706,621				1,420,604				75,307,506


Distributions to Shareholders from:
Distributable earnings			(178,290	)			(179,259	)			(12,146,672	)			(8,893,471	)


Shareholder Transactions:
Proceeds from shares sold			-				-				586,438,809				91,924,916
Value of shares repurchased			-				(3,036,730	)			(7,506,823	)			(67,022,264	)
Transaction fees			-				797				293,563				174,854

Net increase (decrease) in net assets resulting from share transactions			-				(3,035,933	)			579,225,549				25,077,506

Net increase (decrease) in net assets			(1,178,040	)			(1,508,571	)			568,499,481				91,491,541


Net assets:
Beginning of period			7,629,090				9,137,661				360,698,287				269,206,746

End of period		$	6,451,050			$	7,629,090			$	929,197,768			$	360,698,287


Changes in Shares Outstanding:
Shares sold			-				-				22,700,000				3,800,000
Shares repurchased			-				(100,000	)			(300,000	)			(2,900,000	)
Shares outstanding, beginning of period			250,001				350,001				14,400,000				13,500,000

Shares outstanding, end of period			250,001				250,001				36,800,000				14,400,000

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


		38


Invesco S&P Emerging Markets Momentum ETF (EEMO)								Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)								Invesco S&P International Developed Low Volatility ETF (IDLV)								Invesco S&P International Developed Momentum ETF (IDMO)
Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021

	$	57,073			$	124,900			$	323,103			$	861,750			$	9,698,353			$	20,562,798			$	129,860			$	168,830
		(237,584	)			1,652,108				306,478				1,474,075				15,826,182				53,277,588				209,978				(1,550,235	)
		(231,507	)			(810,634	)			(1,181,793	)			1,545,952				(43,163,590	)			55,625,445				(1,326,021	)			11,574,198


		(412,018	)			966,374				(552,212	)			3,881,777				(17,639,055	)			129,465,831				(986,183	)			10,192,793



		(54,485	)			(88,036	)			(439,923	)			(759,011	)			(11,757,840	)			(17,849,945	)			(101,462	)			(142,128	)



		-				11,284,355				3,969,218				13,362,729				66,770,643				217,888,889				-				14,379,315
		-				(11,675,073	)			(3,967,240	)			(13,272,460	)			(158,100,382	)			(403,375,226	)			(9,078,965	)			(305,965,211	)
		-				5,550				-				-				-				-				-				-


		-				(385,168	)			1,978				90,269				(91,329,739	)			(185,486,337	)			(9,078,965	)			(291,585,896	)

		(466,503	)			493,170				(990,157	)			3,213,035				(120,726,634	)			(73,870,451	)			(10,166,610	)			(281,535,231	)



		6,263,485				5,770,315				18,853,433				15,640,398				700,693,786				774,564,237				16,701,370				298,236,601

	$	5,796,982			$	6,263,485			$	17,863,276			$	18,853,433			$	579,967,152			$	700,693,786			$	6,534,760			$	16,701,370



		-				600,000				150,000				500,000				2,200,000				6,950,000				-				400,000
		-				(600,000	)			(150,000	)			(500,000	)			(5,100,000	)			(13,100,000	)			(250,000	)			(10,250,000	)
		350,000				350,000				700,001				700,001				22,150,000				28,300,000				450,000				10,300,000

		350,000				350,000				700,001				700,001				19,250,000				22,150,000				200,000				450,000


		39

Financial Highlights

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	30.52			$	26.11			$	28.22			$	26.98			$	29.47			$	25.09

Net investment income^(a)			0.34				0.72				0.47				0.68				0.67				0.64
Net realized and unrealized gain (loss) on investments			(4.35	)			4.35				(2.05	)			1.43				(2.30	)			4.45

Total from investment operations			(4.01	)			5.07				(1.58	)			2.11				(1.63	)			5.09

Distributions to shareholders from:
Net investment income			(0.71	)			(0.66	)			(0.55	)			(0.87	)			(0.86	)			(0.71	)

Transaction fees^(a)			-				0.00	^(b)			0.02				-				-				-

Net asset value at end of period		$	25.80			$	30.52			$	26.11			$	28.22			$	26.98			$	29.47

Market price at end of period^(c)		$	25.72			$	30.55			$	26.04			$	28.02			$	26.86			$	29.44

Net Asset Value Total Return^(d)			(13.35	)%			19.43	%			(5.44	)%			7.94	%			(5.81	)%			20.63	%
Market Price Total Return^(d)			(13.71	)%			19.87	%			(5.02	)%			7.65	%			(6.12	)%			19.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,451			$	7,629			$	9,138			$	53,615			$	109,258			$	134,104
Ratio to average net assets of:
Expenses			0.45	%^(e)			0.45	%			0.45	%			0.46	%^(f)			0.45	%			0.45	%
Net investment income			2.42	%^(e)			2.36	%			1.75	%			2.48	%^(f)			2.23	%			2.38	%
Portfolio turnover rate^(g)			32	%			43	%			38	%			53	%			50	%			39	%

^(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.


		40

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	25.05			$	19.94			$	23.23			$	23.02			$	24.59			$	22.27

Net investment income^(a)			0.46				0.74				0.72				0.74				1.04				0.63
Net realized and unrealized gain (loss) on investments			0.36				5.03				(3.33	)			0.58				(1.68	)			2.29

Total from investment operations			0.82				5.77				(2.61	)			1.32				(0.64	)			2.92

Distributions to shareholders from:
Net investment income			(0.63	)			(0.67	)			(0.72	)			(1.12	)			(1.01	)			(0.61	)

Transaction fees^(a)			0.01				0.01				0.04				0.01				0.08				0.01

Net asset value at end of period		$	25.25			$	25.05			$	19.94			$	23.23			$	23.02			$	24.59

Market price at end of period^(b)		$	25.24			$	25.08			$	19.82			$	23.12			$	23.03			$	24.63

Net Asset Value Total Return^(c)			3.40	%			29.21	%			(10.92	)%			5.87	%			(2.54	)%			13.30	%
Market Price Total Return^(c)			3.22	%			30.16	%			(11.03	)%			5.32	%			(2.60	)%			14.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	929,198			$	360,698			$	269,207			$	335,632			$	246,270			$	277,832
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	%			0.38	%			0.45	%			0.45	%			0.45	%
Net investment income			3.66	%^(d)			3.13	%			3.42	%			3.14	%			4.12	%			2.74	%
Portfolio turnover rate^(e)			47	%			92	%			114	%			67	%			125	%			81	%

^(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.


		41

Financial Highlights–(continued)

Invesco S&P Emerging Markets Momentum ETF (EEMO)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	17.90			$	16.49			$	16.97			$	17.23			$	20.85			$	15.87

Net investment income^(a)			0.16				0.27	^(b)			0.32				0.40				0.27	^(c)			0.40
Net realized and unrealized gain (loss) on investments			(1.34	)			1.32				(0.46	)			1.61				(3.03	)			4.70

Total from investment operations			(1.18	)			1.59				(0.14	)			2.01				(2.76	)			5.10

Distributions to shareholders from:
Net investment income			(0.16	)			(0.19	)			(0.34	)			(0.43	)			(0.14	)			(0.37	)
Net realized gains			-				-				-				(1.85	)			(0.76	)			-

Total distributions			(0.16	)			(0.19	)			(0.34	)			(2.28	)			(0.90	)			(0.37	)

Transaction fees^(a)			-				0.01				0.00	^(d)			0.01				0.04				0.25

Net asset value at end of period		$	16.56			$	17.90			$	16.49			$	16.97			$	17.23			$	20.85

Market price at end of period^(e)		$	16.43			$	17.72			$	16.51			$	16.92			$	17.18			$	20.96

Net Asset Value Total Return^(f)			(6.63	)%			9.66	%			0.20	%			13.60	%			(13.66	)%			34.38	%
Market Price Total Return^(f)			(6.42	)%			8.44	%			0.59	%			13.66	%			(14.35	)%			35.37	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,797			$	6,263			$	5,770			$	5,941			$	12,924			$	390,986
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(g)			0.29	%			0.29	%			0.36	%^(h)(i)			0.27	%^(h)			0.27	%^(h)
Expenses, prior to Waivers			0.29	%^(g)			0.29	%			0.37	%			0.53	%^(h)(i)			0.45	%^(h)			0.45	%^(h)
Net investment income			1.89	%^(g)			1.43	%^(b)			2.10	%			2.42	%⁽ⁱ⁾			1.26	%^(c)			2.16	%
Portfolio turnover rate^(j)			49	%			166	%			172	%			114	%			140	%			111	%

^(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 $0.22 and 1.14%, respectively.

^(c)

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

^(d)	Amount represents less than $0.005.

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

^(f)

^(g)	Annualized.

^(h)

⁽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.


		42

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2022				Years Ended October 31,																For the Period November 29, 2016^(a)Through October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.93			$	22.34			$	28.60			$	26.19			$	28.39			$	25.19

Net investment income^(b)			0.46				1.23				1.07				1.25				1.27				1.02
Net realized and unrealized gain (loss) on investments			(1.24	)			4.44				(5.83	)			2.41				(2.09	)			3.16

Total from investment operations			(0.78	)			5.67				(4.76	)			3.66				(0.82	)			4.18

Distributions to shareholders from:
Net investment income			(0.63	)			(1.08	)			(1.50	)			(1.25	)			(1.38	)			(0.98	)

Net asset value at end of period		$	25.52			$	26.93			$	22.34			$	28.60			$	26.19			$	28.39

Market price at end of period^(c)		$	25.52			$	27.05			$	22.49			$	28.61			$	26.41			$	28.60

Net Asset Value Total Return^(d)			(2.94	)%			25.55	%			(16.91	)%			14.30	%			(3.11	)%			16.70	%^(e)
Market Price Total Return^(d)			(3.38	)%			25.23	%			(16.38	)%			13.34	%			(3.06	)%			17.55	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	17,863			$	18,853			$	15,640			$	14,300			$	5,238			$	4,258
Ratio to average net assets of:
Expenses			0.30	%^(f)			0.30	%			0.30	%			0.37	%^(g)			0.30	%			0.30	%^(f)
Net investment income			3.51	%^(f)			4.61	%			4.39	%			4.60	%^(g)			4.51	%			4.00	%^(f)
Portfolio turnover rate^(h)			37	%			71	%			88	%			58	%			65	%			72	%

^(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 (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%.

^(f)	Annualized.

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

^(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.


		43

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	31.63			$	27.37			$	34.58			$	30.83			$	33.28			$	29.32

Net investment income^(a)			0.44				0.83				0.83				1.15				1.08				1.00
Net realized and unrealized gain (loss) on investments			(1.42	)			4.17				(6.40	)			3.79				(2.22	)			4.04

Total from investment operations			(0.98	)			5.00				(5.57	)			4.94				(1.14	)			5.04

Distributions to shareholders from:
Net investment income			(0.52	)			(0.74	)			(1.64	)			(1.19	)			(1.31	)			(1.08	)

Net asset value at end of period		$	30.13			$	31.63			$	27.37			$	34.58			$	30.83			$	33.28

Market price at end of period^(b)		$	30.02			$	31.69			$	27.43			$	34.57			$	30.76			$	33.29

Net Asset Value Total Return^(c)			(3.14	)%			18.34	%			(16.49	)%			16.33	%			(3.62	)%			17.59	%
Market Price Total Return^(c)			(3.67	)%			18.31	%			(16.28	)%			16.56	%			(3.87	)%			17.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	579,967			$	700,694			$	774,564			$	989,052			$	537,929			$	569,124
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	%			0.30	%			0.35	%			0.35	%			0.35	%
Net investment income			2.84	%^(d)			2.69	%			2.77	%			3.51	%			3.26	%			3.19	%
Portfolio turnover rate^(e)			41	%			81	%			99	%			59	%			65	%			69	%

^(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.


		44

Financial Highlights–(continued)

Invesco S&P International Developed Momentum ETF (IDMO)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	37.11			$	28.96			$	26.85			$	24.86			$	27.96			$	23.57

Net investment income^(a)			0.51				0.50				0.04				0.61				0.61				0.71
Net realized and unrealized gain (loss) on investments			(4.50	)			8.25				2.58				2.12				(3.04	)			4.49

Total from investment operations			(3.99	)			8.75				2.62				2.73				(2.43	)			5.20

Distributions to shareholders from:
Net investment income			(0.45	)			(0.60	)			(0.51	)			(0.74	)			(0.67	)			(0.81	)

Net asset value at end of period		$	32.67			$	37.11			$	28.96			$	26.85			$	24.86			$	27.96

Market price at end of period^(b)		$	32.54			$	37.16			$	28.92			$	26.79			$	24.78			$	27.80

Net Asset Value Total Return^(c)			(10.82	)%			30.43	%			10.14	%			11.30	%			(8.95	)%			22.57	%
Market Price Total Return^(c)			(11.30	)%			30.80	%			10.24	%			11.42	%			(8.70	)%			22.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,535			$	16,701			$	298,237			$	2,685			$	2,486			$	2,796
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.53	%^(e)			0.25	%			0.26	%
Expenses, prior to Waivers			0.25	%^(d)			0.25	%			0.26	%			0.63	%^(e)			0.35	%			0.36	%
Net investment income			2.86	%^(d)			1.42	%			0.13	%			2.39	%^(e)			2.21	%			2.87	%
Portfolio turnover rate^(f)			41	%			29	%			15	%			104	%			123	%			134	%

^(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 0.27%.

^(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.


		45

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2022

(Unaudited)

NOTE 1–Organization


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

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

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


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

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining


		46

NAV per Share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).


		47

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.

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended April 30, 2022, the Funds did not enter into any closing agreements.


		48

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 continues to serve as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, each Fund (except for FTSE International Low Beta Equal Weight ETF, S&P International Developed High Dividend Low Volatility ETF and S&P International Developed Low Volatility ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


		49


	Amount
S&P Emerging Markets Low Volatility ETF		$115
S&P Emerging Markets Momentum ETF		2
S&P International Developed Momentum ETF		1

L.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“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 this risk.


		50

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.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies and securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies tend to have less experienced management as well as limited product and market diversification and financial resources compared to larger capitalization companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

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.


		51

performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

NOTE 3–Investment Advisory Agreement and Other Agreements


				Unitary Management Fees (as a % of average daily net assets)
		FTSE International Low Beta Equal Weight ETF		0.45%
		S&P Emerging Markets Low Volatility ETF		0.29%
		S&P Emerging Markets Momentum ETF		0.29%
		S&P International Developed High Dividend Low Volatility ETF		0.30%
		S&P International Developed Low Volatility ETF		0.25%
		S&P International Developed Momentum ETF		0.25%

For the six months ended April 30, 2022, the Adviser waived fees for each Fund in the following amounts:


		52

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


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

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 a Fund’s own 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.


	Level 1			Level 2			Level 3			Total
FTSE International Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	903,006		$	5,430,419		$	-		$	6,333,425
Money Market Funds			3,051			385,487			-			388,538

Total Investments		$	906,057		$	5,815,906		$	-		$	6,721,963

S&P Emerging Markets Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	191,819,503		$	735,278,992		$	0		$	927,098,495
Money Market Funds			-			19,223,617			-			19,223,617

Total Investments		$	191,819,503		$	754,502,609		$	-		$	946,322,112


		53


	Level 1			Level 2			Level 3			Total
S&P Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	555,820		$	5,241,750		$	0		$	5,797,570
Non-U.S. Dollar Denominated Bonds & Notes			-			203			-			203
Money Market Funds			11,027			13,372			-			24,399

Total Investments		$	566,847		$	5,255,325		$	-		$	5,822,172

S&P International Developed High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,696,285		$	16,057,689		$	-		$	17,753,974
Money Market Funds			-			1,810,921			-			1,810,921

Total Investments		$	1,696,285		$	17,868,610		$	-		$	19,564,895

S&P International Developed Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	190,716,317		$	387,504,665		$	-		$	578,220,982
Money Market Funds			-			61,615,706			-			61,615,706

Total Investments		$	190,716,317		$	449,120,371		$	-		$	639,836,688

S&P International Developed Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,216,720		$	4,283,622		$	-		$	6,500,342
Money Market Funds			-			375,645			-			375,645

Total Investments		$	2,216,720		$	4,659,267		$	-		$	6,875,987

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*
FTSE International Low Beta Equal Weight ETF	$	6,982,912	$	8,731,001	$	15,713,913
S&P Emerging Markets Low Volatility ETF		57,092,700		43,924,676		101,017,376
S&P Emerging Markets Momentum ETF		1,463,292		-		1,463,292
S&P International Developed High Dividend Low Volatility ETF		1,424,775		1,419,332		2,844,107
S&P International Developed Low Volatility ETF		109,272,942		80,445,428		189,718,370
S&P International Developed Momentum ETF		2,031,919		450,024		2,481,943

*	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
FTSE International Low Beta Equal Weight ETF	$	2,188,160	$	2,246,685
S&P Emerging Markets Low Volatility ETF		639,924,654		244,233,126
S&P Emerging Markets Momentum ETF		2,957,749		2,949,990
S&P International Developed High Dividend Low Volatility ETF		7,132,217		6,718,885


		54


	Purchases		Sales
S&P International Developed Low Volatility ETF	$	275,570,377	$	282,706,168
S&P International Developed Momentum ETF		3,889,327		3,947,300

For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales
FTSE International Low Beta Equal Weight ETF	$	-	$	-
S&P Emerging Markets Low Volatility ETF		180,639,228		2,203,978
S&P Emerging Markets Momentum ETF		-		-
S&P International Developed High Dividend Low Volatility ETF		3,516,158		4,114,814
S&P International Developed Low Volatility ETF		65,158,389		150,933,917
S&P International Developed Momentum ETF		-		9,030,673

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
FTSE International Low Beta Equal Weight ETF	$	441,477	$	(1,147,812	)	$	(706,335	)	$	7,428,298
S&P Emerging Markets Low Volatility ETF		57,906,677		(42,923,131	)		14,983,546			931,338,566
S&P Emerging Markets Momentum ETF		593,924		(487,564	)		106,360			5,715,812
S&P International Developed High Dividend Low Volatility ETF		778,064		(1,744,317	)		(966,253	)		20,531,148
S&P International Developed Low Volatility ETF		30,820,016		(44,722,311	)		(13,902,295	)		653,738,983
S&P International Developed Momentum ETF		154,076		(498,050	)		(343,974	)		7,219,961

NOTE 7–Trustees’ and Officer’s Fees

NOTE 8–Capital

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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		55

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

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, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

Actual		$	1,000.00		$	866.50		0.45	%		$	2.08

Hypothetical (5% return before expenses)			1,000.00			1,022.56		0.45				2.26

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

Actual			1,000.00			1,034.00		0.29				1.46

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

Invesco S&P Emerging Markets Momentum ETF (EEMO)

Actual			1,000.00			933.70		0.29				1.39

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

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

Actual			1,000.00			970.60		0.30				1.47

Hypothetical (5% return before expenses)			1,000.00			1,023.31		0.30				1.51

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

Actual			1,000.00			968.60		0.25				1.22

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25


		56

Calculating your ongoing Fund expenses–(continued)


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco S&P International Developed Momentum ETF (IDMO)

Actual		$	1,000.00		$	891.80		0.25	%		$	1.17

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25

⁽¹⁾


		57

Approval of Investment Advisory and Sub-Advisory Contracts


Invesco 1-30 Laddered Treasury ETF		Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF		Invesco S&P 500^® Enhanced Value ETF
Invesco CEF Income Composite ETF		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF		Invesco S&P 500^® High Beta ETF
Invesco DWA Developed Markets Momentum ETF		Invesco S&P 500^® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF		Invesco S&P 500^® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF		Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF		Invesco S&P 500^® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF		Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF		Invesco S&P International Developed High Dividend Low Volatility ETF
Invesco Fundamental High Yield^® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF		Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF		Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF		Invesco S&P International Developed Quality ETF
Invesco Global Water ETF		Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers^™ ETF		Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF		Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF		Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF		Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF		Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF		Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF		Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF		Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF		Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF		Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF		Invesco S&P SmallCap Quality ETF
Invesco PureBeta^SM 0-5 Yr US TIPS ETF		Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBeta^SM FTSE Developed ex-North America ETF		Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBeta^SM FTSE Emerging Markets ETF		Invesco Senior Loan ETF
Invesco PureBeta^SM MSCI USA ETF		Invesco Taxable Municipal Bond ETF
Invesco PureBeta^SM MSCI USA Small Cap ETF		Invesco Treasury Collateral ETF
Invesco PureBeta^SM US Aggregate Bond ETF		Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Enhanced Equal Weight ETF		Invesco VRDO Tax-Free ETF
Invesco Russell 1000 Equal Weight ETF

Investment Advisory Agreement


		58

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

●

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

●

0.05% of the Fund’s average daily net assets for Invesco PureBeta^SMUS Aggregate Bond ETF;

●

0.06% of the Fund’s average daily net assets for Invesco PureBeta^SMMSCI USA Small Cap ETF;

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM0-5 Yr US TIPS ETF and Invesco PureBeta^SMFTSE Developed ex-North America ETF;

●

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

●

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

●

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;


		59

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

●

0.14% of the Fund’s average daily net assets for Invesco PureBeta^SMFTSE Emerging Markets ETF;

●

0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

●

0.20% of the Fund’s average daily net assets for 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 1-30 Laddered Treasury 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, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

●

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

●

0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s 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 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 daily net assets for Invesco International BuyBack Achievers^TMETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

●

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

●

0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

●

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

●

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

●

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


		60

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 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight 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 Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

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 NASDAQ 100 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 Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta 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


		61

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^®Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum 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 High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

N/A

Invesco S&P International Developed Quality ETF

N/A

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility 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 Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

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


		62

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

Investment Sub-Advisory Agreement


		63

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


		64

(This Page Intentionally Left Blank)

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-12

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders April 30, 2022
		CQQQ		Invesco China Technology ETF

		PIZ		Invesco DWA Developed Markets Momentum ETF

		PIE		Invesco DWA Emerging Markets Momentum ETF

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

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

		PXH		Invesco FTSE RAFI Emerging Markets ETF

		PBD		Invesco Global Clean Energy ETF

		PIO		Invesco Global Water ETF

		IPKW		Invesco International BuyBack Achievers^TMETF

		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 DWA Developed Markets Momentum ETF (PIZ)			8

Invesco DWA 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)			41

Invesco Global Clean Energy ETF (PBD)			47

Invesco Global Water ETF (PIO)			50

Invesco International BuyBack Achievers^TM ETF (IPKW)			52

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			70

Statements of Changes in Net Assets			72

Financial Highlights			77

Notes to Financial Statements			90

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, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Capital Markets-0.36%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		282,200	$	3,485,739

Diversified Financial Services-0.00%
Zhengqi Holdings Co. Ltd., Rts., TBA (China)^(b)(c)		122,862		0

Electrical Equipment-1.24%
East Group Co. Ltd., A Shares (China)		1,084,400		1,045,420
Hongfa Technology Co. Ltd., A Shares (China)		390,964		2,832,766
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		546,318		1,136,955
Sieyuan Electric Co. Ltd., A Shares (China)		400,620		1,815,144
Suzhou Anjie Technology Co. Ltd., A Shares (China)		360,800		706,491
Suzhou Maxwell Technologies Co. Ltd., A Shares (China)		90,833		4,555,689

				12,092,465

Electronic Equipment, Instruments & Components-12.27%
Avary Holding Shenzhen Co. Ltd., A Shares (China)		433,356		1,928,448
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)		108,486		1,924,409
BOE Technology Group Co. Ltd., A Shares (China)		19,742,874		11,317,870
BOE Technology Group Co. Ltd., B Shares (China)		6,938,379		3,286,555
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)		1,006,090		4,350,247
China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)		270,259		4,305,660
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		124,860		1,447,616
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		854,000		1,968,694
Leyard Optoelectronic Co. Ltd., A Shares (China)		1,335,000		1,197,203
Lingyi iTech Guangdong Co., A Shares (China)^(b)		3,705,300		2,392,425
Maxscend Microelectronics Co. Ltd., A Shares (China)		156,329		4,360,877
OFILM Group Co. Ltd., A Shares (China)^(b)		1,712,573		1,440,360
Raytron Technology Co. Ltd., A Shares (China)		233,616		1,262,630
Shanghai Friendess Electronic Technology Corp. Ltd., A Shares (China)		48,073		1,791,697
Shengyi Technology Co. Ltd., A Shares (China)		1,202,919		3,028,723
Shennan Circuits Co. Ltd., A Shares (China)		92,764		1,327,831
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)		630,480		733,388
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		509,875		864,031
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		819,317		1,203,517


	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		188,220	$	584,298
Sunny Optical Technology Group Co. Ltd. (China)		3,766,151		55,107,524
Tianma Microelectronics Co. Ltd., A Shares (China)		1,211,627		1,669,722
Unisplendour Corp. Ltd., A Shares (China) .		697,158		1,782,122
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		437,500		795,407
Westone Information Industry, Inc., A Shares (China)		444,300		2,124,012
Wuhan Guide Infrared Co. Ltd., A Shares (China)		1,231,850		2,867,544
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		995,810		1,944,327
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		730,070		1,034,370
Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)		209,300		1,594,004

				119,635,511

Entertainment-6.68%
Bilibili, Inc., Z Shares (China)^(b)(d)		1,880,320		46,069,181
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		364,500		548,271
Tencent Music Entertainment Group, ADR (China)^(b)		4,359,256		18,526,838

				65,144,290

Health Care Technology-0.14%
Winning Health Technology Group Co. Ltd., A Shares (China)		1,122,829		1,344,011

Household Durables-0.48%
TCL Technology Group Corp., A Shares (China)		7,365,900		4,642,356

Interactive Media & Services-31.55%
Autohome, Inc., ADR (China)		456,568		13,272,432
Baidu, Inc., A Shares (China)^(b)(d)		5,162,700		81,053,258
Hello Group, Inc., ADR (China)^(d)		1,118,804		5,952,037
JOYY, Inc., ADR (China)^(d)		396,334		15,682,936
Kuaishou Technology (China)^(b)(e)		8,590,375		70,588,436
Tencent Holdings Ltd. (China)		2,307,383		108,240,402
Weibo Corp., ADR (China)^(b)(d)		519,078		12,011,465
Zhihu, Inc., ADR (China)^(b)(d)		412,484		639,350

				307,440,316

Internet & Direct Marketing Retail-13.23%
China Ruyi Holdings Ltd. (China)^(b)(d)		17,386,707		4,200,183
Dada Nexus Ltd., ADR (China)^(b)(d)		475,950		3,631,499
Meituan, B Shares (China)^(b)(e)		5,641,152		121,094,729

				128,926,411

IT Services-4.82%
Beijing Sinnet Technology Co. Ltd., A Shares (China)		943,700		1,375,895
Beijing Ultrapower Software Co. Ltd., A Shares (China)^(b)		1,029,500		582,825
China TransInfo Technology Co. Ltd., A Shares (China)		533,671		688,508

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
IT Services-(continued)
DHC Software Co. Ltd., A Shares (China)		1,682,800	$	1,468,713
Digital China Information Service Co. Ltd., A Shares (China)		311,000		492,900
GDS Holdings Ltd., A Shares (China)^(b)(d)		6,900,400		27,463,310
Kingsoft Cloud Holdings Ltd., ADR (China)^(b)(d)		750,098		2,715,355
Taiji Computer Corp. Ltd., A Shares (China)		304,273		787,093
TravelSky Technology Ltd., H Shares (China)		6,993,892		10,471,008
Wangsu Science & Technology Co. Ltd., A Shares (China)		1,287,745		929,096

				46,974,703

Machinery-0.41%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)		400,100		1,673,974
Wuxi Shangji Automation Co. Ltd., A Shares (China)		129,600		2,376,124

				4,050,098

Media-2.06%
China Literature Ltd. (China)^(b)(d)(e)		2,993,853		12,614,232
Focus Media Information Technology Co. Ltd., A Shares (China)		7,581,819		6,647,446
People.cn Co. Ltd., A Shares (China)		580,500		805,500

				20,067,178

Semiconductors & Semiconductor Equipment-14.72%
Advanced Micro-Fabrication Equipment, Inc., A Shares (China)^(b)		322,910		5,080,577
All Winner Technology Co. Ltd., A Shares (China)		282,953		770,001
Amlogic Shanghai Co. Ltd., A Shares (China)^(b)		215,639		3,521,768
China Resources Microelectronics Ltd., A Shares (China)		506,943		3,694,235
Gigadevice Semiconductor Beijing, Inc., A Shares (China)		348,664		6,490,332
Goke Microelectronics Co. Ltd., A Shares (China)		95,600		905,003
Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)		317,302		1,503,434
Hangzhou Lion Electronics Co. Ltd., A Shares (China)		128,612		1,001,019
Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)		743,400		4,663,237
Hua Hong Semiconductor Ltd. (China)^(b)(d)(e)		3,676,109		14,292,025
Ingenic Semiconductor Co. Ltd., A Shares (China)		204,100		2,270,635
JCET Group Co. Ltd., A Shares (China)		934,200		3,033,309
LONGi Green Energy Technology Co. Ltd., A Shares (China)		2,841,704		28,758,702
Montage Technology Co. Ltd., A Shares (China)		593,768		5,181,684
National Silicon Industry Group Co. Ltd., A Shares (China)^(b)		895,508		2,795,580
NAURA Technology Group Co. Ltd., A Shares (China)		275,957		9,834,734


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Rockchip Electronics Co. Ltd., A Shares (China)		79,608	$	820,180
SG Micro Corp., A Shares (China)		123,175		5,148,186
Shenzhen Goodix Technology Co. Ltd., A Shares (China)		94,400		804,783
Shenzhen SC New Energy Technology Corp., A Shares (China)		163,018		1,448,206
StarPower Semiconductor Ltd., A Shares (China)		80,000		4,114,413
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China)		1,696,625		9,915,894
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,682,300		2,164,765
TongFu Microelectronics Co. Ltd., A Shares (China)		697,700		1,387,057
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)		318,600		8,798,873
Will Semiconductor Co. Ltd., A Shares (China)		318,559		7,147,056
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)		269,045		2,774,219
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)		675,000		5,112,572

				143,432,479

Software-10.12%
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)		349,600		771,139
Beijing Kingsoft Office Software, Inc., A Shares (China)		241,976		6,883,603
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)^(b)		607,800		752,100
Beijing Shiji Information Technology Co. Ltd., A Shares (China)		787,252		2,124,879
Hundsun Technologies, Inc., A Shares (China)		767,335		4,395,678
Iflytek Co. Ltd., A Shares (China)		1,220,450		6,782,704
Kingdee International Software Group Co. Ltd. (China)^(b)(d)		19,260,164		39,217,672
Longshine Technology Group Co. Ltd., A Shares (China)		545,844		1,728,898
Ming Yuan Cloud Group Holdings Ltd. (China)^(d)		4,216,956		5,534,322
Newland Digital Technology Co. Ltd., A Shares (China)		541,800		963,544
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		389,100		535,695
Sangfor Technologies, Inc., A Shares (China)		77,014		1,034,052
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)^(b)		1,745,300		516,552
Shanghai Baosight Software Co. Ltd., A Shares (China)		360,841		2,580,462
Shanghai Baosight Software Co. Ltd., B Shares (China)		2,908,884		10,657,668
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)		371,000		495,579
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		494,300		693,748

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Software-(continued)
Sinosoft Co. Ltd., A Shares (China)		111,320	$	353,478
Thunder Software Technology Co. Ltd., A Shares (China)		198,387		2,788,830
Topsec Technologies Group, Inc., A Shares (China)		617,900		855,862
Tuya, Inc., ADR (China)^(b)(d)		1,515,158		3,757,592
Yonyou Network Technology Co. Ltd., A Shares (China)		1,804,204		5,175,450

				98,599,507

Technology Hardware, Storage & Peripherals-1.46%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,693,446		2,303,884
Inspur Electronic Information Industry Co. Ltd., A Shares (China)		763,158		2,837,230
Legend Holdings Corp., H Shares (China)^(d)(e)		3,869,476		4,548,771
Ninestar Corp., A Shares (China)		740,750		4,539,200

				14,229,085

Trading Companies & Distributors-0.27%
Beijing United Information Technology Co. Ltd., A Shares (China)		180,576		2,617,333

Total Common Stocks & Other Equity Interests (Cost $1,282,338,557)				972,681,482


	Shares		Value
Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(f)(g) (Cost $1,636,193)		1,636,193	$	1,636,193

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $1,283,974,750)				974,317,675

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.95%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		11,643,698		11,643,698
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		26,912,471		26,912,471

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,553,922)				38,556,169

TOTAL INVESTMENTS IN SECURITIES-103.93% (Cost $1,322,528,672)				1,012,873,844
OTHER ASSETS LESS LIABILITIES-(3.93)%				(38,333,315	)

NET ASSETS-100.00%			$	974,540,529

Investment Abbreviations:

ADR-American Depositary Receipt

Rts.- Rights

TBA-To Be Announced

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

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

^(d)	All or a portion of this security was out on loan at April 30, 2022.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $223,138,193, which represented 22.90% of the Fund’s Net Assets.

^(f)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	91,397,265		$	(89,761,072	)		$	-		$	-			$	1,636,193		$	1,045
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			86,683,578			113,196,234			(188,236,114	)			-			-				11,643,698			13,326	*
Invesco Private Prime Fund			202,261,685			209,028,205			(384,316,834	)			2,245			(62,830	)			26,912,471			60,366	*

Total		$	288,945,263		$	413,621,704		$	(662,314,020	)		$	2,245		$	(62,830	)		$	40,192,362		$	74,737

*	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 China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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


This Fund has holdings greater than 10% of net assets in the following country:

China	99.81	%

Portfolio Composition

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

as of April 30, 2022


Interactive Media & Services			31.55
Semiconductors & Semiconductor Equipment			14.72
Internet & Direct Marketing Retail			13.23
Electronic Equipment, Instruments & Components			12.27
Software			10.12
Entertainment			6.68
IT Services			4.82
Industry Types Each Less Than 3%			6.42
Money Market Funds Plus Other Assets Less Liabilities			0.19

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

Invesco DWA Developed Markets Momentum ETF (PIZ)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.45%
Australia-7.20%
Allkem Ltd.^(a)		143,967	$	1,199,959
BHP Group Ltd.		26,259		887,708
EBOS Group Ltd.		33,708		921,519
Fortescue Metals Group Ltd.		121,078		1,846,206
Glencore PLC		139,428		858,123
IGO Ltd.		97,713		905,783
Lynas Rare Earths Ltd.^(a)		253,587		1,603,625
Macquarie Group Ltd.		8,154		1,175,263
OZ Minerals Ltd.		50,244		877,115
Wesfarmers Ltd.		26,557		921,277
WiseTech Global Ltd.		26,494		821,662

				12,018,240


Belgium-1.42%
Elia Group S.A./N.V.^(b)		7,027		1,119,801
Warehouses De Pauw C.V.A		32,363		1,242,101

				2,361,902


Canada-29.55%
ARC Resources Ltd.^(b)		87,513		1,219,519
Cameco Corp.		32,046		831,709
Canadian Apartment Properties REIT		64,230		2,528,894
Canadian National Railway Co.		31,183		3,686,184
Canadian Natural Resources Ltd.		21,999		1,368,601
Canadian Pacific Railway Ltd.		17,903		1,316,337
Cenovus Energy, Inc.		102,199		1,899,164
Constellation Software, Inc.		2,931		4,636,830
Dollarama, Inc.		46,871		2,619,246
Emera, Inc.^(b)		20,093		975,211
Imperial Oil Ltd.		22,932		1,160,551
Intact Financial Corp.		7,072		994,468
Lithium Americas Corp.^(a)		74,576		1,889,418
Metro, Inc.		25,511		1,409,438
Northland Power, Inc.		103,369		3,135,727
Royal Bank of Canada		25,945		2,633,984
Teck Resources Ltd., Class B		27,368		1,085,255
TFI International, Inc.		11,775		952,098
TMX Group Ltd.		8,990		919,997
Toromont Industries Ltd.		47,600		4,211,951
Toronto-Dominion Bank (The)		43,389		3,150,163
Tourmaline Oil Corp.		35,564		1,841,019
West Fraser Timber Co. Ltd.		10,962		968,444
Whitecap Resources, Inc.		341,599		2,814,473
WSP Global, Inc.		9,117		1,068,745

				49,317,426


Chile-0.47%
Antofagasta PLC^(b)		40,774		782,987


Denmark-3.41%
AP Moller - Maersk A/S, Class B		282		809,146
Novo Nordisk A/S, Class B		42,657		4,878,696

				5,687,842


Finland-2.80%
Sampo OYJ, Class A		76,971		3,709,040
Stora Enso OYJ, Class R		49,119		961,314

				4,670,354


	Shares		Value

France-9.15%
Alten S.A		8,001	$	1,071,601
Legrand S.A.		9,555		843,441
L’Oreal S.A.^(b)		2,599		945,518
LVMH Moet Hennessy Louis Vuitton SE^(b)		4,298		2,750,272
Pernod Ricard S.A.		11,142		2,295,640
Remy Cointreau S.A.		5,135		1,016,885
Teleperformance		8,437		3,016,575
Vinci S.A.		25,713		2,480,898
Vivendi SE^(b)		74,446		853,643

				15,274,473


Germany-0.70%
K+S AG		34,550		1,171,350


Israel-3.51%
Bank Leumi Le-Israel BM		84,628		886,980
ICL Group Ltd.		81,849		906,758
Israel Discount Bank Ltd., Class A		161,654		953,957
Mizrahi Tefahot Bank Ltd.		84,280		3,115,964

				5,863,659


Italy-0.60%
Terna Rete Elettrica Nazionale S.p.A		123,820		1,008,554


Japan-6.35%
Bandai Namco Holdings, Inc.		17,188		1,171,642
Fujitsu Ltd.		6,300		892,152
ITOCHU Corp.		32,300		978,737
Kawasaki Kisen Kaisha Ltd.		24,000		1,246,226
Mitsui OSK Lines Ltd.		38,400		895,344
Nippon Yusen K.K		17,800		1,279,378
Nissan Chemical Corp.		18,700		992,603
Sony Group Corp.		15,240		1,312,074
Tokyo Electron Ltd.		4,302		1,827,997

				10,596,153

Luxembourg-0.48%
ArcelorMittal S.A.		27,460		801,596


Netherlands-4.08%
ASM International N.V		13,244		3,954,892
Koninklijke Ahold Delhaize N.V.^(b)		60,938		1,800,116
Wolters Kluwer N.V.		10,454		1,057,425

				6,812,433

New Zealand-3.04%
Mainfreight Ltd.^(b)		96,944		5,076,619

Norway-0.56%
Aker BP ASA		26,106		941,704


Singapore-0.68%
Oversea-Chinese Banking Corp. Ltd.		127,700		1,133,987

South Korea-4.94%
Ecopro BM Co. Ltd.		5,226		1,906,567
HMM Co. Ltd.		88,068		1,962,201
Kakao Corp.		13,532		943,241
L&F Co. Ltd.^(a)		15,890		2,656,140
LG Innotek Co. Ltd.		2,854		776,149

				8,244,298


Spain-0.52%
Ferrovial S.A		33,815		863,342

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

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Sweden-6.98%
Assa Abloy AB, Class B		41,654	$	1,053,648
Beijer Ref AB^(b)		123,244		2,009,423
Fabege AB		90,521		1,094,745
Investor AB, Class B^(b)		92,649		1,784,688
Nibe Industrier AB, Class B		381,122		3,739,549
Svenska Cellulosa AB S.C.A., Class B		101,556		1,974,401

				11,656,454

Switzerland-5.77%
Belimo Holding AG		8,344		4,130,626
Roche Holding AG		2,483		921,610
Sonova Holding AG, Class A		9,396		3,390,420
Swiss Life Holding AG		2,019		1,180,618

				9,623,274

United Kingdom-4.81%
3i Group PLC		63,977		1,042,315
AstraZeneca PLC		8,140		1,079,656
Diageo PLC		33,554		1,660,193
Drax Group PLC		113,070		1,136,971
RELX PLC		29,807		888,819
Segro PLC		78,127		1,305,411
UNITE Group PLC (The)		64,233		908,041

				8,021,406

United States-2.43%
Ferguson PLC		12,444		1,566,923
Nestle S.A		11,769		1,522,730
Waste Connections, Inc.		6,985		968,625

				4,058,278

Total Common Stocks & Other Equity Interests (Cost $177,840,745)				165,986,331


	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d) (Cost $146,531)		146,531	$	146,531

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.54% (Cost $177,987,276)				166,132,862


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.33%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		4,169,978		4,169,978
Invesco Private Prime Fund, 0.35%^(c)(d)(e)		9,726,341		9,726,341

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,896,319)				13,896,319

TOTAL INVESTMENTS IN SECURITIES-107.87% (Cost $191,883,595)				180,029,181
OTHER ASSETS LESS LIABILITIES-(7.87)%				(13,134,466	)

NET ASSETS-100.00%			$	166,894,715

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2022.

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	7,896,487		$	(7,749,956	)		$	-		$	-			$	146,531		$	42
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,574,626			18,167,271			(16,571,919	)			-			-				4,169,978			1,699	*
Invesco Private Prime Fund			6,007,460			33,067,184			(29,346,454	)			-			(1,849	)			9,726,341			4,660	*

Total		$	8,582,086		$	59,130,942		$	(53,668,329	)		$	-		$	(1,849	)		$	14,042,850		$	6,401

*	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 DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2022

(Unaudited)

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Industrials			28.75
Financials			13.59
Materials			11.81
Information Technology			9.97
Energy			7.24
Health Care			6.71
Consumer Staples			6.38
Consumer Discretionary			5.26
Utilities			4.42
Real Estate			4.24
Communication Services			1.08
Money Market Funds Plus Other Assets Less Liabilities			0.55

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

Invesco DWA Emerging Markets Momentum ETF (PIE)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-98.88%
Brazil-1.95%
Braskem S.A., Class A, Preference Shares		120,300		$	977,034
Petro Rio S.A.^(a)		544,500			2,935,695

					3,912,729


China-3.56%
C&D International Investment Group Ltd.		914,000			2,220,015
China Longyuan Power Group Corp. Ltd., H
Shares		586,065			1,136,986
China Merchants Bank Co. Ltd., H Shares		197,778			1,190,663
China State Construction International Holdings Ltd.		858,000			1,103,991
Yankuang Energy Group Co. Ltd., H Shares		534,000			1,505,137

					7,156,792


Indonesia-6.50%
PT Adaro Energy Tbk		5,912,704			1,356,318
PT BFI Finance Indonesia Tbk		17,015,567			1,508,243
PT Indo Tambangraya Megah Tbk		695,111			1,361,741
PT Matahari Department Store Tbk		5,584,322			2,234,191
PT Merdeka Copper Gold Tbk^(a)		10,986,851			4,016,714
PT Tower Bersama Infrastructure Tbk		5,926,535			1,228,474
PT Vale Indonesia Tbk		2,717,438			1,368,373

					13,074,054


Malaysia-3.97%
D&O Green Technologies Bhd.		2,168,200			1,907,813
Frontken Corp. Bhd.		7,861,000			4,869,344
Malaysian Pacific Industries Bhd.		168,700			1,198,351

					7,975,508


Mexico-3.25%
Alsea S.A.B. de C.V.^(a)		471,396			1,033,174
Banco del Bajio S.A.^(b)(c)		483,525			1,193,857
Gentera S.A.B. de C.V.^(a)(c)		1,590,273			1,235,065
Grupo Mexico S.A.B. de C.V., Class B		194,686			911,209
Qualitas Controladora S.A.B. de C.V		216,786			1,168,457
Regional S.A.B. de C.V.		165,902			1,000,932

					6,542,694


Philippines-0.53%
Semirara Mining & Power Corp.		2,041,292			1,068,157
South Africa-11.96%
Capitec Bank Holdings Ltd.^(c)		7,643			1,064,907
Impala Platinum Holdings Ltd.		290,970			3,793,625
Investec Ltd.		197,837			1,199,168
Motus Holdings Ltd.		200,014			1,438,495
MTN Group Ltd.		137,393			1,456,258
Nedbank Group Ltd.		72,852			1,014,644
Northam Platinum Holdings Ltd.^(a)		120,814			1,434,215
PSG Group Ltd.^(a)		181,351			1,084,480
Sasol Ltd.^(a)		160,753			3,930,462
Sibanye Stillwater Ltd.		622,251			2,145,979
Thungela Resources Ltd.^(a)(c)		246,769			4,199,866
Transaction Capital Ltd.		396,613			1,266,604

					24,028,703


Taiwan-57.70%
Asia Vital Components Co. Ltd.		422,000			1,462,162
ASMedia Technology, Inc.		33,319			1,566,859


	Shares		Value

Taiwan-(continued)
Chailease Holding Co. Ltd.		194,250		$	1,541,195
China Airlines Ltd.^(a)		1,285,000			1,174,726
China Development Financial Holding Corp.		1,767,000			1,064,831
E.Sun Financial Holding Co. Ltd.		1,991,000			2,280,508
Elan Microelectronics Corp.		205,000			1,037,264
Elite Material Co. Ltd.		479,000			3,520,329
Elite Semiconductor Microelectronics
Technology, Inc.		312,000			1,281,822
Eternal Materials Co. Ltd.		893,000			1,146,028
Eva Airways Corp.^(a)		1,044,000			1,220,542
Evergreen International Storage & Transport Corp.		868,000			1,046,475
Faraday Technology Corp.		270,000			2,311,707
Feng Hsin Steel Co. Ltd.		341,000			958,738
First Financial Holding Co. Ltd.		1,187,000			1,115,617
Gigabyte Technology Co. Ltd.		355,000			1,266,504
Goldsun Building Materials Co. Ltd.		1,240,000			1,216,073
Great Wall Enterprise Co. Ltd.		705,130			1,258,237
Greatek Electronics, Inc.		563,000			1,312,828
IBF Financial Holdings Co. Ltd.		2,072,000			1,125,540
Kings Town Bank Co. Ltd.		1,223,000			1,612,131
Lien Hwa Industrial Holdings Corp.		1,372,900			2,605,296
Lite-On Technology Corp.		645,000			1,413,115
Lotes Co. Ltd.		98,000			2,411,122
MediaTek, Inc.		39,000			1,068,633
Mega Financial Holding Co. Ltd.		903,000			1,267,010
Micro-Star International Co. Ltd.		826,000			3,346,139
Novatek Microelectronics Corp.		88,000			1,169,838
Nuvoton Technology Corp.		243,000			1,165,452
Pan Jit International, Inc.		528,000			1,324,484
Qisda Corp.		1,573,000			1,674,355
Realtek Semiconductor Corp.		140,000			1,906,552
Ruentex Development Co. Ltd.		553,000			1,447,635
Shiny Chemical Industrial Co. Ltd.		723,000			5,026,882
Sinbon Electronics Co. Ltd.		727,000			6,373,586
SinoPac Financial Holdings Co. Ltd.		1,847,000			1,135,233
Supreme Electronics Co. Ltd.		871,000			1,347,548
Taishin Financial Holding Co. Ltd.		1,718,000			1,125,231
Taiwan Mask Corp.		1,131,000			2,787,927
Taiwan Semiconductor Manufacturing Co. Ltd.		203,680			3,717,658
Topco Scientific Co. Ltd.		843,000			4,766,087
Tripod Technology Corp.		257,000			1,074,742
Unimicron Technology Corp.		598,000			4,182,096
Union Bank of Taiwan^(a)		2,070,000			1,130,321
United Integrated Services Co. Ltd.		415,000			2,510,237
Voltronic Power Technology Corp.		90,000			3,906,857
Wah Lee Industrial Corp.		410,000			1,436,322
Walsin Lihwa Corp.^(a)		1,331,000			2,004,171
Winbond Electronics Corp.		934,000			837,792
Wisdom Marine Lines Co. Ltd.		448,000			1,386,648
Wiwynn Corp.		101,000			3,458,656
WPG Holdings Ltd.		718,000			1,319,057
WT Microelectronics Co. Ltd.		847,000			2,043,282
Yang Ming Marine Transport Corp.^(a)		1,211,000			5,045,953
YFY, Inc.		1,054,000			1,111,429

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

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value

Taiwan-(continued)
Yieh Phui Enterprise Co. Ltd.^(a)		1,266,000		$	900,785
Yulon Finance Corp		772,000			6,005,569

					115,953,816


Thailand-9.46%
Com7 PCL, NVDR		4,231,617			5,111,401
Energy Absolute PCL, NVDR		1,287,926			3,294,347
Jay Mart PCL, NVDR		1,861,143			3,378,942
JMT Network Services PCL, NVDR		957,194			2,416,501
Singer Thailand PCL, NVDR		2,255,979			3,766,420
Thonburi Healthcare Group PCL, NVDR		584,341			1,048,019

					19,015,630

Total Common Stocks & Other Equity Interests (Cost $199,804,369)					198,728,083


Exchange-Traded Funds-0.97%

India-0.97%
iShares MSCI India ETF^(c) (Cost $2,035,409)		44,487			1,941,413

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $201,839,778)					200,669,496


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.89%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		1,132,435		$	1,132,435
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		2,655,727			2,655,727

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,788,162)					3,788,162

TOTAL INVESTMENTS IN SECURITIES-101.74% (Cost $205,627,940)					204,457,658
OTHER ASSETS LESS LIABILITIES-(1.74)%					(3,487,753	)

NET ASSETS-100.00%				$	200,969,905

Investment Abbreviations:

ETF-Exchange-Traded Fund

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 value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	121,401		$	14,034,634		$	(14,156,035	)		$	-		$	-			$	-		$	96
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,409,998			22,160,977			(24,438,540	)			-			-				1,132,435			1,409	*
Invesco Private Prime Fund			7,956,662			41,586,682			(46,883,937	)			-			(3,680	)			2,655,727			4,615	*

Total		$	11,488,061		$	77,782,293		$	(85,478,512	)		$	-		$	(3,680	)		$	3,788,162		$	6,120

*	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, 2022.

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

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

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Information Technology			34.37
Financials			17.29
Materials			14.40
Industrials			12.08
Consumer Discretionary			6.76
Energy			6.18
Sector Types Each Less Than 3%			8.77
Money Market Funds Plus Other Assets Less Liabilities			0.15

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, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.30%
Australia-6.32%
AGL Energy Ltd.		114,458	$	701,215
AMP Ltd.^(a)		313,190		253,678
Ampol Ltd.		14,864		349,724
APA Group		57,810		466,582
Aristocrat Leisure Ltd.		14,943		347,401
ASX Ltd.		5,188		313,628
Aurizon Holdings Ltd.		159,245		454,148
Australia & New Zealand Banking Group Ltd.		117,040		2,234,417
Bank of Queensland Ltd.		51,065		289,538
Bendigo & Adelaide Bank Ltd.		33,420		249,417
BHP Group Ltd.		324,083		10,955,905
BlueScope Steel Ltd.		43,702		623,148
Brambles Ltd.		103,946		772,040
Coles Group Ltd.		62,396		821,866
Commonwealth Bank of Australia		54,380		3,962,520
Computershare Ltd.		19,598		345,521
Crown Resorts Ltd.^(a)		34,082		311,111
CSL Ltd.		7,889		1,501,730
Dexus		60,581		474,786
Endeavour Group Ltd.		65,969		364,670
Evolution Mining Ltd.		79,598		224,735
Fortescue Metals Group Ltd.		103,931		1,584,747
Glencore PLC		1,259,254		7,750,200
Goodman Group		39,422		659,515
GPT Group (The)		113,798		407,224
GPT Group (The)^(b)		231,466		0
Incitec Pivot Ltd.		157,286		428,188
Insurance Australia Group Ltd.		160,190		511,025
JB Hi-Fi Ltd.		7,634		284,232
Lendlease Corp. Ltd.		31,688		272,253
Macquarie Group Ltd.		14,492		2,088,780
Medibank Pvt Ltd.		159,158		358,469
Metcash Ltd.		81,092		273,364
Mirvac Group		255,195		434,543
National Australia Bank Ltd.		107,052		2,450,685
Newcrest Mining Ltd.		47,024		886,670
Orica Ltd.		22,912		264,280
Origin Energy Ltd.		129,814		623,678
Qantas Airways Ltd.^(a)(c)		84,711		328,622
QBE Insurance Group Ltd.		76,286		657,200
Ramsay Health Care Ltd.		10,133		575,719
Rio Tinto Ltd.		30,861		2,460,373
Rio Tinto PLC		88,400		6,260,656
Santos Ltd.		113,347		636,665
Scentre Group		273,994		574,101
Sonic Healthcare Ltd.		22,850		589,401
South32 Ltd.		309,582		1,037,725
Stockland		160,162		464,048
Suncorp Group Ltd.		63,600		512,932
Tabcorp Holdings Ltd.		116,739		446,484
Telstra Corp. Ltd.		465,858		1,327,634
Transurban Group		110,573		1,111,723
Treasury Wine Estates Ltd.		31,396		246,633
Vicinity Centres		260,831		341,981
Wesfarmers Ltd.		45,641		1,583,312
Westpac Banking Corp.		170,359		2,854,576


	Shares		Value

Australia-(continued)
Whitehaven Coal Ltd.		109,635	$	378,969
Woodside Petroleum Ltd.		69,762		1,525,051
Woolworths Group Ltd.		59,471		1,615,657
Worley Ltd.		32,714		320,724

				71,145,819


Austria-0.36%
ams-OSRAM AG^(a)(c)		14,318		175,965
ANDRITZ AG		5,727		242,934
BAWAG Group AG^(d)		7,523		356,803
Erste Group Bank AG		31,170		962,889
Mondi PLC^(c)		41,011		758,000
OMV AG		16,504		842,650
Raiffeisen Bank International AG^(c)		18,343		206,058
voestalpine AG		10,004		260,881
Wienerberger AG		7,487		209,293

				4,015,473


Belgium-0.99%
Ageas S.A./N.V		20,268		971,700
Anheuser-Busch InBev S.A./N.V.^(c)		75,391		4,346,682
Cofinimmo S.A.^(c)		1,699		227,673
Elia Group S.A./N.V.^(c)		1,682		268,038
Etablissements Franz Colruyt N.V.		6,937		255,166
Euronav N.V.^(c)		22,178		259,937
Groupe Bruxelles Lambert S.A		5,541		523,572
KBC Group N.V		21,500		1,464,391
Proximus SADP^(c)		22,541		393,090
Sofina S.A		701		215,352
Solvay S.A., Class A		6,628		626,411
Telenet Group Holding N.V.		6,508		193,496
UCB S.A		6,093		693,386
Umicore S.A.^(c)		17,215		664,602

				11,103,496


Brazil-0.12%
Wheaton Precious Metals Corp.		9,822		442,511
Yara International ASA		17,011		870,981

				1,313,492


Canada-10.12%
Agnico Eagle Mines Ltd.		16,205		948,171
Air Canada^(a)		19,890		350,162
Algonquin Power & Utilities Corp.		35,962		523,370
Alimentation Couche-Tard, Inc.		47,949		2,145,615
Allied Properties REIT		8,720		284,719
AltaGas Ltd.		24,433		561,669
ARC Resources Ltd.		25,403		353,998
Atco Ltd., Class I		9,351		334,881
B2Gold Corp.		52,842		225,335
Bank of Montreal^(c)		41,030		4,372,831
Bank of Nova Scotia (The)		95,716		6,092,482
Barrick Gold Corp.		90,313		2,024,543
BCE, Inc.		24,861		1,328,591
Bombardier, Inc., Class B^(a)		312,324		307,913
Brookfield Asset Management, Inc., Class A		78,414		3,931,590
CAE, Inc.^(a)		10,557		252,350
Cameco Corp.		13,196		342,484

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, 2022

(Unaudited)


	Shares		Value

Canada-(continued)
Canadian Apartment Properties REIT		10,305	$	405,733
Canadian Imperial Bank of Commerce		30,867		3,430,016
Canadian National Railway Co.		17,303		2,045,411
Canadian Natural Resources Ltd.		60,274		3,749,764
Canadian Pacific Railway Ltd.		14,461		1,063,261
Canadian Tire Corp. Ltd., Class A		4,632		641,315
Canadian Utilities Ltd., Class A		11,881		359,019
Capital Power Corp.		9,204		304,051
CCL Industries, Inc., Class B^(c)		6,322		277,059
Cenovus Energy, Inc.		45,585		847,106
CGI, Inc., Class A^(a)		9,982		800,091
CI Financial Corp.		19,353		253,639
Constellation Software, Inc.		183		289,505
Crescent Point Energy Corp.		43,491		302,860
Dollarama, Inc.		4,562		254,934
Element Fleet Management Corp.		24,788		222,463
Emera, Inc.^(c)		20,138		977,395
Empire Co. Ltd., Class A		14,103		468,206
Enbridge, Inc.		154,385		6,771,897
Fairfax Financial Holdings Ltd.		2,549		1,407,819
Finning International, Inc.		12,248		346,342
First Capital REIT		17,846		239,054
Fortis, Inc.^(c)		34,813		1,702,719
Franco-Nevada Corp.		2,869		436,125
George Weston Ltd.		5,903		738,169
Gibson Energy, Inc.		11,946		228,629
Gildan Activewear, Inc.		6,833		232,730
Great-West Lifeco, Inc.		28,848		799,948
H&R REIT		37,425		374,235
Hydro One Ltd.^(d)		22,718		617,344
iA Financial Corp., Inc.		8,640		454,089
IAMGOLD Corp.^(a)		74,754		212,321
IGM Financial, Inc.		6,568		209,212
Imperial Oil Ltd.		13,249		670,510
Intact Financial Corp.		4,821		677,931
Keyera Corp.		19,477		485,687
Kinross Gold Corp.		133,620		678,529
Linamar Corp.		5,397		214,858
Loblaw Cos. Ltd.		12,243		1,125,680
Magna International, Inc.		29,589		1,792,403
Manulife Financial Corp.^(c)		219,628		4,316,776
MEG Energy Corp.^(a)		21,988		332,044
Methanex Corp.		5,034		253,620
Metro, Inc.		13,397		740,161
National Bank of Canada		19,074		1,339,008
Northland Power, Inc.		10,384		315,001
Nutrien Ltd.		31,643		3,125,552
Onex Corp.		5,385		325,236
Open Text Corp.		11,162		449,345
Parkland Corp.		15,969		455,936
Pembina Pipeline Corp.		40,081		1,524,461
Power Corp. of Canada		56,221		1,662,810
Quebecor, Inc., Class B		11,951		282,680
Restaurant Brands International, Inc.		10,174		584,226
RioCan REIT		25,789		484,282
Rogers Communications, Inc., Class B		25,626		1,403,159
Royal Bank of Canada		83,536		8,480,729
Saputo, Inc.		18,529		398,111
Shaw Communications, Inc., Class B		27,859		833,993
Shopify, Inc., Class A^(a)		467		200,798


	Shares		Value

Canada-(continued)
SmartCentres REIT		10,235	$	250,580
SNC-Lavalin Group, Inc.		14,178		316,940
SSR Mining, Inc.		12,368		273,479
Stantec, Inc.		4,227		195,036
Sun Life Financial, Inc.^(c)		47,568		2,378,679
Suncor Energy, Inc.		146,661		5,299,327
TC Energy Corp.		66,161		3,517,578
Teck Resources Ltd., Class B		33,176		1,315,566
TELUS Corp.		27,907		701,796
TFI International, Inc.		2,824		228,342
Thomson Reuters Corp.		5,593		562,079
TMX Group Ltd.		2,475		253,281
Toronto-Dominion Bank (The)		105,127		7,632,514
Tourmaline Oil Corp.		10,228		529,466
Vermilion Energy, Inc.		17,161		336,090
West Fraser Timber Co. Ltd.		3,359		296,753
WSP Global, Inc.		3,955		463,627
Yamana Gold, Inc.		63,258		350,925

				113,898,749


Chile-0.06%
Antofagasta PLC^(c)		20,213		388,152
Lundin Mining Corp.		36,940		339,037

				727,189


China-0.23%
AAC Technologies Holdings, Inc.		87,797		203,254
BOC Hong Kong Holdings Ltd.		284,313		1,025,699
Lenovo Group Ltd.		695,172		674,385
Tingyi Cayman Islands Holding Corp.		93,092		169,079
Wilmar International Ltd.		87,669		280,907
Xinyi Glass Holdings Ltd.		96,128		212,457

				2,565,781


Denmark-1.10%
AP Moller - Maersk A/S, Class A		213		597,801
AP Moller - Maersk A/S, Class B		282		809,146
Carlsberg A/S, Class B		4,921		622,868
Chr. Hansen Holding A/S		3,145		245,079
Coloplast A/S, Class B		3,101		418,673
Danske Bank A/S		79,605		1,206,792
DSV A/S		4,063		663,671
Genmab A/S^(a)		712		251,157
ISS A/S^(a)(c)		20,383		332,736
Jyske Bank A/S^(a)		5,403		296,564
Novo Nordisk A/S, Class B		33,349		3,814,136
Novozymes A/S, Class B		5,179		359,829
Orsted A/S^(c)(d)		7,986		898,005
Pandora A/S		4,960		430,194
Tryg A/S		11,370		269,503
Vestas Wind Systems A/S		44,077		1,133,959

				12,350,113


Finland-1.31%
Elisa OYJ		7,745		452,674
Fortum OYJ		44,426		730,664
Huhtamaki OYJ		6,282		235,465
Kesko OYJ, Class B		18,881		476,387
Kone OYJ, Class B		19,795		949,859
Neste OYJ		21,185		910,724
Nokia OYJ^(a)		368,926		1,877,396

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, 2022

(Unaudited)


	Shares		Value

Finland-(continued)
Nokian Renkaat OYJ		13,602	$	182,936
Nordea Bank Abp		401,482		3,985,489
Orion OYJ, Class B		4,769		186,579
Outokumpu OYJ^(c)		50,987		248,074
Sampo OYJ, Class A		36,156		1,742,267
Stora Enso OYJ, Class R		43,782		856,863
UPM-Kymmene OYJ^(c)		38,729		1,330,316
Valmet OYJ		7,867		210,556
Wartsila OYJ Abp		43,001		343,293

				14,719,542


France-9.49%
Accor S.A.^(a)		8,793		285,784
Aeroports de Paris^(a)(c)		1,448		204,719
Air France-KLM^(a)(c)		141,929		579,206
Air Liquide S.A.		21,323		3,681,267
Airbus SE^(c)		21,127		2,297,510
Alstom S.A.^(c)		29,153		634,639
Amundi S.A.^(d)		4,393		262,102
Arkema S.A		5,493		619,942
Atos SE		22,173		536,459
AXA S.A.^(c)		198,782		5,262,887
BNP Paribas S.A		129,744		6,654,079
Bollore SE		43,117		200,225
Bouygues S.A.^(c)		35,958		1,235,458
Bureau Veritas S.A.		12,583		360,578
Capgemini SE		5,927		1,205,711
Carrefour S.A.		110,491		2,342,216
CGG S.A.^(a)		258,327		298,514
Cie de Saint-Gobain		46,354		2,697,500
Cie Generale des Etablissements Michelin S.C.A.		16,295		2,014,460
CNP Assurances^(c)		19,734		434,480
Covivio		3,509		247,937
Credit Agricole S.A		185,513		1,991,186
Danone S.A.^(c)		48,335		2,905,778
Dassault Systemes SE		7,755		344,979
Edenred		7,675		384,708
Eiffage S.A		8,837		866,879
Electricite de France S.A		159,980		1,446,595
Elis S.A.^(a)		15,121		215,205
ENGIE S.A.^(c)		201,397		2,365,774
EssilorLuxottica S.A		9,845		1,670,172
Eurazeo SE^(c)		3,495		267,591
Eutelsat Communications S.A		22,875		254,296
Faurecia SE^(c)		23,131		498,339
Gecina S.A		4,031		451,609
Getlink SE		17,242		314,953
Hermes International		324		398,651
Kering S.A		2,027		1,076,648
Klepierre S.A.^(c)		20,975		498,098
Legrand S.A.		10,431		920,768
L’Oreal S.A.^(c)		5,530		2,011,818
LVMH Moet Hennessy Louis Vuitton SE^(c)		5,165		3,305,061
Orange S.A.		293,914		3,500,567
Orpea S.A.^(c)		7,884		279,877
Pernod Ricard S.A.		6,850		1,411,339
Publicis Groupe S.A.		17,847		1,068,288
Renault S.A.^(a)(c)		55,498		1,345,083
Rexel S.A		30,900		634,071


	Shares		Value

France-(continued)
Rubis S.C.A		10,121	$	269,107
Safran S.A		16,003		1,703,160
Sanofi^(c)		81,069		8,532,598
Schneider Electric SE		23,083		3,287,575
SCOR SE		20,340		571,791
SEB S.A		1,983		237,745
Societe Generale S.A.		146,565		3,482,268
Sodexo S.A.		8,993		674,306
SPIE S.A.		10,948		256,959
Technip Energies N.V.^(a)		20,144		244,557
Teleperformance		1,444		516,289
Thales S.A		7,165		917,842
TotalEnergies SE		315,267		15,533,711
Ubisoft Entertainment S.A.^(a)(c)		5,360		242,010
Unibail-Rodamco-Westfield^(a)(c)		15,486		1,097,063
Valeo^(c)		39,519		712,635
Veolia Environnement S.A		54,204		1,562,296
Vinci S.A.		37,233		3,592,397
Vivendi SE^(c)		29,018		332,738
Worldline S.A.^(a)(d)		12,861		504,094

				106,755,147


Germany-8.94%
Aareal Bank AG		8,003		272,488
adidas AG		7,225		1,471,576
Allianz SE		40,459		9,227,899
Aroundtown S.A		105,493		533,969
Aurubis AG		3,826		440,556
BASF SE		105,427		5,606,612
Bayer AG		96,131		6,336,255
Bayerische Motoren Werke AG		44,547		3,689,567
Bayerische Motoren Werke AG, Preference Shares		7,847		584,854
Beiersdorf AG		3,418		345,510
Brenntag SE		10,122		789,547
Commerzbank AG^(a)		181,956		1,205,858
Continental AG^(a)		17,376		1,210,200
Covestro AG^(d)		22,511		980,554
Daimler Truck Holding AG^(a)		45,921		1,240,786
Deutsche Bank AG^(a)		291,464		2,976,520
Deutsche Boerse AG		6,280		1,101,090
Deutsche Lufthansa AG^(a)(c)		108,858		821,449
Deutsche Post AG		76,864		3,318,109
Deutsche Telekom AG		349,047		6,429,323
E.ON SE		200,807		2,103,585
Evonik Industries AG		20,951		554,026
Freenet AG		14,575		402,086
Fresenius Medical Care AG & Co. KGaA		20,970		1,314,950
Fresenius SE & Co. KGaA		50,916		1,815,528
GEA Group AG		9,154		359,618
Hannover Rueck SE		3,743		587,958
HeidelbergCement AG		20,954		1,221,546
Henkel AG & Co. KGaA		8,099		517,769
Henkel AG & Co. KGaA, Preference Shares		13,962		903,785
HOCHTIEF AG		3,799		231,501
HUGO BOSS AG		3,585		203,698
Infineon Technologies AG		36,560		1,058,719
K+S AG		14,393		487,967
KION Group AG		5,289		298,279
Knorr-Bremse AG		3,722		268,339

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, 2022

(Unaudited)


	Shares		Value

Germany-(continued)
LANXESS AG		10,569	$	415,569
LEG Immobilien SE		4,385		451,493
Mercedes-Benz Group AG		105,528		7,470,028
Merck KGaA		3,872		718,045
MTU Aero Engines AG		2,028		410,138
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		12,449		2,978,921
Porsche Automobil Holding SE, Preference Shares		8,367		702,081
ProSiebenSat.1 Media SE		26,374		306,473
Puma SE		2,330		173,734
Rheinmetall AG		4,547		1,027,773
RWE AG		49,233		2,056,240
Salzgitter AG^(a)		7,286		306,071
SAP SE		42,378		4,370,996
Siemens AG		45,723		5,681,176
Siemens Energy AG		69,708		1,349,633
Siemens Healthineers AG^(d)		7,963		430,613
Symrise AG		3,594		430,145
TAG Immobilien AG		9,550		192,025
Telefonica Deutschland Holding AG		121,225		366,906
thyssenkrupp AG^(a)		109,592		853,232
TUI AG^(a)(c)		188,155		528,741
Uniper SE		9,530		246,516
United Internet AG		8,579		278,119
Volkswagen AG		5,565		1,228,171
Volkswagen AG, Preference Shares		31,354		4,926,475
Vonovia SE		41,062		1,641,923
Zalando SE^(a)(d)		5,660		224,489

				100,677,802


Hong Kong-1.02%
AIA Group Ltd.		414,931		4,054,280
CK Asset Holdings Ltd.		93,159		630,741
CK Hutchison Holdings Ltd.		89,070		623,642
CLP Holdings Ltd.		52,770		513,750
Hang Seng Bank Ltd.		26,595		469,651
Henderson Land Development Co. Ltd.^(c)		54,118		218,219
Hong Kong & China Gas Co. Ltd. (The)		281,112		309,745
Hong Kong Exchanges & Clearing Ltd.		15,416		653,866
Hongkong Land Holdings Ltd.		41,286		192,201
Jardine Matheson Holdings Ltd.		4,669		246,735
Link REIT		104,104		897,739
MTR Corp. Ltd.		53,817		285,655
New World Development Co. Ltd.		66,140		252,941
Power Assets Holdings Ltd.		37,446		251,625
Sun Hung Kai Properties Ltd.		76,749		884,335
Techtronic Industries Co. Ltd.		25,642		342,374
WH Group Ltd.		548,811		377,780
Wharf Real Estate Investment Co. Ltd.		56,213		263,635

				11,468,914


Ireland-0.45%
Bank of Ireland Group PLC^(a)		98,421		594,795
CRH PLC		60,405		2,389,843
Flutter Entertainment PLC^(a)		5,172		518,811
Kerry Group PLC, Class A		4,958		547,721
Kingspan Group PLC		3,398		311,486
Smurfit Kappa Group PLC		17,156		719,207

				5,081,863


	Shares		Value

Israel-0.34%
Bank Hapoalim BM		68,381	$	632,606
Bank Leumi Le-Israel BM		77,045		807,503
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		149,196		236,553
ICL Group Ltd.		32,727		362,564
Israel Discount Bank Ltd., Class A		60,402		356,446
Mizrahi Tefahot Bank Ltd.		6,610		244,382
Teva Pharmaceutical Industries Ltd.^(a)(c)		132,975		1,169,426

				3,809,480


Italy-2.92%
A2A S.p.A.^(c)		213,764		364,388
AMCO - Asset Management Co. S.p.A., Class B^(b)(c)		1,480		0
Assicurazioni Generali S.p.A.^(c)		149,240		2,816,477
Atlantia S.p.A.^(a)		48,402		1,149,045
Azimut Holding S.p.A.		9,348		196,799
Banco BPM S.p.A.^(c)		233,557		727,487
BPER Banca^(c)		180,213		297,082
Coca-Cola HBC AG		12,534		253,023
Enel S.p.A.		987,238		6,380,582
Eni S.p.A.		391,643		5,495,541
Ferrari N.V.		1,706		359,848
FinecoBank Banca Fineco S.p.A.		15,861		218,508
Hera S.p.A.^(c)		86,406		321,410
Intesa Sanpaolo S.p.A.^(c)		2,197,892		4,420,051
Italgas S.p.A.^(c)		44,691		288,518
Leonardo S.p.A.^(a)		93,143		965,318
Mediobanca Banca di Credito Finanziario S.p.A.		66,004		656,272
Moncler S.p.A.		3,554		184,595
Pirelli & C S.p.A.^(c)(d)		46,301		227,056
Poste Italiane S.p.A.^(d)		55,162		535,554
Prysmian S.p.A.		19,605		635,609
Saipem S.p.A.^(a)(c)		206,624		233,697
Snam S.p.A.		168,775		926,190
Telecom Italia S.p.A.^(c)		3,140,193		910,389
Telecom Italia S.p.A., RSP		1,732,767		477,716
Terna Rete Elettrica Nazionale S.p.A.^(c)		86,287		702,836
UniCredit S.p.A.^(c)		306,056		2,791,288
Unipol Gruppo S.p.A.		67,963		367,443

				32,902,722


Japan-18.66%
Advantest Corp.		4,240		292,404
Aeon Co. Ltd.		48,646		925,157
AGC, Inc.		22,214		835,697
Aisin Corp.		15,375		447,062
Ajinomoto Co., Inc.		25,406		662,381
Alps Alpine Co. Ltd.		42,611		375,631
Amada Co. Ltd.		27,471		214,155
ANA Holdings, Inc.^(a)		16,528		311,925
Aozora Bank Ltd.		13,177		263,815
Asahi Group Holdings Ltd.		31,348		1,172,396
Asahi Kasei Corp.		73,372		604,812
Astellas Pharma, Inc.		73,859		1,127,610
Bandai Namco Holdings, Inc.		9,149		623,653
Bridgestone Corp.		30,410		1,114,888
Brother Industries Ltd.		13,857		241,274
Canon, Inc.		89,536		2,060,780
Casio Computer Co. Ltd.		20,842		214,261

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, 2022

(Unaudited)


	Shares		Value

Japan-(continued)
Central Japan Railway Co.		12,321	$	1,557,096
Chiba Bank Ltd. (The)		43,104		248,187
Chubu Electric Power Co., Inc.		39,370		398,684
Chugai Pharmaceutical Co. Ltd.		14,021		421,481
COMSYS Holdings Corp.		10,538		219,688
Concordia Financial Group Ltd.		66,986		244,037
Credit Saison Co. Ltd.		18,714		210,193
Dai Nippon Printing Co. Ltd.		13,439		281,304
Daifuku Co. Ltd.		3,470		214,547
Dai-ichi Life Holdings, Inc.		80,913		1,626,566
Daiichi Sankyo Co. Ltd.		54,588		1,374,391
Daikin Industries Ltd.		9,883		1,522,136
Daito Trust Construction Co. Ltd.		4,700		453,120
Daiwa House Industry Co. Ltd.		29,225		707,055
Daiwa House REIT Investment Corp.		96		233,405
Daiwa Securities Group, Inc.		121,891		597,358
Denso Corp.		33,469		2,045,863
Dentsu Group, Inc.		13,909		503,551
Disco Corp.		844		208,369
Dowa Holdings Co. Ltd.		5,866		250,831
East Japan Railway Co.		28,802		1,512,365
Ebara Corp.		7,066		326,923
Eisai Co. Ltd.		16,476		718,813
Electric Power Development Co. Ltd.		17,739		244,671
ENEOS Holdings, Inc.		330,893		1,161,858
FANUC Corp.		8,391		1,299,952
Fast Retailing Co. Ltd.		1,432		657,299
Fuji Electric Co. Ltd.		9,431		416,135
FUJIFILM Holdings Corp.		21,295		1,178,983
Fujitsu Ltd.		11,884		1,682,910
Fukuoka Financial Group, Inc.		12,850		234,950
GLP J-Reit		148		199,113
Hankyu Hanshin Holdings, Inc.		10,241		270,791
Hino Motors Ltd.		34,082		176,601
Hirose Electric Co. Ltd.		1,536		195,927
Hitachi Construction Machinery Co. Ltd.		11,783		267,468
Hitachi Ltd.		74,209		3,461,379
Hitachi Metals Ltd.^(a)		14,273		223,415
Honda Motor Co. Ltd.		100,959		2,655,343
Hoya Corp.		6,440		642,677
Hulic Co. Ltd.		30,166		254,878
Ibiden Co. Ltd.		4,654		176,615
Idemitsu Kosan Co. Ltd.		21,761		571,906
IHI Corp.		23,160		525,094
Iida Group Holdings Co. Ltd.		13,123		210,479
Inpex Corp.		132,340		1,564,872
Isetan Mitsukoshi Holdings Ltd.^(c)		47,381		351,235
Isuzu Motors Ltd.		46,506		542,486
ITOCHU Corp.		57,562		1,744,211
J. Front Retailing Co. Ltd.		35,915		269,036
Japan Airlines Co. Ltd.^(a)		17,623		291,506
Japan Exchange Group, Inc.		25,357		380,903
Japan Metropolitan Fund Investment Corp.		377		300,587
Japan Post Bank Co. Ltd.		72,336		548,271
Japan Post Holdings Co. Ltd.		329,036		2,309,566
Japan Post Insurance Co. Ltd.		22,713		369,025
Japan Real Estate Investment Corp.		67		324,358
Japan Tobacco, Inc.		111,754		1,915,055
JFE Holdings, Inc.		115,213		1,420,812
JGC Holdings Corp.		27,043		307,876


	Shares		Value

Japan-(continued)
JSR Corp.		10,252	$	279,982
JTEKT Corp.		25,242		176,004
Kajima Corp.		23,883		266,730
Kansai Electric Power Co., Inc. (The)		42,792		376,527
Kansai Paint Co. Ltd.		10,938		151,485
Kao Corp.		32,520		1,309,958
Kawasaki Heavy Industries Ltd.		35,365		628,219
Kawasaki Kisen Kaisha Ltd.		6,008		311,972
KDDI Corp.		90,395		3,002,063
Keio Corp.		6,210		238,757
Keisei Electric Railway Co. Ltd.^(c)		7,756		190,673
Keyence Corp.		2,194		886,652
Kikkoman Corp.^(c)		4,198		236,388
Kintetsu Group Holdings Co. Ltd.		8,846		254,401
Kirin Holdings Co. Ltd.		51,136		752,197
Kobe Steel Ltd.		88,756		388,157
Koito Manufacturing Co. Ltd.		8,591		315,998
Komatsu Ltd.		70,917		1,593,592
Konica Minolta, Inc.		115,562		404,007
Kubota Corp.		64,782		1,105,194
Kuraray Co. Ltd.		36,398		291,908
Kurita Water Industries Ltd.		6,156		211,810
Kyocera Corp.		21,765		1,152,927
Kyowa Kirin Co. Ltd.		10,104		212,531
Kyushu Electric Power Co., Inc.		34,851		219,831
Kyushu Railway Co.		16,802		330,429
Lawson, Inc.		5,993		220,644
Lion Corp.		18,288		188,670
Lixil Corp.		20,019		352,944
Makita Corp.		14,242		423,842
Marubeni Corp.^(c)		112,965		1,240,296
Marui Group Co. Ltd.		14,221		245,549
MatsukiyoCocokara & Co.		7,442		247,282
Mazda Motor Corp.		90,098		643,509
Mebuki Financial Group, Inc.		104,424		211,169
MEIJI Holdings Co. Ltd.		9,509		475,585
MINEBEA MITSUMI, Inc.		26,246		507,332
MISUMI Group, Inc.		7,880		198,532
Mitsubishi Chemical Holdings Corp.^(c)		123,011		752,915
Mitsubishi Corp.		94,771		3,185,448
Mitsubishi Electric Corp.		106,355		1,119,747
Mitsubishi Estate Co. Ltd.		73,390		1,064,772
Mitsubishi Gas Chemical Co., Inc.		24,844		365,725
Mitsubishi HC Capital, Inc.		47,904		215,830
Mitsubishi Heavy Industries Ltd.		38,540		1,319,272
Mitsubishi Materials Corp.		17,438		273,630
Mitsubishi Motors Corp.^(a)		141,618		355,829
Mitsubishi UFJ Financial Group, Inc.		1,259,853		7,334,880
Mitsui & Co. Ltd.		83,905		2,039,987
Mitsui Chemicals, Inc.		20,054		458,983
Mitsui Fudosan Co. Ltd.		58,271		1,231,598
Mitsui Mining & Smelting Co. Ltd.		10,496		267,342
Mitsui OSK Lines Ltd.		25,662		598,341
Mizuho Financial Group, Inc.		191,780		2,336,560
MS&AD Insurance Group Holdings, Inc.		26,869		804,867
Murata Manufacturing Co. Ltd.		24,678		1,479,940
Nabtesco Corp.		9,028		206,596
Nagoya Railroad Co. Ltd.		12,444		200,553
NEC Corp.		20,965		814,182
NGK Insulators Ltd.		20,497		276,269

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, 2022

(Unaudited)


	Shares		Value

Japan-(continued)
NGK Spark Plug Co. Ltd.		17,974	$	276,319
NH Foods Ltd.		9,983		316,303
Nichirei Corp.		9,958		183,060
Nidec Corp.		11,561		758,607
Nikon Corp.		41,565		470,120
Nintendo Co. Ltd.		3,694		1,705,242
Nippon Building Fund, Inc.		75		389,210
Nippon Electric Glass Co. Ltd.		12,061		244,180
Nippon Prologis REIT, Inc.		74		205,648
Nippon Steel Corp.		136,698		2,183,517
Nippon Telegraph & Telephone Corp.		114,933		3,400,886
Nippon Yusen K.K		10,043		721,843
Nissan Chemical Corp.		4,610		244,701
Nissan Motor Co. Ltd.^(a)		357,561		1,420,347
Nissin Foods Holdings Co. Ltd.		3,384		236,379
Nitori Holdings Co. Ltd.		2,938		299,392
Nitto Denko Corp.		11,953		803,924
Nomura Holdings, Inc.		247,371		948,409
Nomura Real Estate Holdings, Inc.		11,442		277,915
Nomura Real Estate Master Fund, Inc.		236		295,916
Nomura Research Institute Ltd.		7,384		209,580
NSK Ltd.		87,235		482,622
NTT Data Corp.		37,460		691,519
Obayashi Corp.		45,401		313,368
Odakyu Electric Railway Co. Ltd.^(c)		15,204		231,156
Oji Holdings Corp.		62,075		294,086
Olympus Corp.		24,956		442,762
Omron Corp.		8,867		526,254
Ono Pharmaceutical Co. Ltd.		19,086		490,998
Oriental Land Co. Ltd.		1,805		272,130
ORIX Corp.		85,750		1,566,882
ORIX JREIT, Inc.		166		223,074
Osaka Gas Co. Ltd.		19,422		351,533
Otsuka Corp.		7,404		243,470
Otsuka Holdings Co. Ltd.		17,964		603,853
Pan Pacific International Holdings Corp.		21,728		337,257
Panasonic Holdings Corp.		131,980		1,178,316
Persol Holdings Co. Ltd.		12,750		254,016
Rakuten Group, Inc.^(c)		48,127		339,819
Recruit Holdings Co. Ltd.		33,834		1,250,127
Renesas Electronics Corp.^(a)		37,647		403,751
Resona Holdings, Inc.		212,697		924,529
Ricoh Co. Ltd.		57,970		424,491
Rohm Co. Ltd.		5,965		420,593
Ryohin Keikaku Co. Ltd.		16,596		149,265
Santen Pharmaceutical Co. Ltd.		24,844		203,311
SBI Holdings, Inc.		22,763		510,282
Secom Co. Ltd.		11,110		785,069
Sega Sammy Holdings, Inc.		12,263		218,107
Seibu Holdings, Inc.		25,152		250,827
Seiko Epson Corp.		25,921		362,556
Sekisui Chemical Co. Ltd.		19,203		259,776
Sekisui House Ltd.		41,879		723,467
Seven & i Holdings Co. Ltd.		42,642		1,881,962
SG Holdings Co. Ltd.		16,736		295,385
Sharp Corp.		31,330		265,124
Shimadzu Corp.		9,195		302,797
Shimamura Co. Ltd.		2,658		236,100
Shimano, Inc.		1,939		339,433
Shimizu Corp.		47,493		249,879


	Shares		Value

Japan-(continued)
Shin-Etsu Chemical Co. Ltd.		16,431	$	2,269,100
Shionogi & Co. Ltd.		10,801		606,160
Shiseido Co. Ltd.		12,034		568,052
Shizuoka Bank Ltd. (The)		37,338		242,368
Showa Denko K.K.		32,425		629,864
Skylark Holdings Co. Ltd.^(c)		17,587		209,208
SMC Corp.		1,510		731,064
Softbank Corp.		222,252		2,587,033
SoftBank Group Corp.		188,345		7,616,316
Sojitz Corp.		24,833		380,185
Sompo Holdings, Inc.		25,309		1,032,402
Sony Group Corp.		58,211		5,011,624
Stanley Electric Co. Ltd.		12,661		218,331
Subaru Corp.		56,824		856,313
SUMCO Corp.		17,494		253,597
Sumitomo Chemical Co. Ltd.		158,025		670,359
Sumitomo Corp.^(c)		61,731		980,718
Sumitomo Electric Industries Ltd.		45,376		487,973
Sumitomo Forestry Co. Ltd.		12,356		190,012
Sumitomo Heavy Industries Ltd.		10,896		230,563
Sumitomo Metal Mining Co. Ltd.		16,304		709,707
Sumitomo Mitsui Financial Group, Inc.		154,136		4,647,741
Sumitomo Mitsui Trust Holdings, Inc.^(c)		22,435		696,165
Sumitomo Realty & Development Co. Ltd.		22,561		596,172
Sumitomo Rubber Industries Ltd.		25,030		216,980
Suntory Beverage & Food Ltd.		9,475		376,829
Suzuki Motor Corp.		31,152		935,942
Sysmex Corp.		4,930		319,830
T&D Holdings, Inc.		68,572		881,529
Taisei Corp.		15,239		413,901
Taiyo Yuden Co. Ltd.		5,622		222,252
Takashimaya Co. Ltd.		23,170		210,767
Takeda Pharmaceutical Co. Ltd.		157,086		4,564,557
TDK Corp.		26,990		844,458
Teijin Ltd.		19,374		208,235
Terumo Corp.		22,040		659,924
THK Co. Ltd.		9,898		197,112
TIS, Inc.		13,304		299,947
Tobu Railway Co. Ltd.		9,603		216,186
Toho Gas Co. Ltd.		10,650		250,642
Tohoku Electric Power Co., Inc.		65,340		364,121
Tokio Marine Holdings, Inc.		35,783		1,934,226
Tokyo Electric Power Co. Holdings, Inc.^(a)		256,297		886,238
Tokyo Electron Ltd.		3,601		1,530,129
Tokyo Gas Co. Ltd.		33,615		646,303
Tokyu Corp.		21,853		267,645
Tokyu Fudosan Holdings Corp.		46,534		242,325
Toppan, Inc.		18,823		311,831
Toray Industries, Inc.		125,192		596,359
Toshiba Corp.		30,337		1,269,700
Tosoh Corp.		18,268		252,188
TOTO Ltd.		9,092		306,379
Toyo Suisan Kaisha Ltd.		6,325		195,520
Toyota Industries Corp.		7,659		458,501
Toyota Motor Corp.		761,968		13,005,452
Toyota Tsusho Corp.		14,703		530,684
Trend Micro, Inc.		5,667		316,242
Tsuruha Holdings, Inc.		3,692		189,207
Unicharm Corp.		10,873		378,821
United Urban Investment Corp.		220		240,168

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, 2022

(Unaudited)


	Shares		Value

Japan-(continued)
West Japan Railway Co.		26,826	$	1,000,421
Yakult Honsha Co. Ltd.		5,610		290,979
Yamada Holdings Co. Ltd.^(a)(c)		161,935		483,214
Yamaha Corp.		7,007		269,408
Yamaha Motor Co. Ltd.		33,435		691,378
Yamato Holdings Co. Ltd.		24,707		464,178
Yaskawa Electric Corp.		8,354		285,495
Yokogawa Electric Corp.		17,393		278,479
Z Holdings Corp.		130,588		515,837

				209,992,109


Jordan-0.02%
Hikma Pharmaceuticals PLC		8,485		199,447


Luxembourg-0.29%
Aperam S.A		4,656		178,751
ArcelorMittal S.A.		95,810		2,796,830
Eurofins Scientific SE		2,718		252,588

				3,228,169


Macau-0.07%
Galaxy Entertainment Group Ltd.		78,882		450,627
Sands China Ltd.^(a)		177,077		388,806

				839,433


Mongolia-0.03%
Turquoise Hill Resources Ltd.^(a)		12,999		356,492


Netherlands-5.03%
Aalberts N.V.		4,705		226,824
ABN AMRO Bank N.V., CVA^(c)(d)		92,009		1,147,704
Aegon N.V		445,640		2,305,380
Akzo Nobel N.V		14,045		1,211,800
ASM International N.V		688		205,449
ASML Holding N.V.^(c)		3,736		2,113,713
ASR Nederland N.V.		16,367		740,652
EXOR N.V.		10,333		711,376
Heineken Holding N.V.		5,233		407,882
Heineken N.V.^(c)		11,243		1,096,564
ING Groep N.V.^(c)		515,589		4,824,987
Koninklijke Ahold Delhaize N.V.^(c)		107,792		3,184,188
Koninklijke DSM N.V		6,494		1,087,680
Koninklijke KPN N.V.^(c)		286,215		989,928
Koninklijke Philips N.V.		70,260		1,843,197
Koninklijke Vopak N.V.^(c)		6,216		166,471
NN Group N.V		30,784		1,504,183
PostNL N.V.^(c)		62,054		203,042
Prosus N.V.		9,995		481,966
Randstad N.V.		13,741		726,610
SBM Offshore N.V.		17,037		246,982
Shell PLC		1,098,991		29,699,308
Signify N.V.		11,390		480,922
Universal Music Group N.V.		11,432		264,484
Wolters Kluwer N.V.		7,772		786,140

				56,657,432


Norway-0.66%
Aker BP ASA		8,805		317,617
DNB Bank ASA		45,258		889,433
Equinor ASA		78,253		2,684,661
Gjensidige Forsikring ASA		10,775		232,815
Mowi ASA		31,947		911,870
Norsk Hydro ASA		94,460		801,668


	Shares		Value

Norway-(continued)
Orkla ASA		45,763	$	375,081
Storebrand ASA		43,636		383,551
Telenor ASA		56,716		805,661

				7,402,357


Poland-0.15%
Bank Polska Kasa Opieki S.A		15,613		342,338
KGHM Polska Miedz S.A.		10,040		324,250
Polski Koncern Naftowy ORLEN S.A		22,938		386,021
Powszechna Kasa Oszczednosci Bank Polski S.A.^(a)		54,044		395,735
Powszechny Zaklad Ubezpieczen S.A.		42,533		291,994

				1,740,338


Portugal-0.28%
Banco Comercial Portugues S.A., Class R^(a)		1,149,317		175,224
EDP - Energias de Portugal S.A.		330,961		1,540,852
Galp Energia SGPS S.A.		78,275		955,099
Jeronimo Martins SGPS S.A.		21,534		446,752

				3,117,927


Russia-0.00%
Evraz PLC^(b)		48,360		0
Raspadskaya OJSC^(b)		546		0

				0


Singapore-0.76%
Ascendas REIT		181,829		374,938
CapitaLand Integrated Commercial Trust		250,193		419,247
CapitaLand Investment Ltd.^(a)		105,822		321,855
ComfortDelGro Corp. Ltd.		205,401		216,641
DBS Group Holdings Ltd.		91,539		2,220,474
Genting Singapore Ltd.		400,447		233,220
Oversea-Chinese Banking Corp. Ltd.		114,892		1,020,251
Singapore Airlines Ltd.^(a)(c)		107,233		423,613
Singapore Technologies Engineering Ltd.		82,160		242,360
Singapore Telecommunications Ltd.		538,717		1,072,366
STMicroelectronics N.V		17,008		629,925
United Overseas Bank Ltd.		52,793		1,133,094
Venture Corp. Ltd.		18,629		229,671

				8,537,655


South Africa-0.28%
Anglo American PLC		70,609		3,128,453


South Korea-4.41%
Amorepacific Corp.		1,378		194,266
Amorepacific Corp., Preference Shares		517		31,026
Celltrion, Inc.		1,646		228,348
CJ CheilJedang Corp.		686		214,276
CJ CheilJedang Corp., Preference Shares		117		16,478
Doosan Enerbility^(a)		24,453		389,810
E-MART, Inc.		2,254		233,264
GS Engineering & Construction Corp.		10,754		355,048
Hana Financial Group, Inc.		21,872		814,687
Hanwha Solutions Corp.^(a)		10,870		271,514
Hyundai Engineering & Construction Co. Ltd.		15,325		534,460
Hyundai Glovis Co. Ltd.		2,357		386,156
Hyundai Mobis Co. Ltd.		6,204		1,013,380
Hyundai Motor Co.		12,394		1,800,875
Hyundai Motor Co., First Pfd		1,929		143,532

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, 2022

(Unaudited)


	Shares		Value

South Korea-(continued)
Hyundai Motor Co., Second Pfd.		3,099	$	231,894
Hyundai Steel Co.		12,302		416,745
Industrial Bank of Korea		27,143		240,461
KB Financial Group, Inc.		31,613		1,460,965
Kia Corp.		30,326		1,995,010
Korea Electric Power Corp.^(a)(c)		27,397		496,398
Korea Gas Corp.		7,797		251,260
Korea Investment Holdings Co. Ltd.		3,857		214,532
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		5,729		412,049
Korea Zinc Co. Ltd.		826		376,699
Korean Air Lines Co. Ltd.^(a)		14,931		352,965
KT&G Corp.		8,252		541,766
LG Chem Ltd.		2,502		1,005,001
LG Chem Ltd., Preference Shares		391		76,479
LG Corp.		7,624		439,890
LG Display Co. Ltd.^(c)		63,260		830,964
LG Electronics, Inc.		16,472		1,495,999
LG Electronics, Inc., Preference Shares		2,632		120,711
LG Household & Health Care Ltd.		388		275,813
LG Household & Health Care Ltd., Preference Shares		94		36,828
LG Innotek Co. Ltd.		890		242,037
LG Uplus Corp.		23,017		254,813
LOTTE Chemical Corp.		2,286		352,350
Meritz Fire & Marine Insurance Co. Ltd.		8,254		289,995
NAVER Corp.		1,852		418,927
NCSoft Corp.		615		205,088
POSCO Holdings, Inc.		7,926		1,796,020
Posco International Corp.		19,053		371,147
Samsung C&T Corp.		5,666		513,506
Samsung Electro-Mechanics Co. Ltd.		3,350		433,562
Samsung Electronics Co. Ltd.		278,604		14,803,377
Samsung Electronics Co. Ltd., Preference Shares		48,760		2,277,020
Samsung Engineering Co. Ltd.^(a)		13,485		275,141
Samsung Fire & Marine Insurance Co. Ltd.		1,824		299,900
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		151		19,489
Samsung Heavy Industries Co. Ltd.^(a)		62,676		298,442
Samsung Life Insurance Co. Ltd.		5,625		287,760
Samsung SDI Co. Ltd.		1,374		654,347
Samsung SDI Co. Ltd., Preference Shares		36		8,572
Samsung SDS Co. Ltd.		1,897		221,215
Samsung Securities Co. Ltd.		7,256		226,983
Shinhan Financial Group Co. Ltd.		28,359		942,066
Shinsegae, Inc.		1,097		214,409
SK Hynix, Inc.		33,261		2,897,789
SK Innovation Co. Ltd.^(a)		7,618		1,207,072
SK Telecom Co. Ltd.^(c)		8,604		387,406
SK, Inc.^(c)		3,462		724,530
S-Oil Corp.		5,599		455,393
Woori Financial Group, Inc.		57,516		663,214

				49,641,119


Spain-3.11%
Acciona S.A.		2,033		397,413
Acerinox S.A.		23,088		243,311
ACS Actividades de Construccion y Servicios S.A.^(c)		37,143		948,481


	Shares		Value

Spain-(continued)
Aena SME S.A.^(a)(d)		3,182	$	449,740
Amadeus IT Group S.A.^(a)		11,886		741,131
Banco Bilbao Vizcaya Argentaria S.A.^(c)		877,156		4,615,546
Banco de Sabadell S.A.		1,152,777		880,059
Banco Santander S.A.^(c)		1,931,724		5,660,501
Bankinter S.A.		52,989		312,894
CaixaBank S.A.^(c)		359,587		1,147,522
Cellnex Telecom S.A.^(d)		10,032		468,921
Enagas S.A.		25,405		548,620
Endesa S.A.^(c)		40,924		860,737
Ferrovial S.A.		21,905		559,264
Grifols S.A.^(c)		25,755		428,520
Grifols S.A., Class B, Preference Shares		19,302		209,429
Iberdrola S.A.		540,656		6,177,386
Industria de Diseno Textil S.A.^(c)		50,657		1,062,275
Inmobiliaria Colonial SOCIMI S.A.		26,599		222,418
Mapfre S.A.		113,539		207,352
Merlin Properties SOCIMI S.A.		30,202		325,680
Naturgy Energy Group S.A.^(c)		33,150		993,218
Red Electrica Corp. S.A.		34,539		694,014
Repsol S.A.		249,174		3,738,720
Telefonica S.A.		638,502		3,106,883

				35,000,035


Sweden-2.50%
Alfa Laval AB^(c)		13,100		364,566
Assa Abloy AB, Class B^(c)		33,015		835,123
Atlas Copco AB, Class A^(c)		18,931		859,591
Atlas Copco AB, Class B^(c)		11,132		441,123
BillerudKorsnas AB		17,803		274,880
Boliden AB^(c)		18,796		824,051
Castellum AB		15,942		314,189
Dometic Group AB^(c)(d)		22,416		191,709
Electrolux AB, Class B^(c)		29,245		447,455
Epiroc AB, Class A^(c)		16,065		327,585
Epiroc AB, Class B		9,610		167,123
Essity AB, Class B		41,087		1,094,999
Fabege AB		15,310		185,156
Fastighets AB Balder, Class B^(a)		3,960		196,866
Getinge AB, Class B^(c)		6,462		187,863
H & M Hennes & Mauritz AB, Class B^(c)		77,224		973,986
Hexagon AB, Class B^(c)		44,436		576,077
Holmen AB, Class B		5,154		298,544
Husqvarna AB, Class A		1,427		13,655
Husqvarna AB, Class B		24,466		234,680
Industrivarden AB, Class A^(c)		16,862		432,645
Industrivarden AB, Class C^(c)		12,668		319,517
Investor AB, Class A^(c)		31,957		668,425
Investor AB, Class B^(c)		112,204		2,161,374
Kinnevik AB, Class A^(a)		942		20,597
Kinnevik AB, Class B^(a)(c)		15,456		303,107
Lundin Energy AB^(c)		9,579		397,346
Saab AB, Class B		9,552		404,721
Sandvik AB^(c)		47,157		889,053
Securitas AB, Class B^(c)		44,106		520,495
Skandinaviska Enskilda Banken AB, Class A		125,056		1,402,119
Skandinaviska Enskilda Banken AB, Class C		1,838		22,420
Skanska AB, Class B		24,402		466,505
SKF AB, Class B		36,500		593,921
SSAB AB, Class A		27,633		176,390

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, 2022

(Unaudited)


	Shares		Value

Sweden-(continued)
SSAB AB, Class B		75,109	$	443,620
Svenska Cellulosa AB S.C.A., Class A		1,047		20,510
Svenska Cellulosa AB S.C.A., Class B^(c)		28,942		562,676
Svenska Handelsbanken AB, Class A		152,682		1,543,180
Svenska Handelsbanken AB, Class B^(c)		3,700		41,693
Swedbank AB, Class A		103,362		1,635,393
Swedish Match AB^(c)		55,460		443,123
Tele2 AB, Class B^(c)		36,149		478,420
Telefonaktiebolaget LM Ericsson, Class A		1,771		14,922
Telefonaktiebolaget LM Ericsson, Class B		151,097		1,216,552
Telia Co. AB^(c)		334,591		1,389,641
Trelleborg AB, Class B^(c)		16,346		357,212
Volvo AB, Class A		18,257		298,041
Volvo AB, Class B^(c)		134,627		2,142,274

				28,175,113


Switzerland-4.89%
ABB Ltd.		81,352		2,442,193
Adecco Group AG		20,656		801,060
Alcon, Inc.		13,807		981,723
Baloise Holding AG		3,450		600,409
Barry Callebaut AG		142		327,937
Chocoladefabriken Lindt & Spruengli AG		3		356,110
Chocoladefabriken Lindt & Spruengli AG, PC		27		302,743
Cie Financiere Richemont S.A		16,297		1,898,510
Clariant AG^(c)		16,411		278,929
Credit Suisse Group AG^(c)		406,158		2,752,576
Dufry AG^(a)		6,428		258,176
Geberit AG		994		568,416
Georg Fischer AG		4,280		232,572
Givaudan S.A.^(c)		252		1,003,569
Helvetia Holding AG		2,750		353,354
Holcim AG		57,454		2,816,124
Julius Baer Group Ltd.		13,273		636,040
Kuehne + Nagel International AG, Class R^(c)		2,270		637,910
Logitech International S.A., Class R^(c)		4,122		267,677
Lonza Group AG		1,201		706,628
Novartis AG		102,160		9,057,385
Partners Group Holding AG		410		435,391
PSP Swiss Property AG		2,264		286,231
Roche Holding AG		28,115		10,435,387
Roche Holding AG, BR		1,037		417,410
Schindler Holding AG		874		168,634
Schindler Holding AG, PC		1,839		354,998
SGS S.A		264		679,423
SIG Group AG^(a)		15,176		318,701
Sika AG		2,529		770,678
Sonova Holding AG, Class A		1,113		401,611
Swatch Group AG (The)		3,199		157,833
Swatch Group AG (The), BR^(c)		2,091		541,144
Swiss Life Holding AG		3,205		1,874,136
Swiss Prime Site AG		3,197		313,557
Swisscom AG^(c)		2,022		1,200,137
UBS Group AG		280,001		4,747,427
Vifor Pharma AG		1,661		296,676
Zurich Insurance Group AG		9,662		4,404,141

				55,083,556


	Shares		Value

Turkey-0.02%
Eldorado Gold Corp.^(a)		19,741	$	192,768


United Kingdom-11.37%
3i Group PLC		49,634		808,639
abrdn PLC		118,369		275,260
Admiral Group PLC		11,218		351,086
Ashtead Group PLC		14,815		764,774
Associated British Foods PLC		27,726		551,768
AstraZeneca PLC		44,175		5,859,191
Aviva PLC		263,545		1,412,798
B&M European Value Retail S.A		49,425		302,562
BAE Systems PLC		238,015		2,211,327
Barclays PLC		1,864,679		3,401,898
Barratt Developments PLC		87,481		534,781
Beazley PLC		33,962		181,085
Bellway PLC		7,299		220,382
Berkeley Group Holdings PLC		9,852		499,454
BP PLC		3,420,620		16,675,616
British American Tobacco PLC		232,073		9,766,649
British Land Co. PLC (The)		71,394		457,125
BT Group PLC		753,562		1,665,045
Bunzl PLC		19,164		741,066
Burberry Group PLC		17,778		349,059
Centrica PLC^(a)		542,871		535,025
CNH Industrial N.V		72,383		1,033,253
Compass Group PLC		102,924		2,164,588
Croda International PLC^(c)		3,767		364,424
DCC PLC		9,441		712,232
Derwent London PLC		6,533		247,378
Diageo PLC		67,396		3,334,637
Direct Line Insurance Group PLC		156,856		497,423
Drax Group PLC		31,890		320,669
DS Smith PLC		105,045		427,142
easyJet PLC^(a)		31,411		215,313
Entain PLC^(a)		18,079		339,387
Experian PLC		22,874		791,618
Halma PLC		7,422		228,188
Hays PLC		132,756		201,622
Hiscox Ltd.		19,679		232,646
Howden Joinery Group PLC		22,299		210,438
HSBC Holdings PLC		1,832,493		11,420,352
IG Group Holdings PLC		22,495		229,327
IMI PLC		12,968		217,894
Imperial Brands PLC		54,805		1,142,292
Inchcape PLC		19,593		172,168
Informa PLC^(a)		74,997		533,862
InterContinental Hotels Group PLC		6,555		417,832
Intermediate Capital Group PLC		11,110		212,787
International Consolidated Airlines Group S.A.^(a)(c)		172,830		303,461
Intertek Group PLC		6,203		385,980
Investec PLC		63,575		370,628
ITV PLC^(c)		295,442		272,709
J Sainsbury PLC		146,246		425,730
Johnson Matthey PLC^(c)		35,799		986,273
Just Eat Takeaway.com N.V.^(a)(c)(d)		11,037		297,724
Kingfisher PLC^(c)		225,236		706,911
Land Securities Group PLC		56,425		525,783
Legal & General Group PLC		401,711		1,247,290
Lloyds Banking Group PLC		6,282,999		3,536,771

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, 2022

(Unaudited)


	Shares		Value

United Kingdom-(continued)
London Stock Exchange Group PLC		5,160	$	511,216
M&G PLC^(c)		181,844		486,294
Man Group PLC		99,107		288,794
Marks & Spencer Group PLC^(a)		269,515		461,423
Meggitt PLC^(a)		35,079		340,669
Melrose Industries PLC		239,188		343,524
Micro Focus International PLC^(c)		53,001		249,857
National Grid PLC		248,232		3,685,034
NatWest Group PLC		565,223		1,517,272
Next PLC		6,078		455,456
Pearson PLC^(c)		69,540		675,302
Pennon Group PLC		29,384		408,108
Persimmon PLC		30,678		798,858
Phoenix Group Holdings PLC		57,924		436,321
Prudential PLC		205,297		2,547,979
Quilter PLC^(d)		170,173		280,387
Reckitt Benckiser Group PLC		27,111		2,111,696
RELX PLC		58,970		1,758,434
Rentokil Initial PLC^(c)		52,720		361,656
Rolls-Royce Holdings PLC^(a)(c)		452,998		461,863
Royal Mail PLC		110,954		475,427
RS GROUP PLC		16,095		209,594
Sage Group PLC (The)		47,421		435,653
Schroders PLC^(c)		6,494		228,785
Segro PLC		38,129		637,091
Severn Trent PLC		14,490		569,720
Smith & Nephew PLC		49,359		797,319
Smiths Group PLC		25,223		460,784
Spectris PLC		6,419		234,022
Spirax-Sarco Engineering PLC		1,426		215,339
SSE PLC		84,405		1,963,084
SSP Group PLC^(a)		61,953		182,929
St James’s Place PLC		31,319		498,823
Standard Chartered PLC		220,318		1,506,980
Subsea 7 S.A.		35,963		297,269
Tate & Lyle PLC		38,653		376,080
Taylor Wimpey PLC		453,262		710,712
Tesco PLC		572,667		1,942,427
Travis Perkins PLC		23,123		351,488
Unilever PLC		151,899		7,044,470
United Utilities Group PLC		42,830		615,331
Virgin Money UK PLC		108,249		232,547
Vodafone Group PLC		3,624,796		5,475,506
Weir Group PLC (The)		13,323		255,266
Whitbread PLC^(a)(c)		12,343		427,218
WPP PLC		107,536		1,331,729

				127,947,058


	Shares		Value

United States-2.95%
Amcor PLC, CDI		97,390	$	1,158,270
Bausch Health Cos., Inc.^(a)		29,536		564,120
Carnival PLC^(a)		13,030		204,169
Ferguson PLC		11,105		1,398,319
GlaxoSmithKline PLC		364,804		8,201,589
James Hardie Industries PLC, CDI		10,608		306,764
Nestle S.A.		107,455		13,903,043
QIAGEN N.V.^(a)		5,484		253,525
Stellantis N.V.		233,741		3,113,952
Swiss Re AG		33,363		2,742,048
Tenaris S.A.^(c)		32,777		499,728
Waste Connections, Inc.		5,994		831,201

				33,176,728


Zambia-0.05%
First Quantum Minerals Ltd.		19,962		575,252

Total Common Stocks & Other Equity Interests (Cost $1,092,669,569)				1,117,527,023


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f) (Cost $221,918)		221,918		221,918

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.32% (Cost $1,092,891,487)				1,117,748,941


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.63%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		35,831,214		35,831,214
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		83,848,457		83,848,457

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,670,916)				119,679,671

TOTAL INVESTMENTS IN SECURITIES-109.95% (Cost $1,212,562,403)				1,237,428,612
OTHER ASSETS LESS LIABILITIES-(9.95)%				(112,029,166	)

NET ASSETS-100.00%			$	1,125,399,446

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, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)	All or a portion of this security was out on loan at April 30, 2022.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $7,872,799, which represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	66,026,564		$	(65,804,646	)		$	-		$	-			$	221,918		$	564
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,101,909			124,843,417			(115,114,112	)			-			-				35,831,214			19,382	*
Invesco Private Prime Fund			60,862,717			226,812,952			(203,814,922	)			8,754			(21,044	)			83,848,457			54,250	*

Total		$	86,964,626		$	417,682,933		$	(384,733,680	)		$	8,754		$	(21,044	)		$	119,901,589		$	74,196

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials			23.49
Industrials			12.66
Energy			10.11
Materials			9.83
Consumer Discretionary			9.72
Consumer Staples			8.08
Health Care			7.32
Communication Services			5.53
Information Technology			5.48
Utilities			4.73
Real Estate			2.35
Money Market Funds Plus Other Assets Less Liabilities			0.70

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, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.46%
Australia-7.02%
Abacus Property Group		91,793	$	213,654
Adbri Ltd.		122,076		249,503
ALS Ltd.		71,291		649,218
Alumina Ltd.		182,735		232,824
Ansell Ltd.		39,395		758,847
ARB Corp. Ltd.		4,986		138,072
Atlas Arteria Ltd.		99,806		486,882
AUB Group Ltd.		8,696		141,430
Austal Ltd.		114,114		162,667
Bapcor Ltd.^(a)		72,793		346,551
Beach Energy Ltd.		558,297		638,400
Bega Cheese Ltd.		73,516		260,538
Blackmores Ltd.		2,696		136,603
Boral Ltd.^(a)		190,476		476,377
Breville Group Ltd.		12,170		200,792
Brickworks Ltd.		13,390		223,765
BWP Trust		90,863		264,309
carsales.com Ltd.		26,045		383,574
Centuria Industrial REIT		62,339		174,218
Centuria Office REIT		90,887		140,896
Challenger Ltd.		82,783		418,923
Champion Iron Ltd.		63,872		323,361
Charter Hall Group		43,833		467,271
Charter Hall Long Wale REIT		59,888		224,478
Charter Hall Retail REIT		121,446		379,584
Charter Hall Social Infrastructure REIT		56,561		161,571
Cleanaway Waste Management Ltd.		221,180		497,711
Cochlear Ltd.		5,268		851,304
Collins Foods Ltd.		24,280		174,047
Coronado Global Resources, Inc., CDI^(b)		254,740		413,647
Corporate Travel Management Ltd.^(c)		8,825		159,699
Costa Group Holdings Ltd.		119,827		281,847
Credit Corp. Group Ltd.		7,372		140,997
Cromwell Property Group		293,357		176,724
CSR Ltd.		139,961		599,879
Domino’s Pizza Enterprises Ltd.		4,532		240,925
Downer EDI Ltd.		187,149		728,236
Eagers Automotive Ltd.		35,632		329,796
EBOS Group Ltd.		11,659		318,737
Elders Ltd.		33,357		337,264
EVENT Hospitality and Entertainment Ltd.^(c)		15,182		154,170
Flight Centre Travel Group Ltd.^(a)(c)		37,577		588,531
Genworth Mortgage Insurance Australia Ltd.		74,344		158,025
GrainCorp Ltd., Class A		83,467		607,868
Growthpoint Properties Australia Ltd.		65,039		199,997
GUD Holdings Ltd.		20,594		185,418
Harvey Norman Holdings Ltd.^(a)		214,592		768,249
Healius Ltd.		151,695		481,382
HomeCo Daily Needs REIT^(b)		208,509		211,783
IGO Ltd.		42,760		396,378
Iluka Resources Ltd.		43,250		341,071
Ingenia Communities Group		42,742		139,906
Inghams Group Ltd.		89,803		194,936
Insignia Financial Ltd.^(a)		185,150		443,383
InvoCare Ltd.^(a)		20,704		177,974
IPH Ltd.		24,134		128,084
IRESS Ltd.		40,327		309,595


	Shares		Value
Australia-(continued)
Link Administration Holdings Ltd.		142,386	$	506,548
Magellan Financial Group Ltd.^(a)		29,958		340,408
Mineral Resources Ltd.		19,837		812,695
Monadelphous Group Ltd.		34,103		256,845
National Storage REIT		165,181		298,322
NEXTDC Ltd.^(c)		37,294		291,089
nib holdings Ltd.		47,233		234,862
Nine Entertainment Co. Holdings Ltd.		279,156		526,522
Northern Star Resources Ltd.		105,761		723,307
NRW Holdings Ltd.		120,333		164,717
Nufarm Ltd.		80,011		360,993
OceanaGold Corp.^(c)		210,750		527,679
oOh!media Ltd.		142,517		155,568
Orora Ltd.		216,963		608,368
OZ Minerals Ltd.		44,636		779,215
Pendal Group Ltd.		161,441		596,042
Perpetual Ltd.		12,734		293,383
Perseus Mining Ltd.		176,923		245,575
Platinum Asset Management Ltd.		178,766		235,051
Premier Investments Ltd.		11,984		212,141
Qube Holdings Ltd.		317,754		656,055
Ramelius Resources Ltd.		163,575		173,252
REA Group Ltd.		2,538		226,537
Reece Ltd.		28,751		349,474
Regis Resources Ltd.		294,637		430,124
Sandfire Resources Ltd.		61,799		246,280
SEEK Ltd.		38,162		747,346
Seven Group Holdings Ltd.		25,909		362,472
Shopping Centres Australasia Property Group		226,614		484,572
Silver Lake Resources Ltd.^(c)		145,932		189,747
SmartGroup Corp. Ltd.		24,788		156,429
St Barbara Ltd.		366,352		341,663
Star Entertainment Group Ltd. (The)^(c)		304,215		675,182
Steadfast Group Ltd.		102,624		371,564
Super Retail Group Ltd.		55,366		410,585
TPG Telecom Ltd.^(a)		133,933		553,292
United Malt Grp Ltd.		81,650		239,338
Viva Energy Group Ltd.^(b)		272,256		535,215
Washington H Soul Pattinson & Co. Ltd.		38,487		749,412
Waypoint REIT Ltd.		184,612		349,717
Webjet Ltd.^(a)(c)		50,159		208,397

				35,617,854

Austria-0.64%
AT&S Austria Technologie & Systemtechnik AG		5,443		278,928
CA Immobilien Anlagen AG		6,191		174,672
EVN AG		8,012		203,772
IMMOFINANZ AG		23,729		573,902
Lenzing AG^(a)		3,363		304,320
Mayr Melnhof Karton AG^(a)		779		137,396
Oesterreichische Post AG^(a)		9,038		290,893
S IMMO AG		6,608		158,892
S&T AG^(a)		13,247		224,078
UNIQA Insurance Group AG^(a)		25,461		193,403

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, 2022

(Unaudited)


	Shares		Value
Austria-(continued)
Verbund AG^(a)		5,482	$	587,029
Vienna Insurance Group AG Wiener Versicherung Gruppe		5,281		130,151

				3,257,436

Belgium-1.17%
Ackermans & van Haaren N.V		4,105		731,843
Aedifica S.A.^(a)		4,148		491,530
Barco N.V.^(a)		14,861		335,107
Befimmo S.A.		5,405		269,620
Bekaert S.A.^(a)		9,906		365,620
bpost S.A.^(a)(c)		65,085		394,530
Cie d’Entreprises CFE		2,115		276,396
D’Ieteren Group		3,476		563,163
Fagron^(a)		9,648		180,911
Galapagos N.V.^(a)(c)		7,831		457,654
KBC Ancora		6,894		276,926
Melexis N.V.^(a)		3,025		260,195
Montea N.V.		1,450		173,479
Ontex Group N.V.^(a)(c)		30,048		207,388
Recticel S.A.		9,660		210,247
Shurgard Self Storage S.A.^(a)		3,309		190,811
Warehouses De Pauw C.V.A.^(a)		14,663		562,770

				5,948,190

Burkina Faso-0.11%
Endeavour Mining PLC		21,996		536,825

Cambodia-0.03%
NagaCorp Ltd.		163,346		145,983

Canada-8.64%
Advantage Energy Ltd.^(c)		50,223		421,652
Aecon Group, Inc.^(a)		36,867		431,829
Ag Growth International, Inc.		7,753		235,917
Alamos Gold, Inc., Class A		89,630		699,900
Altus Group Ltd.		4,555		171,465
Aritzia, Inc.^(c)		4,355		155,895
Artis REIT		45,587		467,623
ATS Automation Tooling Systems, Inc.^(c)		7,942		232,969
Aurora Cannabis, Inc.^(c)		74,349		226,878
AutoCanada, Inc.^(c)		13,841		323,810
Badger Infrastructure Solutions Ltd.		7,358		171,277
Ballard Power Systems, Inc.^(a)(c)		16,054		134,029
Baytex Energy Corp.^(c)		52,088		267,766
Birchcliff Energy Ltd.		77,889		572,870
BlackBerry Ltd.^(c)		58,548		336,707
Boardwalk REIT, Class E		11,138		491,255
Boralex, Inc., Class A		12,599		379,631
Boyd Group Services, Inc.		3,036		377,704
Brookfield Infrastructure Corp., Class A		7,465		532,401
BRP, Inc.		5,039		410,319
Canaccord Genuity Group, Inc.		29,603		261,738
Canadian Western Bank^(a)		28,253		716,466
Canfor Corp.^(c)		28,712		549,955
Canopy Growth Corp.^(a)(c)		44,187		256,192
Capstone Copper Corp.^(c)		41,843		191,527
Cargojet, Inc.		1,112		130,590
Cascades, Inc.		32,819		324,325
Celestica, Inc.^(c)		67,954		767,776
Centerra Gold, Inc.		66,491		618,581
CES Energy Solutions Corp.		77,982		160,473


	Shares		Value
Canada-(continued)
Chartwell Retirement Residences		59,244	$	565,531
Chemtrade Logistics Income Fund^(c)		45,786		270,478
Choice Properties REIT		49,650		589,716
Chorus Aviation, Inc.^(c)		52,016		157,100
Cineplex, Inc.^(a)(c)		41,055		422,741
Cogeco Communications, Inc.		3,209		264,895
Cogeco, Inc.		2,347		140,484
Colliers International Group, Inc.		2,819		312,879
Corus Entertainment, Inc., Class B		139,230		458,635
Crew Energy, Inc.^(c)		69,099		273,033
Crombie REIT^(a)		23,108		316,593
Cronos Group, Inc.^(a)(c)		47,505		143,848
CT REIT^(a)		15,570		216,242
Descartes Systems Group, Inc. (The)^(c)		4,276		266,955
Doman Building Materials Group Ltd.^(a)		36,756		205,342
Dorel Industries, Inc., Class B		38,954		253,283
Dream Industrial REIT		29,057		340,122
Dream Office REIT		17,098		347,833
DREAM Unlimited Corp.		4,664		168,598
Dundee Precious Metals, Inc.		37,136		216,182
ECN Capital Corp.		44,214		201,342
Enerflex Ltd.		28,387		196,791
Enerplus Corp.		34,796		428,535
Enghouse Systems Ltd.		4,852		137,164
Equinox Gold Corp.^(c)		47,020		337,000
Equitable Group, Inc.		4,876		219,946
Exchange Income Corp.^(a)		10,477		339,792
Extendicare, Inc.^(a)		31,749		180,600
Fiera Capital Corp.		28,644		219,864
First Majestic Silver Corp.^(a)		16,592		172,275
First National Financial Corp.		4,845		137,687
FirstService Corp.		2,991		374,867
Fortuna Silver Mines, Inc.^(c)		72,318		254,065
Freehold Royalties Ltd.^(a)		14,368		168,407
GFL Environmental, Inc.		14,922		451,846
goeasy Ltd.		1,325		119,546
Granite REIT		9,831		731,835
Home Capital Group, Inc.		14,024		351,574
Hudbay Minerals, Inc.		73,581		473,825
Innergex Renewable Energy, Inc.		24,176		325,361
Interfor Corp.		18,478		529,451
International Petroleum Corp.^(c)		32,687		314,325
InterRent REIT		25,655		283,238
Intertape Polymer Group, Inc.		18,080		562,325
Ivanhoe Mines Ltd., Class A^(c)		24,233		195,297
Kelt Exploration Ltd.^(c)		39,571		205,278
Killam Apartment REIT		25,565		404,263
Labrador Iron Ore Royalty Corp.		6,993		190,193
Laurentian Bank of Canada		23,533		719,404
LifeWorks, Inc.		12,552		185,621
Lightspeed Commerce, Inc.^(c)		12,126		272,397
Maple Leaf Foods, Inc.		21,057		466,103
Martinrea International, Inc.		41,207		247,297
Mullen Group Ltd.		39,303		377,946
New Gold, Inc.^(c)		116,869		170,999
NFI Group, Inc.		41,550		383,298
North West Co., Inc. (The)		15,087		422,963
NorthWest Healthcare Properties REIT		45,641		473,177
Nuvei Corp.^(b)(c)		3,120		175,377
NuVista Energy Ltd.^(c)		50,743		435,150

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, 2022

(Unaudited)


	Shares		Value
Canada-(continued)
Obsidian Energy Ltd.^(c)		20,291	$	167,656
Osisko Gold Royalties Ltd.		22,749		281,414
Pan American Silver Corp.		32,312		805,240
Paramount Resources Ltd., Class A		12,251		297,732
Pason Systems, Inc.		21,427		271,767
Peyto Exploration & Development Corp.		86,185		882,721
PrairieSky Royalty Ltd.		34,567		476,833
Precision Drilling Corp.^(c)		10,072		729,128
Premium Brands Holdings Corp.		6,187		507,721
Richelieu Hardware Ltd.		5,616		160,256
Ritchie Bros. Auctioneers, Inc.		13,651		755,796
Russel Metals, Inc.		20,621		552,453
Sandstorm Gold Ltd.		23,927		178,977
Secure Energy Services, Inc.		72,949		376,146
ShawCor Ltd.^(c)		44,509		169,253
Sienna Senior Living, Inc.^(a)		23,569		256,151
Sierra Wireless, Inc.^(c)		10,759		170,302
Silvercorp Metals, Inc.		42,577		129,258
Slate Grocery REIT, Class U		12,200		150,824
Sleep Country Canada Holdings, Inc.^(b)		8,432		164,675
Spin Master Corp.^(b)(c)		4,917		177,782
Stelco Holdings, Inc.		10,786		395,724
Stella-Jones, Inc.		17,823		495,064
Summit Industrial Income REIT		17,891		284,733
Superior Plus Corp.		75,328		667,788
Torex Gold Resources, Inc.^(c)		34,746		390,945
Toromont Industries Ltd.		9,984		883,448
TransAlta Corp.		79,348		855,534
TransAlta Renewables, Inc.		21,640		301,729
Transcontinental, Inc., Class A		27,669		348,122
Tricon Residential, Inc.		27,655		402,258
Uni-Select, Inc.^(c)		14,009		330,810
Western Forest Products, Inc.		161,308		260,001
Westshore Terminals Investment Corp.		8,989		242,159
Whitecap Resources, Inc.		32,975		271,685
Winpak Ltd.		7,754		257,789

				43,836,308

China-1.13%
BeiGene Ltd.^(a)(c)		19,000		238,246
Budweiser Brewing Co. APAC Ltd.^(b)		201,867		505,026
CapitaLand China Trust		357,270		301,167
China Travel International Investment Hong Kong Ltd.^(c)		754,000		135,703
Chow Tai Fook Jewellery Group Ltd.		364,819		609,193
ESR Cayman Ltd.^(b)(c)		109,289		331,522
FIH Mobile Ltd.^(a)(c)		1,192,774		147,892
Jinchuan Group International Resources Co. Ltd.		1,538,000		197,926
Kerry Logistics Network Ltd.		89,708		204,766
Lee & Man Paper Manufacturing Ltd.		297,969		142,150
Minth Group Ltd.		139,131		328,116
MMG Ltd.^(c)		1,084,023		457,300
Nexteer Automotive Group Ltd.		382,788		214,441
Powerlong Real Estate Holdings Ltd.^(a)		314,000		106,016
SITC International Holdings Co. Ltd.		125,123		417,764
TI Fluid Systems PLC^(a)(b)		46,888		94,835
Towngas Smart Energy Co. Ltd.		439,000		216,304
Uni-President China Holdings Ltd.		277,349		243,516


	Shares		Value
China-(continued)
Want Want China Holdings Ltd.		662,444	$	596,435
Wharf Holdings Ltd. (The)		86,048		250,530

				5,738,848

Colombia-0.15%
Frontera Energy Corp.^(c)		16,444		177,944
Parex Resources, Inc.		30,599		599,506

				777,450

Denmark-1.61%
Alm Brand A/S		225,810		386,252
Bavarian Nordic A/S^(a)(c)		8,089		152,177
D/S Norden A/S		14,341		532,693
Demant A/S^(a)(c)		10,096		443,883
Dfds A/S		7,838		303,110
Drilling Co. of 1972 A/S (The)^(c)		7,595		379,356
FLSmidth & Co. A/S^(a)		25,831		711,369
GN Store Nord A/S^(a)		12,127		452,108
H Lundbeck A/S		23,457		539,362
Matas A/S		11,356		157,656
NKT A/S^(c)		11,508		541,837
Per Aarsleff Holding A/S		4,223		160,235
Ringkjoebing Landbobank A/S		3,476		421,500
ROCKWOOL A/S, Class B		1,025		287,621
Royal Unibrew A/S		5,801		496,137
Scandinavian Tobacco Group A/S^(b)		13,454		281,979
Schouw & Co. A/S		2,680		205,187
SimCorp A/S^(a)		3,703		259,768
Spar Nord Bank A/S		13,646		174,015
Sydbank A/S		19,125		659,408
Topdanmark A/S		10,985		618,162

				8,163,815

Egypt-0.15%
Centamin PLC		649,866		743,599

Faroe Islands-0.10%
Bakkafrost P/F		7,155		495,000

Finland-1.02%
Cargotec OYJ, Class B		19,150		663,681
Citycon OYJ^(a)		28,887		205,097
Finnair OYJ^(a)(c)		447,651		219,143
Kemira OYJ		19,600		254,981
Kojamo OYJ		36,581		721,633
Konecranes OYJ^(c)		22,721		632,436
Metsa Board OYJ^(a)		41,049		443,601
Metso Outotec OYJ		65,507		554,306
Terveystalo Oyj^(b)		13,439		149,959
TietoEVRY OYJ^(a)		28,537		714,871
Tokmanni Group Corp.		15,502		199,852
Uponor OYJ		11,579		200,753
YIT OYJ		50,764		202,721

				5,163,034

France-3.10%
Albioma S.A.		7,707		407,102
ALD S.A.^(a)(b)		20,581		279,975
Alten S.A.		4,114		551,002
BioMerieux		4,313		409,190
Casino Guichard Perrachon S.A.^(a)(c)		35,027		617,094
Cie Plastic Omnium S.A.^(a)		22,923		368,307
Coface S.A.^(c)		36,359		432,111

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, 2022

(Unaudited)


	Shares		Value
France-(continued)
Dassault Aviation S.A.		5,034	$	850,761
Derichebourg S.A.		31,461		282,315
Elior Group S.A.^(a)(b)(c)		79,831		242,086
Eramet S.A.^(c)		2,420		324,399
Fnac Darty S.A.^(a)		5,788		286,110
Gaztransport Et Technigaz S.A., (Acquired 09/11/2017 - 04/26/2022; Cost $310,843)^(d)		3,715		441,505
ICADE		10,541		627,129
Imerys S.A.		13,715		537,045
Ipsen S.A.		4,950		513,661
Ipsos		8,445		404,890
JCDecaux S.A.^(a)(c)		12,246		257,793
Korian S.A.		20,540		430,503
La Francaise des Jeux SAEM^(b)		12,449		463,152
Lagardere S.A.		10,833		284,189
Maisons du Monde S.A.^(a)(b)		15,306		261,281
Mercialys S.A.		39,272		376,075
Metropole Television S.A.		10,750		198,822
Nexans S.A.		9,055		823,508
Nexity S.A.		11,345		342,921
Remy Cointreau S.A.		2,151		425,963
Sartorius Stedim Biotech		617		200,831
SMCP S.A.^(b)(c)		35,890		231,633
Societe BIC S.A.^(a)		8,363		499,709
SOITEC^(c)		1,357		242,987
Somfy S.A.		864		115,045
Sopra Steria Group SACA		3,287		579,301
Television Francaise 1^(a)		27,881		235,064
Trigano S.A.		1,654		212,032
Vallourec S.A.^(c)		51,623		615,667
Verallia S.A.^(b)		18,148		494,799
Virbac S.A.		459		184,590
Wendel SE		6,856		679,274

				15,729,821

Germany-4.65%
1&1 AG		11,799		247,773
ADLER Group S.A.^(a)(b)		66,231		502,786
ADVA Optical Networking SE^(c)		11,952		199,745
Amadeus Fire AG		856		120,799
Auto1 Group SE^(b)(c)		15,035		159,088
Bechtle AG		14,237		665,657
Bilfinger SE		12,498		509,723
CANCOM SE		7,062		343,448
Carl Zeiss Meditec AG, BR		2,129		268,907
CECONOMY AG		107,978		374,085
CompuGroup Medical SE & Co. KGaA		3,417		184,020
Corestate Capital Holding S.A.^(a)(c)		11,937		102,783
CTS Eventim AG & Co. KGaA^(c)		5,183		360,205
Deutsche EuroShop AG		20,424		339,139
Deutsche Pfandbriefbank AG^(b)		52,541		667,909
Deutsche Wohnen SE		12,513		359,787
Deutz AG		55,024		246,586
DIC Asset AG		10,039		140,170
Draegerwerk AG & Co. KGaA		1,117		51,048
Draegerwerk AG & Co. KGaA, Preference Shares		3,329		165,763
Duerr AG		19,357		508,278
DWS Group GmbH & Co. KGaA^(b)		14,504		480,129


	Shares		Value
Germany-(continued)
ElringKlinger AG^(c)		18,733	$	156,487
Encavis AG^(a)		15,869		349,970
Evotec SE^(c)		9,842		239,046
Fielmann AG		4,779		243,005
Fraport AG Frankfurt Airport Services Worldwide^(c)		10,350		559,570
Fuchs Petrolub SE		7,203		192,250
Fuchs Petrolub SE, Preference Shares		15,092		480,479
Gerresheimer AG		8,625		605,080
Grand City Properties S.A		37,169		658,752
GRENKE AG		5,918		156,470
Heidelberger Druckmaschinen AG^(c)		173,973		391,292
Hella GmbH & Co. KGaA		6,681		423,240
HelloFresh SE^(c)		8,510		364,312
Hornbach Holding AG & Co. KGaA		3,569		429,600
Instone Real Estate Group SE^(b)		12,369		191,294
Jenoptik AG		9,758		276,034
Jungheinrich AG, Preference Shares		11,415		283,881
Kloeckner & Co. SE^(c)		49,138		640,217
Krones AG		4,082		319,313
Leoni AG^(a)(c)		19,310		180,967
METRO AG^(c)		53,298		468,656
MorphoSys AG^(c)		6,143		131,555
Nemetschek SE		1,843		147,977
Nordex SE^(a)(c)		41,319		603,689
Norma Group SE		7,281		180,813
Rational AG		267		164,355
Sartorius AG		61		20,464
Sartorius AG, Preference Shares		664		251,545
Schaeffler AG, Preference Shares^(a)		75,063		405,441
Scout24 SE^(b)		15,333		978,315
Siltronic AG		5,081		474,299
Sirius Real Estate Ltd.		168,870		254,379
Sixt SE^(c)		2,748		361,531
Sixt SE, Preference Shares		3,549		258,712
Software AG		13,130		407,718
Softwareone Holding AG^(a)		30,884		418,591
Stabilus SE		3,127		149,107
Stroeer SE & Co. KGaA		5,342		322,071
Suedzucker AG		34,698		454,630
Synlab AG^(c)		13,203		197,939
Talanx AG		13,408		565,356
TeamViewer AG^(b)(c)		11,238		136,314
Traton SE		18,519		310,531
Vantage Towers AG		10,885		369,748
Vitesco Technologies Group AG^(c)		16,760		676,351
Wacker Chemie AG		3,740		603,207
Wacker Neuson SE		7,807		164,143

				23,616,524

Ghana-0.06%
Tullow Oil PLC^(a)(c)		416,347		292,519

Hong Kong-1.67%
ASM Pacific Technology Ltd.		80,758		816,124
Bank of East Asia Ltd. (The)		116,397		171,780
Cathay Pacific Airways Ltd.^(a)(c)		298,307		297,971
CK Infrastructure Holdings Ltd.		103,763		698,222
Cowell e Holdings, Inc.^(c)		255,550		285,604
Dairy Farm International Holdings Ltd.		51,440		138,566
Hang Lung Properties Ltd.		327,862		625,285

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, 2022

(Unaudited)


	Shares		Value
Hong Kong-(continued)
Huabao International Holdings Ltd.^(a)		402,692	$	219,265
Hysan Development Co. Ltd.		80,937		236,927
Kerry Properties Ltd.		79,684		214,289
Man Wah Holdings Ltd.		264,698		247,288
Mapletree North Asia Commercial Trust^(b)		696,886		600,207
Melco International Development Ltd.^(c)		170,406		133,630
Orient Overseas International Ltd.		26,000		716,728
Pacific Basin Shipping Ltd.		775,375		357,149
PCCW Ltd.		355,311		201,495
Singamas Container Holdings Ltd.		1,060,000		147,383
Sino Land Co. Ltd.		309,667		408,151
Swire Pacific Ltd., Class A		65,500		373,310
Swire Pacific Ltd., Class B		117,500		110,505
Swire Properties Ltd.		173,650		413,593
Truly International Holdings Ltd.		900,000		242,667
United Energy Group Ltd.^(a)		1,770,000		208,743
Vinda International Holdings Ltd.^(a)		57,000		137,454
Vitasoy International Holdings Ltd.^(a)		150,545		273,224
VTech Holdings Ltd.		25,468		179,806

				8,455,366

Iraq-0.04%
Gulf Keystone Petroleum Ltd.		75,191		228,049

Ireland-0.36%
AIB Group PLC		303,505		654,280
C&C Group PLC^(a)(c)		91,930		238,903
Dalata Hotel Group PLC^(c)		32,926		150,457
Glanbia PLC		43,019		516,457
Glenveagh Properties PLC^(b)(c)		116,561		140,147
Greencore Group PLC^(a)(c)		92,850		133,593

				1,833,837

Israel-2.34%
Airport City Ltd.^(c)		13,372		298,137
Alony Hetz Properties & Investments Ltd.		19,550		318,990
Amot Investments Ltd.		24,754		187,877
Ashtrom Group Ltd.		6,090		170,216
Azrieli Group Ltd.		5,161		442,419
Big Shopping Centers Ltd.		930		140,968
Clal Insurance Enterprises Holdings Ltd.^(c)		13,263		293,191
Delek Group Ltd.^(c)		3,989		659,515
El Al Israel Airlines^(c)		144,627		182,469
Elbit Systems Ltd.		4,059		882,705
Elco Ltd.		1,711		133,130
Electra Ltd.		241		165,546
FIBI Holdings Ltd.		3,213		151,108
First International Bank of Israel Ltd. (The)		13,058		547,963
Formula Systems 1985 Ltd.		1,813		175,703
Gazit-Globe Ltd.		36,926		348,424
Harel Insurance Investments & Financial Services Ltd.		30,353		371,111
Isracard Ltd.		38,953		196,208
Israel Corp. Ltd. (The)^(c)		721		408,483
Matrix IT Ltd.		5,147		130,127
Melisron Ltd.^(c)		2,965		240,491
Migdal Insurance & Financial Holdings Ltd.		93,200		157,118
Mivne Real Estate KD Ltd.		83,151		312,814
Nice Ltd.^(c)		3,760		777,312
Norstar Holdings, Inc.		13,954		223,620
Nova Ltd.^(c)		1,291		123,554


	Shares		Value
Israel-(continued)
Oil Refineries Ltd.^(c)		955,927	$	426,150
Partner Communications Co. Ltd.^(c)		29,840		236,149
Paz Oil Co. Ltd.^(c)		2,152		334,049
Phoenix Holdings Ltd. (The)		33,972		425,556
Plus500 Ltd.		32,408		632,913
Reit 1 Ltd.		26,020		168,252
Shikun & Binui Ltd.^(c)		42,078		248,344
Shufersal Ltd.^(a)		44,795		377,516
Strauss Group Ltd.		6,949		185,391
Tower Semiconductor Ltd.^(c)		17,015		817,774

				11,891,293

Italy-2.78%
ACEA S.p.A		14,228		244,124
Amplifon S.p.A.^(a)		8,926		355,173
Anima Holding S.p.A.^(b)		88,531		428,419
Autogrill S.p.A.^(a)(c)		71,695		527,545
Banca Generali S.p.A.^(a)		16,005		525,750
Banca IFIS S.p.A.^(a)		16,363		294,867
Banca Mediolanum S.p.A.		84,353		607,484
Banca Monte dei Paschi di Siena S.p.A.^(a)(c)		249,850		210,497
Banca Popolare di Sondrio S.p.A.^(a)		87,987		345,130
BFF Bank S.p.A.^(b)		50,845		316,749
Brembo S.p.A.^(a)		38,815		386,965
Buzzi Unicem S.p.A.^(a)		35,376		650,780
Danieli & C. Officine Meccaniche S.p.A.^(a)		3,414		72,010
Danieli & C. Officine Meccaniche S.p.A., RSP		11,165		174,198
Davide Campari-Milano N.V.		41,926		471,839
De Longhi S.p.A.^(a)		15,217		368,084
DiaSorin S.p.A.^(a)		2,026		264,838
Enav S.p.A.^(b)(c)		61,788		283,254
ERG S.p.A.		20,335		701,007
Esprinet S.p.A.^(a)		29,418		271,078
Infrastrutture Wireless Italiane S.p.A.^(a)(b)		55,729		593,750
Interpump Group S.p.A		9,108		366,512
Iren S.p.A.		223,307		577,794
Maire Tecnimont S.p.A.^(a)		81,109		237,319
MFE-MediaForEurope N.V., Class A^(a)(c)		203,636		123,998
MFE-MediaForEurope N.V., Class B^(a)		227,128		208,430
Nexi S.p.A.^(b)(c)		26,990		265,285
OVS S.p.A.^(a)(b)(c)		140,789		266,355
Piaggio & C S.p.A		72,990		181,499
PRADA S.p.A.		64,913		400,004
Recordati Industria Chimica e Farmaceutica S.p.A.^(a)		13,404		641,686
Reply S.p.A		1,645		241,360
Salvatore Ferragamo S.p.A.^(a)(c)		12,133		208,341
Saras S.p.A.^(a)(c)		747,131		697,346
Sesa S.p.A.		1,053		152,018
Societa Cattolica Di Assicurazione S.p.A.^(a)(c)		31,463		204,506
Technogym S.p.A.^(a)(b)		24,306		183,154
Unieuro S.p.A.^(a)(b)		19,510		325,687
UnipolSai Assicurazioni S.p.A.^(a)		153,502		429,723
Webuild S.p.A.^(a)		185,508		312,846
Webuild S.p.A., Wts., expiring 08/02/2030^(c)		6,553		0

				14,117,404

Japan-27.29%
77 Bank Ltd. (The)		17,396		214,045
ABC-Mart, Inc.		8,920		368,351
Acom Co. Ltd.		150,932		389,434

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, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Activia Properties, Inc.		188	$	600,741
Adastria Co. Ltd.		16,532		271,691
ADEKA Corp.		18,217		350,486
Advance Residence Investment Corp.		254		698,912
Aeon Delight Co. Ltd.		5,784		123,701
AEON Financial Service Co. Ltd.		55,500		509,685
Aeon Mall Co. Ltd.		52,802		641,141
AEON REIT Investment Corp.		380		436,730
Aica Kogyo Co. Ltd.		9,532		220,405
Aichi Bank Ltd. (The)		4,170		147,609
Aiful Corp.		93,441		267,588
Ain Holdings, Inc.^(a)		8,362		376,923
Air Water, Inc.		48,490		642,413
Alconix Corp.		19,925		216,375
Alfresa Holdings Corp.		46,377		632,743
Alpen Co. Ltd.		9,540		143,417
Amano Corp.		8,957		172,885
Anritsu Corp.^(a)		31,472		397,241
Aoyama Trading Co. Ltd.		44,524		226,253
Arcland Sakamoto Co. Ltd.		12,591		150,238
Ariake Japan Co. Ltd.		3,723		149,376
As One Corp.		2,933		154,272
Asahi Holdings, Inc.^(a)		24,417		389,172
Asahi Intecc Co. Ltd.		11,097		217,555
Asanuma Corp.		4,880		191,532
Asics Corp.		40,560		633,048
ASKUL Corp.		16,868		204,873
Autobacs Seven Co. Ltd.		19,856		209,697
Avex, Inc.		16,698		180,284
Azbil Corp.		22,456		686,625
Bank of Kyoto Ltd. (The)		16,792		730,411
Bell System24 Holdings, Inc.		13,849		160,125
Benesse Holdings, Inc.		17,333		304,139
Bic Camera, Inc.^(a)		48,603		410,345
BIPROGY, Inc.		18,779		478,317
BML, Inc.		6,340		163,322
Calbee, Inc.		22,744		408,149
Canon Marketing Japan, Inc.		10,550		229,558
Capcom Co. Ltd.		14,718		389,008
Chiyoda Corp.^(c)		87,612		292,326
Chugoku Bank Ltd. (The)		23,280		171,476
Chugoku Electric Power Co., Inc. (The)^(a)		99,262		654,289
Citizen Watch Co. Ltd.		141,252		538,139
CKD Corp.		18,420		240,396
CMK Corp.		28,260		110,958
Coca-Cola Bottlers Japan Holdings, Inc.		40,835		458,982
Colowide Co. Ltd.^(a)		19,271		247,002
Comforia Residential REIT, Inc.		121		302,593
Cosmo Energy Holdings Co. Ltd.		29,975		742,666
Cosmos Pharmaceutical Corp.		3,869		360,028
CyberAgent, Inc.		53,250		566,971
Daicel Corp.		65,386		398,988
Daido Steel Co. Ltd.		9,316		267,328
Daihen Corp.		4,555		130,638
Daiichikosho Co. Ltd.		6,137		167,598
Daiki Aluminium Industry Co. Ltd.^(a)		13,725		151,407
Daio Paper Corp.		14,343		171,247
Daiseki Co. Ltd.		6,937		250,415
Daiwa Office Investment Corp.		68		386,292
Daiwa Securities Living Investments Corp.		395		349,248


	Shares		Value
Japan-(continued)
Daiwabo Holdings Co. Ltd.		18,819	$	244,694
DCM Holdings Co. Ltd.		23,961		197,287
DeNA Co. Ltd.^(c)		30,635		444,574
Denka Co. Ltd.		27,750		743,324
Descente Ltd.		6,505		126,188
Dexerials Corp.		8,321		185,034
DIC Corp.		19,516		371,691
Digital Garage, Inc.		4,270		141,760
DMG Mori Co. Ltd.		52,961		667,674
Doutor Nichires Holdings Co. Ltd.		12,391		142,373
DTS Corp.		6,893		151,136
Duskin Co. Ltd.		6,564		140,160
DyDo Group Holdings, Inc.		3,369		130,582
Earth Corp.		3,295		139,556
EDION Corp.		33,005		297,701
Elecom Co. Ltd.		13,003		156,362
en Japan, Inc.		5,690		134,290
Exedy Corp.		10,268		122,715
EXEO Group, Inc.		24,125		402,537
Ezaki Glico Co. Ltd.		12,366		355,955
Fancl Corp.		7,532		144,882
FCC Co. Ltd.		13,147		131,659
Financial Products Group Co. Ltd.		19,976		121,978
Food & Life Cos. Ltd.		11,055		263,670
FP Corp.		9,636		216,637
Frontier Real Estate Investment Corp.		111		429,782
Fuji Corp.		28,472		477,405
Fuji Media Holdings, Inc.		35,106		303,346
Fuji Oil Holdings, Inc.		15,890		226,356
Fuji Seal International, Inc.		11,645		155,315
Fuji Soft, Inc.		3,850		205,384
Fujikura Ltd.		124,788		595,106
Fujimi, Inc.		2,540		111,436
Fujitec Co. Ltd.		11,164		240,001
Fujitsu General Ltd.		15,699		279,465
Fukuoka REIT Corp.		109		136,629
Fukuyama Transporting Co. Ltd.		4,108		115,058
Furukawa Electric Co. Ltd.		40,255		656,465
Fuyo General Lease Co. Ltd.		2,288		123,828
Gakken Holdings Co. Ltd.		16,670		113,689
Global One Real Estate Investment Corp.		229		196,902
GLOBERIDE, Inc.		7,378		149,773
Glory Ltd.		9,293		149,849
GMO internet, Inc.		12,908		260,318
GOLDWIN, Inc.		4,367		217,032
GS Yuasa Corp.		34,360		598,817
GungHo Online Entertainment, Inc.		7,829		160,506
Gunma Bank Ltd. (The)		152,045		437,734
H.I.S. Co. Ltd.^(a)(c)		23,765		397,037
H.U. Group Holdings, Inc.		26,543		593,831
H2O Retailing Corp.^(a)		35,113		229,040
Hachijuni Bank Ltd. (The)		90,587		298,721
Hakuhodo DY Holdings, Inc.		48,525		574,653
Hamamatsu Photonics K.K.		12,765		574,814
Hanwa Co. Ltd.		6,882		168,727
Haseko Corp.		51,945		569,155
Hazama Ando Corp.^(a)		47,382		330,152
Heiwa Corp.		11,344		169,947
Heiwa Real Estate Co. Ltd.		6,988		219,791
Heiwa Real Estate REIT, Inc.		165		188,936

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, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Hikari Tsushin, Inc.		6,276	$	726,579
Hirata Corp.		3,520		129,938
Hirogin Holdings, Inc.^(a)		48,454		240,101
Hisamitsu Pharmaceutical Co., Inc.		23,002		632,551
Hitachi Transport System Ltd.		10,892		717,951
Hitachi Zosen Corp.^(a)		107,888		585,119
Hokkaido Electric Power Co., Inc.		54,453		203,001
Hokkoku Financial Holdings, Inc.		9,760		281,103
Hokuetsu Corp.^(a)		30,839		158,222
Hokuhoku Financial Group, Inc.		33,887		229,606
Hokuriku Electric Power Co.		40,831		162,303
Horiba Ltd.		9,658		470,785
Hoshino Resorts REIT, Inc.^(a)		44		227,200
Hoshizaki Corp.		8,963		569,072
Hosiden Corp.		27,000		259,016
House Foods Group, Inc.		14,710		344,727
Hulic Reit, Inc.		292		363,760
Ichigo Office REIT Investment Corp.^(a)		286		183,882
Idec Corp.		7,625		135,430
IDOM, Inc.		40,646		200,643
Iino Kaiun Kaisha Ltd.		23,480		132,438
Inabata & Co. Ltd.		8,845		144,882
Industrial & Infrastructure Fund Investment Corp.		306		439,484
INFRONEER Holdings, Inc.		45,242		331,880
Internet Initiative Japan, Inc.		10,738		339,047
Invincible Investment Corp.		1,452		475,744
IRISO Electronics Co. Ltd.		4,909		115,372
Ishihara Sangyo Kaisha Ltd.		22,160		173,986
Ito En Ltd.^(a)		10,315		424,160
Itochu Techno-Solutions Corp.		24,722		582,940
Itoham Yonekyu Holdings, Inc.		27,902		141,478
Iwatani Corp.		14,230		568,865
Iyo Bank Ltd. (The)		41,054		198,971
Izumi Co. Ltd.^(a)		11,038		238,350
J Trust Co. Ltd.		49,405		119,397
Jaccs Co. Ltd.		6,505		165,253
JAFCO Group Co. Ltd.		35,217		426,021
Japan Airport Terminal Co. Ltd.^(c)		7,891		327,620
Japan Aviation Electronics Industry Ltd.		21,897		306,803
Japan Display, Inc.^(c)		926,659		474,650
Japan Excellent, Inc.		287		282,658
Japan Hotel REIT Investment Corp.		1,148		579,460
Japan Lifeline Co. Ltd.		18,887		157,668
Japan Logistics Fund, Inc.		161		395,168
Japan Petroleum Exploration Co. Ltd.		22,885		453,425
Japan Prime Realty Investment Corp.		209		635,170
Japan Securities Finance Co. Ltd.		21,650		156,370
Japan Steel Works Ltd. (The)		16,738		473,266
Jeol Ltd.		3,741		170,416
Joyful Honda Co. Ltd.		13,010		156,195
Juki Corp.		25,210		168,981
JVCKenwood Corp.		160,805		229,060
Kadokawa Corp.		13,995		352,379
Kagome Co. Ltd.		15,429		386,557
Kakaku.com, Inc.		14,165		298,377
Kaken Pharmaceutical Co. Ltd.^(a)		6,247		189,409
Kamigumi Co. Ltd.		23,277		396,307
Kanamoto Co. Ltd.^(a)		11,565		173,078	��
Kaneka Corp.		12,013		322,142


	Shares		Value
Japan-(continued)
Kanematsu Corp.		18,119	$	187,812
Kanto Denka Kogyo Co. Ltd.		13,973		105,550
Keihan Holdings Co. Ltd.		29,144		623,968
Keikyu Corp.^(a)		64,864		654,840
Kenedix Office Investment Corp.^(a)		103		537,858
Kenedix Residential Next Investment Corp.		183		294,444
Kenedix Retail REIT Corp.		161		338,183
Kewpie Corp.		29,179		494,567
KH Neochem Co. Ltd.		11,414		216,575
Kinden Corp.		18,870		223,542
Kintetsu World Express, Inc.		14,327		343,357
Kobayashi Pharmaceutical Co. Ltd.^(a)		6,298		430,991
Koei Tecmo Holdings Co. Ltd.^(a)		8,158		248,828
Kohnan Shoji Co. Ltd.		6,667		192,356
Kokuyo Co. Ltd.		14,191		185,237
Komeri Co. Ltd.		7,070		149,395
Konami Holdings Corp.		14,345		890,196
Kose Corp.		4,931		511,521
K’s Holdings Corp.		66,275		658,759
Kumagai Gumi Co. Ltd.		13,438		281,286
Kureha Corp.		7,116		540,953
Kusuri no Aoki Holdings Co. Ltd.		4,386		194,643
KYB Corp.		9,773		221,422
Kyoritsu Maintenance Co. Ltd.		5,941		217,148
Kyudenko Corp.		7,558		171,741
Kyushu Financial Group, Inc.		60,855		186,943
LaSalle Logiport REIT		219		297,161
Lasertec Corp.		1,015		137,391
Leopalace21 Corp.^(c)		84,213		127,398
Life Corp.		7,565		172,977
Lintec Corp.		11,643		218,466
M3, Inc.		13,698		441,776
Mabuchi Motor Co. Ltd.		16,347		438,301
Macnica Fuji Electronics Holdings, Inc.		13,342		278,925
Makino Milling Machine Co. Ltd.		9,272		284,312
Mandom Corp.		14,425		143,718
Maruha Nichiro Corp., Class C		8,370		154,524
Maruichi Steel Tube Ltd.		10,367		221,568
Matsuda Sangyo Co. Ltd.		7,520		133,267
Matsui Securities Co. Ltd.		27,353		169,634
Maxell Ltd.		20,730		183,708
MCJ Co. Ltd.		17,483		114,500
Medipal Holdings Corp.		37,518		615,631
Megachips Corp.^(c)		4,575		118,145
Megmilk Snow Brand Co. Ltd.		9,189		137,452
Meidensha Corp.		8,293		150,167
Meiko Electronics Co. Ltd.		5,995		160,524
Meitec Corp.		5,358		285,485
Menicon Co. Ltd.		6,738		144,313
Mirai Corp.^(a)		440		171,132
Mirait Holdings Corp.		17,377		244,259
Mitsubishi Estate Logistics REIT Investment Corp.		45		161,508
Mitsubishi Logistics Corp.		17,503		404,845
Mitsui E&S Holdings Co. Ltd.^(a)(c)		117,334		313,324
Mitsui Fudosan Logistics Park, Inc.		69		295,848
Mitsui Matsushima Holdings Co. Ltd.		10,470		164,240
Miura Co. Ltd.		15,774		331,030
Mixi, Inc.		24,321		419,910
Monex Group, Inc.		51,061		234,199

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, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
MonotaRO Co. Ltd.		9,250	$	160,646
Mori Hills REIT Investment Corp.		311		352,416
Mori Trust Sogo Reit, Inc.		190		207,510
Morinaga & Co. Ltd.		10,608		329,527
Morinaga Milk Industry Co. Ltd.		11,727		474,456
Musashi Seimitsu Industry Co. Ltd.		17,541		179,150
Nachi-Fujikoshi Corp.		4,828		140,083
Nagase & Co. Ltd.		12,200		175,002
Namura Shipbuilding Co. Ltd.^(a)(c)		60,890		164,791
Nankai Electric Railway Co. Ltd.		17,010		304,336
NEC Networks & System Integration Corp.		20,558		292,353
NET One Systems Co. Ltd.		19,664		469,667
Nexon Co. Ltd.		40,076		916,663
NHK Spring Co. Ltd.		64,386		417,067
Nichias Corp.		11,879		213,987
Nichicon Corp.^(a)		23,732		215,206
Nichi-iko Pharmaceutical Co. Ltd.^(a)(c)		28,528		171,529
Nifco, Inc.		20,500		430,865
Nihon Kohden Corp.		19,012		459,099
Nihon M&A Center Holdings, Inc.		15,174		188,015
Nikkiso Co. Ltd.		25,681		160,171
Nippon Accommodations Fund, Inc.		90		443,076
Nippon Carbon Co. Ltd.		4,504		144,491
Nippon Chemi-Con Corp.^(c)		15,308		213,914
Nippon Denko Co. Ltd.		50,074		120,853
Nippon Gas Co. Ltd.		26,526		377,129
Nippon Kayaku Co. Ltd.		21,394		186,623
Nippon Light Metal Holdings Co. Ltd.		24,647		317,630
Nippon Paint Holdings Co. Ltd.^(a)		90,654		723,205
Nippon Paper Industries Co. Ltd.^(a)		52,225		415,994
NIPPON REIT Investment Corp.		108		308,914
Nippon Sanso Holdings Corp.		42,729		768,304
Nippon Sheet Glass Co. Ltd.^(c)		75,413		229,023
Nippon Shinyaku Co. Ltd.		7,070		479,590
Nippon Shokubai Co. Ltd.		5,366		217,610
Nippon Steel Trading Corp.		4,130		168,916
Nippon Suisan Kaisha Ltd.		124,273		551,439
Nippon Television Holdings, Inc.		18,330		176,191
Nippon Yakin Kogyo Co. Ltd.		9,045		175,434
Nipro Corp.		36,954		291,999
Nishimatsu Construction Co. Ltd.		13,749		407,300
Nishimatsuya Chain Co. Ltd.^(a)		17,708		217,199
Nishi-Nippon Financial Holdings, Inc.		36,595		220,051
Nishi-Nippon Railroad Co. Ltd.		8,488		170,332
Nissha Co. Ltd.^(a)		19,259		204,143
Nisshin Seifun Group, Inc.		53,449		711,358
Nisshinbo Holdings, Inc.		81,318		608,802
Nissin Electric Co. Ltd.		16,286		174,408
Nitto Boseki Co. Ltd.		5,495		106,767
NOF Corp.		15,194		570,253
Nojima Corp.		7,696		154,721
NOK Corp.		22,790		194,633
Nomura Co. Ltd.		21,164		145,506
Noritz Corp.		10,470		121,332
NS Solutions Corp.		6,276		187,981
NS United Kaiun Kaisha Ltd.		5,285		145,423
NSD Co. Ltd.		8,379		148,815
NTN Corp.^(a)(c)		404,980		647,645
NTT UD REIT Investment Corp.^(a)		317		366,714
Obic Co. Ltd.		4,618		684,486


	Shares		Value
Japan-(continued)
Okamura Corp.		16,975	$	156,479
Oki Electric Industry Co. Ltd.		27,672		179,990
OKUMA Corp.^(a)		10,535		378,275
Okumura Corp.		6,869		162,541
One REIT, Inc.		58		123,243
Onward Holdings Co. Ltd.^(a)		91,419		170,264
Open House Group Co. Ltd.		16,559		642,110
Organo Corp.		2,135		147,118
Orient Corp.^(a)		367,953		354,481
OSG Corp.		17,772		223,134
Outsourcing, Inc.		38,602		384,327
Paltac Corp.		6,259		228,563
Park24 Co. Ltd.^(a)(c)		38,660		552,457
Pasona Group, Inc.^(a)		9,989		159,143
Penta-Ocean Construction Co. Ltd.		87,527		429,366
Pigeon Corp.		24,019		407,686
Pilot Corp.		3,974		160,678
Pola Orbis Holdings, Inc.		24,661		285,559
Press Kogyo Co. Ltd.		66,175		199,089
Pressance Corp.		9,455		113,991
Prima Meat Packers Ltd.		6,945		113,989
Raito Kogyo Co. Ltd.		11,291		168,917
Relo Group, Inc.		26,353		378,824
Rengo Co. Ltd.		60,754		360,423
Resorttrust, Inc.		21,908		365,966
Rinnai Corp.		10,424		661,514
Rohto Pharmaceutical Co. Ltd.		14,581		389,683
Round One Corp.		18,106		202,633
Royal Holdings Co. Ltd.		9,883		158,357
Saizeriya Co. Ltd.^(a)		6,883		126,683
Sakai Chemical Industry Co. Ltd.		9,250		130,884
Sakata Seed Corp.		5,808		196,125
SAMTY Co. Ltd.^(a)		10,780		174,312
San-In Godo Bank Ltd. (The)		25,615		127,250
Sanken Electric Co. Ltd.		7,568		278,931
Sankyo Co. Ltd.		17,288		498,770
Sankyu, Inc.		13,474		410,546
Sanoh Industrial Co. Ltd.		25,586		138,446
Sanrio Co. Ltd.^(a)		7,159		150,683
Sanwa Holdings Corp.		30,089		274,884
Sanyo Chemical Industries Ltd.		4,254		163,098
Sanyo Denki Co. Ltd.		3,760		162,189
Sanyo Special Steel Co. Ltd.		13,115		202,050
Sapporo Holdings Ltd.		19,700		409,667
Sawai Group Holdings Co. Ltd.		7,143		240,103
SBS Holdings, Inc.		6,498		151,883
SCREEN Holdings Co. Ltd.		7,207		591,385
SCSK Corp.		32,332		516,506
Seiko Holdings Corp.		7,486		128,371
Seino Holdings Co. Ltd.		28,672		234,371
Seiren Co. Ltd.^(a)		12,400		196,632
Sekisui House REIT, Inc.^(a)		813		477,166
Senko Group Holdings Co. Ltd.		28,823		195,544
Senshu Ikeda Holdings, Inc.		137,130		187,867
Seven Bank Ltd.		298,289		558,662
Shibaura Machine Co. Ltd.		9,252		221,508
Shiga Bank Ltd. (The)^(a)		9,045		169,808
Shikoku Electric Power Co., Inc.		42,146		243,382
Shindengen Electric Manufacturing Co. Ltd.		6,710		150,441
Shinko Electric Industries Co. Ltd.		7,192		312,920

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, 2022

(Unaudited)


	Shares		Value
Japan-(continued)
Shinsei Bank Ltd.^(c)		35,680	$	626,119
Ship Healthcare Holdings, Inc.		19,491		327,102
SHO-BOND Holdings Co. Ltd.		5,970		251,976
Shochiku Co. Ltd.^(c)		1,856		189,801
Siix Corp.		16,587		127,510
SKY Perfect JSAT Holdings, Inc.		52,288		169,249
Sodick Co. Ltd.		27,345		153,533
Sohgo Security Services Co. Ltd.		22,242		619,861
Sotetsu Holdings, Inc.^(a)		12,487		214,953
Square Enix Holdings Co. Ltd.		14,684		588,864
Star Micronics Co. Ltd.		13,691		153,927
Starts Corp., Inc.		6,573		121,905
Sugi Holdings Co. Ltd.		11,575		498,522
Sumitomo Bakelite Co. Ltd.		11,343		374,394
Sumitomo Mitsui Construction Co. Ltd.		46,409		150,920
Sumitomo Osaka Cement Co. Ltd.		16,680		466,051
Sumitomo Pharma Co. Ltd.		77,579		691,346
Sumitomo Warehouse Co. Ltd. (The)		12,417		209,028
Sundrug Co. Ltd.		22,338		520,691
Suruga Bank Ltd.^(a)		169,639		530,251
Suzuken Co. Ltd.		15,791		468,026
SWCC Showa Holdings Co. Ltd.^(a)		13,403		180,058
Tadano Ltd.		23,191		164,760
Taiheiyo Cement Corp.		42,185		683,571
Taisho Pharmaceutical Holdings Co. Ltd.		12,140		476,873
Taiyo Holdings Co. Ltd.		8,501		203,656
Takara Holdings, Inc.		37,880		319,464
Takasago Thermal Engineering Co. Ltd.^(a)		11,064		144,747
Takeuchi Manufacturing Co. Ltd.		11,942		218,718
Takuma Co. Ltd.		14,150		159,127
Tama Home Co. Ltd.^(a)		7,520		147,185
Tamura Corp.^(a)		36,698		156,355
TBS Holdings, Inc.		20,895		274,630
TechnoPro Holdings, Inc.		13,818		346,438
Toagosei Co. Ltd.		16,813		138,322
Tocalo Co. Ltd.		15,250		152,884
Toda Corp.		25,703		148,591
Toei Co. Ltd.		1,148		151,962
Toho Co. Ltd.		19,020		707,187
Toho Holdings Co. Ltd.		10,492		170,760
Toho Zinc Co. Ltd.^(a)		10,540		227,705
Tokai Carbon Co. Ltd.		78,486		649,141
Tokai Rika Co. Ltd.		13,329		140,436
Tokai Tokyo Financial Holdings, Inc.		62,863		187,416
Token Corp.		2,135		142,322
Tokuyama Corp.		38,325		511,241
Tokyo Century Corp.		10,470		322,373
Tokyo Ohka Kogyo Co. Ltd.		7,409		406,335
Tokyo Seimitsu Co. Ltd.		11,157		387,320
Tokyo Steel Manufacturing Co. Ltd.		24,998		258,280
Tokyo Tatemono Co. Ltd.		43,574		612,062
Tokyu Construction Co. Ltd.		23,685		110,204
Tokyu REIT, Inc.		185		261,022
Tomy Co. Ltd.		20,118		191,774
Topcon Corp.		30,530		384,792
Towa Pharmaceutical Co. Ltd.		6,379		135,507
Toyo Ink SC Holdings Co. Ltd.		9,760		145,460
Toyo Seikan Group Holdings Ltd.		46,082		500,060
Toyo Tire Corp.		47,074		539,673
Toyobo Co. Ltd.		24,979		204,982


	Shares		Value
Japan-(continued)
Toyoda Gosei Co. Ltd.		37,476	$	541,908
Toyota Boshoku Corp.		41,260		660,056
Transcosmos, Inc.		7,754		183,323
Trusco Nakayama Corp.		6,962		108,735
TS Tech Co. Ltd.		27,769		287,558
Tsubaki Nakashima Co. Ltd.		24,098		171,840
Tsugami Corp.		15,350		144,037
Tsumura & Co.		8,722		214,641
TV Asahi Holdings Corp.		14,899		170,361
UACJ Corp.		17,380		292,976
UBE Corp.		34,560		539,983
Ulvac, Inc.		14,249		563,933
United Arrows Ltd.		16,546		223,497
Ushio, Inc.		31,625		413,601
USS Co. Ltd.		36,652		605,951
V Technology Co. Ltd.		5,777		133,697
Wacoal Holdings Corp.^(a)		10,760		153,324
Wacom Co. Ltd.		27,441		199,381
Welcia Holdings Co. Ltd.		26,349		544,836
Yamaguchi Financial Group, Inc.		65,251		357,804
Yamato Kogyo Co. Ltd.		10,681		346,250
Yamazaki Baking Co. Ltd.^(a)		51,371		636,785
Yaoko Co. Ltd.		3,975		210,436
Yokohama Rubber Co. Ltd. (The)		41,575		555,555
Yokowo Co. Ltd.		6,405		126,297
Yoshinoya Holdings Co. Ltd.^(a)		15,774		287,188
Zenkoku Hosho Co. Ltd.		10,020		352,287
Zensho Holdings Co. Ltd.^(a)		24,148		571,386
Zeon Corp.		60,576		649,679
ZOZO, Inc.		8,209		167,842

				138,506,569

Jersey-0.03%
Sanne Group PLC^(c)		12,633		143,793

Kenya-0.07%
Vivo Energy PLC^(b)		208,921		378,138

Luxembourg-0.25%
Global Fashion Group S.A.^(a)(c)		48,480		93,005
RTL Group S.A.^(a)		7,086		369,862
SES S.A., FDR		89,419		796,766

				1,259,633

Macau-0.18%
MGM China Holdings Ltd.^(c)		217,889		124,260
SJM Holdings Ltd.^(c)		809,668		341,238
Wynn Macau Ltd.^(a)(c)		717,842		438,055

				903,553

Mexico-0.11%
Fresnillo PLC^(a)		54,816		538,353

Netherlands-1.98%
Accell Group N.V.^(c)		3,865		233,603
Adyen N.V.^(a)(b)(c)		392		655,604
AMG Advanced Metallurgical Group N.V.^(a)		5,513		214,257
Arcadis N.V		15,694		651,887
Argenx SE^(a)(c)		1,154		331,781
Basic-Fit N.V.^(b)(c)		5,228		217,335
BE Semiconductor Industries N.V.^(a)		7,623		461,603
Boskalis Westminster		14,081		486,996
Corbion N.V.		11,507		397,687

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, 2022

(Unaudited)


	Shares		Value
Netherlands-(continued)
Eurocommercial Properties N.V		10,296	$	248,581
Euronext N.V.^(b)		8,233		660,985
Flow Traders^(b)		12,037		393,699
Fugro N.V.^(c)		51,997		640,316
Heijmans N.V., CVA		9,200		126,119
IMCD N.V.		5,355		850,713
Intertrust N.V.^(b)(c)		22,276		460,602
JDE Peet’s N.V.^(a)		26,903		790,118
Koninklijke BAM Groep N.V.^(a)(c)		189,832		522,953
OCI N.V.^(c)		20,806		789,081
TKH Group N.V., CVA^(a)		7,784		381,686
TomTom N.V.^(a)(c)		19,331		166,895
Van Lanschot Kempen N.V., CVA		7,015		181,574
Wereldhave N.V.^(a)		12,813		209,381

				10,073,456

New Zealand-1.03%
a2 Milk Co. Ltd. (The)^(c)		95,770		303,938
Auckland International Airport Ltd.^(c)		150,908		762,876
Chorus Ltd.		49,069		234,085
Contact Energy Ltd.		68,428		361,438
Fisher & Paykel Healthcare Corp. Ltd.		41,258		570,727
Fletcher Building Ltd.		141,348		563,448
Goodman Property Trust		87,745		128,314
Infratil Ltd.		32,311		175,099
Mainfreight Ltd.		5,004		262,042
Mercury NZ Ltd.		40,249		156,994
Meridian Energy Ltd.		103,009		314,308
Ryman Healthcare Ltd.		36,994		219,426
SKYCITY Entertainment Group Ltd.		79,196		148,755
Spark New Zealand Ltd.		271,482		863,896
Xero Ltd.^(c)		2,373		156,529

				5,221,875

Nigeria-0.08%
Airtel Africa PLC^(b)		222,460		402,566

Norway-1.68%
Aker ASA, Class A		6,151		506,507
Aker Solutions ASA, Class A		116,761		408,428
Atea ASA		12,201		146,252
Austevoll Seafood ASA		20,903		335,487
Borregaard ASA		9,269		178,641
BW Offshore Ltd.		55,795		161,425
Crayon Group Holding ASA^(b)(c)		9,302		138,323
DNO ASA		270,461		414,859
Elkem ASA^(b)		100,832		424,882
Entra ASA^(b)		14,623		243,277
Europris ASA^(b)		37,420		191,989
Frontline Ltd.^(c)		68,479		574,662
Grieg Seafood ASA^(c)		14,005		210,839
Kongsberg Gruppen ASA		10,949		473,805
Leroy Seafood Group ASA		59,320		563,191
Norske Skog ASA^(b)(c)		33,995		190,472
Norwegian Air Shuttle ASA^(c)		122,831		172,904
Salmar ASA		7,852		649,538
Schibsted ASA, Class A		8,534		178,247
Schibsted ASA, Class B		10,558		203,068
SpareBank 1 Nord Norge		17,730		189,624
SpareBank 1 SMN		24,403		345,289
SpareBank 1 SR-Bank ASA, Class B		24,091		309,307


	Shares		Value
Norway-(continued)
TGS ASA		51,136	$	795,330
TOMRA Systems ASA		8,090		322,323
Wallenius Wilhelmsen ASA		34,484		219,197

				8,547,866

Peru-0.06%
Hochschild Mining PLC		188,629		279,452

Poland-0.87%
Alior Bank S.A.^(c)		30,553		246,894
Allegro.eu S.A.^(a)(b)(c)		37,876		193,566
Bank Millennium S.A.^(a)(c)		78,619		88,120
CCC S.A.^(a)(c)		11,904		138,735
CD Projekt S.A		3,844		103,768
Cyfrowy Polsat S.A.		41,162		223,791
Dino Polska S.A.^(b)(c)		3,405		219,475
Grupa Lotos S.A.^(c)		23,202		360,158
Jastrzebska Spolka Weglowa S.A.^(a)(c)		37,253		551,967
KRUK S.A.		2,937		168,106
LPP S.A.^(a)		88		184,952
mBank S.A.^(c)		3,660		243,814
Orange Polska S.A.^(c)		134,044		203,853
PGE Polska Grupa Energetyczna S.A.^(c)		183,715		405,255
Polskie Gornictwo Naftowe i Gazownictwo S.A		336,975		471,732
Santander Bank Polska S.A.		5,701		345,028
Tauron Polska Energia S.A.^(c)		389,651		291,390

				4,440,604

Portugal-0.30%
CTT-Correios de Portugal S.A.		40,919		183,237
Navigator Co. S.A. (The)		78,759		322,022
NOS, SGPS S.A.^(a)		91,367		384,995
REN - Redes Energeticas Nacionais SGPS S.A		71,154		216,647
Sonae SGPS S.A		382,591		411,157

				1,518,058

Singapore-2.03%
AIMS APAC REIT		142,720		146,190
Ascott Residence Trust		386,129		321,543
BOC Aviation Ltd.^(a)(b)		38,682		302,574
BW LPG Ltd.^(b)		47,519		301,096
City Developments Ltd.		136,520		837,161
ESR-REIT		483,455		135,851
Ezion Holdings Ltd., Wts., expiring 04/16/2023^(e)		177,436		0
Frasers Centrepoint Trust		168,708		297,221
Frasers Logistics & Commercial Trust^(b)		457,311		476,393
IGG, Inc.		236,311		96,815
Jardine Cycle & Carriage Ltd.		17,585		367,072
Keppel Corp. Ltd.		179,010		886,545
Keppel DC REIT		181,216		271,068
Keppel REIT		443,663		389,911
Mapletree Commercial Trust		511,972		690,675
Mapletree Industrial Trust		299,560		563,876
Mapletree Logistics Trust		520,076		671,007
NetLink NBN Trust^(b)		557,738		403,318
Olam Group Ltd.		148,105		181,257
Raffles Medical Group Ltd.		149,835		129,669
SATS Ltd.^(c)		97,881		320,630
Sembcorp Industries Ltd.		208,452		441,682

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, 2022

(Unaudited)


	Shares		Value
Singapore-(continued)
Sembcorp Marine Ltd.^(c)		2,544,345	$	200,835
Singapore Exchange Ltd.		115,582		815,139
Suntec REIT		464,807		615,382
UOL Group Ltd.		80,599		424,044

				10,286,954

South Africa-0.04%
Scatec ASA^(b)		15,315		187,098

South Korea-8.68%
Amorepacific Group		8,765		344,599
Asiana Airlines, Inc.^(a)(c)		39,298		619,693
BGF retail Co. Ltd.		2,470		353,970
BNK Financial Group, Inc.		107,950		667,590
Celltrion Healthcare Co. Ltd.		5,125		259,892
Cheil Worldwide, Inc.		21,294		425,591
Chong Kun Dang Pharmaceutical Corp.		2,043		159,082
CJ CGV Co. Ltd.^(c)		7,410		158,902
CJ Corp.		5,423		371,891
CJ ENM Co. Ltd.		5,028		502,167
CJ Logistics Corp.^(c)		2,678		259,382
Com2uSCorp.		2,490		185,349
Cosmax, Inc.		1,909		128,964
Coway Co. Ltd.		12,308		689,046
Daewoo Engineering & Construction Co. Ltd.^(a)(c)		130,167		690,582
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(c)		30,843		634,130
Daishin Securities Co. Ltd.		10,617		147,587
Daishin Securities Co. Ltd., Preference Shares		10,121		122,751
DB HiTek Co. Ltd.		4,921		259,454
DB Insurance Co. Ltd.		12,631		672,654
Delivery Hero SE^(b)(c)		6,364		226,750
DGB Financial Group, Inc.		37,476		263,305
DL Holdings Co. Ltd.		6,101		297,610
Dongkuk Steel Mill Co. Ltd.		49,438		723,814
Dongsuh Cos., Inc.		6,287		132,802
Doosan Bobcat, Inc.		10,741		347,517
Doosan Co. Ltd.		6,206		427,907
Fila Holdings Corp.		20,485		523,411
Gradiant Corp.^(a)		58,372		210,065
Green Cross Corp.		1,063		157,879
GS Holdings Corp.		16,066		554,799
GS Retail Co. Ltd.		16,464		374,682
Handsome Co. Ltd.		5,647		158,045
Hankook Tire & Technology Co. Ltd.		16,677		456,600
Hanmi Pharm Co. Ltd.		755		186,285
Hanon Systems		54,518		485,876
Hansol Chemical Co. Ltd.		1,009		192,370
Hanssem Co. Ltd.		2,670		165,062
Hanwha Aerospace Co. Ltd.		16,813		709,855
Hanwha Corp.		21,561		510,156
Hanwha Corp., Preference Shares		11,474		144,351
Hanwha Investment & Securities Co. Ltd.		36,897		138,491
Hanwha Life Insurance Co. Ltd.^(c)		203,694		471,351
HD Hyundai Co. Ltd.		15,630		715,624
HDC Hyundai Development Co-Engineering & Construction, Class E		55,954		659,396
Hite Jinro Co. Ltd.		9,166		270,203
HMM Co. Ltd.		29,362		654,201


	Shares		Value
South Korea-(continued)
Hotel Shilla Co. Ltd.		7,596	$	484,399
Hyosung Advanced Materials Corp.^(a)		963		360,094
Hyosung Chemical Corp.^(c)		1,008		178,834
Hyosung Corp.		4,328		284,158
Hyosung Heavy Industries Corp.^(c)		3,252		141,883
Hyosung TNC Corp.		1,485		480,997
Hyundai Construction Equipment Co. Ltd.		8,939		260,502
Hyundai Department Store Co. Ltd.		6,522		388,646
Hyundai Doosan Infracore Co. Ltd.^(c)		85,042		439,133
Hyundai Electric & Energy System Co. Ltd.^(c)		13,177		224,912
Hyundai Elevator Co. Ltd.		9,048		254,344
Hyundai Heavy Industries Co. Ltd.^(c)		4,251		465,762
Hyundai Marine & Fire Insurance Co. Ltd.		35,825		918,985
Hyundai Mipo Dockyard Co. Ltd.^(c)		5,615		368,281
Hyundai Rotem Co. Ltd.^(a)(c)		24,726		368,998
Hyundai Wia Corp.^(a)		14,781		755,283
IS Dongseo Co. Ltd.		5,623		237,409
JB Financial Group Co. Ltd.		29,914		211,935
Kakao Corp.		10,620		740,262
KakaoBank Corp.^(c)		3,785		125,107
Kangwon Land, Inc.^(c)		27,473		578,542
KCC Corp.		2,370		629,690
KCC Glass Corp.		4,715		229,852
KEPCO Plant Service & Engineering Co. Ltd.^(a)		8,887		263,345
KG Chemical Corp.		7,262		241,270
KIWOOM Securities Co. Ltd.		5,348		400,406
Kolmar Korea Co. Ltd.^(a)		4,960		183,213
Kolon Industries, Inc.		13,267		648,276
Korea Aerospace Industries Ltd.		14,774		509,920
Korea Line Corp.^(c)		75,412		158,993
Korea Petrochemical Ind Co. Ltd.		2,176		256,717
Korea Real Estate Investment & Trust Co. Ltd.		84,466		146,662
Korean Reinsurance Co.		22,659		173,618
Krafton, Inc.^(c)		2,007		391,377
Kumho Petrochemical Co. Ltd.		5,844		706,473
Kyeryong Construction Industrial Co. Ltd.		5,153		149,431
LIG Nex1 Co. Ltd.		3,141		204,573
LOTTE Chilsung Beverage Co. Ltd.		1,502		215,706
LOTTE Corp.		9,778		264,055
LOTTE Fine Chemical Co. Ltd.		5,640		361,984
LOTTE Shopping Co. Ltd.		5,865		436,635
LS Corp.		7,500		341,413
LS Electric Co. Ltd.		7,182		270,916
LX Hausys Ltd.		5,051		233,453
LX International Corp.		21,737		659,261
Mando Corp.		19,291		818,144
Meritz Financial Group, Inc.		15,868		472,397
Meritz Securities Co. Ltd.		123,763		637,973
Mirae Asset Securities Co. Ltd.		77,937		492,964
Mirae Asset Securities Co. Ltd., Second Pfd.		32,232		112,949
MK Electron Co. Ltd.		11,130		132,397
Netmarble Corp.^(b)		2,888		216,594
NH Investment & Securities Co. Ltd.		68,294		585,010
NHN Corp.^(c)		9,010		247,781
NongShim Co. Ltd.		1,264		303,150
OCI Co. Ltd.		7,614		630,853
Orion Corp.		5,082		380,359
Pan Ocean Co. Ltd.		55,641		291,537

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, 2022

(Unaudited)


	Shares		Value
South Korea-(continued)
Paradise Co. Ltd.^(a)(c)		9,998	$	130,638
Partron Co. Ltd.		15,573		142,982
Poongsan Corp.		11,266		285,076
S-1 Corp.		4,131		225,445
Samsung Biologics Co. Ltd.^(b)(c)		322		212,749
Samsung Card Co. Ltd.		11,035		291,431
Seah Besteel Holdings Corp.		14,988		216,215
Sebang Global Battery Co. Ltd.		3,750		223,113
Seoul Semiconductor Co. Ltd.		18,416		196,616
Seoyon Co. Ltd.		17,495		110,117
SFA Engineering Corp.		7,453		233,590
SK Chemicals Co. Ltd.		2,668		266,357
SKC Co. Ltd.		3,412		402,255
SL Corp.^(a)		7,748		162,711
SSANGYONG C&E Co. Ltd.		32,677		214,650
Sungwoo Hitech Co. Ltd.		35,407		136,664
TKG Huchems Co. Ltd.		10,013		176,322
WONIK IPS Co. Ltd.^(a)		5,810		181,556
Youngone Corp.		11,333		427,597
Yuhan Corp.		7,437		358,523

				44,074,103

Spain-1.63%
Almirall S.A.^(a)		17,808		231,207
Applus Services S.A		34,421		268,833
Befesa S.A.^(b)		4,823		302,229
Cia de Distribucion Integral Logista Holdings S.A		30,851		563,989
CIE Automotive S.A		15,536		337,059
Construcciones y Auxiliar de Ferrocarriles S.A.^(a)		4,069		125,224
Corp ACCIONA Energias Renovables S.A.		6,737		250,074
Ebro Foods S.A.^(a)		8,001		143,137
EDP Renovaveis S.A.^(a)		29,373		698,100
Ence Energia y Celulosa S.A.^(c)		69,161		260,096
Faes Farma S.A.		48,968		204,687
Fluidra S.A.^(a)		11,054		298,228
Gestamp Automocion S.A.^(b)		91,509		294,058
Indra Sistemas S.A.^(c)		60,657		618,250
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros		113,433		162,353
Mediaset Espana Comunicacion S.A.^(c)		63,753		285,568
Melia Hotels International S.A.^(c)		34,062		279,493
Obrascon Huarte Lain S.A.^(c)		361,623		305,270
Prosegur Cia de Seguridad S.A.		68,410		140,516
Sacyr S.A.^(a)		264,271		708,714
Siemens Gamesa Renewable Energy S.A., Class R^(a)(c)		43,648		695,918
Tecnicas Reunidas S.A.^(a)(c)		35,646		295,476
Unicaja Banco S.A.^(b)		386,264		359,199
Viscofan S.A		8,504		467,928

				8,295,606

Sweden-4.30%
AAK AB		31,014		539,933
AddTech AB, Class B		16,241		287,173
AFRY AB		23,265		384,957
Arjo AB, Class B		39,004		294,720
Atrium Ljungberg AB, Class B		9,063		147,629
Avanza Bank Holding AB^(a)		6,887		174,468
Axfood AB^(a)		29,906		887,124


	Shares		Value
Sweden-(continued)
Beijer Alma AB		6,013	$	125,333
Beijer Ref AB^(a)		19,009		309,931
Betsson AB, Class B		66,604		409,131
BHG Group AB^(c)		16,704		115,289
Bilia AB, Class A		21,759		303,245
Bonava AB, Class B		38,681		188,482
Bravida Holding AB^(b)		20,171		206,641
Bure Equity AB		8,440		199,353
Byggmax Group AB		26,391		203,183
Catena AB		3,455		179,977
Cibus Nordic Real Estate AB^(a)		6,872		157,567
Clas Ohlson AB, Class B		19,497		221,640
Cloetta AB, Class B		89,659		226,528
Coor Service Management Holding AB^(b)		23,840		216,780
Corem Property Group AB, Class B		47,331		100,106
Corem Property Group AB, Preference Shares		772		24,249
Dios Fastigheter AB		21,246		189,136
Dustin Group AB^(a)(b)		23,377		168,129
Electrolux Professional AB, Class B		40,046		225,383
Elekta AB, Class B^(a)		79,555		533,422
EQT AB		7,929		224,513
Evolution AB^(b)		6,338		653,463
Granges AB^(a)		27,318		223,877
Hexpol AB		59,025		504,080
Hufvudstaden AB, Class A^(a)		31,023		399,661
Indutrade AB		26,198		620,825
Intrum AB^(a)		30,123		722,914
Investment AB Latour, Class B		10,855		288,269
Inwido AB^(a)		14,251		197,464
JM AB^(a)		21,990		510,553
L E Lundbergforetagen AB, Class B		14,340		671,429
Lifco AB, Class B		14,658		308,357
Lindab International AB		12,506		291,917
Loomis AB^(a)		15,335		382,843
Mekonomen AB^(c)		16,535		189,605
Modern Times Group MTG AB, Class B^(c)		14,955		157,683
Mycronic AB		10,965		191,923
NCC AB, Class A^(a)		1,035		13,816
NCC AB, Class B		25,419		313,814
New Wave Group AB, Class B		11,016		193,114
Nibe Industrier AB, Class B		76,572		751,320
Nobia AB		49,066		193,387
Nolato AB, Class B		23,980		166,087
Nordic Entertainment Group AB, Class B^(c)		13,963		456,334
Nordnet AB publ		9,377		161,415
Nyfosa AB		26,974		298,801
Pandox AB^(c)		27,760		386,939
Peab AB, Class B		33,090		317,375
Ratos AB, Class B^(a)		84,935		433,471
Resurs Holding AB, Class A^(a)(b)		106,141		309,165
Sagax AB, Class B		12,073		305,582
Sagax AB, Class D		7,516		23,177
Samhallsbyggnadsbolaget i Norden AB, Class B^(a)		146,201		453,686
Samhallsbyggnadsbolaget i Norden AB, Class D		6,927		18,099
SAS AB^(a)(c)		4,790,278		496,076
Scandic Hotels Group AB^(a)(b)(c)		65,070		249,823
Sinch AB^(a)(b)(c)		28,909		127,829

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, 2022

(Unaudited)


	Shares		Value
Sweden-(continued)
Stillfront Group AB^(c)		62,757	$	126,784
Sweco AB, Class B		30,774		435,583
Swedish Orphan Biovitrum AB, Class B^(c)		30,366		639,008
Thule Group AB^(a)(b)		14,474		501,512
VNV Global AB^(c)		28,700		119,656
Wallenstam AB, Class B^(a)		26,317		290,060
Wihlborgs Fastigheter AB^(a)		29,682		512,287

				21,853,085

Switzerland-3.25%
Allreal Holding AG		2,390		451,803
ALSO Holding AG		1,391		316,183
Arbonia AG		10,614		190,268
Aryzta AG^(a)(c)		351,889		327,941
Autoneum Holding AG^(a)		1,402		164,589
Banque Cantonale Vaudoise^(a)		8,026		679,565
Belimo Holding AG		689		341,084
BKW AG		4,995		609,898
Bucher Industries AG		1,408		508,968
Burckhardt Compression Holding AG		476		243,562
Bystronic AG		130		107,948
Cembra Money Bank AG^(a)		9,854		713,033
Daetwyler Holding AG, BR		620		199,344
DKSH Holding AG		7,816		672,029
dormakaba Holding AG		852		396,685
Emmi AG		327		325,054
EMS-Chemie Holding AG		734		656,683
Flughafen Zurich AG^(a)(c)		3,676		623,296
Forbo Holding AG		185		271,637
Galenica AG^(a)(b)		10,816		800,164
Huber + Suhner AG		3,584		314,859
Inficon Holding AG		196		178,831
Interroll Holding AG, Class R		38		115,427
IWG PLC^(c)		185,524		558,525
Komax Holding AG, Class R		613		160,138
Kongsberg Automotive ASA^(c)		656,626		173,222
Landis+Gyr Group AG^(a)		6,667		373,656
Mediclinic International PLC^(c)		127,942		590,689
Mobilezone Holding AG		13,925		225,516
Mobimo Holding AG		861		246,933
OC Oerlikon Corp. AG		61,927		441,517
Rieter Holding AG		942		128,147
SFS Group AG		2,681		336,845
Siegfried Holding AG		379		276,086
Stadler Rail AG^(a)		12,242		442,959
Straumann Holding AG		3,505		414,193
Sulzer AG^(a)		4,736		354,350
Tecan Group AG, Class R		825		248,464
Temenos AG		4,474		451,583
u-blox Holding AG^(c)		2,274		188,712
Valiant Holding AG		1,703		170,264
Valora Holding AG^(a)		1,323		216,528
VAT Group AG^(a)(b)		1,707		530,883
Vontobel Holding AG, Class R		4,087		299,479
Wizz Air Holdings PLC^(a)(b)(c)		5,624		216,251
Zehnder Group AG		2,081		162,433
Zur Rose Group AG^(a)(c)		863		106,005

				16,522,229

Ukraine-0.06%
Ferrexpo PLC		152,070		306,941


	Shares		Value
United Arab Emirates-0.10%
Borr Drilling Ltd.^(a)(c)		80,411	$	326,474
Network International Holdings PLC^(a)(b)(c)		63,309		205,361

				531,835

United Kingdom-7.68%
888 Holdings PLC		67,133		159,111
Ascential PLC^(c)		53,241		210,879
Ashmore Group PLC^(a)		121,063		333,135
Assura PLC		520,531		430,674
Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		19,076		198,110
Auto Trader Group PLC^(a)(b)		56,797		448,146
AVEVA Group PLC^(a)		17,666		475,141
Babcock International Group PLC^(c)		103,943		396,447
Balfour Beatty PLC		117,677		354,120
Biffa PLC^(a)(b)		54,495		235,418
Big Yellow Group PLC		25,302		451,362
BMO Commercial Property Trust Ltd.		115,266		170,377
Bodycote PLC		22,094		169,508
Brewin Dolphin Holdings PLC		44,258		283,763
Britvic PLC		62,763		669,350
Capita PLC^(c)		425,983		125,537
Capital & Counties Properties PLC		151,500		311,975
Capricorn Energy PLC^(c)		106,091		272,589
Civitas Social Housing PLC^(b)		173,002		187,153
Clarkson PLC		4,217		193,160
Close Brothers Group PLC		27,166		375,745
CMC Markets PLC^(b)		48,001		172,223
Computacenter PLC		13,054		435,307
ConvaTec Group PLC^(b)		344,699		909,162
Countryside Partnerships PLC^(b)(c)		145,147		453,289
Cranswick PLC		8,024		317,455
Crest Nicholson Holdings PLC		50,809		158,967
Currys PLC		375,942		436,048
Dechra Pharmaceuticals PLC		6,262		282,853
Diploma PLC		10,252		350,162
Domino’s Pizza Group PLC^(a)		69,084		301,491
Dr. Martens PLC		41,072		107,992
Dunelm Group PLC		21,482		262,895
Elementis PLC^(c)		99,091		149,377
EnQuest PLC^(c)		1,074,856		437,915
Essentra PLC		34,236		134,491
Euromoney Institutional Investor PLC		13,666		169,301
Firstgroup PLC^(c)		200,913		278,170
Frasers Group PLC^(c)		54,816		459,619
Games Workshop Group PLC		3,721		343,945
Genuit Group PLC		36,956		208,602
Genus PLC		6,192		193,845
Grafton Group PLC		52,974		643,504
Grainger PLC		122,303		451,952
Great Portland Estates PLC		45,418		386,836
Greggs PLC		13,230		384,798
Halfords Group PLC		66,882		190,109
Hammerson PLC		1,203,963		433,857
Harbour Energy PLC		76,959		483,115
Hargreaves Lansdown PLC^(a)		44,047		500,115
Hill & Smith Holdings PLC		11,403		196,995
HomeServe PLC		63,107		776,540
Ibstock PLC^(b)		106,613		249,377
Indivior PLC^(c)		72,937		285,089

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, 2022

(Unaudited)


	Shares		Value
United Kingdom-(continued)
IP Group PLC		257,008	$	263,873
J D Wetherspoon PLC^(a)(c)		28,672		261,014
JD Sports Fashion PLC		318,004		525,512
John Wood Group PLC^(c)		277,997		776,502
Jupiter Fund Management PLC		126,120		280,043
Kier Group PLC^(c)		115,419		114,050
Lancashire Holdings Ltd.		75,299		396,882
LondonMetric Property PLC		133,230		447,226
LXI REIT PLC^(b)		114,760		212,428
Marshalls PLC		20,146		154,026
Marston’s PLC^(c)		190,363		179,370
Mitchells & Butlers PLC^(c)		81,212		230,858
Moneysupermarket.com Group PLC		140,804		308,134
Morgan Sindall Group PLC		5,482		148,183
National Express Group PLC^(a)(c)		146,506		454,489
NCC Group PLC		61,027		138,426
Ninety One PLC^(a)		51,464		171,742
Ocado Group PLC^(a)(c)		31,971		363,929
OSB Group PLC		71,667		493,295
Oxford Instruments PLC		5,847		169,773
PageGroup PLC		69,480		425,741
Paragon Banking Group PLC		58,152		356,205
Pepco Group N.V.^(b)(c)		18,304		170,849
Petrofac Ltd.^(c)		381,286		642,289
Pets at Home Group PLC		119,887		463,733
Playtech PLC^(c)		91,523		595,213
Premier Foods PLC		106,388		147,679
Primary Health Properties PLC		250,160		452,793
Provident Financial PLC		54,978		175,542
QinetiQ Group PLC		127,824		545,839
Reach PLC		93,543		189,984
Redde Northgate PLC		41,218		204,484
Redrow PLC		83,568		546,948
Renewi PLC^(c)		27,108		232,490
Renishaw PLC		3,328		174,938
Restaurant Group PLC (The)^(c)		204,086		157,922
Rightmove PLC^(a)		47,947		368,013
Rotork PLC^(a)		140,238		507,296
S4 Capital PLC^(c)		37,924		141,115
Safestore Holdings PLC		24,470		384,152
Saga PLC^(c)		48,271		136,360
Savills PLC		19,938		266,444
Serco Group PLC		271,809		516,083
Shaftesbury PLC		51,324		382,465
Softcat PLC		13,046		228,888
Spire Healthcare Group PLC^(b)(c)		66,071		177,378
Spirent Communications PLC		84,740		245,976
SThree PLC		49,985		228,903
Synthomer PLC		122,805		463,720
Telecom Plus PLC		11,230		231,403
THG PLC^(c)		266,595		350,308
TP ICAP Group PLC		148,021		244,938


	Shares		Value
United Kingdom-(continued)
Tritax Big Box REIT PLC		261,525	$	792,958
Tritax EuroBox PLC^(a)(b)		116,158		147,735
Tyman PLC		44,485		151,364
UK Commercial Property REIT Ltd.		192,966		212,577
Ultra Electronics Holdings PLC		10,025		408,589
UNITE Group PLC (The)		51,552		728,774
Vesuvius PLC		33,055		133,149
Victrex PLC		18,967		429,862
Vistry Group PLC		47,643		496,894
Watches of Switzerland Group PLC^(b)(c)		16,633		207,893
WH Smith PLC^(c)		24,662		442,873
Wickes Group PLC		74,779		178,922
Workspace Group PLC		28,370		235,540

				39,010,072

United Republic of Tanzania-0.02%
Helios Towers PLC^(a)(c)		74,985		105,535

United States-0.97%
Argonaut Gold, Inc.^(c)		112,978		190,057
Avast PLC^(b)		47,436		336,755
Brookfield Renewable Corp.		10,957		395,482
Cineworld Group PLC^(a)(c)		1,122,985		432,035
Diversified Energy Co. PLC^(b)		157,172		237,695
JS Global Lifestyle Co. Ltd.^(b)		212,574		251,979
Oracle Corp.		8,010		516,884
Primo Water Corp.		41,419		608,946
Reliance Worldwide Corp. Ltd.		115,049		315,230
RHI Magnesita N.V		5,068		150,362
Samsonite International S.A.^(b)(c)		334,605		734,381
Sims Ltd.		52,615		765,528

				4,935,334

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.46% (Cost $511,403,539)				504,911,863


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.49%
Invesco Private Government Fund, 0.40%^(f)(g)(h)		17,626,115		17,626,115
Invesco Private Prime Fund, 0.35%^(f)(g)(h)		40,685,961		40,685,961

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,311,669)				58,312,076

TOTAL INVESTMENTS IN SECURITIES-110.95% (Cost $569,715,208)				563,223,939
OTHER ASSETS LESS LIABILITIES-(10.95)%				(55,601,488	)

NET ASSETS-100.00%			$	507,622,451

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, 2022

(Unaudited)

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

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $29,102,511, which represented 5.73% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)	Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

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

^(f)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Office J-Reit, Inc.		$	58,080		$	-		$	(58,488	)		$	(10,828	)		$	11,236			$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			21,484,903			(21,484,903	)			-				-				-			157
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			12,012,523			32,628,678			(27,015,086	)			-				-				17,626,115			11,821	*
Invesco Private Prime Fund			28,084,570			68,259,791			(55,644,030	)			407				(14,777	)			40,685,961			33,353	*

Total		$	40,155,173		$	122,373,372		$	(104,202,507	)		$	(10,421	)		$	(3,541	)		$	58,312,076		$	45,331

*	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, 2022.

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

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022



Industrials			21.57
Consumer Discretionary			12.56
Materials			11.52
Real Estate			11.27
Financials			9.65
Information Technology			7.31
Consumer Staples			7.03
Health Care			5.65
Communication Services			5.63
Energy			4.63
Utilities			2.64
Money Market Funds Plus Other Assets Less Liabilities			0.54

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Brazil-14.94%
Ambev S.A		2,013,044	$	5,902,306
B3 S.A. - Brasil, Bolsa, Balcao		1,453,955		3,904,851
Banco Bradesco S.A		1,456,116		4,384,049
Banco Bradesco S.A., Preference Shares		4,989,806		18,116,536
Banco do Brasil S.A.		1,358,358		9,112,042
Banco Santander Brasil S.A		429,200		2,751,726
Braskem S.A., Class A, Preference Shares		175,409		1,424,609
BRF S.A.^(a)		840,200		2,304,010
CCR S.A		828,300		2,075,684
Centrais Eletricas Brasileiras S.A.		588,850		4,813,345
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		258,300		2,094,169
Cia de Saneamento Basico do Estado de Sao Paulo		280,192		2,519,476
Cia Energetica de Minas Gerais		223,543		864,434
Cia Energetica de Minas Gerais, Preference Shares		804,591		2,383,456
Cia Paranaense de Energia		278,800		367,064
Cia Paranaense de Energia, Class B, Preference Shares		1,142,780		1,716,870
Cia Siderurgica Nacional S.A		323,882		1,378,013
Cielo S.A.		3,166,022		2,173,675
Cogna Educacao^(a)		4,230,500		2,092,954
Cosan S.A.		413,265		1,752,467
Embraer S.A.^(a)		515,467		1,479,097
Energisa S.A.		153,200		1,473,779
Equatorial Energia S.A		433,700		2,245,480
Gerdau S.A., Preference Shares		680,792		3,845,110
Hapvida Participacoes e Investimentos S.A.^(b)		584,500		1,035,109
Itau Unibanco Holding S.A		414,100		1,679,078
Itau Unibanco Holding S.A., Preference Shares		4,411,775		21,265,108
Itausa S.A., Preference Shares		1,394,585		2,593,621
Klabin S.A.		342,400		1,433,984
Lojas Renner S.A.		292,810		1,404,272
Metalurgica Gerdau S.A., Preference Shares		1,256,300		2,881,864
Natura & Co. Holding S.A		434,000		1,629,187
Petroleo Brasileiro S.A		2,642,162		17,841,343
Petroleo Brasileiro S.A., Preference Shares		3,990,747		24,401,240
Rumo S.A.		536,800		1,774,447
Sul America S.A.		361,255		1,937,509
Suzano S.A.		167,168		1,674,651
Telefonica Brasil S.A.		358,843		3,854,218
TIM S.A.		554,566		1,509,541
Ultrapar Participacoes S.A		1,165,592		3,076,267
Usinas Siderurgicas de Minas Gerais S.A. Usiminas		116,500		247,482
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		329,200		751,838
Vale S.A		1,891,438		31,811,694


	Shares		Value
Brazil-(continued)
Via S/A^(a)		2,387,900	$	1,432,103
Vibra Energia S.A		1,195,619		5,099,041

				210,508,799

Canada-0.09%
Canadian Solar, Inc.^(a)(c)		46,440		1,278,029

Chile-0.73%
Banco de Chile		21,887,099		2,184,733
Banco Santander Chile		45,352,237		2,181,352
Cencosud S.A.		713,072		1,141,015
Enel Americas S.A.		14,485,651		1,516,404
Falabella S.A.		593,367		1,665,921
Sociedad Quimica y Minera de Chile S.A., Class A		2,464		172,557
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		19,155		1,421,384

				10,283,366

China-37.03%
Agricultural Bank of China Ltd., A Shares		11,450,700		5,302,277
Agricultural Bank of China Ltd., H Shares		36,804,292		13,820,460
Alibaba Group Holding Ltd.^(a)		3,544,690		43,327,188
Aluminum Corp. of China Ltd., A Shares^(a)		712,200		509,265
Aluminum Corp. of China Ltd., H Shares^(a)		2,797,558		1,296,998
Anhui Conch Cement Co. Ltd., A Shares		168,500		1,012,523
Anhui Conch Cement Co. Ltd., H Shares		735,247		3,981,862
ANTA Sports Products Ltd.		104,906		1,206,633
Baidu, Inc., A Shares^(a)		690,700		10,843,839
Bank of Beijing Co. Ltd., A Shares		1,970,100		1,359,935
Bank of China Ltd., A Shares		3,329,700		1,626,372
Bank of China Ltd., H Shares		48,193,940		18,972,564
Bank of Communications Co. Ltd., A Shares		3,917,493		3,012,321
Bank of Communications Co. Ltd., H Shares		10,322,443		7,196,366
Baoshan Iron & Steel Co. Ltd., A Shares		1,303,400		1,271,297
BYD Co. Ltd., A Shares		10,400		378,635
BYD Co. Ltd., H Shares		65,165		1,914,797
CGN Power Co. Ltd., A Shares		270,000		115,302
CGN Power Co. Ltd., H Shares^(b)		5,896,150		1,655,260
China CITIC Bank Corp. Ltd., A Shares		458,901		349,108
China CITIC Bank Corp. Ltd., H Shares		6,271,198		3,189,698
China Coal Energy Co. Ltd., A Shares		268,200		382,736
China Coal Energy Co. Ltd., H Shares		1,608,000		1,371,057
China Conch Environment Protection Holdings Ltd.^(a)		465,096		398,341
China Conch Venture Holdings Ltd		407,596		1,062,348
China Construction Bank Corp., A Shares		303,700		278,388
China Construction Bank Corp., H Shares		44,150,659		31,376,023

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, 2022

(Unaudited)


	Shares		Value
China-(continued)
China Everbright Bank Co. Ltd., A Shares		4,159,200	$	2,006,017
China Everbright Bank Co. Ltd., H Shares		4,491,946		1,627,910
China Everbright Environment Group Ltd.		2,293,000		1,348,079
China Evergrande Group^(d)		10,711,764		1,689,467
China Gas Holdings Ltd.		1,448,029		1,755,110
China Hongqiao Group Ltd.^(c)		1,533,560		1,917,433
China Life Insurance Co. Ltd., H Shares .		3,528,372		5,120,539
China Longyuan Power Group Corp. Ltd., H Shares		653,011		1,266,863
China Mengniu Dairy Co. Ltd		510,480		2,746,754
China Merchants Bank Co. Ltd., A Shares		542,400		3,253,301
China Merchants Bank Co. Ltd., H Shares		1,422,283		8,562,427
China Minsheng Banking Corp. Ltd., A Shares		4,547,445		2,548,778
China Minsheng Banking Corp. Ltd., H Shares^(c)		11,824,533		4,484,903
China National Building Material Co. Ltd., H Shares		2,720,317		3,605,915
China Overseas Land & Investment Ltd		3,203,598		9,867,219
China Pacific Insurance (Group) Co. Ltd., A Shares		353,100		1,106,119
China Pacific Insurance (Group) Co. Ltd., H Shares		2,014,071		4,449,727
China Petroleum & Chemical Corp., A Shares		3,017,600		1,978,317
China Petroleum & Chemical Corp., H Shares		34,075,744		16,783,790
China Power International Development Ltd.		4,208,000		2,020,950
China Railway Group Ltd., A Shares		2,185,500		2,337,264
China Railway Group Ltd., H Shares		6,023,931		4,203,381
China Resources Cement Holdings Ltd. .		1,512,020		1,251,242
China Resources Gas Group Ltd		338,955		1,277,829
China Resources Land Ltd		1,779,560		7,900,628
China Resources Power Holdings Co. Ltd.		1,868,000		3,496,598
China Shenhua Energy Co. Ltd., A Shares		364,700		1,694,382
China Shenhua Energy Co. Ltd., H Shares		2,495,945		7,956,695
China State Construction Engineering Corp. Ltd., A Shares		5,087,637		4,807,319
China Tower Corp. Ltd., H Shares^(b)		16,633,351		1,940,574
China United Network Communications Ltd., A Shares		2,774,600		1,477,504
China Vanke Co. Ltd., A Shares		713,100		2,078,032
China Vanke Co. Ltd., H Shares		1,984,152		4,634,897
Chongqing Rural Commercial Bank Co. Ltd., A Shares		465,000		272,104
Chongqing Rural Commercial Bank Co. Ltd., H Shares		3,215,645		1,247,094
CIFI Holdings Group Co. Ltd.		2,418,000		1,165,795
CITIC Ltd.		1,693,516		1,755,489
CITIC Securities Co. Ltd., A Shares		227,700		673,516
CITIC Securities Co. Ltd., H Shares		740,183		1,623,611


	Shares		Value
China-(continued)
COSCO SHIPPING Holdings Co. Ltd., A Shares^(a)		181,380	$	391,767
COSCO SHIPPING Holdings Co. Ltd., H Shares^(a)		692,400		1,084,211
Country Garden Holdings Co. Ltd		4,539,533		3,102,413
CRRC Corp. Ltd., A Shares		1,330,300		1,014,740
CRRC Corp. Ltd., H Shares		3,023,000		1,117,177
CSPC Pharmaceutical Group Ltd		1,515,630		1,543,551
ENN Energy Holdings Ltd.		210,814		2,802,966
Geely Automobile Holdings Ltd		2,038,580		3,158,260
GF Securities Co. Ltd., A Shares		156,500		375,990
GF Securities Co. Ltd., H Shares		582,225		723,940
Great Wall Motor Co. Ltd., A Shares		42,800		158,348
Great Wall Motor Co. Ltd., H Shares		604,620		847,001
Greentown China Holdings Ltd.		799,000		1,394,024
Guangzhou Automobile Group Co. Ltd., A Shares		91,000		166,051
Guangzhou Automobile Group Co. Ltd., H Shares		1,196,192		1,016,577
Haier Smart Home Co. Ltd., A Shares		131,500		509,495
Haier Smart Home Co. Ltd., H Shares		712,415		2,546,405
Haitong Securities Co. Ltd., A Shares		354,500		483,253
Haitong Securities Co. Ltd., H Shares		1,821,291		1,273,521
Hengan International Group Co. Ltd		271,273		1,283,934
Huaneng Power International, Inc., A Shares		483,100		524,625
Huaneng Power International, Inc., H Shares^(c)		4,531,727		2,275,820
Huatai Securities Co. Ltd., A Shares		225,000		451,182
Huatai Securities Co. Ltd., H Shares^(b)		705,240		969,566
Huaxia Bank Co. Ltd., A Shares		1,676,500		1,380,737
Industrial & Commercial Bank of China Ltd., A Shares		3,190,012		2,303,846
Industrial & Commercial Bank of China Ltd., H Shares		47,693,365		28,748,313
Industrial Bank Co. Ltd., A Shares		1,105,400		3,404,398
JD.com, Inc., A Shares^(a)		319,414		9,957,366
Jiangxi Copper Co. Ltd., A Shares		142,700		377,481
Jiangxi Copper Co. Ltd., H Shares		1,123,975		1,770,478
JinkoSolar Holding Co. Ltd., ADR^(a)		31,651		1,622,430
JOYY, Inc., ADR		36,198		1,432,355
Kunlun Energy Co. Ltd		1,880,783		1,553,662
Kweichow Moutai Co. Ltd., A Shares		6,500		1,789,341
Longfor Group Holdings Ltd.^(b)(c)		886,235		4,318,560
Lufax Holding Ltd., ADR		310,094		1,721,022
Meituan, B Shares^(a)(b)		187,415		4,023,109
Metallurgical Corp. of China Ltd., A Shares		1,143,000		603,211
Metallurgical Corp. of China Ltd., H Shares		2,873,281		736,557
NetEase, Inc.		270,560		5,170,673
New China Life Insurance Co. Ltd., A Shares		108,400		486,505
New China Life Insurance Co. Ltd., H Shares		709,286		1,791,801
New Oriental Education & Technology Group, Inc., ADR^(a)(c)		145,005		1,819,813
People’s Insurance Co. Group of China Ltd. (The), H Shares		7,528,247		2,400,294
PetroChina Co. Ltd., H Shares		23,806,566		11,402,596

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, 2022

(Unaudited)


	Shares		Value
China-(continued)
PICC Property & Casualty Co. Ltd., H Shares		2,566,090	$	2,607,848
Ping An Bank Co. Ltd., A Shares		832,900		1,919,926
Ping An Insurance (Group) Co. of China Ltd., A Shares		548,800		3,683,100
Ping An Insurance (Group) Co. of China Ltd., H Shares		4,300,317		27,657,941
Poly Developments and Holdings Group Co. Ltd., A Shares		596,500		1,635,203
Postal Savings Bank of China Co. Ltd., A Shares		994,200		810,957
Postal Savings Bank of China Co. Ltd., H Shares^(b)(c)		6,419,011		4,880,580
SAIC Motor Corp. Ltd., A Shares		922,656		2,218,670
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares		137,400		364,903
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		894,573		1,440,109
Shanghai Pudong Development Bank Co. Ltd., A Shares		2,879,652		3,492,707
Shenzhou International Group Holdings Ltd.		109,732		1,508,729
Shimao Group Holdings Ltd.^(c)(d)		6,060,315		3,243,280
Sino Biopharmaceutical Ltd.		1,995,317		1,039,056
Sinopharm Group Co. Ltd., H Shares		551,196		1,264,936
Sunac China Holdings Ltd.^(d)		8,308,367		4,364,827
Sunny Optical Technology Group Co. Ltd.		63,350		926,957
TAL Education Group, ADR^(a)		496,825		1,684,237
Tencent Holdings Ltd		654,344		30,695,579
Trip.com Group Ltd., ADR^(a)(c)		176,477		4,173,681
Vipshop Holdings Ltd., ADR^(a)		327,584		2,509,293
Weichai Power Co. Ltd., A Shares		250,700		421,347
Weichai Power Co. Ltd., H Shares		1,037,146		1,444,393
Xiaomi Corp., B Shares^(a)(b)		3,524,600		5,354,350
Yangzijiang Shipbuilding Holdings Ltd.		1,333,240		874,642
Yankuang Energy Group Co. Ltd., A Shares		43,300		227,587
Yankuang Energy Group Co. Ltd., H Shares		1,016,029		2,863,789
Zhongsheng Group Holdings Ltd		210,150		1,383,860
Zijin Mining Group Co. Ltd., A Shares		284,900		474,146
Zijin Mining Group Co. Ltd., H Shares		1,092,497		1,606,667

				521,947,830

India-12.69%
Axis Bank Ltd.^(a)		566,618		5,322,162
Bank of Baroda^(a)		985,150		1,442,424
Bharat Petroleum Corp. Ltd.		769,840		3,614,676
Bharti Airtel Ltd.^(a)		445,166		4,277,456
Coal India Ltd.		1,784,156		4,226,315
GAIL (India) Ltd		1,392,490		2,883,884
Grasim Industries Ltd		147,482		3,236,951
HCL Technologies Ltd.		193,733		2,706,242
Hero MotoCorp Ltd.		62,466		2,020,352
Hindalco Industries Ltd.		709,345		4,412,571
Hindustan Petroleum Corp. Ltd.		564,755		1,986,047
Hindustan Unilever Ltd.		98,623		2,867,564
Housing Development Finance Corp. Ltd.		377,654		10,873,304


	Shares		Value
India-(continued)
ICICI Bank Ltd.		288,019	$	2,782,047
Indiabulls Housing Finance Ltd.		846,904		1,669,053
Indian Oil Corp. Ltd		1,568,945		2,571,715
Indus Towers Ltd.^(a)		443,051		1,188,164
Infosys Ltd		541,010		10,977,317
ITC Ltd.		978,963		3,302,438
Jindal Steel & Power Ltd.		284,912		1,994,604
JSW Steel Ltd.		323,251		3,053,921
Larsen & Toubro Ltd		203,890		4,475,644
Mahindra & Mahindra Ltd		391,407		4,688,757
Maruti Suzuki India Ltd.		25,335		2,539,621
NTPC Ltd.		1,968,244		4,001,355
Oil & Natural Gas Corp. Ltd.		2,492,906		5,208,726
Piramal Enterprises Ltd		49,659		1,390,084
Power Grid Corp. of India Ltd.		1,433,874		4,255,461
REC Ltd.		780,394		1,292,414
Reliance Industries Ltd		753,267		27,237,561
Shriram Transport Finance Co. Ltd.		97,057		1,511,986
State Bank of India		808,756		5,190,365
Sun Pharmaceutical Industries Ltd		165,894		2,007,778
Tata Consultancy Services Ltd.		145,692		6,703,933
Tata Motors Ltd.^(a)		1,387,220		7,910,847
Tata Motors Ltd., Class A^(a)		303,168		846,317
Tata Power Co. Ltd. (The)		598,841		1,889,662
Tata Steel Ltd.		458,187		7,548,596
Tech Mahindra Ltd.		125,924		2,057,307
UltraTech Cement Ltd.		16,987		1,461,596
UPL Ltd.		184,504		1,963,600
Vedanta Ltd		855,068		4,531,340
Wipro Ltd		167,627		1,105,669
Yes Bank Ltd.^(a)		8,965,650		1,583,461

				178,811,287

Indonesia-1.67%
PT Adaro Energy Tbk		9,043,616		2,074,520
PT Astra International Tbk		5,135,081		2,683,192
PT Bank Central Asia Tbk		7,461,888		4,173,430
PT Bank Mandiri (Persero) Tbk		4,723,455		2,910,438
PT Bank Negara Indonesia (Persero) Tbk		3,355,663		2,122,607
PT Bank Rakyat Indonesia (Persero) Tbk		16,028,845		5,327,777
PT Telkom Indonesia (Persero) Tbk		13,360,540		4,257,825

				23,549,789

Malaysia-0.50%
CIMB Group Holdings Bhd.		1,169,700		1,394,011
Malayan Banking Bhd		808,200		1,679,741
Petronas Chemicals Group Bhd		855,200		2,007,613
Public Bank Bhd.		1,786,500		1,919,875

				7,001,240

Mexico-2.99%
America Movil S.A.B. de C.V., Series L		11,495,277		11,186,329
Arca Continental S.A.B. de C.V		209,360		1,328,369
Cemex S.A.B. de C.V., Series CPO^(a)(e)		11,784,367		5,185,272
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO^(c)(f)		935,138		7,030,775
Grupo Financiero Banorte S.A.B. de C.V., Class O^(c)		870,280		5,744,441
Grupo Mexico S.A.B. de C.V., Class B		730,299		3,418,093

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, 2022

(Unaudited)


	Shares		Value
Mexico-(continued)
Grupo Televisa S.A.B., Series CPO^(c)(g)		1,181,292	$	2,192,584
Wal-Mart de Mexico S.A.B. de C.V.,
Series V		1,700,530		6,012,703

				42,098,566

Russia-0.00%
Aeroflot PJSC^(a)(d)		1,684,800		0
Alrosa PJSC^(d)		1,976,600		0
Gazprom PJSC^(d)		9,643,940		0
Inter RAO UES PJSC^(d)		29,081,146		0
Lukoil PJSC^(d)		261,775		0
Magnit PJSC^(d)		55,179		0
MMC Norilsk Nickel PJSC^(d)		20,152		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^(d)		795,328		0
Rosneft Oil Co. PJSC^(d)		1,054,960		0
Sberbank of Russia PJSC^(d)		7,562,894		0
Severstal PAO^(d)		147,196		0
Sistema PJSFC^(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^(d)		3,563,458,267		0

				0

Saudi Arabia-3.53%
Al Rajhi Bank		171,439		8,012,914
Alinma Bank		203,311		2,241,274
Etihad Etisalat Co.		156,027		1,791,857
Riyad Bank		249,339		2,709,645
Saudi Arabian Mining Co.^(a)		69,072		2,525,366
Saudi Arabian Oil Co.^(b)		550,832		6,582,039
Saudi Basic Industries Corp		251,653		8,778,085
Saudi Electricity Co.		394,004		2,846,997
Saudi Kayan Petrochemical Co.^(a)		297,446		1,488,326
Saudi National Bank (The)		292,264		6,112,354
Saudi Telecom Co.		177,431		5,449,307
Yanbu National Petrochemical Co., Class A		78,332		1,269,291

				49,807,455

Singapore-0.04%
Yangzijiang Financial Holding Pte. Ltd.^(a)		1,388,230		547,893

South Africa-4.52%
Absa Group Ltd.^(c)		250,400		2,706,572
Aspen Pharmacare Holdings Ltd		145,191		1,552,888
Bid Corp. Ltd		91,277		1,907,345
Bidvest Group Ltd. (The)		94,150		1,289,337
Capitec Bank Holdings Ltd.^(c)		11,752		1,637,418
Discovery Ltd.^(a)(c)		129,691		1,243,875
Exxaro Resources Ltd.^(c)		107,692		1,530,297
FirstRand Ltd.		1,246,566		5,361,039
Foschini Group Ltd. (The)		151,574		1,320,345
Gold Fields Ltd.		251,194		3,386,533
Impala Platinum Holdings Ltd.		118,767		1,548,467
Kumba Iron Ore Ltd.		28,186		936,314


	Shares		Value
South Africa-(continued)
Mr Price Group Ltd		86,341	$	1,166,924
MTN Group Ltd		540,618		5,730,129
Naspers Ltd., Class N		37,602		3,744,263
Nedbank Group Ltd.		172,089		2,396,764
Old Mutual Ltd.^(c)		1,680,623		1,336,999
Remgro Ltd		143,247		1,286,029
Sanlam Ltd.		478,316		1,977,160
Sasol Ltd.^(a)		325,291		7,953,468
Shoprite Holdings Ltd.^(c)		163,266		2,351,898
Sibanye Stillwater Ltd.		843,097		2,907,618
Standard Bank Group Ltd.^(c)		326,243		3,454,755
Steinhoff International Holdings N.V.^(a)		10,267,386		1,691,861
Vodacom Group Ltd		162,487		1,555,428
Woolworths Holdings Ltd		479,906		1,791,740

				63,765,466

Taiwan-13.95%
Acer, Inc.		1,877,000		1,742,571
ASE Technology Holding Co. Ltd.		1,731,362		5,584,139
Asustek Computer, Inc		300,641		3,622,828
AU Optronics Corp.		7,075,519		4,047,203
Catcher Technology Co. Ltd.		302,000		1,476,745
Cathay Financial Holding Co. Ltd.		2,883,339		6,072,071
Chailease Holding Co. Ltd.		263,438		2,090,138
China Development Financial Holding Corp		6,175,000		3,721,183
China Steel Corp		4,951,653		5,993,805
Chunghwa Telecom Co. Ltd		1,029,599		4,553,286
Compal Electronics, Inc.		1,844,000		1,375,178
CTBC Financial Holding Co. Ltd		4,481,838		4,418,143
Delta Electronics, Inc.		551,506		4,603,486
E.Sun Financial Holding Co. Ltd.		2,118,472		2,426,515
Evergreen Marine Corp. Taiwan Ltd		286,000		1,386,628
First Financial Holding Co. Ltd.		1,820,163		1,710,703
Formosa Chemicals & Fibre Corp.		441,920		1,189,852
Formosa Petrochemical Corp.		396,000		1,226,346
Formosa Plastics Corp		1,198,280		4,267,685
Foxconn Technology Co. Ltd		668,000		1,325,851
Fubon Financial Holding Co. Ltd		2,332,440		5,839,512
Hon Hai Precision Industry Co. Ltd		3,091,064		10,575,470
Innolux Corp.		7,670,746		3,509,057
Largan Precision Co. Ltd		43,000		2,439,474
Lite-On Technology Corp		577,313		1,264,821
MediaTek, Inc.		230,091		6,304,690
Mega Financial Holding Co. Ltd		2,167,080		3,040,656
Micro-Star International Co. Ltd.		280,000		1,134,284
Nan Ya Plastics Corp.		972,940		2,841,921
Novatek Microelectronics Corp		113,000		1,502,178
Pegatron Corp		680,260		1,611,594
Powertech Technology, Inc		516,200		1,624,093
President Chain Store Corp		149,000		1,377,181
Quanta Computer, Inc.		1,122,000		3,160,026
Realtek Semiconductor Corp		82,000		1,116,695
Shin Kong Financial Holding Co. Ltd		11,030,998		3,646,748
Sino-American Silicon Products, Inc		187,000		929,525
SinoPac Financial Holdings Co. Ltd		2,315,000		1,422,882
Synnex Technology International Corp.		605,000		1,582,970
Taishin Financial Holding Co. Ltd.		2,478,000		1,623,005
Taiwan Cement Corp.		1,559,821		2,424,757

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, 2022

(Unaudited)


	Shares		Value
Taiwan-(continued)
Taiwan Cooperative Financial Holding Co. Ltd		1,613,000	$	1,554,564
Taiwan Semiconductor Manufacturing Co. Ltd		3,225,000		58,864,141
Unimicron Technology Corp.		149,000		1,042,027
Uni-President Enterprises Corp		694,941		1,603,550
United Microelectronics Corp.		3,288,491		5,268,169
Walsin Technology Corp.		262,000		1,067,032
Wistron Corp		1,462,875		1,409,804
Yageo Corp.		152,000		2,044,878
Yuanta Financial Holding Co. Ltd.		2,262,257		1,986,588

				196,646,648

Thailand-4.21%
Advanced Info Service PCL, NVDR		413,017		2,580,364
Bangkok Bank PCL, NVDR		790,792		2,989,022
Bangkok Dusit Medical Services PCL, NVDR		2,187,595		1,637,407
Banpu PCL, NVDR		5,063,840		1,806,679
Charoen Pokphand Foods PCL, NVDR		3,974,756		2,786,823
CP ALL PCL, NVDR		1,822,818		3,438,150
Indorama Ventures PCL, NVDR		1,042,790		1,367,963
IRPC PCL, NVDR		11,763,841		1,189,915
Kasikornbank PCL, NVDR		1,127,347		4,993,623
Krung Thai Bank PCL, NVDR		7,388,833		3,263,661
Land & Houses PCL, NVDR		4,958,058		1,379,223
PTT Exploration & Production PCL, NVDR		819,350		3,592,326
PTT Global Chemical PCL, NVDR		2,086,614		3,028,585
PTT PCL, NVDR		9,911,343		10,797,251
SCB X PCL, NVDR		1,591,151		5,342,551
Siam Cement PCL (The), NVDR		533,412		5,743,068
Thai Oil PCL, NVDR		1,317,460		2,163,887
TMBThanachart Bank PCL, NVDR		33,404,469		1,254,585
TMBThanachart Bank PCL, Wts., expiring 10/25/2025^(a)		351,452		3,592

				59,358,675

Turkey-2.47%
Akbank T.A.S.		6,114,604		3,671,397
BIM Birlesik Magazalar A.S.		377,595		2,110,008
Eregli Demir ve Celik Fabrikalari TAS		1,229,978		2,749,331
Haci Omer Sabanci Holding A.S.		2,202,056		2,941,314
KOC Holding A.S		1,297,729		3,476,369


	Shares		Value
Turkey-(continued)
Turk Hava Yollari AO^(a)		1,289,757	$	3,546,699
Turkcell Iletisim Hizmetleri A.S.		2,069,126		2,990,912
Turkiye Garanti Bankasi A.S.		4,514,598		4,532,237
Turkiye Halk Bankasi A.S.^(a)		3,549,909		1,292,744
Turkiye Is Bankasi A.S., Class C		3,856,307		2,712,015
Turkiye Petrol Rafinerileri A.S.^(a)		215,855		3,359,950
Yapi ve Kredi Bankasi A.S.		4,453,226		1,459,828

				34,842,804

United Republic of Tanzania-0.21%
AngloGold Ashanti Ltd		147,401		3,012,731

United States-0.46%
JBS S.A.		844,640		6,455,641

Total Common Stocks & Other Equity Interests (Cost $1,419,886,592)				1,409,916,219

Money Market Funds-0.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(h)(i)(Cost $3,236,726)		3,236,726		3,236,726

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.26% (Cost $1,423,123,318)				1,413,152,945

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.53%
Invesco Private Government Fund, 0.40%^(h)(i)(j)		6,489,963		6,489,963
Invesco Private Prime Fund, 0.35%^(h)(i)(j)		15,139,367		15,139,367

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $21,628,571)				21,629,330

TOTAL INVESTMENTS IN SECURITIES-101.79% (Cost $1,444,751,889)				1,434,782,275
OTHER ASSETS LESS LIABILITIES-(1.79)%				(25,287,066	)

NET ASSETS-100.00%			$	1,409,495,209

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

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, 2022

(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, 2022 was $30,759,147, which represented 2.18% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

^(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, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,123,231		$	156,861,739		$	(155,748,244	)		$	-		$	-			$	3,236,726		$	2,529
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,330,294			38,430,548			(42,270,879	)			-			-				6,489,963			4,278	*
Invesco Private Prime Fund			24,104,019			52,383,866			(61,346,742	)			759			(2,535	)			15,139,367			11,560	*

Total		$	36,557,544		$	247,676,153		$	(259,365,865	)		$	759		$	(2,535	)		$	24,866,056		$	18,367

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Financials	32.53
Energy	12.13
Materials	11.94
Information Technology	11.72
Consumer Discretionary	8.98
Communication Services	7.43
Consumer Staples	4.21
Utilities	3.87
Real Estate	3.32
Industrials	3.06
Health Care	0.84
Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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

Invesco Global Clean Energy ETF (PBD)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Australia-1.08%
Tritium DCFC Ltd.^(a)(b)		293,762	$	2,670,297

Austria-0.94%
Verbund AG		21,751		2,329,164

Belgium-0.97%
Elia Group S.A./N.V.^(b)		15,114		2,408,521

Canada-5.16%
Ballard Power Systems, Inc.^(a)		196,666		1,641,897
Boralex, Inc., Class A		71,239		2,146,563
Canadian Solar, Inc.^(a)(b)		64,937		1,787,066
Innergex Renewable Energy, Inc.		141,563		1,905,155
Li-Cycle Holdings Corp.^(a)(b)		251,845		1,634,474
Lion Electric Co. (The)^(a)(b)		270,511		1,652,822
Lithium Americas Corp.^(a)(b)		80,137		2,016,247

				12,784,224

Chile-0.88%
Sociedad Quimica y Minera de Chile S.A., ADR		29,486		2,176,067

China-10.95%
BYD Co. Ltd., H Shares		85,573		2,514,462
China Datang Corp. Renewable Power Co. Ltd., H Shares		5,613,027		2,135,649
Daqo New Energy Corp., ADR^(a)		49,947		2,076,297
Flat Glass Group Co. Ltd., H Shares^(b)		468,698		1,681,658
Ganfeng Lithium Co. Ltd., H Shares^(c)		166,436		1,997,203
JinkoSolar Holding Co. Ltd., ADR^(a)		43,838		2,247,136
NIO, Inc., ADR^(a)(b)		114,841		1,917,845
ReneSola Ltd., ADR^(a)(b)		331,784		1,599,199
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares		1,503,585		2,133,414
Xinyi Energy Holdings Ltd.		4,157,098		2,230,688
Xinyi Solar Holdings Ltd.		1,199,829		1,789,468
XPeng, Inc., ADR^(a)(b)		78,214		1,924,846
Yadea Group Holdings Ltd.^(c)		1,926,000		2,887,274

				27,135,139

Denmark-3.49%
NKT A/S^(a)		50,294		2,368,017
Novozymes A/S, Class B^(b)		34,613		2,404,859
Orsted A/S^(c)		18,129		2,038,558
Vestas Wind Systems A/S		71,413		1,837,226

				8,648,660

France-2.40%
McPhy Energy S.A.^(a)(b)		95,825		1,754,435
Neoen S.A.^(a)(b)(c)		52,064		2,073,517
Nexans S.A		23,180		2,108,107

				5,936,059

Germany-6.15%
CropEnergies AG		167,695		2,192,105
Encavis AG		112,052		2,471,160
Energiekontor AG		25,112		2,408,007
Nordex SE^(a)(b)		117,498		1,716,698
SFC Energy AG, Class BR^(a)		69,953		1,882,042


	Shares		Value
Germany-(continued)
SMA Solar Technology AG^(b)		51,327	$	2,350,113
VERBIO Vereinigte BioEnergie AG		30,991		2,216,651

				15,236,776

Hong Kong-0.85%
Cadeler A.S.^(a)		576,151		2,103,359

India-0.61%
Azure Power Global Ltd.^(a)(b)		108,095		1,518,735

Ireland-0.82%
Kingspan Group PLC		22,146		2,030,064

Israel-2.14%
Electreon Wireless Ltd.^(a)		48,910		1,499,522
Enlight Renewable Energy Ltd.^(a)		888,306		1,915,346
Gencell Ltd.^(a)(b)		895,323		1,878,583

				5,293,451

Italy-1.76%
Prysmian S.p.A		64,052		2,076,615
Terna Rete Elettrica Nazionale S.p.A.		279,652		2,277,856

				4,354,471

Japan-2.56%
GS Yuasa Corp.^(b)		110,874		1,932,284
RENOVA, Inc.^(a)		175,752		2,165,217
West Holdings Corp.^(b)		57,102		2,257,795

				6,355,296

Netherlands-2.26%
Alfen Beheer B.V.^(a)(b)(c)		22,220		1,994,865
Fastned B.V., CVA^(a)(b)		55,722		1,734,606
Signify N.V.		44,455		1,877,033

				5,606,504

New Zealand-0.87%
Mercury NZ Ltd.		550,102		2,145,717

Norway-4.07%
Aker Offshore Wind A/S^(a)(b)		7,673,574		2,020,713
Cloudberry Clean Energy ASA^(a)		1,118,431		1,994,725
FREYR Battery S.A.^(a)(b)		223,369		2,005,854
Hexagon Composites ASA^(a)		595,618		2,398,036
NEL ASA^(a)(b)		1,148,858		1,652,413

				10,071,741

South Africa-0.68%
Scatec ASA^(c)		137,591		1,680,901

South Korea-9.25%
CS Wind Corp.		43,541		2,034,108
Doosan Fuel Cell Co. Ltd.^(a)(b)		66,510		1,802,169
Ecopro BM Co. Ltd.		7,838		2,859,486
Iljin Hysolus Co. Ltd.^(a)		70,291		2,241,639
Iljin Materials Co. Ltd.		31,708		2,178,252
L&F Co. Ltd.^(a)		15,485		2,588,441
LG Energy Solution^(a)(b)		7,318		2,429,623
Samsung SDI Co. Ltd.		5,342		2,544,048
SK IE Technology Co. Ltd.^(a)(c)		24,186		2,371,358
Unison Co. Ltd.^(a)(b)		1,011,191		1,868,993

				22,918,117

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
Spain-6.08%
Acciona S.A.		12,265	$	2,397,574
Corp ACCIONA Energias Renovables S.A.		61,420		2,279,882
EDP Renovaveis S.A.^(b)		89,600		2,129,499
Grenergy Renovables S.A.^(a)		65,507		2,359,272
Siemens Gamesa Renewable Energy S.A., Class R^(a)(b)		105,962		1,689,445
Solaria Energia y Medio Ambiente S.A.^(a)		101,962		2,280,621
Wallbox N.V.^(a)(b)		161,172		1,914,723

				15,051,016

Sweden-2.43%
Eolus Vind AB, Class B^(b)		221,081		2,345,060
Nibe Industrier AB, Class B		204,857		2,010,046
PowerCell Sweden AB^(a)(b)		112,997		1,657,473

				6,012,579

Switzerland-1.42%
Gurit Holding AG, BR^(b)		1,285		1,638,798
Landis+Gyr Group AG^(b)		33,566		1,881,225

				3,520,023

Taiwan-2.27%
Motech Industries, Inc.		1,783,000		1,852,646
Sino-American Silicon Products, Inc.		361,000		1,794,431
United Renewable Energy Co. Ltd.^(a)		2,711,141		1,970,839

				5,617,916

United Kingdom-2.25%
AFC Energy PLC^(a)(b)		4,167,865		1,746,967
Ceres Power Holdings PLC^(a)(b)		215,635		1,982,904
ITM Power PLC^(a)(b)		452,456		1,849,941

				5,579,812

United States-27.51%
Ameresco, Inc., Class A^(a)(b)		29,290		1,477,388
Archer Aviation, Inc., Class A^(a)(b)		554,967		2,558,398
Arcosa, Inc.^(b)		36,958		1,978,362
Array Technologies, Inc.^(a)(b)		182,480		1,191,594
Bloom Energy Corp., Class A^(a)(b)		96,343		1,788,126
Canoo, Inc.^(a)(b)		373,832		1,794,394
ChargePoint Holdings, Inc., (Acquired 03/30/2021 - 03/10/2022; Cost $2,785,051)^(a)(b)(d)		125,850		1,628,499
Enphase Energy, Inc.^(a)		12,152		1,961,333
EVgo, Inc.^(a)(b)		179,290		1,624,367
First Solar, Inc.^(a)(b)		27,751		2,026,655
Fisker, Inc.^(a)(b)		186,755		1,878,755
FTC Solar, Inc.^(a)(b)		343,423		961,584
FuelCell Energy, Inc.^(a)(b)		347,303		1,416,996
Gevo, Inc.^(a)(b)		566,651		2,102,275
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(b)		46,994		1,879,290


	Shares		Value
United States-(continued)
Itron, Inc.^(a)		43,317	$	2,069,686
Joby Aviation, Inc.^(a)(b)		420,560		2,203,734
Livent Corp.^(a)(b)		92,536		1,976,569
Lordstown Motors Corp., Class A^(a)(b)		897,198		1,955,892
Lucid Group, Inc.^(a)(b)		91,162		1,648,209
Maxeon Solar Technologies Ltd.^(a)(b)		166,019		1,922,500
MP Materials Corp.^(a)		48,995		1,863,770
Ormat Technologies, Inc.^(b)		27,478		2,135,040
Piedmont Lithium, Inc.^(a)		30,675		2,006,452
Plug Power, Inc.^(a)(b)		89,721		1,885,935
Proterra, Inc., (Acquired 12/30/2021 -03/30/2022; Cost $2,564,335)^(a)(b)(d)		287,870		1,787,673
QuantumScape Corp.^(a)(b)		137,240		2,050,366
Rivian Automotive, Inc., Class A^(a)(b)		51,785		1,565,978
Shoals Technologies Group, Inc., Class A^(a)(b		111,917		1,116,932
SolarEdge Technologies, Inc.^(a)(b)		6,443		1,613,392
Solid Power, Inc.^(a)(b)		256,647		2,083,974
Stem, Inc.^(a)(b)		243,034		1,742,554
Sunnova Energy International, Inc.^(a)(b)		90,437		1,561,847
SunPower Corp.^(a)(b)		106,598		1,759,933
Sunrun, Inc.^(a)(b)		73,517		1,468,870
TPI Composites, Inc.^(a)(b)		153,367		1,754,518
Universal Display Corp.		13,448		1,717,713
Wolfspeed, Inc.^(a)(b)		21,694		1,989,557

				68,149,110

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $328,785,654)				247,333,719

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.93%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		24,363,844		24,363,844
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		57,208,439		57,208,439

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $81,574,932)				81,572,283

TOTAL INVESTMENTS IN SECURITIES-132.78% (Cost $410,360,586)				328,906,002
OTHER ASSETS LESS LIABILITIES-(32.78)%				(81,190,011	)

NET ASSETS-100.00%			$	247,715,991

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

CVA-Dutch Certificates

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2022

(Unaudited)

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, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $15,043,676, which represented 6.07% of the Fund’s Net Assets.

^(d)	Restricted security. The aggregate value of these securities at April 30, 2022 was $3,416,172, which represented 1.38% of the Fund’s Net Assets.

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,668,113		$	(3,668,113	)		$	-			$	-			$	-		$	32
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			38,817,582			51,488,433			(65,942,171	)			-				-				24,363,844			15,893	*
Invesco Private Prime Fund			90,917,942			87,299,095			(120,980,531	)			(2,650	)			(25,417	)			57,208,439			53,586	*

Total		$	129,735,524		$	142,455,641		$	(190,590,815	)		$	(2,650	)		$	(25,417	)		$	81,572,283		$	69,511

*	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, 2022.

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of April 30, 2022


Electrical Components & Equipment			17.91
Renewable Electricity			15.02
Heavy Electrical Equipment			9.92
Semiconductors			6.98
Electric Utilities			6.19
Automobile Manufacturers			6.13
Semiconductor Equipment			5.35
Construction & Engineering			4.67
Specialty Chemicals			3.39
Diversified Metals & Mining			3.18
Sub-Industry Types Each Less Than 3%			21.11
Money Market Funds Plus Other Assets Less Liabilities			0.15

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

Invesco Global Water ETF (PIO)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.78%
Brazil-2.24%
Cia de Saneamento Basico do Estado de Sao Paulo		704,641	$	6,336,106

Canada-1.43%
Stantec, Inc.		87,468		4,035,826

Cayman Islands-0.09%
Consolidated Water Co. Ltd.		24,311		264,504

China-2.15%
Beijing Enterprises Water Group Ltd.		3,317,108		1,069,799
China Water Affairs Group Ltd.^(a)		2,021,574		2,206,015
Guangdong Investment Ltd.		2,182,135		2,795,288

				6,071,102

France-3.54%
Veolia Environnement S.A.		346,803		9,995,737

India-0.45%
Indian Energy Exchange Ltd.^(b)		455,799		1,256,103

Italy-1.33%
ACEA S.p.A		46,818		803,304
Hera S.p.A.^(a)		794,520		2,955,429

				3,758,733

Japan-5.15%
Kurita Water Industries Ltd.		135,127		4,649,324
METAWATER Co. Ltd.		27,546		457,212
Miura Co. Ltd.		117,223		2,460,020
Organo Corp.		17,462		1,203,269
TOTO Ltd.		171,735		5,787,061

				14,556,886

Netherlands-1.84%
Aalberts N.V.		68,635		3,308,837
Arcadis N.V		45,159		1,875,784

				5,184,621

South Korea-0.97%
Coway Co. Ltd.		49,151		2,751,648

Spain-2.09%
Acciona S.A		30,133		5,890,428

Switzerland-7.66%
Belimo Holding AG		6,031		2,985,595
Geberit AG		32,610		18,647,941

				21,633,536

Thailand-0.13%
TTW PCL, NVDR		1,164,638		374,653


	Shares		Value
United Kingdom-15.14%
Genuit Group PLC		158,179	$	892,858
Halma PLC		318,520		9,792,850
HomeServe PLC		299,163		3,681,242
Pennon Group PLC		397,249		5,517,309
Severn Trent PLC		181,811		7,148,477
Spirax-Sarco Engineering PLC		56,601		8,547,272
United Utilities Group PLC		501,680		7,207,549

				42,787,557

United States-55.57%
A.O. Smith Corp.		116,476		6,805,693
Advanced Drainage Systems, Inc.		38,743		3,969,608
American Water Works Co., Inc.		80,463		12,397,739
Danaher Corp.		88,606		22,251,625
Ecolab, Inc.		137,946		23,359,775
Ferguson PLC		158,751		19,989,600
IDEX Corp.		43,923		8,337,464
Itron, Inc.^(c)		50,744		2,424,548
Pentair PLC		419,865		21,308,149
Reliance Worldwide Corp. Ltd.		285,978		783,568
Roper Technologies, Inc.		27,123		12,745,640
Waters Corp.^(c)		38,383		11,630,817
Xylem, Inc.^(a)		136,675		11,002,337

				157,006,563

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.78% (Cost $267,991,920)				281,904,003

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.23%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		1,894,766		1,894,766
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		4,419,083		4,419,083

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,313,849)				6,313,849

TOTAL INVESTMENTS IN SECURITIES-102.01% (Cost $274,305,769)				288,217,852
OTHER ASSETS LESS LIABILITIES-(2.01)%				(5,678,256	)

NET ASSETS-100.00%			$	282,539,596

Investment Abbreviations:

NVDR-Non-Voting 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, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	46,598		$	3,635,327		$	(3,681,925	)		$	-		$	-			$	-		$	38
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,705,012			10,150,050			(10,960,296	)			-			-				1,894,766			778	*
Invesco Private Prime Fund			6,311,696			20,010,201			(21,901,610	)			-			(1,204	)			4,419,083			2,734	*

Total		$	9,063,306		$	33,795,578		$	(36,543,831	)		$	-		$	(1,204	)		$	6,313,849		$	3,550

*	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, 2022.

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

Portfolio Composition

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


as of April 30, 2022
Industrials			46.27
Utilities			22.99
Health Care			11.99
Information Technology			8.84
Materials			8.27
Sector Types Each Less Than 3%			1.42
Money Market Funds Plus Other Assets Less Liabilities			0.22

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

Invesco International BuyBack Achievers^TM ETF (IPKW)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Australia-5.85%
Brambles Ltd.		720,267	$	5,349,653
McMillan Shakespeare Ltd.		63,187		531,279

				5,880,932

Belgium-2.04%
Euronav N.V.^(a)		175,067		2,051,872

Canada-10.43%
CI Financial Corp.		168,556		2,209,079
Dream Office REIT		30,362		617,669
DREAM Unlimited Corp.		23,618		853,763
Home Capital Group, Inc.^(a)		40,081		1,004,808
Mullen Group Ltd.		73,949		711,109
Onex Corp.		70,703		4,270,228
Trican Well Service Ltd.^(b)		232,262		814,157

				10,480,813

Colombia-2.43%
Parex Resources, Inc.		124,743		2,444,008

Finland-0.55%
Rovio Entertainment OYJ^(a)(c)		60,161		553,114

France-4.64%
Vivendi SE^(a)		406,905		4,665,817

Germany-7.62%
Aroundtown S.A		927,522		4,694,793
Scout24 SE^(c)		46,321		2,955,491

				7,650,284

Hong Kong-0.77%
Skyworth Group Ltd.^(b)		1,473,251		771,378

Indonesia-0.53%
PT Surya Citra Media Tbk^(b)		30,198,757		526,181

Israel-3.33%
Gazit-Globe Ltd.		53,330		503,208
Paz Oil Co. Ltd.^(b)		5,232		812,150
Plus500 Ltd.		104,140		2,033,805

				3,349,163

Italy-0.32%
Banca Monte dei Paschi di Siena S.p.A.^(a)(b)		377,910		318,387

Japan-30.66%
Chugoku Marine Paints Ltd.^(a)		96,597		715,339
Enplas Corp.		18,566		399,378
G-7 Holdings, Inc.		36,540		461,247
Haseko Corp.		231,183		2,533,044
Hitachi Transport System Ltd.		48,390		3,189,646
Kohnan Shoji Co. Ltd.		49,307		1,422,607
Mirait Holdings Corp.		166,879		2,345,730
Nippon Soda Co. Ltd.		45,863		1,212,019
Obara Group, Inc.^(a)		22,605		505,978
Okamura Corp.		143,112		1,319,235
Round One Corp.		98,557		1,103,001
Ryoyo Electro Corp.		39,028		615,118
Seino Holdings Co. Ltd.		291,934		2,386,328
Shinsei Bank Ltd.^(b)		145,445		2,552,295
SoftBank Group Corp.		117,016		4,731,906
Tamron Co. Ltd.		33,445		591,344


	Shares		Value
Japan-(continued)
Tokyo Steel Manufacturing Co. Ltd.		210,075	$	2,170,497
Yamada Holdings Co. Ltd.^(b)		855,939		2,554,123

				30,808,835

Malaysia-0.23%
Berjaya Corp. Bhd.^(b)		3,866,100		226,451

Netherlands-2.18%
SBM Offshore N.V.^(a)		151,328		2,193,773

South Africa-1.02%
Barloworld Ltd.		142,536		1,025,725

South Korea-11.13%
KCC Corp.		5,210		1,384,255
Korean Reinsurance Co.		95,787		733,939
LX International Corp.		27,593		836,867
Mirae Asset Securities Co. Ltd.		379,505		2,400,432
POSCO Holdings, Inc.		22,173		5,024,370
SK Networks Co. Ltd.		140,346		536,392
SK Securities Co. Ltd.		395,933		270,065

				11,186,320

Spain-6.02%
ACS Actividades de Construccion y Servicios S.A.^(a)		196,638		5,021,332
CIE Automotive S.A		47,475		1,029,987

				6,051,319

Sweden-1.55%
Intrum AB^(a)		64,989		1,559,654

Thailand-2.03%
Supalai PCL, NVDR		1,408,122		896,651
Thanachart Capital PCL, NVDR		975,217		1,142,560

				2,039,211

United Kingdom-6.66%
abrdn PLC^(a)		1,894,439		4,405,411
Quilter PLC^(c)		1,389,153		2,288,848

				6,694,259

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $118,503,042)				100,477,496

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.16%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		3,635,787		3,635,787
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		8,582,527		8,582,527

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,217,679)				12,218,314

TOTAL INVESTMENTS IN SECURITIES-112.15% (Cost $130,720,721)				112,695,810
OTHER ASSETS LESS LIABILITIES-(12.15)%				(12,212,277	)

NET ASSETS-100.00%			$	100,483,533

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, 2022

(Unaudited)

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

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, 2022.

(b)	Non-income producing security.

(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $5,797,453, which represented 5.77% of the Fund’s Net Assets.

(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	354,727		$	9,357,178		$	(9,711,905	)		$	-		$	-			$	-		$	73
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,468,349			14,901,010			(14,733,572	)			-			-				3,635,787			2,184	*
Invesco Private Prime Fund			8,092,804			27,049,869			(26,559,525	)			635			(1,256	)			8,582,527			5,962	*

Total		$	11,915,880		$	51,308,057		$	(51,005,002	)		$	635		$	(1,256	)		$	12,218,314		$	8,219

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Industrials			25.42
Financials			23.52
Communication Services			13.37
Materials			10.45
Consumer Discretionary			9.96
Energy			8.27
Real Estate			7.53
Sector Types Each Less Than 3%			1.47
Money Market Funds Plus Other Assets Less Liabilities			0.01

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

Invesco MSCI Global Timber ETF (CUT)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.46%
Austria-3.49%
Mondi PLC		156,571	$	2,893,879

Brazil-4.42%
Dexco S.A.		110,496		287,162
Klabin S.A.		230,934		967,160
Suzano S.A.		241,353		2,417,819

				3,672,141

Canada-5.35%
Canfor Corp.^(a)		20,146		385,880
Cascades, Inc.		28,096		277,651
Interfor Corp.		19,599		561,571
Stella-Jones, Inc.		18,894		524,813
West Fraser Timber Co. Ltd.		30,417		2,687,206

				4,437,121

Chile-0.65%
Empresas CMPC S.A.		362,765		540,501

China-0.59%
Chengxin Lithium Group Co. Ltd.^(a)		17,900		119,048
Greatview Aseptic Packaging Co. Ltd.		258,185		70,419
Lee & Man Paper Manufacturing Ltd.		420,358		200,537
Shandong Sun Paper Industry JSC Ltd., A Shares		52,100		96,789

				486,793

Finland-11.30%
Huhtamaki OYJ		31,273		1,172,190
Metsa Board OYJ		57,233		618,495
Stora Enso OYJ, Class R		187,592		3,671,385
UPM-Kymmene OYJ		114,044		3,917,337

				9,379,407

Germany-0.27%
Mercer International, Inc.		13,842		221,610

Hong Kong-0.56%
Nine Dragons Paper Holdings Ltd.		530,653		467,294

Indonesia-0.80%
PT Indah Kiat Pulp & Paper Corp. Tbk		873,273		456,304
PT Pabrik Kertas Tjiwi Kimia Tbk		451,696		205,642

				661,946

Ireland-4.04%
Smurfit Kappa Group PLC		79,351		3,354,791

Japan-3.05%
Daiken Corp.		2,980		48,303
Daio Paper Corp.		26,976		322,078
Hokuetsu Corp.^(b)		39,047		200,334
Nippon Paper Industries Co. Ltd.		31,512		251,006
Oji Holdings Corp.		260,142		1,232,448
Pack Corp. (The)		4,127		75,757
Rengo Co. Ltd.		56,264		333,787
Tokushu Tokai Paper Co. Ltd.		2,621		69,867

				2,533,580

Norway-0.07%
Elopak ASA^(a)		39,066		58,621


	Shares		Value
Portugal-0.61%
Altri SGPS S.A.^(b)		23,152	$	152,720
Navigator Co. S.A. (The)		68,798		281,295
Semapa-Sociedade de Investimento e Gestao		5,242		72,431

				506,446

Russia-0.00%
Segezha Group PJSC^(c)(d)		1,310,077		0

South Africa-0.81%
Sappi Ltd.^(a)		182,829		671,459

South Korea-0.22%
Dongwha Enterprise Co. Ltd.^(a)		1,629		103,481
Kuk-il Paper Manufacturing Co. Ltd.^(a)		28,807		75,101

				178,582

Spain-0.31%
Ence Energia y Celulosa S.A.		47,648		179,191
Miquel y Costas & Miquel S.A.		5,972		79,005

				258,196

Sweden-7.81%
BillerudKorsnas AB		60,429		933,029
Holmen AB, Class B		30,251		1,752,281
Svenska Cellulosa AB S.C.A., Class B		195,366		3,798,208

				6,483,518

Switzerland-2.62%
SIG Group AG^(a)		103,395		2,171,326

Taiwan-1.16%
Cheng Loong Corp.		233,000		263,272
Chung Hwa Pulp Corp.^(a)		125,000		80,678
Longchen Paper & Packaging Co. Ltd.		208,000		140,617
Shihlin Paper Corp.^(a)		46,000		86,411
YFY, Inc.		374,000		394,378

				965,356

Thailand-0.87%
Polyplex Thailand PCL, NVDR		85,935		62,628
SCG Packaging PCL, NVDR		411,270		659,235

				721,863

United Kingdom-2.17%
DS Smith PLC		442,994		1,801,335

United States-48.29%
Amcor PLC^(b)		372,629		4,419,380
Avery Dennison Corp.		23,750		4,289,250
CatchMark Timber Trust, Inc., Class A^(b)		15,765		129,431
Clearwater Paper Corp.^(a)		5,382		178,198
Glatfelter Corp.		14,358		157,938
Graphic Packaging Holding Co.		99,025		2,158,745
International Paper Co.		94,177		4,358,512
Louisiana-Pacific Corp.		28,373		1,830,626
Neenah, Inc.^(b)		5,404		191,302
Packaging Corp. of America		29,536		4,760,317
Pactiv Evergreen, Inc.^(b)		14,289		140,890
PotlatchDeltic Corp.		21,637		1,198,473
Ranpak Holdings Corp.^(a)(b)		12,654		190,822
Rayonier, Inc.		46,161		1,994,155
Sealed Air Corp.		47,774		3,067,568
Sonoco Products Co.		31,706		1,962,918

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

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
United States-(continued)
Sylvamo Corp.^(a)		11,378	$	508,028
WestRock Co.		85,452		4,232,438
Weyerhaeuser Co.		104,774		4,318,784

				40,087,775

Total Common Stocks & Other Equity Interests (Cost $65,287,163)				82,553,540

Exchange-Traded Funds-0.34%
India-0.34%
Invesco India ETF^(a)(b)(e)(Cost $294,799)		11,311		284,698


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f)(Cost $21,023)		21,023		21,023

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $65,602,985)				82,859,261


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.96%
Invesco Private Government Fund, 0.40%(e)(f)(g		1,733,398	$	1,733,398
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		4,042,102		4,042,102

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,775,388)				5,775,500

TOTAL INVESTMENTS IN SECURITIES-106.78% (Cost $71,378,373)				88,634,761
OTHER ASSETS LESS LIABILITIES-(6.78)%				(5,628,812	)

NET ASSETS-100.00%			$	83,005,949

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, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 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, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco India ETF		$	260,608		$	82,524		$	(40,051	)		$	(38,203	)		$	19,820			$	284,698		$	3,325
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			223,357			2,769,040			(2,971,374	)			-				-				21,023			56
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,598,882			16,070,880			(15,936,364	)			-				-				1,733,398			1,573	*
Invesco Private Prime Fund			3,730,724			31,909,981			(31,598,290	)			112				(425	)			4,042,102			4,033	*

Total		$	5,813,571		$	50,832,425		$	(50,546,079	)		$	(38,091	)		$	19,395			$	6,081,221		$	8,987

*	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, 2022.

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

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

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022


Materials			90.25
Real Estate			9.21
Exchange-Traded Fund			0.34
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 MSCI Green Building ETF (GBLD)

April 30, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.65%
Australia-2.57%
Cromwell Property Group		26,901	$	16,205
GDI Property Group		9,081		7,296
Growthpoint Properties Australia Ltd.		5,781		17,777
Vicinity Centres		72,434		94,970

				136,248

Austria-0.42%
CA Immobilien Anlagen AG		797		22,486

Belgium-0.40%
Befimmo S.A.		426		21,250

Canada-0.51%
First Capital REIT		2,022		27,086

China-0.78%
China Evergrande Group^(a)		59,589		9,398
Guangzhou R&F Properties Co. Ltd., H Shares^(b)		31,751		11,793
Shimao Group Holdings Ltd.^(a)		24,046		12,869
SOHO China Ltd.^(c)		39,107		7,113

				41,173

Finland-0.16%
Citycon OYJ		1,166		8,279

France-8.19%
Covivio		974		68,820
Gecina S.A.		860		96,349
Klepierre S.A.		3,805		90,358
Mercialys S.A		1,319		12,631
Unibail-Rodamco-Westfield^(b)(c)		2,335		165,417

				433,575

Germany-0.29%
Deutsche EuroShop AG		925		15,360

Hong Kong-9.75%
Champion REIT		39,074		17,075
Henderson Land Development Co. Ltd.		27,310		110,122
Mapletree North Asia Commercial Trust^(d)		42,579		36,672
Sun Hung Kai Properties Ltd.		24,520		282,530
Swire Properties Ltd.		22,000		52,399
Yuexiu REIT		42,972		17,143

				515,941

Israel-0.14%
Property & Building Corp. Ltd.^(c)		55		7,623
Japan-22.61%
Activia Properties, Inc.		13		41,541
AEON REIT Investment Corp.		29		33,329
CRE Logistics REIT, Inc.		10		15,330
Frontier Real Estate Investment Corp.		9		34,847
Fukuoka REIT Corp.		12		15,042
Global One Real Estate Investment Corp.		18		15,477
GLP J-Reit		80		107,629
Hulic Reit, Inc.		24		29,898
Isetan Mitsukoshi Holdings Ltd.		6,340		46,998
Itochu Advance Logistics Investment Corp.		11		13,614
Japan Excellent, Inc.		23		22,652
Japan Metropolitan Fund Investment Corp.		131		104,448
Japan Real Estate Investment Corp.		24		116,188
LaSalle Logiport REIT		34		46,135


	Shares		Value
Japan-(continued)
Mitsubishi Estate Logistics REIT Investment Corp.		8	$	28,713
Mori Hills REIT Investment Corp.		29		32,862
Nippon Building Fund, Inc.		28		145,305
Nippon Prologis REIT, Inc.		39		108,382
Nomura Real Estate Master Fund, Inc.		80		100,311
One REIT, Inc.		5		10,624
ORIX JREIT, Inc.		49		65,847
Sekisui House REIT, Inc.		79		46,367
SOSiLA Logistics REIT, Inc.		12		14,634

				1,196,173

Netherlands-0.56%
Eurocommercial Properties N.V.		789		19,049
Wereldhave N.V		641		10,475

				29,524

Singapore-9.40%
Ascendas India Trust		16,164		14,664
CapitaLand Integrated Commercial Trust		91,025		152,530
City Developments Ltd.		7,694		47,181
Frasers Centrepoint Trust		19,046		33,554
Frasers Logistics & Commercial Trust^(d)		51,734		53,893
Keppel REIT		34,595		30,404
Manulife US REIT^(d)		26,954		16,795
Mapletree Commercial Trust		40,481		54,611
OUE Commercial REIT		40,811		12,234
Prime US REIT^(d)		9,885		7,296
SPH REIT		18,180		12,836
Starhill Global REIT		27,085		11,571
Suntec REIT		37,427		49,551

				497,120

Spain-2.33%
Inmobiliaria Colonial SOCIMI S.A		5,556		46,459
Lar Espana Real Estate SOCIMI S.A.		1,066		5,550
Merlin Properties SOCIMI S.A.		6,595		71,116

				123,125

Sweden-1.61%
Atrium Ljungberg AB, Class B		846		13,780
Fabege AB		4,954		59,913
Platzer Fastigheter Holding AB, Class B		1,122		11,341

				85,034

United Kingdom-4.74%
Berkeley Group Holdings PLC		2,101		106,512
Hammerson PLC		59,020		21,268
Land Securities Group PLC		13,186		122,871

				250,651

United States-35.19%
Alexandria Real Estate Equities, Inc.		2,744		499,847
Boston Properties, Inc.		2,766		325,282
Brandywine Realty Trust		3,204		37,391
Cousins Properties, Inc.^(b)		2,784		99,946
Douglas Emmett, Inc.		3,285		96,776
Empire State Realty Trust, Inc., Class A^(b)		2,744		23,708
Equity Commonwealth^(c)		2,264		59,294
Highwoods Properties, Inc.		1,954		79,801
Hudson Pacific Properties, Inc.^(b)		2,854		66,441

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2022

(Unaudited)


	Shares		Value
United States-(continued)
JBG SMITH Properties		2,185	$	57,597
KB Home		1,474		47,802
Kilroy Realty Corp.		1,962		137,340
Meritage Homes Corp.^(c)		699		57,702
Paramount Group, Inc.		3,279		31,183
Piedmont Office Realty Trust, Inc., Class A		2,324		37,416
SL Green Realty Corp.^(b)		1,249		86,456
Vornado Realty Trust^(b)		3,050		118,066

				1,862,048

Total Common Stocks & Other Equity Interests (Cost $6,044,187)				5,272,696


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(e)(f)(Cost $5,235)		5,235		5,235

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.75% (Cost $6,049,422)				5,277,931


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.54%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		167,326	$	167,326
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		390,397		390,397

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $557,723)				557,723

TOTAL INVESTMENTS IN SECURITIES-110.29% (Cost $6,607,145)				5,835,654
OTHER ASSETS LESS LIABILITIES-(10.29)%				(544,675	)

NET ASSETS-100.00%			$	5,290,979

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes

to Schedule of Investments:

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

(b)	All or a portion of this security was out on loan at April 30, 2022.

(c)	Non-income producing security.

(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, 2022 was $114,656, which represented 2.17% of the Fund’s Net Assets.

(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Office J-Reit, Inc.		$	9,945		$	-		$	(10,015	)		$	371		$	(301	)		$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			98,606			(93,371	)			-			-				5,235			4
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			57,646			452,715			(343,035	)			-			-				167,326			40	*
Invesco Private Prime Fund			134,510			1,011,300			(755,372	)			-			(41	)			390,397			102	*

Total		$	202,101		$	1,562,621		$	(1,201,793	)		$	371		$	(342	)		$	562,958		$	146

*	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, 2022.

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

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2022

(Unaudited)

Portfolio Composition

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

as of April 30, 2022



Real Estate			94.76
Consumer Discretionary			4.89
Money Market Funds Plus Other Assets
Less Liabilities			0.35

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, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Brazil-1.54%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR^(a)		1,719,109	$	15,454,790

Canada-2.58%
Stantec, Inc.		560,363		25,855,488

China-3.08%
Beijing Enterprises Water Group Ltd.		23,516,032		7,584,144
China Water Affairs Group Ltd.^(a)		4,281,605		4,672,243
Guangdong Investment Ltd.		14,507,453		18,583,871

				30,840,258

Denmark-0.36%
Per Aarsleff Holding A/S		95,635		3,628,715

France-5.07%
Veolia Environnement S.A		1,759,862		50,723,662

Italy-1.84%
ACEA S.p.A		213,994		3,671,711
Interpump Group S.p.A.^(a)		367,641		14,794,111

				18,465,822

Japan-2.09%
Kurita Water Industries Ltd.^(a)		474,932		16,341,019
METAWATER Co. Ltd.		91,155		1,513,003
Nomura Micro Science Co. Ltd.^(a)		34,673		987,249
Organo Corp.		29,861		2,057,657

				20,898,928

Netherlands-2.06%
Aalberts N.V.		427,671		20,617,665

Spain-0.32%
Fomento de Construcciones y Contratas S.A		277,699		3,173,163

Switzerland-7.13%
Geberit AG		90,319		51,648,678
Georg Fischer AG		364,480		19,805,560

				71,454,238

United Kingdom-16.92%
Halma PLC		1,652,723		50,812,722
Pennon Group PLC		1,382,771		19,205,020
Severn Trent PLC^(a)		1,275,770		50,160,950
United Utilities Group PLC		3,433,895		49,334,167

				169,512,859

United States-56.90%
Advanced Drainage Systems, Inc.		252,571		25,878,425
American States Water Co.^(a)		185,809		14,615,736
American Water Works Co., Inc.		637,515		98,228,311
Artesian Resources Corp., Class A		42,831		1,991,641


	Shares		Value
United States-(continued)
Badger Meter, Inc.		129,993	$	10,489,135
California Water Service Group		264,671		13,728,485
Energy Recovery, Inc.^(a)(b)		168,615		3,122,750
Essential Utilities, Inc.		1,054,157		47,184,067
Evoqua Water Technologies Corp.^(a)(b)		537,268		22,398,703
Ferguson PLC		412,236		51,907,911
Franklin Electric Co., Inc.		173,305		12,120,952
Gorman-Rupp Co. (The)		100,856		3,213,272
Lindsay Corp.^(a)		48,683		6,579,507
Middlesex Water Co.		87,908		7,819,417
Montrose Environmental Group, Inc.^(b)		133,351		6,050,135
Mueller Water Products, Inc., Class A		695,882		8,371,460
Northwest Pipe Co.^(b)		43,798		1,169,845
Olin Corp.		627,522		36,019,763
Pentair PLC		735,846		37,344,184
Pure Cycle Corp.^(a)(b)		96,230		1,005,603
Reliance Worldwide Corp. Ltd.		3,511,908		9,622,486
Select Energy Services, Inc., Class A^(b)		340,614		2,643,165
SJW Group		137,863		8,133,917
Tetra Tech, Inc.		271,879		37,867,307
TETRA Technologies, Inc.^(a)(b)		637,766		2,346,979
Watts Water Technologies, Inc., Class A		122,424		15,604,163
Xylem, Inc.^(a)		802,117		64,570,418
York Water Co. (The)		65,842		2,546,769
Zurn Water Solutions Corp.^(a)		558,962		17,450,794

				570,025,300

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $834,086,592)				1,000,650,888

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.80%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		8,083,058		8,083,058
Invesco Private Prime Fund, 0.35%^(c)(d)(e)		20,001,182		20,001,182

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,084,240)				28,084,240

TOTAL INVESTMENTS IN SECURITIES-102.69% (Cost $862,170,832)				1,028,735,128
OTHER ASSETS LESS LIABILITIES-(2.69)%				(26,946,421	)

NET ASSETS-100.00%			$	1,001,788,707

Investment Abbreviations:

ADR-American Depositary Receipt

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, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)	Non-income producing security.

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	198,686		$	26,227,527		$	(26,426,213	)		$	-		$	-			$	-		$	310
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			9,367,167			60,064,580			(61,348,689	)			-			-				8,083,058			5,946	*
Invesco Private Prime Fund			21,856,724			136,676,561			(138,530,213	)			-			(1,890	)			20,001,182			16,347	*

Total		$	31,422,577		$	222,968,668		$	(226,305,115	)		$	-		$	(1,890	)		$	28,084,240		$	22,603

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Water Utilities			35.95
Machinery			24.93
Building Products			10.43
Electronic Equipment, Instruments & Components			6.12
Multi-Utilities			5.43
Trading Companies & Distributors			5.18
Commercial Services & Supplies			4.38
Chemicals			3.60
Industry Types Each Less Than 3%			3.87
Money Market Funds Plus Other Assets Less Liabilities			0.11

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, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.41%
Australia-9.28%
Ampol Ltd.		5,666	$	133,311
ASX Ltd.		6,505		393,244
Bendigo & Adelaide Bank Ltd.		14,307		106,775
BHP Group Ltd.		78,523		2,654,538
Boral Ltd.		16,729		41,839
Cochlear Ltd.		1,868		301,867
CSL Ltd.		11,392		2,168,552
Domino’s Pizza Enterprises Ltd.		1,657		88,087
Fortescue Metals Group Ltd.		57,046		869,841
JB Hi-Fi Ltd.		3,607		134,297
Magellan Financial Group Ltd.^(a)		3,726		42,338
Mineral Resources Ltd.		3,932		161,089
Rio Tinto PLC		31,862		2,256,527
SEEK Ltd.		11,360		222,469
Sonic Healthcare Ltd.		11,616		299,627
Transurban Group		77,156		775,742
Woolworths Group Ltd.		29,417		799,176

				11,449,319

Austria-0.26%
Mondi PLC		10,419		192,573
Oesterreichische Post AG^(a)		1,687		54,297
Wienerberger AG		2,572		71,898

				318,768

Belgium-0.69%
KBC Group N.V		7,991		544,277
Sofina S.A		408		125,340
Solvay S.A., Class A		1,869		176,639

				846,256

Brazil-0.40%
Wheaton Precious Metals Corp.		10,931		492,475

Canada-6.13%
Canadian National Railway Co.		14,480		1,711,700
Canadian Pacific Railway Ltd.		16,466		1,210,680
CGI, Inc., Class A^(b)		5,269		422,328
Constellation Software, Inc.		566		895,410
Fairfax Financial Holdings Ltd.		644		355,683
Franco-Nevada Corp.		4,569		694,547
Gildan Activewear, Inc.		6,332		215,666
Onex Corp.		1,826		110,284
Pan American Silver Corp.		5,141		128,118
Sun Life Financial, Inc.		14,464		723,285
Thomson Reuters Corp.		6,047		607,705
Toromont Industries Ltd.		1,989		175,999
West Fraser Timber Co. Ltd.		3,534		312,213

				7,563,618

China-0.58%
BOC Hong Kong Holdings Ltd.		103,673		374,015
Chow Tai Fook Jewellery Group Ltd.		61,024		101,901
ENN Energy Holdings Ltd.		18,489		245,828

				721,744

Denmark-7.19%
AP Moller - Maersk A/S, Class B		173		496,391
Chr. Hansen Holding A/S		3,286		256,066


	Shares		Value
Denmark-(continued)
Coloplast A/S, Class B		3,998	$	539,779
Demant A/S^(b)		2,442		107,366
DSV A/S		4,740		774,255
GN Store Nord A/S		3,925		146,328
Novo Nordisk A/S, Class B		50,315		5,754,544
Novozymes A/S, Class B^(a)		5,754		399,779
Pandora A/S		4,106		356,125
ROCKWOOL A/S, Class B		169		47,422

				8,878,055

Finland-1.32%
Elisa OYJ		3,715		217,132
Kesko OYJ, Class B		6,501		164,027
Kone OYJ, Class B		11,896		570,827
Neste OYJ		10,163		436,898
Orion OYJ, Class B		3,715		145,343
Wartsila OYJ Abp		11,510		91,888

				1,626,115

France-6.08%
BioMerieux		1,267		120,205
Kering S.A		1,755		932,174
L’Oreal S.A.^(a)		5,881		2,139,512
LVMH Moet Hennessy Louis Vuitton SE^(a)		6,222		3,981,431
Publicis Groupe S.A		5,545		331,913

				7,505,235

Germany-5.90%
adidas AG		5,289		1,077,254
BASF SE		22,705		1,207,453
Continental AG^(b)		2,671		186,029
Deutsche Post AG		23,247		1,003,540
Hapag-Lloyd AG^(c)		284		113,737
HeidelbergCement AG		3,660		213,365
Henkel AG & Co. KGaA, Preference Shares		3,968		256,856
Knorr-Bremse AG		1,678		120,976
Merck KGaA		2,970		550,773
SAP SE		24,691		2,546,705

				7,276,688

Hong Kong-1.17%
Bank of East Asia Ltd. (The)		49,573		73,160
Hong Kong Exchanges & Clearing Ltd.		29,008		1,230,368
Orient Overseas International Ltd.		5,228		144,118

				1,447,646

Ireland-0.27%
Kingspan Group PLC		3,612		331,102

Israel-0.77%
Check Point Software Technologies Ltd.^(b)		3,049		385,058
Cognyte Software Ltd.^(b)		3,620		24,544
Harel Insurance Investments & Financial Services Ltd.		7,234		88,446
Israel Discount Bank Ltd., Class A		35,379		208,780
Maytronics Ltd.		3,136		55,853
Phoenix Holdings Ltd. (The)		6,507		81,511
ZIM Integrated Shipping Services Ltd.		1,849		102,860

				947,052

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, 2022

(Unaudited)


	Shares		Value
Italy-1.04%
DiaSorin S.p.A.		664	$	86,798
Ferrari N.V.		3,379		712,736
FinecoBank Banca Fineco S.p.A		21,179		291,771
Recordati Industria Chimica e Farmaceutica S.p.A.		2,608		124,852
Telecom Italia S.p.A.^(a)		237,182		68,762

				1,284,919

Japan-11.95%
Advantest Corp.		4,796		330,748
Astellas Pharma, Inc.		40,971		625,507
BayCurrent Consulting, Inc.		485		160,579
Benefit One, Inc.		3,071		46,147
BIPROGY, Inc.		2,533		64,518
Bridgestone Corp.		13,950		511,433
Casio Computer Co. Ltd.		5,296		54,444
Chugai Pharmaceutical Co. Ltd.		14,807		445,108
CyberAgent, Inc.		14,681		156,314
Daito Trust Construction Co. Ltd.		1,709		164,762
Disco Corp.		806		198,988
Ebara Corp.		1,888		87,352
Freee KK^(b)		1,221		35,270
GMO Payment Gateway, Inc.		1,338		113,165
Hoshizaki Corp.		1,515		96,189
Hoya Corp.		8,989		897,054
Iida Group Holdings Co. Ltd.		4,456		71,469
Japan Exchange Group, Inc.		14,216		213,547
Japan Tobacco, Inc.		26,733		458,106
JCR Pharmaceuticals Co. Ltd.		3,372		62,353
JustSystems Corp.		1,460		63,460
Kakaku.com, Inc.		4,031		84,910
Kao Corp.		10,325		415,908
Kawasaki Kisen Kaisha Ltd.		1,840		95,544
Kobe Bussan Co. Ltd.		3,378		82,400
Kyowa Kirin Co. Ltd.		7,540		158,599
Lawson, Inc.		1,472		54,195
M3, Inc.		13,386		431,714
Mitsui OSK Lines Ltd.		8,430		196,556
MonotaRO Co. Ltd.		5,881		102,136
Murata Manufacturing Co. Ltd.		14,430		865,367
Nabtesco Corp.		3,691		84,464
Nifco, Inc.		2,474		51,998
Nihon M&A Center Holdings, Inc.		11,539		142,975
Nintendo Co. Ltd.		3,162		1,459,657
Nippon Shinyaku Co. Ltd.		1,468		99,581
Nippon Yusen K.K.		5,386		387,120
Nissan Chemical Corp.		3,471		184,242
NOF Corp.		1,933		72,548
Obic Co. Ltd.		1,590		235,672
Persol Holdings Co. Ltd.		4,206		83,795
Pigeon Corp.		3,775		64,075
Pola Orbis Holdings, Inc.		3,966		45,924
Rakus Co. Ltd.		2,944		35,885
SCREEN Holdings Co. Ltd.		1,052		86,324
SCSK Corp.		4,264		68,118
Sega Sammy Holdings, Inc.		4,282		76,159
Seria Co. Ltd.		2,412		46,678
SG Holdings Co. Ltd.		12,966		228,846
Shimadzu Corp.		6,373		209,867
Shimano, Inc.		2,039		356,939


	Shares		Value
Japan-(continued)
Square Enix Holdings Co. Ltd.		2,036	$	81,648
Sumitomo Pharma Co. Ltd.		6,007		53,531
Sumitomo Rubber Industries Ltd.		6,781		58,783
Takara Bio, Inc.		3,128		50,462
Tokyo Electron Ltd.		3,827		1,626,161
Trend Micro, Inc.		4,827		269,367
Unicharm Corp.		12,294		428,329
USS Co. Ltd.		5,140		84,977
Workman Co. Ltd.		1,408		47,649
Yakult Honsha Co. Ltd.		3,755		194,764
Yamaha Motor Co. Ltd.		7,343		151,840
Yamato Holdings Co. Ltd.		8,442		158,603
Yokohama Rubber Co. Ltd. (The)		4,328		57,834
ZOZO, Inc.		5,466		111,759

				14,740,416

Luxembourg-0.41%
ArcelorMittal S.A.		17,165		501,071

Netherlands-5.56%
ASM International N.V		1,005		300,111
ASML Holding N.V.^(a)		9,124		5,162,075
Koninklijke Philips N.V		27,857		730,799
Wolters Kluwer N.V.		6,582		665,771

				6,858,756

New Zealand-0.33%
a2 Milk Co. Ltd. (The)^(b)		21,092		66,938
Fisher & Paykel Healthcare Corp. Ltd.		13,569		187,702
Spark New Zealand Ltd.		46,523		148,043

				402,683

Norway-0.37%
Aker ASA, Class A		775		63,818
Aker BP ASA		2,607		94,040
Gjensidige Forsikring ASA		5,499		118,817
Schibsted ASA, Class A		3,240		67,673
TOMRA Systems ASA		2,868		114,267

				458,615

Singapore-0.28%
Singapore Exchange Ltd.		20,323		143,328
Singapore Technologies Engineering Ltd.		42,463		125,260
Venture Corp. Ltd.		6,587		81,209

				349,797

South Korea-1.53%
Coway Co. Ltd.		1,180		66,061
Fila Holdings Corp.		2,343		59,866
Hansol Chemical Co. Ltd.		269		51,286
Hyosung TNC Corp.		150		48,586
KMW Co. Ltd.^(b)		2,131		54,927
KT&G Corp.		2,520		165,445
Kumho Petrochemical Co. Ltd.		481		58,147
LEENO Industrial, Inc.		409		56,929
Meritz Fire & Marine Insurance Co. Ltd.		2,708		95,142
NAVER Corp.		4,095		926,299
Orion Corp.		847		63,393
Samsung Electro-Mechanics Co. Ltd.		1,273		164,754
S-Oil Corp.		966		78,569

				1,889,404

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, 2022

(Unaudited)


	Shares		Value
Spain-1.26%
Industria de Diseno Textil S.A.^(a)		32,565	$	682,886
Telefonica S.A.		179,531		873,579

				1,556,465

Sweden-5.67%
AAK AB		3,961		68,958
Alfa Laval AB^(a)		6,586		183,285
Assa Abloy AB, Class B^(a)		21,550		545,113
Atlas Copco AB, Class A^(a)		16,008		726,867
Axfood AB		3,090		91,661
Boliden AB^(a)		6,242		273,661
Electrolux AB, Class B^(a)		9,175		140,380
Elekta AB, Class B^(a)		7,953		53,325
Epiroc AB, Class A^(a)		20,259		413,106
Getinge AB, Class B^(a)		5,639		163,937
Husqvarna AB, Class B		10,716		102,789
Indutrade AB		6,332		150,052
Investment AB Latour, Class B		3,152		83,706
Investor AB, Class B^(a)		45,679		879,910
Lifco AB, Class B		5,006		105,310
Nibe Industrier AB, Class B		33,605		329,730
Sandvik AB^(a)		27,513		518,704
Securitas AB, Class B^(a)		7,305		86,206
Skanska AB, Class B		11,156		213,275
SKF AB, Class B		10,844		176,451
SSAB AB, Class A		13,904		88,754
Sweco AB, Class B		5,014		70,970
Tele2 AB, Class B^(a)		12,462		164,930
Telefonaktiebolaget LM Ericsson, Class B		73,350		590,575
Trelleborg AB, Class B^(a)		5,548		121,241
Volvo AB, Class B		40,848		650,000

				6,992,896

Switzerland-9.15%
EMS-Chemie Holding AG		189		169,091
Geberit AG		1,204		688,504
Kuehne + Nagel International AG, Class R		2,164		608,123
Logitech International S.A., Class R^(a)		7,557		490,741
Partners Group Holding AG		989		1,050,247
Roche Holding AG		18,049		6,699,210
Schindler Holding AG, PC		1,091		210,605
Sika AG		3,158		962,358
Straumann Holding AG		3,510		414,784

				11,293,663

United Kingdom-12.30%
abrdn PLC		55,344		128,699
Admiral Group PLC		9,133		285,832
Ashtead Group PLC		10,665		550,544
Auto Trader Group PLC^(c)		35,171		277,510
B&M European Value Retail S.A		22,870		140,002
Barratt Developments PLC		24,281		148,433
Burberry Group PLC		11,061		217,175


	Shares		Value
United Kingdom-(continued)
Diageo PLC		58,785	$	2,908,580
Halma PLC		9,398		288,940
Hargreaves Lansdown PLC^(a)		17,685		200,798
Imperial Brands PLC		30,080		626,953
Intertek Group PLC		4,433		275,842
Lloyds Banking Group PLC		2,582,461		1,453,696
Melrose Industries PLC		104,416		149,963
Next PLC		3,533		264,746
Pearson PLC		17,748		172,350
Persimmon PLC		8,927		232,460
RELX PLC		48,306		1,440,443
Rightmove PLC		21,112		162,044
Sage Group PLC (The)		31,652		290,785
Schroders PLC		4,002		140,992
Spirax-Sarco Engineering PLC		1,889		285,256
SSE PLC		26,619		619,102
St James’s Place PLC		13,501		215,033
Tesco PLC		270,245		916,643
Unilever PLC		60,057		2,785,204

				15,178,025

United States-9.52%
Avast PLC^(c)		16,472		116,937
Ferguson PLC		5,693		716,851
GlaxoSmithKline PLC		114,350		2,570,837
Inmode Ltd.^(b)		1,375		34,526
James Hardie Industries PLC, CDI		15,300		442,448
Nestle S.A		54,381		7,036,075
Oracle Corp.		1,221		78,791
Stellantis N.V.		56,665		754,904

				11,751,369

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.41% (Cost $134,008,836)				122,662,152

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.40%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		5,329,234		5,329,234
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		12,434,188		12,434,188

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,763,310)				17,763,422

TOTAL INVESTMENTS IN SECURITIES-113.81% (Cost $151,772,146)				140,425,574
OTHER ASSETS LESS LIABILITIES-(13.81)%				(17,043,589	)

NET ASSETS-100.00%			$	123,381,985

Investment Abbreviations:

CDI-CREST Depository Interest

PC-Participation Certificate

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, 2022

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2022.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $508,184, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,086,669		$	(1,086,669)			$	-		$	-			$	-		$	14
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,212,403			11,237,907			(7,121,076	)			-			-				5,329,234			1,306	*
Invesco Private Prime Fund			2,828,941			23,388,783			(13,783,107	)			112			(542	)			12,434,188			3,372	*

Total		$	4,041,344		$	35,713,359		$	(21,990,852	)		$	112		$	(542	)		$	17,763,422		$	4,692

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Health Care			19.47
Industrials			16.68
Consumer Staples			16.08
Information Technology			13.09
Materials			10.52
Consumer Discretionary			9.91
Financials			7.84
Communication Services			4.39
Sector Types Each Less Than 3%			1.43
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.

Statements of Assets and Liabilities

April 30, 2022

(Unaudited)


	Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)			Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Assets:
Unaffiliated investments in securities, at value^(a)		$	972,681,482		$	165,986,331		$	200,669,496		$	1,117,527,023		$	504,911,863
Affiliated investments in securities, at value			40,192,362			14,042,850			3,788,162			119,901,589			58,312,076
Cash			693,658			-			-			129,138			-
Foreign currencies, at value			38,906			44,938			187,646			294,240			-
Deposits with brokers:
Cash segregated as collateral			-			-			-			-			89,626
Receivable for:
Dividends			24,201			301,575			436,719			5,003,714			2,402,716
Securities lending			36,313			3,443			681			60,178			43,438
Investments sold			-			-			92,223			84			524,385
Investments sold - affiliated broker			-			-			-			-			-
Fund shares sold			-			-			1,096,202			-			106,786
Foreign tax reclaims			-			532,347			-			2,598,797			388,024
Other assets			-			-			-			-			-

Total assets			1,013,666,922			180,911,484			206,271,129			1,245,514,763			566,778,914


Liabilities:
Due to custodian			-			-			285,156			-			86,175
Due to foreign custodian			-			-			-			-			70,699
Payable for:
Investments purchased			268			180			1,074,720			1,200			388,440
Investments purchased - affiliated broker			-			-			-			-			-
Collateral upon return of securities loaned			38,553,922			13,896,319			3,788,162			119,670,916			58,311,669
Collateral upon receipt of securities in-kind			-			-			-			-			89,626
Fund shares repurchased			-			-			-			-			-
Accrued unitary management fees			572,203			115,738			153,186			432,156			209,854
Accrued advisory fees			-			-			-			-			-
Accrued trustees’ and officer’s fees			-			-			-			-			-
Accrued expenses			-			-			-			-			-
Accrued tax expenses			-			-			-			-			-
Other payables			-			4,532			-			11,045			-

Total liabilities			39,126,393			14,016,769			5,301,224			120,115,317			59,156,463

Net Assets		$	974,540,529		$	166,894,715		$	200,969,905		$	1,125,399,446		$	507,622,451

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


	Invesco China Technology ETF (CQQQ)				Invesco DWA Developed Markets Momentum ETF (PIZ)				Invesco DWA Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)				Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

Net assets consist of:
Shares of beneficial interest		$	1,703,088,416			$	309,191,921			$	312,370,169			$	1,228,719,294			$	568,014,407
Distributable earnings (loss)			(728,547,887	)			(142,297,206	)			(111,400,264	)			(103,319,848	)			(60,391,956	)

Net Assets		$	974,540,529			$	166,894,715			$	200,969,905			$	1,125,399,446			$	507,622,451

Shares outstanding (unlimited amount authorized, $0.01 par value)			22,350,000				5,350,000				9,250,000				25,900,000				15,750,000
Net asset value		$	43.60			$	31.20			$	21.73			$	43.45			$	32.23

Market price		$	43.30			$	31.12			$	21.86			$	43.33			$	32.16

Unaffiliated investments in securities, at cost		$	1,282,338,557			$	177,840,745			$	201,839,778			$	1,092,669,569			$	511,403,539

Affiliated investments in securities, at cost		$	40,190,115			$	14,042,850			$	3,788,162			$	119,892,834			$	58,311,669

Foreign currencies (due to foreign custodian), at cost		$	38,905			$	44,838			$	188,520			$	294,866			$	(69,656	)

^(a) Includes securities on loan with an aggregate value of:		$	36,979,513			$	13,136,868			$	3,597,666			$	110,587,715			$	53,830,569

Statements of Assets and Liabilities–(continued)

April 30, 2022

(Unaudited)


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)			Invesco S&P Global Water Index ETF (CGW)			Invesco S&P International Developed Quality ETF (IDHQ)

$	1,409,916,219		$	247,333,719		$	281,904,003		$	100,477,496		$	82,553,540		$	5,272,696		$	1,000,650,888		$	122,662,152
	24,866,056			81,572,283			6,313,849			12,218,314			6,081,221			562,958			28,084,240			17,763,422
	-			-			-			-			-			-			-			-
	1,057,618			58,484			7,919			461			1,633			-			-			86,164

	-			-			-			-			-			-			-			-

	6,010,922			35,659			585,421			920,609			231,820			18,229			686,567			343,379
	21,242			556,324			873			19,346			1,581			80			5,125			4,654
	13,428,163			-			-			2,899,545			225			-			-			-
	-			-			-			-			252,867			-			-			-
	-			-			-			-			-			7			-			-
	-			86,508			270,815			149,344			148,230			731			1,482,158			378,815
	4,901			-			-			-			933			-			-			-


	1,455,305,121			329,642,977			289,082,880			116,685,115			89,272,050			5,854,701			1,030,908,978			141,238,586




	3,500			181,924			46,665			422,418			-			3,854			14,550			62,115
	-			-			-			-			-			359			12,700			-

	3,049,907			4			-			3,512,831			275,461			-			-			198
	-			-			-			-			24,036			-			-			-
	21,628,571			81,574,932			6,313,849			12,217,679			5,775,388			557,723			28,084,240			17,763,310
	-			-			-			-			-			-			-			-
	14,680,318			-			-			-			-			-			-			-
	620,883			168,838			182,770			47,826			-			1,786			-			30,956
	-			-			-			-			45,167			-			441,227			-
	-			-			-			-			6,553			-			16,637			-
	-			-			-			-			138,405			-			550,917			-
	5,826,733			1,288			-			-			1,091			-			-			-
	-			-			-			828			-			-			-			22

	45,809,912			81,926,986			6,543,284			16,201,582			6,266,101			563,722			29,120,271			17,856,601


$	1,409,495,209		$	247,715,991		$	282,539,596		$	100,483,533		$	83,005,949		$	5,290,979		$	1,001,788,707		$	123,381,985



$	1,659,260,742		$	457,031,561		$	320,379,014		$	160,517,882		$	83,461,320		$	6,117,058		$	847,753,455		$	140,500,924
	(249,765,533	)		(209,315,570	)		(37,839,418	)		(60,034,349	)		(455,371	)		(826,079	)		154,035,252			(17,118,939	)

$	1,409,495,209		$	247,715,991		$	282,539,596		$	100,483,533		$	83,005,949		$	5,290,979		$	1,001,788,707		$	123,381,985

	72,000,000			11,575,000			8,250,000			2,750,000			2,350,000			250,001			20,760,000			4,650,000
$	19.58		$	21.40		$	34.25		$	36.54		$	35.32		$	21.16		$	48.26		$	26.53

$	19.54		$	21.33		$	34.21		$	36.52		$	35.31		$	21.20		$	48.19		$	26.46

$	1,419,886,592		$	328,785,654		$	267,991,920		$	118,503,042		$	65,287,163		$	6,044,187		$	834,086,592		$	134,008,836

$	24,865,297		$	81,574,932		$	6,313,849		$	12,217,679		$	6,091,210		$	562,958		$	28,084,240		$	17,763,310

$	1,059,990		$	60,205		$	8,324		$	(2,084	)	$	1,502		$	(358	)	$	(12,786	)	$	86,140

$	21,081,203		$	77,188,226		$	5,928,957		$	11,374,752		$	5,423,723		$	522,897		$	25,503,033		$	16,562,010

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

(This Page Intentionally Left Blank)


		69

Statements of Operations

For the six months ended April 30, 2022

(Unaudited)


	Invesco China Technology ETF (CQQQ)				Invesco DWA Developed Markets Momentum ETF (PIZ)				Invesco DWA Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)				Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Investment income:
Unaffiliated dividend income		$	1,573,838			$	1,436,523			$	1,855,650			$	21,390,717			$	7,781,422
Affiliated dividend income			1,045				42				96				564				157
Non-cash dividend income			4,377,581				-				-				1,906,249				8,417
Securities lending income.			199,722				8,939				41,535				255,914				289,638
Foreign withholding tax			(17,437	)			(171,249	)			(221,982	)			(2,177,995	)			(934,081	)

Total investment income			6,134,749				1,274,255				1,675,299				21,375,449				7,145,553


Expenses:
Unitary management fees			4,503,739				837,470				947,231				2,550,114				1,185,751
Advisory fees			-				-				-				-				-
Sub-licensing fees			-				-				-				-				-
Accounting & administration fees			-				-				-				-				-
Custodian & transfer agent fees			-				-				-				-				-
Trustees’ and officer’s fees			-				-				-				-				-
Tax expenses			-				-				-				-				-
Other expenses			-				-				-				-				-

Total expenses			4,503,739				837,470				947,231				2,550,114				1,185,751

Less: Waivers			(81	)			(5	)			(10	)			(28	)			(12	)

Net expenses			4,503,658				837,465				947,221				2,550,086				1,185,739

Net investment income			1,631,091				436,790				728,078				18,825,363				5,959,814


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(278,184,579	)			(14,330,616	)			1,124,875				(11,546,709	)			(16,158,867	)
Affiliated investment securities			(62,830	)			(1,849	)			(3,680	)			(21,044	)			(3,541	)
Unaffiliated in-kind redemptions			2,313,777				6,549,712				257,380				23,388,206				16,582,925
Affiliated in-kind redemptions			-				-				-				-				-
Foreign currencies			(85,717	)			(97,833	)			(160,795	)			(62,999	)			(205,937	)
Distributions of underlying fund shares			-				-				-				-				-

Net realized gain (loss)			(276,019,349	)			(7,880,586	)			1,217,780				11,757,454				214,580

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(304,422,776	)			(42,843,913	)			(29,936,889	)			(115,628,158	)			(74,769,095	)
Affiliated investment securities			2,245				-				-				8,754				(10,421	)
Foreign currencies			(268	)			(57,127	)			(8,342	)			(412,716	)			(123,057	)

Change in net unrealized appreciation (depreciation)			(304,420,799	)			(42,901,040	)			(29,945,231	)			(116,032,120	)			(74,902,573	)

Net realized and unrealized gain (loss)			(580,440,148	)			(50,781,626	)			(28,727,451	)			(104,274,666	)			(74,687,993	)

Net increase (decrease) in net assets resulting from operations		$	(578,809,057	)		$	(50,344,836	)		$	(27,999,373	)		$	(85,449,303	)		$	(68,728,179	)

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)

	$	25,344,933			$	638,743			$	2,105,288			$	2,004,714			$	1,670,551			$	94,531			$	7,865,150			$	2,147,150
		2,529				32				38				73				3,381				4				310				14
		1,183,373				-				-				118,791				-				-				-				-
		61,537				1,989,203				3,738				184,010				6,152				1,176				18,226				18,276
		(1,590,158	)			(93,506	)			(122,944	)			(233,875	)			(51,918	)			(6,939	)			(290,184	)			(206,769	)

		25,002,214				2,534,472				1,986,120				2,073,713				1,628,166				88,772				7,593,502				1,958,671


		3,450,547				1,142,814				1,200,366				310,206				-				9,319				-				183,089
		-				-				-				-				222,330				-				2,862,172				-
		-				-				-				-				26,679				-				251,876				-
		-				-				-				-				9,599				-				33,706				-
		-				-				-				-				9,153				-				16,910				-
		-				-				-				-				-				-				2,395				-
		2,729				1,288				-				-				1,091				-				-				-
		-				-				-				-				29,051				-				51,024				-

		3,453,276				1,144,102				1,200,366				310,206				297,903				9,319				3,218,083				183,089

		(254	)			(4	)			-				(3	)			(26,732	)			(1	)			(9	)			(2	)

		3,453,022				1,144,098				1,200,366				310,203				271,171				9,318				3,218,074				183,087

		21,549,192				1,390,374				785,754				1,763,510				1,356,995				79,454				4,375,428				1,775,584




		(24,612,491	)			(35,496,744	)			(2,935,131	)			(4,181,240	)			854,008				(38,635	)			(7,320,006	)			(1,462,541	)
		(2,535	)			(25,417	)			(1,204	)			(1,256	)			3,802				(342	)			(1,890	)			(542	)
		2,078,527				3,719,297				1,392,856				411,683				2,049,859				-				9,844,048				2,686,675
		-				-				-				-				15,593				-				-				-
		(1,371,587	)			(21,054	)			(25,035	)			(3,822	)			(12,345	)			(678	)			32,646				(21,168	)
		-				-				-				-				2,004				-				-				-

		(23,908,086	)			(31,823,918	)			(1,568,514	)			(3,774,635	)			2,912,921				(39,655	)			2,554,798				1,202,424




		(158,310,492	)			(88,559,791	)			(59,468,240	)			(11,218,199	)			(4,792,979	)			(527,329	)			(211,150,297	)			(23,885,323	)
		759				(2,650	)			-				635				(38,091	)			371				-				112
		(288,045	)			(9,692	)			(38,080	)			(39,519	)			(22,415	)			(829	)			(93,525	)			(33,464	)


		(158,597,778	)			(88,572,133	)			(59,506,320	)			(11,257,083	)			(4,853,485	)			(527,787	)			(211,243,822	)			(23,918,675	)

		(182,505,864	)			(120,396,051	)			(61,074,834	)			(15,031,718	)			(1,940,564	)			(567,442	)			(208,689,024	)			(22,716,251	)


	$	(160,956,672	)		$	(119,005,677	)		$	(60,289,080	)		$	(13,268,208	)		$	(583,569	)		$	(487,988	)		$	(204,313,596	)		$	(20,940,667	)

Statements of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	Invesco China Technology ETF (CQQQ)								Invesco DWA Developed Markets Momentum ETF (PIZ)
	Six Months Ended April 30, 2022				Year Ended October 31, 2021				Six Months Ended April 30, 2022				Year Ended October 31, 2021


Operations:
Net investment income (loss)		$	1,631,091			$	(3,007,211	)		$	436,790			$	1,214,869
Net realized gain (loss)			(276,019,349	)			31,255,498				(7,880,586	)			40,842,745
Change in net unrealized appreciation (depreciation)			(304,420,799	)			(228,330,434	)			(42,901,040	)			12,793,382

Net increase (decrease) in net assets resulting from operations			(578,809,057	)			(200,082,147	)			(50,344,836	)			54,850,996


Distributions to Shareholders from:
Distributable earnings			-				(6,502,078	)			(1,656,484	)			(964,301	)


Shareholder Transactions:
Proceeds from shares sold			133,011,550				934,478,610				28,269,708				171,884,702
Value of shares repurchased			(99,000,159	)			(251,717,877	)			(61,325,113	)			(128,862,593	)
Transaction fees			-				-				-				-

Net increase (decrease) in net assets resulting from share transactions			34,011,391				682,760,733				(33,055,405	)			43,022,109

Net increase (decrease) in net assets			(544,797,666	)			476,176,508				(85,056,725	)			96,908,804


Net assets:
Beginning of year			1,519,338,195				1,043,161,687				251,951,440				155,042,636

End of year		$	974,540,529			$	1,519,338,195			$	166,894,715			$	251,951,440


Changes in Shares Outstanding:
Shares sold			2,100,000				11,100,000				750,000				4,550,000
Shares repurchased			(1,800,000	)			(3,150,000	)			(1,700,000	)			(3,450,000	)
Shares outstanding, beginning of year			22,050,000				14,100,000				6,300,000				5,200,000

Shares outstanding, end of year			22,350,000				22,050,000				5,350,000				6,300,000

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


Invesco DWA Emerging Markets								Invesco FTSE RAFI Developed Markets								Invesco FTSE RAFI Developed Markets								Invesco FTSE RAFI Emerging Markets
Momentum ETF (PIE)								ex-U.S. ETF (PXF)								ex-U.S. Small-Mid ETF (PDN)								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,
2022				2021				2022				2021				2022				2021				2022				2021

	$	728,078			$	1,722,180			$	18,825,363			$	35,112,659			$	5,959,814			$	7,065,857			$	21,549,192			$	55,658,353
		1,217,780				44,078,965				11,757,454				27,602,304				214,580				32,710,580				(23,908,086	)			33,864,949
		(29,945,231	)			1,750,161				(116,032,120	)			316,656,880				(74,902,573	)			65,895,115				(158,597,778	)			225,062,252

		(27,999,373	)			47,551,306				(85,449,303	)			379,371,843				(68,728,179	)			105,671,552				(160,956,672	)			314,585,554



		(1,250,922	)			(2,586,314	)			(29,006,175	)			(27,603,102	)			(8,242,272	)			(7,594,401	)			(32,184,811	)			(40,406,081	)



		24,101,839				145,789,480				129,786,834				85,097,681				209,234,440				111,750,049				327,326,238				326,988,438
		(8,888,885	)			(131,467,700	)			(90,155,661	)			(108,096,381	)			(59,345,738	)			(83,278,298	)			(85,415,222	)			(210,835,982	)
		63,712				167,645				35,245				15,729				44,473				4,510				222,968				326,816



		15,276,666				14,489,425				39,666,418				(22,982,971	)			149,933,175				28,476,261				242,133,984				116,479,272

		(13,973,629	)			59,454,417				(74,789,060	)			328,785,770				72,962,724				126,553,412				48,992,501				390,658,745



		214,943,534				155,489,117				1,200,188,506				871,402,736				434,659,727				308,106,315				1,360,502,708				969,843,963

	$	200,969,905			$	214,943,534			$	1,125,399,446			$	1,200,188,506			$	507,622,451			$	434,659,727			$	1,409,495,209			$	1,360,502,708



		1,000,000				6,100,000				2,850,000				1,800,000				6,050,000				3,000,000				15,600,000				14,650,000
		(350,000	)			(5,450,000	)			(1,850,000	)			(2,400,000	)			(1,700,000	)			(2,250,000	)			(4,250,000	)			(9,400,000	)
		8,600,000				7,950,000				24,900,000				25,500,000				11,400,000				10,650,000				60,650,000				55,400,000

		9,250,000				8,600,000				25,900,000				24,900,000				15,750,000				11,400,000				72,000,000				60,650,000

Statements of Changes in Net Assets–(continued)

For the six months ended April 30, 2022 and the year ended October 31, 2021

(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,
	2022				2021				2022				2021
Operations:
Net investment income		$	1,390,374			$	1,961,935			$	785,754			$	4,145,969
Net realized gain (loss)			(31,823,918	)			41,827,373				(1,568,514	)			46,218,048
Change in net unrealized appreciation (depreciation)			(88,572,133	)			(32,979,658	)			(59,506,320	)			24,908,830

Net increase (decrease) in net assets resulting from operations			(119,005,677	)			10,809,650				(60,289,080	)			75,272,847


Distributions to Shareholders from:
Distributable earnings			(1,475,607	)			(1,855,153	)			(1,678,567	)			(3,106,732	)


Shareholder Transactions:
Proceeds from shares sold			5,729,492				424,488,613				25,256,982				155,139,410
Value of shares repurchased			(37,164,347	)			(158,049,668	)			(3,780,139	)			(111,547,704	)
Transaction fees			12,677				48,283				2,446				8,130

Net increase (decrease) in net assets resulting from share transactions			(31,422,178	)			266,487,228				21,479,289				43,599,836

Net increase (decrease) in net assets			(151,903,462	)			275,441,725				(40,488,358	)			115,765,951


Net assets:
Beginning of year			399,619,453				124,177,728				323,027,954				207,262,003

End of year		$	247,715,991			$	399,619,453			$	282,539,596			$	323,027,954


Changes in Shares Outstanding:
Shares sold			250,000				12,400,000				600,000				3,950,000
Shares repurchased			(1,450,000	)			(5,050,000	)			(100,000	)			(2,850,000	)
Shares outstanding, beginning of year			12,775,000				5,425,000				7,750,000				6,650,000

Shares outstanding, end of year			11,575,000				12,775,000				8,250,000				7,750,000

^(a)	For the period April 20, 2021 (commencement of investment operations) through October 31, 2021.

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


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				Period Ended				Six Months Ended				Year Ended
April 30,			October 31,				April 30,				October 31,				April 30,				October 31,				April 30,				October 31,
2022			2021				2022				2021				2022				2021^(a)				2022				2021

	$1,763,510			$	7,296,457			$	1,356,995			$	1,518,965			$	79,454			$	87,786			$	4,375,428			$	19,796,650
	(3,774,635	)			38,109,597				2,912,921				7,132,006				(39,655	)			3,150				2,554,798				45,148,590
	(11,257,083)				(8,019,452	)			(4,853,485	)			15,142,417				(527,787	)			(244,921	)			(211,243,822	)			258,398,968

	(13,268,208	)			37,386,602				(583,569	)			23,793,388				(487,988	)			(153,985	)			(204,313,596	)			323,344,208



	(7,174,117	)			(2,099,827	)			(1,454,000	)			(1,493,991	)			(101,951	)			(82,156	)			(20,088,093	)			(11,646,987	)



	11,839,492				66,429,753				-				11,405,740				1,117,034				5,000,025				47,334,548				270,538,311
	(15,579,769	)			(69,533,806	)			(6,992,443	)			(16,774,336	)			-				-				(20,486,903	)			(93,778,162	)
	6,069				6,881				1,094				3,017				-				-				1,253				13,469

	(3,734,208	)			(3,097,172	)			(6,991,349	)			(5,365,579	)			1,117,034				5,000,025				26,848,898				176,773,618

	(24,176,533	)			32,189,603				(9,028,918	)			16,933,818				527,095				4,763,884				(197,552,791	)			488,470,839



	124,660,066				92,470,463				92,034,867				75,101,049				4,763,884				-				1,199,341,498				710,870,659

	$100,483,533			$	124,660,066			$	83,005,949			$	92,034,867			$	5,290,979			$	4,763,884			$	1,001,788,707			$	1,199,341,498



	300,000				1,500,000				-				300,000				50,000				200,001				800,000				5,040,000
	(400,000	)			(1,600,000	)			(200,000	)			(450,000	)			-				-				(400,000	)			(1,840,000	)
	2,850,000				2,950,000				2,550,000				2,700,000				200,001				-				20,360,000				17,160,000

	2,750,000				2,850,000				2,350,000				2,550,000				250,001				200,001				20,760,000				20,360,000

Statements of Changes in Net Assets–(continued)

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	Invesco S&P International
	Developed Quality ETF (IDHQ)
	Six Months Ended				Year Ended
	April 30,				October 31,
	2022				2021
Operations:
Net investment income		$	1,775,584			$	2,236,083
Net realized gain			1,202,424				12,964,294
Change in net unrealized appreciation (depreciation)			(23,918,675	)			10,136,928

Net increase (decrease) in net assets resulting from operations			(20,940,667	)			25,337,305


Distributions to Shareholders from:
Distributable earnings			(1,376,329	)			(2,252,111	)


Shareholder Transactions:
Proceeds from shares sold			45,199,466				67,242,044
Value of shares repurchased			(14,025,773	)			(75,829,640	)
Transaction fees			3,334				3,343

Net increase (decrease) in net assets resulting from share transactions			31,177,027				(8,584,253	)

Net increase in net assets			8,860,031				14,500,941


Net assets:
Beginning of year			114,521,954				100,021,013

End of year		$	123,381,985			$	114,521,954


Changes in Shares Outstanding:
Shares sold			1,450,000				2,200,000
Shares repurchased			(450,000	)			(2,550,000	)
Shares outstanding, beginning of year			3,650,000				4,000,000

Shares outstanding, end of year			4,650,000				3,650,000

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, 2022 (Unaudited)
					Years Ended October 31,												Two Months Ended October 31, 2018					Years Ended August 31,
					2021				2020				2019				Two Months Ended October 31, 2018					2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	68.90			$	73.98			$	47.88			$	40.55			$	49.32				$	55.00			$	39.26

Net investment income (loss)^(a)			0.07	^(b)			(0.15	)			(0.06	)			0.04				0.03					0.31				0.52
Net realized and unrealized gain (loss) on investments			(25.37	)			(4.54	)			26.17				7.46				(8.80	)				(5.13	)			15.82

Total from investment operations			(25.30	)			(4.69	)			26.11				7.50				(8.77	)				(4.82	)			16.34

Distributions to shareholders from:
Net investment income			—				(0.39	)			(0.01	)			(0.17	)			-					(0.86	)			(0.60	)

Net asset value at end of period		$	43.60			$	68.90			$	73.98			$	47.88			$	40.55				$	49.32			$	55.00

Market price at end of period		$	43.30	^(c)		$	68.25	^(c)		$	74.34	^(c)		$	47.67	^(c)		$	40.81	^(c)			$	49.36	^(c)		$	55.21

Net Asset Value Total Return^(d)			(36.72	)%			(6.41	)%			54.53	%			18.59	%			(17.78	)%				(9.05	)%			42.43	%
Market Price Total Return^(d)			(36.56	)%			(7.75	)%			55.97	%			17.32	%			(17.32	)%				(9.33	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	974,541			$	1,519,338			$	1,043,162			$	509,964			$	405,541		��		$	384,689			$	209,019
Ratio to average net assets of:
Expenses			0.70	%^(e)			0.70	%			0.70	%			0.70	%			0.70	%^(e)				0.65	%			0.70	%
Net investment income (loss)			0.25	%^(b)(e)			(0.19	)%			(0.09	)%			0.09	%			0.39	%^(e)				0.52	%			1.20	%
Portfolio turnover rate^(f)			33	%			54	%			38	%			80	%			4	%				21	%			10	%

^(a)	Based on average shares outstanding.

^(b)

^(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 DWA Developed Markets Momentum ETF (PIZ)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	39.99			$	29.82			$	27.18			$	24.53			$	27.30			$	22.29

Net investment income^(a)			0.07				0.22	^(b)			0.13				0.30				0.24				0.36
Net realized and unrealized gain (loss) on investments			(8.58	)			10.12				2.77				2.70				(2.68	)			5.05

Total from investment operations			(8.51	)			10.34				2.90				3.00				(2.44	)			5.41

Distributions to shareholders from:
Net investment income			(0.28	)			(0.17	)			(0.26	)			(0.35	)			(0.33	)			(0.40	)

Net asset value at end of period		$	31.20			$	39.99			$	29.82			$	27.18			$	24.53			$	27.30

Market price at end of period^(c)		$	31.12			$	40.09			$	29.77			$	27.10			$	24.47			$	27.35

Net Asset Value Total Return^(d)			(21.40	)%			34.70	%			10.82	%			12.31	%			(9.09	)%			24.58	%
Market Price Total Return^(d)			(21.79	)%			35.26	%			10.96	%			12.25	%			(9.48	)%			24.91	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	166,895			$	251,951			$	155,043			$	175,327			$	223,182			$	232,084
Ratio to average net assets of:
Expenses			0.80	%^(e)			0.80	%			0.80	%			0.81	%			0.80	%			0.81	%
Net investment income			0.42	%^(e)			0.59	%^(b)			0.47	%			1.18	%			0.88	%			1.46	%
Portfolio turnover rate^(f)			81	%			161	%			115	%			106	%			94	%			98	%

^(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 DWA Emerging Markets Momentum ETF (PIE)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.99			$	19.56			$	18.59			$	16.12			$	19.48			$	16.11

Net investment income^(a)			0.08				0.19				0.23				0.36	^(b)			0.40				0.28
Net realized and unrealized gain (loss) on investments			(3.20	)			5.52				1.07				2.51				(3.29	)			3.34

Total from investment operations			(3.12	)			5.71				1.30				2.87				(2.89	)			3.62

Distributions to shareholders from:
Net investment income			(0.15	)			(0.30	)			(0.34	)			(0.41	)			(0.49	)			(0.26	)

Transaction fees^(a)			0.01				0.02				0.01				0.01				0.02				0.01

Net asset value at end of period		$	21.73			$	24.99			$	19.56			$	18.59			$	16.12			$	19.48

Market price at end of period^(c)		$	21.86			$	24.81			$	19.60			$	18.51			$	16.08			$	19.54

Net Asset Value Total Return^(d)			(12.52	)%			29.35	%			7.08	%			18.23	%			(15.11	)%			22.72	%
Market Price Total Return^(d)			(11.36	)%			28.17	%			7.77	%			18.03	%			(15.58	)%			23.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	200,970			$	214,944			$	155,489			$	168,210			$	192,660			$	212,377
Ratio to average net assets of:
Expenses			0.90	%^(e)			0.90	%			0.90	%			0.91	%^(f)			0.90	%			0.90	%
Net investment income			0.69	%^(e)			0.79	%			1.25	%			2.13	%^(b)(f)			2.01	%			1.67	%
Portfolio turnover rate^(g)			79	%			198	%			155	%			158	%			163	%			174	%

^(a)	Based on average shares outstanding.

^(b)

^(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 FTSE RAFI Developed Markets ex-U.S. ETF (PXF)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	48.20			$	34.17			$	40.99			$	40.04			$	44.66			$	36.74

Net investment income^(a)			0.77				1.42				0.94				1.45				1.34				1.20
Net realized and unrealized gain (loss) on investments			(4.34	)			13.72				(6.85	)			1.10				(4.56	)			7.98

Total from investment operations			(3.57	)			15.14				(5.91	)			2.55				(3.22	)			9.18

Distributions to shareholders from:
Net investment income			(1.18	)			(1.11	)			(0.92	)			(1.60	)			(1.40	)			(1.26	)

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

Net asset value at end of period		$	43.45			$	48.20			$	34.17			$	40.99			$	40.04			$	44.66

Market price at end of period^(c)		$	43.33			$	48.22			$	34.25			$	40.86			$	39.98			$	44.81

Net Asset Value Total Return^(d)			(7.50	)%			44.49	%			(14.26	)%			6.58	%			(7.45	)%			25.38	%
Market Price Total Return^(d)			(7.82	)%			44.22	%			(13.80	)%			6.41	%			(7.92	)%			25.99	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,125,399			$	1,200,189			$	871,403			$	1,246,076			$	1,275,422			$	1,214,850
Ratio to average net assets of:
Expenses			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%
Net investment income			3.32	%^(e)			3.09	%			2.57	%			3.64	%			3.02	%			2.95	%
Portfolio turnover rate^(f)			13	%			17	%			11	%			15	%			10	%			13	%

^(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, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	38.13			$	28.93			$	30.67			$	29.48			$	33.33			$	27.37

Net investment income^(a)			0.43				0.65				0.60				0.70				0.75				0.59
Net realized and unrealized gain (loss) on investments			(5.74	)			9.25				(1.70	)			1.24				(3.66	)			5.99

Total from investment operations.			(5.31	)			9.90				(1.10	)			1.94				(2.91	)			6.58

Distributions to shareholders from:
Net investment income			(0.59	)			(0.70	)			(0.64	)			(0.75	)			(0.94	)			(0.62	)

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

Net asset value at end of period		$	32.23			$	38.13			$	28.93			$	30.67			$	29.48			$	33.33

Market price at end of period^(c)		$	32.16			$	38.41			$	28.94			$	30.42			$	29.48			$	33.44

Net Asset Value Total Return^(d)			(14.03	)%			34.34	%			(3.36	)%			6.72	%			(9.05	)%			24.36	%
Market Price Total Return^(d)			(14.85	)%			35.26	%			(2.53	)%			5.85	%			(9.36	)%			25.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	507,622			$	434,660			$	308,106			$	328,155			$	291,863			$	206,657
Ratio to average net assets of:
Expenses			0.49	%^(e)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Net investment income			2.46	%^(e)			1.77	%			2.09	%			2.36	%			2.25	%			1.98	%
Portfolio turnover rate^(f)			30	%			31	%			26	%			27	%			21	%			19	%

^(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, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.43			$	17.51			$	20.95			$	20.02			$	21.66			$	18.81

Net investment income^(a)			0.33				0.92				0.59				0.72				0.73				0.57
Net realized and unrealized gain (loss) on investments			(2.67	)			4.63				(3.40	)			0.92				(1.66	)			2.81

Total from investment operations			(2.34	)			5.55				(2.81	)			1.64				(0.93	)			3.38

Distributions to shareholders from:
Net investment income			(0.51	)			(0.64	)			(0.63	)			(0.71	)			(0.71	)			(0.53	)

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

Net asset value at end of period		$	19.58			$	22.43			$	17.51			$	20.95			$	20.02			$	21.66

Market price at end of period^(c)		$	19.54			$	22.34			$	17.51			$	20.93			$	20.03			$	21.62

Net Asset Value Total Return^(d)			(10.59	)%			31.79	%			(13.44	)%			8.31	%			(4.44	)%			18.10	%
Market Price Total Return^(d)			(10.43	)%			31.28	%			(13.36	)%			8.14	%			(4.22	)%			17.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,409,495			$	1,360,503			$	969,844			$	1,277,150			$	1,129,333			$	967,201
Ratio to average net assets of:
Expenses, after Waivers			0.49	%^(e)			0.49	%^(f)			0.49	%^(f)			0.49	%^(f)			0.48	%			0.48	%^(f)
Expenses, prior to Waivers			0.49	%^(e)			0.49	%^(f)			0.49	%^(f)			0.49	%^(f)			0.49	%			0.49	%^(f)
Net investment income			3.06	%^(e)			4.11	%			3.14	%			3.48	%			3.30	%			2.84	%
Portfolio turnover rate^(g)			26	%			34	%			22	%			29	%			16	%			24	%

^(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)

^(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 Clean Energy ETF (PBD)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	31.28			$	22.89			$	12.66			$	10.97			$	13.08			$	10.65

Net investment income^(a)			0.12				0.16				0.19				0.21				0.18				0.23
Net realized and unrealized gain (loss) on investments			(9.88	)			8.37				10.30				1.72				(2.07	)			2.39

Total from investment operations			(9.76	)			8.53				10.49				1.93				(1.89	)			2.62

Distributions to shareholders from:
Net investment income			(0.12	)			(0.14	)			(0.26	)			(0.24	)			(0.22	)			(0.19	)

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

Net asset value at end of period		$	21.40			$	31.28			$	22.89			$	12.66			$	10.97			$	13.08

Market price at end of period^(c)		$	21.33			$	31.31			$	22.92			$	12.56			$	10.95			$	13.07

Net Asset Value Total Return^(d)			(31.26	)%			37.31	%			84.06	%			17.86	%			(14.69	)%			24.90	%
Market Price Total Return^(d)			(31.55	)%			37.26	%			85.77	%			17.16	%			(14.78	)%			25.17	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	247,716			$	399,619			$	124,178			$	49,675			$	49,661			$	60,499
Ratio to average net assets of:
Expenses			0.75	%^(e)			0.75	%			0.75	%			0.77	%^(f)			0.75	%			0.75	%
Net investment income			0.91	%^(e)			0.52	%			1.20	%			1.74	%^(f)			1.43	%			1.98	%
Portfolio turnover rate^(g)			34	%			74	%			56	%			59	%			46	%			40	%

^(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, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	41.68			$	31.17			$	28.94			$	23.73			$	25.27			$	21.32

Net investment income^(a)			0.10				0.58	^(b)			0.25				0.38				0.45				0.28
Net realized and unrealized gain (loss) on investments			(7.33	)			10.35				2.27				5.25				(1.54	)			3.95

Total from investment operations			(7.23	)			10.93				2.52				5.63				(1.09	)			4.23

Distributions to shareholders from:
Net investment income			(0.20	)			(0.42	)			(0.29	)			(0.42	)			(0.45	)			(0.28	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			-

Net asset value at end of period		$	34.25			$	41.68			$	31.17			$	28.94			$	23.73			$	25.27

Market price at end of period^(d)		$	34.21			$	41.72			$	31.18			$	28.84			$	23.69			$	25.25

Net Asset Value Total Return^(e)			(17.42	)%			35.17	%			8.76	%			23.90	%			(4.45	)%			20.01	%
Market Price Total Return^(e)			(17.59	)%			35.26	%			9.16	%			23.68	%			(4.53	)%			20.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	282,540			$	323,028			$	207,262			$	195,314			$	164,916			$	200,862
Ratio to average net assets of:
Expenses			0.75	%^(f)			0.75	%			0.75	%			0.76	%^(g)			0.75	%			0.75	%
Net investment income			0.49	%^(f)			1.52	%^(b)			0.86	%			1.45	%^(g)			1.77	%			1.22	%
Portfolio turnover rate^(h)			16	%			31	%			30	%			32	%			34	%			34	%

^(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, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	43.74			$	31.35			$	32.20			$	31.00			$	35.31			$	27.94

Net investment income^(a)			0.62				2.55	^(b)			0.57				0.76				0.69				0.47
Net realized and unrealized gain (loss) on investments			(5.23	)			10.57				(0.82	)			1.38				(4.28	)			7.28

Total from investment operations			(4.61	)			13.12				(0.25	)			2.14				(3.59	)			7.75

Distributions to shareholders from:
Net investment income			(2.59	)			(0.73	)			(0.61	)			(0.94	)			(0.73	)			(0.38	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.01				0.00	^(c)			0.01				-

Net asset value at end of period		$	36.54			$	43.74			$	31.35			$	32.20			$	31.00			$	35.31

Market price at end of period^(d)		$	36.52			$	43.78			$	31.42			$	32.05			$	30.96			$	35.47

Net Asset Value Total Return^(e)			(10.80	)%			41.90	%			(0.30	)%			7.10	%			(10.40	)%			28.03	%
Market Price Total Return^(e)			(10.96	)%			41.72	%			0.37	%			6.74	%			(10.96	)%			28.24	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	100,484			$	124,660			$	92,470			$	141,692			$	243,373			$	197,735
Ratio to average net assets of:
Expenses			0.55	%^(f)			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%
Net investment income			3.13	%^(f)			5.98	%^(b)			1.86	%			2.44	%			1.90	%			1.47	%
Portfolio turnover rate^(g)			14	%			113	%			88	%			99	%			121	%			118	%

^(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, 2022				Years Ended October 31,												Five Months Ended October 31,				Years Ended May 31,
	(Unaudited)				2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	36.09			$	27.82			$	27.65			$	27.98			$	33.50			$	27.57			$	23.63

Net investment income^(a)			0.55				0.55				0.53				0.72				0.20				0.63				0.47
Net realized and unrealized gain (loss) on investments			(0.74	)			8.27				0.40				(0.23	)			(5.72	)			5.80				3.99

Total from investment operations			(0.19	)			8.82				0.93				0.49				(5.52	)			6.43				4.46

Distributions to shareholders from:
Net investment income			(0.58	)			(0.55	)			(0.77	)			(0.82	)			-				(0.50	)			(0.52	)

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

Net asset value at end of period		$	35.32			$	36.09			$	27.82			$	27.65			$	27.98			$	33.50			$	27.57

Market price at end of period		$	35.31	^(c)		$	36.09	^(c)		$	27.81	^(c)		$	27.56	^(c)		$	27.94	^(c)		$	33.54	^(c)		$	27.52

Net Asset Value Total Return^(d)			(0.51	)%			31.90	%			3.29	%			2.32	%			(16.48	)%			23.42	%			19.09	%
Market Price Total Return^(d)			(0.54	)%			31.95	%			3.60	%			2.14	%			(16.70	)%			23.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	83,006			$	92,035			$	75,101			$	134,093			$	173,463			$	236,190			$	190,203
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(e)			0.60	%			0.55	%			0.56	%^(f)			0.55	%^(e)			0.55	%			0.57	%
Expenses, prior to Waivers			0.67	%^(e)			0.68	%			0.72	%			0.68	%^(f)			0.64	%^(e)			0.67	%			0.70	%
Net investment income			3.05	%^(e)			1.51	%			2.00	%			2.70	%^(f)			1.50	%^(e)			2.02	%			1.85	%
Portfolio turnover rate^(g)			7	%			14	%			10	%			18	%			4	%			10	%			8	%

^(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, 2022 (Unaudited)				For the Period April 20, 2021^(a)Through October 31, 2021
	Six Months Ended April 30, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	23.82			$	25.00

Net investment income^(b)			0.38				0.44
Net realized and unrealized gain (loss) on investments			(2.53	)			(1.21	)

Total from investment operations			(2.15	)			(0.77	)

Distributions to shareholders from:
Net investment income			(0.51	)			(0.41	)

Net asset value at end of period		$	21.16			$	23.82

Market price at end of period^(c)		$	21.20			$	23.89

Net Asset Value Total Return^(d)			(9.15	)%			(3.13	)%^(e)
Market Price Total Return^(d)			(9.25	)%			(2.84	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,291			$	4,764
Ratio to average net assets of:
Expenses			0.39	%^(f)			0.39	%^(f)
Net investment income			3.33	%^(f)			3.34	%^(f)
Portfolio turnover rate^(g)			8	%			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, 2022				Years Ended October 31,												Two Months Ended October 31,				Years Ended August 31,
	(Unaudited)				2021				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	58.91			$	41.43			$	39.55			$	32.32			$	35.28			$	33.38			$	30.27

Net investment income^(a)			0.21				1.08	^(b)			0.63				0.64				0.04				0.59				0.61
Net realized and unrealized gain (loss) on investments			(9.90	)			17.06				1.86				7.26				(3.00	)			1.92				2.97

Total from investment operations			(9.69	)			18.14				2.49				7.90				(2.96	)			2.51				3.58

Distributions to shareholders from:
Net investment income			(0.96	)			(0.66	)			(0.61	)			(0.67	)			-				(0.61	)			(0.47	)
					��
Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			-				-

Net asset value at end of period		$	48.26			$	58.91			$	41.43			$	39.55			$	32.32			$	35.28			$	33.38

Market price at end of period		$	48.19	^(d)		$	59.04	^(d)		$	41.54	^(d)		$	39.54	^(d)		$	32.27	^(d)		$	35.23	^(d)		$	33.46

Net Asset Value Total Return^(e)			(16.71	)%			44.25	%			6.31	%			25.10	%			(8.39	)%			7.51	%			12.09	%
Market Price Total Return^(e)			(17.02	)%			44.18	%			6.62	%			25.27	%			(8.40	)%			7.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,001,789			$	1,199,341			$	710,871			$	741,918			$	531,298			$	594,105			$	610,253
Ratio to average net assets of:
Expenses			0.56	%^(f)			0.57	%			0.57	%			0.59	%			0.60	%^(f)			0.62	%			0.63	%
Net investment income			0.76	%^(f)			2.08	%^(b)			1.61	%			1.82	%			0.67	%^(f)			1.71	%			1.98	%
Portfolio turnover rate^(g)			11	%			15	%			15	%			13	%			5	%			13	%			8	%

^(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 S&P International Developed Quality ETF (IDHQ)


	Six Months Ended April 30, 2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	31.38			$	25.01			$	24.47			$	21.36			$	23.50			$	19.65

Net investment income^(a)			0.41				0.63				0.46				0.54				0.58				0.45
Net realized and unrealized gain (loss) on investments			(4.95	)			6.39				0.55				3.16				(2.18	)			3.88

Total from investment operations			(4.54	)			7.02				1.01				3.70				(1.60	)			4.33

Distributions to shareholders from:
Net investment income			(0.31	)			(0.65	)			(0.47	)			(0.59	)			(0.54	)			(0.48	)

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

Net asset value at end of period		$	26.53			$	31.38			$	25.01			$	24.47			$	21.36			$	23.50

Market price at end of period^(c)		$	26.46			$	31.53			$	25.00			$	24.53			$	21.31			$	23.71

Net Asset Value Total Return^(d)			(14.55	)%			28.19	%			4.42	%			17.58	%			(7.00	)%			22.36	%
Market Price Total Return^(d)			(15.19	)%			28.85	%			4.09	%			18.14	%			(8.05	)%			23.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	123,382			$	114,522			$	100,021			$	47,726			$	32,039			$	28,203
Ratio to average net assets of:
Expenses			0.29	%^(e)			0.29	%			0.29	%			0.31	%^(f)			0.29	%			0.31	%
Net investment income			2.81	%^(e)			2.09	%			1.83	%			2.38	%^(f)			2.47	%			2.10	%
Portfolio turnover rate^(g)			23	%			61	%			42	%			54	%			54	%			49	%

^(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, 2022

(Unaudited)

NOTE 1–Organization


Full Name		Short Name
Invesco China Technology ETF (CQQQ)		“China Technology ETF”
Invesco DWA Developed Markets Momentum ETF (PIZ)		“DWA Developed Markets Momentum ETF”
Invesco DWA Emerging Markets Momentum ETF (PIE)		“DWA Emerging Markets Momentum ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)		“FTSE RAFI Developed Markets ex-U.S. ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)		“FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF”
Invesco FTSE RAFI Emerging Markets ETF (PXH)		“FTSE RAFI Emerging Markets ETF”
Invesco Global Clean Energy ETF (PBD)		“Global Clean Energy ETF”
Invesco Global Water ETF (PIO)		“Global Water ETF”
Invesco International BuyBack Achievers^TMETF (IPKW)		“International BuyBack Achievers^TMETF”
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.
DWA Developed Markets Momentum ETF		The Nasdaq Stock Market
DWA Emerging Markets Momentum ETF		The Nasdaq Stock Market
FTSE RAFI Developed Markets ex-U.S. ETF		NYSE Arca, Inc.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		NYSE Arca, Inc.
FTSE RAFI Emerging Markets ETF		NYSE Arca, Inc.
Global Clean Energy ETF		NYSE Arca, Inc.
Global Water ETF		The Nasdaq Stock Market
International BuyBack Achievers^TMETF		The Nasdaq Stock Market
MSCI Global Timber ETF		NYSE Arca, Inc.
MSCI Green Building ETF		NYSE Arca, Inc.
S&P Global Water Index ETF		NYSE Arca, Inc.
S&P International Developed Quality ETF		NYSE Arca, Inc.

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


Fund		Underlying Index
China Technology ETF		FTSE China Incl A 25% Technology Capped Index
DWA Developed Markets Momentum ETF		Dorsey Wright^®Developed Markets Technical Leaders Index
DWA Emerging Markets Momentum ETF		Dorsey Wright^®Emerging Markets Technical Leaders Index
FTSE RAFI Developed Markets ex-U.S. ETF		FTSE RAFI^TMDeveloped ex U.S. 1000 Index
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE RAFI^TMDeveloped ex U.S. Mid-Small 1500 Index
FTSE RAFI Emerging Markets ETF		FTSE RAFI^TMEmerging Index
Global Clean Energy ETF		WilderHill New Energy Global Innovation Index
Global Water ETF		Nasdaq OMX Global Water Index^SM
International BuyBack Achievers^TMETF		Nasdaq International BuyBack Achievers^TMIndex
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:

the NYSE. Foreign securities’ prices meeting the approved 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.

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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.

D.	Dividends and Distributions to Shareholders

Each Fund (except for China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

Expenses - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

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.

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 continues to serve as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, each Fund (except for DWA Developed Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and International BuyBack AchieversTM ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount
China Technology ETF	$	2,042
DWA Emerging Markets Momentum ETF		1,142
FTSE RAFI Emerging Markets ETF		57
Global Clean Energy ETF		58,958
Global Water ETF		10
MSCI Global Timber ETF		134
MSCI Green Building ETF		3
S&P Global Water Index ETF		463
S&P International Developed Quality ETF		24

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.

China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

Green Building Investing Risk. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies maybe significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or “green” building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than 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.

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 has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


	Unitary Management Fees
	(as a % of average daily net assets)
China Technology ETF		0.70	%
DWA Developed Markets Momentum ETF		0.80	%
DWA Emerging Markets Momentum ETF		0.90	%
FTSE RAFI Developed Markets ex-U.S. ETF		0.45	%
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0.49	%
FTSE RAFI Emerging Markets ETF		0.49	%
Global Clean Energy ETF		0.75	%
Global Water ETF		0.75	%
International BuyBack Achievers^TMETF		0.55	%
MSCI Green Building ETF		0.39	%
S&P International Developed Quality ETF		0.29	%

Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:


	Management Fees
	(as a % of average daily net assets)
MSCI Global Timber ETF		0.50	%
S&P Global Water Index ETF		0.50	%

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.


	Expense Cap
MSCI Global Timber ETF		0.55	%
S&P Global Water Index ETF		0.63	%

For the six months ended April 30, 2022, the Adviser waived fees for each Fund in the following amounts:


China Technology ETF	$	81
DWA Developed Markets Momentum ETF		5
DWA Emerging Markets Momentum ETF		10
FTSE RAFI Developed Markets ex-U.S. ETF		28
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		12
FTSE RAFI Emerging Markets ETF		254
Global Clean Energy ETF		4
Global Water ETF		-
International BuyBack Achievers^TMETF		3
MSCI Global Timber ETF		26,732
MSCI Green Building ETF		1
S&P Global Water Index ETF		9
S&P International Developed Quality ETF		2

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expense were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of April 30, 2022 are as follows:


	Total
	Potential
	Recapture	Potential Recapture Amounts Expiring
	Amounts	10/31/22	10/31/23	10/31/24	4/30/25
MSCI Global Timber ETF	$457,249	$190,541	$159,364	$81,775	$25,569

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


Fund		Licensor
China Technology ETF		FTSE International Ltd.
DWA Developed Markets Momentum ETF		Dorsey Wright & Associates, LLC
DWA Emerging Markets Momentum ETF		Dorsey Wright & Associates, LLC
FTSE RAFI Developed Markets ex-U.S. ETF		FTSE International Ltd.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE International Ltd.
FTSE RAFI Emerging Markets ETF		FTSE International Ltd.
Global Clean Energy ETF		WilderHill New Energy Finance, LLC
Global Water ETF		Nasdaq, Inc.
International BuyBack Achievers^TMETF		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

For the six months ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:


China Technology ETF	$	12,361
DWA Emerging Markets Momentum ETF		4,339
FTSE RAFI Emerging Markets ETF		16,869
Global Clean Energy ETF		10,105
MSCI Global Timber ETF		797
MSCI Green Building ETF		60
S&P Global Water Index ETF		6,717

NOTE 4–Additional Valuation Information

Level 1 –

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

Level 2 –

Level 3 –

100

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		$	77,629,864		$	895,051,618		$	0		$	972,681,482
Money Market Funds			1,636,193			38,556,169			-			40,192,362

Total Investments		$	79,266,057		$	933,607,787		$	0		$	1,012,873,844

DWA Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	50,286,051		$	115,700,280		$	-		$	165,986,331
Money Market Funds			146,531			13,896,319			-			14,042,850

Total Investments		$	50,432,582		$	129,596,599		$	-		$	180,029,181

DWA Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	31,161,067		$	167,567,016		$	-		$	198,728,083
Exchange-Traded Funds			1,941,413			-			-			1,941,413
Money Market Funds			-			3,788,162			-			3,788,162

Total Investments		$	33,102,480		$	171,355,178		$	-		$	204,457,658

FTSE RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	238,630,100		$	878,896,923		$	0		$	1,117,527,023
Money Market Funds			221,918			119,679,671			-			119,901,589

Total Investments		$	238,852,018		$	998,576,594		$	0		$	1,237,428,612

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	85,780,076		$	419,131,787		$	0		$	504,911,863
Money Market Funds			-			58,312,076			-			58,312,076

Total Investments		$	85,780,076		$	477,443,863		$	0		$	563,223,939

FTSE RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	379,584,668		$	1,021,033,977		$	9,297,574		$	1,409,916,219
Money Market Funds			3,236,726			21,629,330			-			24,866,056

Total Investments		$	382,821,394		$	1,042,663,307		$	9,297,574		$	1,434,782,275

Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	107,669,165		$	139,664,554		$	-		$	247,333,719
Money Market Funds			-			81,572,283			-			81,572,283

Total Investments		$	107,669,165		$	221,236,837		$	-		$	328,906,002

Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	146,869,831		$	135,034,172		$	-		$	281,904,003
Money Market Funds			-			6,313,849			-			6,313,849

Total Investments		$	146,869,831		$	141,348,021		$	-		$	288,217,852

International BuyBack Achievers^TMETF
Investments in Securities
Common Stocks & Other Equity Interests		$	25,861,411		$	74,616,085		$	-		$	100,477,496
Money Market Funds			-			12,218,314			-			12,218,314

Total Investments		$	25,861,411		$	86,834,399		$	-		$	112,695,810

101


	Level 1			Level 2			Level 3			Total
MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	50,001,140		$	32,552,400		$	0		$	82,553,540
Exchange-Traded Funds			284,698			-			-			284,698
Money Market Funds			21,023			5,775,500			-			5,796,523

Total Investments		$	50,306,861		$	38,327,900		$	0		$	88,634,761

MSCI Green Building ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,239,208		$	3,011,221		$	22,267		$	5,272,696
Money Market Funds			5,235			557,723			-			562,958

Total Investments		$	2,244,443		$	3,568,944		$	22,267		$	5,835,654

S&P Global Water Index ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	549,805,181		$	450,845,707		$	-		$	1,000,650,888
Money Market Funds			-			28,084,240			-			28,084,240

Total Investments		$	549,805,181		$	478,929,947		$	-		$	1,028,735,128

S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	12,601,753		$	110,060,399		$	-		$	122,662,152
Money Market Funds			-			17,763,422			-			17,763,422

Total Investments		$	12,601,753		$	127,823,821		$	-		$	140,425,574

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*
China Technology ETF	$	8,945,567	$	82,624,015	$	91,569,582
DWA Developed Markets Momentum ETF		120,372,027		-		120,372,027
DWA Emerging Markets Momentum ETF		110,843,879		-		110,843,879
FTSE RAFI Developed Markets ex-U.S. ETF		2,874,925		109,160,735		112,035,660
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		2,914,633		38,540,727		41,455,360
FTSE RAFI Emerging Markets ETF		9,703,984		164,008,493		173,712,477
Global Clean Energy ETF		30,592,497		56,626,911		87,219,408
Global Water ETF		38,025,510		9,508,414		47,533,924
International BuyBack Achievers^TMETF		34,805,265		3,588,377		38,393,642
MSCI Global Timber ETF		11,819,143		8,605,511		20,424,654
MSCI Green Building ETF		4,300		-		4,300
S&P Global Water Index ETF		-		7,215,017		7,215,017
S&P International Developed Quality ETF		4,554,930		2,142,766		6,697,696

*	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.

102

NOTE 6–Investment Transactions


	Purchases		Sales
China Technology ETF	$	465,674,242	$	433,750,255
DWA Developed Markets Momentum ETF		169,515,989		172,298,051
DWA Emerging Markets Momentum ETF		178,463,986		168,046,904
FTSE RAFI Developed Markets ex-U.S. ETF		149,924,105		161,106,537
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		164,305,690		144,440,450
FTSE RAFI Emerging Markets ETF		546,018,677		362,303,257
Global Clean Energy ETF		106,118,703		109,800,451
Global Water ETF		51,575,363		51,184,929
International BuyBack Achievers^TMETF		15,675,470		20,699,362
MSCI Global Timber ETF		5,940,266		6,692,243
MSCI Green Building ETF		400,054		417,899
S&P Global Water Index ETF		124,360,670		139,853,962
S&P International Developed Quality ETF		29,999,927		29,074,291

For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
China Technology ETF	$	34,167,287	$	33,379,937
DWA Developed Markets Momentum ETF		27,530,867		59,588,126
DWA Emerging Markets Momentum ETF		5,584,364		1,694,041
FTSE RAFI Developed Markets ex-U.S. ETF		121,634,702		84,175,143
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		184,545,170		58,882,264
FTSE RAFI Emerging Markets ETF		63,050,164		15,296,700
Global Clean Energy ETF		5,027,232		33,467,064
Global Water ETF		23,656,820		3,506,925
International BuyBack Achievers^TMETF		10,387,066		13,724,528
MSCI Global Timber ETF		-		6,407,978
MSCI Green Building ETF		1,096,019		-
S&P Global Water Index ETF		46,490,165		20,363,967
S&P International Developed Quality ETF		43,562,268		13,520,670

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	$	69,846,193	$	(430,567,491	)	$	(360,721,298	)	$	1,373,595,142
DWA Developed Markets Momentum ETF		3,083,452		(17,825,836	)		(14,742,384	)		194,771,565
DWA Emerging Markets Momentum ETF		17,857,264		(20,429,679	)		(2,572,415	)		207,030,073
FTSE RAFI Developed Markets ex-U.S. ETF		143,685,196		(151,057,235	)		(7,372,039	)		1,244,800,651
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		43,706,023		(63,975,554	)		(20,269,531	)		583,493,470
FTSE RAFI Emerging Markets ETF		229,421,491		(284,405,903	)		(54,984,412	)		1,489,766,687
Global Clean Energy ETF		15,817,095		(106,698,787	)		(90,881,692	)		419,787,694
Global Water ETF		34,090,740		(23,274,841	)		10,815,899			277,401,953
International BuyBack Achievers^TMETF		4,699,571		(23,088,424	)		(18,388,853	)		131,084,663
MSCI Global Timber ETF		22,000,275		(6,109,964	)		15,890,311			72,744,450
MSCI Green Building ETF		49,430		(837,045	)		(787,615	)		6,623,269

103


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
S&P Global Water Index ETF	$	187,203,547	$	(30,649,368	)	$	156,554,179		$	872,180,949
S&P International Developed Quality ETF		6,581,470		(18,696,613	)		(12,115,143	)		152,540,717

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. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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.

104

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers^™ ETF, Invesco MSCI Green Building ETF and Invesco S&P International Developed Quality ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾
Invesco China Technology ETF (CQQQ)

Actual		$	1,000.00		$	632.80		0.70	%		$	2.83

Hypothetical (5% return before expenses)			1,000.00			1,021.32		0.70				3.51

Invesco DWA Developed Markets Momentum ETF (PIZ)

Actual			1,000.00			786.00		0.80				3.54

Hypothetical (5% return before expenses)			1,000.00			1,020.83		0.80				4.01
Invesco DWA Emerging Markets Momentum ETF (PIE)

Actual			1,000.00			874.80		0.90				4.18

Hypothetical (5% return before expenses)			1,000.00			1,020.33		0.90				4.51

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

Actual			1,000.00			925.00		0.45				2.15

Hypothetical (5% return before expenses)			1,000.00			1,022.56		0.45				2.26

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, 2021			April 30, 2022			Six-Month Period			Six-Month Period⁽¹⁾

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

Actual		$	1,000.00		$	859.70		0.49	%		$	2.26

Hypothetical (5% return before expenses)			1,000.00			1,022.36		0.49				2.46

Invesco FTSE RAFI Emerging Markets ETF (PXH)

Actual			1,000.00			894.10		0.49				2.30

Hypothetical (5% return before expenses)			1,000.00			1,022.36		0.49				2.46

Invesco Global Clean Energy ETF (PBD)

Actual			1,000.00			687.40		0.75				3.14

Hypothetical (5% return before expenses)			1,000.00			1,021.08		0.75				3.76

Invesco Global Water ETF (PIO)

Actual			1,000.00			825.80		0.75				3.40

Hypothetical (5% return before expenses)			1,000.00			1,021.08		0.75				3.76

Invesco International BuyBack Achievers^TMETF (IPKW)

Actual			1,000.00			892.00		0.55				2.58

Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.55				2.76

Invesco MSCI Global Timber ETF (CUT)

Actual			1,000.00			994.90		0.61				3.02

Hypothetical (5% return before expenses)			1,000.00			1,021.77		0.61				3.06

Invesco MSCI Green Building ETF (GBLD)

Actual			1,000.00			908.50		0.39				1.85

Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96

Invesco S&P Global Water Index ETF (CGW)

Actual			1,000.00			832.90		0.56				2.54

Hypothetical (5% return before expenses)			1,000.00			1,022.02		0.56				2.81

Invesco S&P International Developed Quality ETF (IDHQ)

Actual			1,000.00			854.50		0.29				1.33

Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

⁽¹⁾

106

Approval of Investment Advisory Contracts

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight 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 Short Term High Yield 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 NASDAQ 100 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta 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 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility 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 Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

Investment Advisory Agreement

107

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

●

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

●

0.05% of the Fund’s average daily net assets for Invesco PureBeta^SMUS Aggregate Bond ETF;

●

0.06% of the Fund’s average daily net assets for Invesco PureBeta^SMMSCI USA Small Cap ETF;

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM0-5 Yr US TIPS ETF and Invesco PureBeta^SMFTSE Developed ex-North America ETF;

●

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

●

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

●

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;

108

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

●

0.14% of the Fund’s average daily net assets for Invesco PureBeta^SMFTSE Emerging Markets ETF;

●

0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

●

0.20% of the Fund’s average daily net assets for 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 1-30 Laddered Treasury 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, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

●

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

●

0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s 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 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 daily net assets for Invesco International BuyBack Achievers^TMETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

●

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

●

0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

●

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

●

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

●

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

109

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

Equal

Equal to/Lower

Lower than

to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median

Peer Median*

Peer Median

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight 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 Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

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 NASDAQ 100 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 Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta 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

110

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

Equal

Equal to/Lower

Lower than

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^®Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum 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 High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

N/A

Invesco S&P International Developed Quality ETF

N/A

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility 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 Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

*	The information provided by the Adviser indicated that certain Funds did not have any comparable 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 6, 2022, 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 oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also 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, 2021, 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 Trustees 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.

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, sub-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, 2024, 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

Invesco MSCI Global Timber ETF

Invesco S&P Global Water Index ETF

Invesco Solar ETF

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 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 open-end actively-managed peer funds. 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

Invesco MSCI Global Timber ETF

Invesco S&P Global Water Index ETF

Invesco Solar ETF

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Solar 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 investment strategies comparable to one of the Funds. 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 Trustees 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 indexes, the distinguishing factors of the Funds, 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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees 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 shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust 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

115

Approval of Investment Advisory Contracts–(continued)

waived and/or borne by the Adviser. The Trustees 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 was 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 does not have any soft-dollar arrangements. 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 for money market cash management vehicles and fees as the Funds’ direct 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

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

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P-PS-SAR-8

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders April 30, 2022
		PCY		Invesco Emerging Markets Sovereign Debt ETF
		PGHY		Invesco Global Short Term High Yield Bond ETF
		PICB		Invesco International Corporate Bond ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco Emerging Markets Sovereign Debt ETF (PCY)			4

Invesco Global Short Term High Yield Bond ETF (PGHY)			8

Invesco International Corporate Bond ETF (PICB)			18

Statements of Assets and Liabilities			27

Statements of Operations			28

Statements of Changes in Net Assets			30

Financial Highlights			32

Notes to Financial Statements			35

Fund Expenses			44

Approval of Investment Advisory and Sub-Advisory Contracts			45


		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 Emerging Markets Sovereign Debt ETF (PCY)

April 30, 2022

(Unaudited)

Schedule of Investments


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-98.10%
Angola-3.00%
Angolan Government International Bond
8.25%, 05/09/2028^(a)		$	20,530,000		$	19,768,953
9.38%, 05/08/2048^(a)			21,576,000			19,530,164
9.13%, 11/26/2049^(a)			21,805,000			19,342,779

						58,641,896

Bahrain-3.08%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)(b)			24,096,000			20,011,391
7.50%, 09/20/2047^(a)			21,422,000			20,003,863
6.25%, 01/25/2051^(a)(b)			24,240,000			20,133,114

						60,148,368

Brazil-2.90%
Brazilian Government International Bond
5.63%, 01/07/2041			21,109,000			18,903,321
5.63%, 02/21/2047^(b)			21,893,000			18,808,933
4.75%, 01/14/2050			25,028,000			19,002,509

						56,714,763

Chile-2.85%
Chile Government International Bond
3.50%, 01/31/2034			20,890,000			18,999,246
3.86%, 06/21/2047			21,164,000			18,333,527
4.00%, 01/31/2052			21,340,000			18,342,157

						55,674,930

China-2.67%
China Government International Bond
4.00%, 10/19/2048^(a)(b)			17,050,000			17,860,983
2.25%, 10/21/2050^(a)(b)			23,380,000			17,201,817
2.50%, 10/26/2051^(a)(b)			22,280,000			17,229,492

						52,292,292

Colombia-2.88%
Colombia Government International Bond
7.38%, 09/18/2037			18,104,000			18,715,535
6.13%, 01/18/2041			21,334,000			18,861,224
5.63%, 02/26/2044			23,225,000			18,799,961

						56,376,720

Costa Rica-3.11%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)			24,244,000			20,663,755
7.00%, 04/04/2044^(a)			20,938,000			20,025,496
7.16%, 03/12/2045^(a)(b)			20,721,000			20,109,628

						60,798,879

Dominican Republic-2.92%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)			19,325,000			18,794,801
6.85%, 01/27/2045^(a)			21,055,000			19,026,290
6.50%, 02/15/2048^(a)(b)			22,213,000			19,194,927

						57,016,018

Egypt-2.92%
Egypt Government International Bond
8.50%, 01/31/2047^(a)			26,712,000			19,470,110


	Principal Amount			Value
Egypt-(continued)
7.90%, 02/21/2048^(a)		$	28,032,000		$	19,313,375
8.70%, 03/01/2049^(a)			25,075,000			18,410,867

						57,194,352

El Salvador-2.37%
El Salvador Government International Bond
6.38%, 01/18/2027^(a)			36,830,000			15,453,467
8.63%, 02/28/2029^(a)			37,514,000			15,313,983
9.50%, 07/15/2052^(a)			38,330,000			15,619,858

						46,387,308

Guatemala-3.03%
Guatemala Government Bond
4.88%, 02/13/2028^(a)			20,490,000			20,452,712
3.70%, 10/07/2033^(a)(b)			22,576,000			19,513,947
4.65%, 10/07/2041^(a)			22,410,000			19,333,970

						59,300,629

Hungary-2.72%
Hungary Government International Bond
2.13%, 09/22/2031^(a)			22,750,000			18,276,258
7.63%, 03/29/2041			14,057,000			17,784,677
3.13%, 09/21/2051^(a)			24,760,000			17,184,480

						53,245,415

Indonesia-2.85%
Indonesia Government International Bond
7.75%, 01/17/2038^(a)			14,938,000			19,001,171
6.75%, 01/15/2044^(a)			15,444,000			18,731,875
4.45%, 04/15/2070			19,650,000			17,917,431

						55,650,477

Jordan-2.99%
Jordan Government International Bond
5.75%, 01/31/2027^(a)(b)			20,595,000			19,556,188
5.85%, 07/07/2030^(a)(b)			21,900,000			19,521,441
7.38%, 10/10/2047^(a)(b)			22,201,000			19,428,761

						58,506,390

Kazakhstan-3.06%
Kazakhstan Government International Bond
5.13%, 07/21/2025^(a)			19,363,000			20,289,190
4.88%, 10/14/2044^(a)			20,521,000			19,500,901
6.50%, 07/21/2045^(a)			17,629,000			19,984,693

						59,774,784

Kenya-2.89%
Republic of Kenya Government International Bond
7.25%, 02/28/2028^(a)			32,572,000			28,708,961
8.25%, 02/28/2048^(a)			36,201,000			27,874,770

						56,583,731

Kuwait-1.51%
Kuwait International Government Bond,
3.50%, 03/20/2027^(a)			29,130,000			29,525,935

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


		4

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

April 30, 2022

(Unaudited)


	Principal Amount			Value
Mexico-2.82%
Mexico Government International Bond
4.60%, 01/23/2046		$	21,701,750		$	18,549,571
5.75%, 10/12/2110			19,916,000			18,117,717
Series A, 6.05%, 01/11/2040			17,981,000			18,578,508

						55,245,796

Mongolia-2.98%
Mongolia Government International Bond
5.13%, 04/07/2026^(a)(b)			20,465,000			19,290,296
3.50%, 07/07/2027^(a)(b)			22,424,000			19,511,787
4.45%, 07/07/2031^(a)(b)			22,700,000			19,516,243

						58,318,326

Morocco-2.82%
Morocco Government International Bond
3.00%, 12/15/2032^(a)(b)			23,744,000			18,875,055
5.50%, 12/11/2042^(a)			20,700,000			18,203,580
4.00%, 12/15/2050^(a)			26,100,000			18,140,544

						55,219,179

Nigeria-2.82%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)			24,520,000			18,536,139
7.63%, 11/28/2047^(a)			25,439,000			18,214,324
9.25%, 01/21/2049^(a)(b)			21,930,000			18,466,815

						55,217,278

Oman-3.07%
Oman Government International Bond
6.50%, 03/08/2047^(a)			21,455,000			19,697,084
6.75%, 01/17/2048^(a)			21,495,000			20,210,674
7.00%, 01/25/2051^(a)			20,895,000			20,168,899

						60,076,657

Pakistan-2.73%
Pakistan Government International Bond
6.88%, 12/05/2027^(a)			21,878,000			17,965,798
7.38%, 04/08/2031^(a)(b)			23,385,000			17,960,615
8.88%, 04/08/2051^(a)			24,280,000			17,457,320

						53,383,733

Panama-2.91%
Panama Government International Bond
3.16%, 01/23/2030			21,160,000			19,262,371
2.25%, 09/29/2032			23,260,000			18,684,293
3.30%, 01/19/2033^(b)			21,740,000			18,967,389

						56,914,053

Paraguay-2.92%
Paraguay Government International Bond
4.70%, 03/27/2027^(a)			19,640,000			19,576,400
6.10%, 08/11/2044^(a)			19,252,000			19,062,135
5.60%, 03/13/2048^(a)(b)			20,378,000			18,499,200

						57,137,735

Peru-2.72%
Peruvian Government International Bond
5.63%, 11/18/2050^(b)			16,371,000			18,041,375
3.55%, 03/10/2051^(b)			22,327,000			17,488,516
3.60%, 01/15/2072			24,760,000			17,701,075

						53,230,966


	Principal Amount			Value
Philippines-2.93%
Philippine Government International Bond
3.95%, 01/20/2040^(b)		$	20,967,000		$	19,062,406
3.70%, 03/01/2041			21,642,000			19,089,034
3.70%, 02/02/2042			21,745,000			19,157,779

						57,309,219

Poland-1.51%
Republic of Poland Government International Bond, 3.25%, 04/06/2026			29,774,000			29,564,719

Qatar-2.80%
Qatar Government International Bond
4.63%, 06/02/2046^(a)			17,590,000			18,418,841
5.10%, 04/23/2048^(a)(b)			16,271,000			18,149,568
4.82%, 03/14/2049^(a)			16,978,000			18,288,787

						54,857,196

Romania-2.86%
Romanian Government International Bond
6.13%, 01/22/2044^(a)(b)			18,032,000			18,651,002
5.13%, 06/15/2048^(a)(b)			20,204,000			18,406,410
4.00%, 02/14/2051^(a)(b)			24,640,000			18,827,868

						55,885,280

Saudi Arabia-2.81%
Saudi Government International Bond
4.50%, 10/26/2046^(a)			19,164,000			18,426,378
4.63%, 10/04/2047^(a)			18,725,000			18,331,475
5.00%, 04/17/2049^(a)			17,490,000			18,213,037

						54,970,890

South Africa-2.90%
Republic of South Africa Government International Bond
5.38%, 07/24/2044			23,657,000			18,985,452
6.30%, 06/22/2048^(b)			22,189,000			19,096,852
5.75%, 09/30/2049			23,520,000			18,719,803

						56,802,107

Turkey-3.06%
Turkey Government International Bond
8.00%, 02/14/2034			20,906,000			20,462,647
6.88%, 03/17/2036			22,810,000			19,684,756
7.25%, 03/05/2038			22,120,000			19,736,570

						59,883,973

Ukraine-2.81%
Ukraine Government International Bond
7.75%, 09/01/2025^(a)			56,150,000			19,091,000
7.75%, 09/01/2027^(a)			53,004,000			17,941,854
9.75%, 11/01/2028^(a)			52,872,000			17,984,411

						55,017,265

United Arab Emirates-2.88%
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043^(a)			19,261,000			18,950,802

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, 2022

(Unaudited)


	Principal Amount		Value
United Arab Emirates-(continued)
Finance Department Government of Sharjah
4.00%, 07/28/2050^(a)	$	25,320,000	$	18,975,770
4.38%, 03/10/2051^(a)		23,150,000		18,305,747

				56,232,319

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,366,035,121)				1,919,099,578

	Shares
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(c)(d)(Cost $3,521,679)		3,521,679		3,521,679

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.28% (Cost $2,369,556,800)				1,922,621,257


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.58%
Invesco Private Government Fund, 0.40%^(c)(d)(e)		56,220,959	$	56,220,959
Invesco Private Prime Fund, 0.35%^(c)(d)(e)		131,152,413		131,152,413

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $187,364,229)				187,373,372

TOTAL INVESTMENTS IN SECURITIES-107.86% (Cost $2,556,921,029)				2,109,994,629
OTHER ASSETS LESS LIABILITIES-(7.86)%				(153,842,247	)

NET ASSETS-100.00%			$	1,956,152,382

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, 2022 was $1,345,680,224, which represented 68.79% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at April 30, 2022.

^(c)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,814,291		$	177,684,367		$	(175,976,979	)		$	-		$	-			$	3,521,679		$	5,886
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			18,930,470			155,040,284			(117,749,795	)			-			-				56,220,959			28,678	*
Invesco Private Prime Fund			44,171,098			289,445,590			(202,447,432	)			9,142			(25,985	)			131,152,413			69,926	*

Total		$	64,915,859		$	622,170,241		$	(496,174,206	)		$	9,142		$	(25,985	)		$	190,895,051		$	104,490

*	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, 2022.

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

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


		6

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

April 30, 2022

(Unaudited)


Portfolio Composition
Country Breakdown (% of the Fund’s Net Assets)
as of April 30, 2022

Costa Rica			3.11

Bahrain			3.08

Oman			3.07

Turkey			3.06

Kazakhstan			3.06

Guatemala			3.03

Angola			3.00

Jordan			2.99

Mongolia			2.98

Philippines			2.93

Egypt			2.92

Paraguay			2.92

Dominican Republic			2.92

Panama			2.91

South Africa			2.90

Brazil			2.90

Kenya			2.89

Colombia			2.88

United Arab Emirates			2.88

Romania			2.86

Chile			2.85

Indonesia			2.85

Mexico			2.82

Morocco			2.82

Nigeria			2.82

Ukraine			2.81

Saudi Arabia			2.81

Qatar			2.80

Pakistan			2.73

Hungary			2.72

Peru			2.72

China			2.67

El Salvador			2.37

Poland			1.51

Kuwait			1.51

Money Market Funds Plus Other Assets Less Liabilities			1.90

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


		7

Invesco Global Short Term High Yield Bond ETF (PGHY)

April 30, 2022

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.48%
Argentina-1.79%
AES Argentina Generacion S.A., 7.75%, 02/02/2024^(a)	$	850,000	$	725,887
Agua y Saneamientos Argentinos S.A., 6.63%, 02/01/2023^(a)		450,000		248,771
Arcor S.A.I.C., 6.00%, 07/06/2023^(a)		350,000		351,325
Capex S.A., 6.88%, 05/15/2024^(a)		300,000		285,442
IRSA Propiedades Comerciales S.A., 8.75%, 03/23/2023^(a)		565,000		556,796
Pampa Energia S.A., 7.38%, 07/21/2023^(a)		675,000		677,582
Provincia de Cordoba, 5.00%, 12/10/2025^(a)(b)		221		182
Tecpetrol S.A., 4.88%, 12/12/2022^(a)		553,000		555,370

				3,401,355

Australia-0.62%
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024^(a)		200,000		202,256
Infrabuild Australia Pty. Ltd., 12.00%, 10/01/2024^(a)		300,000		304,000
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022^(a)		700,000		678,596

				1,184,852

Azerbaijan-0.73%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/2024^(a)		450,000		436,500
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024^(a)		400,000		401,190
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/2023^(a)		550,000		548,660

				1,386,350

Bahrain-1.10%
Bahrain Government International Bond
6.13%, 07/05/2022^(a)		700,000		704,875
6.13%, 08/01/2023^(a)		400,000		409,804
BBK BSC, 5.50%, 07/09/2024^(a)		450,000		460,319
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/07/2024^(a)		500,000		524,335

				2,099,333

Belgium-0.21%
Barry Callebaut Services N.V., 5.50%, 06/15/2023^(a)		400,000		407,079

Bolivia-0.58%
Bolivian Government International Bond
4.88%, 10/29/2022^(a)		700,000		698,967
5.95%, 08/22/2023^(a)		400,000		398,004

				1,096,971

Brazil-5.89%
Aegea Finance S.a.r.l., 5.75%, 10/10/2024^(a)		606,000		621,932
Azul Investments L.L.P., 5.88%, 10/26/2024^(a)		500,000		445,993


	Principal Amount		Value
Brazil-(continued)
Banco Daycoval S.A., 4.25%, 12/13/2024^(a)	$	500,000	$	493,777
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023^(a)		395,000		409,342
4.75%, 05/09/2024^(a)		580,000		593,563
Banco Safra S.A., 4.13%, 02/08/2023^(a)		600,000		605,271
Banco Votorantim S.A.
4.00%, 09/24/2022^(a)		500,000		501,147
4.50%, 09/24/2024^(a)		200,000		201,269
Brazilian Government International Bond
2.63%, 01/05/2023		500,000		501,000
4.25%, 01/07/2025		400,000		403,506
BRF S.A., 4.75%, 05/22/2024^(a)		400,000		399,042
Caixa Economica Federal, 3.50%, 11/07/2022^(a)		410,000		410,947
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		300,000		322,722
Centrais Eletricas Brasileiras S.A., 3.63%, 02/04/2025^(a)		500,000		483,805
Cielo USA, Inc., 3.75%, 11/16/2022^(a)		612,000		610,464
Embraer Overseas Ltd., 5.70%, 09/16/2023^(a)		232,000		236,973
Embraer S.A., 5.15%, 06/15/2022		600,000		601,590
Gol Finance S.A., 7.00%, 01/31/2025^(a)		500,000		428,653
InterCement Financial Operations B.V., 5.75%, 07/17/2024^(a)		400,000		344,612
Itau Unibanco Holding S.A.
5.50%, 08/06/2022^(a)		410,000		411,523
2.90%, 01/24/2023^(a)		420,000		421,054
5.13%, 05/13/2023^(a)		600,000		611,100
3.25%, 01/24/2025^(a)		500,000		487,000
Petrobras Global Finance B.V.
6.25%, 03/17/2024		250,000		260,543
5.30%, 01/27/2025		397,000		411,524

				11,218,352

Canada-2.73%
Bombardier, Inc., 7.50%, 12/01/2024^(a)		500,000		498,248
Ensign Drilling, Inc., 9.25%, 04/15/2024^(a)		400,000		391,568
goeasy Ltd., 5.38%, 12/01/2024^(a)		500,000		491,020
Methanex Corp., 4.25%, 12/01/2024		500,000		492,724
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022^(a)(c)		725,000		714,270
NOVA Chemicals Corp., 4.88%, 06/01/2024^(a)		300,000		296,264
Quebecor Media, Inc., 5.75%, 01/15/2023		500,000		506,182
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/2023^(a)		600,000		594,876
TransAlta Corp., 4.50%, 11/15/2022		600,000		600,627
Videotron Ltd., 5.38%, 06/15/2024^(a)		600,000		606,780

				5,192,559

Chile-0.10%
Kenbourne Invest S.A., 6.88%, 11/26/2024^(a)		200,000		191,028

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


		8

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

April 30, 2022

(Unaudited)


	Principal Amount		Value
China-2.80%
China South City Holdings Ltd.
11.50%, 08/12/2022^(a)	$	700,000	$	665,000
10.88%, 10/26/2022^(a)		700,000		665,000
7.25%, 11/20/2022^(a)		400,000		382,000
Chongqing Hechuan City Construction Investment Group Co. Ltd., 6.30%, 07/18/2022^(a)		200,000		199,000
Hong Kong Red Star Macalline Universal Home Furnishings Ltd., 3.38%, 09/21/2022^(a)		600,000		516,000
Huai An Traffic Holding Group Co. Ltd., 6.00%, 09/19/2022^(a)		240,000		239,400
Kunming Municipal Urban Construction Investment & Development Co. Ltd., 5.80%, 10/17/2022^(a)		600,000		594,000
Lanzhou City Development Investment Co. Ltd., 4.15%, 11/15/2022^(a)(c)		400,000		362,000
New Metro Global Ltd., 6.50%, 05/20/2022^(a)		350,000		343,875
RongXingDa Development (BVI) Ltd., 8.95%, 12/31/2022^(a)		500,000		157,500
Yanlord Land HK Co. Ltd.
6.75%, 04/23/2023^(a)(c)		500,000		495,000
6.80%, 02/27/2024^(a)		300,000		294,000
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022^(a)		407,000		414,127

				5,326,902

Colombia-1.85%
Banco Davivienda S.A., 5.88%, 07/09/2022^(a)		420,000		421,050
Banco de Bogota S.A., 5.38%, 02/19/2023^(a)		407,000		411,101
Bancolombia S.A., 5.13%, 09/11/2022		550,000		552,689
Credivalores-Crediservicios S.A.S., 8.88%, 02/07/2025^(a)		500,000		241,967
Ecopetrol S.A.
5.88%, 09/18/2023		445,000		451,326
4.13%, 01/16/2025		500,000		484,395
Gilex Holding S.a.r.l., 8.50%, 05/02/2023^(a)		410,000		406,599
Grupo Aval Ltd., 4.75%, 09/26/2022^(a)		545,000		546,654

				3,515,781

Costa Rica-0.67%
Banco Nacional de Costa Rica, 6.25%, 11/01/2023^(a)(c)		550,000		567,347
Costa Rica Government International Bond, 4.25%, 01/26/2023^(a)		700,000		705,040

				1,272,387

Croatia-0.32%
Hrvatska Elektroprivreda, 5.88%, 10/23/2022^(a)		600,000		602,453

Cyprus-0.25%
ASG Finance Designated Activity Co., 7.88%, 12/03/2024^(a)(c)		500,000		477,500

Denmark-0.31%
DKT Finance ApS, 9.38%, 06/17/2023^(a)		600,000		598,200


	Principal Amount		Value
Dominican Republic-0.48%
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023^(a)	$	550,000	$	558,734
Dominican Republic International Bond, 5.50%, 01/27/2025^(a)		350,000		359,091

				917,825

Egypt-0.97%
Egypt Government International Bond
5.58%, 02/21/2023^(a)(c)		600,000		593,537
4.55%, 11/20/2023^(a)(c)		684,000		649,656
6.20%, 03/01/2024^(a)(c)		250,000		239,944
5.75%, 05/29/2024^(a)		400,000		374,348

				1,857,485

El Salvador-0.40%
AES El Salvador Trust II, 6.75%, 03/28/2023^(a)		700,000		620,421
El Salvador Government International Bond, 5.88%, 01/30/2025^(a)		300,000		144,702

				765,123

Georgia-0.76%
Bank of Georgia JSC, 6.00%, 07/26/2023^(a)		700,000		702,647
Georgia Capital JSC, 6.13%, 03/09/2024^(a)		500,000		486,250
TBC Bank JSC, 5.75%, 06/19/2024^(a)(c)		250,000		252,025

				1,440,922

Germany-0.38%
Commerzbank AG, 8.13%, 09/19/2023^(a)		509,000		530,229
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024^(a)		200,000		200,814

				731,043

Ghana-0.12%
Ghana Government International Bond, 7.88%, 08/07/2023^(a)		230,000		224,505

Guatemala-0.51%
Guatemala Government Bond, 5.75%, 06/06/2022^(a)		560,000		559,955
Industrial Senior Trust, 5.50%, 11/01/2022^(a)		415,000		418,758

				978,713

India-4.96%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024^(a)		300,000		309,375
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024^(a)(c)		300,000		304,560
Axis Bank Ltd., 3.00%, 08/08/2022^(a)		423,000		422,916
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/2024^(a)(c)		500,000		503,190
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(a)		500,000		503,500
Greenko Investment Co., 4.88%, 08/16/2023^(a)		400,000		396,100

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


		9

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

April 30, 2022

(Unaudited)


	Principal Amount		Value
India-(continued)
Greenko Solar Mauritius Ltd., 5.55%, 01/29/2025^(a)	$	500,000	$	493,475
IIFL Finance Ltd., 5.88%, 04/20/2023^(a)		612,000		604,044
India Green Energy Holdings, 5.38%, 04/29/2024^(a)		250,000		246,590
India Toll Roads, 5.50%, 08/19/2024^(a)		500,000		499,175
JSW Steel Ltd., 5.95%, 04/18/2024^(a)(c)		500,000		507,500
Manappuram Finance Ltd., 5.90%, 01/13/2023^(a)		500,000		501,125
Muthoot Finance Ltd.
6.13%, 10/31/2022^(a)		410,000		412,050
4.40%, 09/02/2023^(a)		400,000		397,400
ReNew Power Pvt Ltd., 6.45%, 09/27/2022^(a)		600,000		601,125
ReNew Power Synthetic, 6.67%, 03/12/2024^(a)		500,000		507,500
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/2022^(a)		565,000		564,133
5.10%, 07/16/2023^(a)		400,000		394,322
4.40%, 03/13/2024^(a)(c)		278,000		265,341
Tata Motors Ltd., 5.75%, 10/30/2024^(a)(c)		500,000		507,410
TML Holdings Pte. Ltd., 5.50%, 06/03/2024^(a)(c)		500,000		498,875

				9,439,706

Indonesia-1.61%
Global Prime Capital Pte. Ltd., 5.50%, 10/18/2023^(a)		400,000		396,000
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024^(a)		200,000		196,636
Jababeka International B.V., 6.50%, 10/05/2023^(a)(c)		700,000		588,000
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025^(a)		500,000		496,267
Nickel Mines Ltd., 6.50%, 04/01/2024^(a)		500,000		478,625
PT Saka Energi Indonesia, 4.45%, 05/05/2024^(a)		450,000		430,191
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023^(a)		800,000		488,000

				3,073,719

Israel-1.37%
Energean Israel Finance Ltd., 4.50%, 03/30/2024^(a)(c)		450,000		438,503
Leviathan Bond Ltd., 5.75%, 06/30/2023^(a)(c)		507,202		505,934
Teva Pharmaceutical Finance Co. B.V., 2.95%, 12/18/2022		550,000		543,834
Teva Pharmaceutical Finance Netherlands III B.V.
2.80%, 07/21/2023		700,000		679,738
6.00%, 04/15/2024^(c)		450,000		450,567

				2,618,576

Jamaica-0.16%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024^(a)		300,000		296,553


	Principal Amount		Value
Japan-0.73%
Rakuten Group, Inc., 3.55%, 11/27/2024^(a)	$	300,000	$	292,693
SoftBank Group Corp.
5.38%, 07/30/2022^(a)		635,000		631,888
4.75%, 09/19/2024^(a)		300,000		291,300
3.13%, 01/06/2025^(a)		200,000		183,500

				1,399,381

Kenya-0.25%
Republic of Kenya Government International Bond, 6.88%, 06/24/2024^(a)		500,000		483,930

Kuwait-0.37%
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023^(a)		700,000		698,145

Malaysia-0.01%
SD International Sukuk Ltd., 6.30%, 05/09/2022^(a)		200,000		15,000

Mexico-1.93%
Axtel S.A.B. de C.V., 6.38%, 11/14/2024^(a)		426,000		425,753
BBVA Bancomer S.A., 6.75%, 09/30/2022^(a)		606,000		614,581
Credito Real, S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023, (Acquired 09/28/2020; Cost $296,095)^(a)(d)		300,000		53,625
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022^(a)(e)		400,000		320,336
Operadora de Servicios Mega S.A. de C.V. SOFOM, E.R., 8.25%, 02/11/2025^(a)		300,000		189,586
Petroleos Mexicanos
3.50%, 01/30/2023		584,000		580,510
4.63%, 09/21/2023^(c)		585,000		583,842
4.88%, 01/18/2024^(c)		411,000		409,531
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023^(a)		700,000		504,700

				3,682,464

Mongolia-0.88%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023^(a)		400,000		397,511
Mongolia Government International Bond
5.63%, 05/01/2023^(a)		400,000		399,153
8.75%, 03/09/2024^(a)		200,000		206,012
Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024^(a)		750,000		666,615

				1,669,291

Morocco-0.53%
Morocco Government International Bond, 4.25%, 12/11/2022^(a)		600,000		603,615
OCP S.A., 5.63%, 04/25/2024^(a)		400,000		411,650

				1,015,265

Nigeria-0.95%
Fidelity Bank PLC, 10.50%, 10/16/2022^(a)		500,000		502,050

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


		10

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

April 30, 2022

(Unaudited)


	Principal Amount		Value
Nigeria-(continued)
Nigeria Government International Bond
5.63%, 06/27/2022	$	700,000	$	697,550
6.38%, 07/12/2023^(a)		600,000		601,221

				1,800,821

Oman-1.08%
Bank Muscat SAOG, 4.88%, 03/14/2023^(a)		600,000		604,037
Oman Government International Bond
4.13%, 01/17/2023^(a)		700,000		704,244
4.88%, 02/01/2025^(a)		330,000		332,134
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023^(a)		408,000		412,126

				2,052,541

Pakistan-0.45%
Pakistan Government International Bond, 8.25%, 04/15/2024^(a)		200,000		180,012
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022^(a)		700,000		679,000

				859,012

Panama-0.62%
Banistmo S.A., 3.65%, 09/19/2022^(a)		550,000		550,022
Multibank, Inc., 4.38%, 11/09/2022^(a)		625,000		628,147

				1,178,169

Puerto Rico-0.22%
Popular, Inc., 6.13%, 09/14/2023		400,000		410,420

Russia-0.25%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024^(a)(e)		300,000		30,000
Global Ports Finance PLC, 6.50%, 09/22/2023^(a)		600,000		204,000
O1 Properties Finance PLC, 0.50%, 12/31/2049^(a)		500,000		33,850
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022^(a)		300,000		67,500
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022^(a)		735,000		91,875
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022^(a)		500,000		50,000

				477,225

Singapore-0.26%
LMIRT Capital Pte. Ltd., 7.25%, 06/19/2024^(a)		200,000		199,000
Puma International Financing S.A., 5.13%, 10/06/2024^(a)		300,000		287,820

				486,820

South Africa-1.98%
Eskom Holdings SOC Ltd.
6.75%, 08/06/2023^(a)		420,000		410,114
7.13%, 02/11/2025^(a)		300,000		287,445
MTN (Mauritius) Investments Ltd., 4.76%, 11/11/2024^(a)		300,000		298,881
Republic of South Africa Government International Bond
5.88%, 05/30/2022		500,000		501,492
4.67%, 01/17/2024		600,000		603,579


	Principal Amount		Value
South Africa-(continued)
Sasol Financing International Ltd., 4.50%, 11/14/2022^(c)	$	637,000	$	636,357
Sasol Financing USA LLC, 5.88%, 03/27/2024		450,000		448,711
Transnet SOC Ltd., 4.00%, 07/26/2022^(a)		600,000		592,560

				3,779,139

South Korea-0.32%
SK Innovation Co. Ltd., 4.13%, 07/13/2023^(a)(c)		600,000		602,709

Spain-0.10%
Codere Finance 2 (Luxembourg) S.A., 2.00% PIK Rate, 11.63% Cash Rate, 11/30/2027^(a)(f)		188,336		185,511

Sweden-0.73%
Stena AB, 7.00%, 02/01/2024^(a)		600,000		597,084
Stena International S.A.
5.75%, 03/01/2024^(a)		175,000		172,307
6.13%, 02/01/2025^(a)		200,000		199,186
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022		420,000		420,181

				1,388,758

Trinidad and Tobago-0.32%
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024^(a)		600,000		604,437

Turkey-9.85%
Akbank T.A.S., 5.00%, 10/24/2022^(a)		410,000		411,765
Arcelik A.S., 5.00%, 04/03/2023^(a)		700,000		701,411
Fibabanka A.S., 6.00%, 01/25/2023^(a)		600,000		596,115
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023^(a)		700,000		702,380
4.49%, 11/25/2024^(a)		300,000		290,295
KOC Holding A.S., 5.25%, 03/15/2023^(a)		700,000		701,995
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024^(a)		300,000		295,302
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023^(a)		420,000		420,354
QNB Finansbank A.S.
4.88%, 05/19/2022^(a)		600,000		600,543
6.88%, 09/07/2024^(a)		500,000		516,342
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023^(a)		750,000		731,094
T.C. Ziraat Bankasi A.S.
5.13%, 05/03/2022^(a)		600,000		600,000
5.13%, 09/29/2023^(a)		420,000		413,335
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024^(a)		200,000		191,382
6.88%, 02/28/2025^(a)		200,000		196,158
Turkey Government International Bond
6.25%, 09/26/2022		650,000		655,915
3.25%, 03/23/2023		600,000		593,844
7.25%, 12/23/2023		400,000		407,340
5.75%, 03/22/2024		400,000		393,160
6.35%, 08/10/2024		200,000		196,308

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


		11

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

April 30, 2022

(Unaudited)


	Principal Amount		Value
Turkey-(continued)
5.60%, 11/14/2024	$	300,000	$	288,483
7.38%, 02/05/2025		500,000		499,545
Turkiye Garanti Bankasi A.S.
5.25%, 09/13/2022^(a)		550,000		552,593
5.88%, 03/16/2023^(a)		500,000		505,220
Turkiye Ihracat Kredi Bankasi A.S.
4.25%, 09/18/2022^(a)		410,000		410,392
5.38%, 10/24/2023^(a)		420,000		414,082
8.25%, 01/24/2024^(a)		600,000		613,779
6.13%, 05/03/2024^(a)		400,000		390,859
Turkiye Is Bankasi A.S.
6.00%, 10/24/2022^(a)		410,000		410,916
7.85%, 12/10/2023^(a)		600,000		611,043
6.13%, 04/25/2024^(a)		300,000		296,867
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024^(a)		300,000		286,170
Turkiye Sinai Kalkinma Bankasi A.S., 5.50%, 01/16/2023^(a)		500,000		502,592
Turkiye Vakiflar Bankasi T.A.O.
5.63%, 05/30/2022^(a)		600,000		601,648
6.00%, 11/01/2022^(a)		400,000		400,069
5.75%, 01/30/2023^(a)		420,000		421,591
8.13%, 03/28/2024^(a)		400,000		406,017
Yapi ve Kredi Bankasi A.S.
5.50%, 12/06/2022^(a)		420,000		420,730
6.10%, 03/16/2023^(a)		600,000		605,741
5.85%, 06/21/2024^(a)		200,000		196,207
8.25%, 10/15/2024^(a)		300,000		308,354

				18,757,936

Ukraine-0.66%
MHP SE, 7.75%, 05/10/2024^(a)		350,000		189,875
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022^(a)		600,000		231,000
Ukraine Government International Bond 7.75%, 09/01/2022^(a)		500,000		280,000
7.75%, 09/01/2023^(a)		700,000		288,513
8.99%, 02/01/2024^(a)		550,000		201,850
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2024^(a)		200,000		57,000

				1,248,238

United Arab Emirates-0.35%
Alpha Star Holding V Ltd., 6.63%, 04/18/2023^(a)(c)		654,000		667,051

United Kingdom-0.33%
Celtic Resources Holdings DAC, 4.13%, 10/09/2024^(a)		300,000		75,000
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023^(a)		550,000		547,330

				622,330

United States-40.77%
ADT Security Corp. (The), 4.13%, 06/15/2023		410,000		408,071
Advanced Micro Devices, Inc., 7.50%, 08/15/2022		410,000		416,013
Ahern Rentals, Inc., 7.38%, 05/15/2023^(a)		500,000		472,500


	Principal Amount			Value
United States-(continued)
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(a)		$	700,000		$	699,090
Ally Financial, Inc., 5.13%, 09/30/2024^(c)			500,000			515,397
AMC Networks, Inc., 5.00%, 04/01/2024^(c)			300,000			297,378
American Airlines Group, Inc., 5.00%, 06/01/2022^(a)			715,000			715,064
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024			580,000			580,052
Avient Corp., 5.25%, 03/15/2023			700,000			702,674
Ball Corp., 4.00%, 11/15/2023			500,000			499,390
Bed Bath & Beyond, Inc., 3.75%, 08/01/2024			428,000			395,055
Brinker International, Inc.
3.88%, 05/15/2023			500,000			498,275
5.00%, 10/01/2024^(a)			500,000			499,512
Callon Petroleum Co., 6.13%, 10/01/2024			300,000			296,582
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023^(a)			500,000			500,632
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024			500,000			512,662
Cengage Learning, Inc., 9.50%, 06/15/2024^(a)			500,000			490,748
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024			500,000			526,062
Citgo Holding, Inc., 9.25%, 08/01/2024^(a)			200,000			199,008
Civitas Resources, Inc., 7.50%, 04/30/2026			64,201			64,201
Clearwater Paper Corp., 5.38%, 02/01/2025^(a)			500,000			500,275
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(a)			700,000			666,032
Commercial Metals Co., 4.88%, 05/15/2023			574,000			577,633
Compass Minerals International, Inc., 4.88%, 07/15/2024^(a)			300,000			297,390
Continental Resources, Inc.
4.50%, 04/15/2023^(c)			500,000			506,250
3.80%, 06/01/2024			500,000			501,487
CSC Holdings LLC
5.88%, 09/15/2022			625,000			629,191
5.25%, 06/01/2024			500,000			489,345
CVR Energy, Inc., 5.25%, 02/15/2025^(a)			500,000			484,405
DCP Midstream Operating L.P., 3.88%, 03/15/2023			700,000			698,484
Delta Air Lines, Inc.
3.80%, 04/19/2023			500,000			499,987
2.90%, 10/28/2024^(c)			500,000			477,483
Diebold Nixdorf, Inc., 8.50%, 04/15/2024			430,000			280,104
DISH DBS Corp.
5.88%, 07/15/2022^(c)			602,000			603,487
5.00%, 03/15/2023			601,000			596,168
5.88%, 11/15/2024			500,000			485,623

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


		12

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

April 30, 2022

(Unaudited)


	Principal Amount			Value
United States-(continued)
Diversified Healthcare Trust, 4.75%, 05/01/2024		$	444,000		$	422,444
EnerSys, 5.00%, 04/30/2023^(a)			600,000			603,693
EnLink Midstream Partners L.P., 4.40%, 04/01/2024			500,000			494,350
Enova International, Inc., 8.50%, 09/01/2024^(a)			500,000			502,340
EQM Midstream Partners L.P.
4.75%, 07/15/2023			589,000			586,827
4.00%, 08/01/2024			500,000			484,083
Ford Motor Credit Co. LLC
3.55%, 10/07/2022^(c)			600,000			600,780
3.35%, 11/01/2022			700,000			701,074
3.09%, 01/09/2023			650,000			651,371
4.14%, 02/15/2023			650,000			649,174
3.37%, 11/17/2023			650,000			641,062
5.58%, 03/18/2024			400,000			404,998
4.06%, 11/01/2024			300,000			293,816
2.30%, 02/10/2025^(c)			500,000			464,955
Freedom Mortgage Corp., 8.13%, 11/15/2024^(a)			300,000			291,000
Freeport-McMoRan, Inc.
3.88%, 03/15/2023			630,000			632,277
4.55%, 11/14/2024			300,000			304,143
Fresh Market, Inc. (The), 9.75%, 05/01/2023^(a)			597,000			582,941
FS Energy and Power Fund, 7.50%, 08/15/2023^(a)			409,000			416,438
FXI Holdings, Inc., 7.88%, 11/01/2024^(a)			300,000			296,130
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024			500,000			490,960
Genworth Holdings, Inc., 4.80%, 02/15/2024			670,000			672,064
GEO Group, Inc. (The), 5.13%, 04/01/2023			623,000			595,105
Goodman Networks, Inc., 8.00%, 05/11/2022^(g)			98,659			89,780
Graphic Packaging International LLC
4.88%, 11/15/2022			624,000			628,296
4.13%, 08/15/2024			500,000			500,530
Hanesbrands, Inc., 4.63%, 05/15/2024^(a)			250,000			249,998
HCA, Inc.
5.88%, 05/01/2023^(c)			605,000			624,662
5.38%, 02/01/2025			500,000			514,281
Howmet Aerospace, Inc., 5.13%, 10/01/2024^(c)			500,000			509,387
Hyatt Hotels Corp.
1.30%, 10/01/2023^(c)			300,000			291,684
1.80%, 10/01/2024			300,000			285,612
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024			500,000			489,380
International Game Technology PLC, 6.50%, 02/15/2025^(a)			400,000			407,514
iStar, Inc., 4.75%, 10/01/2024			500,000			486,860
KB Home
7.50%, 09/15/2022			496,000			504,382
7.63%, 05/15/2023			500,000			513,167


	Principal Amount			Value
United States-(continued)
Koppers, Inc., 6.00%, 02/15/2025^(a)		$	500,000		$	484,485
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022^(c)			500,000			500,917
Laredo Petroleum, Inc., 9.50%, 01/15/2025			500,000			513,207
Las Vegas Sands Corp., 3.20%, 08/08/2024			500,000			480,868
Live Nation Entertainment, Inc., 4.88%, 11/01/2024^(a)			300,000			296,660
Lumen Technologies, Inc.
Series W, 6.75%, 12/01/2023			400,000			407,042
Series Y, 7.50%, 04/01/2024			400,000			411,800
Mattel, Inc., 3.15%, 03/15/2023			635,000			632,628
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024^(a)			300,000			293,060
Maxar Space Robotics LLC, 9.75%, 12/31/2023^(a)			500,000			533,795
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024			275,000			278,905
MGM Resorts International, 6.00%, 03/15/2023			536,000			543,389
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022^(a)			500,000			532,500
Navient Corp.
5.50%, 01/25/2023			410,000			412,571
7.25%, 09/25/2023			538,000			552,176
6.13%, 03/25/2024			300,000			302,087
5.88%, 10/25/2024^(c)			500,000			496,883
Netflix, Inc.
5.75%, 03/01/2024^(c)			431,000			445,566
5.88%, 02/15/2025			500,000			520,000
Newmark Group, Inc., 6.13%, 11/15/2023			396,000			404,130
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024^(a)			200,000			198,502
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023			626,000			581,541
Nordstrom, Inc., 2.30%, 04/08/2024			500,000			479,403
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022^(a)(e)			500,000			30
NortonLifeLock, Inc., 3.95%, 06/15/2022			416,000			415,936
Occidental Petroleum Corp.
6.95%, 07/01/2024			325,000			341,281
2.90%, 08/15/2024			500,000			489,388
Oceaneering International, Inc., 4.65%, 11/15/2024			500,000			484,345
OneMain Finance Corp.
5.63%, 03/15/2023			500,000			505,630
8.25%, 10/01/2023			575,000			596,712
6.13%, 03/15/2024			350,000			351,727
Ovintiv Exploration, Inc., 5.63%, 07/01/2024			500,000			520,280
Owens-Brockway Glass Container, Inc., 5.88%, 08/15/2023^(a)			700,000			709,684
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023			413,000			412,554

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


		13

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

April 30, 2022

(Unaudited)


	Principal Amount		Value
United States-(continued)
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024^(c)	$	500,000	$	492,767
Pitney Bowes, Inc., 4.63%, 03/15/2024		250,000		248,205
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.25%, 04/15/2024^(a)		300,000		300,006
PTC, Inc., 3.63%, 02/15/2025^(a)		500,000		485,013
Pyxus Holdings, Inc., 10.00%, 08/24/2024		510,625		427,309
QVC, Inc.
4.38%, 03/15/2023		585,000		585,705
4.85%, 04/01/2024		250,000		250,006
4.45%, 02/15/2025^(c)		500,000		485,603
Radian Group, Inc., 4.50%, 10/01/2024		300,000		292,529
Range Resources Corp., 5.00%, 03/15/2023		500,000		501,915
Rayonier AM Products, Inc., 5.50%, 06/01/2024^(a)		500,000		500,685
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023^(a)		700,000		699,167
Revlon Consumer Products Corp., 6.25%, 08/01/2024		300,000		99,000
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022		500,000		501,307
10.88%, 06/01/2023^(a)		600,000		628,527
9.13%, 06/15/2023^(a)		600,000		620,184
Sensata Technologies B.V., 4.88%, 10/15/2023^(a)		484,000		485,863
Service Properties Trust
5.00%, 08/15/2022		602,000		600,319
4.50%, 06/15/2023		429,000		419,991
4.65%, 03/15/2024		550,000		520,525
4.35%, 10/01/2024		500,000		463,230
Six Flags Entertainment Corp., 4.88%, 07/31/2024^(a)		500,000		498,655
SM Energy Co., 10.00%, 01/15/2025^(a)		500,000		541,130
Spirit AeroSystems, Inc., 3.95%, 06/15/2023		421,000		413,925
Sprint Communications, Inc., 6.00%, 11/15/2022		600,000		609,771
Sprint Corp.
7.88%, 09/15/2023		460,000		480,721
7.13%, 06/15/2024		200,000		210,759
7.63%, 02/15/2025		500,000		532,435
Starwood Property Trust, Inc., 5.50%, 11/01/2023^(a)		500,000		504,377
Stellantis N.V., 5.25%, 04/15/2023		615,000		626,156
Stericycle, Inc., 5.38%, 07/15/2024^(a)		500,000		498,930
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II,Inc.
5.88%,04/15/2023^(a)		500,000		506,295
5.63%, 03/01/2024^(a)		300,000		302,468
Team Health Holdings, Inc., 6.38%, 02/01/2025^(a)		500,000		426,875
Tenet Healthcare Corp.
6.75%, 06/15/2023		565,000		581,970
4.63%, 07/15/2024		200,000		199,708
TerraForm Power Operating LLC, 4.25%, 01/31/2023^(a)		500,000		501,260


	Principal Amount		Value
United States-(continued)
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023^(a)	$	500,000	$	493,913
Toll Brothers Finance Corp., 4.38%, 04/15/2023		699,000		703,605
TPro Acquisition Corp., 11.00%, 10/15/2024^(a)		500,000		525,820
Travel + Leisure Co., 3.90%, 03/01/2023		620,000		620,797
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024		559,000		568,310
Trinity Industries, Inc., 4.55%, 10/01/2024		500,000		497,538
Triumph Group, Inc.
8.88%, 06/01/2024^(a)		500,000		518,130
6.25%, 09/15/2024^(a)		300,000		289,173
United Airlines Holdings, Inc.
5.00%, 02/01/2024^(c)		526,000		522,765
4.88%, 01/15/2025^(c)		500,000		483,098
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(a)		500,000		509,615
Univision Communications, Inc., 5.13%, 02/15/2025^(a)		500,000		491,900
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025^(a)		500,000		480,620
W&T Offshore, Inc., 9.75%, 11/01/2023^(a)		600,000		596,787
Welbilt, Inc., 9.50%, 02/15/2024^(c)		600,000		603,135
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024^(a)		300,000		167,250
WR Grace Holdings LLC, 5.63%, 10/01/2024^(a)		300,000		301,125
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023^(a)		570,000		559,384
Xerox Corp., 3.80%, 05/15/2024^(c)		500,000		484,433
Yum! Brands, Inc., 3.88%, 11/01/2023^(c)		581,000		586,650

				77,636,289

Uzbekistan-0.31%
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024^(a)		600,000		591,197

Vietnam-0.16%
Vietnam Government International Bond, 4.80%, 11/19/2024^(a)		300,000		307,875

Zambia-0.40%
First Quantum Minerals Ltd.
7.25%, 04/01/2023^(a)		153,970		154,107
6.50%, 03/01/2024^(a)		250,000		250,646
Zambia Government International Bond, 5.38%, 09/20/2022^(a)		500,000		360,230

				764,983

Total U.S. Dollar Denominated Bonds & Notes (Cost $194,118,747)				183,700,209

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


		14

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

April 30, 2022

(Unaudited)


	Shares		Value
Preferred Stocks-0.14%
Guitar Center Holdings, Inc., Series A, Pfd., 0.00%^(h)		2,000	$	260,667
Guitar Center Holdings, Inc., Series B, Pfd., 0.00%^(h)(i)		24		1,560

Total Preferred Stocks (Cost $623,350)				262,227

	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.11%^(j)
Spain-0.11%
Codere New Holdco S.A., 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027^(a)(f)(Cost $552,401)		EUR 227,550		209,461

	Shares
Common Stocks & Other Equity Interests-0.06%
Spain-0.00%
Codere New Topco S.A.^(i)(k)		8,480		0

United States-0.06%
Hornbeck Offshore Services, Inc.^(k)(l)		323		7,348
Hornbeck Offshore Services, Inc., Wts.^(k)(l)		3,246		73,846
Hornbeck Offshore Services, Inc., Wts.^(i)(k)(l)		2,673		10,024
PetroQuest Energy, Inc.^(i)(k)		28,971		12,313
Premier Brands Group Holdings LLC^(k)(m)		3,222		2,860
Premier Brands Group Holdings LLC Wts., expiring 03/21/2024^(k)(m)		10,096		2,221
TRU Taj LLC/TRU Taj Finance, Inc.^(k)		2,156		14,014

				122,626

Total Common Stocks & Other Equity Interests (Cost $216,736)				122,626

Investment Abbreviations:

EUR-Euro

Pfd.-Preferred

PIK-Pay-in-Kind

Wts.-Warrants


	Principal Amount		Value
Variable Rate Senior Loan Interests-0.00%^(n)(o)
Hornbeck Offshore Services, Inc., Second Lien Term Loan, 11.50%, 02/07/2025⁽ⁱ⁾(Cost $502,340)	$	589,900	$	0


	Shares

Money Market Funds-1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(p)(q)(Cost $1,913,045)		1,913,045		1,913,045

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.79% (Cost $197,926,619)				186,207,568


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.67%
Invesco Private Government Fund, 0.40%^(p)(q)(r)		4,950,133		4,950,133
Invesco Private Prime Fund, 0.35%^(p)(q)(r)		11,555,619		11,555,619

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,505,747)				16,505,752

TOTAL INVESTMENTS IN SECURITIES-106.46% (Cost $214,432,366)				202,713,320
OTHER ASSETS LESS LIABILITIES-(6.46)%				(12,304,218	)

NET ASSETS-100.00%			$	190,409,102

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


		15

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

April 30, 2022

(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, 2022 was $115,362,946, which represented 60.59% 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, 2022.

^(d)	Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)	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, 2022 was $350,366, which represented less than 1% of the Fund’s Net Assets.

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

^(g)	Acquired as part of the Goodman Networks, Inc. reorganization.

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

⁽ⁱ⁾	Security valued using significant unobservable inputs (Level 3). See Note 5.

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

^(k)	Non-income producing security.

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

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

⁽ⁿ⁾

Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(o)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(p)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$10,387,579		$50,060,839		$(58,535,373)		$	-		$	-			$1,913,045		$ 2,125
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		5,594,655		14,127,626		(14,772,148)			-			-			4,950,133		3,409*
Invesco Private Prime Fund		13,054,957		26,461,938		(27,955,918)			5			(5,363	)		11,555,619		10,706*

Total		$29,037,191		$90,650,403		$(101,263,439)		$	5		$	(5,363	)		$18,418,797		$16,240

*	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, 2022.

^(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 2I.

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


		16

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

April 30, 2022

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2022

Financials			22.83

Consumer Discretionary			11.92

Industrials			10.29

Energy			10.27

Sovereign Debt			9.64

Communication Services			7.05

Materials			6.57

Real Estate			6.27

Utilities			5.87

Sector Types Each Less Than 3%			6.08

Money Market Funds Plus Other Assets Less Liabilities			3.21

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


		17

Invesco International Corporate Bond ETF (PICB)

April 30, 2022

(Unaudited)

Schedule of Investments


	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes-98.94%^(a)
Australia-1.60%
APT Pipelines Ltd., 3.50%, 03/22/2030^(b)		GBP 200,000	$	245,365
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026^(b)		EUR 100,000		101,548
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP 350,000		479,417
Glencore Finance (Europe) Ltd.
1.88%, 09/13/2023^(b)		EUR 100,000		106,193
3.13%, 03/26/2026^(b)		GBP 146,000		180,599
National Australia Bank Ltd.
1.25%, 05/18/2026^(b)		EUR 100,000		104,199
2.90%, 02/25/2027		AUD 400,000		271,526
1.38%, 08/30/2028^(b)		EUR 200,000		203,671
NBN Co. Ltd., 1.00%, 12/03/2025^(b)		AUD 350,000		222,607
Telstra Corp. Ltd., 2.50%, 09/15/2023		EUR 50,000		54,233

				1,969,358

Austria-0.08%
OMV AG, 1.00%, 12/14/2026^(b)		EUR 100,000		102,468

Belgium-2.05%
Anheuser-Busch InBev S.A./N.V.
2.70%, 03/31/2026^(b)		EUR 100,000		109,541
1.15%, 01/22/2027^(b)		EUR 200,000		205,600
1.13%, 07/01/2027^(b)		EUR 200,000		204,013
2.13%, 12/02/2027^(b)		EUR 100,000		106,496
2.00%, 03/17/2028^(b)(c)		EUR 300,000		315,211
2.25%, 05/24/2029^(b)(c)		GBP 163,000		193,532
1.50%, 04/18/2030^(b)		EUR 200,000		199,320
1.65%, 03/28/2031^(b)		EUR 100,000		99,459
2.88%, 04/02/2032^(b)(c)		EUR 200,000		217,813
2.75%, 03/17/2036^(b)(c)		EUR 350,000		357,784
2.85%, 05/25/2037^(b)		GBP 200,000		228,486
3.70%, 04/02/2040^(b)		EUR 250,000		280,376

				2,517,631

Canada-18.64%
Bank of Montreal
2.85%, 03/06/2024		CAD 650,000		501,364
2.28%, 07/29/2024		CAD 500,000		378,959
2.37%, 02/03/2025		CAD 500,000		375,907
1.55%, 05/28/2026		CAD 350,000		248,584
3.19%, 03/01/2028		CAD 600,000		453,759
Bank of Nova Scotia (The)
2.49%, 09/23/2024		CAD 450,000		341,723
1.95%, 01/10/2025		CAD 500,000		372,090
2.16%, 02/03/2025		CAD 500,000		373,684
1.85%, 11/02/2026		CAD 700,000		497,203
2.62%, 12/02/2026		CAD 450,000		336,219
2.95%, 03/08/2027		CAD 500,000		370,531
1.40%, 11/01/2027		CAD 550,000		371,692
3.10%, 02/02/2028		CAD 650,000		489,177
Bell Canada
2.70%, 02/27/2024		CAD 300,000		230,781
3.35%, 03/12/2025		CAD 500,000		385,357
3.80%, 08/21/2028		CAD 350,000		265,600
2.50%, 05/14/2030		CAD 350,000		235,796


	Principal Amount		Value
Canada-(continued)
3.00%, 03/17/2031		CAD 300,000	$	205,981
3.50%, 09/30/2050		CAD 450,000		261,905
Canadian Imperial Bank of Commerce
2.43%, 06/09/2023		CAD 350,000		270,992
3.29%, 01/15/2024		CAD 450,000		349,861
0.38%, 05/03/2024^(b)		EUR 100,000		104,059
2.35%, 08/28/2024		CAD 500,000		378,716
2.00%, 04/17/2025		CAD 650,000		480,763
3.30%, 05/26/2025		CAD 650,000		505,319
1.10%, 01/19/2026		CAD 500,000		351,736
1.70%, 07/15/2026		CAD 400,000		284,266
Canadian Pacific Railway Co.
1.59%, 11/24/2023		CAD 375,000		284,982
2.54%, 02/28/2028		CAD 350,000		250,941
Cenovus Energy, Inc., 3.50%, 02/07/2028		CAD 350,000		259,602
CU, Inc., 4.09%, 09/02/2044		CAD 400,000		296,561
Enbridge, Inc.
3.20%, 06/08/2027		CAD 350,000		259,760
2.99%, 10/03/2029		CAD 300,000		210,345
3.10%, 09/21/2033		CAD 350,000		228,060
Federation des Caisses Desjardins du Quebec
2.42%, 10/04/2024		CAD 300,000		227,147
1.09%, 01/21/2026		CAD 400,000		281,185
HSBC Bank Canada, 1.78%, 05/20/2026		CAD 350,000		250,832
National Bank of Canada
2.98%, 03/04/2024		CAD 300,000		231,827
2.55%, 07/12/2024		CAD 350,000		266,752
2.58%, 02/03/2025		CAD 300,000		226,472
2.24%, 11/04/2026		CAD 375,000		270,623
Ontario Teachers’ Finance Trust
0.10%, 05/19/2028^(b)		EUR 200,000		192,275
0.90%, 05/20/2041^(b)		EUR 300,000		252,140
Rogers Communications, Inc.
3.10%, 04/15/2025		CAD 400,000		304,147
3.65%, 03/31/2027		CAD 550,000		417,043
3.25%, 05/01/2029		CAD 400,000		286,901
Royal Bank of Canada 2.35%, 07/02/2024		CAD 650,000		494,261
2.61%, 11/01/2024		CAD 750,000		570,363
1.94%, 05/01/2025		CAD 500,000		369,397
1.59%, 05/04/2026		CAD 400,000		285,009
2.33%, 01/28/2027		CAD 500,000		361,238
1.83%, 07/31/2028		CAD 300,000		204,160
Royal Office Finance L.P., Series A, 5.21%, 11/12/2032		CAD 374,570		319,914
Shaw Communications, Inc., 6.75%, 11/09/2039		CAD 500,000		437,637
Suncor Energy, Inc., 5.00%, 04/09/2030		CAD 400,000		318,664
TELUS Corp. 3.35%, 04/01/2024		CAD 350,000		272,189
Series CY, 3.30%, 05/02/2029		CAD 300,000		218,272
Thomson Reuters Corp., 2.24%, 05/14/2025		CAD 500,000		372,625

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


		18

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

April 30, 2022

(Unaudited)


	Principal Amount		Value
Canada-(continued)
Toronto-Dominion Bank (The)
2.50%, 12/02/2024		CAD 550,000	$	416,325
1.94%, 03/13/2025		CAD 550,000		407,543
2.67%, 09/09/2025		CAD 1,000,000		750,352
1.13%, 12/09/2025^(b)		CAD 600,000		424,368
2.26%, 01/07/2027		CAD 550,000		396,628
0.50%, 01/18/2027^(b)		EUR 200,000		196,143
1.89%, 03/08/2028		CAD 500,000		345,055
1.90%, 09/11/2028^(b)		CAD 300,000		204,363
1.95%, 04/08/2030^(b)		EUR 200,000		203,292
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD 650,000		497,535
4.18%, 07/03/2048^(b)		CAD 400,000		255,832
4.34%, 10/15/2049		CAD 300,000		196,254

				22,937,038

China-0.07%
Prosus N.V., 1.29%, 07/13/2029^(b)		EUR 100,000		85,562

Denmark-0.52%
Danske Bank A/S, 0.63%, 05/26/2025^(b)		EUR 100,000		102,593
Orsted A/S
4.88%, 01/12/2032^(b)		GBP 200,000		288,733
5.75%, 04/09/2040^(b)		GBP 150,000		248,724

				640,050

Finland-0.75%
Nordea Bank Abp
1.13%, 02/16/2027^(b)		EUR 130,000		132,418
0.50%, 05/14/2027^(b)		EUR 200,000		198,559
1.13%, 09/27/2027^(b)		EUR 200,000		203,872
0.50%, 11/02/2028^(b)		EUR 200,000		189,326
OP Corporate Bank PLC
0.50%, 08/12/2025^(b)		EUR 100,000		102,390
0.10%, 11/16/2027^(b)		EUR 100,000		95,422

				921,987

France-18.46%
Action Logement Services
0.38%, 10/05/2031^(b)		EUR 200,000		187,259
0.50%, 10/30/2034^(b)		EUR 100,000		89,156
0.75%, 07/19/2041^(b)		EUR 100,000		83,182
Aeroports de Paris
2.13%, 10/02/2026^(b)		EUR 100,000		106,924
2.75%, 04/02/2030^(b)		EUR 200,000		218,015
Air Liquide Finance S.A., 1.25%, 06/13/2028^(b)		EUR 100,000		103,872
Airbus SE
1.38%, 06/09/2026^(b)		EUR 100,000		104,227
1.63%, 06/09/2030^(b)(c)		EUR 200,000		202,207
2.38%, 04/07/2032^(b)		EUR 100,000		105,411
2.38%, 06/09/2040^(b)		EUR 100,000		94,724
Autoroutes du Sud de la France S.A.
1.25%, 01/18/2027^(b)		EUR 100,000		103,544
1.38%, 01/22/2030^(b)		EUR 100,000		102,453
1.38%, 02/21/2031^(b)		EUR 100,000		100,724
Banque Federative du Credit Mutuel S.A.
3.00%, 05/21/2024^(b)		EUR 100,000		108,329
1.25%, 01/14/2025^(b)		EUR 200,000		209,841
0.01%, 03/07/2025^(b)		EUR 200,000		202,228


	Principal Amount		Value
France-(continued)
0.75%, 07/17/2025^(b)		EUR 200,000	$	204,978
3.00%, 09/11/2025^(b)		EUR 100,000		107,905
1.63%, 01/19/2026^(b)		EUR 200,000		209,683
2.38%, 03/24/2026^(b)		EUR 100,000		104,719
0.01%, 05/11/2026^(b)		EUR 200,000		196,029
0.75%, 06/08/2026^(b)		EUR 200,000		202,164
1.00%, 07/16/2026^(b)		GBP 300,000		346,554
1.25%, 05/26/2027^(b)(c)		EUR 200,000		203,670
0.25%, 07/19/2028^(b)		EUR 100,000		91,635
0.63%, 11/03/2028^(b)		EUR 200,000		186,427
1.75%, 03/15/2029^(b)		EUR 100,000		99,741
1.88%, 06/18/2029^(b)		EUR 100,000		96,327
0.75%, 01/17/2030^(b)		EUR 100,000		91,206
1.25%, 06/03/2030^(b)		EUR 100,000		94,029
0.63%, 02/21/2031^(b)		EUR 200,000		175,808
BNP Paribas S.A.
2.38%, 02/17/2025^(b)		EUR 200,000		213,119
1.50%, 11/17/2025^(b)		EUR 200,000		207,641
3.38%, 01/23/2026^(b)		GBP 300,000		374,457
1.63%, 02/23/2026^(b)		EUR 100,000		105,454
1.13%, 06/11/2026^(b)		EUR 200,000		203,490
0.13%, 09/04/2026^(b)		EUR 100,000		96,571
2.25%, 01/11/2027^(b)		EUR 100,000		103,093
1.88%, 12/14/2027^(b)		GBP 300,000		344,205
1.50%, 05/23/2028^(b)		EUR 100,000		100,137
1.50%, 05/25/2028^(b)		EUR 100,000		102,251
1.38%, 05/28/2029^(b)		EUR 200,000		194,575
1.63%, 07/02/2031^(b)		EUR 100,000		90,353
1.25%, 07/13/2031^(b)		GBP 300,000		304,674
0.63%, 12/03/2032^(b)		EUR 200,000		170,240
2.00%, 09/13/2036^(b)		GBP 200,000		198,107
Bouygues S.A., 1.13%, 07/24/2028^(b)		EUR 100,000		100,798
BPCE S.A.
4.63%, 07/18/2023^(b)		EUR 100,000		109,845
0.88%, 01/31/2024^(b)		EUR 100,000		104,880
0.63%, 09/26/2024^(b)		EUR 200,000		206,712
1.00%, 04/01/2025^(b)		EUR 100,000		103,086
0.63%, 04/28/2025^(b)		EUR 200,000		205,466
0.25%, 01/15/2026^(b)		EUR 200,000		200,232
0.38%, 02/02/2026^(b)		EUR 100,000		100,007
0.50%, 02/24/2027^(b)		EUR 100,000		96,375
1.00%, 10/05/2028^(b)		EUR 100,000		98,410
5.25%, 04/16/2029^(b)		GBP 200,000		268,503
0.25%, 01/14/2031^(b)		EUR 200,000		175,054
0.75%, 03/03/2031^(b)		EUR 100,000		88,816
1.00%, 01/14/2032^(b)		EUR 100,000		89,181
Capgemini SE
2.00%, 04/15/2029^(b)		EUR 100,000		104,987
2.38%, 04/15/2032^(b)		EUR 200,000		211,441
Carrefour S.A., 2.63%, 12/15/2027^(b)		EUR 100,000		106,788
Cie de Saint-Gobain, 1.88%, 03/15/2031^(b)		EUR 100,000		102,226
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030^(b)		EUR 100,000		102,990
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028^(b)		EUR 200,000		204,516
2.13%, 07/29/2032^(b)		EUR 100,000		101,882

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, 2022

(Unaudited)


	Principal Amount		Value
France-(continued)
Credit Agricole Assurances S.A.
2.00%, 07/17/2030^(b)		EUR 200,000	$	186,420
1.50%, 10/06/2031^(b)		EUR 200,000		175,533
Credit Agricole S.A.
0.50%, 06/24/2024^(b)		EUR 200,000		207,480
1.38%, 03/13/2025^(b)		EUR 200,000		208,793
0.38%, 10/21/2025^(b)		EUR 200,000		200,822
3.13%, 02/05/2026^(b)		EUR 100,000		111,934
1.25%, 04/14/2026^(b)		EUR 200,000		206,911
1.88%, 12/20/2026^(b)		EUR 200,000		206,875
1.38%, 05/03/2027^(b)		EUR 200,000		205,656
0.13%, 12/09/2027		EUR 200,000		186,664
0.38%, 04/20/2028^(b)		EUR 200,000		185,508
1.75%, 03/05/2029^(b)		EUR 200,000		199,356
1.00%, 07/03/2029^(b)		EUR 200,000		194,949
0.88%, 01/14/2032^(b)		EUR 200,000		177,562
1.13%, 07/12/2032^(b)		EUR 200,000		180,438
Danone S.A., 1.21%, 11/03/2028^(b)(c)		EUR 200,000		204,422
Dassault Systemes SE, 0.38%, 09/16/2029^(b)		EUR 200,000		190,477
ELO SACA, 2.88%, 01/29/2026^(b)		EUR 100,000		102,168
Engie Alliance GIE, 5.75%, 06/24/2023^(b)(c)		EUR 100,000		112,252
ENGIE S.A.
1.38%, 03/27/2025^(b)		EUR 100,000		105,248
2.38%, 05/19/2026^(b)		EUR 200,000		217,419
7.00%, 10/30/2028		GBP 200,000		307,900
5.00%, 10/01/2060^(b)		GBP 300,000		477,974
EssilorLuxottica S.A.
0.38%, 11/27/2027^(b)		EUR 200,000		197,963
0.50%, 06/05/2028^(b)		EUR 100,000		98,729
0.75%, 11/27/2031^(b)		EUR 100,000		94,749
Holding d’Infrastructures de Transport S.A.S.U., 1.48%, 01/18/2031^(b)		EUR 100,000		90,969
HSBC Continental Europe S.A., 0.10%, 09/03/2027^(b)		EUR 200,000		191,280
L’Oreal S.A., 0.38%, 03/29/2024^(b)		EUR 100,000		104,831
LVMH Moet Hennessy Louis Vuitton SE
0.13%, 02/11/2028^(b)		EUR 200,000		194,393
0.38%, 02/11/2031^(b)		EUR 200,000		186,761
Orange S.A.
1.38%, 03/20/2028^(b)		EUR 100,000		102,931
8.13%, 11/20/2028^(b)(c)		GBP 150,000		245,318
2.00%, 01/15/2029^(b)		EUR 200,000		212,853
1.38%, 01/16/2030^(b)		EUR 100,000		101,526
1.88%, 09/12/2030^(b)		EUR 100,000		104,651
3.25%, 01/15/2032^(b)		GBP 200,000		250,724
0.50%, 09/04/2032^(b)		EUR 100,000		89,471
8.13%, 01/28/2033		EUR 150,000		244,160
0.63%, 12/16/2033^(b)		EUR 100,000		87,992
5.63%, 01/23/2034		GBP 150,000		228,195
5.38%, 11/22/2050^(b)(c)		GBP 200,000		329,695
Pernod Ricard S.A., 1.75%, 04/08/2030^(b)(c)		EUR 200,000		206,612
RTE Reseau de Transport d’Electricite SADIR, 1.63%, 11/27/2025^(b)		EUR 100,000		105,940
Sanofi
0.50%, 01/13/2027^(b)		EUR 200,000		202,803
1.50%, 04/01/2030^(b)		EUR 100,000		103,722


	Principal Amount		Value
France-(continued)
Series 12FX, 1.38%, 03/21/2030^(b)		EUR 200,000	$	206,851
Series 20FX, 1.88%, 03/21/2038^(b)		EUR 200,000		203,630
Societe Generale S.A.
1.25%, 02/15/2024^(b)		EUR 200,000		210,823
1.13%, 01/23/2025^(b)		EUR 200,000		208,430
2.63%, 02/27/2025^(b)		EUR 100,000		106,226
0.13%, 02/24/2026^(b)		EUR 100,000		99,004
0.75%, 01/25/2027^(b)		EUR 200,000		194,251
0.25%, 07/08/2027^(b)		EUR 100,000		95,965
0.13%, 02/18/2028^(b)		EUR 100,000		93,748
2.13%, 09/27/2028^(b)		EUR 200,000		202,648
1.75%, 03/22/2029^(b)		EUR 200,000		196,285
1.25%, 06/12/2030^(b)		EUR 100,000		92,478
TotalEnergies Capital Canada Ltd., 2.13%, 09/18/2029^(b)		EUR 100,000		106,132
TotalEnergies Capital International S.A.
2.50%, 03/25/2026^(b)		EUR 100,000		109,893
1.49%, 04/08/2027^(b)		EUR 200,000		209,818
0.75%, 07/12/2028^(b)		EUR 200,000		198,568
1.38%, 10/04/2029^(b)		EUR 100,000		101,212
1.99%, 04/08/2032^(b)(c)		EUR 200,000		208,553
1.62%, 05/18/2040^(b)		EUR 100,000		90,100
UNEDIC ASSEO, 0.10%, 05/25/2034^(b)		EUR 400,000		343,833
Unibail-Rodamco-Westfield SE 0.63%, 05/04/2027^(b)		EUR 100,000		96,738
1.38%, 12/04/2031^(b)		EUR 100,000		90,217
Veolia Environnement S.A., 6.13%, 10/29/2037		GBP 200,000		325,374
Vinci S.A., 1.75%, 09/26/2030^(b)		EUR 200,000		208,818
Westfield America Management Ltd., 2.63%, 03/30/2029^(b)		GBP 150,000		170,399

				22,722,556

Germany-12.69%
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043^(b)		GBP 200,000		307,277
Aroundtown S.A.
0.38%, 04/15/2027^(b)		EUR 100,000		92,765
3.00%, 10/16/2029^(b)(c)		GBP 230,000		268,507
BASF SE
0.25%, 06/05/2027^(b)		EUR 100,000		98,591
0.88%, 11/15/2027^(b)		EUR 100,000		101,290
Bayer AG
0.38%, 07/06/2024^(b)		EUR 200,000		207,356
0.05%, 01/12/2025^(b)		EUR 100,000		101,325
0.75%, 01/06/2027^(b)		EUR 200,000		198,861
0.38%, 01/12/2029^(b)		EUR 100,000		92,549
1.13%, 01/06/2030^(b)		EUR 100,000		95,475
0.63%, 07/12/2031^(b)		EUR 100,000		88,731
1.38%, 07/06/2032^(b)		EUR 200,000		184,476
Bayer Capital Corp. B.V.
1.50%, 06/26/2026^(b)		EUR 200,000		207,805
2.13%, 12/15/2029^(b)		EUR 200,000		205,220
BMW Finance N.V.
0.50%, 02/22/2025^(b)		EUR 150,000		155,028
1.50%, 02/06/2029^(b)(c)		EUR 200,000		206,285
Commerzbank AG
0.50%, 09/13/2023^(b)		EUR 100,000		104,838
0.63%, 08/28/2024^(b)		EUR 100,000		103,590

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, 2022

(Unaudited)


	Principal Amount			Value
Germany-(continued)
1.00%, 03/04/2026^(b)		EUR	200,000	$	203,697
0.50%, 12/04/2026^(b)		EUR	100,000		98,914
Deutsche Bahn Finance GmbH
1.00%, 12/17/2027		EUR	200,000		207,345
1.13%, 12/18/2028^(b)(c)		EUR	200,000		206,137
0.63%, 04/15/2036^(b)		EUR	200,000		172,932
0.63%, 12/08/2050^(b)		EUR	100,000		69,355
1.13%, 05/29/2051^(b)		EUR	180,000		144,168
Deutsche Bank AG
3.88%, 02/12/2024^(b)		GBP	100,000		125,995
2.63%, 12/16/2024^(b)		GBP	300,000		367,099
1.63%, 01/20/2027^(b)		EUR	200,000		199,336
Deutsche Telekom AG
0.50%, 07/05/2027^(b)(c)		EUR	200,000		199,349
1.75%, 03/25/2031^(b)		EUR	100,000		103,524
Deutsche Telekom International Finance B.V.
1.38%, 12/01/2025^(b)		EUR	100,000		105,487
1.38%, 01/30/2027^(b)		EUR	100,000		104,594
1.50%, 04/03/2028^(b)		EUR	157,000		163,459
2.00%, 12/01/2029^(b)		EUR	100,000		106,596
E.ON International Finance B.V.
1.50%, 07/31/2029^(b)		EUR	100,000		102,139
6.25%, 06/03/2030^(b)		GBP	200,000		303,000
6.38%, 06/07/2032		GBP	250,000		391,224
4.75%, 01/31/2034^(b)		GBP	200,000		277,370
5.88%, 10/30/2037^(b)		GBP	250,000		388,109
6.75%, 01/27/2039^(b)		GBP	250,000		424,182
6.13%, 07/06/2039^(b)		GBP	350,000		563,084
E.ON SE, 0.38%, 09/29/2027^(b)		EUR	100,000		98,208
Grand City Properties S.A., 0.13%, 01/11/2028^(b)		EUR	100,000		88,359
HeidelbergCement AG, 1.50%, 02/07/2025^(b)		EUR	160,000		168,454
HeidelbergCement Finance (Luxembourg) S.A., 1.63%, 04/07/2026^(b)		EUR	100,000		104,486
Landesbank Baden-Wuerttemberg, 0.38%, 02/18/2027^(b)		EUR	100,000		97,548
Mercedes-Benz Group AG
1.00%, 11/15/2027^(b)(c)		EUR	100,000		101,802
1.38%, 05/11/2028^(b)(c)		EUR	100,000		103,200
1.50%, 07/03/2029^(b)(c)		EUR	200,000		206,616
0.75%, 09/10/2030^(b)		EUR	100,000		95,731
1.13%, 11/06/2031^(b)		EUR	100,000		95,643
0.75%, 03/11/2033^(b)		EUR	100,000		90,802
2.13%, 07/03/2037^(b)(c)		EUR	150,000		149,720
Mercedes-Benz International Finance B.V.
0.85%, 02/28/2025^(b)		EUR	200,000		208,048
2.63%, 04/07/2025^(b)(c)		EUR	150,000		163,743
1.00%, 11/11/2025^(b)		EUR	115,000		119,451
1.50%, 03/09/2026^(b)		EUR	100,000		105,584
1.38%, 06/26/2026^(b)(c)		EUR	100,000		104,936
2.00%, 08/22/2026^(b)		EUR	200,000		214,814
0.38%, 11/08/2026^(b)		EUR	100,000		100,094
0.63%, 05/06/2027^(b)		EUR	175,000		175,433
SAP SE 1.75%, 02/22/2027^(b)		EUR	100,000		106,752


	Principal Amount				Value
Germany-(continued)
1.25%, 03/10/2028^(b)		EUR		100,000	$	103,685
1.63%, 03/10/2031^(b)		EUR		200,000		207,040
Siemens Financieringsmaatschappij N.V.
0.38%, 06/05/2026^(b)		EUR		100,000		101,556
2.88%, 03/10/2028^(b)		EUR		137,000		155,141
0.25%, 02/20/2029^(b)		EUR		200,000		192,049
0.13%, 09/05/2029^(b)		EUR		100,000		94,598
1.38%, 09/06/2030^(b)(c)		EUR		100,000		102,479
0.50%, 09/05/2034^(b)		EUR		100,000		88,399
3.75%, 09/10/2042^(b)		GBP		200,000		278,835
Traton Finance Luxembourg S.A.
0.13%, 03/24/2025^(b)		EUR		100,000		100,267
0.75%, 03/24/2029^(b)		EUR		200,000		184,691
Volkswagen Financial Services AG
1.50%, 10/01/2024^(b)		EUR		100,000		104,876
0.25%, 01/31/2025^(b)		EUR		100,000		100,784
0.13%, 02/12/2027^(b)		EUR		100,000		94,308
0.88%, 01/31/2028^(b)		EUR		130,000		124,356
Volkswagen Financial Services N.V., 2.13%, 01/18/2028^(b)		GBP		200,000		231,393
Volkswagen International Finance N.V.
1.13%, 10/02/2023^(b)		EUR	��	200,000		211,517
0.88%, 09/22/2028^(b)		EUR		100,000		95,509
1.63%, 01/16/2030^(b)		EUR		175,000		171,821
3.25%, 11/18/2030^(b)		EUR		100,000		108,806
4.13%, 11/16/2038^(b)		EUR		100,000		116,123
Series 10Y, 1.88%, 03/30/2027^(b)		EUR		300,000		308,754
Volkswagen Leasing GmbH
2.63%, 01/15/2024^(b)		EUR		200,000		215,964
1.13%, 04/04/2024^(b)		EUR		100,000		104,886
1.38%, 01/20/2025^(b)		EUR		100,000		103,935
0.38%, 07/20/2026^(b)		EUR		100,000		97,214
Vonovia Finance B.V., 1.25%, 12/06/2024^(b)		EUR		100,000		104,545
Vonovia SE
0.38%, 06/16/2027^(b)		EUR		100,000		94,472
0.25%, 09/01/2028^(b)		EUR		100,000		90,010
0.63%, 12/14/2029^(b)		EUR		100,000		89,064
0.75%, 09/01/2032^(b)		EUR		200,000		165,561
1.00%, 06/16/2033^(b)		EUR		100,000		82,962
Wintershall Dea Finance B.V.
0.45%, 09/25/2023^(b)		EUR		100,000		102,662
0.84%, 09/25/2025^(b)		EUR		200,000		195,119
1.33%, 09/25/2028^(b)		EUR		200,000		178,696
1.82%, 09/25/2031^(b)		EUR		200,000		172,031

						15,620,596

Ireland-0.25%
Ryanair DAC, 0.88%, 05/25/2026^(b)(c)		EUR		200,000		196,204
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026^(b)		EUR		100,000		108,498

						304,702

Italy-4.35%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026^(b)		EUR		100,000		109,761
ASTM S.p.A.
1.50%, 01/25/2030^(b)		EUR		225,000		207,217
2.38%, 11/25/2033^(b)		EUR		100,000		90,937

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, 2022

(Unaudited)


	Principal
	Amount			Value
Italy-(continued)
Enel Finance International N.V.
1.00%, 09/16/2024^(b)		EUR	200,000	$	209,999
1.50%, 07/21/2025^(b)		EUR	100,000		105,837
0.25%, 11/17/2025^(b)		EUR	100,000		100,710
1.38%, 06/01/2026^(b)		EUR	50,000		52,019
1.13%, 09/16/2026^(b)(c)		EUR	150,000		154,832
0.38%, 06/17/2027^(b)		EUR	100,000		97,844
1.00%, 10/20/2027^(b)		GBP	125,000		140,808
0.38%, 05/28/2029^(b)		EUR	100,000		92,903
0.50%, 06/17/2030^(b)		EUR	120,000		109,185
0.88%, 09/28/2034^(b)		EUR	120,000		101,700
0.88%, 06/17/2036^(b)		EUR	100,000		81,146
5.75%, 09/14/2040^(b)		GBP	450,000		697,842
Enel S.p.A., 5.75%, 06/22/2037^(b)		GBP	180,000		275,333
Eni S.p.A.
3.75%, 09/12/2025^(b)		EUR	100,000		113,762
1.50%, 02/02/2026^(b)		EUR	150,000		157,532
1.25%, 05/18/2026^(b)		EUR	100,000		103,378
0.38%, 06/14/2028^(b)		EUR	100,000		95,325
3.63%, 01/29/2029^(b)		EUR	100,000		114,946
0.63%, 01/23/2030^(b)		EUR	100,000		92,541
2.00%, 05/18/2031^(b)		EUR	150,000		152,853
Intesa Sanpaolo S.p.A.
1.38%, 01/18/2024^(b)		EUR	100,000		106,194
1.00%, 07/04/2024^(b)		EUR	150,000		156,774
2.13%, 05/26/2025^(b)		EUR	125,000		132,704
0.63%, 02/24/2026^(b)		EUR	250,000		244,920
1.00%, 11/19/2026^(b)		EUR	100,000		99,310
0.75%, 03/16/2028^(b)		EUR	100,000		94,996
1.75%, 03/20/2028^(b)		EUR	150,000		151,030
1.75%, 07/04/2029^(b)		EUR	100,000		98,660
Snam S.p.A., 0.88%, 10/25/2026^(b)		EUR	200,000		203,467
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027^(b)		EUR	100,000		103,143
UniCredit S.p.A.
0.50%, 04/09/2025^(b)		EUR	100,000		100,647
0.33%, 01/19/2026^(b)		EUR	150,000		146,150
2.13%, 10/24/2026^(b)		EUR	159,000		164,970
0.85%, 01/19/2031^(b)		EUR	100,000		85,726

					5,347,101

Japan-2.72%
Mizuho Financial Group, Inc., 0.69%, 10/07/2030^(b)		EUR	100,000		89,960
NTT Finance Corp.
0.01%, 03/03/2025^(b)		EUR	400,000		406,717
0.34%, 03/03/2030^(b)		EUR	400,000		372,481
Series 16, 0.18%, 12/19/2025		JPY	100,000,000		772,035
Series 18, 0.38%, 09/20/2030		JPY	100,000,000		769,874
Sumitomo Mitsui Financial Group, Inc.
1.55%, 06/15/2026^(b)		EUR	200,000		208,288
0.63%, 10/23/2029^(b)		EUR	125,000		115,063
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026^(b)		EUR	200,000		214,427
3.00%, 11/21/2030^(b)		EUR	200,000		219,694
1.38%, 07/09/2032		EUR	100,000		94,289
2.00%, 07/09/2040		EUR	100,000		89,589

					3,352,417


	Principal
	Amount			Value
Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027^(b)		EUR	100,000	$	97,846

Netherlands-4.54%
ABN AMRO Bank N.V.
1.25%, 05/28/2025^(b)		EUR	200,000		208,913
0.60%, 01/15/2027^(b)		EUR	200,000		197,665
0.50%, 09/23/2029^(b)		EUR	100,000		91,996
1.00%, 06/02/2033^(b)		EUR	100,000		89,396
1.25%, 01/20/2034^(b)		EUR	100,000		90,630
ASML Holding N.V., 1.38%, 07/07/2026^(b)		EUR	100,000		105,919
Cooperatieve Rabobank U.A.
1.25%, 03/23/2026^(b)(c)		EUR	250,000		262,829
1.38%, 02/03/2027^(b)(c)		EUR	200,000		209,573
5.25%, 09/14/2027^(b)		GBP	150,000		200,718
4.63%, 05/23/2029^(b)		GBP	300,000		390,397
1.13%, 05/07/2031^(b)		EUR	100,000		95,911
Heineken N.V., 1.00%, 05/04/2026^(b)		EUR	100,000		102,698
ING Groep N.V.
1.13%, 02/14/2025^(b)		EUR	100,000		104,292
2.13%, 01/10/2026^(b)		EUR	100,000		106,352
3.00%, 02/18/2026^(b)		GBP	300,000		369,166
1.38%, 01/11/2028^(b)		EUR	200,000		200,468
2.00%, 09/20/2028^(b)		EUR	200,000		204,905
2.50%, 11/15/2030^(b)		EUR	200,000		210,551
Koninklijke KPN N.V., 5.75%, 09/17/2029^(b)(c)		GBP	300,000		418,429
LeasePlan Corp. N.V.
0.25%, 02/23/2026^(b)		EUR	100,000		98,848
0.25%, 09/07/2026^(b)		EUR	200,000		193,827
Shell International Finance B.V.
1.88%, 09/15/2025^(b)		EUR	200,000		214,528
2.50%, 03/24/2026		EUR	100,000		109,818
1.63%, 01/20/2027^(b)		EUR	150,000		158,508
0.13%, 11/08/2027^(b)		EUR	100,000		97,167
1.50%, 04/07/2028^(b)		EUR	100,000		104,187
1.25%, 05/12/2028^(b)		EUR	100,000		102,454
0.75%, 08/15/2028^(b)		EUR	150,000		148,694
1.00%, 12/10/2030^(b)		GBP	150,000		159,899
0.50%, 11/08/2031^(b)		EUR	100,000		90,925
1.88%, 04/07/2032^(b)		EUR	100,000		102,880
1.25%, 11/11/2032^(b)		EUR	100,000		95,733
0.88%, 11/08/2039^(b)		EUR	100,000		79,829
1.75%, 09/10/2052^(b)		GBP	100,000		83,705
TenneT Holding B.V., 0.88%, 06/16/2035^(b)		EUR	100,000		87,702

					5,589,512

Norway-0.93%
Equinor ASA 1.25%, 02/17/2027^(b)		EUR	150,000		156,328
6.88%, 03/11/2031^(b)		GBP	300,000		490,012
1.38%, 05/22/2032^(b)		EUR	100,000		98,936
1.63%, 02/17/2035^(b)		EUR	100,000		96,831
Telenor ASA
0.75%, 05/31/2026^(b)		EUR	100,000		102,105
1.13%, 05/31/2029^(b)		EUR	200,000		199,389

					1,143,601

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, 2022

(Unaudited)


	Principal
	Amount			Value
Singapore-0.27%
Temasek Financial I Ltd., 5.13%, 07/26/2040^(b)		GBP	200,000	$	327,664

Spain-4.92%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027^(b)		EUR	100,000		105,597
3.00%, 03/27/2031^(b)(c)		EUR	200,000		210,094
Banco Bilbao Vizcaya Argentaria S.A.
1.13%, 02/28/2024^(b)		EUR	100,000		105,540
0.38%, 10/02/2024^(b)		EUR	100,000		102,985
1.38%, 05/14/2025^(b)		EUR	100,000		104,853
0.75%, 06/04/2025^(b)		EUR	100,000		103,285
1.00%, 06/21/2026^(b)		EUR	100,000		101,630
0.38%, 11/15/2026^(b)		EUR	100,000		98,893
0.50%, 01/14/2027^(b)(c)		EUR	200,000		194,745
3.50%, 02/10/2027^(b)		EUR	100,000		108,414
Banco de Sabadell S.A., 0.88%, 07/22/2025^(b)		EUR	100,000		100,902
Banco Santander S.A.
1.13%, 01/17/2025^(b)		EUR	100,000		103,980
2.50%, 03/18/2025^(b)(c)		EUR	200,000		212,807
1.38%, 01/05/2026^(b)		EUR	200,000		206,034
3.25%, 04/04/2026^(b)		EUR	200,000		216,020
1.50%, 04/14/2026^(b)		GBP	200,000		232,457
0.30%, 10/04/2026^(b)		EUR	100,000		98,452
3.13%, 01/19/2027^(b)		EUR	100,000		106,921
0.50%, 02/04/2027^(b)		EUR	100,000		97,010
1.75%, 02/17/2027^(b)		GBP	200,000		230,392
1.13%, 06/23/2027^(b)		EUR	100,000		99,453
2.13%, 02/08/2028^(b)(c)		EUR	100,000		100,426
0.20%, 02/11/2028^(b)		EUR	200,000		188,618
1.63%, 10/22/2030^(b)		EUR	100,000		91,126
1.00%, 11/04/2031^(b)		EUR	100,000		89,034
CaixaBank S.A.
1.75%, 10/24/2023^(b)		EUR	100,000		106,709
2.38%, 02/01/2024^(b)		EUR	200,000		215,222
1.13%, 05/17/2024^(b)		EUR	100,000		105,029
0.63%, 10/01/2024^(b)		EUR	100,000		102,543
0.38%, 02/03/2025^(b)		EUR	100,000		101,689
1.13%, 03/27/2026^(b)		EUR	100,000		101,911
1.38%, 06/19/2026^(b)		EUR	200,000		202,753
Iberdrola International, B.V., 1.13%, 04/21/2026^(b)		EUR	100,000		104,614
Mapfre S.A., 1.63%, 05/19/2026^(b)		EUR	100,000		104,763
Naturgy Finance B.V., 1.38%, 01/19/2027^(b)		EUR	200,000		206,811
Santander Consumer Finance S.A.
0.38%, 06/27/2024^(b)		EUR	100,000		103,411
0.38%, 01/17/2025^(b)		EUR	100,000		102,095
Telefonica Emisiones S.A.
5.38%, 02/02/2026^(b)		GBP	200,000		272,311
1.45%, 01/22/2027^(b)		EUR	100,000		104,711
1.20%, 08/21/2027^(b)		EUR	200,000		205,361
1.72%, 01/12/2028^(b)		EUR	200,000		209,868
1.79%, 03/12/2029^(b)(c)		EUR	100,000		104,758
0.66%, 02/03/2030^(b)		EUR	200,000		190,291

					6,054,518


	Principal
	Amount			Value
Sweden-1.60%
Heimstaden Bostad Treasury B.V., 0.25%, 10/13/2024^(b)		EUR	125,000	$	126,431
Skandinaviska Enskilda Banken AB
0.38%, 06/21/2028^(b)		EUR	200,000		188,367
0.63%, 11/12/2029^(b)		EUR	200,000		186,397
Svenska Handelsbanken AB
0.13%, 11/03/2026^(b)		EUR	100,000		98,543
0.05%, 09/06/2028^(b)		EUR	100,000		93,547
1.38%, 02/23/2029^(b)		EUR	130,000		130,041
0.50%, 02/18/2030^(b)		EUR	100,000		91,492
Swedbank AB
0.75%, 05/05/2025^(b)(c)		EUR	200,000		206,992
0.25%, 11/02/2026^(b)		EUR	100,000		98,676
Telia Co. AB, 3.63%, 11/08/2023^(b)		SEK	2,000,000		209,108
Vattenfall AB, 6.88%, 04/15/2039^(b)		GBP	300,000		544,278

					1,973,872

Switzerland-2.28%
Credit Suisse AG
1.13%, 12/15/2025^(b)(c)		GBP	200,000		230,541
0.25%, 01/05/2026^(b)		EUR	225,000		222,094
1.50%, 04/10/2026^(b)		EUR	150,000		154,759
0.25%, 09/01/2028^(b)		EUR	120,000		109,487
Credit Suisse Group AG
2.75%, 08/08/2025^(b)		GBP	150,000		182,651
0.65%, 09/10/2029^(b)		EUR	100,000		87,571
0.63%, 01/18/2033^(b)		EUR	248,000		192,776
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028^(b)		EUR	200,000		211,220
0.50%, 09/03/2030^(b)		EUR	100,000		88,665
Richemont International Holding S.A.
1.00%, 03/26/2026^(b)(c)		EUR	150,000		155,701
1.50%, 03/26/2030^(b)		EUR	100,000		103,741
2.00%, 03/26/2038^(b)		EUR	200,000		203,046
UBS AG
0.01%, 03/31/2026^(b)		EUR	200,000		197,171
0.50%, 03/31/2031^(b)		EUR	200,000		179,886
UBS Group AG
1.50%, 11/30/2024^(b)		EUR	100,000		106,326
1.25%, 09/01/2026^(b)		EUR	200,000		204,042
0.88%, 11/03/2031^(b)		EUR	200,000		179,896

					2,809,573

United Kingdom-20.08%
ABP Finance PLC, 6.25%, 12/14/2026^(b)(c)		GBP	200,000		285,356
Annington Funding PLC
2.65%, 07/12/2025^(b)		GBP	200,000		246,103
3.18%, 07/12/2029^(b)		GBP	150,000		181,667
3.69%, 07/12/2034^(b)		GBP	200,000		242,538
3.94%, 07/12/2047^(b)		GBP	200,000		238,755
Barclays PLC
3.13%, 01/17/2024^(b)		GBP	450,000		563,061
3.00%, 05/08/2026^(b)		GBP	200,000		244,711
3.25%, 02/12/2027^(b)		GBP	450,000		552,522
BAT International Finance PLC
7.25%, 03/12/2024		GBP	100,000		134,060
4.00%, 09/04/2026^(b)		GBP	250,000		314,012
2.25%, 06/26/2028^(b)		GBP	140,000		154,705
2.25%, 01/16/2030^(b)		EUR	200,000		188,157

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, 2022

(Unaudited)


	Principal Amount			Value
United Kingdom-(continued)
6.00%, 11/24/2034^(b)		GBP	150,000	$	194,235
2.25%, 09/09/2052^(b)		GBP	200,000		137,381
BG Energy Capital PLC, 5.00%, 11/04/2036^(b)		GBP	250,000		354,916
Blend Funding PLC
3.46%, 09/21/2047^(b)(c)		GBP	200,000		251,080
2.92%, 04/05/2054^(b)		GBP	100,000		113,127
BP Capital Markets PLC
2.97%, 02/27/2026^(b)		EUR	100,000		111,001
1.57%, 02/16/2027^(b)		EUR	200,000		208,737
2.52%, 04/07/2028^(b)		EUR	100,000		108,880
1.23%, 05/08/2031^(b)		EUR	100,000		96,010
2.82%, 04/07/2032^(b)		EUR	200,000		218,508
British Telecommunications PLC
1.00%, 11/21/2024^(b)		EUR	100,000		104,554
1.75%, 03/10/2026^(b)		EUR	200,000		210,708
1.50%, 06/23/2027^(b)		EUR	100,000		102,876
5.75%, 12/07/2028^(b)		GBP	150,000		210,487
3.13%, 11/21/2031^(b)		GBP	200,000		238,142
6.38%, 06/23/2037^(b)		GBP	150,000		226,405
Cadent Finance PLC
2.13%, 09/22/2028^(b)(c)		GBP	250,000		294,561
2.63%, 09/22/2038^(b)		GBP	200,000		213,420
2.75%, 09/22/2046^(b)(c)		GBP	300,000		307,737
CCEP Finance Ireland DAC, 0.88%, 05/06/2033^(b)		EUR	100,000		88,662
Centrica PLC
4.38%, 03/13/2029^(b)		GBP	250,000		332,248
7.00%, 09/19/2033^(b)		GBP	172,000		279,498
4.25%, 09/12/2044^(b)		GBP	150,000		190,629
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024^(b)		EUR	100,000		104,055
Clarion Funding PLC, 3.13%, 04/19/2048^(b)		GBP	130,000		155,189
Community Finance Co. 1 PLC, 5.02%, 07/31/2034^(c)		GBP	150,000		223,285
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039^(b)		GBP	271,893		333,077
Diageo Finance PLC
2.50%, 03/27/2032^(b)(c)		EUR	100,000		108,104
2.75%, 06/08/2038^(b)		GBP	100,000		118,642
easyJet FinCo B.V., 1.88%, 03/03/2028^(b)		EUR	200,000		188,522
GlaxoSmithKline Capital PLC
1.25%, 05/21/2026^(b)		EUR	100,000		104,922
3.38%, 12/20/2027^(b)		GBP	150,000		195,120
1.25%, 10/12/2028^(b)		GBP	200,000		229,557
5.25%, 12/19/2033		GBP	300,000		459,307
1.63%, 05/12/2035^(b)		GBP	300,000		315,264
6.38%, 03/09/2039^(c)		GBP	200,000		352,975
5.25%, 04/10/2042^(b)(c)		GBP	284,000		461,560
4.25%, 12/18/2045^(b)		GBP	250,000		365,775
Heathrow Funding Ltd.
7.13%, 02/14/2024^(b)		GBP	200,000		266,286
6.75%, 12/03/2026^(b)		GBP	250,000		358,465
6.45%, 12/10/2031^(b)		GBP	250,000		382,142
5.88%, 05/13/2041^(b)		GBP	200,000		309,241
4.63%, 10/31/2046^(b)		GBP	200,000		271,462


	Principal Amount			Value
United Kingdom-(continued)
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038^(b)(c)		GBP	150,000	$	206,700
HSBC Bank PLC 5.38%, 08/22/2033^(b)(c)		GBP	156,000		218,211
4.75%, 03/24/2046		GBP	200,000		269,804
HSBC Holdings PLC
0.88%, 09/06/2024^(b)(c)		EUR	300,000		312,734
2.50%, 03/15/2027^(b)		EUR	200,000		213,695
2.63%, 08/16/2028^(b)		GBP	300,000		356,630
0.64%, 09/24/2029^(b)(d)		EUR	100,000		92,716
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033^(b)		EUR	100,000		85,870
Imperial Brands Finance PLC
8.13%, 03/15/2024^(b)		GBP	200,000		272,237
5.50%, 09/28/2026^(b)		GBP	150,000		200,685
4.88%, 06/07/2032^(b)		GBP	200,000		251,717
Lloyds Bank Corporate Markets PLC, 2.38%, 04/09/2026^(b)(c)		EUR	100,000		107,937
Lloyds Bank PLC
7.63%, 04/22/2025^(b)		GBP	200,000		278,115
6.50%, 09/17/2040^(b)(c)		GBP	292,000		515,380
Lloyds Banking Group PLC, 1.50%, 09/12/2027^(b)		EUR	100,000		101,819
London Stock Exchange Group PLC, 1.63%, 04/06/2030^(b)(c)		GBP	200,000		227,983
Motability Operations Group PLC
3.63%, 03/10/2036^(b)		GBP	150,000		198,649
2.38%, 07/03/2039^(b)		GBP	200,000		224,305
2.13%, 01/18/2042^(b)		GBP	100,000		105,807
Nationwide Building Society
0.25%, 07/22/2025^(b)(c)		EUR	200,000		201,873
3.25%, 01/20/2028^(b)		GBP	200,000		253,024
NatWest Markets PLC
1.00%, 05/28/2024^(b)		EUR	200,000		209,649
2.75%, 04/02/2025^(b)		EUR	100,000		108,711
0.13%, 11/12/2025^(b)		EUR	100,000		99,291
0.13%, 06/18/2026^(b)(c)		EUR	200,000		194,626
Reckitt Benckiser Treasury Services PLC, 1.75%, 05/19/2032^(b)		GBP	125,000		141,606
Rio Tinto Finance PLC, 4.00%, 12/11/2029^(b)		GBP	150,000		199,908
Santander UK Group Holdings PLC, 3.63%, 01/14/2026^(b)		GBP	150,000		188,713
Scottish Widows Ltd., 7.00%, 06/16/2043^(b)(c)		GBP	250,000		393,942
Sky Ltd., 2.50%, 09/15/2026^(b)		EUR	100,000		109,252
Society of Lloyd’s, 4.75%, 10/30/2024^(b)		GBP	200,000		257,672
SSE PLC, 8.38%, 11/20/2028^(b)		GBP	183,000		297,076
Standard Chartered PLC
5.13%, 06/06/2034^(b)		GBP	200,000		264,343
4.38%, 01/18/2038^(b)		GBP	100,000		138,015
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043^(b)(c)		GBP	300,000		475,384
Thames Water Utilities Finance PLC
5.13%, 09/28/2037^(b)(c)		GBP	150,000		217,093
5.50%, 02/11/2041^(b)		GBP	200,000		306,824
Unilever Finance Netherlands B.V., 1.75%, 03/25/2030^(b)(c)		EUR	150,000		158,274

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, 2022

(Unaudited)


	Principal Amount			Value
United Kingdom-(continued)
University of Oxford, 2.54%, 12/08/2117^(b)		GBP	300,000	$	327,816
Vodafone Group PLC
1.88%, 09/11/2025^(b)		EUR	100,000		106,929
1.13%, 11/20/2025^(b)		EUR	100,000		103,991
2.20%, 08/25/2026^(b)		EUR	200,000		215,436
1.63%, 11/24/2030^(b)		EUR	100,000		100,148
1.60%, 07/29/2031^(b)		EUR	151,000		148,643
3.38%, 08/08/2049^(b)		GBP	200,000		223,795
3.00%, 08/12/2056^(b)(c)		GBP	300,000		302,253
Wellcome Trust Finance PLC, 4.63%, 07/25/2036^(b)(c)		GBP	150,000		230,217
Wellcome Trust Ltd. (The)
1.50%, 07/14/2071^(b)		GBP	300,000		254,530
2.52%, 02/07/2118^(b)(c)		GBP	200,000		212,977
Western Power Distribution West Midlands PLC, 5.75%, 04/16/2032^(b)		GBP	325,000		484,943
Westfield Stratford City Finance No. 2 PLC, 1.64%, 08/04/2026^(b)		GBP	250,000		300,700

					24,711,047

United States-2.06%
American Honda Finance Corp., 1.95%, 10/18/2024		EUR	100,000		107,174
Medtronic Global Holdings S.C.A.
0.38%, 10/15/2028		EUR	200,000		192,137
1.63%, 03/07/2031^(c)		EUR	150,000		152,432
0.75%, 10/15/2032		EUR	100,000		90,645
1.38%, 10/15/2040		EUR	100,000		82,740
1.63%, 10/15/2050		EUR	100,000		77,458
Nestle Finance International Ltd.
1.13%, 04/01/2026^(b)		EUR	100,000		104,948
1.50%, 04/01/2030^(b)		EUR	100,000		104,429
0.38%, 05/12/2032^(b)		EUR	200,000		183,849
Stellantis N.V. 3.38%, 07/07/2023^(b)(c)		EUR	200,000		216,292

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

EUR-Euro

GBP-British Pound Sterling

JPY-Japanese Yen

SEK-Swedish Krona


	Principal Amount				Value
United States-(continued)
3.75%, 03/29/2024^(b)(c)		EUR		125,000	$	137,217
3.88%, 01/05/2026^(b)		EUR		100,000		111,420
2.75%, 05/15/2026^(b)		EUR		100,000		107,320
0.63%, 03/30/2027^(b)(c)		EUR		200,000		193,320
4.50%, 07/07/2028^(b)(c)		EUR		100,000		115,240
0.75%, 01/18/2029^(b)(c)		EUR		200,000		184,183
1.25%, 06/20/2033^(b)		EUR		100,000		83,668
Toyota Motor Credit Corp.
0.25%, 07/16/2026^(b)(c)		EUR		200,000		199,036
0.13%, 11/05/2027^(b)		EUR		100,000		96,107

						2,539,615

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.94% (Cost $142,950,862)						121,768,714

			Shares
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.75%
Invesco Private Government Fund, 0.40%^(e)(f)(g)				3,968,332		3,968,332
Invesco Private Prime Fund, 0.35%^(e)(f)(g)				9,255,846		9,255,846

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,224,365)						13,224,178

TOTAL INVESTMENTS IN SECURITIES-109.69% (Cost $156,175,227)						134,992,892
OTHER ASSETS LESS LIABILITIES-(9.69)%						(11,919,909	)

NET ASSETS-100.00%					$	123,072,983

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, 2022

(Unaudited)

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, 2022 was $93,990,488, which represented 76.37% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2022.

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

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	516,859		$	7,753,078		$	(8,269,937	)		$	-			$	-			$	-		$	31
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,739,564			8,340,411			(6,111,643	)			-				-				3,968,332			2,272	*
Invesco Private Prime Fund			4,058,983			17,552,901			(12,352,849	)			(187	)			(3,002	)			9,255,846			6,078	*

Total		$	6,315,406		$	33,646,390		$	(26,734,429	)		$	(187	)		$	(3,002)			$	13,224,178		$	8,381

*	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, 2022.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2022

Financials			46.33

Utilities			9.73

Communication Services			8.94

Energy			6.76

Industrials			6.40

Consumer Discretionary			6.27

Consumer Staples			5.11

Health Care			4.71

Sector Types Each Less Than 3%			4.69

Money Market Funds Plus Other Assets Less Liabilities			1.06

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


		26

Statements of Assets and Liabilities

April 30, 2022

(Unaudited)


				Invesco
	Invesco Emerging			Global Short Term			Invesco International
	Markets Sovereign			High Yield Bond			Corporate Bond
	Debt ETF (PCY)			ETF (PGHY)			ETF (PICB)
Assets:
Unaffiliated investments in securities, at value^(a)	$	1,919,099,578		$	184,294,523		$	121,768,714
Affiliated investments in securities, at value		190,895,051			18,418,797			13,224,178
Cash		5,591,880			694,571			-
Foreign currencies, at value		-			803			393,898
Deposits with brokers:
Cash segregated as collateral		414,161			-			70,684
Receivable for:
Dividends and interest		35,068,967			2,912,123			1,136,548
Securities lending		52,729			9,473		��	1,534
Investments sold		59,448,575			943,912			1,701,702
Fund shares sold		490,141			-			-
Foreign tax reclaims		-			-			51,967
Investments matured, at value		-			1,824,302			-

Total assets		2,211,061,082			209,098,504			138,349,225


Liabilities:
Due to custodian		-			-			250,621
Payable for:
Investments purchased		61,365,525			2,127,567			1,673,624
Collateral upon return of securities loaned		187,364,229			16,505,747			13,224,365
Collateral upon receipt of securities in-kind		414,161			-			70,684
Fund shares repurchased		4,898,859			-			-
Accrued unitary management fees		865,926			56,088			56,948

Total liabilities		254,908,700			18,689,402			15,276,242

Net Assets	$	1,956,152,382		$	190,409,102		$	123,072,983


Net assets consist of:
Shares of beneficial interest	$	3,182,501,995		$	236,142,680		$	146,042,382
Distributable earnings (loss)		(1,226,349,613	)		(45,733,578	)		(22,969,399	)

Net Assets	$	1,956,152,382		$	190,409,102		$	123,072,983

Shares outstanding (unlimited amount authorized, $0.01 par value)		94,800,000			9,600,000			5,250,000
Net asset value	$	20.63		$	19.83		$	23.44

Market price	$	20.36		$	19.69		$	23.34

Unaffiliated investments in securities, at cost	$	2,366,035,121		$	196,013,574		$	142,950,862

Affiliated investments in securities, at cost	$	190,885,908		$	18,418,792		$	13,224,365

Foreign currencies, at cost	$	-		$	830		$	403,591

Investments matured, at cost	$	-		$	8,507,919		$	-

^(a)Includes securities on loan with an aggregate value of:	$	155,565,547		$	15,290,480		$	11,904,445

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


		27

Statements of Operations

For the six months ended April 30, 2022

(Unaudited)


				Invesco
	Invesco Emerging			Global Short Term			Invesco International
	Markets Sovereign			High Yield Bond			Corporate Bond
	Debt ETF (PCY)			ETF (PGHY)			ETF (PICB)
Investment income:
Unaffiliated interest income	$	73,103,899		$	4,987,349		$	1,000,811
Unaffiliated dividend income		-			7,620			-
Affiliated dividend income		5,886			2,125			31
Securities lending income		147,841			56,702			6,186
Foreign withholding tax		-			-			(435	)

Total investment income		73,257,626			5,053,796			1,006,593


Expenses:
Unitary management fees		6,010,611			387,355			351,704

Less: Waivers		(801	)		(245	)		(3	)

Net expenses		6,009,810			387,110			351,701

Net investment income		67,247,816			4,666,686			654,892


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(249,803,074	)		(11,266,298	)		(1,416,222	)
Affiliated investment securities		(25,985	)		(5,363	)		(3,002	)
In-kind redemptions		(5,550,667	)		(2,093,661	)		(801,413	)
Foreign currencies		-			(349	)		(69,041	)

Net realized gain (loss)		(255,379,726	)		(13,365,671	)		(2,289,678	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(348,392,063	)		(4,714,411	)		(23,880,990	)
Affiliated investment securities		9,142			5			(187	)
Foreign currencies		-			(20	)		(70,843	)

Change in net unrealized appreciation (depreciation)		(348,382,921	)		(4,714,426	)		(23,952,020	)

Net realized and unrealized gain (loss)		(603,762,647	)		(18,080,097	)		(26,241,698	)

Net increase (decrease) in net assets resulting from operations	$	(536,514,831	)	$	(13,413,411	)	$	(25,586,806	)

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


		28

(This Page Intentionally Left Blank)


		29

Statements of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	Invesco Emerging
	Markets Sovereign								Invesco Global Short Term High
	Debt ETF (PCY)								Yield Bond ETF (PGHY)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	April 30,				October 31,				April 30,				October 31,
	2022				2021				2022				2021
Operations:
Net investment income		$	67,247,816			$	125,519,125			$	4,666,686			$	9,908,902
Net realized gain (loss)			(255,379,726	)			56,620,363				(13,365,671	)			(820,726	)
Change in net unrealized appreciation (depreciation)			(348,382,921	)			(70,951,580	)			(4,714,426	)			1,773,806

Net increase (decrease) in net assets resulting from operations			(536,514,831	)			111,187,908				(13,413,411	)			10,861,982


Distributions to Shareholders from:
Distributable earnings			(63,588,161	)			(128,603,511	)			(5,599,996	)			(9,921,771	)
Return of capital			-				-				-				(1,754,213	)

Total distributions to shareholders			(63,588,161	)			(128,603,511	)			(5,599,996	)			(11,675,984	)


Shareholder Transactions:
Proceeds from shares sold			334,731,424				1,140,175,565				-				40,821,537
Value of shares repurchased			(502,391,553	)			(1,074,290,505	)			(26,940,121	)			-
Transaction fees			-				-				-				-

Net increase (decrease) in net assets resulting from share transactions			(167,660,129	)			65,885,060				(26,940,121	)			40,821,537

Net increase (decrease) in net assets			(767,763,121	)			48,469,457				(45,953,528	)			40,007,535


Net assets:
Beginning of period			2,723,915,503				2,675,446,046				236,362,630				196,355,095

End of period		$	1,956,152,382			$	2,723,915,503			$	190,409,102			$	236,362,630


Changes in Shares Outstanding:
Shares sold			13,800,000				41,300,000				-				1,850,000
Shares repurchased			(20,800,000	)			(39,000,000	)			(1,350,000	)			-
Shares outstanding, beginning of period			101,800,000				99,500,000				10,950,000				9,100,000

Shares outstanding, end of period			94,800,000				101,800,000				9,600,000				10,950,000

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


		30


Invesco International Corporate
Bond ETF (PICB)
Six Months Ended				Year Ended
April 30,				October 31,
2022				2021

	$	654,892			$	1,139,209
		(2,289,678	)			4,831,221
		(23,952,020	)			(4,047,648	)

		(25,586,806	)			1,922,782



		(1,184,912	)			(1,301,115	)
		-				-

		(1,184,912	)			(1,301,115	)



		42,731,920				42,457,100
		(15,883,732	)			(38,131,756	)
		17,214				7,455



		26,865,402				4,332,799

		93,684				4,954,466



		122,979,299				118,024,833

	$	123,072,983			$	122,979,299



		1,550,000				1,450,000
		(650,000	)			(1,300,000	)
		4,350,000				4,200,000


		5,250,000				4,350,000


		31

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)


	Six Months Ended
	April 30,
	2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.76			$	26.89			$	29.12			$	26.20			$	29.62			$	29.81

Net investment income^(a)			0.68				1.23				1.28				1.41				1.26				1.45
Net realized and unrealized gain (loss) on investments			(6.17	)			(0.10	)			(2.20	)			2.93				(3.42	)			(0.17	)

Total from investment operations			(5.49	)			1.13				(0.92	)			4.34				(2.16	)			1.28

Distributions to shareholders from:
Net investment income			(0.64	)			(1.26	)			(1.31	)			(1.42	)			(1.26	)			(1.46	)
Return of capital			-				-				-				-				-				(0.01	)

Total distributions			(0.64	)			(1.26	)			(1.31	)			(1.42	)			(1.26	)			(1.47	)

Net asset value at end of period		$	20.63			$	26.76			$	26.89			$	29.12			$	26.20			$	29.62

Market price at end of period^(b)		$	20.36			$	26.73			$	26.81			$	29.13			$	26.13			$	29.62

Net Asset Value Total Return^(c)			(20.83	)%			4.17	%			(3.07	)%			16.91	%			(7.42	)%			4.49	%
Market Price Total Return^(c)			(21.76	)%			4.38	%			(3.38	)%			17.28	%			(7.66	)%			4.88	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,956,152			$	2,723,916			$	2,675,446			$	3,535,387			$	3,704,365			$	4,970,710
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			5.59	%^(d)			4.47	%			4.63	%			5.03	%			4.51	%			4.98	%
Portfolio turnover rate^(e)			25	%			41	%			28	%			28	%			54	%			30	%

^(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.


		32

Financial Highlights–(continued)

Invesco Global Short Term High Yield Bond ETF (PGHY)


	Six Months Ended
	April 30,
	2022				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	21.59			$	21.58			$	22.82			$	23.14			$	24.14			$	24.16

Net investment income^(a)			0.44				0.96				1.18				1.20				1.24				1.34
Net realized and unrealized gain (loss) on investments			(1.68	)			0.18				(1.20	)			(0.32	)			(1.00	)			0.02

Total from investment operations			(1.24	)			1.14				(0.02	)			0.88				0.24				1.36

Distributions to shareholders from:
Net investment income			(0.52	)			(0.96	)			(1.19	)			(1.20	)			(1.24	)			(1.37	)
Return of capital			-				(0.17	)			(0.03	)			-				-				(0.01	)

Total distributions			(0.52	)			(1.13	)			(1.22	)			(1.20	)			(1.24	)			(1.38	)

Net asset value at end of period		$	19.83			$	21.59			$	21.58			$	22.82			$	23.14			$	24.14

Market price at end of period^(b)		$	19.69			$	21.62			$	21.59			$	22.81			$	23.03			$	24.19

Net Asset Value Total Return^(c)			(5.82	)%			5.33	%			0.02	%			3.90	%			1.05	%			5.76	%
Market Price Total Return^(c)			(6.61	)%			5.42	%			0.15	%			4.36	%			0.36	%			5.66	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	190,409			$	236,363			$	196,355			$	230,477			$	216,400			$	222,093
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			4.22	%^(d)			4.36	%			5.39	%			5.21	%			5.25	%			5.52	%
Portfolio turnover rate^(e)			33	%			59	%			54	%			57	%			42	%			38	%

^(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 International Corporate Bond ETF (PICB)


	Six Months Ended April 30, 2022 (Unaudited)				Years Ended October 31,
	Six Months Ended April 30, 2022 (Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	28.27			$	28.10			$	26.96			$	25.31			$	26.88			$	25.08

Net investment income^(a)			0.12				0.29				0.34				0.39				0.43				0.42
Net realized and unrealized gain (loss) on investments			(4.72	)			0.20				1.13				1.65				(1.57	)			1.80

Total from investment operations			(4.60	)			0.49				1.47				2.04				(1.14	)			2.22

Distributions to shareholders from:
Net investment income			(0.14	)			(0.29	)			(0.34	)			(0.23	)			(0.43	)			(0.23	)
Net realized gains			(0.09	)			(0.03	)			-				-				-				-
Return of capital			-				-				-				(0.16	)			-				(0.19	)

Total distributions			(0.23	)			(0.32	)			(0.34	)			(0.39	)			(0.43	)			(0.42	)

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

Net asset value at end of period		$	23.44			$	28.27			$	28.10			$	26.96			$	25.31			$	26.88

Market price at end of period^(c)		$	23.34			$	28.31			$	28.15			$	26.84			$	25.28			$	26.89

Net Asset Value Total Return^(d)			(16.35	)%			1.73	%			5.57	%			8.12	%			(4.31	)%			8.95	%
Market Price Total Return^(d)			(16.83	)%			1.69	%			6.24	%			7.77	%			(4.46	)%			9.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	123,073			$	122,979			$	118,025			$	111,878			$	118,969			$	159,963
Ratio to average net assets of:
Expenses			0.50	%^(e)			0.50	%			0.50	%			0.51	%^(f)			0.50	%			0.50	%
Net investment income			0.93	%^(e)			0.99	%			1.27	%			1.49	%^(f)			1.58	%			1.62	%
Portfolio turnover rate^(g)			6	%			22	%			22	%			23	%			12	%			14	%

^(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.


		34

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2022

(Unaudited)

NOTE 1–Organization


Full Name		Short Name
Invesco Emerging Markets Sovereign Debt ETF (PCY)		“Emerging Markets Sovereign Debt ETF”
Invesco Global Short Term High Yield Bond ETF (PGHY)		“Global Short Term High Yield Bond ETF”
Invesco International Corporate Bond ETF (PICB)		“International Corporate Bond ETF”

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

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


Fund		Underlying Index
Emerging Markets Sovereign Debt ETF		DBIQ Emerging Market USD Liquid Balanced Index
Global Short Term High Yield Bond ETF		DB Global Short Maturity High Yield Bond Index
International Corporate Bond ETF		S&P International Corporate Bond Index^®

NOTE 2–Significant Accounting Policies

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

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


		35

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 each Fund’s NAV and, accordingly, they reduce each 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.


		36

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.


		37

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.

K.	Other Risks

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Changing Global Fixed-Income Market Conditions Risk. The historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal


		38

funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB and foreign central banks or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline.

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.


		39

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

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees (as a % of average daily net assets)
Emerging Markets Sovereign Debt ETF		0.50%
Global Short Term High Yield Bond ETF		0.35%
International Corporate Bond ETF		0.50%


		40

For the six months ended April 30, 2022, the Adviser waived fees for each Fund in the following amounts:


Emerging Markets Sovereign Debt ETF	$	801
Global Short Term High Yield Bond ETF		245
International Corporate Bond ETF		3

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


Fund		Licensor
Emerging Markets Sovereign Debt ETF		Deutsche Bank Securities Inc.
Global Short Term High Yield Bond ETF		Deutsche Bank Securities Inc.
International Corporate Bond ETF		S&P Dow Jones Indices LLC

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended April 30, 2022, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases	Securities Sales	Net Realized Gains
Global Short Term High Yield Bond ETF	$450,000	$-	$-

NOTE 5–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 a Fund’s own 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, 2022, for each Fund (except for International Corporate Bond ETF). As of April 30, 2022, all of the securities in International Corporate Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an


		41

indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	1,919,099,578	$	-	$	1,919,099,578
Money Market Funds		3,521,679		187,373,372		-		190,895,051

Total Investments	$	3,521,679	$	2,106,472,950	$	-	$	2,109,994,629

Global Short Term High Yield Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	183,700,209	$	-	$	183,700,209
Preferred Stocks		-		260,667		1,560		262,227
Non-U.S. Dollar Denominated Bonds & Notes		-		209,461		-		209,461
Common Stocks & Other Equity Interests		-		100,289		22,337		122,626
Variable Rate Senior Loan Interests		-		-		0		0
Money Market Funds		1,913,045		16,505,752		-		18,418,797

Total Investments in Securities		1,913,045		200,776,378		23,897		202,713,320

Other Investments - Assets
Investments Matured		-		1,361,996		462,306		1,824,302

Total Investments	$	1,913,045	$	202,138,374	$	486,203	$	204,537,622

NOTE 6–Tax Information

The Funds had capital loss carryforwards as of October 31, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*
Emerging Markets Sovereign Debt ETF	$	192,181,682	$	328,476,139	$	520,657,821
Global Short Term High Yield Bond ETF		1,485,790		11,535,394		13,021,184
International Corporate Bond ETF		-		-		-

*	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 7–Investment Transactions


	Purchases		Sales
Emerging Markets Sovereign Debt ETF	$	592,745,513	$	622,671,357
Global Short Term High Yield Bond ETF		68,518,520		68,220,108
International Corporate Bond ETF		15,503,478		8,033,542


		42

For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales
Emerging Markets Sovereign Debt ETF	$	297,034,179	$	431,227,369
Global Short Term High Yield Bond ETF		-		22,125,596
International Corporate Bond ETF		35,171,984		15,704,668

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Emerging Markets Sovereign Debt ETF	$	9,143	$	(453,980,864	)	$	(453,971,721	)	$	2,563,966,350
Global Short Term High Yield Bond ETF		316,147		(18,729,531	)		(18,413,384	)		222,951,006
International Corporate Bond ETF		9,111		(21,207,003	)		(21,197,892	)		156,190,784

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.


		43

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, 2021 through April 30, 2022.

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, 2021	April 30, 2022	Six-Month Period	Six-Month Period⁽¹⁾
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Actual	$1,000.00	$ 791.70	0.50%	$2.22
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.50	2.51
Invesco Global Short Term High Yield Bond ETF (PGHY)
Actual	1,000.00	941.80	0.35	1.69
Hypothetical (5% return before expenses)	1,000.00	1,023.06	0.35	1.76
Invesco International Corporate Bond ETF (PICB)
Actual	1,000.00	836.50	0.50	2.28
Hypothetical (5% return before expenses)	1,000.00	1,022.32	0.50	2.51

⁽¹⁾


		44

Approval of Investment Advisory and Sub-Advisory Contracts


Invesco 1-30 Laddered Treasury ETF		Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF		Invesco S&P 500^® Enhanced Value ETF
Invesco CEF Income Composite ETF		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF		Invesco S&P 500^® High Beta ETF
Invesco DWA Developed Markets Momentum ETF		Invesco S&P 500^® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF		Invesco S&P 500^® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF		Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF		Invesco S&P 500^® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF		Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF		Invesco S&P International Developed High Dividend LowVolatility ETF
Invesco Fundamental High Yield^® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF		Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF		Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF		Invesco S&P International Developed Quality ETF
Invesco Global Water ETF		Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers^™ ETF		Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF		Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF		Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF		Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF		Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF		Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF		Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF		Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF		Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF		Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF		Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF		Invesco S&P SmallCap Quality ETF
Invesco PureBeta^SM 0-5 Yr US TIPS ETF		Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBeta^SM FTSE Developed ex-North America ETF		Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBeta^SM FTSE Emerging Markets ETF		Invesco Senior Loan ETF
Invesco PureBeta^SM MSCI USA ETF		Invesco Taxable Municipal Bond ETF
Invesco PureBeta^SM MSCI USA Small Cap ETF		Invesco Treasury Collateral ETF
Invesco PureBeta^SM US Aggregate Bond ETF		Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Enhanced Equal Weight ETF		Invesco VRDO Tax-Free ETF
Invesco Russell 1000 Equal Weight ETF

Investment Advisory Agreement


		45

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

●

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

●

0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

●

0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

●

0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

●

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

●

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

●

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;


		46

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

●

0.14% of the Fund’s average daily net assets for Invesco PureBeta^SM FTSE Emerging Markets ETF;

●

0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

●

0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

●

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

●

0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

0.49% of the Fund’s 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 daily net assets for Invesco International BuyBack Achievers^TM ETF;

●

0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

●

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

●

0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

●

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

●

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

●

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


		47

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 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight 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 Short Term High Yield Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TMETF

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 NASDAQ 100 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 Preferred ETF

N/A

Invesco PureBeta^SM0-5 Yr US TIPS ETF

Invesco PureBeta^SMFTSE Developed ex-North America ETF

Invesco PureBeta^SMFTSE Emerging Markets ETF

Invesco PureBeta^SMMSCI USA ETF

Invesco PureBeta^SMMSCI USA Small Cap ETF

Invesco PureBeta^SMUS Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta 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


		48

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^®Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum 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 High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

N/A

Invesco S&P International Developed Quality ETF

N/A

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility 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 Taxable Municipal Bond ETF

N/A

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

N/A

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


		49

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

Investment Sub-Advisory Agreement


		50

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


		51

(This Page Intentionally Left Blank)

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

Invesco Semi-Annual Report to Shareholders

April 30, 2022

BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

SATO Invesco Alerian Galaxy Crypto Economy ETF

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)			6

Consolidated Statements of Assets and Liabilities			8

Consolidated Statements of Operations			9

Consolidated Statements of Changes			10

Consolidated Financial Highlights			11

Notes to Consolidated Financial Statements			13

Fund Expenses			24


		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 Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

April 30, 2022

(Unaudited)

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-84.35%
Australia-2.36%
BHP Group Ltd.		1,304	$	44,083
Iris Energy Ltd.^(b)(c)		3,555		30,893

				74,976

Canada-8.39%
BIGG Digital Assets, Inc.^(b)		85,849		35,601
Bitfarms Ltd.^(b)(c)		15,133		43,583
Hive Blockchain Technologies Ltd.^(b)		26,443		39,104
Hut 8 Mining Corp.^(b)(c)		10,190		36,517
Royal Bank of Canada		463		47,005
Sphere 3D Corp.^(b)		24,405		33,435
Voyager Digital Ltd.^(b)		9,482		31,605

				266,850

China-10.18%
Alibaba Group Holding Ltd., ADR^(b)		478		46,409
Bit Digital, Inc.^(b)		15,756		31,985
BIT Mining Ltd., ADR^(b)		18,037		30,122
Canaan, Inc., ADR^(b)(c)		9,562		36,336
Ebang International Holdings, Inc., A Shares^(b)(c)		42,212		39,257
Meitu, Inc.^(b)(c)(d)		398,168		47,249
SOS Ltd., ADR^(b)		102,969		43,473
Tencent Holdings Ltd.		1,042		48,881

				323,712

Germany-2.84%
Bitcoin Group SE^(b)		1,201		47,474
Northern Data AG^(b)		836		42,941

				90,415

Hong Kong-1.31%
EQONEX Ltd.^(b)(c)		26,924		41,732

Netherlands-1.55%
Shell PLC		1,829		49,427

Norway-1.44%
Aker ASA, Class A		554		45,619

Taiwan-1.45%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		496		46,093

United Kingdom-1.47%
Argo Blockchain PLC^(b)		57,776		46,587

United States-53.36%
Accenture PLC, Class A		146		43,853
Advanced Micro Devices, Inc.^(b)		481		41,135
Alphabet, Inc., Class A^(b)		18		41,079
Amazon.com, Inc.^(b)		16		39,770
Bakkt Holdings, Inc.^(b)(c)		9,630		36,787
Bank of America Corp.		1,264		45,099
BitNile Holdings, Inc.^(b)		79,150		32,000
Block, Inc., Class A^(b)		396		39,418
BTCS, Inc.^(b)		12,509		41,405
Cisco Systems, Inc.		912		44,670
Citigroup, Inc.		995		47,969
Cleanspark, Inc.^(b)(c)		4,469		29,004
Coinbase Global, Inc., Class A^(b)		300		33,813
Core Scientific, Inc.^(b)		6,041		35,702


	Shares		Value
United States-(continued)
Galaxy Digital Holdings Ltd.^(b)(c)		3,457	$	38,004
GreenBox POS^(b)(c)		11,691		42,204
Greenidge Generation Holdings, Inc.^(b)		5,736		35,965
Honeywell International, Inc.		258		49,926
Intel Corp.		1,047		45,639
Intuit, Inc.		101		42,294
JPMorgan Chase & Co.		380		45,357
Marathon Digital Holdings, Inc.^(b)(c)		2,095		32,682
Mastercard, Inc., Class A		142		51,600
Meta Platforms, Inc., Class A^(b)		224		44,905
Microsoft Corp.		165		45,791
MicroStrategy, Inc., Class A^(b)(c)		108		38,250
Nestle S.A.		377		48,778
NVIDIA Corp.		206		38,207
Oracle Corp.		612		44,921
QUALCOMM, Inc.		358		50,009
Riot Blockchain, Inc.^(b)(c)		2,857		28,970
salesforce.com, inc.^(b)		249		43,809
Silvergate Capital Corp., Class A^(b)		383		44,796
Soluna Holdings, Inc.^(b)		4,755		40,465
Stronghold Digital Mining, Inc., Class A^(b)(c)		9,879		38,528
Terawulf, Inc.^(b)		6,155		23,327
Tesla, Inc.^(b)		47		40,926
Texas Instruments, Inc.		280		47,670
Verizon Communications, Inc.		945		43,753
Visa, Inc., Class A^(c)		231		49,233
Walmart, Inc.		318		48,651

				1,696,364

Total Common Stocks & Other Equity Interests (Cost $3,877,683)				2,681,775


Mutual Fund-15.52%
United States-15.52%
Grayscale Bitcoin Trust BTC (Cost $707,998)		18,713		493,649

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $4,585,681)				3,175,424


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.09%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		141,830		141,830
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		337,880		337,880

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $479,699)				479,710

TOTAL INVESTMENTS IN SECURITIES-114.96% (Cost $5,065,380)				3,655,134
OTHER ASSETS LESS LIABILITIES-(14.96)%				(475,758	)

NET ASSETS-100.00%			$	3,179,376

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, 2022

(Unaudited)

Investment Abbreviations:

ADR- American Depositary Receipt

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, 2022.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented 1.49% of the Fund’s Net Assets.

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly- owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.


	Value October 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$-		$	292,938		$	(292,938	)		$	-		$	-			$	-		$ 5
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			1,822,778			(1,680,948	)			-			-				141,830		124	^*
Invesco Private Prime Fund		-			2,670,878			(2,332,895	)			11			(114	)			337,880		354	^*

Total		$-		$	4,786,594		$	(4,306,781	)		$	11		$	(114	)		$	479,710		$483

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022



Information Technology			48.40

Investment Companies			15.53

Financials			13.46

Communication Services			7.10

Industrials			5.38

Consumer Discretionary			4.00

Consumer Staples			3.06

Sector Types Each Less Than 3%			2.94

Money Market Funds Plus Other Assets Less Liabilities			0.13

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


		5

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

April 30, 2022

(Unaudited)

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-83.72%
Australia-2.07%
Iris Energy Ltd.^(b)(c)		16,925	$	147,078

Canada-13.22%
BIGG Digital Assets, Inc.^(b)		408,843		169,545
Bitfarms Ltd.^(b)(c)		72,065		207,547
Hive Blockchain Technologies Ltd.^(b)		125,931		186,229
Hut 8 Mining Corp.^(b)		48,530		173,911
Sphere 3D Corp.^(b)		36,616		50,164
Voyager Digital Ltd.^(b)		45,152		150,501

				937,897

China-12.20%
Bit Digital, Inc.^(b)(c)		75,030		152,311
BIT Mining Ltd., ADR^(b)		85,903		143,458
Canaan, Inc., ADR^(b)(c)		45,507		172,927
Ebang International Holdings, Inc., A Shares^(b)		200,927		186,862
Meitu, Inc.^(b)(c)(d)		597,399		70,891
SOS Ltd., ADR^(b)		154,493		65,227
Tencent Holdings Ltd.		1,564		73,368

				865,044

Germany-6.07%
Bitcoin Group SE^(b)(c)		5,714		225,870
Northern Data AG^(b)		3,981		204,483

				430,353

Hong Kong-2.80%
EQONEX Ltd.^(b)(c)		128,158		198,645

Norway-0.96%
Aker ASA, Class A		829		68,264

Taiwan-0.98%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		744		69,140

United Kingdom-3.13%
Argo Blockchain PLC^(b)		275,000		221,743

United States-42.29%
Advanced Micro Devices, Inc.^(b)		720		61,574
Alphabet, Inc., Class A^(b)		27		61,619
Bakkt Holdings, Inc.^(b)(c)		45,859		175,181
BitNile Holdings, Inc.^(b)		118,756		48,013
Block, Inc., Class A^(b)		1,884		187,533
BTCS, Inc.^(b)		59,571		197,180
Cleanspark, Inc.^(b)(c)		21,283		138,127
Coinbase Global, Inc., Class A^(b)		1,427		160,837
Core Scientific, Inc.^(b)(c)		28,756		169,948

Investment Abbreviations:

ADR-American Depositary Receipt


	Shares		Value
United States-(continued)
Galaxy Digital Holdings Ltd.^(b)(c)		5,184	$	56,989
GreenBox POS^(b)(c)		55,655		200,915
Greenidge Generation Holdings, Inc.^(b)		27,315		171,265
JPMorgan Chase & Co.		570		68,035
Marathon Digital Holdings, Inc.^(b)(c)		9,975		155,610
Meta Platforms, Inc., Class A^(b)		335		67,158
Microsoft Corp.		248		68,825
MicroStrategy, Inc., Class A^(b)(c)		512		181,335
NVIDIA Corp.		309		57,310
Riot Blockchain, Inc.^(b)(c)		13,611		138,016
Silvergate Capital Corp., Class A^(b)		1,821		212,984
Soluna Holdings, Inc.^(b)		22,645		192,709
Stronghold Digital Mining, Inc., Class A^(b)(c)		14,821		57,802
Terawulf, Inc.^(b)		9,234		34,997
Tesla, Inc.^(b)		71		61,824
Visa, Inc., Class A^(c)		346		73,743

				2,999,529

Total Common Stocks & Other Equity Interests (Cost $9,383,778)				5,937,693


Mutual Fund-16.39%
United States-16.39%
Grayscale Bitcoin Trust BTC (Cost $1,782,173)		44,064		1,162,408

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $11,165,951)				7,100,101


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.45%
Invesco Private Government Fund, 0.40%^(e)(f)(g)		555,780		555,780
Invesco Private Prime Fund, 0.35%^(e)(f)(g)		1,319,792		1,319,792

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,875,504)				1,875,572

TOTAL INVESTMENTS IN SECURITIES-126.56% (Cost $13,041,455)				8,975,673
OTHER ASSETS LESS LIABILITIES-(26.56)%				(1,883,372	)

NET ASSETS-100.00%			$	7,092,301

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)–(continued)

April 30, 2022

(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, 2022.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	413,001		$	175,868		$	(588,869)			$	-		$	-			$	-		$	10
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			5,598,422			(5,042,642	)			-			-				555,780			397	*
Invesco Private Prime Fund			-			8,001,639			(6,681,525	)			68			(390	)			1,319,792			1,162	*

Total		$	413,001		$	13,775,929		$	(12,313,036	)		$	68		$	(390	)		$	1,875,572		$	1,569

*	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, 2022.

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

Portfolio Composition

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

as of April 30, 2022


Information Technology	60.95

Investment Companies	16.39

Financials	15.49

Communication Services	3.85

Sector Types Each Less Than 3%	3.43

Money Market Funds Plus Other Assets Less Liabilities	(0.11	)

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


		7

Consolidated Statements of Assets and Liabilities

April 30, 2022

(Unaudited)


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)				Invesco Alerian Galaxy Crypto Economy ETF (SATO)
Assets:
Unaffiliated investments in securities, at value^(a)		$	3,175,424			$	7,100,101
Affiliated investments in securities, at value			479,710				1,875,572
Deposits with brokers:
Cash segregated as collateral			-				44,855
Receivable for:
Dividends			3,288				3,541
Securities lending			3,256				12,925
Fund shares sold			-				42,719

Total assets			3,661,678				9,079,713


Liabilities:
Due to custodian			571				19,632
Due to foreign custodian			33				170
Payable for:
Investments purchased			-				42,719
Collateral upon return of securities loaned			479,699				1,875,504
Collateral upon receipt of securities in-kind			-				44,854

Accrued unitary management fees			1,807				3,956
Accrued tax expenses			192				577

Total liabilities			482,302				1,987,412

Net Assets		$	3,179,376			$	7,092,301


Net assets consist of:
Shares of beneficial interest		$	5,000,025			$	12,816,556
Distributable earnings (loss)			(1,820,649	)			(5,724,255	)

Net Assets		$	3,179,376			$	7,092,301

Shares outstanding (unlimited amount authorized, $0.01 par value)			200,001				550,001
Net asset value		$	15.90			$	12.90

Market price		$	15.88			$	12.93

Unaffiliated investments in securities, at cost		$	4,585,681			$	11,165,951

Affiliated investments in securities, at cost		$	479,699			$	1,875,504

Foreign currencies (due to foreign custodian), at cost		$	(35	)		$	(176	)

^(a)Includes securities on loan with an aggregate value of:		$	434,159			$	1,690,538

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


		8

Consolidated Statements of Operations

For the six months ended April 30, 2022

(Unaudited)


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)				Invesco Alerian Galaxy Crypto Economy ETF (SATO)
Investment income:
Unaffiliated dividend income		$	19,833			$	8,972
Affiliated dividend income			5				10
Securities lending income			43,528				149,149
Foreign withholding tax			(1,235	)			(783	)

Total investment income			62,131				157,348


Expenses:
Unitary management fees			14,982				29,869
Tax expenses			192				577

Total expenses			15,174				30,446

Less: Waivers			(1,859	)			(3,752	)

Net expenses			13,315				26,694

Net investment income			48,816				130,654


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(413,445	)			(1,665,489	)
Affiliated investment securities			(114	)			(390	)
Foreign currencies			710				(418	)

Net realized gain (loss)			(412,849	)			(1,666,297	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(1,990,749	)			(5,466,808	)
Affiliated investment securities			11				68
Foreign currencies			(12	)			(12	)

Change in net unrealized appreciation (depreciation)			(1,990,750	)			(5,466,752	)

Net realized and unrealized gain (loss)			(2,403,599	)			(7,133,049	)

Net increase (decrease) in net assets resulting from operations		$	(2,354,783	)		$	(7,002,395	)

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


		9

Statements of Changes in Net Assets

For the six months ended April 30, 2022 and the year ended October 31, 2021

(Unaudited)


	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)							Invesco Alerian Galaxy Crypto Economy ETF (SATO)
	Six Months Ended				Period Ended			Six Months Ended				Period Ended
	April 30,				October 31,			April 30,				October 31,
	2022				2021			2022				2021^(a)
Operations:
Net investment income (loss)		$	48,816			$	981		$	130,654			$	(3,186	)
Net realized gain (loss)			(412,849	)			4,712			(1,666,297	)			1,428
Change in net unrealized appreciation (depreciation)			(1,990,750	)			580,491			(5,466,752	)			1,400,958

Net increase (decrease) in net assets resulting from operations			(2,354,783	)			586,184			(7,002,395	)			1,399,200


Distributions to Shareholders from:
Distributable earnings			(52,050	)			-			(121,060	)			-


Shareholder Transactions:
Proceeds from shares sold			-				5,000,025			2,453,242				10,363,314

Net increase in net assets resulting from share transactions			-				5,000,025			2,453,242				10,363,314

Net increase (decrease) in net assets			(2,406,833	)			5,586,209			(4,670,213	)			11,762,514


Net assets:
Beginning of period			5,586,209				-			11,762,514				-

End of period		$	3,179,376			$	5,586,209		$	7,092,301			$	11,762,514


Changes in Shares Outstanding:
Shares sold			-				200,001			150,000				400,001
Shares outstanding, beginning of period			200,001				-			400,001				-

Shares outstanding, end of period			200,001				200,001			550,001				400,001

^(a)	For the period October 5, 2021 (commencement of investment operations) through October 31, 2021.

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


		10

Consolidated Financial Highlights

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


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

Net investment income^(b)			0.24				0.01
Net realized and unrealized gain (loss) on investments			(12.01	)			2.92

Total from investment operations			(11.77	)			2.93

Distributions to shareholders from:
Net investment income			(0.26	)			-

Net asset value at end of period		$	15.90			$	27.93

Market price at end of period^(c)		$	15.88			$	27.73

Net Asset Value Total Return^(d)			(42.36	)%			11.72	%^(e)
Market Price Total Return^(d)			(42.02	)%			10.92	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,179			$	5,586
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(f)			0.60	%^(f)
Expenses, prior to Waivers			0.69	%^(f)			0.60	%^(f)
Net investment income			2.23	%^(f)			0.27	%^(f)
Portfolio turnover rate^(g)			66	%			12	%

^(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 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.


		11

Consolidated Financial Highlights–(continued)

Invesco Alerian Galaxy Crypto Economy ETF (SATO)


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

Net investment income (loss)^(b)			0.30				(0.01	)
Net realized and unrealized gain (loss) on investments			(16.53	)			4.42

Total from investment operations			(16.23	)			4.41

Distributions to shareholders from:
Net investment income			(0.25	)			-
Net realized gains			(0.03	)			-

Total distributions			(0.28	)			-

Net asset value at end of period		$	12.90			$	29.41

Market price at end of period^(c)		$	12.93			$	29.09

Net Asset Value Total Return^(d)			(55.47	)%			17.64	%^(e)
Market Price Total Return^(d)			(54.87	)%			16.36	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	7,092			$	11,763
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(f)			0.60	%^(f)
Expenses, prior to Waivers			0.70	%^(f)			0.60	%^(f)
Net investment income (loss)			3.00	%^(f)			(0.60	)%^(f)
Portfolio turnover rate^(g)			73	%			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.


		12

Notes to Consolidated Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2022

NOTE 1–Organization


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 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, 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.

A. Security

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


		13

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. 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 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 Funds may periodically participate in litigation related to each 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.


		14

NAV and, accordingly, they reduce each 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.

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.

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.

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.

H.	Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Also, under each Subsidiary’s organizational documents,


		15

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

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Consolidated Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Consolidated Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$1,254
Alerian Galaxy Crypto Economy ETF		5,036

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


		16

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.

K.	Other Risks

Blockchain Company Investments Risk. Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. A lack of expansion in the usage of blockchain technology could adversely affect the underlying holdings of the Funds. Moreover, the extent to which companies held by the Funds utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material impact on the stock price of such companies.

Furthermore, companies that are developing applications of blockchain technology applications may not in fact do so or may not be able to capitalize on those blockchain technologies. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Funds. Additionally, blockchain technology is new, and as such may be subject to future laws or regulations. Any such regulatory changes affecting blockchain technology may adversely impact an investment in companies utilizing this technology.

Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent on the ledger.

In addition, because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the 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


		17

electronic exchanges. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network or a change in user preference to competing cryptocurrencies. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Funds’ exposure to cryptocurrency-linked assets could result in substantial losses to the Funds.

Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users’ cryptocurrency or other market disruptions. Cryptocurrency exchanges are more exposed to the risk of market manipulation than exchanges for traditional assets. Cryptocurrency exchanges that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., “flash crashes”). As a result, the prices of cryptocurrencies on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, cryptocurrency exchanges are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of cryptocurrencies. A cyber or other security breach or a business failure of a cryptocurrency exchange or custodian may affect the price of a particular cryptocurrency or cryptocurrencies generally. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of a digital currency.

Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of cryptocurrencies, either of which could adversely impact a Fund’s investment in cryptocurrency. In addition, to the extent market participants develop a preference for one cryptocurrency over another, the value of the less preferred cryptocurrency would likely be adversely affected.

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.


		18

unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may be experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization


		19

companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

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

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than 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.

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 fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements


		20

election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		0.60%

Alerian Galaxy Crypto Economy ETF		0.60%

For the six months ended April 30, 2022, the Adviser waived fees for each Fund in the following amounts:



Alerian Galaxy Blockchain Users and Decentralized Commerce ETF			$1,859

Alerian Galaxy Crypto Economy ETF			3,752

The Adviser has entered into a licensing agreement for each Fund with GKD Index Partners, LLC d/b/a Alerian (the “Licensor”).

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

For the six months ended April 30, 2022, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:



Alerian Galaxy Blockchain Users and Decentralized Commerce ETF			$2,805

Alerian Galaxy Crypto Economy ETF			6,141

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

Level 1 –

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

Level 2 –

Level 3 –


		21

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		$	2,260,736		$	421,039		$-		$	2,681,775

Mutual Fund			493,649			-		-			493,649

Money Market Funds			-			479,710		-			479,710


Total Investments		$	2,754,385		$	900,749		$-		$	3,655,134


Alerian Galaxy Crypto Economy ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	5,073,074		$	864,619		$-		$	5,937,693

Mutual Fund			1,162,408			-		-			1,162,408

Money Market Funds			-			1,875,572		-			1,875,572


Total Investments		$	6,235,482		$	2,740,191		$-		$	8,975,673

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2021, as follows:


	No expiration
	Short-Term		Long-Term	Total

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$5,361	$-	$	5,361

Alerian Galaxy Crypto Economy ETF		-	-		-

NOTE 6–Investment Transactions


	Purchases		Sales

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	2,917,110	$	2,918,945

Alerian Galaxy Crypto Economy ETF		6,966,972		6,445,129

For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$ -		$-

Alerian Galaxy Crypto Economy ETF		2,032,214		-

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


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

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$19,360		$(1,430,173)		$(1,410,813)	$	5,065,947

Alerian Galaxy Crypto Economy ETF		4,942		(4,083,612)		(4,078,670)		13,054,343


		22

NOTE 7–Trustees’ and Officer’s Fees

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 Consolidated Statements of Changes in Net Assets.


		23

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 through the six-month period ended April 30, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


					Annualized
	Beginning		Ending		Expense Ratio			Expenses Paid
	Account Value		Account Value		Based on the			During the
	November 1, 2021		April 30, 2022		Six-Month Period			Six-Month Period⁽¹⁾
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

Actual	$	1,000.00	$	576.40		0.61	%	$	2.38

Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61			3.06

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

Actual		1,000.00		445.30		0.61			2.19

Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61			3.06

⁽¹⁾


		24

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Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

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. 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/ Anna Paglia

Name: Anna Paglia

Title: President

Date: July 6, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Anna Paglia

Name: Anna Paglia

Title: President

Date: July 6, 2022

By: /s/ Kelli Gallegos

Name: Kelli Gallegos

Title: Treasurer

Date: July 6, 2022

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