PowerShares Exchange-Traded Fund Trust II NCSR Certified 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)
		Daniel E. Draper 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: August 31

Date of reporting period: August 31, 2018

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.

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

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


YAO		Invesco China All-Cap ETF
CQQQ		Invesco China Technology ETF
CGW		Invesco S&P Global Water Index ETF
GHII		Invesco S&P High Income Infrastructure ETF
SEA		Invesco Shipping ETF
TAN		Invesco Solar ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

Trust II August Portfolios

Schedules of Investments

Invesco China All-Cap ETF (YAO)			20

Invesco China Technology ETF (CQQQ)			25

Invesco S&P Global Water Index ETF (CGW)			27

Invesco S&P High Income Infrastructure ETF (GHII)			28

Invesco Shipping ETF (SEA)			29

Invesco Solar ETF (TAN)			30

Statements of Assets and Liabilities			32

Statements of Operations			34

Statements of Changes in Net Assets			36

Financial Highlights			38

Notes to Financial Statements			41

Report of Independent Registered Public Accounting Firm			53

Change in Independent Registered Public Accounting Firm			54

Fees and Expenses			55

Tax Information			56

Proxy Results			57

Trustees and Officers			58

Board Considerations Regarding Approval of Investment Advisory Agreement			64

Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.


		2

The Market Environment

Domestic Equity

The fiscal period proved to be another strong, albeit increasingly volatile, time for US equities. As the fiscal period unfolded in the later months of 2017, several major US stock market indexes repeatedly reached new highs amid improving economic data, strong corporate profits and the prospect of tax reform legislation. Stock market volatility remained exceedingly low—a hallmark of 2017.

At the outset of 2018, US equity markets continued to steadily move higher in January as investors remained enthused about the passage of the Tax Cuts and Jobs Act signed into law in late December 2017, which significantly cut corporate tax rates. However, in February 2018, volatility returned to the US stock and bond markets. Worries about how rising interest rates might affect economic growth, concerns about a potential trade war and heightened geopolitical tensions, caused the US stock market to pull back and volatility to increase. In addition, in April 2018, the yield on the 10-year US Treasury bond climbed above 3%—a psychologically important level—for the first time since December 2013.¹

Despite a disappointing first quarter, US equity markets generally recovered in the second quarter of 2018. Strong US retail sales and low unemployment continued to buoy US equity markets. In the final months of the fiscal period, US equities moved higher, despite several potential headwinds including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. Ultimately, the fiscal period ended the same way it began with several US equity indexes reaching new record highs.

Given signs of a strong economy, the US Federal Reserve raised interest rates three times during the fiscal period: in December 2017 and in March and June 2018.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

¹	Source: US Treasury

²	Source: US Federal Reserve

International Equity

Global equity markets delivered positive returns for the fiscal period ended August 31, 2018. That positive performance was despite significant turbulence in late January and early February 2018, when stocks were whipsawed—first by concerns about accelerated US Federal Reserve tightening and then, later in the year, by fears of brewing trade wars. Geopolitical risks and tighter monetary policies overseas were additional headwinds to global equity markets. In spite of these risks, global equities generally rose during the fiscal period.

In Europe, economic growth remained positive amid improving employment, industrial production and consumption trends in many countries. However, European equity markets retrenched in August amid concerns regarding Italy’s budget concerns and contagion fears regarding the Turkish lira. The political environment in Germany improved, with Chancellor Angela Merkel finally securing a coalition government in order to continue her leadership. French President Emmanuel Macron continued his efforts at labor reform, boosting business confidence and business spending. The European Central Bank remained supportive of European equities, maintaining a dovish tone throughout the fiscal period.

Weakness in emerging equity markets during August was broad based. Investors worried about threats to global trade as the US prepared to impose tariffs on an additional $200 billion worth of Chinese imports. While the prospect of a deepening trade dispute pushed Chinese equity markets into negative territory, Latin America was the worst-performing region, with losses in Brazil accentuated by political uncertainties and currency weakness. Economic growth in emerging markets remained relatively strong over the fiscal period. However, volatility increased toward the end of the fiscal period with several markets registering losses.

At the close of the fiscal period, equity valuations in developed and emerging markets appeared relatively full in absolute terms—but overseas equity markets were trading at a material discount to those of the US. In sum, while valuations were not cheap, recent earnings growth and upward earnings revisions improved in many non-US developed markets.


		3


YAO		Manager’s Analysis
YAO		Invesco China All-Cap ETF (YAO)

Welcome to Invesco! Effective after the close of business on April 6, 2018, Guggenheim China All-Cap ETF (the “Predecessor Fund”) was reorganized into Invesco China All-Cap ETF (formerly known as PowerShares China All-Cap Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco China All-Cap ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the AlphaShares China All Cap Index (the “Index”). The Index is designed to measure and monitor the performance of the investable universe of publicly traded companies based in mainland China (as classified by the S&P BMI Country Code classification system). The Index was created by AlphaShares, LLC ( the “Index Provider”) and is maintained by Standard & Poor’s. The Index includes equity securities of companies of all categories of market capitalizations, as defined by the Index Provider (subject to a minimum float-adjusted capitalization of U.S. $400 million). The Index may include Hong Kong listed securities, including China H-shares and Red Chip shares. China H-shares are issued by companies incorporated in mainland China and listed on the Hong Kong Stock Exchange. Red Chip shares are issued by companies with controlling Chinese shareholders that are incorporated outside mainland China and listed on the Hong Kong Stock Exchange. The Index may also include N-Shares, which are issued by companies based in mainland China and listed on the NYSE Arca, Inc. or The Nasdaq Stock Market. The Index does not include China A-Shares (which are subject to substantial restrictions on foreign investment) or China B-Shares (which offer a generally smaller market and limited liquidity), each of which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. The Fund will invest at least 90% of its total assets in common stocks, American depositary receipts (“ADRs”), American depositary shares (“ADSs”), global depositary receipts (“GDRs”) and international depositary receipts (“IDRs”) that comprise the Index and depositary receipts or shares representing common stocks included in the Index (or underlying securities representing ADRs, ADSs, GDRs and IDRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2018, on a market price basis, the Fund returned (0.44)%. On a net asset value (“NAV”) basis, the Fund returned 0.19%. During the same time period, the Index returned 1.03%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned 0.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the

average performance of approximately 450 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the Chinese equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the information technology sector as well as fees and operating expenses that the Fund incurred.

For the fiscal year ended August 31, 2018, the health care sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The consumer discretionary and telecommunication services sectors were the greatest detracting sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2018, included Ping An Insurance Group Co. of China Ltd., H-Shares (China), a financials company (portfolio average weight of 3.49%), and CNOOC Ltd. (China), an energy company (portfolio average weight of 1.71%). Positions that detracted most significantly from the Fund’s return during this period included JD.com, Inc., Class A ADR (China), a consumer discretionary company (portfolio average weight of 2.23%), and China Life Insurance Co. Ltd., H-Shares (China), a financials company (portfolio average weight of 1.55%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			26.8
Information Technology			21.8
Consumer Discretionary			11.7
Real Estate			7.5
Energy			6.6
Industrials			6.4
Telecommunication Services			5.2
Health Care			4.7
Consumer Staples			3.5
Utilities			3.0
Materials			2.6
Money Market Funds Plus Other Assets Less Liabilities			0.2


		4

Invesco China All-Cap ETF (YAO) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
China Construction Bank Corp., H-Shares			5.4
Alibaba Group Holding Ltd. ADR			5.2
Baidu, Inc. ADR			4.8
Tencent Holdings Ltd.			4.5
Industrial & Commercial Bank of China Ltd., H-Shares			4.4
China Mobile Ltd.			4.0
Ping An Insurance Group Co. of China Ltd., H-Shares			3.7
Bank of China Ltd., H-Shares			2.6
CNOOC Ltd.			2.2
China Petroleum & Chemical Corp. (Sinopec), H-Shares			2.0
Total			38.8

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
AlphaShares China All Cap Index		1.03	%		13.66	%		46.84	%		8.69	%		51.70	%		5.55	%		61.36	%
MSCI China Index (Net)		0.22			13.49			46.16			9.27			55.79			5.14			55.89
Fund
NAV Return		0.19			12.87			43.81			8.23			48.54			5.17			56.36
Market Price Return		(0.44	)		13.20			45.07			8.28			48.87			5.13			55.79


		5

Invesco China All—Cap ETF (YAO) (continued)

Predecessor Fund Inception: October 19, 2009

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.70% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		6


CQQQ		Manager’s Analysis
CQQQ		Invesco China Technology ETF (CQQQ)

Welcome to Invesco! Effective after the close of business on May 18, 2018, Guggenheim China Technology ETF (the “Predecessor Fund”) was reorganized into Invesco China Technology ETF (formerly known as PowerShares China Technology Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco China Technology ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the AlphaShares China Technology Index (the “Index”). The Index is designed to measure and monitor the performance of the universe of publicly traded companies which are based in mainland China, Hong Kong or Macau (as classified by the S&P BMI Country Code classification system), are in the Information Technology Sector, as defined by S&P Global Industry Classification Standard (“GICS”) and are open to foreign investment. The Index was created by AlphaShares, LLC (“AlphaShares” or the “Index Provider”) and is maintained by Standard & Poor’s. The Index includes equity securities of companies of all categories of market capitalizations, as defined by the Index Provider (subject to a minimum float-adjusted capitalization of U.S. $150 million). The Index may include Hong Kong listed securities, including China H-shares and Red Chip shares. China H-shares are issued by companies incorporated in mainland China and listed on the Hong Kong Stock Exchange. Red Chip shares are issued by companies with controlling Chinese shareholders that are incorporated outside mainland China and listed on the Hong Kong Stock Exchange. The Index may also include N-Shares, which are issued by companies based in mainland China and listed on the NYSE Arca, Inc. or The Nasdaq Stock Market. The Index does not include China A-Shares (which are subject to substantial restrictions on foreign investment) or China B-Shares (which offer a generally smaller market and limited liquidity), each of which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. The Fund will invest at least 90% of its total assets in common stocks, American depositary receipts (“ADRs”), American depositary shares (“ADSs”), global depositary receipts (“GDRs”) and international depositary receipts (“IDRs”) that comprise the Index and depositary receipts or shares representing common stocks included in the Index (or underlying securities representing ADRs, ADSs, GDRs and IDRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2018, on a market price basis, the Fund returned (9.33)%. On a net asset value (“NAV”) basis, the Fund returned (9.05)%. During the same time period, the Index returned (8.58)%. During the fiscal year, the Fund’s

performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned 0.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 450 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the Chinese equity market.

Relative to the Benchmark Index, the Fund was most overweight in the internet software & services sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the electronic components and electronic manufacturing services sub-industries.

For the fiscal year ended August 31, 2018, the semiconductors sub-industry contributed most significantly to the Fund’s return, followed by the technology distributors sub-industry. The electronic components, electronic manufacturing services and the internet software & services sub-industries were the primary detracting sub-industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2018, included 58.com, Inc., Class A ADR (China) ,an internet software & services company (portfolio average weight of 4.27%), and Lenovo Group Ltd. (China), a technology hardware, storage & peripherals company (portfolio average weight of 2.30%). Positions that detracted most significantly from the Fund’s return during this period included NetEase, Inc. ADR (China), an internet software & services company (portfolio average weight of 6.10%), and AAC Technologies Holdings, Inc. (China), an electronic equipment, instruments & components company (portfolio average weight of 4.06%).


		7

Invesco China Technology ETF (CQQQ) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Internet Software & Services			58.8
Electronic Equipment, Instruments & Components			14.6
Semiconductors & Semiconductor Equipment			8.1
IT Services			5.5
Technology Hardware, Storage & Peripherals			5.2
Software			4.6
Communications Equipment			2.6
Real Estate Management & Development			0.5
Consumer Finance			0.1
Specialty Retail			0.0
Money Market Funds Plus Other Assets Less Liabilities			(0.0)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Tencent Holdings Ltd.			10.3
Alibaba Group Holding Ltd. ADR			9.5
Baidu, Inc. ADR			8.5
NetEase, Inc. ADR			6.8
58.com, Inc., Class A ADR			4.8
Sunny Optical Technology Group Co. Ltd.			4.4
AAC Technologies Holdings, Inc.			3.5
Autohome, Inc., Class A ADR			3.4
Lenovo Group Ltd.			3.2
SINA Corp.			3.2
Total			57.6

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
AlphaShares China Technology Index		(8.58	)%		21.05	%		77.37	%		12.03	%		76.46	%		9.59	%		122.44	%
MSCI China Index (Net)		0.22			13.49			46.16			9.27			55.79			4.94			52.27
Fund
NAV Return		(9.05	)		20.53			75.12			12.26			78.27			9.52			121.24
Market Price Return		(9.33	)		20.90			76.74			12.25			78.20			9.53			121.41


		8

Invesco China Technology ETF (CQQQ) (continued)

Predecessor Fund Inception: December 08, 2009

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		9


CGW		Manager’s Analysis
CGW		Invesco S&P Global Water Index ETF (CGW)

Welcome to Invesco! Effective after the close of business on April 6, 2018, Guggenheim S&P Global Water Index ETF (the “Predecessor Fund”) was reorganized into Invesco S&P Global Water Index ETF (formerly known as PowerShares S&P Global Water Index Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P Global Water Index ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the S&P Global Water Index (the “Index”). The Index is comprised of 50 equity securities selected, based on investment and other criteria, from a universe of companies listed on global developed market exchanges. Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies (“S&P”), generally defines “developed markets” as the capital markets of those countries with high levels of per capita income and strict market regulation resulting in greater transparency. Specifically, all or any subset of the following countries/regions are currently considered to be developed markets—Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, the United Kingdom and the United States. The universe of companies includes all companies classified by Standard & Poor’s Global Industry Classifications as being associated (in a manner representing a major component of such companies’ business) with the global demand for water, including water utilities, infrastructure, equipment, instruments and materials. Total market capitalization and float-adjusted market capitalization of securities in the Index must be at least $250 million and $100 million, respectively, at the time of each reconstitution, which includes small-, mid-, and large-capitalization securities as defined by S&P. The companies in the universe are selected using criteria as identified by S&P. The Fund will invest at least 90% of its total assets in common stock and American depositary receipts (“ADRs”) that comprise the Index and depositary receipts representing common stocks included in the Index (or underlying securities representing ADRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2018, on a market price basis, the Fund returned 7.09%. On a net asset value (“NAV”) basis, the Fund returned 7.51%. During the same time period, the Index returned 7.89%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned 4.39%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 925 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the equities market in developed countries outside the U.S.

Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the industrial machinery sub-industry.

For the fiscal year ended August 31, 2018, the industrial machinery sub-industry contributed most significantly to the Fund’s return, followed by the health care equipment and environmental & facilities services sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2018, included IDEX Corp., an industrial machinery company (portfolio average weight of 4.69%), and Xylem Inc., an industrial machinery company (portfolio average weight of 5.69%). Positions that detracted most significantly from the Fund’s return during this period included Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR, a water utilities company (no longer held at fiscal year-end), and Beijing Enterprises Water Group Ltd., a water utilities company (portfolio average weight of 1.89%).


		10

Invesco S&P Global Water Index ETF (CGW) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Water Utilities			33.4
Machinery			28.7
Multi-Utilities			12.3
Building Products			6.5
Health Care Equipment & Supplies			5.1
Electronic Equipment, Instruments & Components			3.8
Chemicals			2.3
Commercial Services & Supplies			2.4
Household Durables			2.0
Electrical Equipment			2.0
Construction & Engineering			0.7
Energy Equipment & Services			0.2
Construction Materials			0.1
Money Market Funds Plus Other Assets Less Liabilities			0.5


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
American Water Works Co., Inc.			9.1
Xylem, Inc.			6.1
IDEX Corp.			5.2
Geberit AG			5.1
Danaher Corp.			5.1
Veolia Environnement SA			4.4
Aqua America, Inc.			3.8
United Utilities Group PLC			3.8
Severn Trent PLC			3.6
Alfa Laval AB			3.6
Total			49.8

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
S&P Global Water Index (Net)		7.89	%		11.92	%		40.19	%		10.19	%		62.47	%		7.22	%		100.81	%		5.89	%		90.91	%
MSCI EAFE^® Index (Net)		4.39			7.04			22.66			5.73			32.15			3.66			43.22			1.66			20.45
MSCI World Index (Net)		13.10			11.92			40.19			10.23			62.76			7.13			99.18			4.95			72.63
Fund
NAV Return		7.51			11.62			39.06			9.90			60.34			6.80			93.00			5.42			81.62
Market Price Return		7.09			11.61			39.02			9.89			60.24			6.68			90.97			5.41			81.33


		11

Invesco S&P Global Water Index ETF (CGW) (continued)

Predecessor Fund Inception: May 14, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index

and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Predecessor Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.

-	The Fund has elected to use the MSCI EAFE^® Index to represent its broad-based index rather than the MSCI World Index because the MSCI EAFE^® Index more closely reflects the performance of the types of securities in which the Fund invests.


		12


GHII		Manager’s Analysis
GHII		Invesco S&P High Income Infrastructure ETF (GHII)

Welcome to Invesco! Effective after the close of business on May 18, 2018, Guggenheim S&P High Income Infrastructure ETF (the “Predecessor Fund”) was reorganized into Invesco S&P High Income Infrastructure ETF (formerly known as PowerShares S&P High Income Infrastructure Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco S&P High Income Infrastructure ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the S&P High Income Infrastructure Index (the “Index”). The Index is designed to measure and monitor the performance of 50 high-yielding global equity securities of companies that engage in various infrastructure-related sub-industries. Index constituents must meet size, listing and liquidity requirements and also be part of the S&P Global BMI Index, which is a rules-based index that measures global stock market performance. Index constituents must be equity securities of companies classified in one of the infrastructure clusters (the “Infrastructure Clusters”) determined by the S&P Dow Jones Index Group, based on the Global Industry Classification Standard (“GICS^® ”) sub-industry classifications. Securities in the Infrastructure Clusters must have a float-adjusted market capitalization (i.e., a market capitalization that is calculated based on the number of shares that are readily available in the market rather than all shares outstanding) greater than $250 million, a three-month average daily value traded of $1 million or higher and be listed on a developed market stock exchange. The top 50 highest-yielding securities that meet these criteria (ranked by 12-month dividend yield) are selected for inclusion in the Index. The Fund will invest at least 90% of its total assets in common stocks that comprise the Index and depositary receipts representing common stocks included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2018, on a market price basis, the Fund returned 0.37%. On a net asset value (“NAV”) basis, the Fund returned 0.40%. During the same time period, the Index returned (0.03)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to differences in the treatment of dividends between the Fund and the Index.

During this same time period, the S&P Global BMI Index (the “Benchmark Index”) returned 11.63%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 11,200 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the industrials sector during the fiscal year ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the utilities sector and underweight in the information technology sector.

For the fiscal year ended August 31, 2018, the energy sector contributed most significantly to the Fund’s return, followed by the utilities sector. The industrials sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2018, included Targa Resources Corp., an energy company (portfolio average weight of 4.32%), and Electricite de France S.A., an electric utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Macquarie Infrastructure Corp., an industrials company (portfolio average weight of 3.49%), and Hutchison Port Holdings Trust (Hong Kong), an industrials company (portfolio average weight of 2.28%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Utilities			53.4
Energy			33.4
Industrials			12.8
Other Assets Less Liabilities			0.4

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Macquarie Infrastructure Corp.			5.2
Ship Finance International Ltd.			4.5
Hutchison Port Holdings Trust			4.5
Targa Resources Corp.			3.8
SemGroup Corp., Class A			3.5
AltaGas Ltd.			3.5
Enbridge Income Fund Holdings, Inc.			3.4
Inter Pipeline Ltd.			3.3
Pattern Energy Group, Inc., Class A			3.0
Snam SpA			2.8
Total			37.5


		13

Invesco S&P High Income Infrastructure ETF (GHII) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
S&P High Income Infrastructure Index (Net)		(0.03	)%		10.60	%		35.31	%		6.86	%		26.58	%
S&P Global BMI Index (Net)		11.63			11.98			40.41			8.80			34.90
Fund
NAV Return		0.40			11.24			37.64			7.18			27.92
Market Price Return		0.37			11.75			39.56			7.17			27.87

Predecessor Fund Inception: February 11, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		14


SEA		Manager’s Analysis
SEA		Invesco Shipping ETF (SEA)

As an index fund, the Invesco Shipping ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the Dow Jones Global Shipping Index^SM (the “Index”). The Index is designed to measure the performance of high dividend-paying companies in the shipping industry. CME Group Index Services LLC (“CME Indexes” or the “Index Provider”) uses a rules-based methodology to rank companies by yield that are involved in the shipping industry globally that primarily transport goods and materials. The Index Provider determines whether a company is “high-dividend paying” by ranking it relative to other companies in the shipping industry based upon indicated annual yield (most recent distribution annualized and divided by the current share price). The Index Provider considers a company to be in the shipping industry if its revenues are derived primarily from shipping activities (excluding companies solely involved in transporting passengers). The Index constituents are weighted based on their float-adjusted market capitalization. The Fund will at all times invest at least 90% of its total assets in common stock, American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and master limited partnerships (“MLPs”) that comprise the Index and the underlying stocks in respect of the ADRs and GDRs in the Index. The depositary receipts included in the Index may be sponsored or unsponsored. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from May 31 to August 31. For the fiscal period from June 1, 2018 to August 31, 2018, on a market price basis, the Fund returned (5.69)%. On a net asset value (“NAV”) basis, the Fund returned (5.67)%. During the same time period, the Index returned (5.89)%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to revenue generated from the securities lending program in which the Fund participates partially offset by the fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 4.35%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,640 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.

Relative to the Benchmark Index, the Fund was most overweight in the marine sub-industry and most underweight in the banks sub-industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the technology hardware, storage & peripherals sub-industry.

For the fiscal period ended August 31, 2018, the metals & mining sub-industry contributed most significantly to the Fund’s return, followed by the automobiles and semiconductors sub-industries, respectively. The oil, gas & consumable fuels sub-industry was the most significant detracting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included AP Moller – Maersk A/S, Class B, an oil, gas & consumable fuels company (portfolio average weight of 18.30%), and Maston, Inc., an oil, gas & consumable fuels company (portfolio average weight of 4.39%). Positions that detracted most significantly from the Fund’s return during this period included Scorpio Tankers, Inc., (portfolio average weight of 1.98%), and Nippon Yusen KK, an oil, gas & consumable fuels company (portfolio average weight of 6.15%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Industrials			67.2
Energy			32.8
Money Market Fund Plus Other Assets Less Liabilities			0.0


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
AP Moller—Maersk A/S, Class B			20.6
Mitsui OSK Lines Ltd.			7.4
Nippon Yusen KK			7.2
Golar LNG Ltd.			5.8
Euronav NV			4.3
Matson, Inc.			4.3
Ship Finance International Ltd.			4.0
Kawasaki Kisen Kaisha Ltd.			3.9
Hapag-Lloyd AG			3.4
GasLog Partners LP			3.1
Total			64.0

*	Excluding money market fund holdings.


		15

Invesco Shipping ETF (SEA) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Blended—Dow Jones Global Shipping Index^SM		(9.72	)%		(9.95	)%		(26.99	)%		(6.80	)%		(29.69	)%		(7.24	)%		(46.11	)%
MSCI World Index (Net)		13.10			11.92			40.19			10.23			62.76			11.11			137.73
Fund
NAV Return		(9.09	)		(8.95	)		(24.53	)		(6.07	)		(26.87	)		(6.57	)		(42.79	)
Market Price Return		(9.35	)		(8.96	)		(24.55	)		(6.16	)		(27.23	)		(6.61	)		(42.98	)

Predecessor Fund Inception: June 11, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.65% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

The Blended-Dow Jones Global Shipping Index^SM performance is comprised of the performance of the Delta Global Shipping Index, the Fund’s previous underlying index, prior to the conversion date, July 27, 2011, followed by the performance of the Index, starting from the conversion date through August 31, 2018.

-	Net returns reflect reinvested dividends net of withholding taxes.


		16


TAN		Manager’s Analysis
TAN		Invesco Solar ETF (TAN)

Welcome to Invesco! Effective after the close of business on May 18, 2018, Guggenheim Solar ETF (the “Predecessor Fund”) was reorganized into Invesco Solar ETF (formerly known as PowerShares Solar Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and Index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund.

As an index fund, the Invesco Solar ETF (the “Fund”) is passively managed and seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the MAC Global Solar Energy Index (the “Index”). The Index is comprised of securities selected based on the relative importance of solar power within the company’s business model, as determined by MAC Indexing LLC (the “Index Provider”). The Index is designed to track companies within the following business segments of the solar energy industry, including those companies that derive a significant amount of their revenues from the solar industry: companies that produce solar power equipment and products for end-users, companies that produce fabrication products (such as the equipment used by solar cell and module producers to manufacture solar power equipment) or services (such as companies specializing in the solar cell manufacturing or the provision of consulting services to solar cell and module producers) for solar power equipment producers, companies that supply raw materials or components to solar power equipment producers or integrators; companies that derive a significant portion of their business from solar power system sales, distribution, installation, integration or financing; and companies that specialize in selling electricity derived from solar power. The Index is comprised of equity securities, including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”), traded in developed markets. While the equity securities comprising the Index are traded in developed markets, the issuers of such securities may be located in emerging markets. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. The Fund will invest at least 90% of its total assets in common stock, ADRs and GDRs that comprise the Index and depositary receipts representing common stocks included in the Index (or underlying securities representing ADRs and GDRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2018, on a market price basis, the Fund returned 2.33%. On a net asset value (“NAV”) basis, the Fund returned 3.19%. During the same time period, the Index returned 1.97%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to revenue generated from the securities

lending program in which the Fund participates, which was offset by the fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 13.10%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,640 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight in the banks industry during the fiscal year ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the internet & direct marketing retail industry as well as fees and operating expenses that the Fund incurred.

For the fiscal year ended August 31, 2018, the electrical equipment industry contributed most significantly to the Fund’s return, followed by the independent power and renewable electricity producers and mortgage real estate investment trusts (REITs) industries, respectively. The semiconductors & semiconductor equipment and containers & packaging industries detracted most significantly.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2018, included SolarEdge Technologies, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 6.78%), and Sunrun, Inc., an electrical equipment company(portfolio average weight of 4.69%). Positions that detracted most significantly from the Fund’s return during this period included Meyer Burger Technology AG (Switzerland), a semiconductors & semiconductor equipment company (portfolio average weight of 4.76%), and JinkoSolar Holding Co. Ltd. ADR (China), a semiconductors & semiconductor equipment company (portfolio average weight of 4.11%).


		17

Invesco Solar ETF (TAN) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Semiconductors & Semiconductor Equipment			50.7
Independent Power & Renewable Electricity Producers			25.0
Electrical Equipment			12.9
Mortgage REITs			5.5
Containers & Packaging			3.0
Construction & Engineering			2.4
Money Market Funds Plus Other Assets Less Liabilities			0.5


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
First Solar, Inc.			9.1
SolarEdge Technologies, Inc.			6.7
Xinyi Solar Holdings Ltd.			6.2
Sunrun, Inc.			5.7
Canadian Solar, Inc.			5.5
Hannon Armstrong Sustainable Infrastructure Capital, Inc.			5.5
Atlantica Yield PLC			5.1
Scatec Solar ASA			4.7
Encavis AG			4.6
JinkoSolar Holding Co. Ltd. ADR			4.4
Total			57.5

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
MAC Global Solar Energy Index (Net)		1.97	%		(9.23	)%		(25.22	)%		(4.72	)%		(21.49	)%		(21.29	)%		(90.88	)%		(20.48	)%		(90.73	)%
MSCI World Index (Net)		13.10			11.92			40.19			10.23			62.76			7.13			99.18			6.15			85.70
Fund
NAV Return		3.19			(7.12	)		(19.89	)		(2.04	)		(9.79	)		(19.69	)		(88.84	)		(18.72	)		(88.36	)
Market Price Return		2.33			(7.11	)		(19.86	)		(2.08	)		(9.97	)		(19.75	)		(88.92	)		(18.76	)		(88.42	)


		18

Invesco Solar ETF (TAN) (continued)

Predecessor Fund Inception: April 15, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		19

Schedule of Investments^(a)

Invesco China All-Cap ETF (YAO)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Consumer Discretionary—11.7%
	230,000	Alibaba Pictures Group Ltd. (Hong Kong)^(b)	$	27,838
	20,000	ANTA Sports Products Ltd. (China)		108,933
	30,453	BAIC Motor Corp. Ltd. (China)^(c)		25,607
	51,996	Brilliance China Automotive Holdings Ltd. (China)		82,410
	12,000	BYD Co. Ltd., H-Shares (China)^(d)		71,322
	58,000	China Dongxiang Group Co. Ltd. (China)		9,606
	54,000	China First Capital Group Ltd. (Hong Kong)^(b)		28,896
	24,000	China Maple Leaf Educational Systems Ltd. (China)		13,118
	35,999	China Travel International Investment Hong Kong Ltd. (China)		11,696
	13,000	China Yongda Automobiles Services Holdings Ltd. (China)		11,809
	19,500	China ZhengTong Auto Services Holdings Ltd. (China)		11,950
	7,357	Ctrip.com International Ltd. ADR (China)^(b)		288,027
	50,000	Dongfeng Motor Group Co. Ltd., H-Shares (China)		55,868
	18,000	Fu Shou Yuan International Group Ltd. (China)		16,122
	8,863	Fuyao Glass Industry Group Co. Ltd., H-Shares (China)^(c)		32,690
	87,993	Geely Automobile Holdings Ltd. (China)		186,997
	8,000	Golden Eagle Retail Group Ltd. (China)		9,061
	198,991	GOME Retail Holdings Ltd. (China)^(b)		19,268
	54,000	Great Wall Motor Co. Ltd., H-Shares (China)		33,230
	48,398	Guangzhou Automobile Group Co. Ltd., H-Shares (China)		52,536
	22,000	Haier Electronics Group Co. Ltd. (Hong Kong)^(b)		57,320
	2,029	Huazhu Group Ltd. ADR (China)		69,838
	860,000	Imperial Pacific International Holdings Ltd. (Hong Kong)^(b)		7,999
	13,713	JD.com, Inc., Class A ADR (China)^(b)		429,217
	27,500	Li Ning Co. Ltd. (China)^(b)		29,010
	12,000	Minth Group Ltd. (China)		49,153
	2,283	New Oriental Education & Technology Group, Inc. ADR (China)		179,444
	5,000	Q Technology Group Co. Ltd. (China)		3,230
	11,999	Shenzhou International Group Holdings Ltd. (China)		157,461
	33,999	Skyworth Digital Holdings Ltd. (Hong Kong)		11,003
	4,983	TAL Education Group ADR (China)^(b)		147,497
	12,000	Tianneng Power International Ltd. (China)		14,907
	1,393	Tuniu Corp., Class A ADR (China)^(b)		10,434
	7,524	Vipshop Holdings Ltd., Class A ADR (China)^(b)		52,518
	19,000	Virscend Education Co. Ltd. (China)^(c)		11,571
	43,999	Xinyi Glass Holdings Ltd. (Hong Kong)		54,936
	6,766	Yum China Holdings, Inc. (China)		261,709
	11,000	Zhongsheng Group Holdings Ltd. (China)		24,133

				2,668,364

		Consumer Staples—3.5%
	105,993	C.P. Pokphand Co. Ltd. (Hong Kong)		9,723
	37,999	China Agri-Industries Holdings Ltd. (China)		15,105
	59,000	China Huishan Dairy Holdings Co. Ltd. (China)^(b)^(e)		0
	46,998	China Mengniu Dairy Co. Ltd. (China)^(b)		135,625
	45,989	China Modern Dairy Holdings Ltd. (China)^(b)		7,031


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	28,000	China Resources Beer Holdings Co. Ltd. (China)	$	119,150
	68,000	China Shengmu Organic Milk Ltd. (China)^(b)(c)		3,379
	35,500	Dali Foods Group Co. Ltd. (China)^(c)		25,781
	3,000	Health and Happiness H&H International Holdings Ltd. (China)^(b)		19,015
	12,501	Hengan International Group Co. Ltd. (China)		112,525
	37,999	Sun Art Retail Group Ltd. (Hong Kong)		43,814
	24,000	Tibet Water Resources Ltd. (Hong Kong)^(b)		7,247
	31,999	Tingyi Cayman Islands Holding Corp. (China)		57,158
	5,928	Tsingtao Brewery Co. Ltd., H-Shares (China)		28,171
	23,000	Uni-President China Holdings Ltd. (China)		22,652
	5,000	Vinda International Holdings Ltd. (Hong Kong)		8,371
	109,993	Want Want China Holdings Ltd. (China)		89,828
	123,000	WH Group Ltd. (Hong Kong)^(c)		92,772
	10,500	Zhou Hei Ya International Holdings Co. Ltd. (China)^(b)(c)		6,287

				803,634

		Energy—6.6%
	35,993	China Coal Energy Co. Ltd., H-Shares (China)		15,316
	31,999	China Oilfield Services Ltd., H-Shares (China)		28,375
	447,183	China Petroleum & Chemical Corp. (Sinopec), H-Shares (China)		449,525
	58,996	China Shenhua Energy Co. Ltd., H-Shares (China)		131,538
	282,990	CNOOC Ltd. (China)		500,440
	59,994	Kunlun Energy Co. Ltd. (China)		62,678
	371,986	PetroChina Co. Ltd., H-Shares (China)		276,777
	18,000	Sinopec Kantons Holdings Ltd. (China)		8,027
	31,999	Yanzhou Coal Mining Co. Ltd., H-Shares (China)		36,977

				1,509,653

		Financials—26.8%
	465,982	Agricultural Bank of China Ltd., H-Shares (China)		225,602
	1,332,466	Bank of China Ltd., H-Shares (China)		599,269
	373,993	Bank of Communications Co. Ltd., H-Shares (China)		270,170
	20,000	Central China Securities Co. Ltd., H-Shares (China)		5,122
	153,000	China Cinda Asset Management Co. Ltd., H-Shares (China)		39,571
	202,993	China CITIC Bank Corp. Ltd., H-Shares (China)		126,727
	1,395,219	China Construction Bank Corp., H-Shares (China)		1,235,431
	14,000	China Everbright Ltd. (China)		24,508
	61,000	China Galaxy Securities Co. Ltd., H-Shares (China)		29,844
	192,000	China Huarong Asset Management Co. Ltd., H-Shares (China)^(c)		39,873
	16,400	China International Capital Corp. Ltd., H-Shares (China)^(c)		30,005
	129,995	China Life Insurance Co. Ltd., H-Shares (China)		293,813
	66,493	China Merchants Bank Co. Ltd., H-Shares (China)		254,996
	14,800	China Merchants Securities Co. Ltd., H-Shares (China)^(c)		17,140

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


		20

Invesco China All-Cap ETF (YAO) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	131,388	China Minsheng Banking Corp. Ltd., H-Shares (China)	$	94,077
	170,000	China Minsheng Financial Holding Corp. Ltd. (Hong Kong)^(b)		8,664
	48,600	China Pacific Insurance (Group) Co. Ltd., H-Shares (China)		181,115
	105,000	China Reinsurance Group Corp., H-Shares (China)		20,735
	25,200	China Taiping Insurance Holdings Co. Ltd. (China)		79,945
	266,515	Chong Sing Holdings Fintech GR (China)^(b)		18,676
	43,994	Chongqing Rural Commercial Bank Co. Ltd., H-Shares (China)		23,710
	40,001	CITIC Securities Co. Ltd., H-Shares (China)		71,655
	13,500	CSC Financial Co. Ltd., H-Shares (China)^(b)(c)		8,187
	12,200	Everbright Securities Co. Ltd., H-Shares (China)^(c)		11,891
	716	Fanhua, Inc. ADR (China)		16,668
	38,000	Far East Horizon Ltd. (China)		35,972
	25,272	GF Securities Co. Ltd., H-Shares (China)		31,715
	55,000	Guotai Junan International Holdings Ltd. (China)		10,231
	10,800	Guotai Junan Securities Co. Ltd., H-Shares (China)^(c)		22,291
	55,200	Haitong Securities Co. Ltd., H-Shares (China)		48,808
	27,927	Huatai Securities Co. Ltd., H-Shares (China)^(b)(c)		41,843
	18,700	Huishang Bank Corp. Ltd., H-Shares (China)		8,100
	1,368,126	Industrial & Commercial Bank of China Ltd., H-Shares (China)		1,007,500
	12,600	New China Life Insurance Co. Ltd., H-Shares (China)		57,069
	423	Noah Holdings Ltd. ADR (China)^(b)		19,898
	14,000	Orient Securities Co. Ltd., H-Shares (China)^(c)		9,436
	121,000	People’s Insurance Co. Group of China Ltd. (The), H-Shares (China)		52,415
	119,992	PICC Property & Casualty Co. Ltd., H-Shares (China)		135,144
	88,652	Ping An Insurance Group Co. of China Ltd., H-Shares (China)		853,889
	69,000	Postal Savings Bank of China Co. Ltd., H-Shares (China)^(c)		40,615
	10,318	Shengjing Bank Co. Ltd., H-Shares (China)^(c)		5,390

				6,107,710

		Health Care—4.7%
	19,954	3SBio, Inc. (China)^(c)		38,083
	860	BeiGene Ltd. ADR (China)^(b)		152,676
	36,000	China Animal Healthcare Ltd. (China)^(b)(e)		0
	387	China Biologic Products Holdings, Inc. (China)^(b)		34,699
	23,495	China Medical System Holdings Ltd. (China)		38,914
	28,000	China Resources Pharmaceutical Group Ltd. (China)^(c)		44,806
	9,500	China Resources Phoenix Healthcare Holdings Co. Ltd. (China)		8,799
	78,000	CSPC Pharmaceutical Group Ltd. (China)		196,767
	12,136	Genertec Universal Medical Group Co. Ltd. (China)^(c)		9,648


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	16,000	Genscript Biotech Corp. (China)^(b)	$	34,451
	3,827	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares (China)		14,091
	91,200	Hua Han Health Industry Holdings Ltd. (Hong Kong)^(b)(e)		0
	2,080	Livzon Pharmaceutical Group, Inc., H-Shares (China)		8,401
	30,500	Luye Pharma Group Ltd. (China)^(c)		28,717
	8,000	Microport Scientific Corp. (China)		10,101
	40,001	Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares (China)		37,866
	8,000	Shanghai Fosun Pharmaceutical Group Co. Ltd., H-Shares (China)		32,310
	14,500	Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares (China)		38,056
	82,000	Sihuan Pharmaceutical Holdings Group Ltd. (China)		18,178
	111,988	Sino Biopharmaceutical Ltd. (China)		141,824
	20,801	Sinopharm Group Co. Ltd., H-Shares (China)		103,490
	32,000	SSY Group Ltd. (Hong Kong)		29,762
	10,000	Tong Ren Tang Technologies Co. Ltd., H-Shares (China)		14,499
	4,000	Wuxi Biologics Cayman, Inc. (China)^(b)(c)		39,496

				1,075,634

		Industrials—6.4%
	395	51job, Inc. ADR (China)^(b)		30,538
	33,999	Air China Ltd., H-Shares (China)		31,881
	46,999	AviChina Industry & Technology Co. Ltd., H-Shares (China)		27,245
	26,000	Beijing Capital International Airport Co. Ltd., H-Shares (China)		27,693
	13,818	CAR, Inc. (China)^(b)		11,091
	76,993	China Communications Construction Co. Ltd., H-Shares (China)		76,415
	31,500	China Conch Venture Holdings Ltd. (China)		108,359
	28,000	China Eastern Airlines Corp. Ltd., H-Shares (China)		17,908
	108,000	China Energy Engineering Corp. Ltd., H-Shares (China)		13,210
	45,999	China Everbright International Ltd. (China)		38,738
	17,036	China Everbright International Ltd. (China) Rts. expiring 09/13/18^(b)		1,324
	7,000	China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)		7,786
	7,300	China International Marine Containers Group Co. Ltd., H-Shares (China)		7,766
	17,000	China Lesso Group Holdings Ltd. (China)		9,812
	13,000	China Machinery Engineering Corp., H-Shares (China)		6,327
	21,320	China Merchants Port Holdings Co. Ltd. (China)		43,515
	33,499	China Railway Construction Corp. Ltd., H-Shares (China)		40,503
	66,993	China Railway Group Ltd., H-Shares (China)		57,870
	34,000	China Southern Airlines Co. Ltd., H-Shares (China)		22,482
	31,999	China State Construction International Holdings Ltd. (China)		33,308

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


		21

Invesco China All-Cap ETF (YAO) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	111,000	CITIC Ltd. (China)	$	157,826
	65,990	COSCO SHIPPING Development Co. Ltd., H-Shares (China)^(b)		9,585
	22,000	COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares (China)		9,614
	45,000	COSCO SHIPPING Holdings Co. Ltd., H-Shares (China)^(b)		18,748
	30,000	COSCO SHIPPING Ports Ltd. (China)		31,762
	71,000	CRRC Corp. Ltd., H-Shares (China)		58,798
	119,384	Fullshare Holdings Ltd. (Hong Kong)^(b)(d)		47,760
	20,000	Greentown Service Group Co. Ltd. (China)		15,798
	24,000	Guangshen Railway Co. Ltd., H-Shares (China)		10,488
	11,000	Haitian International Holdings Ltd. (China)		22,087
	22,000	Jiangsu Expressway Co. Ltd., H-Shares (China)		27,805
	32,000	Lonking Holdings Ltd. (China)		11,008
	49,000	Metallurgical Corp. of China Ltd., H-Shares (China)		13,422
	19,000	Qingdao Port International Co. Ltd., H-Shares (China)^(b)(c)		14,403
	45,998	Shanghai Electric Group Co. Ltd., H-Shares (China)		14,417
	8,000	Shanghai Industrial Holdings Ltd. (China)		19,060
	12,000	Shenzhen Expressway Co. Ltd., H-Shares (China)		11,635
	16,407	Shenzhen International Holdings Ltd. (China)		30,770
	20,500	Sinopec Engineering Group Co. Ltd., H-Shares (China)		21,365
	37,000	Sinotrans Ltd., H-Shares (China)		15,509
	11,500	Sinotruk Hong Kong Ltd. (China)		17,172
	22,000	SITC International Holdings Co. Ltd. (China)		16,425
	33,600	Weichai Power Co. Ltd., H-Shares (China)		35,617
	11,280	Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares (China)		12,072
	38,700	Yangzijiang Shipbuilding Holdings Ltd. (China)		30,225
	25,999	Zhejiang Expressway Co. Ltd. H-Shares (China)		20,637
	9,500	Zhuzhou CRRC Times Electric Co. Ltd., H-Shares (China)		51,259
	22,599	Zoomlion Heavy Industry Science and Technology Co. Ltd., H-Shares (China)		8,292
	4,633	ZTO Express Cayman, Inc. ADR (China)		85,525

				1,452,855

		Information Technology—21.8%
	1,582	58.com, Inc., Class A ADR (China)^(b)		120,359
	12,982	AAC Technologies Holdings, Inc. (China)		143,897
	48,000	AGTech Holdings Ltd. (Hong Kong)^(b)		3,914
	6,819	Alibaba Group Holding Ltd. ADR (China)^(b)		1,193,393
	966	Autohome, Inc., Class A ADR (China)		79,801
	4,848	Baidu, Inc. ADR (China)^(b)		1,097,975
	508	Baozun, Inc. ADR (China)^(b)(d)		27,122
	707	Bitauto Holdings Ltd. ADR (China)^(b)(d)		16,763
	11,000	BYD Electronic International Co. Ltd. (China)		11,562
	273	Changyou.com Ltd., Class A ADR (China)		3,683
	25,077	China Railway Signal & Communication Corp. Ltd., H-Shares (China)^(c)		17,732
	38,000	Chinasoft International Ltd. (China)^(b)		27,112
	18,000	Digital China Holdings Ltd. (Hong Kong)^(b)		9,403


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	3,131	Fang Holdings Ltd. ADR (China)^(b)	$	9,612
	26,000	FIT Hon Teng Ltd. (Taiwan)^(c)		13,283
	214,995	GCL-Poly Energy Holdings Ltd. (China)^(b)		14,518
	850	Hollysys Automation Technologies Ltd. (China)		18,445
	6,000	Hua Hong Semiconductor Ltd. (China)^(c)		16,359
	385	JinkoSolar Holding Co. Ltd. ADR (China)^(b)(d)		5,055
	11,800	Kingboard Holdings Ltd. (China)		41,945
	15,000	Kingboard Laminates Holdings Ltd. (Hong Kong)		14,161
	36,000	Kingdee International Software Group Co. Ltd. (China)		41,004
	19,000	Kingsoft Corp. Ltd. (China)		34,519
	9,550	Legend Holdings Corp., H-Shares (China)^(c)		29,567
	113,995	Lenovo Group Ltd. (China)		74,361
	27,500	Meitu, Inc. (China)^(b)(c)		14,891
	1,127	Momo, Inc., Class A ADR (China)^(b)		52,169
	3,500	NetDragon Websoft Holdings Ltd. (Hong Kong)		7,331
	1,289	NetEase, Inc. ADR (China)		254,848
	58,692	Semiconductor Manufacturing International Corp. (China)^(b)		69,244
	1,033	SINA Corp. (China)^(b)		73,302
	536	Sohu.com Ltd. ADR (China)^(b)		11,444
	11,870	Sunny Optical Technology Group Co. Ltd. (China)		150,853
	23,642	Tencent Holdings Ltd. (China)		1,024,128
	16,000	TravelSky Technology Ltd., H-Shares (China)		40,974
	908	Weibo Corp., Class A ADR (China)^(b)		69,680
	78,000	Xinyi Solar Holdings Ltd. (China)		23,254
	3,000	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H-Shares (China)^(b)(c)		10,186
	790	YY, Inc., Class A ADR (China)^(b)		60,380
	13,248	ZTE Corp. H-Shares (China)^(b)		25,723

				4,953,952

		Materials—2.6%
	67,994	Aluminum Corp. of China Ltd., H-Shares (China)^(b)		28,761
	20,000	Angang Steel Co. Ltd., H-Shares (China)		19,672
	20,500	Anhui Conch Cement Co. Ltd., H-Shares (China)		124,846
	41,000	BBMG Corp., H-Shares (China)		15,253
	579,031	Beijing Enterprises Clean Energy Group Ltd. (China)^(b)		11,582
	27,999	China BlueChemical Ltd., H-Shares (China)		9,774
	63,000	China Molybdenum Co. Ltd., H-Shares (China)		25,846
	65,998	China National Building Material Co. Ltd., H-Shares (China)		61,719
	34,000	China Resources Cement Holdings Ltd. (China)		39,679
	105,999	China Shanshui Cement Group Ltd. (China)^(b)(e)		0
	24,799	China Zhongwang Holdings Ltd. (China)		11,627
	22,000	Fufeng Group Ltd. (China)^(b)		10,427
	19,000	Greatview Aseptic Packaging Co. Ltd. (China)		10,167
	14,999	Huabao International Holdings Ltd. (Hong Kong)		8,829
	20,999	Jiangxi Copper Co. Ltd., H-Shares (China)		24,881
	23,999	Lee & Man Paper Manufacturing Ltd. (China)		22,993
	30,000	Maanshan Iron & Steel Co. Ltd., H-Shares (China)		15,709

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


		22

Invesco China All-Cap ETF (YAO) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	36,000	MMG Ltd. (China)^(b)	$	18,026
	28,999	Nine Dragons Paper Holdings Ltd. (Hong Kong)		32,883
	66,000	Shougang Fushan Resources Group Ltd. (China)		14,715
	59,998	Sinopec Shanghai Petrochemical Co. Ltd., H-Shares (China)		35,239
	17,500	Zhaojin Mining Industry Co. Ltd., H-Shares (China)		13,645
	99,992	Zijin Mining Group Co. Ltd., H-Shares (China)		37,327

				593,600

		Real Estate—7.5%
	26,000	Agile Group Holdings Ltd. (China)		42,467
	140,000	Carnival Group International Holdings Ltd. (Hong Kong)^(b)		5,797
	22,000	China Aoyuan Property Group Ltd. (China)		16,425
	59,994	China Evergrande Group (China)^(b)		215,168
	77,998	China Jinmao Holdings Group Ltd. (China)		36,769
	28,000	China Logistics Property Holdings Co. Ltd. (China)^(b)(c)		10,524
	67,995	China Overseas Land & Investment Ltd. (China)		215,275
	47,999	China Resources Land Ltd. (China)		167,256
	28,000	China SCE Property Holdings Ltd. (China)		12,557
	54,000	China South City Holdings Ltd. (China)		9,494
	22,796	China Vanke Co. Ltd., H-Shares (China)		78,998
	62,000	CIFI Holdings Group Co. Ltd. (China)		35,941
	120,873	Country Garden Holdings Co. Ltd. (China)		179,872
	28,000	Future Land Development Holdings Ltd. (China)		21,654
	11,000	Greentown China Holdings Ltd. (China)		11,072
	17,600	Guangzhou R&F Properties Co. Ltd., H-Shares (China)		35,519
	12,000	Hopson Development Holdings Ltd. (China)		11,115
	20,000	Jiayuan International Group Ltd. (China)		39,955
	66,000	Joy City Property Ltd. (China)		8,072
	41,000	Kaisa Group Holdings Ltd. (China)^(b)		15,253
	23,815	KWG Property Holding Ltd. (China)		25,457
	22,000	Logan Property Holdings Co. Ltd. (China)		27,469
	24,499	Longfor Properties Co. Ltd. (China)		68,045
	31,999	Poly Property Group Co. Ltd. (China)		12,190
	24,000	Powerlong Real Estate Holdings Ltd. (China)		12,262
	11,837	Red Star Macalline Group Corp. Ltd., H-Shares (China)^(c)		12,155
	371,930	Renhe Commercial Holdings Co. Ltd. (China)^(b)		9,003
	10,000	Ronshine China Holdings Ltd. (China)^(b)		12,002
	53,999	Shenzhen Investment Ltd. (China)		17,681
	18,999	Shimao Property Holdings Ltd. (China)		56,642
	58,493	Shui On Land Ltd. (China)		13,936
	52,493	Sino-Ocean Group Holding Ltd. (China)		26,685
	32,499	SOHO China Ltd. (China)		13,043
	38,000	Sunac China Holdings Ltd. (China)		124,425
	10,000	Times China Holdings Ltd. (China)		11,861
	11,500	Yanlord Land Group Ltd. (China)		12,759
	105,992	Yuexiu Property Co. Ltd. (China)		19,176
	27,000	Yuzhou Properties Co. Ltd. (China)		14,345
	53,000	Zall Smart Commerce Group Ltd. (China)		44,904

				1,703,223


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Telecommunication Services—5.2%
	41,993	China Communications Services Corp. Ltd., H-Shares (China)	$	34,776
	96,951	China Mobile Ltd. (China)		911,590
	243,981	China Telecom Corp. Ltd., H-Shares (China)		114,703
	107,995	China Unicom Hong Kong Ltd. (China)		125,622

				1,186,691

		Utilities—3.0%
	8,500	Beijing Enterprises Holdings Ltd. (China)		40,773
	91,986	Beijing Enterprises Water Group Ltd. (China)^(b)		50,160
	42,000	Beijing Jingneng Clean Energy Co. Ltd., H-Shares (China)		8,936
	178,271	CGN Power Co. Ltd., H-Shares (China)^(c)		42,246
	39,999	China Gas Holdings Ltd. (Hong Kong)		127,148
	53,998	China Longyuan Power Group Corp., H-Shares (China)		45,475
	74,999	China Power International Development Ltd. (China)		16,340
	14,000	China Resources Gas Group Ltd. (China)		63,767
	31,999	China Resources Power Holdings Co. Ltd. (China)		57,647
	16,000	China Water Affairs Group Ltd. (Hong Kong)		18,326
	50,000	CT Environmental Group Ltd. (China)		6,498
	47,996	Datang International Power Generation Co. Ltd., H-Shares (China)		12,291
	49,998	Guangdong Investment Ltd. (China)		88,671
	44,000	Huadian Fuxin Energy Corp. Ltd., H-Shares (China)		9,082
	28,000	Huadian Power International Corp. Ltd., H-Shares (China)		10,417
	73,994	Huaneng Power International, Inc., H-Shares (China)		47,514
	83,456	Huaneng Renewables Corp. Ltd., H-Shares (China)		26,688

				671,979

		Total Common Stocks & Other Equity Interests (Cost $20,769,027)		22,727,295



		Money Market Fund—0.1%
	23,274	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(f) (Cost $23,274)		23,274

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $20,792,301)—99.9%		22,750,569



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—0.5%
	111,189	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(f)^(g) (Cost $111,189)		111,189

		Total Investments in Securities (Cost $20,903,490)—100.4%		22,861,758
		Other assets less liabilities—(0.4)%		(84,225	)

		Net Assets—100.0%	$	22,777,533

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


		23

Invesco China All-Cap ETF (YAO) (continued)

August 31, 2018

Investment Abbreviations:

ADR—American Depositary Receipt

Rts.—Rights

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 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 August 31, 2018 was $766,854, which represented 3.37% of the Fund’s Net Assets.

^(d)	All or a portion of this security was out on loan at August 31, 2018.

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

^(f)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 6.

This Fund has holdings greater than 10% of net assets in the following country:


China							96.8	%

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


		24

Schedule of Investments^(a)

Invesco China Technology ETF (CQQQ)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communications Equipment—2.6%
	1,826,176	BYD Electronic International Co. Ltd. (China)	$	1,919,499
	4,051,219	China All Access Holdings Ltd. (Hong Kong)		392,275
	4,066,825	Comba Telecom Systems Holdings Ltd. (Hong Kong)^(b)		647,674
	1,043,110	O-NET Technologies Group Ltd. (China)^(b)		594,058
	1,401,394	Xi’an Haitiantian Holdings Co. Ltd. (China)^(b)		535,640
	498,776	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H-Shares (China)^(b)^(c)		1,693,534
	2,186,712	ZTE Corp. H-Shares (China)^(b)		4,245,880

				10,028,560

		Consumer Finance—0.1%
	29,862	Yirendai Ltd. ADR (China)^(d)		541,398

		Electronic Equipment, Instruments & Components—14.6%
	1,200,474	AAC Technologies Holdings, Inc. (China)		13,306,481
	2,144,054	Anxin-China Holdings Ltd. (China)^(b)^(e)		0
	1,153,289	Camsing International Holding Ltd. (Hong Kong)^(b)(d)		999,167
	5,536,001	China Aerospace International Holdings Ltd. (China)		458,459
	4,103,375	China Railway Signal & Communication Corp. Ltd., H-Shares (China)^(c)		2,901,519
	24,607,128	China Youzan Ltd. (Hong Kong)^(b)(d)		2,414,031
	4,483,132	FIT Hon Teng Ltd. (Taiwan)^(c)		2,290,430
	148,469	Hollysys Automation Technologies Ltd. (China)		3,221,777
	2,424,609	Ju Teng International Holdings Ltd. (Hong Kong)		457,188
	1,914,058	Kingboard Holdings Ltd. (China)		6,803,784
	2,497,090	Kingboard Laminates Holdings Ltd. (Hong Kong)		2,357,456
	2,133,993	PAX Global Technology Ltd. (Hong Kong)		1,054,911
	1,319,936	Sunny Optical Technology Group Co. Ltd. (China)	��	16,774,786
	11,389,382	Tongda Group Holdings Ltd. (Hong Kong)		1,712,275
	4,786,614	Truly International Holdings Ltd. (Hong Kong)^(b)		768,405
	1,250,858	Wasion Holdings Ltd. (China)		631,095

				56,151,764

		Internet Software & Services—58.8%
	134,163	21Vianet Group, Inc., Class A ADR (China)^(b)		1,308,089
	240,358	58.com, Inc., Class A ADR (China)^(b)		18,286,437
	208,781	Alibaba Group Holding Ltd. ADR (China)^(b)		36,538,763
	159,668	Autohome, Inc., Class A ADR (China)		13,190,174
	145,096	Baidu, Inc. ADR (China)^(b)		32,861,342
	84,551	Baozun, Inc. ADR (China)^(b)(d)		4,514,178
	113,706	Bitauto Holdings Ltd. ADR (China)^(b)(d)		2,695,969
	520,708	Fang Holdings Ltd. ADR (China)^(b)		1,598,574
	1,655,309	HC Group, Inc. (China)		1,162,042
	189,121	Momo, Inc., Class A ADR (China)^(b)		8,754,411
	131,876	NetEase, Inc. ADR (China)		26,073,204
	88,905	Phoenix New Media Ltd. ADR (China)^(b)		455,194
	171,628	SINA Corp. (China)^(b)		12,178,723
	88,981	Sohu.com Ltd. ADR (China)^(b)		1,899,744
	1,749,566	SUNeVision Holdings Ltd. (Hong Kong)		1,415,452
	911,876	Tencent Holdings Ltd. (China)		39,500,801


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Internet Software & Services (continued)
	1,680,087	Tian Ge Interactive Holdings Ltd. (China)^(c)	$	1,115,220
	151,008	Weibo Corp., Class A ADR (China)^(b)		11,588,354
	98,496	Xunlei Ltd. ADR (China)^(b)(d)		937,682
	131,353	YY, Inc., Class A ADR (China)^(b)		10,039,310

				226,113,663

		IT Services—5.5%
	8,804,124	AGTech Holdings Ltd. (Hong Kong)^(b)		717,889
	6,259,909	Chinasoft International Ltd. (China)^(b)		4,466,293
	2,961,726	Digital China Holdings Ltd. (Hong Kong)^(b)		1,547,106
	166,561	GDS Holdings Ltd. ADR (China)^(b)(d)		6,357,633
	14,175,756	Green Leader Holdings Group Ltd. (Hong Kong)^(b)		121,008
	5,305,909	Hi Sun Technology China Ltd. (Hong Kong)^(b)		790,928
	2,699,161	TravelSky Technology Ltd., H-Shares (China)		6,912,196
	7,721,573	Vision Values Holdings Ltd. (Hong Kong)^(b)		403,349

				21,316,402

		Real Estate Management & Development—0.5%
	4,586,872	Landing International Development Ltd. (Hong Kong)^(b)		1,852,538

		Semiconductors & Semiconductor Equipment—8.1%
	714,625	ASM Pacific Technology Ltd. (Hong Kong)		7,538,757
	2,408,868	China Electronics Huada Technology Co. Ltd. (China)		242,455
	26,064	Daqo New Energy Corp. ADR (China)^(b)		929,703
	35,517,729	GCL-Poly Energy Holdings Ltd. (China)^(b)		2,398,348
	1,023,108	Hua Hong Semiconductor Ltd. (China)^(c)		2,789,501
	75,916	JinkoSolar Holding Co. Ltd. ADR (China)^(b)(d)		996,777
	9,845,840	Semiconductor Manufacturing International Corp. (China)^(b)(d)		11,615,956
	823,668	Shanghai Fudan Microelectronics Group Co. Ltd., H-Shares (China)^(b)		841,623
	12,682,245	Xinyi Solar Holdings Ltd. (China)		3,780,970

				31,134,090

		Software—4.6%
	1,438,993	Boyaa Interactive International Ltd. (China)^(b)		363,007
	45,437	Changyou.com Ltd., Class A ADR (China)		612,945
	103,451	Cheetah Mobile, Inc., Class A ADR (China)^(b)(d)		1,034,510
	5,969,057	Kingdee International Software Group Co. Ltd. (China)		6,798,834
	3,099,887	Kingsoft Corp. Ltd. (China)		5,631,922
	3,466,682	Leyou Technologies Holdings Ltd. (China)^(b)		1,236,697
	282,887	Link Motion, Inc. ADR (China)^(b)(d)		264,839
	534,446	National Agricultural Holdings Ltd. (China)^(b)(e)		0
	602,123	NetDragon Websoft Holdings Ltd. (Hong Kong)		1,261,183
	10,324,178	Rentian Technology Holdings Ltd. (Hong Kong)^(b)		420,917

				17,624,854

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


		25

Invesco China Technology ETF (CQQQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Specialty Retail—0.0%
	54,902	Renren, Inc., Class A ADR (China)^(d)	$	94,980

		Technology Hardware, Storage & Peripherals—5.2%
	1,977,868	Coolpad Group Ltd. (China)^(b)(e)		0
	1,581,515	Legend Holdings Corp., H-Shares (China)^(c)		4,896,331
	19,120,534	Lenovo Group Ltd. (China)		12,472,720
	4,582,093	Meitu, Inc. (China)^(b)(c)		2,481,099

				19,850,150

		Total Common Stocks & Other Equity Interests (Cost $450,726,318)		384,708,399



		Money Market Fund—0.0%
	67,535	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(f) (Cost $67,535)		67,535

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $450,793,853)—100.0%		384,775,934



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—5.9%
	22,464,958	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(f)^(g) (Cost $22,464,958)		22,464,958

		Total Investments in Securities (Cost $473,258,811)—105.9%		407,240,892
		Other assets less liabilities—(5.9)%		(22,552,214	)

		Net Assets-100.0%	$	384,688,678

Investment Abbreviations:

ADR—American Depositary Receipt

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 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 August 31, 2018 was $18,167,634, which represented 4.72% of the Fund’s Net Assets.

^(d)	All or a portion of this security was out on loan at August 31, 2018.

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

^(f)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 6.

This Fund has holdings greater than 10% of net assets in the following country:


China							92.4	%

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


		26

Schedule of Investments

Invesco S&P Global Water Index ETF (CGW)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.5%
		Austria—1.9%
	187,252	ANDRITZ AG	$	11,111,249

		Brazil—1.2%
	1,178,996	Cia de Saneamento Basico do Estado de Sao Paulo ADR		7,085,766

		Canada—2.6%
	1,493,596	Algonquin Power & Utilities Corp.		15,486,344

		China—4.6%
	17,861,299	Beijing Enterprises Water Group Ltd.^(a)		9,739,754
	9,923,756	Guangdong Investment Ltd.		17,599,751

				27,339,505

		France—7.9%
	1,462,336	Suez		21,191,278
	1,236,372	Veolia Environnement SA		26,123,493

				47,314,771

		Hong Kong—0.6%
	3,053,656	China Water Affairs Group Ltd.		3,497,607

		Italy—1.7%
	154,564	ACEA SpA		2,208,376
	2,517,939	Hera SpA		7,915,836

				10,124,212

		Japan—3.0%
	250,681	Ebara Corp.		8,590,772
	280,045	Kurita Water Industries Ltd.		8,334,297
	28,899	METAWATER Co. Ltd.		780,561

				17,705,630

		Netherlands—2.6%
	254,729	Aalberts Industries NV		10,948,170
	250,278	Arcadis NV		4,449,511

				15,397,681

		Singapore—0.1%
	3,152,967	SIIC Enviornment Holdings Ltd.		724,926

		South Korea—2.0%
	144,614	Coway Co. Ltd.		11,874,159

		Sweden—3.6%
	793,406	Alfa Laval AB		21,284,395

		Switzerland—5.1%
	66,803	Geberit AG		30,448,519

		United Kingdom—18.0%
	1,000,549	Halma PLC		18,622,632
	413,521	nVent Electric PLC		11,615,805
	1,436,681	Pennon Group PLC		14,352,263
	413,521	Pentair PLC		17,979,893
	828,565	Severn Trent PLC		21,549,309
	2,352,386	United Utilities Group PLC		22,674,513

				106,794,415

		United States—44.6%
	107,259	Advanced Drainage Systems, Inc.		3,362,570
	126,664	American States Water Co.		7,654,306
	615,974	American Water Works Co., Inc.		53,916,204
	613,211	Aqua America, Inc.		22,799,185
	77,088	Badger Meter, Inc.		4,235,986
	165,502	California Water Service Group		6,810,407


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United States (continued)
	41,710	Connecticut Water Service, Inc.	$	2,857,552
	292,094	Danaher Corp.		30,243,413
	88,143	Energy Recovery, Inc.^(a)^(b)		854,106
	149,950	Evoqua Water Technologies Corp.^(a)		2,906,031
	49,447	Forterra, Inc.^(a)		418,322
	102,478	Franklin Electric Co., Inc.		5,011,174
	50,552	Gorman-Rupp Co. (The)		1,853,236
	202,649	IDEX Corp.		31,047,853
	28,198	Lindsay Corp.		2,700,522
	56,493	Middlesex Water Co.		2,587,379
	420,348	Mueller Water Products, Inc., Class A		4,863,426
	442,446	Olin Corp.		13,596,366
	79,997	PICO Holdings, Inc.^(a)		955,964
	1,290,005	Reliance Worldwide Corp. Ltd.		4,953,868
	71,610	Select Energy Services, Inc., Class A^(a)		977,476
	55,927	SJW Corp.		3,238,733
	192,677	Tetra Tech, Inc.		13,448,855
	73,321	Watts Water Technologies, Inc., Class A		6,045,316
	476,320	Xylem, Inc.		36,157,451
	44,445	York Water Co. (The)		1,337,795

				264,833,496

		Total Common Stocks & Other Equity Interests (Cost $477,329,792)		591,022,675



		Money Market Fund—0.2%
	940,748	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $940,748)		940,748

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $478,270,540)—99.7%		591,963,423



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—0.1%
	859,521	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)^(d) (Cost $859,521)		859,521

		Total Investments in Securities (Cost $479,130,061)—99.8%		592,822,944
		Other assets less liabilities—0.2%		1,281,968

		Net Assets—100.0%	$	594,104,912

Investment Abbreviations:

ADR—American 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 August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 6.

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


		27

Schedule of Investments^(a)

Invesco S&P High Income Infrastructure ETF (GHII)

August 31, 2018


Number of Shares			Value
		Common Stocks—99.6%
		Energy—33.4%
	59,543	Enagas SA (Spain)	$	1,659,214
	80,463	Enbridge Income Fund Holdings, Inc. (Canada)		2,028,930
	46,499	Enbridge, Inc. (Canada)		1,587,232
	15,759	Gaztransport Et Technigaz SA (France)		1,079,966
	64,457	Gibson Energy, Inc. (Canada)		957,994
	107,085	Inter Pipeline Ltd. (Canada)		1,969,323
	280,037	Nordic American Tankers Ltd.		624,483
	39,765	Pembina Pipeline Corp. (Canada)		1,357,368
	87,660	SemGroup Corp., Class A		2,121,372
	192,554	Ship Finance International Ltd. (Norway)		2,734,267
	411,379	Snam SpA (Italy)		1,692,469
	42,034	Targa Resources Corp.		2,314,812

				20,127,430

		Industrials—12.8%
	10,988,727	Hutchison Port Holdings Trust (Hong Kong)		2,692,238
	67,138	Macquarie Infrastructure Corp.		3,158,172
	282,738	Sydney Airport (Australia)		1,474,273
	500,000	Yuexiu Transport Infrastructure Ltd. (China)		388,589

				7,713,272

		Utilities—53.4%
	112,886	AltaGas Ltd. (Canada)		2,099,379
	110,686	APA Group (Australia)		800,481
	50,388	Atlantica Yield PLC (Spain)		1,039,756
	824,588	AusNet Services (Australia)		980,983
	41,541	Capital Power Corp. (Canada)		871,630
	653,887	Centrica PLC (United Kingdom)		1,217,891
	4,050,231	China Power International Development Ltd. (China)		882,403
	560,433	China Resources Power Holdings Co. Ltd. (China)		1,009,635
	173,016	Contact Energy Ltd. (New Zealand)		637,119
	238,790	EDP-Energias de Portugal SA (Portugal)		934,905
	27,344	Emera, Inc. (Canada)		865,857
	54,491	Endesa SA (Spain)		1,222,991
	58,472	Engie SA (France)		859,246
	36,787	Fortum Oyj (Finland)		933,076
	880,155	HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)^(b)		889,249
	121,527	Infratil Ltd. (New Zealand)		274,556
	96,184	Just Energy Group, Inc. (Canada)		287,678
	974,399	Keppel Infrastructure Trust (Singapore)		369,831
	394,767	Mercury NZ Ltd. (New Zealand)		860,433
	84,978	National Grid PLC (United Kingdom)		894,646
	42,863	Northland Power, Inc. (Canada)		717,588
	65,544	NRG Yield, Inc., Class C		1,301,048
	88,296	Pattern Energy Group, Inc., Class A		1,799,473
	120,000	Power Assets Holdings Ltd. (Hong Kong)		841,647
	34,576	PPL Corp.		1,028,290
	42,733	Red Electrica Corp. SA (Spain)		899,929


Number of Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	350,991	REN—Redes Energeticas Nacionais SGPS SA (Portugal)	$	996,442
	20,420	SCANA Corp.		782,903
	682,959	Spark Infrastructure Group (Australia)		1,185,399
	65,490	SSE PLC (United Kingdom)		1,066,561
	74,083	Suez (France)		1,073,566
	93,805	Superior Plus Corp., Class Common Subscription Receipt (Canada)		930,892
	70,773	TransAlta Renewables, Inc. (Canada)		656,195
	94,257	United Utilities Group PLC (United Kingdom)		908,538

				32,120,216

		Total Investments in Securities (Cost $60,556,688)—99.6%		59,960,918
		Other assets less liabilities—0.4%		218,990

		Net Assets—100.0%	$	60,179,908

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)

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 August 31, 2018 represented 1.48% of the Fund’s Net Assets.

This Fund has holdings greater than 10% of net assets in the following country:


Canada			23.8	%

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


		28

Schedule of Investments

Invesco Shipping ETF (SEA)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Belgium—4.3%
	339,899	Euronav NV	$	2,954,178

		Bermuda—10.4%
	154,564	Golar LNG Ltd.		3,950,656
	190,256	Teekay Corp.^(a)		1,289,935
	118,013	Teekay LNG Partners LP		1,858,705

				7,099,296

		China—4.9%
	3,106,047	COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares		1,357,355
	4,836,572	COSCO SHIPPING Holdings Co. Ltd., H-Shares^(b)		2,015,007

				3,372,362

		Denmark—20.6%
	9,108	AP Moller—Maersk A/S, Class B		14,089,284

		Germany—3.5%
	55,914	Hapag-Lloyd AG^(c)		2,362,831

		Hong Kong—5.2%
	8,338,986	Pacific Basin Shipping Ltd.		1,997,387
	172,661	Seaspan Corp.^(a)		1,591,935

				3,589,322

		Japan—18.5%
	144,098	Kawasaki Kisen Kaisha Ltd.^(b)		2,671,827
	188,304	Mitsui OSK Lines Ltd.		5,074,197
	261,588	Nippon Yusen KK		4,944,658

				12,690,682

		Monaco—9.2%
	178,525	Costamare, Inc.		1,255,031
	99,450	GasLog Ltd.		1,670,760
	87,425	GasLog Partners LP		2,124,428
	670,108	Scorpio Tankers, Inc.		1,286,607

				6,336,826

		Norway—6.6%
	187,899	Golden Ocean Group Ltd.		1,761,546
	194,388	Ship Finance International Ltd.		2,760,310

				4,521,856

		South Korea—5.8%
	504,827	Hyundai Merchant Marine Co. Ltd.^(b)		2,063,480
	417,377	Pan Ocean Co. Ltd.^(b)		1,934,749

				3,998,229

		United Kingdom—4.5%
	115,991	Golar LNG Partners LP		1,568,198
	68,750	KNOT Offshore Partners LP		1,481,563

				3,049,761


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United States—6.5%
	320,616	DHT Holdings, Inc.	$	1,500,483
	78,418	Matson, Inc.		2,929,696

				4,430,179

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $73,153,966)—100.0%		68,494,806



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—3.6%
	2,478,668	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)^(e) (Cost $2,478,668)		2,478,668

		Total Investments in Securities (Cost $75,632,634)—103.6%		70,973,474
		Other assets less liabilities—(3.6)%		(2,453,391	)

		Net Assets—100.0%	$	68,520,083

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at August 31, 2018.

^(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 August 31, 2018 represented 3.45% of the Fund’s Net Assets.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 6.

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


		29

Schedule of Investments^(a)

Invesco Solar ETF (TAN)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.5%
		Construction & Engineering—2.4%
	24,287,555	China Singyes Solar Technologies Holdings Ltd. (China)	$	7,674,086

		Containers & Packaging—3.0%
	486,273,874	Beijing Enterprises Clean Energy Group Ltd. (China)^(b)		9,726,840

		Electrical Equipment—12.9%
	2,681,194	Enphase Energy, Inc.^(b)^(c)		13,111,039
	1,376,165	Sunrun, Inc.^(b)		18,055,285
	1,890,942	Vivint Solar, Inc.^(b)(c)		9,927,445

				41,093,769

		Independent Power & Renewable Electricity Producers—25.0%
	793,281	Atlantica Yield PLC (Spain)		16,369,353
	2,038,861	Encavis AG (Germany)		14,755,171
	168,086,285	GCL New Energy Holdings Ltd. (China)^(b)		6,317,504
	2,119,680	Scatec Solar ASA (Norway)^(d)		14,954,634
	2,039,026	Solaria Energia y Medio Ambiente SA (Spain)^(b)		13,902,299
	1,218,264	TerraForm Power, Inc., Class A		13,620,192

				79,919,153

		Mortgage REITs—5.5%
	808,526	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		17,431,821

		Semiconductors & Semiconductor Equipment—50.7%
	1,230,729	Canadian Solar, Inc. (Canada)^(b)(c)		17,673,268
	342,838	Daqo New Energy Corp. ADR (China)^(b)		12,229,031
	556,840	First Solar, Inc.^(b)		29,000,227
	138,565,863	GCL-Poly Energy Holdings Ltd. (China)^(b)		9,356,713
	1,058,906	JinkoSolar Holding Co. Ltd. ADR (China)^(b)(c)		13,903,436
	13,487,002	Meyer Burger Technology AG (Switzerland)^(b)		8,604,571
	74,722,995	REC Silicon ASA^(b)		6,357,446
	280,690	SMA Solar Technology AG (Germany)		10,202,444
	447,015	SolarEdge Technologies, Inc.^(b)		21,434,369
	1,987,329	SunPower Corp.^(b)(c)		13,354,851
	66,250,856	Xinyi Solar Holdings Ltd. (China)		19,751,431

				161,867,787

		Total Common Stocks & Other Equity Interests (Cost $337,500,911)		317,713,456


Number of Shares			Value
		Money Market Fund—0.2%
	637,997	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(e) (Cost $637,997)	$	637,997

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $338,138,908)-99.7%		318,351,453



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—11.9%
	38,036,785	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(e)^(f) (Cost $38,036,785)		38,036,785

		Total Investments in Securities (Cost $376,175,693)—111.6%		356,388,238
		Other assets less liabilities—(11.6)%		(37,005,052	)

		Net Assets—100.0%	$	319,383,186

Investment Abbreviations:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(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 August 31, 2018 represented 4.68% of the Fund’s Net Assets.

^(e)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 6.

This Fund has holdings greater than 10% of net assets in the following country:


China			24.7	%

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


		30

(This Page Intentionally Left Blank)


		31

Statements of Assets and Liabilities

August 31, 2018


	Invesco China All-Cap ETF (YAO)			Invesco China Technology ETF (CQQQ)			Invesco S&P Global Water Index ETF (CGW)			Invesco S&P High Income Infrastructure ETF (GHII)
Assets:
Unaffiliated investments in securities, at value^(a)	$	22,727,295		$	384,708,399		$	591,022,675		$	59,960,918
Affiliated investments in securities, at value		134,463			22,532,493			1,800,269			—
Cash segregated as collateral		—			2,832,112			—			—
Foreign currencies, at value		9,017			548			48,600			3,097
Receivables:
Dividends		31,147			209,125			1,274,601			269,039
Securities lending		324			43,321			1,306			503
Foreign tax reclaims		—			—			1,391,672			39,205
Shares sold		—			7,394,392			—			—
Other assets		—			—			—			—

Total Assets		22,902,246			417,720,390			595,539,123			60,272,762


Liabilities:
Due to custodian		—			9,681			—			56,122
Due to foreign custodian		—			—			—			—
Payables:
Collateral upon return of securities loaned		111,189			22,464,958			859,521			—
Investments purchased		—			7,394,592			—			—
Collateral upon receipt of securities in-kind		—			2,832,112			—			—
Accrued advisory fees		13,524			330,369			249,852			36,732
Accrued trustees’ and officer’s fees		—			—			8,411			—
Accrued expenses		—			—			316,427			—

Total Liabilities		124,713			33,031,712			1,434,211			92,854

Net Assets	$	22,777,533		$	384,688,678		$	594,104,912		$	60,179,908


Net Assets Consist of:
Shares of beneficial interest	$	30,392,038		$	482,640,766		$	511,892,754		$	62,807,069
Undistributed net investment income.		280,897			(951,811	)		8,753,543			381,342
Undistributed net realized gain (loss)		(9,853,657	)		(30,982,340	)		(40,232,527	)		(2,411,558	)
Net unrealized appreciation (depreciation)		1,958,255			(66,017,937	)		113,691,142			(596,945	)

Net Assets	$	22,777,533		$	384,688,678		$	594,104,912		$	60,179,908

Shares outstanding (unlimited amount authorized, $0.01 par value)		700,000			7,800,000			16,840,000			2,250,000
Net asset value	$	32.54		$	49.32		$	35.28		$	26.75

Market price	$	32.42		$	49.36		$	35.23		$	26.77

Unaffiliated investments in securities, at cost	$	20,769,027		$	450,726,318		$	477,329,792		$	60,556,688

Affiliated investments in securities, at cost	$	134,463		$	22,532,493		$	1,800,269		$	—

Foreign currencies, at cost	$	9,017		$	548		$	48,302		$	3,096

^(a) Includes securities on loan with an aggregate value of	$	106,815		$	21,963,945		$	845,559		$	—

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


		32


Invesco Shipping ETF (SEA)			Invesco Solar ETF (TAN)

$	68,494,806		$	317,713,456
	2,478,668			38,674,782
	208			—
	2,223			—

	16,960			1,184,726
	5,446			289,434
	333,972			93,826
	208			—
	—			857

	71,332,491			357,957,081



	295,759			—
	—			1,239

	2,478,668			38,036,785
	—			—
	208			—
	37,773			99,111
	—			8,453
	—			428,307

	2,812,408			38,573,895

$	68,520,083		$	319,383,186



$	113,751,226		$	742,604,313
	(1,507,196	)		9,652
	(39,080,974	)		(403,443,215	)
	(4,642,973	)		(19,787,564	)

$	68,520,083		$	319,383,186

	6,700,000			14,568,000
$	10.23		$	21.92

$	10.20		$	21.82

$	73,153,966		$	337,500,911

$	2,478,668		$	38,674,782

$	2,211		$	(1,111	)

$	2,369,703		$	37,082,913


		33

Statements of Operations

For the year ended August 31, 2018^(a)


	Invesco China All-Cap ETF (YAO)			Invesco China Technology ETF (CQQQ)			Invesco S&P Global Water Index ETF (CGW)			Invesco S&P High Income Infrastructure ETF (GHII)
	Year Ended August 31, 2018			Year Ended August 31, 2018			Year Ended August 31, 2018			Year Ended August 31, 2018
Investment Income:
Unaffiliated dividend income*	$	603,829		$	3,890,091		$	14,232,764		$	2,424,185
Affiliated dividend income		48			772			2,210			289
Securities lending income		14,710			767,847			37,378			67,327

Total Income		618,587			4,658,710			14,272,352			2,491,801


Expenses:
Advisory fees		180,499			2,571,332			3,066,586			180,356
Accounting & administration fees		—			—			130,093			—
Sub-licensing fees		—			—			269,861			—
Custodian & transfer agent fees		—			—			131,298			—
Trustees’ and officer’s fees		—			—			26,198			—
Printing		—			—			85,496			—
Professional fees		—			—			62,542			—
Insurance		—			—			4,104			—
Intraday valuation fees		—			—			2,570			—
Listing fee and expenses		—			—			5,110			—
Other		—			—			1,911			—

Total Expenses		180,499			2,571,332			3,785,769			180,356

Less: Waivers		(4	)		(150	)		(2,586	)		(39	)

Net Expenses		180,495			2,571,182			3,783,183			180,317

Net Investment Income		438,092			2,087,528			10,489,169			2,311,484


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		545,967			(16,550,736	)		1,469,612			(2,231,295	)
In-kind redemptions		1,340,951			54,723,140			69,513,361			2,106,526
Foreign currencies		321			(7,336	)		(74,692	)		(5,747	)

Net realized gain (loss)		1,887,239			38,165,068			70,908,281			(130,516	)

Net change in unrealized appreciation (depreciation)
Investment securities		(2,069,467	)		(102,225,582	)		(37,428,408	)		(1,595,579	)
Foreign currencies		(38	)		1,088			(11,753	)		(1,843	)

Net change in unrealized appreciation (depreciation)		(2,069,505	)		(102,224,494	)		(37,440,161	)		(1,597,422	)

Net realized and unrealized gain (loss)		(182,266	)		(64,059,426	)		33,468,120			(1,727,938	)

Net increase (decrease) in net assets resulting from operations	$	255,826		$	(61,971,898	)	$	43,957,289		$	583,546

* Foreign taxes withheld		44,924			22,645			917,915			211,684

^(a)	Effective August 31, 2018, Invesco Shipping ETF changed its fiscal year end to August 31.

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


		34


Invesco Shipping ETF (SEA)						Invesco Solar ETF (TAN)
Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended August 31, 2018

$	400,508		$	2,428,255		$	6,881,581
	1,499			17			4,414
	9,709			987,469			4,519,723

	411,716			3,415,741			11,405,718



	116,015			687,669			1,753,294
	—			—			90,641
	—			—			568,883
	—			—			141,236
	—			—			19,769
	—			—			72,996
	—			—			63,326
	—			—			1,473
	—			—			7,340
	—			—			5,110
	—			—			1,443

	116,015			687,669			2,725,511

	(149	)		—			(155,183	)

	115,866			687,669			2,570,328

	295,850			2,728,072			8,835,390




	(8,509,118	)		(7,376,973	)		(12,693,824	)
	(32,209	)		5,098,482			46,533,049
	(20,676	)		(20,564	)		(102,604	)

	(8,562,003	)		(2,299,055	)		33,736,621


	3,916,894			276,262			(33,134,048	)
	(1,506	)		7,313			(557	)

	3,915,388			283,575			(33,134,605	)

	(4,646,615	)		(2,015,480	)		602,016

$	(4,350,765	)	$	712,592		$	9,437,406

	2,414			58,542			170,704


		35

Statements of Changes in Net Assets

For the years ended August 31, 2018 and August 31, 2017^(a)


	Invesco China All-Cap ETF (YAO)						Invesco China Technology ETF (CQQQ)
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
Operations:
Net investment income	$	438,092		$	400,762		$	2,087,528		$	932,753
Net realized gain (loss)		1,887,239			620,333			38,165,068			(471,513	)
Net change in unrealized appreciation (depreciation)		(2,069,505	)		4,766,854			(102,224,494	)		35,523,479

Net increase (decrease) in net assets resulting from operations		255,826			5,787,949			(61,971,898	)		35,984,719


Distributions to Shareholders from:
Net investment income		(500,080	)		(433,200	)		(5,489,280	)		(773,890	)
Net realized gains		—			—			—			—
Return of capital		—			—			—			—

Total distributions to shareholders		(500,080	)		(433,200	)		(5,489,280	)		(773,890	)


Shareholder Transactions:
Proceeds from shares sold		—			2,958,308			398,909,634			137,778,697
Value of shares repurchased		(3,488,455	)		(5,376,934	)		(155,778,516	)		(9,123,754	)

Net increase (decrease) in net assets resulting from shares transactions		(3,488,455	)		(2,418,626	)		243,131,118			128,654,943

Increase (Decrease) in Net Assets		(3,732,709	)		2,936,123			175,669,940			163,865,772


Net Assets:
Beginning of year		26,510,242			23,574,119			209,018,738			45,152,966

End of year	$	22,777,533		$	26,510,242		$	384,688,678		$	209,018,738

Undistributed net investment income at end of year	$	280,897		$	324,385		$	(951,811	)	$	741,562


Changes in Shares Outstanding:
Shares sold		—			100,000			6,650,000			2,900,000
Shares repurchased		(100,000	)		(200,000	)		(2,650,000	)		(250,000	)
Shares outstanding, beginning of year		800,000			900,000			3,800,000			1,150,000

Shares outstanding, end of year		700,000			800,000			7,800,000			3,800,000

^(a)	Effective August 31, 2018, Invesco Shipping ETF changed its fiscal year end to August 31.

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


		36


Invesco S&P Global Water Index ETF (CGW)						Invesco S&P High Income Infrastructure ETF (GHII)						Invesco Shipping ETF (SEA)									Invesco Solar ETF (TAN)
Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Three Months Ended August 31, 2018			Year Ended May 31, 2018			Year Ended May 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017

$	10,489,169		$	9,845,065		$	2,311,484		$	1,574,243		$	295,850		$	2,728,072		$	3,511,559		$	8,835,390		$	5,825,420
	70,908,281			(7,735,767	)		(130,516	)		1,627,979			(8,562,003	)		(2,299,055	)		(12,835,162	)		33,736,621			(119,481,205	)
	(37,440,161	)		58,531,503			(1,597,422	)		957,603			3,915,388			283,575			9,369,976			(33,134,605	)		140,389,181

	43,957,289			60,640,801			583,546			4,159,825			(4,350,765	)		712,592			46,373			9,437,406			26,733,396



	(10,492,264	)		(7,164,324	)		(2,046,184	)		(1,197,010	)		(85,244	)		(5,308,659	)		(3,310,900	)		(7,869,391	)		(8,422,471	)
	—			—			(369,125	)		(8,160	)		—			—			—			—			—
	—			—			—			—			(864,886	)		(71,081	)		—			—			—

	(10,492,264	)		(7,164,324	)		(2,415,309	)		(1,205,170	)		(950,130	)		(5,379,740	)		(3,310,900	)		(7,869,391	)		(8,422,471	)



	98,720,757			126,926,729			37,535,728			38,347,143			—			25,524,866			80,133,626			122,053,573			160,809,968
	(148,333,764	)		(2,394,469	)		(10,932,189	)		(9,836,192	)		(4,183,730	)		(46,337,290	)		(10,609,735	)		(164,246,290	)		(49,867,230	)

	(49,613,007	)		124,532,260			26,603,539			28,510,951			(4,183,730	)		(20,812,424	)		69,523,891			(42,192,717	)		110,942,738

	(16,147,982	)		178,008,737			24,771,776			31,465,606			(9,484,625	)		(25,479,572	)		66,259,364			(40,624,702	)		129,253,663



	610,252,894			432,244,157			35,408,132			3,942,526			78,004,708			103,484,280			37,224,916			360,007,888			230,754,225

$	594,104,912		$	610,252,894		$	60,179,908		$	35,408,132		$	68,520,083		$	78,004,708		$	103,484,280		$	319,383,186		$	360,007,888

$	8,753,543		$	8,831,330		$	381,342		$	405,325		$	(1,507,196	)	$	(1,698,503	)	$	1,052,504		$	9,652		$	1,929,227



	2,800,000			4,080,000			1,400,000			1,450,000			—			2,200,000			6,800,000			4,960,000			8,320,000
	(4,240,000	)		(80,000	)		(400,000	)		(350,000	)		(400,000	)		(4,100,000	)		(900,000	)		(7,040,000	)		(2,720,000	)
	18,280,000			14,280,000			1,250,000			150,000			7,100,000			9,000,000			3,100,000			16,648,000			11,048,000

	16,840,000			18,280,000			2,250,000			1,250,000			6,700,000			7,100,000			9,000,000			14,568,000			16,648,000


		37

Financial Highlights

Invesco China All-Cap ETF (YAO)


	Year Ended August 31,
	2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of year	$	33.14		$	26.19		$	24.42		$	28.56		$	24.63
Income from investment operations:
Net investment income^(a)		0.60			0.50			0.52			0.53			0.62
Net gain (loss) on investments (realized and unrealized)		(0.49	)		6.99			2.12			(4.02	)		3.80
Total from investment operations		0.11			7.49			2.64			(3.49	)		4.42
Less distributions from:
Net investment income		(0.71	)		(0.54	)		(0.87	)		(0.65	)		(0.49	)
Net asset value, end of year	$	32.54		$	33.14		$	26.19		$	24.42		$	28.56
Market value, end of year	$	32.42	^(b)	$	33.23		$	26.23		$	24.13		$	28.52
Net Asset Value Total Return^(c)		0.19	%		29.33	%		10.99	%		(12.51	)%		18.05	%
Market Price Total Return^(c)		(0.44	)%
Ratios/Supplemental Data:
Net assets, end of year (in thousands)	$	22,778		$	26,510		$	23,574		$	29,308		$	54,262
Ratio to average net assets of:
Expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income		1.70	%		1.81	%		2.17	%		1.84	%		2.35	%
Portfolio turnover rate^(d)		10	%		10	%		26	%		17	%		12	%

^(a)	Based on average shares outstanding.

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

^(c)

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 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.

^(d)	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.

Invesco China Technology ETF (CQQQ)


	Year Ended August 31,
	2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of year	$	55.00		$	39.26		$	29.55		$	38.09		$	29.55
Income from investment operations:
Net investment income^(a)		0.31			0.52			0.32			0.46			0.43
Net gain (loss) on investments (realized and unrealized)		(5.13	)		15.82			10.03			(8.65	)		8.39
Total from investment operations		(4.82	)		16.34			10.35			(8.19	)		8.82
Less distributions from:
Net investment income		(0.86	)		(0.60	)		(0.64	)		(0.35	)		(0.28	)
Net asset value, end of year	$	49.32		$	55.00		$	39.26		$	29.55		$	38.09
Market value, end of year	$	49.36	^(b)	$	55.21		$	39.08		$	29.31		$	37.88
Net Asset Value Total Return^(c)		(9.05	)%		42.43	%		35.19	%		(21.62	)%		29.89	%
Market Price Total Return^(c)		(9.33	)%
Ratios/Supplemental Data:
Net assets, end of year (in thousands)	$	384,689		$	209,019		$	45,153		$	45,804		$	78,077
Ratio to average net assets of:
Expenses		0.65	%		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income		0.52	%		1.20	%		0.94	%		1.20	%		1.22	%
Portfolio turnover rate^(d)		21	%		10	%		48	%		32	%		39	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	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 of Financial Statements which are an integral part of the financial statements.


		38

Financial Highlights (continued)

Invesco S&P Global Water Index ETF (CGW)


	Year Ended August 31,
	2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of year	$	33.38		$	30.27		$	26.67		$	29.02		$	23.90
Income from investment operations:
Net investment income^(a)		0.59			0.61			0.54			0.48			0.51
Net gain (loss) on investments (realized and unrealized)		1.92			2.97			3.51			(2.33	)		5.03
Total from investment operations		2.51			3.58			4.05			(1.85	)		5.54
Less distributions from:
Net investment income		(0.61	)		(0.47	)		(0.45	)		(0.50	)		(0.42	)
Net asset value, end of year	$	35.28		$	33.38		$	30.27		$	26.67		$	29.02
Market value, end of year	$	35.23	^(b)	$	33.46		$	30.32		$	26.64		$	29.08
Net Asset Value Total Return^(c)		7.51	%		12.09	%		15.40	%		(6.47	)%		23.27	%
Market Price Total Return^(c)		7.09	%
Ratios/Supplemental Data:
Net assets, end of year (in thousands)	$	594,105		$	610,253		$	432,244		$	346,709		$	367,914
Ratio to average net assets of:
Net expenses		0.62	%		0.63	%		0.64	%		0.64	%		0.65	%
Net investment income		1.71	%		1.98	%		1.93	%		1.69	%		1.83	%
Portfolio turnover rate^(d)		13	%		8	%		6	%		9	%		7	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	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.

Invesco S&P High Income Infrastructure ETF (GHII)


	Year Ended August 31,									Period Ended August 31, 2015^(a)
	2018			2017			2016			Period Ended August 31, 2015^(a)
Per Share Data:
Net asset value, beginning of period	$	28.33		$	26.28		$	22.87		$	25.05
Income from investment operations:
Net investment income^(b)		1.53			1.76			1.34			0.71
Net gain (loss) on investments (realized and unrealized)		(1.43	)		1.57			3.34			(2.45	)
Total from investment operations		0.10			3.33			4.68			(1.74	)
Less distributions from:
Net investment income		(1.38	)		(1.27	)		(1.27	)		(0.44	)
Capital gains		(0.30	)		(0.01	)		—			—
Total distributions to shareholders		(1.68	)		(1.28	)		(1.27	)		(0.44	)
Net asset value, end of period	$	26.75		$	28.33		$	26.28		$	22.87
Market value, end of period	$	26.77	^(c)	$	28.35		$	26.48		$	22.56
Net Asset Value Total Return^(d)		0.40	%		12.98	%		21.35	%		(7.02	)%
Market Price Total Return^(d)		0.37	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	60,180		$	35,408		$	3,943		$	2,287
Ratio to average net assets of:
Expenses		0.44	%		0.45	%		0.45	%		0.45	%^(e)
Net investment income		5.66	%		6.46	%		5.82	%		5.13	%^(e)
Portfolio turnover rate^(f)		45	%		66	%		61	%		13	%

^(a)	The Fund commenced operations on February 11, 2015.

^(b)	Based on average shares outstanding.

^(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 in integral part of the financial statements.


		39

Financial Highlights (continued)

Invesco Shipping ETF (SEA)


	Three Months Ended August 31, 2018			Year Ended May 31,
	Three Months Ended August 31, 2018			2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	10.99		$	11.50		$	12.01		$	19.60		$	22.68		$	17.51
Income from investment operations:
Net investment income^(a)		0.04			0.30			0.57			1.02			0.99			0.56
Net gain (loss) on investments (realized and unrealized)		(0.66	)		(0.21	)		(0.38	)		(7.15	)		(3.35	)		5.06
Total from investment operations		(0.62	)		0.09			0.19			(6.13	)		(2.36	)		5.62
Less distributions from:
Net investment income		(0.01	)		(0.59	)		(0.70	)		(1.46	)		(0.72	)		(0.45	)
Return of capital		(0.13	)		(0.01	)		—			—			—			—
Total distributions to shareholders		(0.14	)		(0.60	)		(0.70	)		(1.46	)		(0.72	)		(0.45	)
Net asset value, end of period	$	10.23		$	10.99		$	11.50		$	12.01		$	19.60		$	22.68
Market price, end of period	$	10.20	^(b)	$	10.96	^(b)	$	11.49		$	12.00		$	19.55		$	22.69
Net Asset Value Total Return^(c)		(5.67	)%		0.58	%		1.83	%		(32.56	)%		(10.52	)%		32.57	%
Market Price Total Return^(c)		(5.69	)%		0.40	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	68,520		$	78,005		$	103,484		$	37,225		$	70,577		$	117,953
Ratio to average net assets of:
Expenses		0.65	%^(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.66	%
Net investment income		1.66	%^(d)		2.58	%		4.84	%		6.95	%		4.82	%		2.72	%
Portfolio turnover rate^(e)		45	%		37	%		24	%		34	%		27	%		18	%

^(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.

Invesco Solar ETF (TAN)


	Year Ended August 31,
	2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of year	$	21.62		$	20.89		$	29.72		$	43.58		$	27.23
Income from investment operations:
Net investment income^(a)		0.54			0.49			0.80			0.72			0.52
Net gain (loss) on investments (realized and unrealized)		0.20			1.07			(9.14	)		(13.94	)		16.28
Total from investment operations		0.74			1.56			(8.34	)		(13.22	)		16.80
Less distributions from:
Net investment income		(0.44	)		(0.83	)		(0.49	)		(0.64	)		(0.45	)
Net asset value, end of year	$	21.92		$	21.62		$	20.89		$	29.72		$	43.58
Market value, end of year	$	21.82	^(b)	$	21.70		$	20.91		$	29.57		$	43.39
Net Asset Value Total Return^(c)		3.19	%		8.72	%		(28.59	)%		(30.51	)%		62.06	%
Market Price Total Return^(c)		2.33	%
Ratios/Supplemental Data:
Net assets, end of year (in thousands)	$	319,383		$	360,008		$	230,754		$	266,545		$	429,167
Ratio to average net assets of:
Expenses, prior Waivers		0.69	%		0.76	%		0.88	%		0.73	%		0.76	%
Expenses, after Waiver		0.65	%		0.70	%		0.71	%		0.70	%		0.71	%
Net investment income, after Waivers		2.23	%		2.57	%		3.26	%		1.83	%		1.28	%
Portfolio turnover rate^(d)		54	%		57	%		53	%		51	%		47	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	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 in integral part of the financial statements.


		40

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2018

Note 1—Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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	Predecessor Fund (as defined below)	Short Name
Invesco China All-Cap ETF	Guggenheim China All-Cap ETF	“China All-Cap ETF”
Invesco China Technology ETF	Guggenheim China Technology ETF	“China Technology ETF”
Invesco S&P Global Water Index ETF	Guggenheim S&P Global Water Index ETF	“S&P Global Water Index ETF”
Invesco S&P High Income Infrastructure ETF	Guggenheim S&P High Income Infrastructure ETF	“S&P High Income Infrastructure ETF”
Invesco Shipping ETF	Guggenheim Shipping ETF	“Shipping ETF”
Invesco Solar ETF	Guggenheim Solar ETF	“Solar ETF”

Each Fund acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of a corresponding fund of the Claymore Exchange-Traded Fund Trust 2 (each a “Predecessor Fund”) after the close of business on April 6, 2018 for China All-Cap ETF, S&P Global Water Index and Shipping ETF, or May 18, 2018 for China Technology ETF, S&P High Income Infrastructure ETF and Solar ETF (each a “Reorganization”). Each Fund adopted the performance and financial information of its corresponding Predecessor Fund. Information presented prior to the close of business on April 6, 2018 or May 18, 2018, as applicable, is that of the Predecessor Fund.

Effective August 31, 2018, the Shipping ETF’s fiscal year-end changed from May 31 to August 31.

On April 19, 2018, the Board of Trustees of Invesco Exchange-Traded Fund Trust II approved a change in fiscal year end for funds China All-Cap ETF, China Technology ETF and S&P Global Water Index ETF from August 31 to October 31, effective October 31, 2018.

The investment objective of each of the Funds is to seek investment results that correspond generally to the performance, before the Fund’s fees and expenses, of each Fund’s respective index listed below (each, an Underlying Index):


Fund		Underlying Index
China All-Cap ETF		AlphaShares China All Cap Index
China Technology ETF		AlphaShares China Technology Index
S&P Global Water Index ETF		S&P Global Water Index
S&P High Income Infrastructure ETF		S&P High Income Infrastructure Index
Shipping ETF		Dow Jones Global Shipping Index^SM
Solar ETF		MAC Global Solar Energy 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.


		41

A. Security Valuation

Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) 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 generally are valued 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 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 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”), formerly Invesco PowerShares Capital Management LLC, 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 (“ADRs”) and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, 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 economic conditions, interest rates, investor perceptions 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.


		42

B. 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. This risk may be heightened for each Fund because it invests in non-U.S. securities, which may have lower trading volumes.

Equity Securities Risk. Each Fund is subject to the risk that the value of the equity securities and equity-based derivatives, if any, in each Fund’s portfolio will decline due to volatility in the equity market caused by general market and economic conditions, perceptions regarding particular industries represented in the equity market, or factors relating to specific companies to which each Fund has investment exposure.

Tracking Error Risk. The performance of each Fund may diverge from that of its Underlying Index for a number of reasons, including operating expenses, transaction costs, cash flows and operational inefficiencies. Each Fund’s return also may diverge from the return of the Underlying Index because the Fund bears the costs and risks associated with buying and selling securities (especially when rebalancing the Fund’s securities holdings to reflect changes in the Underlying Index) while such costs and risks are not factored into the return of the Underlying Index. Transaction costs, including brokerage costs, will decrease each Fund’s NAV to the extent not offset by the transaction fee payable by an AP. Market disruptions and regulatory restrictions could have an adverse effect on each Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. In addition, each Fund may use a representative sampling approach, which may cause each Fund’s returns to not be as well correlated with the return of the Underlying Index as would be the case if the Fund purchased all of the securities in the Underlying Index in the proportions represented in the Underlying Index. Errors in the Underlying Index data, the Underlying Index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, each Fund may be unable to invest in certain securities included in its Underlying Index, or invest in them in the exact proportions in which they are represented in the Underlying Index, due to legal restrictions or limitations imposed by the governments of certain countries, a lack of liquidity on stock exchanges in which such securities trade, potential adverse tax consequences or other regulatory reasons. To the extent each Fund calculates its NAV based on fair value prices and the value of its Underlying Index is based on the securities’ closing prices (i.e., the value of the Underlying Index is not based on fair value prices), each Fund’s ability to track the Underlying Index may be adversely affected. For tax efficiency purposes, each Fund may sell certain securities, and such sale may cause each Fund to realize a loss and, thus, each Fund’s performance to deviate from the performance of the Underlying Index. In light of the factors discussed above, each Fund’s return may deviate significantly from the return of its Underlying Index.

Industry Concentration Risk. The Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which the 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 sector may be out of favor and underperform other industries or the market as a whole.

Non-Diversification Risk. Each Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer’s securities could cause greater fluctuations in the value of the Shares than would occur in a diversified fund.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

Micro-Capitalization Securities Risk. For China All-Cap ETF, China Technology ETF, Shipping ETF and Solar ETF, micro-capitalization stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.


		43

Small- and Mid-Capitalization Securities Risk. Small- and mid-capitalization securities may underperform other segments of the equity market or the equity market as a whole. Securities of small- and mid-capitalization companies may be more speculative, volatile and less liquid than securities of large companies. Small- and mid-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources, and may be more vulnerable to adverse developments than large capitalization companies.

Passive Management Risk. Each Fund is not actively managed and the Adviser does not attempt to take defensive positions in declining markets. Therefore, each Fund may be subject to greater losses in a declining market than a fund that is actively managed.

Emerging Markets Risk. The risks of foreign investments are usually much greater for emerging markets. Emerging markets are riskier because they develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, the securities markets in many of these countries have far lower trading volumes and less liquidity then developed markets. Because these markets are so small, they may be more likely to suffer sharp and frequent price changes or long term price depression due to adverse publicity, investor perceptions or the transactions of a few large investors. Traditional measures of investment value used in the U.S., such as price to earnings ratios, may not apply to certain small markets, making it more difficult to value their securities.

Depositary Receipt Risk. Each Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in each Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of each Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

REIT Risk. For Solar ETF, in addition to the risks pertaining to real estate investments more generally, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are also subject to certain requirements under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and Solar ETF and its shareholders will incur its pro rata share of the underlying expenses.

Foreign Securities and Currency Risk. Foreign securities carry unique or additional risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity and more volatility, limited legal recourse and higher transactional costs. Because foreign exchanges may be open on days when a Fund does not price its shares, the value of the non-U.S. securities in the Fund’s portfolio may change on days when you will not be able to purchase or sell your shares. As a result, trading spreads and the resulting premium or discount on the shares may widen, and, therefore, increase the difference between the market price of the shares and the NAV of such shares. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact a Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments.

C. 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.

D. Repurchase Agreements

The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest-rate during the time the Fund’s money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if


		44

any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of each Fund’s net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

E. Foreign Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

F. Investment Transactions and Investment Income

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. For Solar ETF, 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.

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.

G. Dividends and Distributions to Shareholders

The Funds intend to pay substantially all of their net investment income to shareholders. Distribution frequency is as follows:


Fund		Frequency
China All-Cap ETF		Annually
China Technology ETF		Annually
S&P Global Water Index ETF		Annually
S&P High Income Infrastructure ETF		Quarterly
Shipping ETF		Quarterly
Solar ETF		Annually

Each Fund records such dividends on ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. 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.


		45

H. Federal Income Taxes

Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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.

The Funds file tax returns in the U.S. Federal jurisdiction and 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.

I. Expenses

Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

S&P Global Water Index ETF and Solar ETF are responsible for all of their expenses, including the investment advisory fees, cost 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”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, acquired fund fees and expenses, if any, and extraordinary expenses.

China All-Cap ETF, China Technology ETF, S&P High Income Infrastructure ETF and Shipping ETF have 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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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.

J. 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.

Note 3—Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an 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 stated below. During the period April 6, 2018 through the Reorganization, pursuant to an Interim Investment Advisory Agreement, GFIA did not receive an advisory fee from Solar ETF.


Fund	Management Fees (as a % of Net Assets)
S&P Global Water Index ETF		0.50	%
Solar ETF		0.50	%


		46

Effective as of Reorganization, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least April 6, 2020 for S&P Global Water Index ETF and May 18, 2020 for Solar ETF. Neither the Adviser nor the Fund can discontinue the agreement prior to its expiration. The limits are listed below:


Fund	Expense Cap
S&P Global Water Index ETF		0.63	%
Solar ETF		0.65	%

Prior to the Reorganization, GFIA limited expenses for the Predecessor Funds shown above in the table to 0.65% and 0.65%, respectively.

Further, the Adviser agrees to reimburse S&P Global Water Index ETF and Solar ETF in the amount equal to the licensing fees that each Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed the following percentages:


Fund	Limit			Contract End Date
S&P Global Water Index ETF		0.63	%		4/6/20
Solar ETF		0.70	%		5/18/20

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee equal to a percentage of its average daily net assets as stated below. During the period April 6, 2018 through the Reorganization, pursuant to an Interim Investment Advisory Agreement, China Technology ETF and S&P High Income Infrastructure ETF paid GFIA a reduced unitary fee equal to each Fund’s expenses paid by GFIA.


Fund	Unitary Management Fees (as a % of Net Assets)
China All-Cap ETF		0.70	%
China Technology ETF		0.70	%
S&P High Income Infrastructure ETF		0.45	%
Shipping ETF		0.65	%

Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of China All-Cap ETF, China Technology ETF, S&P High Income Infrastructure ETF and Shipping ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

Prior to the Reorganization, the Predecessor Funds were managed by Guggenheim Funds Investment Advisors LLC (“GFIA”) and each Predecessor Fund paid GFIA an investment advisory fee calculated at the same annualized rates as disclosed above for each respective Fund.

Effective as of the Reorganization, the Adviser has agreed to waive a portion of its unitary management fee to prevent the expenses of the China All-Cap ETF, China Technology ETF, S&P High Income Infrastructure ETF and Shipping ETF (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes, and litigation expenses and other extraordinary expenses) from exceeding such Fund’s unitary management fee through at least April 6, 2020 for China All-Cap ETF and Shipping ETF, and May 18, 2020 for China Technology ETF and S&P High Income Infrastructure ETF. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.

Additionally, through at least August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investment in money market funds managed by that affiliate (excluding investment of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration date.


		47

For the period September 1, 2017 to April 6, 2018 (or as otherwise indicated), GFIA waived fees and/or paid Fund expenses for each Predecessor Fund and for the period after the close of business on April 6, 2018 (or as otherwise indicated) to August 31, 2018, the Adviser waived Fund fees in the following amounts:


	Period after the close of business			Period September 1, 2017
	April 6, 2018 to August 31, 2018			to April 6, 2018
China All-Cap ETF	$	4		$	—
China Technology ETF		150	*		—	**
S&P Global Water Index ETF		224			2,362
S&P High Income Infrastructure ETF		39	*		—	**
Shipping ETF		149	***		—
Solar ETF		64,676	*		90,507	**

*	For the period after the close of business May 18, 2018 to August 31, 2018

**	For the period September 1, 2017 to May 18, 2018

***	For the period June 1, 2018 to August 31, 2018

The fees waived and/or expenses borne by the Adviser for S&P Global Water Index ETF and Solar ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. Amounts waived by GFIA prior to the Reorganization are not subject to recapture.

For the fiscal year ended August 31, 2018, there were no amounts available for potential recapture by the Adviser under the Expense Agreement for S&P Global Water Index ETF.

For the following Funds, the amounts available for potential recapture by the Adviser and the expiration schedule at August 31, 2018 are as follows:


	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
Fund	Total Potential Recapture Amounts		8/31/19		8/31/20		8/31/21
Solar ETF	$	64,219	$	—	$	—	$	64,219

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. Prior to the Reorganization, the Board of Trustees for each Predecessor Fund adopted a distribution and service plan pursuant to rule 12b-1 under the 1940 Act. No 12b-1 fees were paid by the Predecessor Funds under this plan.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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. Prior to the Reorganization, GFIA engaged external service providers to perform these services for each Predecessor Fund.

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


Fund		Licensor
China All-Cap ETF		AlphaShares
China Technology ETF		AlphaShares
S&P Global Water Index ETF		Standard & Poor’s Financial Services LLC
S&P High Income Infrastructure ETF		S&P Dow Jones Index Group
Shipping ETF		CME Group Index Services LLC
Solar ETF		MAC Indexing LLC

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. Prior to the Reorganization, each Underlying Index name trademark had been licensed to GFIA for use by the corresponding Predecessor Fund. 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.


		48

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 the 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.

Except for the Funds listed below, as of August 31, 2018, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the fiscal year or period ended August 31, 2018, there were no transfers between valuation levels.


	Level 1		Level 2		Level 3		Total
China All-Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	22,725,971	$	1,324	$	0	$	22,727,295
Money Market Funds		134,463		—		—		134,463

Total Investments	$	22,860,434	$	1,324	$	0	$	22,861,758

China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	384,708,399	$	—	$	0	$	384,708,399
Money Market Funds		22,532,493		—		—		22,532,493

Total Investments	$	407,240,892	$	—	$	0	$	407,240,892

Note 5—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholder Paid during the Fiscal Years or Period ended August 31, 2018 and 2017:


	2018		2017
	Ordinary Income		Ordinary Income
China All-Cap ETF	$	500,080	$	433,200
China Technology ETF		5,489,280		773,890
S&P Global Water Index ETF		10,492,264		7,164,324
S&P High Income Infrastructure ETF		2,415,309		1,205,170
Solar ETF		7,869,391		8,422,471

Tax Character of Distributions to Shareholder Paid for Shipping ETF during the Period June 1, 2018 to August 31, 2018, Fiscal Year ended May 31, 2018 and Fiscal Year ended May 31, 2017:


	August 31, 2018				May 31, 2018				May 31, 2017
	Ordinary Income		Return of Capital		Ordinary Income		Return of Capital		Ordinary Income		Return of Capital
Shipping ETF	$	85,244	$	864,886	$	5,308,659	$	71,081	$	3,310,900	$	—


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Tax Components of Net Assets at Fiscal Year or Period End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)— Investment Securities			Net Unrealized Appreciation (Depreciation)— Other Investments			Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral			Shares of Beneficial Interest		Total Net Assets
China All-Cap ETF	$	341,730	$	—		$	1,771,687		$	(13	)	$	(9,727,909	)	$	—		$	30,392,038	$	22,777,533
China Technology ETF		—		—			(75,288,742	)		(18	)		(21,826,504	)		(836,824	)		482,640,766		384,688,678
S&P Global Water Index ETF		8,753,543		—			108,235,574			(1,741	)		(34,775,218	)		—			511,892,754		594,104,912
S&P High Income Infrastructure ETF		562,025		—			(1,336,670	)		(1,175	)		(1,851,341	)		—			62,807,069		60,179,908
Shipping ETF		—		(1,503,881	)		(6,951,615	)		16,187			(36,791,834	)		—			113,751,226		68,520,083
Solar ETF		9,652		—			(50,162,548	)		(109	)		(373,068,122	)		—			742,604,313		319,383,186

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

The following table presents available capital loss carryforwards for each Fund as of August 31, 2018:


			Post-effective/no expiration
	2019		Short-Term		Long-Term		Total*		Expired
China All-Cap ETF	$	853,049	$	1,218,478	$	7,656,382	$	9,727,909	$	29,627
China Technology ETF		188,097		10,606,656		11,031,751		21,826,504		—
S&P Global Water Index ETF		16,548,141		989,249		17,237,828		34,775,218		38,476,281
S&P High Income Infrastructure ETF		—		—		1,851,341		1,851,341		—
Shipping ETF		—		7,082,469		29,709,365		36,791,834		—
Solar ETF		21,764,929		71,458,522		279,844,671		373,068,122		118,836,026

Capital loss carryforwards as of the date listed above is 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—Securities Lending

During the fiscal year or period ended August 31, 2018, each Fund participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. 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.


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Note 7—Investment Transactions

For the fiscal year or period ended August 31, 2018, the cost of securities purchased and proceeds from sales of securities, (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any), were as follows:


	Purchases		Sales
China All-Cap ETF	$	2,517,649	$	2,544,978
China Technology ETF		82,853,254		82,089,692
S&P Global Water Index ETF		80,829,726		83,020,285
S&P High Income Infrastructure ETF		19,233,061		19,006,430
Shipping ETF*		32,035,723		32,733,915
Solar ETF		212,546,266		210,780,896

*	For the period June 1, 2018 to August 31, 2018.

For the fiscal year or period ended August 31, 2018, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
China All-Cap ETF	$	—	$	3,473,969
China Technology ETF		398,570,548		155,566,740
S&P Global Water Index ETF		95,556,674		144,622,481
S&P High Income Infrastructure ETF		37,522,985		10,981,727
Shipping ETF*		—		4,059,931
Solar ETF		120,703,246		162,546,890

*	For the period June 1, 2018 to August 31, 2018.

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

At August 31, 2018, the aggregate cost of investment, 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
China All-Cap ETF	$	5,473,712	$	(3,702,025	)	$	1,771,687		$	21,090,071
China Technology ETF		19,635,832		(94,924,574	)		(75,288,742	)		460,064,676
S&P Global Water Index ETF		134,504,124		(26,268,550	)		108,235,574			484,587,370
S&P High Income Infrastructure ETF		78,546		(1,415,216	)		(1,336,670	)		61,297,588
Shipping ETF		2,209,987		(9,161,602	)		(6,951,615	)		77,925,089
Solar ETF		11,264,595		(61,427,143	)		(50,162,548	)		406,550,786

Note 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net asset of each Fund. For the fiscal year or period ended August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
China All-Cap ETF	$	18,500		$	(1,295,694	)	$	1,277,194
China Technology ETF		1,708,379			(49,725,357	)		48,016,978
S&P Global Water Index ETF		(74,692	)		(30,056,258	)		30,130,950
S&P High Income Infrastructure ETF		(289,283	)		(1,697,326	)		1,986,609
Shipping ETF		(19,299	)		184,476			(165,177	)
Solar ETF		(2,885,574	)		99,557,372			(96,671,798	)


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Note 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by each Fund to pay remuneration to the Independent Trustees, any Unaffiliated Trustee, and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for China All-Cap ETF, China Technology ETF, S&P High Income Infrastructure ETF and Shipping ETF. 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 or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 10—Capital

Shares are issued and redeemed by the Funds only in creation units of 50,000 shares for China Technology ETF and S&P High Income Infrastructure ETF, 80,000 shares for S&P Global Water Index ETF and Solar ETF and 100,000 shares for China All-Cap ETF and Shipping ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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.

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 Participating 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.

Note 11—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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.


		52

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco China All-Cap ETF, Invesco China Technology ETF, Invesco S&P Global Water Index ETF, Invesco S&P High Income Infrastructure ETF, Invesco Shipping ETF and Invesco Solar ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco China All-Cap ETF, Invesco China Technology ETF, Invesco S&P Global Water Index ETF, Invesco S&P High Income Infrastructure ETF, Invesco Shipping ETF and Invesco Solar ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 31, 2018 (or for Invesco Shipping ETF, for the period June 1, 2018 through August 31, 2018 and for the year ended May 31, 2018), (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the year ended August 31, 2018 (or for Invesco Shipping ETF, for the period June 1, 2018 through August 31, 2018 and for the year ended May 31, 2018) in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco China All-Cap ETF (Predecessor Fund Guggenheim China All-Cap ETF), Invesco China Technology ETF (Predecessor Fund Guggenheim China Technology ETF), Invesco S&P Global Water Index ETF (Predecessor Fund Guggenheim S&P Global Water Index ETF), Invesco S&P High Income Infrastructure ETF (Predecessor Fund Guggenheim S&P High Income Infrastructure ETF) and Invesco Solar ETF (Predecessor Fund Guggenheim Solar ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated October 30, 2017 expressed an unqualified opinion on those financial statements and financial highlights. The financial statements of Invesco Shipping ETF (Predecessor Fund Guggenheim Shipping ETF) as of and for the year ended May 31, 2017 and the financial highlights for each of the periods ended on or prior to May 31, 2017 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated July 31, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


		53

Change in Independent Registered Public Accounting Firm

The Board of Trustees appointed, upon recommendation of the Audit Committee, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm of the Funds for the Funds’ current fiscal year. PwC serves as the independent registered public accounting firm for other Invesco ETFs.

Prior to April 6, 2018, each of the Predecessor Funds was a separate series of an unaffiliated investment company that was audited by a different independent registered public accounting firm (the “Prior Auditor”). The Board of Trustees selected a new independent auditor for the Funds’ current fiscal year.

Effective April 9, 2018, the Prior Auditor resigned as the independent registered public accounting firm of the Predecessor Funds. The Prior Auditor’s report on the financial statements of the Predecessor Funds for the past two years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Funds’ two most recent fiscal years and through April 9, 2018 there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.


		54

Fees and Expenses

As a shareholder of Invesco S&P Global Water Index ETF and Invesco Solar ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China All-Cap ETF, Invesco China Technology ETF, Invesco S&P High Income Infrastructure ETF and Invesco Shipping ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder of the Invesco China All-Cap ETF, Invesco China Technology ETF, Invesco S&P High Income Infrastructure ETF and Invesco Shipping ETF may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. 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 through the six-month period ended August 31, 2018.

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, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco China All-Cap ETF (YAO)
Actual	$	1,000.00	$	885.70		0.70	%	$	3.33
Hypothetical (5% return before expenses)		1,000.00		1,021.68		0.70			3.57
Invesco China Technology ETF (CQQQ)
Actual		1,000.00		788.40		0.60			2.70
Hypothetical (5% return before expenses)		1,000.00		1,022.18		0.60			3.06
Invesco S&P Global Water Index ETF (CGW)
Actual		1,000.00		1,047.50		0.62			3.20
Hypothetical (5% return before expenses)		1,000.00		1,022.08		0.62			3.16
Invesco S&P High Income Infrastructure ETF (GHII)
Actual		1,000.00		1,077.90		0.44			2.30
Hypothetical (5% return before expenses)		1,000.00		1,022.99		0.44			2.24
Invesco Shipping ETF (SEA)
Actual		1,000.00		968.20		0.65			3.22
Hypothetical (5% return before expenses)		1,000.00		1,021.93		0.65			3.31
Invesco Solar ETF (TAN)
Actual		1,000.00		896.90		0.59			2.82
Hypothetical (5% return before expenses)		1,000.00		1,022.23		0.59			3.01

⁽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 August 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.


		55

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2018:


	Qualified Dividend Income*			Corporate Dividends-Received Deduction*
Invesco China All-Cap ETF		57	%		0	%
Invesco China Technology ETF		15	%		0	%
Invesco S&P Global Water Index ETF		100	%		39	%
Invesco S&P High Income Infrastructure ETF		67	%		6	%
Invesco Shipping ETF		100	%		20	%
Invesco Solar ETF		23	%		8	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


		56

Proxy Results

A Special Meeting (“Meeting”) of Shareholders of Guggenheim S&P Global Water Index ETF was held on Friday, March 16, 2018. The Meeting was held for the following purpose:

(1)	Approve an Agreement and Plan of Reorganization that provides for the reorganization of the Guggenheim S&P Global Water Index ETF into PowerShares S&P Global Water Index Portfolio (now known as the Invesco S&P Global Water Index ETF).

The results of the voting on the above matter were as follows:

Matter

Votes For

Votes
Against

Votes
Abstain

Broker
Non-Votes

(1) Approve an Agreement and Plan of Reorganization.

Guggenheim S&P Global Water Index ETF

7,208,872

137,055

1,286,911

N/A

A Special Meeting (“Meeting”) of Shareholders of Guggenheim China All-Cap ETF was held on Monday, March 26, 2018. The Meeting was held for the following purpose:

(1)	Approve an Agreement and Plan of Reorganization that provides for the reorganization of the Guggenheim China All-Cap ETF into PowerShares China All-Cap Portfolio (now known as the Invesco China All-Cap ETF).

The results of the voting on the above matter were as follows:

Matter

Votes For

Votes
Against

Votes
Abstain

Broker
Non-Votes

(1) Approve an Agreement and Plan of Reorganization.

Guggenheim China All-Cap ETF

304,108

20,258

52,736

N/A

A Special Meeting (“Meeting”) of Shareholders of Guggenheim S&P High Income Infrastructure ETF was held on Tuesday, April 10, 2018. The Meeting was held for the following purpose:

(1)	Approve an Agreement and Plan of Reorganization that provides for the reorganization of the Guggenheim S&P High Income Infrastructure ETF into PowerShares S&P High Income Infrastructure Portfolio (now known as the Invesco S&P High Income Infrastructure ETF).

The results of the voting on the above matter were as follows:

Matter

Votes For

Votes
Against

Votes
Abstain

Broker
Non-Votes

(1) Approve an Agreement and Plan of Reorganization.

Guggenheim S&P High Income Infrastructure ETF

520,681

12,316

104,193

N/A

Special Meetings (“Meetings”) of Shareholders of Guggenheim China Technology ETF and Guggenheim Solar ETF were held on Tuesday, May 1, 2018. The Meetings were held for the following purpose:

(1)

Approve an Agreement and Plan of Reorganization that provides for the reorganization of the Guggenheim China Technology ETF into PowerShares China Technology Portfolio (now known as the Invesco China Technology ETF) and Guggenheim Solar ETF into PowerShares Solar Portfolio (now known as the Invesco Solar ETF).

The results of the voting on the above matter were as follows:

Matter

Votes For

Votes
Against

Votes
Abstain

Broker
Non-Votes

(1) Approve an Agreement and Plan of Reorganization.

Guggenheim China Technology ETF

2,864,080

77,111

654,700

N/A

Guggenheim Solar ETF

7,202,163

213,143

1,500,485

N/A


		57

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		58

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		59

Trustees and Officers (continued)

The Unaffiliated Trustee, his term of office and length of time served, his principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Unaffiliated Trustee and the other directorships, if any, held by the Unaffiliated Trustee are shown below.

Name, Address and Year of
Birth of Unaffiliated Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal

Occupation(s) During

Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Unaffiliated
Trustee

Other
Directorships
Held by
Unaffiliated
Trustee During
the Past 5 Years

Philip M. Nussbaum***—1961
c/o Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515

Trustee

Since 2007

Chairman, Performance Trust Capital Partners (2004-Present).

221

None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		60

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of

Birth of Interested Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal

Occupation(s) During

Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Interested
Trustee

Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Kevin M. Carome—1956
Invesco Ltd.
Two Peachtree Pointe,
1555 Peachtree St., N.E.,
Suite 1800
Atlanta, GA 30309

Trustee

Since 2010

Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.

221

None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		61

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		62

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		63

Board Considerations Regarding Approval of Investment Advisory Agreement

Board Considerations Regarding Approval of Investment Advisory Agreement for

PowerShares China All-Cap Portfolio

PowerShares China Technology Portfolio

PowerShares MSCI Emerging Markets Equal Country Weight Portfolio

PowerShares S&P High Income Infrastructure Portfolio

PowerShares Shipping Portfolio

At a meeting held on December 19, 2017, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the funds listed above (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.

The Trustees noted that each Fund was created in connection with the purchase by Invesco Ltd. of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each Fund was structured substantially similar to a corresponding Guggenheim ETF, including the unitary advisory fee, that would be reorganized into the Fund in connection with the Transaction.

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 to be performed by the Adviser for each Fund, information describing the Adviser’s current organization and staffing, including operational support that would be provided by the Adviser’s parent organization, Invesco Ltd., and the background and experience of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees also reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

The Trustees also considered the services to be 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 for the other ETFs and that was expected to be provided for each Fund.

The Trustees also considered information provided by the Adviser regarding the resources that would be added in connection with the Transaction to maintain and enhance the services provided to the Funds and all other PowerShares ETFs.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively managed funds peers. The Trustees noted that the fee data provided by the Adviser included only six passive peer ETFs for PowerShares China Technology Portfolio and PowerShares S&P High Income Infrastructure Portfolio. The Trustees also considered fee and expense data on Adviser-identified selected peers for certain Funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of each Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation

Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.


		64

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)

expenses and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group, as applicable, as shown below:


Fund	ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)¹	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)²
PowerShares China All-Cap Portfolio	Higher than median (21)	N/A	Lower than median (19)	Higher than median (3)
PowerShares China Technology Portfolio	Higher than median (6)	N/A	Lower than median (6)	Lower than median (2)
PowerShares MSCI Emerging Markets Equal Country Weight Portfolio	Higher than median (54)	Higher than median (7)	Lower than median (211)	Higher than median (4)
PowerShares S&P High Income Infrastructure Portfolio	Lower than median (6)	N/A	Lower than median (22)	Lower than median (4)
PowerShares Shipping Portfolio	Higher than median (20)	Higher than median (1)	Lower than median (10)	N/A

¹	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 with an “N/A” for not available.

²	The information provided by the Adviser did not include select peer groups for certain Funds. Those Funds have been designated with an “N/A” for not available.

The Trustees 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 considered each Fund’s proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing each Fund because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2017 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

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 noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the flat advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with each Fund, and had noted that it does not have any soft-dollar arrangements.

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


		65

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)

Board Considerations Regarding Approval of Investment Advisory Agreement for

PowerShares Canadian Energy Income Portfolio

PowerShares China Real Estate Portfolio

PowerShares China Small Cap Portfolio

PowerShares Frontier Markets Portfolio

PowerShares MSCI Global Timber Portfolio

PowerShares S&P Global Dividend Opportunities Index Portfolio

PowerShares S&P Global Water Index Portfolio

PowerShares Solar Portfolio

PowerShares Zacks International Multi-Asset Income Portfolio

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed advisory fee and net expense ratio for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.

The Trustees noted that each Fund was created in connection with the purchase by Invesco Ltd. of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each Fund was structured substantially similar to a corresponding Guggenheim ETF, including the advisory fee and net expense ratio, that would be reorganized into the Fund (a “Reorganization”) in connection with the Transaction.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed advisory fee and net expense ratio, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively managed funds peers. The Trustees noted that the fee data provided by the Adviser included only seven passive peer ETFs for PowerShares S&P Global Dividend Opportunities Index Portfolio and only eight passive peer ETFs for PowerShares China Real Estate Portfolio. The Trustees also considered fee and expense data on Adviser-identified selected peers for certain Funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund, except for PowerShares China Small Cap Portfolio, is 0.50% of the average daily net assets for each Fund. The Trustees noted that the proposed annual advisory fee to be charged to PowerShares China Small Cap Portfolio is 0.55% of the average daily net assets of the Fund.

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or reimburse Fund expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of

Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.


		66

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)

that Fund’s average daily net assets as set forth in the table below, excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, through the later of two years from the closing date of the Reorganization or December 31, 2020 for each Fund except PowerShares S&P Global Water Index Portfolio and PowerShares Solar Portfolio, and through two years from the closing date of the Reorganization for PowerShares S&P Global Water Index Portfolio and PowerShares Solar Portfolio:


Fund	Fee Waiver
PowerShares Canadian Energy Income Portfolio		0.66	%
PowerShares China Real Estate Portfolio		0.70	%
PowerShares China Small Cap Portfolio		0.75	%
PowerShares Frontier Markets Portfolio		0.70	%
PowerShares MSCI Global Timber Portfolio		0.55	%
PowerShares S&P Global Dividend Opportunities Index Portfolio		0.64	%
PowerShares S&P Global Water Index Portfolio		0.63	%
PowerShares Solar Portfolio		0.70	%
PowerShares Zacks International Multi-Asset Income Portfolio		0.70	%

The Trustees noted each Fund’s proposed contractual advisory fee as compared to the median net advisory fees of its peer groups and select peer groups, as shown below:


Fund	ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)¹	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)²
PowerShares Canadian Energy Income Portfolio	Higher than median (15)	N/A	Lower than median (29)	N/A
PowerShares China Real Estate Portfolio	Higher than median (8)	Higher than median (1)	Lower than median (12)	N/A
PowerShares China Small Cap Portfolio	Lower than median (21)	N/A	Lower than median (19)	Lower than median (2)
PowerShares Frontier Markets Portfolio	Lower than median (54)	Higher than median (7)	Lower than median (211)	Lower than median (1)
PowerShares MSCI Global Timber Portfolio	Higher than median (18)	Higher than median (1)	Lower than median (3)	Higher than median (1)
PowerShares S&P Global Dividend Opportunities Index Portfolio	Lower than median (7)	Higher than median (2)	Lower than median (35)	Lower than median (4)
PowerShares S&P Global Water Index Portfolio	Higher than median (15)	N/A	Lower than median (29)	Higher than median (1)
PowerShares Solar Portfolio	Higher than median (15)	N/A	Lower than median (29)	Higher than median (4)
PowerShares Zacks International Multi-Asset Income Portfolio	Same as median (42)	Higher than median (2)	Lower than median (21)	Higher than median (2)

¹	The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

²	The information provided by the Adviser did not include select peer groups for certain Funds. Those Funds have been designated with an “N/A” for not available.


		67

Board Considerations Regarding Approval of Investment Advisory Agreement (continued)

The Trustees also noted each Fund’s net expense ratio as compared to the median net expense ratios of its peer groups and select peer group, as shown below:


Fund	ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)¹	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)²
PowerShares Canadian Energy Income Portfolio	Higher than median (15)	N/A	Lower than median (29)	N/A
PowerShares China Real Estate Portfolio	Higher than median (8)	Higher than median (1)	Lower than median (12)	N/A
PowerShares China Small Cap Portfolio	Higher than median (21)	N/A	Lower than median (19)	Higher than median (2)
PowerShares Frontier Markets Portfolio	Higher than median (54)	Higher than median (7)	Lower than median (211)	Lower than median (1)
PowerShares MSCI Global Timber Portfolio	Higher than median (18)	Higher than median (1)	Lower than median (3)	Higher than median (1)
PowerShares S&P Global Dividend Opportunities Index Portfolio	Higher than median (7)	Lower than median (2)	Lower than median (35)	Higher than median (4)
PowerShares S&P Global Water Index Portfolio	Higher than median (15)	N/A	Lower than median (29)	Higher than median (1)
PowerShares Solar Portfolio	Higher than median (15)	N/A	Lower than median (29)	Higher than median (4)
PowerShares Zacks International Multi-Asset Income Portfolio	Higher than median (42)	Higher than median (2)	Lower than median (21)	Higher than median (2)

The Trustees considered each Fund’s proposed contractual advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the contractual advisory fee to be charged to each Fund and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services expected to be provided by the Adviser.

In conjunction with their review of the contractual advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing each Fund because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2017 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

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 also noted that the Excess Expense 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. The Trustees considered whether the proposed advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the flat advisory fee was reasonable and appropriate.


		68

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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 (“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 also 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 on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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-TRST2-AR-2

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


PLW		Invesco 1-30 Laddered Treasury ETF
PWZ		Invesco California AMT-Free Municipal Bond ETF
PCEF		Invesco CEF Income Composite ETF
PHB		Invesco Fundamental High Yield^® Corporate Bond ETF
PFIG		Invesco Fundamental Investment Grade Corporate Bond ETF
LDRI		Invesco LadderRite 0-5 Year Corporate Bond ETF
PZA		Invesco National AMT-Free Municipal Bond ETF
PZT		Invesco New York AMT-Free Municipal Bond ETF
PGX		Invesco Preferred ETF
BAB		Invesco Taxable Municipal Bond ETF
CLTL		Invesco Treasury Collateral ETF
VRP		Invesco Variable Rate Preferred ETF
PVI		Invesco VRDO Tax-Free Weekly ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

Fixed Income Portfolios

Schedules of Investments

Invesco 1-30 Laddered Treasury ETF (PLW)			39

Invesco California AMT-Free Municipal Bond ETF (PWZ)			40

Invesco CEF Income Composite ETF (PCEF)			44

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)			47

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)			54

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)			67

Invesco National AMT-Free Municipal Bond ETF (PZA)			71

Invesco New York AMT-Free Municipal Bond ETF (PZT)			81

Invesco Preferred ETF (PGX)			83

Invesco Taxable Municipal Bond ETF (BAB)			87

Invesco Treasury Collateral ETF (CLTL)			94

Invesco Variable Rate Preferred ETF (VRP)			96

Invesco VRDO Tax-Free Weekly ETF (PVI)			101

Statements of Assets and Liabilities			104

Statements of Operations			106

Statements of Changes in Net Assets			112

Financial Highlights			118

Notes to Financial Statements			127

Report of Independent Registered Public Accounting Firm			142

Fees and Expenses			143

Tax Information			145

Trustees and Officers			146


		2

The Market Environment

Domestic Equity

¹	Source: US Treasury

²	Source: US Federal Reserve

Fixed Income

Throughout the fiscal period, US economic data remained positive; economic growth in the second quarter of 2018 was particularly strong. The US economy continued to add jobs, pushing the unemployment rate to 3.9% at the close of the fiscal period, while inflation remained subdued.¹ Against this backdrop, the US Federal Reserve (the Fed) raised the federal funds target rate from a range of 1.00% to 1.25% at the start of the fiscal period to a range of 1.75% to 2.00% at the close of the fiscal period. This was accomplished with three 0.25% rate hikes in December 2017, and in March and June 2018.² Working against these positive developments, however, were global macroeconomic headwinds in the form of geopolitical trade tension, sub-optimal inflation, and the lingering unknown of Brexit—the decision by UK voters to leave the European Union. These headwinds could limit future Fed rate hikes in the near-term. The Bank of Japan and the European Central Bank maintained their negative interest rates in a continued attempt to stimulate growth and inflation by encouraging investors to spend rather than save. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.

The 10-year US Treasury yield continued to move upward at the start of the fiscal period and spiked in early 2018 due to the continued strength in the global economy, the rising risks of inflation and the high probability of additional Fed rate hikes throughout the fiscal period. Due to these factors, the 10-year US Treasury note declined steadily throughout the first quarter of 2018, resulting in higher government yields and a brief move above 3.00% before normalizing near the end of the fiscal period.³ The 10-year US Treasury yield ended the fiscal period at 2.86%, 74 basis points higher than at the beginning of the fiscal period.³ (A basis point is one one-hundredth of a percentage point.)

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, fell 1.05% for the fiscal period. Poor performance was largely attributable to the broad increase in US Treasury yields, a widening of credit spreads and reduced overseas bond purchase demand during the fiscal period. All four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted negative returns for the fiscal period.

¹	Bureau of Labor Statistics

²	US Federal Reserve

³	US Treasury Department


		3


PLW		Manager’s Analysis
PLW		Invesco 1-30 Laddered Treasury ETF (PLW)

As an index fund, the Invesco 1-30 Laddered Treasury ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index (the “Index”). The Fund generally will invest at least 80% of its total assets in U.S. Treasury securities that comprise the Index. The Index measures potential returns of a theoretical portfolio of U.S. Treasury securities with a yield curve based upon 30 distinct annual maturities. The Index seeks to maintain a continuous maturity laddered portfolio of securities, meaning that securities holdings are scheduled to mature in a proportional, annual sequential pattern. Nasdaq, Inc. (the “Index Provider”) allows a six-month maturity deviation if securities with a desired maturity date are not available.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider selects securities for inclusion in the Index that are U.S. Treasury-auctioned issues with fixed coupon rates that are non-callable. The Index Provider does not include treasury inflation-protected securities, bills or zero-coupon securities in the Index. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned (1.17)%. On a net asset value (“NAV”) basis, the Fund returned (1.01)%. During the same time period, the Index returned (0.87)%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Barclays U.S. Treasury Index (the “Benchmark Index”) returned (0.57)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 250 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the roughly 5-year average duration U.S. Treasury market.

Relative to the Benchmark Index, the Fund was most overweight in bonds with maturities between 10-20 years duration and most underweight in bonds with maturities between 0-5 years duration during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight position in bonds with maturities between 10-15 years duration as well as fees and operating expenses incurred by the Fund.

For the fiscal period ended August 31, 2018, bonds with maturities with between 29-30 years duration contributed most significantly to the Fund’s return, followed by bonds with maturities between 0-1 year duration. The bonds with maturities between 7-10 years duration detracted most significantly from the Fund’s return, followed by bonds with maturities between 12-13 years duration and bonds with maturities between 17-18 years duration, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included U.S. Treasury Bonds, 3.00% coupon, due 02/15/2048 (portfolio average weight of 2.01%), and U.S. Treasury Bonds, 8.875% coupon, due 02/15/2019 (portfolio average weight of 3.24%). Positions that detracted most significantly from the Fund’s return included U.S. Treasury Bonds, 5.375% coupon, due 02/15/2031 (portfolio average weight of 9.95%), and U.S. Treasury Bonds, 4.50% coupon, due 02/15/2036 (portfolio average weight of 10.03%).


Duration Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Maturing in 0-5 Years			19.5
Maturing in 6-10 Years			16.4
Maturing in 11-15 Years			13.2
Maturing in 16-20 Years			20.1
Maturing in 21-25 Years			16.9
Maturing in 26-30 Years			13.6
Money Market Fund Plus Other Assets Less Liabilities			0.3

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
U.S. Treasury Bonds, 4.500%, 02/15/2036			10.0
U.S. Treasury Bonds, 5.375%, 02/15/2031			10.0
U.S. Treasury Bonds, 2.500%, 02/15/2046			3.4
U.S. Treasury Bonds, 3.000%, 02/15/2047			3.4
U.S. Treasury Bonds, 3.000%, 02/15/2048			3.4
U.S. Treasury Bonds, 2.500%, 02/15/2045			3.4
U.S. Treasury Bonds, 3.625%, 02/15/2044			3.4
U.S. Treasury Bonds, 3.125%, 02/15/2043			3.4
U.S. Treasury Bonds, 3.125%, 02/15/2042			3.4
U.S. Treasury Bonds, 3.500%, 02/15/2039			3.4
Total			47.2

* Excluding money market fund holdings.


		4

Invesco 1-30 Laddered Treasury ETF (PLW) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index		(2.48	)%		1.49	%		4.55	%		3.52	%		18.91	%		4.69	%		58.18	%		5.23	%		74.11	%
Bloomberg Barclays U.S. Treasury Index		(1.54	)		0.84			2.54			1.67			8.64			2.84			32.27			3.37			43.50
Fund
NAV Return		(2.65	)		1.26			3.83			3.27			17.47			4.39			53.73			4.93			68.93
Market Price Return		(2.81	)		1.29			3.91			3.28			17.52			4.38			53.52			4.90			68.27

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		5


PWZ		Manager’s Analysis
PWZ		Invesco California AMT-Free Municipal Bond ETF (PWZ)

As an index fund, the Invesco California AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of ICE BofAML California Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that are also exempt from the federal alternative minimum tax.

ICE Data Indices, LLC is the Index provider for the Index. The Index is composed of U.S. dollar-denominated, investment grade, tax-exempt debt publicly issued by California or any U.S. territory, or their political subdivisions, in the U.S. domestic market with a term of at least 15 years remaining to final maturity. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the Bloomberg Barclays Municipal Bond 20 Year Index (the “Benchmark Index”) returned 1.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 5,742 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in the State of California and most underweight in the territory of the U.S. Virgin Islands during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to California bonds underperforming the general municipal market as well as fees and operating expenses incurred by the Fund during the period.

For the fiscal period ended August 31, 2018, the State of California contributed most significantly to the Fund’s return. Puerto Rico detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included California State Various Purpose Ser. 09, 6.00% coupon, due 04/01/2038 (portfolio average weight of 0.54%), and San Francisco California City & County Airports Commission (San Francisco International

Airport) Rev. Ser.18D, 5.00% coupon, due 05/01/2048 (portfolio average weight of 1.14%). Positions that detracted most significantly from the Fund’s return included California State Various Purpose Ser. 09, 6.00% coupon, due 04/01/2038 (portfolio average weight of 1.28%), and Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM, 3.00% coupon, due 10/01/2034 (portfolio average weight of 0.76%).


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Ad Valorem Property Tax			21.6
Health, Hospital, Nursing Home Revenue			11.2
Port, Airport & Marina Revenue			11.1
College & University Revenue			9.3
Water Revenue			8.9
General Fund			7.2
Electric Power Revenue			6.4
Lease Revenue			6.0
Sales Tax Revenue			4.8
Highway Tolls Revenue			2.5
Miscellaneous Revenue			2.0
Tax Increment Revenue			1.6
Sewer Revenue			1.4
Transit Revenue			1.4
Special Tax			1.1
Natural Gas Revenue			1.0
Recreational Revenue			0.4
Local or GTD Housing			0.4
Other Assets Less Liabilities			1.7


		6

Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 18D, 5.000%, 05/01/2048			3.2
Los Angeles County California Metropolitan Transportation Auth. Sales Tax Rev. Ser. 17A, 5.000%, 07/01/2038			2.3
Marin California Healthcare District (Election 2013) Ser. 17A, 5.000%, 08/01/2041			2.3
San Rafael California High School District (Election 2015) Ser. 18B, 4.000%, 08/01/2047			2.1
San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C, 5.000%, 05/01/2046			2.0
Chabot-Las Positas California Community College District (Election 2016) Ser. 17A, 4.000%, 08/01/2047			2.0
Los Angeles California Department of Water & Power (Power System) Rev. Ser. 12B, 5.000%, 07/01/2043			2.0
Santa Clara Valley California Water District Ref. Ser. 16A, 5.000%, 06/01/2046			1.9
California State Various Purpose Ser. 17, 5.000%, 11/01/2047			1.8
San Diego County California Regional Transportation Commission Ser. 16A, 5.000%, 04/01/2048			1.8
Total			21.4


		7

Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—ICE BofAML California Long-Term Core Plus Municipal Securities Index		1.50	%		3.55	%		11.02	%		6.02	%		33.98	%		5.18	%		65.65	%		4.71	%		64.98	%
Bloomberg Barclays Municipal Bond 20 Year Index		1.32			3.59			11.18			5.61			31.36			5.31			67.73			5.01			70.23
Fund
NAV Return		0.97			3.44			10.68			5.54			30.97			4.75			59.08			4.22			56.91
Market Price Return		0.65			3.31			10.27			5.76			32.30			4.74			58.83			4.15			55.61

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Notes Regarding Indexes and Fund Performance History:

The Blended – ICE BofAML California Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch California Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch California Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2018.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.


		8


PCEF		Manager’s Analysis
PCEF		Invesco CEF Income Composite ETF (PCEF)

As an index fund, the Invesco CEF Income Composite ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S-Network Composite Closed-End Fund Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of U.S.-listed closed-end funds that comprise the Index. The Fund is a “fund of funds,” as it invests its assets in the common shares of funds included in the Index rather than in individual securities.

S-Network Global Indexes, Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which tracks the overall performance of a universe of U.S.-listed closed-end funds that are organized under the laws of the United States, which may be invested in taxable investment grade fixed-income securities, taxable high yield fixed-income securities and taxable equity options. The Index may include closed-end funds that are advised by an affiliate of Invesco Capital Management LLC (the “Adviser”). The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 1.94%. On a net asset value (“NAV”) basis, the Fund returned 1.85%. During the same time period, the Index returned 2.22%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period partially offset by beneficial trade executions associated with portfolio rebalances.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 14.57%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

Relative to the Benchmark Index, the Fund was most overweight in investment grade and high yield fixed-income closed-end funds during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index can be attributed to this exposure to fixed-income, which generally underperformed the equity markets during the period. Additionally, the rising interest rate environment weakened the financial leverage opportunities, which are utilized by many closed-end funds to enhance their returns.

For the fiscal period ended August 31, 2018, the Eaton Vance Tax-Managed Global Diversified Equity Income Fund (portfolio

average weight of 3.46%) contributed most significantly to the Fund’s return, followed by the Eaton Vance Tax-Managed Diversified Equity Income Fund (portfolio average weight of 1.93%), and the Blackrock Science & Technology Trust (portfolio average weight of 0.76%), respectively. Positions that detracted most significantly from the Fund’s return included Nuveen Preferred & Income Securities Fund (portfolio average weight of 2.20%), and Aberdeen Asia-Pacific Income Fund, Inc. (portfolio average weight of 1.88%).


Asset Class Breakdown* (% of the Fund’s Net Assets) as of August 31, 2018
Bonds			44.1
Bonds/High Yield			28.0
Option Income			27.4
Domestic Equity			0.4
Money Market Funds Plus Other Assets Less Liabilities			0.1

*	Reflects exposure achieved through investments in underlying funds.



Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Eaton Vance Tax-Managed Global Diversified Equity Income Fund			2.7
Eaton Vance Limited Duration Income Fund			2.7
BlackRock Enhanced Equity Dividend Trust			2.5
BlackRock Credit Allocation Income Trust			2.4
BlackRock Corporate High Yield Fund, Inc.			2.4
DoubleLine Income Solutions Fund			2.3
AllianzGI NFJ Dividend, Interest & Premium Strategy Fund			2.2
Nuveen Preferred & Income Securities Fund			2.1
First Trust Intermediate Duration Preferred & Income Fund			1.9
Nuveen Credit Strategies Income Fund			1.9
Total			23.1

*	Excluding money market fund holdings.


		9

Invesco CEF Income Composite ETF (PCEF) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S-Network Composite Closed-End Fund Index^SM		4.27	%		10.62	%		35.37	%		8.00	%		46.90	%		7.61	%		86.87	%
S&P 500^® Index		19.66			16.11			56.55			14.52			97.01			14.30			212.63
Fund
NAV Return		3.82			10.10			33.46			7.49			43.47			7.09			79.40
Market Price Return		3.77			10.16			33.70			7.51			43.64			7.08			79.26

Fund Inception: February 19, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 2.07% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 1.57%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		10


PHB		Manager’s Analysis
PHB		Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

As an index fund, the Invesco Fundamental High Yield^® Corporate Bond ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the RAFI^® Bonds U.S. High Yield 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in high-yield corporate bonds that comprise the Index.

The Index is comprised of U.S. dollar-denominated bonds that are registered with the U.S. Securities and Exchange Commission or that are Rule 144A securities that provide for registration rights (issued after July 31, 2013) and whose issuers are public companies listed on a major U.S. stock exchange. Only investible, non-convertible, non-exchangeable, non-zero, fixed coupon high-yield corporate bonds qualify for inclusion in the Index. Bonds of foreign agencies, governments or supra-nationals, as well as those issuers that are not domiciled in the United States, are excluded from the Index. ALM Research Solutions, LLC compiles and calculates the Index, which measures potential returns based on the Fundamental Index^® methodology developed by Research Affiliates, LLC (the “Index Provider”). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 2.05%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,977 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. high-yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas industry and most underweight in the media industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the pharmaceuticals and media industries.

For the fiscal period ended August 31, 2018, the insurance industry contributed most significantly to the Fund’s return,

followed by the healthcare-services and food industries, respectively. Industries that detracted from performance for the year included the pharmaceuticals industry, followed by the media and oil & gas industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included PBF Holding Co. LLC/PBF Finance Corp., 7.25% coupon, due 06/15/2025, an oil & gas company (portfolio average weight of 0.49%), and SUPERVALU, Inc., 7.75% coupon, due 11/15/2022, a food company (portfolio average weight of 0.52%). Positions that detracted most significantly from the Fund’s return included Whiting Petroleum Corp., 6.25% coupon, due 04/01/2023, an oil & gas company (portfolio average weight of 0.02%), and AMC Networks, Inc., 5.00% coupon, due 04/01/2024, a media company (portfolio average weight of 0.30%).


		11

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Oil & Gas			12.1
Healthcare-Services			7.7
Retail			5.3
Media			5.0
REITs			5.0
Telecommunications			3.6
Electric			3.6
Commercial Services			3.1
Diversified Financial Services			3.0
Computers			3.0
Chemicals			2.8
Airlines			2.8
Lodging			2.7
Iron/Steel			2.6
Internet			2.6
Home Builders			2.5
Food			2.5
Insurance			2.2
Packaging & Containers			2.1
Auto Parts & Equipment			2.1
Pipelines			1.8
Entertainment			1.7
Mining			1.5
Banks			1.2
Healthcare-Products			1.2
Office/Business Equipment			1.1
Engineering & Construction			1.1
Software			1.1
Oil & Gas Services			1.0
Semiconductors			1.0
Building Materials			0.9
Advertising			0.9
Distribution/Wholesale			0.8
Aerospace/Defense			0.7
Apparel			0.7
Toys/Games/Hobbies			0.7
Electronics			0.7
Food Service			0.6
Electrical Components & Equipment			0.5
Miscellaneous Manufacturing			0.5
Household Products/Wares			0.4
Environmental Control			0.4
Housewares			0.4
Cosmetics/Personal Care			0.4
Home Furnishings			0.4
Leisure Time			0.3
Real Estate			0.3
Money Market Funds Plus Other Assets Less Liabilities			1.4


Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of August 31, 2018
BBB			4.5
BBB-			12.5
BB+			23.2
BB			15.9
BB-			18.1
B+			12.0
B			8.7
B-			3.6
CCC+			0.1
Money Market Funds Plus Other Assets Less Liabilities			1.4

Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to C (lowest); ratings are subject to change without notice. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage.


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
United Continental Holdings, Inc., 4.250%, 10/01/2022			1.3
Ally Financial, Inc., 8.000%, 03/15/2020			1.1
Micron Technology, Inc., 5.500%, 02/01/2025			1.0
Vistra Energy Corp., 8.125%, 01/30/2026			0.9
Hess Corp., 4.300%, 04/01/2027			0.9
Western Digital Corp., 4.750%, 02/15/2026			0.9
Yum! Brands, Inc., 3.750%, 11/01/2021			0.9
Symantec Corp., 4.200%, 09/15/2020			0.8
Gap, Inc. (The), 5.950%, 04/12/2021			0.8
Centene Corp., 6.125%, 02/15/2024			0.8
Total			9.4

*	Excluding money market fund holdings.


		12

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—RAFI^® Bonds U.S. High Yield 1-10 Index		2.45	%		6.01	%		19.12	%		5.16	%		28.61	%		6.08	%		80.52	%		5.22	%		73.25	%
Bloomberg Barclays U.S. Corporate High Yield Index		3.40			7.00			22.51			5.63			31.50			8.50			126.03			7.62			120.78
Fund
NAV Return		1.78			5.13			16.20			4.24			23.06			4.28			52.01			3.39			43.37
Market Price Return		1.57			5.06			15.96			4.25			23.16			4.12			49.79			3.16			39.95

Fund Inception: November 15, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

-	The Blended-RAFI^® Bonds U.S. High Yield 1-10 Index is comprised of performance of the original underlying index from Fund inception through the conversion date, August 2, 2010, followed by the performance of the Index starting at the conversion date through August 31, 2018.


		13


PFIG		Manager’s Analysis
PFIG		Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

As an index fund, the Invesco Fundamental Investment Grade Corporate Bond ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the RAFI^® Bonds US Investment Grade 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities that comprise the Index.

The Index is comprised of U.S. dollar-denominated bonds that are registered with the U.S. Securities and Exchange Commission or that are Rule 144A securities that provide for registration rights (issued after July 31, 2013) and whose issuers are public companies listed on a major U.S. stock exchange. Only investible, non-convertible, non-exchangeable, non-zero, fixed coupon investment grade corporate bonds qualify for inclusion in the Index. Bonds of foreign agencies, governments or supra-nationals, as well as those issuers that are not domiciled in the United States are excluded from the Index. ALM Research Solutions, LLC compiles and calculates the Index, which measures potential returns based on a methodology approach developed by Research Affiliates, LLC, (the “Index Provider”), utilizing fundamental measures. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned (1.23)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 5,719 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to security selection within the banks and biotechnology industries.

For the fiscal period ended August 31, 2018, the banks industry contributed most significantly to the Fund’s return, followed by the biotechnology and electric industries, respectively. The diversified

financial services detracted most significantly from the Fund’s return, followed by the machinery-diversified and retail industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Apple, Inc., 3.25% coupon, due 02/23/2026, a computers company (portfolio average weight of 0.25%), and Walmart, Inc., 2.65% coupon, due 12/15/2024, a retail company (portfolio average weight of 0.24%). Positions that detracted most significantly from the Fund’s return included Citigroup, Inc., 3.20% coupon, due 10/21/2026, a banks company (portfolio average weight of 0.62%), and JPMorgan Chase & Co., 2.95% coupon, due 10/01/2026, a banks company (portfolio average weight of 0.69%).


		14

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			10.4
Insurance			6.2
Retail			6.1
Pharmaceuticals			6.0
Oil & Gas			5.8
Electric			5.7
REITs			4.6
Diversified Financial Services			4.1
Food			3.1
Software			2.8
Aerospace/Defense			2.7
Telecommunications			2.6
Semiconductors			2.5
Computers			2.4
Healthcare-Services			2.2
Chemicals			2.1
Media			2.0
Transportation			2.0
Electronics			1.8
Agriculture			1.7
Beverages			1.6
Healthcare-Products			1.6
Internet			1.5
Miscellaneous Manufacturing			1.4
Auto Manufacturers			1.4
Biotechnology			1.2
Cosmetics/Personal Care			1.2
Machinery-Diversified			1.1
Commercial Services			1.1
Pipelines			1.0
Oil & Gas Services			0.9
Building Materials			0.6
Apparel			0.5
Environmental Control			0.5
Real Estate			0.5
Gas			0.5
Machinery-Construction & Mining			0.4
Leisure Time			0.4
Iron/Steel			0.4
Advertising			0.4
Auto Parts & Equipment			0.3
Packaging & Containers			0.3
Electrical Components & Equipment			0.3
Forest Products & Paper			0.3
Home Builders			0.3
Textiles			0.3
Housewares			0.3
Lodging			0.2
Airlines			0.2
Engineering & Construction			0.2
Mining			0.2
Water			0.2
Hand/Machine Tools			0.2
Office/Business Equipment			0.2
Household Products/Wares			0.2
Savings & Loans			0.1
Home Furnishings			0.1
Toys/Games/Hobbies			0.1
Shipbuilding			0.1
Money Market Fund Plus Other Assets Less Liabilities			0.9


Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of August 31, 2018
AAA			1.5
AA+			2.6
AA			3.3
AA-			5.8
A+			7.2
A			14.7
A-			15.8
BBB+			19.4
BBB			20.0
BBB-			8.8
Money Market Fund Plus Other Assets Less Liabilities			0.9


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
JPMorgan Chase & Co., 4.500%, 01/24/2022			0.6
Exxon Mobil Corp., 2.222%, 03/01/2021			0.6
JPMorgan Chase & Co., 2.950%, 10/01/2026			0.5
Wells Fargo & Co., MTN, 2.625%, 07/22/2022			0.5
Apple, Inc., 3.250%, 02/23/2026			0.5
Exxon Mobil Corp., 3.043%, 03/01/2026			0.5
ConocoPhillips Co., 4.950%, 03/15/2026			0.5
Boeing Co. (The), 4.875%, 02/15/2020			0.5
Apple, Inc., 2.400%, 05/03/2023			0.5
Walmart, Inc., 2.650%, 12/15/2024			0.5
Total			5.2

*	Excluding money market fund holdings.


		15

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
RAFI^® Bonds U.S. Investment Grade 1-10 Index		(0.86	)%		2.44	%		7.51	%		2.91	%		15.41	%		2.96	%		22.48	%
Bloomberg Barclays U.S. Corporate Index		(1.01	)		3.50			10.86			3.76			20.27			3.89			30.41
Fund
NAV Return		(1.12	)		2.23			6.83			2.64			13.91			2.54			19.10
Market Price Return		(1.32	)		2.16			6.61			2.75			14.54			2.57			19.27

Fund Inception: September 15, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.22% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		16


LDRI		Manager’s Analysis
LDRI		Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)

As an index fund, the Invesco LadderRite 0-5 Year Corporate Bond ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ LadderRite^® 0-5 Year USD Corporate Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in U.S. and foreign investment grade corporate bonds that comprise the Index. The Index measures potential returns of a theoretical portfolio of fixed income securities with a yield curve based upon remaining effective terms to maturity of five years or less.

Using a “laddered strategy,” Nasdaq, Inc. (the “Index Provider”) includes in the Index a portfolio of bonds with short- to intermediate-term maturities, meaning that it divides the components of the Index into five equally weighted groups of bonds with staggered terms to maturity in an annual, sequential (“laddered”) structure from zero to five years. Strictly in accordance with its guidelines and mandated procedures, the Index Provider selects such bonds issued by companies domiciled in the U.S. and other developed countries for inclusion in the Index that: (i) are denominated in U.S. dollars; (ii) pay fixed amounts of taxable interest; (iii) are rated as “investment grade” by at least one of Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc. (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch Ratings Inc. (“Fitch”) (i.e., have a grade of BBB- or higher from Fitch or S&P or of Baa3 or higher from Moody’s); (iv) have an outstanding face value of at least $500 million; and (v) have five years or less to maturity. Bonds must have an initial term to maturity of at least one year to be eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the ICE BofAML 0-5 Year U.S. Corporate Index (the “Benchmark Index”) returned 0.34%. The Benchmark Index is an unmanaged index weighted by capitalization and based on current amount outstanding times the market price plus accrued interest based on the average performance of approximately 3,440 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the short-term investment grade U.S. corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the wirelines and pharmaceuticals industries and most underweight in the electric and insurance industries during the fiscal period ended August 31, 2018. The Fund’s performance (NAV basis) matched the return of the Benchmark Index primarily due to the fees and operating expenses the Fund incurred during the period, offset by beneficial impacts of the Fund’s sampling methodology.

The Fund’s positive performance relative to the Benchmark Index during the period can be attributed to the Fund’s relative overweight in the pharmaceuticals and food and beverage industries. The electric and technology industries detracted the most from the Fund’s performance relative to the Benchmark Index.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Whitewave Foods Co., 5.375% coupon, due 10/01/2022, a food and beverage company (no longer held at fiscal period-end), and Deutsche Bank AG, 4.25% coupon, due 10/14/2021, a banks company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included Fifth Third Bank, coupon 2.875%, due 10/01/2021, a banking company (no longer held at fiscal period-end), and Air Lease Corp., 3.75% coupon, due 02/01/2022, a diversified financial services company (portfolio average weight of 0.31%).


		17

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			31.3
Oil & Gas			5.7
Pharmaceuticals			4.0
Telecommunications			4.0
Auto Manufacturers			3.7
Computers			3.3
Pipelines			3.3
Media			2.9
REITs			2.8
Healthcare-Products			2.7
Diversified Financial Services			2.7
Food			2.5
Beverages			2.4
Biotechnology			2.4
Electric			2.3
Retail			2.0
Healthcare-Services			2.0
Insurance			1.9
Semiconductors			1.6
Machinery-Diversified			1.6
Chemicals			1.6
Internet			1.6
Aerospace/Defense			1.6
Agriculture			1.3
Software			1.2
Miscellaneous Manufacturing			1.2
Electrical Components & Equipment			0.8
Machinery-Construction & Mining			0.8
Investment Companies			0.8
Household Products/Wares			0.8
Transportation			0.8
Office/Business Equipment			0.8
Advertising			0.4
Oil & Gas Services			0.3
Money Market Fund Plus Other Assets Less Liabilities			0.9


Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of August 31, 2018
AA+			1.6
AA			0.2
AA-			6.9
A+			11.4
A			15.1
A-			18.2
BBB+			20.1
BBB			17.1
BBB-			6.0
BB+			1.6
BB			0.9
Money Market Fund Plus Other Assets Less Liabilities			0.9


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
HSBC Holdings PLC, 2.650%, 01/05/2022			1.6
Credit Suisse AG, GMTN, 5.400%, 01/14/2020			1.3
American International Group, Inc., 6.400%, 12/15/2020			0.9
International Business Machines Corp., 8.375%, 11/01/2019			0.9
Royal Bank of Scotland Group PLC, 6.100%, 06/10/2023			0.9
Bank of America Corp., MTN, 5.000%, 05/13/2021			0.8
Bank of America Corp., MTN, 5.625%, 07/01/2020			0.8
BNP Paribas SA, BKNT, GMTN, 5.000%, 01/15/2021			0.8
Home Depot, Inc. (The), 4.400%, 04/01/2021			0.8
Warner Media LLC, 4.750%, 03/29/2021			0.8
Total			9.6

*	Excluding money market fund holdings.


		18

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
NASDAQ LadderRite^® 0-5 Year USD Corporate Bond Index		0.48	%		1.82	%		5.56	%		1.68	%		6.84	%
ICE BofAML 0-5 U.S. Corporate Index		0.41			1.94			5.93			1.78			7.25
Fund
NAV Return		0.36			1.40			4.26			1.35			5.48
Market Price Return		0.24			1.38			4.20			1.34			5.44

Fund Inception: September 10, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.22% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		19


PZA		Manager’s Analysis
PZA		Invesco National AMT-Free Municipal Bond ETF (PZA)

As an index fund, the Invesco National AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the ICE BofAML National Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that are also exempt from the federal alternative minimum tax.

ICE Data Indices, LLC is the Index provider for the Index. The Index is composed of U.S. dollar-denominated, investment grade, tax- exempt debt publicly issued by U.S. states and territories, or their political subdivisions, in the U.S. domestic market with a term of at least 15 years remaining to final maturity. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the Bloomberg Barclays Municipal Bond 20 Year Index (the “Benchmark Index”) returned 1.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 5,742 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of insured municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in the State of Illinois and most underweight in the State of New York during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to differences in state weightings relative to the Benchmark Index as well as fees and trading costs incurred by the Fund.

For the fiscal period ended August 31, 2018, the State of Texas contributed most significantly to the Fund’s return, followed by Puerto Rico and the State of Oregon, respectively. The State of New York detracted most significantly from the Fund’s return, followed by the State of Colorado and the State of New Jersey, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 12 AGM, 5.00% coupon, due 01/01/2037 (portfolio average weight of

1.60%), and Puerto Rico Commonwealth Public Improvement Ref. Ser. 12A AGM, 5.00% coupon, due 07/01/2035 (portfolio average weight of 0.46%). Positions that detracted most significantly from the Fund’s return included Miami-Dade County Florida Water & Sewer Systems Rev. Ser. 17A, 3.375% coupon, due 10/01/2047 (portfolio average weight of 0.49%), and Utility Debt Securitization Authority New York, 5.00% coupon, due 12/15/2033 (no longer held at fiscal period-end)


State and Territory Breakdown (% of the Fund’s Net Assets)
California			17.5
Florida			4.5
Illinois			6.6
Massachusetts			5.5
New York			18.0
Pennsylvania			4.2
Texas			11.5
Other States Less Than 3% Each			30.4
Other Assets Less Liabilities			1.8

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Sales Tax Asset Receivables Corp. (Fiscal 2015) Ref. Ser. 14A, 4.000%, 10/15/2032			1.7
Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 12, 5.000%, 01/01/2037			1.6
Grand Parkway Transportation Corp. Texas Systems Toll (Sub.-Tier Tela Supported) Rev. Ser. 18A, 5.000%, 10/01/2043			1.4
City of Jasper Alabama Ser. 14, 5.000%, 03/01/2044			1.3
Miami-Dade County Florida Water & Sewer System Rev. Ser. 10, 5.000%, 10/01/2020			1.3
Port Auth. of New York & New Jersey (194th Series) Ref. Ser. 15, 5.000%, 10/15/2041			1.2
San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C, 5.000%, 05/01/2046			1.2
Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A, 5.000%, 09/01/2044			1.1
Pennsylvania State Turnpike Commission Rev. Ser. 14B, 5.250%, 12/01/2039			1.0
King County Washington Sewer & Improvement Rev. Ref. Ser. 16B, 5.000%, 07/01/2039			1.0
Total			12.8


		20

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—ICE BofAML National Long-Term Core Plus Municipal Securities Index		1.23	%		3.58	%		11.13	%		5.67	%		31.76	%		5.20	%		66.04	%		4.74	%		65.58	%
Bloomberg Barclays Municipal Bond 20 Year Index		1.32			3.59			11.18			5.61			31.36			5.31			67.73			5.01			70.23
Fund
NAV Return		0.72			3.37			10.46			5.59			31.28			4.78			59.55			4.22			56.83
Market Price Return		0.73			3.37			10.46			5.79			32.52			4.79			59.73			4.13			55.40

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Notes Regarding Indexes and Fund Performance History:

The Blended-ICE BofAML National Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch National Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2018.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.


		21


PZT		Manager’s Analysis
PZT		Invesco New York AMT-Free Municipal Bond ETF (PZT)

As an index fund, the Invesco New York AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the ICE BofAML New York Long-Term Core Plus Municipal Securities Index (formerly The BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities Index, the “Index”). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that are also exempt from federal alternative minimum tax.

ICE Data Indices, LLC is the Index provider for the Index. The Index is composed of U.S. dollar-denominated, investment grade, tax-exempt debt publicly issued by New York or any U.S. territory, or their political subdivisions in the U.S. domestic market with a term of at least 15 years remaining to final maturity. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

Relative to the Benchmark Index, the Fund was most overweight in the State of New York and most underweight in the territory of the US Virgin Islands during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to New York bonds underperforming the general municipal market as well as fees and operating expenses incurred by the Fund during the period.

For the fiscal period ended August 31, 2018, the State of New York contributed most significantly to the Fund’s return, followed by the US territory of Guam. Puerto Rico detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A, 5.00% coupon, due 07/01/2035 (portfolio average weight of 3.35%), and Long Island Power Auth. New York Electric Systems Rev. Ref. Ser. 14A, 5.00% coupon, due 09/01/2044 (portfolio average weight of 3.36%). Positions that detracted most significantly from the Fund’s return included New York City Transitional Finance Auth. (Sub.-Future Tax Secured Fiscal 1999) Rev. Ser. 17A Sub.-Ser. E-1, 5.00% coupon, due 02/01/2043 (portfolio average weight of 2.02%), and New York State Dormitory Auth. (New York University) Rev. Ser. 01 AMBAC, 5.50% coupon, due 07/01/2040 (portfolio average weight of 2.98%).


Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Income Tax Revenue			18.4
College & University Revenue			12.1
Electric Power Revenue			11.8
Miscellaneous Revenue			11.7
Highway Tolls Revenue			6.2
Ad Valorem Property Tax			5.9
Sales Tax Revenue			5.5
Water Revenue			5.4
Lease Revenue			3.7
Health, Hospital, Nursing Home Revenue			3.6
Industrial Revenue			3.4
Hotel Occupancy Tax			3.3
Recreational Revenue			3.2
Transit Revenue			2.6
Port, Airport & Marina Revenue			1.8
Other Assets Less Liabilities			1.4


		22

Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09, 6.500%, 01/01/2046			4.0
Utility Debt Securitization Auth. New York (Restructuring) Ser. 17, 5.000%, 12/15/2038			3.7
New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C, 5.000%, 03/15/2041			3.6
New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A, 5.000%, 07/01/2035			3.5
Long Island Power Auth. New York Electric Systems Rev. Ref. Ser. 14A, 5.000%, 09/01/2044			3.5
Brooklyn Arena New York Local Development Corp. PILOT (Barclays Center Project) Rev. Ref. Ser. 16A, 5.000%, 07/15/2042			3.4
New York State Liberty Development Corp. (4 World Trade Center Project) Rev. Ref. Ser. 11, 5.000%, 11/15/2044			3.4
New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15, 5.000%, 11/15/2040			3.3
New York City New York Ser. 16B-1, 4.000%, 12/01/2043			3.3
New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09, 7.000%, 03/01/2049			3.2
Total			34.9


		23

Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—ICE BofAML New York Long-Term Core Plus Municipal Securities Index		0.61	%		3.41	%		10.58	%		5.92	%		33.32	%		4.81	%		60.04	%		4.36	%		59.09	%
Bloomberg Barclays Municipal Bond 20 Year Index		1.32			3.59			11.18			5.61			31.36			5.31			67.73			5.01			70.23
Fund
NAV Return		0.40			3.15			9.74			5.23			29.05			4.12			49.67			3.68			48.18
Market Price Return		0.18			3.09			9.56			5.43			30.29			4.04			48.64			3.56			46.28

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Notes Regarding Indexes and Fund Performance History:

The Blended-ICE BofAML New York Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch New York Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2018.

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.


		24


PGX		Manager’s Analysis
PGX		Invesco Preferred ETF (PGX)

As an index fund, the Invesco Preferred ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the ICE BofAML Core Plus Fixed Rate Preferred Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in fixed-rate U.S. dollar-denominated preferred securities that comprise the Index.

The Index is a market capitalization-weighted index designed to reflect the total return performance of the fixed-rate U.S. dollar-denominated preferred securities market. The Index includes both traditional and other preferred securities, including preferred securities issued by foreign companies in the form of American depositary receipts, as well as senior and subordinated debt securities. Unlisted preferred securities are excluded from the Index, but unlisted senior or subordinated debt-like securities are eligible for inclusion. The Index may include Rule 144A securities. Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) selects securities for the Index using a rules-based methodology. Qualifying securities must be rated at least B3 (based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”)) and must have an investment grade country risk profile (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned 3.60%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 290 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the preferred stock market, which includes convertible preferred stocks.

Relative to the Benchmark Index, the Fund was most overweight in the electric utilities industry and most underweight in the mortgage REITs industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be

attributed to the benchmark’s inclusion of convertible preferred securities, which are excluded from the Fund. Convertible preferred securities outperformed the overall preferred market during the reporting period.

For the fiscal period ended August 31, 2018, the banking industry contributed most significantly to the Fund’s return, followed by the insurance and REIT industries, respectively. The multi-utilities industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Wells Fargo & Co., 8.00%, Series J, a banks company (portfolio average weight 2.43%), and Barclays Bank PLC, 8.13%, Series 5 (United Kingdom), a banks company (portfolio average weight 2.41%). Positions that detracted most significantly from the Fund’s return included HSBC Holdings PLC, 8.125%, a banking company (no longer held at fiscal period-end), and HSBC Holdings PLC, 8.00%, a banks company (no longer held at fiscal period-end).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			37.5
Capital Markets			15.2
Insurance			13.0
Equity REITs			10.3
Electric Utilities			7.5
Diversified Telecommunication Services			5.1
Consumer Finance			3.1
Multi-Utilities			2.2
Oil, Gas & Consumable Fuels			1.9
Wireless Telecommunication Services			1.5
Internet Software & Services			0.7
Machinery			0.6
Thrifts & Mortgage Finance			0.5
Commercial Services & Supplies			0.3
Mortgage REITs			0.3
Chemicals			0.1
Trading Companies & Distributors			0.1
Money Market Fund Plus Other Assets Less Liabilities			0.1


		25

Invesco Preferred ETF (PGX) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Barclays Bank PLC, 8.13%, 12/15/2166, Series 5			2.0
Deutsche Bank Contingent Capital Trust V, 8.05%			1.9
Citigroup, Inc., 6.88%, 02/15/2166, Series K			1.8
BB&T Corp., 5.63%, Series E			1.8
PNC Financial Services Group, Inc. (The), 6.13%, 11/01/2166, Series P			1.7
Bank of America Corp., 6.50%, Series Y			1.5
JPMorgan Chase & Co., 6.13%, Series Y			1.5
Wells Fargo & Co., 5.85%, 12/15/2166, Series Q			1.5
Bank of America Corp., 6.63%, Series W			1.2
Bank of America Corp., 6.00%, Series GG			1.2
Total			16.1

*	Excluding money market fund holdings.

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—ICE BofAML Core Plus Fixed Rate Preferred Securities Index		2.78	%		6.07	%		19.35	%		7.63	%		44.45	%		6.35	%		85.15	%		4.36	%		57.16	%
S&P U.S. Preferred Stock Index		2.99			5.46			17.30			6.79			38.91			7.81			112.07			5.69			79.62
Fund
NAV Return		2.27			5.85			18.60			7.29			42.19			5.77			75.17			3.70			46.89
Market Price Return		2.48			5.87			18.67			7.34			42.48			5.51			70.90			3.55			44.70


		26

Invesco Preferred ETF (PGX) (continued)

Fund Inception: January 31, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.51% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

The Blended-ICE BofAML Core Plus Fixed Rate Preferred Securities Index performance is comprised of the performance of The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, the Fund’s previous underlying index, from Fund inception through the conversion date, April 1, 2012, followed by the performance of the Index, starting from the conversion date through August 31, 2018.


		27


BAB		Manager’s Analysis
BAB		Invesco Taxable Municipal Bond ETF (BAB)

As an index fund, the Invesco Taxable Municipal Bond ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the ICE BofAML US Taxable Municipal Securities Plus Index (the “Index”). The Fund generally will invest at least 80% of its total assets in taxable municipal securities that comprise the Index. The Index is designed to track the performance of U.S. dollar denominated taxable municipal debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. market.

Securities eligible for inclusion in the Index must have: (i) at least 18 months to final maturity at the time of issuance, (ii) at least one year remaining term to final maturity, (iii) a fixed coupon schedule, and (iv) an investment grade rating (based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”). Securities also must have a minimum amount outstanding that varies according to the bond’s initial term to final maturity at time of issuance: maturities between 1-5 years must have at least $10 million outstanding; maturities between 5-10 years must have at least $15 million outstanding; maturities of 10 years or more must have at least $25 million outstanding. The Index excludes Rule 144A securities and securities in default. However, it may include bonds eligible to participate in the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid.

ICE Data Indices, LLC (the “Index Provider”) uses a capitalization-weighted methodology, weighting the Index’s constituent bonds using a factor that equals their current amount outstanding multiplied by their market price, plus accrued interest. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 0.29%. On a net asset value (“NAV”) basis, the Fund returned 1.09%. During the same time period, the Index returned 0.79%. During the fiscal period, the Fund employed a “sampling” methodology to attempt to track the Index, rather than a full replication methodology. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to a positive impact as a result of the Fund’s sampling methodology partially offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, ICE BofAML U.S. Corporate Master Index returned (1.17)% and Bloomberg Barclays U.S. Aggregate

Bond Index returned (0.63)% (each, a “Benchmark Index” and, collectively “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 7,818 securities and 10,122 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the market for investment grade corporate debt with at least one year to maturity, and of the market for U.S. investment grade, fixed-rate bonds, respectively.

Relative to ICE BofAML U.S. Corporate Master Index, the majority of the Fund’s outperformance relative to this Benchmark Index during the period can be attributed to the limited supply of Build America Bonds held by the Fund.

Relative to the Bloomberg Barclays U.S. Aggregate Bond Index, the majority of the Fund’s outperformance relative to this Benchmark Index during the period can be attributed to the limited supply of Build America Bonds as well as the shorter duration of taxable municipal bonds held by the Fund compared to the duration of the Benchmark Index.

For the fiscal period ended August 31, 2018, the State of California contributed most significantly to the Fund’s return, followed by the State of Illinois and the State of Missouri, respectively. The State of Utah detracted most significantly from the Fund’s return, followed by the State of Oregon and District of Columbia, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included South Jersey Port Corp. New Jersey (Marine Terminal) Rev. Ser. 09-P-3, Build America Bonds taxable, 7.365% coupon, due 01/01/2040 (portfolio average weight of 0.63%), and Regional Transportation District Colorado COP Ser.10, Build America Bonds, 7.672% coupon, due 06/01/2040 (portfolio average weight of 0.42%). Positions that detracted most significantly from the Fund’s return included Kauai County Hawaii Ser.10, Build America Bonds, 5.763% coupon, due 08/01/2033 (portfolio average weight of 0.26%), and Jurupa California Community Services District COP Ser.10B, Build American Bonds, 6.697% coupon, due 09/01/2028 (portfolio average weight of 0.15%).


		28

Invesco Taxable Municipal Bond ETF (BAB) (continued)


State and Territory Breakdown (% of the Fund’s Net Assets)
California			25.3
Florida			3.5
Illinois			7.2
New Jersey			3.8
New York			16.3
Ohio			3.7
Texas			8.5
Washington			3.4
Other States Less Than 3% Each			26.7
Money Market Fund Plus Other Assets Less Liabilities			1.6


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
California State Ser. 09, 7.500%, 04/01/2034			2.6
California State Ser. 10, 7.950%, 03/01/2036			2.6
California State Ser. 10, 7.600%, 11/01/2040			1.8
California State Highway Safety Air Quality Remarketed Ser. 09B, 6.509%, 04/01/2039			1.8
California State Various Purpose Ser. 09, 7.550%, 04/01/2039			1.7
Illinois State Ser. 10-1, 5.563%, 02/01/2021			1.6
University of California Rev. Ser. 10, 5.946%, 05/15/2045			1.4
Texas State Transportation Commission (First Tier) Rev. Ser. 10B, 5.178%, 04/01/2030			1.4
Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A, 6.890%, 01/01/2042			1.4
New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10, 5.440%, 06/15/2043			1.3
Total			17.6

*	Excluding money market fund holdings.


		29

Invesco Taxable Municipal Bond ETF (BAB) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Blended—ICE BofAML US Taxable Municipal Securities Plus Index		0.49	%		4.75	%		14.95	%		6.30	%		35.72	%		7.00	%		81.16	%
ICE BofAML U.S. Corporate Master Index		(1.00	)		3.44			10.67			3.80			20.48			4.78			50.77
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.49			13.06			3.06			30.29
Fund
NAV Return		0.98			4.98			15.69			6.08			34.33			6.98			80.97
Market Price Return		0.28			4.95			15.59			6.17			34.88			6.88			79.36

Fund Inception: November 17, 2009

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Indices performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Indices returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Indices do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Indices are based on the inception date of the Fund.

The Blended-ICE BofAML US Taxable Municipal Securities Plus Index is comprised of the performance of the ICE BofAML Build America Bond Index, the Fund’s underlying index from Fund inception through the conversion date, May 31, 2017, followed by the performance of the Index starting at the conversion date through August 31, 2018.


		30


CLTL		Manager’s Analysis
CLTL		Invesco Treasury Collateral ETF (CLTL)

As an index fund, the Invesco Treasury Collateral ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the ICE U.S. Treasury Short Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components of the Index. The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. They include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index includes all publicly-issued, non-convertible U.S. Treasury Obligations that: (i) are issued in U.S. dollars, (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of 12 months at the time of rebalance, and (iii) have a minimum amount outstanding of $300 million.

The Index excludes inflation-linked securities, floating rate notes, cash management bills, and any government agency debt issued with or without a government guarantee and Separate Trading of Registered Interest and Principal of Securities. The Index uses a market capitalization-weighted methodology. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal period ended August 31, 2018, the bonds with maturities between 61-90 days duration contributed most significantly to the Fund’s return, followed by the bonds with maturities between 31-60 days duration and bonds with maturities between 91-120 days duration, respectively. The bonds with maturities between 8-14 days duration detracted most significantly from the Fund’s return, followed by the bonds with maturities between 15-30 days duration and bonds with maturities between 331-360 days duration, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included U.S. Treasury Notes, 3.50% coupon, due 02/15/2018 (no longer held at fiscal period-end), and U.S. Treasury Notes, 1.25% coupon, due 12/31/2018 (portfolio average weight of 0.15%). Positions that detracted most significantly from the Fund’s return included U.S.

Treasury Bills, due 06/28/2018 (no longer held at fiscal period-end), and U.S. Treasury Notes, 0.75% coupon, due 01/31/2018 (no longer held at fiscal period-end).


Security Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
U.S. Treasury Bills			56.9
U.S. Treasury Notes			42.4
U.S. Treasury Bonds			0.5
Other Assets Less Liabilities			0.2

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
U.S. Treasury Bills, 1.916%, 10/18/2018			1.8
U.S. Treasury Bills, 1.962%, 11/01/2018			1.8
U.S. Treasury Bills, 1.930%, 10/25/2018			1.8
U.S. Treasury Bills, 1.881%, 10/04/2018			1.7
U.S. Treasury Bills, 1.915%, 11/08/2018			1.7
U.S. Treasury Bills, 1.899%, 10/11/2018			1.7
U.S. Treasury Bills, 2.094%, 01/17/2019			1.6
U.S. Treasury Bills, 2.116%, 01/24/2019			1.6
U.S. Treasury Bills, 2.128%, 01/31/2019			1.6
U.S. Treasury Bills, 2.162%, 02/28/2019			1.6
Total			16.9


		31

Invesco Treasury Collateral ETF (CLTL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
ICE U.S. Treasury Short Bond Index		1.45	%		1.17	%		1.93	%
Fund
NAV Return		1.37			1.08			1.78
Market Price Return		1.40			1.10			1.80

Fund Inception: January 12, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.08% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder

would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index performance results are based upon a hypothetical investment in their respective constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Index and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund.


		32


VRP		Manager’s Analysis
VRP		Invesco Variable Rate Preferred ETF (VRP)

As an index fund, the Invesco Variable Rate Preferred ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Wells Fargo^® Hybrid and Preferred Securities Floating and Variable Rate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index. The Index is a market capitalization-weighted index designed to track the performance of preferred stock, as well as certain types of “hybrid securities” that are functionally equivalent to preferred stocks, that are issued by U.S.-based or foreign issuers and that pay a floating or variable rate dividend or coupon.

Strictly in accordance with its guidelines and mandated procedures, Wells Fargo Securities, LLC (together with Wells Fargo & Company, the “Index Provider”), employs a proprietary methodology to select for the Index issues of preferred stock and hybrid securities that, in the Index Provider’s judgment, are functionally equivalent to preferred stock based on the inclusion of equity features. To be eligible for inclusion in the Index, the preferred stock or hybrid security must: (i) maintain a minimum par value of $100 million outstanding or a minimum of 10 million shares outstanding; (ii) have floating or variable dividends or coupons; and (iii) be U.S. dollar-denominated and U.S. registered (or otherwise exempt from registration in the United States). The Fund considers the traditional preferred stocks and functionally equivalent hybrid securities included in the Index, collectively, to be “Hybrid and Preferred Securities.” The Index is a market capitalization-weighted index designed to track the performance of preferred stock, as well as certain types of hybrid securities that are functionally equivalent to preferred stocks, that are issued by U.S.-based or foreign issuers and that pay a floating or variable rate dividend or coupon. The Fund does not purchase all of the Hybrid and Preferred Securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned 3.60%. The Benchmark Index is an unmanaged index weighted by modified market capitalization and based on the average performance of approximately 290 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful

measure for investors as a broad representation of the primarily fixed-rate preferred stock market.

Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the mortgage REITs industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Benchmark Index’s inclusion of convertible preferred securities, which are excluded from the Fund. Convertible preferred securities outperformed the overall preferred market during the reporting period.

For the fiscal period ended August 31, 2018, the banking industry contributed most significantly to the Fund’s return, followed by the insurance industry. The diversified manufacturing industry detracted most significantly from the Fund’s return, followed by the capital goods industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included GMAC Capital Trust I, 8.125%, a consumer finance company (no longer held at fiscal period-end), and JPMorgan Chase & Co, 7.90%, a banks company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included General Electric Co., Series D, 5.00%, a miscellaneous manufacturing company (portfolio average weight of 3.36%), and Enbridge, Inc. (Canada), 5.50%, a pipelines company (portfolio average weight of 0.65%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			56.5
Insurance			9.7
Pipelines			8.1
Capital Markets			5.5
Miscellaneous Manufacturing			3.5
Diversified Financial Services			3.3
Electric			2.3
Oil, Gas & Consumable Fuels			2.2
Mortgage REITs			2.0
Consumer Finance			1.8
Media			0.8
Food Products			0.6
Auto Manufacturers			0.6
Electric Utilities			0.6
Thrifts & Mortgage Finance			0.4
Multi-Utilities			0.3
Commercial Services & Supplies			0.3
Gas			0.3
Hand/Machine Tools			0.2
Money Market Fund Plus Other Assets Less Liabilities			1.0


		33

Invesco Variable Rate Preferred ETF (VRP) (continued)



Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
JPMorgan Chase & Co., Series 1, 5.809%, 04/29/2049			3.6
General Electric Co., Series D, 5.000%, 06/15/2165			3.5
Wells Fargo & Co., Series K, 6.111%, 03/29/2049			2.0
GMAC Capital Trust I, 8.10%, 02/15/2040, Series 2			1.8
JPMorgan Chase & Co., Series V, 5.000%, 12/31/2049			1.5
Wachovia Capital Trust III, 5.570%, 03/29/2049			1.5
Citigroup Capital XIII, 8.71%, 10/30/2040			1.5
Bank of America Corp., Series FF, 5.875%, 09/15/2166			1.4
JPMorgan Chase & Co., Series S, 6.750%, 01/29/2049			1.3
Wells Fargo & Co., Series U, 5.875%, 12/29/2049			1.2
Total			19.3

*	Excluding money market fund holdings.


		34

Invesco Variable Rate Preferred ETF (VRP) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Wells Fargo^® Hybrid and Preferred Securities Floating and Variable Rate Index		1.61	%		6.42	%		20.53	%		5.46	%		25.89	%
S&P U.S. Preferred Stock Index		2.99			5.46			17.30			5.53			26.28
Fund
NAV Return		1.25			6.22			19.84			5.18			24.43
Market Price Return		1.01			6.01			19.15			5.08			23.94

Fund Inception: May 1, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		35


PVI		Manager’s Analysis
PVI		Invesco VRDO Tax-Free Weekly ETF (PVI)

As an index fund, the Invesco VRDO Tax-Free Weekly ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index (the “Index”). The Fund generally will invest at least 80% of its total assets in variable rate demand obligation (“VRDO”) bonds that are exempt from federal income tax with interest rates that reset weekly, which comprise the Index.

Bloomberg Index Services Limited (collectively with its affiliates, “Bloomberg” or the “Index Provider”) compiles and calculates the Index, which is comprised of municipal securities issued in the primary market as VRDOs. Bonds in the Index must be rated by at least one of the following statistical rating agencies: Moody’s Investors Services, Inc. (“Moody’s”) as A-3 for long-term bonds or Prime-2 for short-term bonds; by S&P Global Ratings, a division of S&P Global Inc. (“S&P”) as A- for long-term bonds or A-2 for short-term bonds; and by Fitch Ratings, Inc. (“Fitch”) as A- for long-term bonds or F-2 for short-term bonds. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During this same time period, the Bloomberg Barclays Municipal 1-Year Index (the “Benchmark Index”) returned 0.75%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 3,886 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the market for municipal securities with no more than 1 year duration.

Relative to the Benchmark Index, the Fund was most overweight in the State of Florida and most underweight in the State of New York during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to a positive impact as a result of the Fund’s sampling methodology.

For the fiscal period ended August 31, 2018, the State of Florida contributed most significantly to the Fund’s return, followed by the State of California and the State of New York, respectively. There were no detracting states.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Florida State Department of Environmental Protection Preservation (Everglades Restoration) Rev. Ser.07A AGC, 1.49% coupon, due 07/01/2027 (portfolio average weight of 0.56%), and Maryland State Health & Higher Educational Facilities Auth. (University of Maryland Medical Systems) Rev. Ser. 07A (LOC-Wells Fargo Bank N.A.), 1.50% coupon, due 07/01/2034 (portfolio average weight of 4.01%). There were no detracting positions.


State Breakdown (% of the Fund’s Net Assets)
Arizona			4.3
California			14.5
Colorado			3.9
Connecticut			4.0
Florida			14.6
Indiana			4.0
Louisiana			3.7
Maryland			8.0
Massachusetts			4.0
Michigan			6.4
Missouri			4.5
Nevada			4.0
New York			8.4
Ohio			3.5
Tennessee			5.3
Washington			3.1
Other States Less Than 3% Each			1.3
Other Assets Less Liabilities			2.5


		36

Invesco VRDO Tax-Free Weekly ETF (PVI) (continued)


Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Maryland State Health & Higher Educational Facilities Auth. (University of Maryland Medical Systems) Rev. Ser. 07A, 1.550%, 07/01/2034			4.4
Florida State Department of Environmental Protection Preservation (Everglades Restoration) Rev. Ser. 07A, 1.580%, 07/01/2027			4.2
Missouri State Health & Educational Facilities Auth. (BJC Health System) Ser. 08C, 1.530%, 05/15/2038			4.0
Massachusetts State Health & Educational Facilities Auth. (Partners Healthcare P-1—Remarketed 05/14/09) Rev. Ser. 97, 1.500%, 07/01/2027			4.0
Connecticut State Health & Educational Facilities Auth. (Yale New Heaven Hospital) Rev. Ser. 13O, 1.510%, 07/01/2053			4.0
California State Statewide Community Development Auth. (Kaiser Permanente) Ser. 04M, 1.510%, 04/01/2038			4.0
Clark County Nevada Appropriation (Sub.-Lien) Rev. Ser. 08D-3, 1.570%, 07/01/2029			4.0
Arizona State Health Facilities Auth. (Dignity Health) Ser. 05B, 1.550%, 07/01/2035			4.0
Indianapolis Indiana Multifamily Housing (Capital Place-Convington) Rev. Ser. 08, 1.540%, 05/15/2038			4.0
Florida Keys Aqueduct Auth. Water Rev. Ref. Ser. 08, 1.560%, 09/01/2035			4.0
Total			40.6


		37

Invesco VRDO Tax-Free Weekly ETF (PVI) (continued)

Growth of a $10,000 Investment

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended—Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index		1.13	%		0.68	%		2.05	%		0.43	%		2.17	%		0.48	%		4.94	%		0.65	%		7.19	%
Bloomberg Barclays Municipal 1-Year Index		0.64			0.82			2.47			0.78			3.95			1.27			13.42			1.55			18.12
Fund
NAV Return		0.92			0.47			1.41			0.23			1.17			0.46			4.70			0.66			7.33
Market Price Return		0.96			0.45			1.37			0.23			1.17			0.45			4.57			0.66			7.32

Fund Inception: November 15, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

The Blended-Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index is comprised of the performance of the Thompson Municipal Market Data VRDO Index, the Fund’s original underlying index, from Fund inception through the conversion date, August 5, 2010, followed by the performance of the Index starting at the conversion date through August 31, 2018.


		38

Schedule of Investments

Invesco 1-30 Laddered Treasury ETF (PLW)

August 31, 2018


Principal Amount			Value
		Long-Term Investments—96.5%
		U.S. Treasury Securities—96.5%
		U.S. Treasury Bonds—93.2%
$	4,538,200	8.500%, 02/15/2020	$	4,918,629
	4,401,200	7.875%, 02/15/2021		4,942,410
	4,214,300	7.125%, 02/15/2023		4,986,455
	4,310,800	6.250%, 08/15/2023		5,010,042
	3,902,300	7.625%, 02/15/2025		5,012,093
	4,159,700	6.000%, 02/15/2026		5,054,604
	3,925,800	6.625%, 02/15/2027		5,047,413
	3,954,900	6.125%, 11/15/2027		4,998,855
	4,186,700	5.250%, 02/15/2029		5,085,859
	3,759,300	6.250%, 05/15/2030		5,014,480
	12,123,900	5.375%, 02/15/2031		15,275,404
	12,653,500	4.500%, 02/15/2036		15,427,137
	4,074,100	4.750%, 02/15/2037		5,145,700
	4,248,700	4.375%, 02/15/2038		5,160,096
	4,773,400	3.500%, 02/15/2039		5,182,775
	4,085,800	4.625%, 02/15/2040		5,160,717
	4,005,600	4.750%, 02/15/2041		5,164,486
	5,084,400	3.125%, 02/15/2042		5,199,891
	5,097,800	3.125%, 02/15/2043		5,205,332
	4,690,000	3.625%, 02/15/2044		5,206,816
	5,771,500	2.500%, 02/15/2045		5,236,734
	5,796,900	2.500%, 02/15/2046		5,244,609
	5,245,700	3.000%, 02/15/2047		5,240,475
	5,247,000	3.000%, 02/15/2048		5,238,084

				143,159,096

		U.S. Treasury Notes—3.3%
	5,210,200	2.000%, 02/15/2022		5,088,493

		Total Long-Term Investments (Cost $156,244,927)		148,247,589



		Short-Term Investments—3.3%
		U.S. Treasury Securities—3.2%
		U.S. Treasury Bonds—3.2%
	4,778,200	8.875%, 02/15/2019 (Cost $4,928,002)		4,916,693



Number of Shares

		Money Market Fund—0.1%
	97,162	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(a) (Cost $97,162)		97,162

		Total Short-Term Investments (Cost $5,025,164)		5,013,855

		Total Investments in Securities (Cost $161,270,091)—99.8%		153,261,444
		Other assets less liabilities—0.2%		373,044

		Net Assets—100.0%	$	153,634,488

Notes to Schedule of Investments:

^(a)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		39

Schedule of Investments

Invesco California AMT-Free Municipal Bond ETF (PWZ)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds—98.3%
		Ad Valorem Property Tax—21.6%
$	775,000	California State Ref. Ser. 12		5.000	%		02/01/2038	$	846,346
	1,500,000	California State Ref. Ser. 15		5.000			08/01/2035		1,721,070
	1,000,000	California State Various Purpose Ser. 09		5.500			11/01/2039		1,043,630
	1,540,000	California State Various Purpose Ser. 09		6.000			11/01/2039		1,617,046
	1,965,000	California State Various Purpose Ser. 13		5.000			11/01/2043		2,208,267
	800,000	Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM		5.000			08/01/2050		880,856
	4,750,000	Chabot-Las Positas California Community College District (Election 2016) Ser. 17A		4.000			08/01/2047		4,933,920
	2,000,000	Chaffey California Joint Union High School District (Election 2012) Ser. 15B		5.000			08/01/2044		2,248,840
	1,500,000	Coachella Valley California Unified School District (2005 Election) Ser. 16E AGM		4.000			08/01/2045		1,552,410
	2,745,000	Contra Costa California Community College District (Election of 2006) Ser. 13		5.000			08/01/2038		3,069,322
	2,000,000	Jurupa California Unified School District Ser. 17B		4.000			08/01/2041		2,083,680
	250,000	Los Angeles California Community College District (2008 Election) Ser. 17J		4.000			08/01/2041		263,797
	1,000,000	Los Angeles California Community College District Ref. Ser. 16		5.000			08/01/2036		1,155,790
	1,215,000	Los Angeles California Community College District Ref. Ser.16		4.000			08/01/2037		1,287,621
	1,000,000	Los Angeles California Unified School District (Election 2008) Ser. 18B-1		5.000			07/01/2038		1,174,890
	3,000,000	Madera California Unified School District Election 2014 Ser. 17		4.000			08/01/2046		3,104,550
	5,000,000	Marin California Healthcare District (Election 2013) Ser. 17A		5.000			08/01/2041		5,823,050
	3,000,000	Morgan Hill California Unified School District (Election 2012) Ser. 17B		4.000			08/01/2047		3,132,540
	1,500,000	Oakland California Unified School District (Alameda County) Ser. 15A		5.000			08/01/2040		1,704,855
	1,100,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM		5.000			07/01/2031		1,146,156
	1,000,000	San Diego California Community College District (Election of 2006) Ser. 13		5.000			08/01/2043		1,117,170
	1,000,000	San Diego California Unified School District (Election 2012) Ser. 13C		5.000			07/01/2035		1,126,440
	1,000,000	San Diego California Unified School District (Election 2012) Ser. 16F		5.000			07/01/2040		1,145,750
	3,000,000	San Diego California Unified School District (Election 2012) Ser. 17I		5.000			07/01/2047		3,474,540
	5,000,000	San Rafael California High School District (Election 2015) Ser. 18B		4.000			08/01/2047		5,246,100
	1,000,000	Simi Valley California Unified School District (Election 2016) Ser. 17A		4.000			08/01/2046		1,045,740

									54,154,376

		College & University Revenue—9.3%
	1,500,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16		5.000			10/01/2046		1,701,825
	1,000,000	California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A		5.000			01/01/2048		1,168,640
	2,940,000	California State University Systemwide Rev. Ser. 12A		5.000			11/01/2037		3,262,665
	2,000,000	California State University Systemwide Rev. Ser. 14A		5.000			11/01/2039		2,275,000
	2,100,000	California State University Systemwide Rev. Ser. 15A		5.000			11/01/2038		2,400,552
	3,000,000	California State University Systemwide Rev. Ser. 18A		5.000			11/01/2048		3,496,080
	1,500,000	California Statewide Communities Development Auth. Student Housing (University of California, Irvine Campus Apartments Phase IV) Rev. Ser. 17A		5.000			05/15/2047		1,679,265
	745,000	University of California (Limited Project) Rev. Ser. 12G^(a)		5.000			05/15/2022		832,374
	755,000	University of California (Limited Project) Rev. Ser. 12G		5.000			05/15/2037		830,719
	1,500,000	University of California (Limited Project) Rev. Ser. 18O		5.000			05/15/2058		1,711,365
	1,500,000	University of California General Rev. Ser. 13AI		5.000			05/15/2038		1,674,945
	2,000,000	University of California Rev. Ser. 17AV		5.250			05/15/2042		2,350,420

									23,383,850

		Electric Power Revenue—6.4%
	2,000,000	Guam Power Auth. Rev. Ser. 10A AGM^(a)		5.000			10/01/2020		2,132,120
	2,000,000	Guam Power Auth. Rev. Ser. 12A AGM		5.000			10/01/2030		2,185,920
	2,500,000	Los Angeles California Department of Water & Power (Power System) Rev. Ref. Ser. 16A		5.000			07/01/2046		2,847,550
	4,445,000	Los Angeles California Department of Water & Power (Power System) Rev. Ser. 12B		5.000			07/01/2043		4,895,279
	1,000,000	Los Angeles California Department of Water & Power Rev. Ser. 14D		5.000			07/01/2039		1,130,010
	1,000,000	Los Angeles California Department of Water & Power Rev. Ser. 15E		5.000			07/01/2044		1,125,980
	1,500,000	Los Angeles California Department of Water & Power Rev. Ser. 16B		5.000			07/01/2042		1,717,050

									16,033,909

		General Fund—7.2%
	25,000	California State Ref. Ser. 07 NATL		4.250			08/01/2033		25,030
	2,000,000	California State Ser. 16		5.000			09/01/2046		2,288,380
	1,000,000	California State Various Purpose Ref. Ser. 16		5.000			09/01/2036		1,156,510
	2,585,000	California State Various Purpose Ref. Ser.16		5.000			09/01/2034		3,007,647

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


		40

Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		General Fund (continued)
$	3,230,000	California State Various Purpose Ser. 09		6.000	%		04/01/2038	$	3,310,007
	1,160,000	California State Various Purpose Ser. 13		5.000			04/01/2037		1,291,440
	2,000,000	California State Various Purpose Ser. 13		5.000			04/01/2043		2,221,120
	4,000,000	California State Various Purpose Ser. 17		5.000			11/01/2047		4,618,840

									17,918,974

		Health, Hospital, Nursing Home Revenue—11.2%
	1,000,000	California State Health Facilities Auth. (Lucile Packard Stanford Hospital) Rev. Ser. 16B		5.000			08/15/2055		1,115,710
	3,300,000	California State Health Facilities Financing Auth. (Adventist Health System/West) Rev. Ref. Ser. 16A		4.000			03/01/2039		3,407,877
	500,000	California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B		5.000			08/15/2035		577,470
	1,500,000	California State Health Facilities Financing Auth. (Children’s Hospital) Ref. Ser. 17A		5.000			08/15/2042		1,680,045
	1,000,000	California State Health Facilities Financing Auth. (Kaiser Permanente) Rev. Sub.-Ser. 17A-2		5.000			11/01/2047		1,279,160
	500,000	California State Health Facilities Financing Auth. (Providence St. Joseph Health) Rev. Ref. Ser. 16A		4.000			10/01/2036		522,090
	3,305,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 11D		5.000			08/15/2035		3,565,434
	1,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 15A		5.000			08/15/2043		1,125,850
	685,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B		4.000			11/15/2041		708,694
	2,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B		5.000			11/15/2046		2,257,600
	1,000,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A		4.000			02/01/2042		1,008,510
	1,000,000	California State Municipal Financing Auth. (Eisenhower Medical Center) Rev. Ref. Ser. 17A		5.000			07/01/2042		1,098,620
	1,000,000	California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A		5.000			11/01/2047		1,072,550
	500,000	California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A		5.250			11/01/2047		544,190
	1,000,000	California Statewide Communities Development Auth. (Cottage Health System Obligated Group) Rev. Ref. Ser. 15		5.000			11/01/2043		1,102,740
	1,650,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A		4.000			08/15/2046		1,690,639
	1,000,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A		5.000			08/15/2051		1,115,710
	850,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 18A		5.000			12/01/2057		958,452
	1,000,000	California Statewide Communities Development Auth. (Kaiser Permanente) Rev. Ser. 12A		5.000			04/01/2042		1,088,120
	1,000,000	California Statewide Communities Development Auth. (Marin General) Rev. Ser. 18A		4.000			08/01/2045		1,016,460
	1,045,000	California Statewide Communities Development Auth. (Trinity Health) Rev. Ref. Ser. 11		5.000			12/01/2041		1,144,881

									28,080,802

		Highway Tolls Revenue—2.5%
	3,000,000	Bay Area California Auth. Toll Bridge (San Francisco Bay Area Subordinate Toll Bridge) Rev. Ser. 17S-7		4.000			04/01/2042		3,126,000
	2,000,000	Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref. Sub.-Ser. 14 B-1		3.950			01/15/2053		2,007,360
	1,000,000	San Diego California Association of Governments South Bay Expressway Toll (Senior Lien) Rev. Ser. 17A		5.000			07/01/2042		1,148,130

									6,281,490

		Lease Revenue—6.0%
	540,000	Anaheim California Public Financing Auth. Lease Rev. Ref. Ser. 14A		5.000			05/01/2039		602,316
	1,000,000	California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A		5.000			06/01/2042		1,152,700
	670,000	California State Public Works Board Lease (Various Capital Projects) Rev. Ref. Ser. 16C		5.000			11/01/2034		779,974
	1,130,000	Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12		5.000			08/01/2037		1,241,542
	2,330,000	Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12		5.000			08/01/2042		2,553,610
	2,000,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A		5.000			12/01/2044		2,248,960
	1,050,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D		5.000			12/01/2045		1,191,530
	1,000,000	San Diego California Public Facilities Financing Auth. Lease (Capital Improvement Projects) Rev. Ser. 15A		5.000			10/15/2044		1,130,610
	700,000	San Diego California Public Facilities Financing Auth. Lease (Master Project) Rev. Ref. Ser. 10A^(a)		5.250			09/01/2020		751,534
	3,000,000	San Jose California Financing Auth. (Civic Center Project) Ref. Ser. 13A		5.000			06/01/2039		3,334,500

									14,987,276

		Local or GTD Housing—0.4%
	1,000,000	California Statewide Communities Development Auth. Student Housing (CHF Irvine LLC) Rev. Ref. Ser. 16		5.000			05/15/2040		1,112,490

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


		41

Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Miscellaneous Revenue—2.0%
$	1,000,000	California Infrastructure & Economic Development Bank Rev. Ser. 16		4.000	%		10/01/2045	$	1,042,020
	1,500,000	California State Various Purpose (Green Bonds) Ser. 14		5.000			10/01/2037		1,702,785
	1,000,000	California State Various Purpose Ser. 14		5.000			10/01/2044		1,130,990
	1,000,000	California State Various Purpose Ser. 15		5.000			03/01/2045		1,127,810

									5,003,605

		Natural Gas Revenue—1.0%
	2,500,000	Chula Vista California Industrial Development (San Diego Gas—Remarketed 06/17/09) Rev. Ser. 04A		5.875			02/15/2034		2,575,300

		Port, Airport & Marina Revenue—11.1%
	1,500,000	Long Beach California Harbor Rev. Ref. Ser. 17C		5.000			05/15/2047		1,721,850
	500,000	Long Beach California Marina Rev. Ser. 15		5.000			05/15/2040		549,545
	500,000	Long Beach California Marina Rev. Ser. 15		5.000			05/15/2045		548,770
	1,000,000	Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A		5.000			05/15/2040		1,054,000
	2,000,000	Los Angeles California Department of Airports Rev. Ref. Sub.-Ser. 15C		5.000			05/15/2038		2,265,520
	3,500,000	Los Angeles California Department of Airports Rev. Sub.-Ser. 17B		5.000			05/15/2042		4,014,745
	2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B		5.000			05/01/2044		2,227,480
	4,465,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C		5.000			05/01/2046		5,026,072
	2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 17B		5.000			05/01/2047		2,275,080
	7,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 18D		5.000			05/01/2048		8,051,750

									27,734,812

		Recreational Revenue—0.4%
	1,000,000	California Infrastructure & Economic Development Bank (Academy of Motion Picture Arts & Projects) Rev. Ref. Ser. 15		5.000			11/01/2041		1,114,560

		Sales Tax Revenue—4.8%
	4,990,000	Los Angeles County California Metropolitan Transportation Auth. Sales Tax Rev. Ser. 17A		5.000			07/01/2038		5,838,450
	1,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10C AGM		5.125			08/01/2042		1,567,650
	4,000,000	San Diego County California Regional Transportation Commission Ser. 16A		5.000			04/01/2048		4,579,000

									11,985,100

		Sewer Revenue—1.4%
	650,000	Fresno California Sewer Rev. Ser. 08A AGC		5.000			09/01/2037		650,000
	1,000,000	Los Angeles California Wastewater System (Green Bonds) Rev. Sub.-Ser. 17A		5.250			06/01/2047		1,183,600
	1,525,000	Sacramento County California Sanitation District Financing Auth. Rev. Ref. Ser. 14A		5.000			12/01/2044		1,717,165

									3,550,765

		Special Tax—1.1%
	2,600,000	Irvine California Unified School District Special Tax Ref. Ser. 15 BAM		5.000			09/01/2038		2,862,652

		Tax Increment Revenue—1.6%
	1,000,000	Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM		5.000			09/01/2044		1,084,190
	2,500,000	Santa Cruz County California Redevelopment Successor Agency Tax Allocation Ref. Ser. 15A AGM		5.000			09/01/2035		2,848,625

									3,932,815

		Transit Revenue—1.4%
	2,000,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM		3.000			10/01/2034		1,848,360
	1,500,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM		5.000			10/01/2035		1,697,550

									3,545,910

		Water Revenue—8.9%
	1,000,000	California State Department of Water Resources (Central Valley Project) Water System Rev. Ref. Ser. 16AW		5.000			12/01/2033		1,186,700
	1,500,000	East Bay California Municipal Utility District Water System (Green Bond) Ser. 17A		5.000			06/01/2042		1,742,820
	1,500,000	East Bay California Municipal Utility District Water System Rev. Ref. Ser. 15A		5.000			06/01/2037		1,726,170
	2,000,000	Los Angeles California Department of Water & Power Rev. Ser. 12B		5.000			07/01/2043		2,202,600
	1,250,000	Los Angeles California Department of Water & Power System Rev. Ser. 11A		5.000			07/01/2041		1,335,237

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


		42

Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Water Revenue (continued)
$	2,000,000	Los Angeles California Department of Water & Power Waterworks Rev. Ser. 18A		5.000	%		07/01/2048	$	2,316,060
	2,000,000	Orange County California Water District Rev. Ref. Ser. 17A		4.000			08/15/2041		2,094,900
	500,000	Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC		5.125			07/01/2047		508,705
	1,000,000	San Diego County California Water Auth. Ref. Ser. 16B		5.000			05/01/2037		1,158,830
	3,000,000	San Francisco California City & County Public Utilities Commission (WSIP) Sub.-Ser. 11A		5.000			11/01/2037		3,273,810
	4,090,000	Santa Clara Valley California Water District Ref. Ser. 16A		5.000			06/01/2046		4,693,030

									22,238,862

		Total Investments in Securities (Cost $245,686,050)^(b)—98.3%							246,497,548
		Other assets less liabilities—1.7%							4,298,315

		Net Assets—100.0%						$	250,795,863

Investment Abbreviations:

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

Auth.—Authority

BAM—Build America Mutual

GTD—Grant To Date

NATL—National Public Finance Guarantee Corp.

Ref.—Refunding

Rev.—Revenue

Ser.—Series

Sub.—Subordinated

WSIP—Water System Improvement Program

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)

The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of August 31, 2018. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations.


Entities	Percentage of Total Investments
Assured Guaranty Municipal Corp.		6.9	%

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


		43

Schedule of Investments

Invesco CEF Income Composite ETF (PCEF)

August 31, 2018


Number of Shares			Value
		Closed-End Funds—99.9%
		Bonds—44.1%
	3,238,816	Aberdeen Asia-Pacific Income Fund, Inc.	$	13,603,027
	173,743	BlackRock 2022 Global Income Opportunity Trust		1,553,262
	623,102	BlackRock Core Bond Trust		8,006,861
	1,406,748	BlackRock Credit Allocation Income Trust		17,429,608
	735,048	BlackRock Income Trust, Inc.		4,241,227
	433,362	BlackRock Limited Duration Income Trust		6,526,432
	439,734	BlackRock Multi-Sector Income Trust		7,756,908
	475,712	BlackRock Taxable Municipal Bond Trust		10,446,636
	231,550	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		5,703,076
	80,466	Cohen & Steers Select Preferred and Income Fund, Inc.		2,169,363
	87,702	DoubleLine Funds Trust—DoubleLine Opportunistic Credit Fund		1,852,266
	805,851	DoubleLine Income Solutions Fund		16,415,185
	312,137	Duff & Phelps Utility and Corporate Bond Trust, Inc.		2,656,286
	1,526,161	Eaton Vance Limited Duration Income Fund		19,412,768
	231,088	Eaton Vance Short Duration Diversified Income Fund		2,960,237
	118,206	Eaton Vance Tax-Advantaged Bond and Options Strategies Fund		1,050,851
	168,441	First Trust Aberdeen Global Opportunity Income Fund		1,623,771
	634,909	First Trust Intermediate Duration Preferred & Income Fund		13,974,347
	195,039	Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		4,760,902
	78,815	Flaherty & Crumrine Preferred Income Fund, Inc.		1,108,927
	359,245	Flaherty & Crumrine Preferred Securities Income Fund, Inc.		6,872,357
	101,852	Flaherty & Crumrine Total Return Fund, Inc.		2,006,484
	277,004	Franklin Limited Duration Income Trust		3,143,995
	175,319	Guggenheim Taxable Municipal Managed Duration Trust		3,876,303
	112,476	Insight Select Income Fund		2,124,672
	118,197	Invesco Bond Fund^(a)		2,101,543
	2,122,181	Invesco Senior Income Trust^(a)		9,189,044
	180,249	John Hancock Preferred Income Fund		4,079,035
	167,014	John Hancock Preferred Income Fund II		3,612,513
	255,705	John Hancock Preferred Income Fund III		4,899,308
	274,012	John Hancock Premium Dividend Fund		4,452,695
	579,653	MFS Charter Income Trust		4,608,241
	1,227,562	MFS Intermediate Income Trust		4,677,011
	827,425	MFS Multimarket Income Trust		4,716,323
	269,627	Nuveen Build America Bond Fund		5,619,027
	1,731,815	Nuveen Credit Strategies Income Fund		13,767,929
	593,730	Nuveen Floating Rate Income Fund		6,109,482
	304,593	Nuveen Global High Income Fund		4,836,937
	47,565	Nuveen Preferred & Income 2022 Term Fund		1,100,178
	850,922	Nuveen Preferred & Income Opportunities Fund		7,990,158
	1,684,041	Nuveen Preferred & Income Securities Fund		14,920,603
	186,524	Nuveen Preferred & Income Term Fund		4,334,818
	199,816	PIMCO Corporate & Income Strategy Fund		3,622,664


Number of Shares			Value
		Closed-End Funds (continued)
		Bonds (continued)
	85,092	PIMCO Income Opportunity Fund	$	2,331,521
	143,358	PIMCO Income Strategy Fund		1,736,065
	341,597	PIMCO Income Strategy Fund II		3,644,840
	259,941	Pioneer Floating Rate Trust		2,864,550
	559,205	Putnam Master Intermediate Income Trust		2,561,159
	885,810	Putnam Premier Income Trust^(b)		4,641,644
	113,078	RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.		1,973,211
	87,206	Stone Harbor Emerging Markets Income Fund		1,170,305
	495,044	TCW Strategic Income Fund, Inc.		2,742,544
	1,748,457	Templeton Global Income Fund		10,473,257
	72,279	Virtus Global Multi-Sector Income Fund		955,528
	169,875	Western Asset Global Corporate Defined Opportunity Fund, Inc.		2,772,360
	721,750	Western Asset Inflation-Linked Opportunities & Income Fund		7,989,773
	376,124	Western Asset Inflation-Linked Securities & Income Fund		4,314,142
	63,845	Western Asset Investment Grade Defined Opportunity Trust, Inc.		1,278,177
	123,664	Western Asset Premier Bond Fund		1,558,166

				318,920,502

		Bonds/High Yield—28.0%
	1,124,043	AllianceBernstein Global High Income Fund, Inc.		13,173,784
	229,500	Barings Global Short Duration High Yield Fund		4,553,280
	1,620,650	BlackRock Corporate High Yield Fund, Inc.		17,340,955
	726,224	BlackRock Debt Strategies Fund, Inc.		8,235,380
	310,737	BlackRock Floating Rate Income Strategies Fund, Inc.		4,288,171
	246,753	BlackRock Floating Rate Income Trust		3,247,270
	102,480	Blackstone/GSO Long-Short Credit Income Fund		1,681,697
	604,101	Credit Suisse Asset Management Income Fund, Inc.		1,908,959
	728,843	Credit Suisse High Yield Bond Fund		1,905,924
	180,414	Deutsche Multi-Market Income Trust		1,620,118
	755,674	Dreyfus High Yield Strategies Fund		2,403,043
	329,407	Eaton Vance Floating-Rate Income Trust		4,848,871
	154,133	Eaton Vance High Income 2021 Target Term Trust		1,495,090
	302,749	Eaton Vance Senior Floating-Rate Trust		4,268,761
	458,140	First Trust High Income Long/Short Fund		6,862,937
	288,658	First Trust Senior Floating Rate 2022 Target Term Fund		2,683,076
	278,781	First Trust Senior Floating Rate Income Fund II		3,554,458
	43,442	Guggenheim Credit Allocation Fund		970,929
	151,242	Invesco High Income 2023 Target Term Fund^(a)		1,507,127
	193,621	Ivy High Income Opportunities Fund		2,782,334
	227,074	KKR Income Opportunities Fund		3,833,009
	270,638	Morgan Stanley Emerging Markets Debt Fund, Inc.		2,376,202
	259,710	Neuberger Berman High Yield Strategies Fund, Inc.		2,854,213

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


		44

Invesco CEF Income Composite ETF (PCEF) (continued)

August 31, 2018


Number of Shares			Value
		Closed-End Funds (continued)
		Bonds/High Yield (continued)
	295,570	New America High Income Fund, Inc. (The)	$	2,512,345
	226,943	Nuveen Credit Opportunities 2022 Target Term Fund		2,169,575
	423,338	Nuveen Floating Rate Income Opportunity Fund		4,275,714
	108,582	Nuveen High Income 2020 Target Term Fund		1,069,533
	207,583	Nuveen High Income December 2018 Target Term Fund		2,046,768
	461,080	Nuveen High Income November 2021 Target Term Fund		4,467,865
	190,870	Nuveen NASDAQ 100 Dynamic Overwrite Fund		4,829,011
	326,121	Nuveen Senior Income Fund		1,976,293
	81,570	Nuveen Short Duration Credit Opportunities Fund		1,353,246
	544,966	PGIM Global Short Duration High Yield Fund, Inc.		7,520,531
	437,548	PGIM Short Duration High Yield Fund, Inc.		6,226,308
	108,893	Pioneer Diversified High Income Trust		1,610,527
	342,157	Pioneer High Income Trust		3,192,325
	65,804	Stone Harbor Emerging Markets Total Income Fund		848,214
	562,787	Templeton Emerging Markets Income Fund		5,622,242
	1,716,091	Voya Prime Rate Trust		8,546,133
	818,525	Wells Fargo Income Opportunities Fund		6,580,941
	362,633	Wells Fargo Multi-Sector Income Fund		4,529,286
	794,225	Western Asset Emerging Markets Debt Fund, Inc.		10,777,633
	582,608	Western Asset Global High Income Fund, Inc.		5,371,646
	1,097,814	Western Asset High Income Fund II, Inc.		7,004,053
	1,632,747	Western Asset High Income Opportunity Fund, Inc.		7,853,513
	265,360	Western Asset High Yield Defined Opportunity Fund, Inc.		3,842,413

				202,621,703

		Domestic Equity—0.4%
	130,804	Guggenheim Strategic Opportunities Fund		2,871,148

		Option Income—27.4%
	1,211,675	AllianzGI NFJ Dividend, Interest & Premium Strategy Fund		15,969,877
	302,626	BlackRock Energy and Resources Trust		4,415,313
	443,095	BlackRock Enhanced Capital and Income Fund, Inc.		7,616,803
	1,912,925	BlackRock Enhanced Equity Dividend Trust		18,115,400
	708,189	BlackRock Enhanced Global Dividend Trust		7,903,389
	1,246,477	BlackRock Enhanced International Dividend Trust		7,217,102
	60,636	BlackRock Health Sciences Trust		2,523,670
	1,130,723	BlackRock Resources & Commodities Strategy Trust		10,165,200
	129,743	BlackRock Science & Technology Trust		4,581,225
	367,743	Brookfield Real Assets Income Fund, Inc.		8,590,476
	232,723	Cohen & Steers Global Income Builder, Inc.		2,215,523
	92,990	Columbia Seligman Premium Technology Growth Fund, Inc.		2,036,339
	262,404	Eaton Vance Enhanced Equity Income Fund		4,253,569
	284,287	Eaton Vance Enhanced Equity Income Fund II		5,088,737


Number of Shares			Value
		Closed-End Funds (continued)
		Option Income (continued)
	508,266	Eaton Vance Risk-Managed Diversified Equity Income Fund	$	5,026,751
	147,897	Eaton Vance Tax-Managed Buy-Write Income Fund		2,459,527
	379,073	Eaton Vance Tax-Managed Buy-Write Opportunities Fund^(b)		6,129,610
	1,033,522	Eaton Vance Tax-Managed Diversified Equity Income Fund		13,198,076
	601,653	Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund^(b)		7,231,869
	2,038,967	Eaton Vance Tax-Managed Global Diversified Equity Income Fund		19,716,811
	177,333	First Trust Dynamic Europe Equity Income Fund		2,807,004
	197,080	First Trust Enhanced Equity Income Fund		3,247,878
	212,639	GAMCO Natural Resources Gold & Income Trust		1,275,834
	334,736	Guggenheim Enhanced Equity Income Fund		3,012,624
	81,428	John Hancock Hedged Equity & Income Fund		1,310,177
	218,986	Madison Covered Call & Equity Strategy Fund		1,719,040
	214,767	Nuveen Dow 30sm Dynamic Overwrite Fund		4,207,286
	711,056	Nuveen S&P 500 Buy-Write Income Fund		10,281,870
	90,549	Nuveen S&P 500 Dynamic Overwrite Fund		1,553,821
	137,120	Voya Asia Pacific High Dividend Equity Income Fund		1,295,784
	184,725	Voya Global Advantage and Premium Opportunity Fund		2,147,428
	971,840	Voya Global Equity Dividend and Premium Opportunity Fund		7,211,053
	151,443	Voya Infrastructure Industrials and Materials Fund		2,321,621
	177,856	Voya Natural Resources Equity Income Fund		1,099,150

				197,945,837

		Total Closed-End Funds (Cost $709,353,743)		722,359,190



		Money Market Fund—0.0%
	170,060	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $170,060)		170,060

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $709,523,803)-99.9%		722,529,250



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—0.3%
	2,101,525	Invesco Government & Agency Portfolio— Institutional Class, 1.85%^(c)(d) (Cost $2,101,525)		2,101,525

		Total Investments in Securities (Cost $711,625,328)—100.2%		724,630,775
		Other assets less liabilities—(0.2)%		(1,454,055	)

		Net Assets—100.0%	$	723,176,720

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


		45

Invesco CEF Income Composite ETF (PCEF) (continued)

August 31, 2018

Notes to Schedule of Investments:

^(a)

Affiliated company. The Fund’s Adviser and the adviser for Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are considered to be affiliated. See Note 4.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		46

Schedule of Investments

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—98.6%
		Advertising—0.9%
$	3,884,000	Lamar Media Corp.		5.750	%		02/01/2026	$	4,049,070
	4,153,000	Outfront Media Capital LLC/Outfront Media Capital Corp.		5.875			03/15/2025		4,204,913

									8,253,983

		Aerospace/Defense—0.7%
	6,962,075	TransDigm, Inc.		6.500			07/15/2024		7,092,614

		Airlines—2.8%
	2,641,000	Allegiant Travel Co.		5.500			07/15/2019		2,680,615
	6,067,000	Delta Air Lines, Inc.		3.625			03/15/2022		6,019,640
	6,200,000	Delta Air Lines, Inc.		4.375			04/19/2028		6,070,579
	12,296,100	United Continental Holdings, Inc.		4.250			10/01/2022		12,096,288

									26,867,122

		Apparel—0.7%
	4,127,000	Under Armour, Inc.		3.250			06/15/2026		3,700,667
	3,197,000	William Carter Co. (The)		5.250			08/15/2021		3,246,953

									6,947,620

		Auto Parts & Equipment—2.1%
	3,709,000	American Axle & Manufacturing, Inc.^(a)		6.250			04/01/2025		3,704,364
	4,167,000	Dana, Inc.		5.500			12/15/2024		4,151,374
	7,242,000	Goodyear Tire & Rubber Co. (The)^(a)		5.125			11/15/2023		7,242,000
	5,269,000	Tenneco, Inc.		5.000			07/15/2026		4,689,410

									19,787,148

		Banks—1.2%
	3,308,000	CIT Group, Inc.		5.000			08/15/2022		3,382,430
	3,214,000	CIT Group, Inc.		5.250			03/07/2025		3,276,271
	4,802,000	Discover Bank		7.000			04/15/2020		5,050,637

									11,709,338

		Building Materials—0.9%
	2,247,000	Griffon Corp.		5.250			03/01/2022		2,225,204
	2,182,000	Owens Corning		4.200			12/15/2022		2,207,710
	2,435,000	Owens Corning		3.400			08/15/2026		2,264,917
	1,591,000	US Concrete, Inc.		6.375			06/01/2024		1,612,876

									8,310,707

		Chemicals—2.8%
	3,382,000	Blue Cube Spinco LLC		9.750			10/15/2023		3,851,252
	6,990,000	CF Industries, Inc.^(a)		3.450			06/01/2023		6,736,613
	2,051,000	Chemours Co. (The)		6.625			05/15/2023		2,150,986
	2,181,000	Chemours Co. (The)		5.375			05/15/2027		2,148,285
	5,672,000	Huntsman International LLC		4.875			11/15/2020		5,823,726
	3,257,000	PolyOne Corp.		5.250			03/15/2023		3,367,901
	3,100,000	Valvoline, Inc.		4.375			08/15/2025		2,964,375

									27,043,138

		Commercial Services—3.1%
	7,521,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(a)		5.500			04/01/2023		7,511,599
	6,521,000	Nielsen Finance LLC/Nielsen Finance Co.		4.500			10/01/2020		6,521,000
	4,148,000	R.R. Donnelley & Sons Co.^(a)		7.875			03/15/2021		4,391,695
	4,167,000	Service Corp. International		5.375			05/15/2024		4,265,966
	6,452,000	United Rentals North America, Inc.		5.750			11/15/2024		6,683,949

									29,374,209

		Computers—3.0%
	833,000	Diebold Nixdorf, Inc.		8.500			04/15/2024		592,471
	5,755,000	Leidos Holdings, Inc.		4.450			12/01/2020		5,871,827
	4,829,000	NCR Corp.		6.375			12/15/2023		4,859,181

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


		47

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Computers (continued)
$	4,475,000	Seagate HDD Cayman		4.250	%		03/01/2022	$	4,457,444
	4,544,000	Seagate HDD Cayman		4.750			01/01/2025		4,361,389
	8,400,000	Western Digital Corp.		4.750			02/15/2026		8,251,362

									28,393,674

		Cosmetics/Personal Care—0.4%
	3,508,000	Edgewell Personal Care Co.		4.700			05/24/2022		3,500,282

		Distribution/Wholesale—0.8%
	2,807,000	H&E Equipment Services, Inc.		5.625			09/01/2025		2,793,807
	5,016,000	LKQ Corp.		4.750			05/15/2023		5,053,620

									7,847,427

		Diversified Financial Services—3.0%
	1,590,000	Aircastle Ltd.		5.000			04/01/2023		1,655,031
	1,565,000	Aircastle Ltd.		4.125			05/01/2024		1,557,801
	10,087,000	Ally Financial, Inc.		8.000			03/15/2020		10,730,046
	5,372,000	Discover Financial Services		4.100			02/09/2027		5,218,247
	4,446,000	Navient Corp., MTN		8.000			03/25/2020		4,724,986
	4,607,000	Navient Corp., MTN		6.125			03/25/2024		4,595,483

									28,481,594

		Electric—3.6%
	4,400,000	AES Corp.		5.125			09/01/2027		4,455,000
	4,295,000	DPL, Inc.		7.250			10/15/2021		4,665,444
	4,600,000	FirstEnergy Corp., Series B		4.250			03/15/2023		4,697,683
	4,800,000	FirstEnergy Corp., Series B		3.900			07/15/2027		4,726,712
	6,698,000	NRG Energy, Inc.		6.625			01/15/2027		7,041,272
	7,795,000	Vistra Energy Corp.^(b)		8.125			01/30/2026		8,720,656

									34,306,767

		Electrical Components & Equipment—0.5%
	2,345,000	WESCO Distribution, Inc.		5.375			12/15/2021		2,383,107
	2,425,000	WESCO Distribution, Inc.		5.375			06/15/2024		2,415,906

									4,799,013

		Electronics—0.7%
	3,048,000	Jabil, Inc.		4.700			09/15/2022		3,129,686
	3,300,000	Jabil, Inc.		3.950			01/12/2028		3,161,070

									6,290,756

		Engineering & Construction—1.1%
	6,320,000	AECOM		5.125			03/15/2027		6,225,200
	3,883,000	MasTec, Inc.		4.875			03/15/2023		3,834,463

									10,059,663

		Entertainment—1.7%
	3,738,000	AMC Entertainment Holdings, Inc.^(a)		5.750			06/15/2025		3,642,232
	4,100,000	Cinemark USA, Inc.		4.875			06/01/2023		4,069,250
	1,661,000	Eldorado Resorts, Inc.		6.000			04/01/2025		1,696,296
	1,767,000	GLP Capital LP/GLP Financing II, Inc.		4.875			11/01/2020		1,815,593
	1,805,000	GLP Capital LP/GLP Financing II, Inc.		5.375			04/15/2026		1,878,915
	3,025,000	Pinnacle Entertainment, Inc.		5.625			05/01/2024		3,191,375

									16,293,661

		Environmental Control—0.4%
	3,623,000	Covanta Holding Corp.		5.875			03/01/2024		3,659,230

		Food—2.5%
	1,399,925	B&G Foods, Inc.		4.625			06/01/2021		1,396,425
	1,494,000	B&G Foods, Inc.^(a)		5.250			04/01/2025		1,454,782

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


		48

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Food (continued)
$	3,463,000	Darling Ingredients, Inc.		5.375	%		01/15/2022	$	3,510,616
	3,839,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.		5.875			01/15/2024		4,050,145
	3,694,000	Post Holdings, Inc.^(b)		5.750			03/01/2027		3,657,060
	5,329,000	SUPERVALU, Inc.^(a)		7.750			11/15/2022		5,555,483
	3,720,000	TreeHouse Foods, Inc.		4.875			03/15/2022		3,733,950

									23,358,461

		Food Service—0.6%
	6,180,000	Aramark Services, Inc.		4.750			06/01/2026		6,102,750

		Healthcare-Products—1.2%
	4,125,000	Becton Dickinson & Co.		2.894			06/06/2022		4,021,085
	4,200,000	Becton Dickinson & Co.		3.700			06/06/2027		4,032,663
	3,224,000	Teleflex, Inc.		4.625			11/15/2027		3,082,950

									11,136,698

		Healthcare-Services—7.7%
	2,842,000	Acadia Healthcare Co., Inc.		5.625			02/15/2023		2,913,050
	7,342,000	Centene Corp.		6.125			02/15/2024		7,736,632
	7,300,000	CHS/Community Health Systems, Inc.		6.250			03/31/2023		6,971,500
	7,818,000	DaVita, Inc.		5.125			07/15/2024		7,576,580
	3,775,000	Encompass Health Corp.		5.750			11/01/2024		3,836,344
	4,248,000	Envision Healthcare Corp.		5.625			07/15/2022		4,375,440
	6,078,000	HCA, Inc.		6.500			02/15/2020		6,324,159
	6,355,000	HCA, Inc.		5.375			02/01/2025		6,443,525
	2,182,000	LifePoint Health, Inc.		5.500			12/01/2021		2,225,640
	2,203,000	LifePoint Health, Inc.		5.375			05/01/2024		2,296,628
	3,550,000	Magellan Health, Inc.		4.400			09/22/2024		3,479,116
	5,458,000	Molina Healthcare, Inc.		5.375			11/15/2022		5,594,450
	3,732,000	Tenet Healthcare Corp.		6.000			10/01/2020		3,890,610
	4,027,000	Tenet Healthcare Corp.		5.125			05/01/2025		4,006,865
	5,435,000	WellCare Health Plans, Inc.		5.250			04/01/2025		5,570,875

									73,241,414

		Home Builders—2.5%
	2,171,000	Beazer Homes USA, Inc.		5.875			10/15/2027		1,861,632
	1,400,000	Century Communities, Inc.		5.875			07/15/2025		1,316,000
	2,497,000	KB Home		7.000			12/15/2021		2,640,578
	2,539,000	Lennar Corp.		4.500			11/15/2019		2,564,390
	2,723,000	Lennar Corp.		4.750			11/29/2027		2,610,676
	2,369,500	PulteGroup, Inc.		4.250			03/01/2021		2,387,982
	2,355,000	PulteGroup, Inc.		5.500			03/01/2026		2,346,169
	2,012,160	Toll Brothers Finance Corp.		4.375			04/15/2023		2,010,087
	1,977,000	Toll Brothers Finance Corp.		4.875			03/15/2027		1,897,920
	1,311,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.		4.375			06/15/2019		1,324,110
	1,168,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.		5.875			06/15/2024		1,169,402
	1,895,620	William Lyon Homes, Inc.		5.875			01/31/2025		1,803,209

									23,932,155

		Home Furnishings—0.4%
	3,482,000	Tempur Sealy International, Inc.		5.500			06/15/2026		3,403,655

		Household Products/Wares—0.4%
	4,248,000	Spectrum Brands, Inc.		5.750			07/15/2025		4,311,720

		Housewares—0.4%
	3,567,000	Scotts Miracle-Gro Co. (The)		6.000			10/15/2023		3,638,340

		Insurance—2.2%
	5,152,000	CNO Financial Group, Inc.		5.250			05/30/2025		5,255,040
	4,731,000	Genworth Holdings, Inc.		7.625			09/24/2021		4,920,240

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


		49

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Insurance (continued)
$	5,740,000	Genworth Holdings, Inc.		4.800	%		02/15/2024	$	5,137,300
	2,660,000	MGIC Investment Corp.		5.750			08/15/2023		2,795,394
	2,590,000	Radian Group, Inc.		4.500			10/01/2024		2,564,100

									20,672,074

		Internet—2.6%
	2,467,000	Expedia Group, Inc.		5.950			08/15/2020		2,587,194
	2,912,000	Expedia Group, Inc.		3.800			02/15/2028		2,738,273
	2,311,000	Netflix, Inc.		5.375			02/01/2021		2,388,996
	2,428,000	NetFlix, Inc.^(a)		4.375			11/15/2026		2,299,777
	7,863,000	Symantec Corp.		4.200			09/15/2020		7,933,697
	1,484,000	VeriSign, Inc.		4.625			05/01/2023		1,512,493
	1,500,000	VeriSign, Inc.		4.750			07/15/2027		1,451,250
	3,223,000	Zayo Group LLC/Zayo Capital, Inc.		6.375			05/15/2025		3,380,121

									24,291,801

		Iron/Steel—2.6%
	1,759,000	AK Steel Corp.		7.500			07/15/2023		1,846,950
	1,800,000	AK Steel Corp.		7.000			03/15/2027		1,714,500
	1,556,000	Allegheny Technologies, Inc.		5.950			01/15/2021		1,587,120
	1,481,000	Allegheny Technologies, Inc.		7.875			08/15/2023		1,590,224
	4,289,000	Cleveland-Cliffs, Inc.		5.750			03/01/2025		4,228,139
	4,100,000	Commercial Metals Co.^(b)		5.750			04/15/2026		3,966,750
	2,346,000	Steel Dynamics, Inc.		5.125			10/01/2021		2,381,776
	2,269,220	Steel Dynamics, Inc.		5.500			10/01/2024		2,331,624
	2,521,000	U.S. Steel Corp.		6.875			08/15/2025		2,571,420
	2,418,000	United States Steel Corp.^(a)		7.375			04/01/2020		2,543,434

									24,761,937

		Leisure Time—0.3%
	2,820,000	Vista Outdoor, Inc.		5.875			10/01/2023		2,777,700

		Lodging—2.7%
	3,028,000	Boyd Gaming Corp.		6.375			04/01/2026		3,107,485
	3,129,000	Choice Hotels International, Inc.		5.750			07/01/2022		3,308,917
	5,269,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.		4.625			04/01/2025		5,216,310
	1,000,000	Marriott Ownership Resorts, Inc.^(b)		6.500			09/15/2026		1,022,500
	3,502,000	MGM Resorts International		6.000			03/15/2023		3,644,356
	3,827,000	MGM Resorts International		4.625			09/01/2026		3,626,083
	5,690,000	Wyndham Destinations, Inc.		4.250			03/01/2022		5,504,734

									25,430,385

		Media—5.0%
	3,827,000	AMC Networks, Inc.		5.000			04/01/2024		3,774,379
	6,060,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.464			07/23/2022		6,188,779
	6,074,000	Charter Communications Operating LLC/Charter Communications Operating Capital		4.908			07/23/2025		6,211,617
	6,832,000	Clear Channel Worldwide Holdings, Inc., Series B		6.500			11/15/2022		7,019,880
	3,770,000	DISH DBS Corp.		6.750			06/01/2021		3,835,975
	4,044,000	DISH DBS Corp.		7.750			07/01/2026		3,664,875
	2,146,000	LIN Television Corp.		5.875			11/15/2022		2,199,650
	2,946,000	Meredith Corp.^(b)		6.875			02/01/2026		2,990,190
	3,656,050	Sinclair Television Group, Inc.		6.125			10/01/2022		3,761,893
	3,572,660	TEGNA, Inc.		6.375			10/15/2023		3,715,566
	4,261,000	Tribune Media Co.		5.875			07/15/2022		4,346,220

									47,709,024

		Mining—1.5%
	5,383,000	Freeport-McMoRan, Inc.		3.550			03/01/2022		5,208,053
	5,222,000	Freeport-McMoRan, Inc.		4.550			11/14/2024		5,052,285
	1,649,000	Hecla Mining Co.		6.875			05/01/2021		1,668,046

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


		50

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Mining (continued)
$	1,966,000	Kaiser Aluminum Corp.		5.875	%		05/15/2024	$	2,020,065

									13,948,449

		Miscellaneous Manufacturing—0.5%
	4,864,000	Trinity Industries, Inc.		4.550			10/01/2024		4,723,165

		Office/Business Equipment—1.1%
	5,652,000	CDW LLC/CDW Finance Corp.		5.000			09/01/2025		5,644,935
	2,597,000	Pitney Bowes, Inc.		3.625			10/01/2021		2,475,266
	2,659,000	Pitney Bowes, Inc.^(a)		4.625			03/15/2024		2,397,620

									10,517,821

		Oil & Gas—12.1%
	4,650,000	Anadarko Petroleum Corp.		4.850			03/15/2021		4,798,024
	4,400,000	Anadarko Petroleum Corp.		5.550			03/15/2026		4,738,692
	4,673,000	Antero Resources Corp.		5.625			06/01/2023		4,832,116
	1,334,000	Callon Petroleum Co.		6.125			10/01/2024		1,370,685
	1,533,000	Carrizo Oil & Gas, Inc.^(a)		6.250			04/15/2023		1,575,157
	5,861,000	Continental Resources, Inc.		3.800			06/01/2024		5,779,406
	3,300,000	Devon Energy Corp.		3.250			05/15/2022		3,255,371
	2,925,000	Devon Energy Corp.		5.850			12/15/2025		3,220,206
	5,287,000	Diamond Offshore Drilling, Inc.^(a)		7.875			08/15/2025		5,405,957
	2,040,000	Diamondback Energy, Inc.		4.750			11/01/2024		2,060,400
	2,869,000	Energen Corp.		4.625			09/01/2021		2,912,035
	1,942,000	Gulfport Energy Corp.		6.000			10/15/2024		1,927,435
	8,925,000	Hess Corp.		4.300			04/01/2027		8,684,383
	745,000	Jagged Peak Energy LLC^(b)		5.875			05/01/2026		735,687
	1,525,000	Laredo Petroleum, Inc.		5.625			01/15/2022		1,528,812
	4,681,000	Marathon Oil Corp.		2.800			11/01/2022		4,534,663
	4,360,000	Marathon Oil Corp.		4.400			07/15/2027		4,378,748
	3,206,000	Murphy Oil Corp.		4.450			12/01/2022		3,207,988
	3,113,000	Murphy Oil Corp.		5.750			08/15/2025		3,127,797
	5,511,000	Murphy Oil USA, Inc.		6.000			08/15/2023		5,683,219
	2,426,000	Nabors Industries, Inc.^(a)		5.500			01/15/2023		2,431,748
	2,527,000	Nabors Industries, Inc.^(b)		5.750			02/01/2025		2,437,517
	1,170,000	Newfield Exploration Co.		5.750			01/30/2022		1,240,200
	1,146,000	Newfield Exploration Co.		5.625			07/01/2024		1,227,653
	5,878,000	PBF Holding Co. LLC/PBF Finance Corp.		7.250			06/15/2025		6,215,985
	2,624,000	PDC Energy, Inc.		6.125			09/15/2024		2,624,000
	1,609,000	QEP Resources, Inc.		5.250			05/01/2023		1,576,820
	1,900,000	QEP Resources, Inc.^(a)		5.625			03/01/2026		1,824,000
	2,016,000	Range Resources Corp.		5.000			03/15/2023		1,982,333
	1,972,000	Range Resources Corp.^(a)		4.875			05/15/2025		1,898,050
	1,801,000	SM Energy Co.^(a)		6.125			11/15/2022		1,861,784
	1,886,000	SM Energy Co.^(a)		6.750			09/15/2026		1,963,798
	1,588,000	Southwestern Energy Co.^(a)		4.100			03/15/2022		1,556,240
	1,563,000	Southwestern Energy Co.		6.200			01/23/2025		1,570,815
	780,000	SRC Energy, Inc.		6.250			12/01/2025		760,500
	2,164,000	Unit Corp.		6.625			05/15/2021		2,172,115
	1,936,050	Whiting Petroleum Corp.		6.250			04/01/2023		1,998,972
	1,969,000	Whiting Petroleum Corp.		6.625			01/15/2026		2,055,144
	1,810,000	WPX Energy, Inc.		6.000			01/15/2022		1,877,875
	1,843,000	WPX Energy, Inc.		5.250			09/15/2024		1,866,038

									114,898,368

		Oil & Gas Services—1.0%
	2,258,000	Forum Energy Technologies, Inc.		6.250			10/01/2021		2,269,290
	4,153,000	Oceaneering International, Inc.		4.650			11/15/2024		3,956,659
	3,066,000	SESI LLC		7.750			09/15/2024		3,180,975

									9,406,924

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


		51

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Packaging & Containers—2.1%
$	2,747,000	Ball Corp.		4.375	%		12/15/2020	$	2,791,639
	2,972,000	Ball Corp.		4.000			11/15/2023		2,916,275
	4,732,000	Berry Global, Inc.		5.125			07/15/2023		4,726,085
	2,893,000	Crown Americas LLC/Crown Americas Capital Corp. IV		4.500			01/15/2023		2,900,233
	3,059,000	Crown Americas LLC/Crown Americas Capital Corp. VI^(b)		4.750			02/01/2026		2,944,287
	3,812,000	Graphic Packaging International LLC		4.750			04/15/2021		3,871,505

									20,150,024

		Pipelines—1.8%
	3,363,000	Cheniere Corpus Christi Holdings LLC		5.875			03/31/2025		3,585,799
	2,762,000	SemGroup Corp./Rose Rock Finance Corp.		5.625			07/15/2022		2,751,642
	5,763,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.		4.250			11/15/2023		5,604,518
	5,505,000	Williams Cos., Inc. (The)		3.700			01/15/2023		5,456,831

									17,398,790

		Real Estate—0.3%
	2,532,000	Kennedy-Wilson, Inc.		5.875			04/01/2024		2,522,505

		REITs—5.0%
	4,810,000	CBL & Associates LP^(a)		5.950			12/15/2026		3,920,150
	2,409,000	CyrusOne LP/CyrusOne Finance Corp.		5.000			03/15/2024		2,445,135
	5,109,000	Equinix, Inc.		5.375			05/15/2027		5,211,180
	3,376,000	FelCor Lodging LP		6.000			06/01/2025		3,502,600
	4,007,000	GEO Group, Inc. (The)		6.000			04/15/2026		3,886,790
	7,188,000	Iron Mountain, Inc.		5.750			08/15/2024		7,143,075
	2,285,000	iStar, Inc.		4.625			09/15/2020		2,279,287
	3,102,000	MPT Operating Partnership LP/MPT Finance Corp.		5.000			10/15/2027		3,047,715
	3,503,000	RHP Hotel Properties LP/RHP Finance Corp.		5.000			04/15/2023		3,519,464
	2,145,000	Sabra Health Care LP/Sabra Capital Corp.		5.500			02/01/2021		2,187,900
	3,918,000	SBA Communications Corp.		4.875			09/01/2024		3,875,686
	3,218,000	Starwood Property Trust, Inc.		5.000			12/15/2021		3,250,180
	3,408,000	Starwood Property Trust, Inc.		4.750			03/15/2025		3,246,120

									47,515,282

		Retail—5.3%
	3,902,000	Asbury Automotive Group, Inc.		6.000			12/15/2024		3,931,265
	7,552,000	Gap, Inc. (The)		5.950			04/12/2021		7,904,537
	4,330,000	Group 1 Automotive, Inc.		5.000			06/01/2022		4,308,350
	4,660,000	L Brands, Inc.		5.625			02/15/2022		4,735,725
	4,552,000	L Brands, Inc.^(a)		5.625			10/15/2023		4,574,760
	2,891,000	Penske Automotive Group, Inc.		5.750			10/01/2022		2,950,627
	2,965,000	Penske Automotive Group, Inc.		5.500			05/15/2026		2,913,112
	6,821,000	QVC, Inc.		4.375			03/15/2023		6,753,150
	3,994,000	Sally Holdings LLC/Sally Capital, Inc.^(a)		5.625			12/01/2025		3,684,465
	8,182,000	Yum! Brands, Inc.		3.750			11/01/2021		8,100,180

									49,856,171

		Semiconductors—1.0%
	8,830,000	Micron Technology, Inc.		5.500			02/01/2025		9,182,317

		Software—1.1%
	3,244,000	CDK Global, Inc.		4.875			06/01/2027		3,203,450
	3,697,000	Citrix Systems, Inc.		4.500			12/01/2027		3,603,337
	3,220,000	Nuance Communications, Inc.		5.625			12/15/2026		3,224,025

									10,030,812

		Telecommunications—3.6%
	3,997,000	Anixter, Inc.		5.500			03/01/2023		4,191,854
	6,372,000	CenturyLink, Inc., Series S		6.450			06/15/2021		6,658,740
	6,418,000	CenturyLink, Inc., Series Y^(a)		7.500			04/01/2024		6,883,305

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


		52

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Telecommunications (continued)
$	2,081,150	Hughes Satellite Systems Corp.		7.625	%		06/15/2021	$	2,247,642
	2,212,000	Hughes Satellite Systems Corp.		6.625			08/01/2026		2,123,520
	6,208,000	T-Mobile USA, Inc.		4.000			04/15/2022		6,184,720
	5,843,000	T-Mobile USA, Inc.		6.500			01/15/2026		6,191,768

									34,481,549

		Toys/Games/Hobbies—0.7%
	7,625,000	Mattel, Inc.		2.350			08/15/2021		6,900,625

		Total Corporate Bonds (Cost $951,241,066)							935,318,862



Number of Shares
		Money Market Fund—0.2%
	2,156,582	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $2,156,582)							2,156,582

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost 953,397,648)—98.8%							937,475,444



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—5.7%
	53,481,918	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)^(d) (Cost $53,481,918)							53,481,918

		Total Investments in Securities (Cost $1,006,879,566)—104.5%							990,957,362
		Other assets less liabilities—(4.5)%							(42,427,516	)

		Net Assets—100.0%						$	948,529,846

Investment Abbreviations:

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at August 31, 2018.

^(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 August 31, 2018 was $26,474,647, which represented 2.79% of the Fund’s Net Assets.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		53

Schedule of Investments

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—99.1%
		Advertising—0.4%
$	100,000	Interpublic Group of Cos., Inc. (The)		3.750	%		02/15/2023	$	98,684
	50,000	Interpublic Group of Cos., Inc. (The)		4.200			04/15/2024		50,116
	157,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.625			05/01/2022		156,507
	100,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.600			04/15/2026		96,701

									402,008

		Aerospace/Defense—2.7%
	525,000	Boeing Co. (The)		4.875			02/15/2020		541,804
	150,000	General Dynamics Corp.		3.000			05/11/2021		149,783
	175,000	General Dynamics Corp.		2.625			11/15/2027		163,073
	125,000	Harris Corp.		4.400			06/15/2028		127,255
	75,000	L3 Technologies, Inc.		3.850			06/15/2023		75,557
	100,000	L3 Technologies, Inc.		3.850			12/15/2026		97,454
	190,000	Lockheed Martin Corp.		2.500			11/23/2020		187,889
	218,000	Lockheed Martin Corp.		3.550			01/15/2026		217,062
	152,000	Northrop Grumman Corp.		2.550			10/15/2022		147,473
	150,000	Northrop Grumman Corp.		3.250			01/15/2028		142,561
	327,000	Raytheon Co.		2.500			12/15/2022		319,354
	100,000	Rockwell Collins, Inc.		2.800			03/15/2022		97,728
	100,000	Rockwell Collins, Inc.		3.500			03/15/2027		96,033
	80,000	Spirit AeroSystems, Inc.		4.600			06/15/2028		80,581
	236,000	United Technologies Corp.		3.100			06/01/2022		233,258
	250,000	United Technologies Corp.		4.125			11/16/2028		250,626

									2,927,491

		Agriculture—1.7%
	325,000	Altria Group, Inc.		2.850			08/09/2022		319,255
	257,000	Altria Group, Inc.		4.000			01/31/2024		262,822
	367,000	Archer-Daniels-Midland Co.		2.500			08/11/2026		339,722
	135,000	Bunge Ltd. Finance Corp.		8.500			06/15/2019		140,651
	150,000	Bunge Ltd. Finance Corp.		3.250			08/15/2026		137,373
	323,000	Philip Morris International, Inc.		2.500			11/02/2022		312,436
	293,000	Philip Morris International, Inc.		3.250			11/10/2024		288,498

									1,800,757

		Airlines—0.2%
	237,000	Southwest Airlines Co.		2.650			11/05/2020		234,493

		Apparel—0.5%
	200,000	NIKE, Inc.		2.250			05/01/2023		192,413
	200,000	NIKE, Inc.		2.375			11/01/2026		183,678
	200,000	VF Corp.		3.500			09/01/2021		201,415

									577,506

		Auto Manufacturers—1.4%
	310,000	Ford Motor Credit Co. LLC		5.875			08/02/2021		323,956
	300,000	Ford Motor Credit Co. LLC		4.134			08/04/2025		283,817
	300,000	General Motors Co.		4.875			10/02/2023		307,499
	300,000	General Motors Financial Co., Inc.		3.200			07/06/2021		296,247
	250,000	PACCAR Financial Corp., MTN		1.300			05/10/2019		248,329

									1,459,848

		Auto Parts & Equipment—0.3%
	150,000	BorgWarner, Inc.		3.375			03/15/2025		146,508
	200,000	Lear Corp.		5.250			01/15/2025		207,774

									354,282

		Banks—10.4%
	503,000	Bank of America Corp., GMTN		3.300			01/11/2023		499,642
	440,000	Bank of America Corp., MTN		4.200			08/26/2024		442,697

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


		54

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	219,000	Bank of New York Mellon Corp. (The), MTN		2.200	%		08/16/2023	$	207,062
	200,000	Bank of New York Mellon Corp. (The), MTN		3.850			04/28/2028		203,555
	200,000	BB&T Corp., MTN		2.450			01/15/2020		198,897
	150,000	Branch Banking & Trust Co.		3.625			09/16/2025		148,688
	250,000	Capital One Financial Corp.		2.500			05/12/2020		247,540
	250,000	Capital One Financial Corp.		4.200			10/29/2025		246,532
	454,000	Citigroup, Inc.		4.500			01/14/2022		469,196
	450,000	Citigroup, Inc.		4.450			09/29/2027		446,651
	300,000	Citizens Bank NA, MTN		2.450			12/04/2019		297,341
	200,000	Comerica, Inc.		3.700			07/31/2023		200,853
	125,000	Discover Bank		3.450			07/27/2026		117,853
	250,000	Discover Bank, BKNT		3.100			06/04/2020		249,075
	200,000	Fifth Third Bancorp		4.300			01/16/2024		204,204
	100,000	Fifth Third Bank, BKNT		2.250			06/14/2021		97,645
	100,000	First Horizon National Corp.		3.500			12/15/2020		100,302
	250,000	First Republic Bank		2.500			06/06/2022		242,013
	250,000	Goldman Sachs Group, Inc. (The)		5.750			01/24/2022		267,493
	310,000	Goldman Sachs Group, Inc. (The), GMTN		4.000			03/03/2024		313,190
	102,000	Huntington Bancshares, Inc.		3.150			03/14/2021		101,616
	100,000	Huntington Bancshares, Inc.		4.000			05/15/2025		100,769
	575,000	JPMorgan Chase & Co.		4.500			01/24/2022		596,456
	610,000	JPMorgan Chase & Co.		2.950			10/01/2026		571,920
	200,000	KeyBank NA		3.300			06/01/2025		195,071
	125,000	KeyCorp, MTN		5.100			03/24/2021		130,714
	100,000	Manufacturers & Traders Trust Co.		2.900			02/06/2025		96,429
	200,000	Manufacturers & Traders Trust Co., BKNT		2.300			01/30/2019		199,823
	300,000	Morgan Stanley, GMTN		2.750			05/19/2022		292,763
	250,000	Morgan Stanley, Series F, GMTN		3.875			04/29/2024		251,587
	100,000	Northern Trust Corp.		3.450			11/04/2020		101,041
	180,000	Northern Trust Corp.		3.950			10/30/2025		183,848
	250,000	PNC Bank NA, BKNT		2.150			04/29/2021		243,905
	250,000	PNC Bank NA, BKNT		3.100			10/25/2027		238,634
	300,000	Regions Financial Corp.		3.200			02/08/2021		299,061
	181,000	State Street Corp.		2.550			08/18/2020		179,928
	175,000	State Street Corp.		3.550			08/18/2025		176,174
	230,000	SunTrust Bank, BKNT		2.250			01/31/2020		227,735
	150,000	SunTrust Banks, Inc.		4.000			05/01/2025		151,598
	307,000	U.S. Bancorp, Series V, MTN		2.375			07/22/2026		281,484
	250,000	U.S. Bank NA, BKNT		2.125			10/28/2019		248,541
	585,000	Wells Fargo & Co., MTN		2.625			07/22/2022		566,698
	536,000	Wells Fargo & Co.		3.000			04/22/2026		503,542

									11,139,766

		Beverages—1.6%
	250,000	Coca-Cola Co. (The)		1.650			11/01/2018		249,638
	353,000	Coca-Cola Co. (The)		2.875			10/27/2025		341,593
	81,000	Constellation Brands, Inc.		4.250			05/01/2023		82,669
	100,000	Constellation Brands, Inc.		3.600			02/15/2028		94,649
	100,000	Keurig Dr Pepper, Inc.^(a)		4.057			05/25/2023		100,721
	100,000	Keurig Dr Pepper, Inc.^(a)		4.597			05/25/2028		101,691
	100,000	Molson Coors Brewing Co.		2.100			07/15/2021		96,500
	100,000	Molson Coors Brewing Co.		3.000			07/15/2026		92,089
	300,000	PepsiCo, Inc.		2.750			03/01/2023		295,285
	300,000	PepsiCo, Inc.		3.000			10/15/2027		287,862

									1,742,697

		Biotechnology—1.2%
	182,000	Amgen, Inc.		3.875			11/15/2021		185,505
	200,000	Amgen, Inc.		3.625			05/22/2024		201,450

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


		55

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Biotechnology (continued)
$	148,000	Biogen, Inc.		2.900	%		09/15/2020	$	147,574
	100,000	Biogen, Inc.		4.050			09/15/2025		101,309
	115,000	Celgene Corp.		2.875			08/15/2020		114,497
	100,000	Celgene Corp.		3.875			08/15/2025		98,765
	261,000	Gilead Sciences, Inc.		2.550			09/01/2020		258,760
	209,000	Gilead Sciences, Inc.		3.650			03/01/2026		207,342

									1,315,202

		Building Materials—0.6%
	133,000	Fortune Brands Home & Security, Inc.		4.000			06/15/2025		132,782
	262,000	Johnson Controls International PLC		3.900			02/14/2026		260,695
	100,000	Martin Marietta Materials, Inc.		3.500			12/15/2027		93,041
	140,000	Masco Corp.		4.375			04/01/2026		140,456

									626,974

		Chemicals—2.1%
	100,000	Celanese US Holdings LLC		4.625			11/15/2022		102,847
	100,000	Eastman Chemical Co.		3.600			08/15/2022		100,241
	100,000	Eastman Chemical Co.		3.800			03/15/2025		99,713
	450,000	EI du Pont de Nemours & Co.		2.200			05/01/2020		444,817
	200,000	LyondellBasell Industries NV		5.000			04/15/2019		201,557
	200,000	LyondellBasell Industries NV		5.750			04/15/2024		217,504
	100,000	Mosaic Co. (The)		3.250			11/15/2022		98,247
	100,000	Mosaic Co. (The)		4.250			11/15/2023		101,536
	230,000	PPG Industries, Inc.		3.600			11/15/2020		231,743
	100,000	PPG Industries, Inc.		3.750			03/15/2028		100,155
	120,000	Praxair, Inc.		4.500			08/15/2019		122,061
	95,000	Praxair, Inc.		3.200			01/30/2026		93,506
	100,000	Sherwin-Williams Co. (The)		2.250			05/15/2020		98,684
	95,000	Sherwin-Williams Co. (The)		3.450			06/01/2027		90,731
	159,000	Westlake Chemical Corp.		3.600			08/15/2026		150,649

									2,253,991

		Commercial Services—1.1%
	100,000	Automatic Data Processing, Inc.		2.250			09/15/2020		98,984
	150,000	Automatic Data Processing, Inc.		3.375			09/15/2025		149,885
	100,000	Block Financial LLC		4.125			10/01/2020		100,996
	100,000	Ecolab, Inc.		4.350			12/08/2021		103,536
	100,000	Ecolab, Inc.		2.700			11/01/2026		93,426
	157,000	Equifax, Inc.		3.300			12/15/2022		154,270
	100,000	Total System Services, Inc.		3.800			04/01/2021		100,763
	50,000	Total System Services, Inc.		4.800			04/01/2026		51,809
	125,000	Verisk Analytics, Inc.		4.000			06/15/2025		124,256
	175,000	Western Union Co. (The)		3.600			03/15/2022		173,828

									1,151,753

		Computers—2.4%
	540,000	Apple, Inc.		2.400			05/03/2023		522,978
	560,000	Apple, Inc.		3.250			02/23/2026		551,638
	179,000	Hewlett Packard Enterprise Co.		3.600			10/15/2020		180,475
	125,000	Hewlett Packard Enterprise Co.		4.900			10/15/2025		129,101
	352,000	HP, Inc.		4.650			12/09/2021		365,349
	350,000	International Business Machines Corp.		1.625			05/15/2020		343,273
	300,000	International Business Machines Corp.		3.625			02/12/2024		303,727
	137,000	NetApp, Inc.		3.375			06/15/2021		136,086

									2,532,627

		Cosmetics/Personal Care—1.2%
	250,000	Colgate-Palmolive Co., MTN		2.300			05/03/2022		244,728
	100,000	Colgate-Palmolive Co., MTN		3.250			03/15/2024		100,410

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


		56

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Cosmetics/Personal Care (continued)
$	100,000	Estee Lauder Cos., Inc. (The)		1.800	%		02/07/2020	$	98,633
	100,000	Estee Lauder Cos., Inc. (The)		3.150			03/15/2027		96,880
	376,000	Procter & Gamble Co. (The)		2.150			08/11/2022		364,634
	375,000	Procter & Gamble Co. (The)		2.450			11/03/2026		349,437

									1,254,722

		Diversified Financial Services��4.1%
	240,000	American Express Co.		2.500			08/01/2022		231,378
	240,000	American Express Credit Corp., MTN		3.300			05/03/2027		234,661
	150,000	Ameriprise Financial, Inc.		5.300			03/15/2020		155,073
	150,000	Ameriprise Financial, Inc.		4.000			10/15/2023		153,698
	220,000	BlackRock, Inc.		3.500			03/18/2024		222,726
	177,000	BlackRock, Inc., Series 2		5.000			12/10/2019		182,217
	71,000	Cboe Global Markets, Inc.		3.650			01/12/2027		69,113
	170,000	Charles Schwab Corp. (The)		4.450			07/22/2020		174,637
	150,000	Charles Schwab Corp. (The)		3.200			03/02/2027		145,082
	150,000	CME Group, Inc.		3.000			09/15/2022		148,782
	150,000	CME Group, Inc.		3.000			03/15/2025		146,020
	200,000	E*TRADE Financial Corp.		2.950			08/24/2022		194,762
	450,000	GE Capital International Funding Co. Unlimited Co.		2.342			11/15/2020		440,957
	500,000	GE Capital International Funding Co. Unlimited Co.		3.373			11/15/2025		484,589
	100,000	Intercontinental Exchange, Inc.		2.750			12/01/2020		99,294
	150,000	Intercontinental Exchange, Inc.		3.750			12/01/2025		151,279
	119,000	Mastercard, Inc.		2.000			11/21/2021		115,576
	100,000	Mastercard, Inc.		3.375			04/01/2024		100,511
	50,000	Nasdaq, Inc.		5.550			01/15/2020		51,664
	100,000	Nasdaq, Inc.		4.250			06/01/2024		102,003
	200,000	Raymond James Financial, Inc.		3.625			09/15/2026		193,748
	100,000	TD Ameritrade Holding Corp.		2.950			04/01/2022		98,728
	100,000	TD Ameritrade Holding Corp.		3.300			04/01/2027		96,789
	224,000	Visa, Inc.		2.200			12/14/2020		220,921
	180,000	Visa, Inc.		3.150			12/14/2025		176,525

									4,390,733

		Electric—5.7%
	200,000	American Electric Power Co., Inc.		3.200			11/13/2027		189,332
	150,000	Arizona Public Service Co.		8.750			03/01/2019		154,322
	200,000	Avangrid, Inc.		3.150			12/01/2024		192,048
	256,000	Consolidated Edison Co. of New York, Inc.		7.125			12/01/2018		258,684
	200,000	Consumers Energy Co.		6.700			09/15/2019		207,942
	158,000	Dominion Energy, Inc.		2.579			07/01/2020		155,916
	140,000	Dominion Energy, Inc.		3.900			10/01/2025		138,059
	200,000	DTE Energy Co.		2.850			10/01/2026		185,735
	125,000	DTE Energy Co., Series D		3.700			08/01/2023		125,915
	250,000	Duke Energy Corp.		1.800			09/01/2021		239,748
	277,000	Duke Energy Corp.		2.650			09/01/2026		252,575
	125,000	Entergy Corp.		4.000			07/15/2022		127,442
	106,000	Entergy Corp.		2.950			09/01/2026		98,298
	100,000	Eversource Energy, Series K		2.750			03/15/2022		98,069
	200,000	Exelon Corp.		3.950			06/15/2025		201,305
	200,000	Exelon Generation Co. LLC		2.950			01/15/2020		199,348
	150,000	Interstate Power & Light Co.		3.250			12/01/2024		147,512
	200,000	Nextera Energy Capital Holdings, Inc.		2.800			01/15/2023		193,888
	201,000	Nextera Energy Capital Holdings, Inc.		3.550			05/01/2027		195,939
	100,000	NSTAR Electric Co.		3.200			05/15/2027		97,057
	180,000	Ohio Power Co., Series M		5.375			10/01/2021		191,649
	185,000	Pacific Gas & Electric Co.		3.500			10/01/2020		185,099
	150,000	Pacific Gas & Electric Co.		3.300			12/01/2027		138,052

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


		57

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Electric (continued)
$	301,000	PPL Capital Funding, Inc.		3.400	%		06/01/2023	$	295,894
	125,000	PPL Capital Funding, Inc.		3.100			05/15/2026		117,363
	275,000	PSEG Power LLC		3.000			06/15/2021		273,093
	126,000	Sempra Energy		2.400			03/15/2020		124,420
	160,000	Sempra Energy		3.400			02/01/2028		150,791
	157,000	Southern California Edison Co.		3.875			06/01/2021		159,373
	124,000	Southern California Edison Co., Series C		3.500			10/01/2023		124,449
	240,000	Southern Co. (The)		2.350			07/01/2021		233,218
	202,000	Southern Co. (The)		3.250			07/01/2026		190,501
	80,000	WEC Energy Group, Inc.		3.375			06/15/2021		80,369
	154,000	WEC Energy Group, Inc.		3.550			06/15/2025		152,733
	118,000	Xcel Energy, Inc.		4.700			05/15/2020		120,383
	100,000	Xcel Energy, Inc.		3.300			06/01/2025		97,630

									6,094,151

		Electrical Components & Equipment—0.3%
	150,000	Emerson Electric Co.		2.625			02/15/2023		145,650
	200,000	Emerson Electric Co.		3.150			06/01/2025		194,433

									340,083

		Electronics—1.8%
	100,000	Agilent Technologies, Inc.		3.875			07/15/2023		100,485
	150,000	Amphenol Corp.		2.550			01/30/2019		149,953
	250,000	Arrow Electronics, Inc.		3.875			01/12/2028		236,745
	200,000	Avnet, Inc.		4.625			04/15/2026		200,339
	150,000	Flex Ltd.		5.000			02/15/2023		155,529
	100,000	Flex Ltd.		4.750			06/15/2025		101,623
	100,000	Fortive Corp.		2.350			06/15/2021		97,240
	100,000	Fortive Corp.		3.150			06/15/2026		94,049
	195,000	Honeywell International, Inc.		1.850			11/01/2021		187,720
	200,000	Honeywell International, Inc.		2.500			11/01/2026		186,309
	100,000	Keysight Technologies, Inc.		4.600			04/06/2027		102,241
	100,000	Tech Data Corp.		3.700			02/15/2022		98,752
	111,000	Tech Data Corp.		4.950			02/15/2027		110,124
	75,000	Trimble, Inc.		4.900			06/15/2028		76,674

									1,897,783

		Engineering & Construction—0.2%
	100,000	Fluor Corp.		3.375			09/15/2021		101,218
	100,000	Fluor Corp.		3.500			12/15/2024		98,535

									199,753

		Environmental Control—0.5%
	100,000	Republic Services, Inc.		3.550			06/01/2022		100,644
	136,000	Republic Services, Inc.		3.950			05/15/2028		136,963
	100,000	Waste Management, Inc.		4.750			06/30/2020		103,241
	200,000	Waste Management, Inc.		3.150			11/15/2027		191,097

									531,945

		Food—3.1%
	100,000	Campbell Soup Co.		3.650			03/15/2023		97,915
	100,000	Campbell Soup Co.		4.150			03/15/2028		96,581
	197,000	Conagra Brands, Inc.		3.200			01/25/2023		191,764
	200,000	General Mills, Inc.		3.150			12/15/2021		198,815
	150,000	General Mills, Inc.		3.200			02/10/2027		140,476
	100,000	Hershey Co. (The)		3.375			05/15/2023		100,685
	100,000	Hershey Co. (The)		2.300			08/15/2026		91,399
	100,000	JM Smucker Co. (The)		3.500			10/15/2021		100,463
	100,000	JM Smucker Co. (The)		3.500			03/15/2025		97,289

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


		58

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Food (continued)
$	143,000	Kellogg Co.		4.000	%		12/15/2020	$	145,918
	150,000	Kellogg Co.		3.250			04/01/2026		142,693
	206,000	Kraft Heinz Foods Co.		3.500			06/06/2022		205,531
	220,000	Kraft Heinz Foods Co.		3.950			07/15/2025		217,005
	200,000	Kroger Co. (The)		6.150			01/15/2020		208,494
	200,000	Kroger Co. (The)		2.650			10/15/2026		180,449
	75,000	McCormick & Co., Inc.		2.700			08/15/2022		73,103
	100,000	McCormick & Co., Inc.		3.400			08/15/2027		96,097
	175,000	Mondelez International, Inc.		3.625			05/07/2023		174,978
	200,000	Mondelez International, Inc.		4.000			02/01/2024		202,668
	155,000	Sysco Corp.		2.600			10/01/2020		153,608
	170,000	Sysco Corp.		3.300			07/15/2026		163,582
	147,000	Tyson Foods, Inc.		2.650			08/15/2019		146,707
	100,000	Tyson Foods, Inc.		3.950			08/15/2024		100,529

									3,326,749

		Forest Products & Paper—0.3%
	150,000	International Paper Co.		4.750			02/15/2022		155,999
	167,000	International Paper Co.		3.000			02/15/2027		154,952

									310,951

		Gas—0.5%
	100,000	Atmos Energy Corp.		3.000			06/15/2027		94,952
	100,000	CenterPoint Energy Resources Corp.		4.500			01/15/2021		102,147
	100,000	National Fuel Gas Co.		3.750			03/01/2023		99,292
	100,000	NiSource, Inc.		2.650			11/17/2022		96,570
	95,000	NiSource, Inc.		3.490			05/15/2027		92,002

									484,963

		Hand/Machine Tools—0.2%
	200,000	Stanley Black & Decker, Inc.		2.900			11/01/2022		196,419

		Healthcare-Products—1.6%
	100,000	Abbott Laboratories		2.900			11/30/2021		99,013
	200,000	Abbott Laboratories		3.750			11/30/2026		199,485
	250,000	Baxter International, Inc.		2.600			08/15/2026		229,885
	100,000	Boston Scientific Corp.		6.000			01/15/2020		103,915
	125,000	Danaher Corp.		2.400			09/15/2020		123,556
	100,000	Danaher Corp.		3.350			09/15/2025		99,237
	150,000	Edwards Lifesciences Corp.		2.875			10/15/2018		150,067
	50,000	Edwards Lifesciences Corp.		4.300			06/15/2028		50,815
	100,000	Stryker Corp.		2.625			03/15/2021		98,816
	150,000	Stryker Corp.		3.500			03/15/2026		147,381
	126,000	Thermo Fisher Scientific, Inc.		4.500			03/01/2021		129,679
	125,000	Thermo Fisher Scientific, Inc.		4.150			02/01/2024		128,111
	79,000	Zimmer Biomet Holdings, Inc.		2.700			04/01/2020		78,384
	100,000	Zimmer Biomet Holdings, Inc.		3.550			04/01/2025		96,608

									1,734,952

		Healthcare-Services—2.2%
	199,000	Aetna, Inc.		2.800			06/15/2023		192,116
	175,000	Aetna, Inc.		3.500			11/15/2024		171,787
	235,000	Anthem, Inc.		3.125			05/15/2022		232,088
	200,000	Anthem, Inc.		3.650			12/01/2027		191,010
	100,000	Cigna Corp.		4.000			02/15/2022		101,446
	153,000	Cigna Corp.		3.250			04/15/2025		145,653
	150,000	Humana, Inc.		3.150			12/01/2022		147,754
	153,000	Humana, Inc.		3.950			03/15/2027		151,625
	100,000	Laboratory Corp. of America Holdings		4.625			11/15/2020		102,461

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


		59

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Healthcare-Services (continued)
$	100,000	Laboratory Corp. of America Holdings		3.600	%		02/01/2025	$	98,164
	50,000	Quest Diagnostics, Inc.		4.700			04/01/2021		51,457
	100,000	Quest Diagnostics, Inc.		3.500			03/30/2025		97,082
	332,000	UnitedHealth Group, Inc.		2.700			07/15/2020		331,173
	300,000	UnitedHealth Group, Inc.		3.100			03/15/2026		290,323

									2,304,139

		Home Builders—0.3%
	150,000	DR Horton, Inc.		4.000			02/15/2020		151,257
	150,000	NVR, Inc.		3.950			09/15/2022		151,061

									302,318

		Home Furnishings—0.1%
	150,000	Leggett & Platt, Inc.		3.500			11/15/2027		142,329

		Household Products/Wares—0.2%
	74,000	Clorox Co. (The)		3.050			09/15/2022		73,463
	100,000	Clorox Co. (The)		3.500			12/15/2024		99,874

									173,337

		Housewares—0.3%
	91,000	Newell Brands, Inc.		3.850			04/01/2023		89,463
	100,000	Newell Brands, Inc.		4.200			04/01/2026		96,643
	100,000	Tupperware Brands Corp.		4.750			06/01/2021		102,496

									288,602

		Insurance—6.2%
	300,000	Aflac, Inc.		3.625			06/15/2023		303,006
	140,000	Aflac, Inc.		3.625			11/15/2024		140,340
	355,000	Allstate Corp. (The)		3.150			06/15/2023		352,706
	140,000	Allstate Corp. (The)		3.280			12/15/2026		136,435
	200,000	American International Group, Inc.		4.875			06/01/2022		209,807
	300,000	American International Group, Inc.		3.900			04/01/2026		295,041
	429,000	Berkshire Hathaway, Inc.		2.750			03/15/2023		422,625
	511,000	Berkshire Hathaway, Inc.		3.125			03/15/2026		497,754
	350,000	Brighthouse Financial, Inc.		3.700			06/22/2027		313,304
	100,000	Brown & Brown, Inc.		4.200			09/15/2024		100,217
	200,000	Chubb INA Holdings, Inc.		2.300			11/03/2020		196,966
	175,000	Chubb INA Holdings, Inc.		3.350			05/03/2026		172,138
	250,000	Hartford Financial Services Group, Inc. (The)		5.125			04/15/2022		264,038
	300,000	Lincoln National Corp.		3.800			03/01/2028		292,154
	265,000	Loews Corp.		2.625			05/15/2023		256,413
	100,000	Loews Corp.		3.750			04/01/2026		100,416
	130,000	Marsh & McLennan Cos., Inc.		4.800			07/15/2021		134,778
	114,000	Marsh & McLennan Cos., Inc.		3.750			03/14/2026		114,190
	255,000	MetLife, Inc.		4.750			02/08/2021		263,892
	370,000	MetLife, Inc.		3.600			04/10/2024		372,612
	100,000	Old Republic International Corp.		3.875			08/26/2026		96,967
	143,000	Progressive Corp. (The)		3.750			08/23/2021		145,028
	132,000	Progressive Corp. (The)		2.450			01/15/2027		121,142
	300,000	Prudential Financial, Inc., MTN		3.500			05/15/2024		302,300
	300,000	Prudential Financial, Inc., Series D, MTN		7.375			06/15/2019		310,851
	382,000	Travelers Cos., Inc. (The)		3.900			11/01/2020		388,570
	316,000	Voya Financial, Inc.		3.650			06/15/2026		305,420

									6,609,110

		Internet—1.5%
	288,000	Alphabet, Inc.		3.625			05/19/2021		294,324
	307,000	Alphabet, Inc.		1.998			08/15/2026		279,684
	250,000	Amazon.com, Inc.		1.900			08/21/2020		245,464

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


		60

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Internet (continued)
$	250,000	Amazon.com, Inc.		3.150	%		08/22/2027	$	241,943
	100,000	Booking Holdings, Inc.		2.750			03/15/2023		96,463
	150,000	Booking Holdings, Inc.		3.600			06/01/2026		146,945
	166,000	eBay, Inc.		2.600			07/15/2022		161,257
	100,000	eBay, Inc.		3.600			06/05/2027		95,810

									1,561,890

		Iron/Steel—0.4%
	150,000	Nucor Corp.		4.125			09/15/2022		153,983
	100,000	Nucor Corp.		3.950			05/01/2028		100,643
	153,000	Reliance Steel & Aluminum Co.		4.500			04/15/2023		156,108

									410,734

		Leisure Time—0.4%
	300,000	Carnival Corp.		3.950			10/15/2020		304,748
	150,000	Royal Caribbean Cruises Ltd.		3.700			03/15/2028		140,824

									445,572

		Lodging—0.2%
	100,000	Marriott International, Inc.		2.300			01/15/2022		96,545
	150,000	Marriott International, Inc., Series R		3.125			06/15/2026		141,203

									237,748

		Machinery-Construction & Mining—0.4%
	217,000	Caterpillar, Inc.		3.900			05/27/2021		222,657
	247,000	Caterpillar, Inc.		3.400			05/15/2024		248,612

									471,269

		Machinery-Diversified—1.1%
	227,000	Cummins, Inc.		3.650			10/01/2023		230,685
	189,000	Deere & Co.		2.600			06/08/2022		185,697
	100,000	Flowserve Corp.		3.500			09/15/2022		97,925
	200,000	John Deere Capital Corp., MTN		2.650			06/10/2026		187,717
	100,000	Roper Technologies, Inc.		6.250			09/01/2019		103,183
	75,000	Roper Technologies, Inc.		3.000			12/15/2020		74,666
	100,000	Roper Technologies, Inc.		3.800			12/15/2026		98,052
	100,000	Wabtec Corp.		3.450			11/15/2026		93,207
	100,000	Xylem, Inc.		4.875			10/01/2021		104,350

									1,175,482

		Media—2.0%
	203,000	21st Century Fox America, Inc.		3.000			09/15/2022		200,285
	150,000	21st Century Fox America, Inc.		3.700			10/15/2025		149,553
	151,000	CBS Corp.		3.375			03/01/2022		149,640
	100,000	CBS Corp.		4.000			01/15/2026		98,014
	347,000	Comcast Corp.		3.150			03/01/2026		331,103
	100,000	Discovery Communications LLC		2.950			03/20/2023		96,286
	100,000	Discovery Communications LLC		3.950			03/20/2028		95,559
	275,000	NBCUniversal Media LLC		5.150			04/30/2020		284,804
	120,000	Viacom, Inc.		5.625			09/15/2019		123,087
	109,000	Viacom, Inc.		4.250			09/01/2023		109,783
	250,000	Walt Disney Co. (The), GMTN		2.350			12/01/2022		241,285
	300,000	Walt Disney Co. (The), MTN		2.950			06/15/2027		287,473

									2,166,872

		Mining—0.2%
	200,000	Newmont Mining Corp.		3.500			03/15/2022		199,250

		Miscellaneous Manufacturing—1.4%
	200,000	3M Co., GMTN		2.000			06/26/2022		193,162
	230,000	3M Co.		2.875			10/15/2027		219,924

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


		61

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Miscellaneous Manufacturing (continued)
$	100,000	Carlisle Cos., Inc.		3.750	%		12/01/2027	$	96,667
	180,000	Eaton Corp.		2.750			11/02/2022		175,880
	145,000	Eaton Corp.		3.103			09/15/2027		137,049
	140,000	Illinois Tool Works, Inc.		6.250			04/01/2019		142,839
	154,000	Illinois Tool Works, Inc.		2.650			11/15/2026		144,263
	200,000	Ingersoll-Rand Luxembourg Finance SA		3.550			11/01/2024		197,260
	200,000	Parker-Hannifin Corp.		3.250			03/01/2027		194,806

									1,501,850

		Office/Business Equipment—0.2%
	183,000	Xerox Corp.		4.500			05/15/2021		184,787

		Oil & Gas—5.8%
	265,000	Andeavor		4.750			12/15/2023		276,682
	150,000	Apache Corp.		3.250			04/15/2022		148,616
	487,000	Chevron Corp.		2.355			12/05/2022		472,241
	450,000	Chevron Corp.		2.954			05/16/2026		433,279
	86,000	Cimarex Energy Co.		4.375			06/01/2024		87,261
	115,000	Concho Resources, Inc.		3.750			10/01/2027		110,270
	500,000	ConocoPhillips Co.		4.950			03/15/2026		541,813
	100,000	EOG Resources, Inc.		2.625			03/15/2023		96,698
	150,000	EOG Resources, Inc.		4.150			01/15/2026		154,481
	100,000	EQT Corp.		4.875			11/15/2021		103,155
	50,000	EQT Corp.		3.900			10/01/2027		47,151
	600,000	Exxon Mobil Corp.		2.222			03/01/2021		590,919
	560,000	Exxon Mobil Corp.		3.043			03/01/2026		547,328
	150,000	Helmerich & Payne International Drilling Co.		4.650			03/15/2025		155,292
	195,000	HollyFrontier Corp.		5.875			04/01/2026		210,317
	181,000	Marathon Petroleum Corp.		5.125			03/01/2021		188,306
	189,000	Marathon Petroleum Corp.		3.625			09/15/2024		188,102
	100,000	Noble Energy, Inc.		4.150			12/15/2021		101,693
	112,000	Noble Energy, Inc.		3.900			11/15/2024		111,122
	225,000	Occidental Petroleum Corp.		2.700			02/15/2023		219,226
	200,000	Occidental Petroleum Corp.		3.400			04/15/2026		198,417
	150,000	Patterson-UTI Energy, Inc.^(a)		3.950			02/01/2028		141,256
	450,000	Phillips 66		3.900			03/15/2028		447,185
	105,000	Pioneer Natural Resources Co.		3.950			07/15/2022		106,676
	50,000	Pioneer Natural Resources Co.		4.450			01/15/2026		51,696
	201,000	Valero Energy Corp.		6.125			02/01/2020		209,480
	235,000	Valero Energy Corp.		3.400			09/15/2026		224,465

									6,163,127

		Oil & Gas Services—0.9%
	150,000	Halliburton Co.		3.500			08/01/2023		150,693
	167,000	Halliburton Co.		3.800			11/15/2025		167,044
	259,000	National Oilwell Varco, Inc.		2.600			12/01/2022		248,465
	400,000	Schlumberger Investment SA		3.650			12/01/2023		405,923

									972,125

		Packaging & Containers—0.3%
	100,000	Packaging Corp. of America		2.450			12/15/2020		98,352
	104,000	Packaging Corp. of America		4.500			11/01/2023		107,976
	150,000	WestRock Co.^(a)		3.375			09/15/2027		142,127

									348,455

		Pharmaceuticals—6.0%
	205,000	AbbVie, Inc.		2.500			05/14/2020		203,006
	287,000	AbbVie, Inc.		3.600			05/14/2025		280,761
	161,000	Allergan Funding SCS		3.000			03/12/2020		160,630

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


		62

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Pharmaceuticals (continued)
$	150,000	Allergan Funding SCS		3.800	%		03/15/2025	$	148,877
	200,000	AmerisourceBergen Corp.		3.500			11/15/2021		200,956
	250,000	AmerisourceBergen Corp.		3.450			12/15/2027		235,204
	153,000	Bristol-Myers Squibb Co.		2.000			08/01/2022		146,539
	200,000	Bristol-Myers Squibb Co.		3.250			02/27/2027		195,712
	215,000	Cardinal Health, Inc.		2.616			06/15/2022		206,600
	200,000	Cardinal Health, Inc.		3.410			06/15/2027		184,693
	300,000	CVS Health Corp.		3.700			03/09/2023		300,141
	300,000	CVS Health Corp.		4.300			03/25/2028		298,261
	200,000	Eli Lilly & Co.		2.350			05/15/2022		195,701
	200,000	Eli Lilly & Co.		2.750			06/01/2025		192,347
	243,000	Express Scripts Holding Co.		4.750			11/15/2021		251,405
	225,000	Express Scripts Holding Co.		3.400			03/01/2027		208,824
	371,000	Johnson & Johnson		2.250			03/03/2022		363,284
	423,000	Johnson & Johnson		2.450			03/01/2026		400,644
	260,000	McKesson Corp.		2.284			03/15/2019		259,705
	200,000	McKesson Corp.		3.796			03/15/2024		199,329
	300,000	Merck & Co., Inc.		2.800			05/18/2023		295,652
	340,000	Merck & Co., Inc.		2.750			02/10/2025		329,583
	121,000	Mylan NV		3.150			06/15/2021		119,310
	100,000	Mylan NV		3.950			06/15/2026		95,065
	350,000	Pfizer, Inc.		2.100			05/15/2019		349,634
	375,000	Pfizer, Inc.		3.000			12/15/2026		364,592
	100,000	Zoetis, Inc.		3.250			02/01/2023		98,838
	100,000	Zoetis, Inc.		3.000			09/12/2027		93,737

									6,379,030

		Pipelines—1.0%
	100,000	Enable Midstream Partners LP		4.400			03/15/2027		96,124
	183,000	Kinder Morgan, Inc.		3.050			12/01/2019		183,049
	182,000	Kinder Morgan, Inc.		4.300			06/01/2025		184,035
	100,000	ONEOK Partners LP		3.375			10/01/2022		98,916
	100,000	ONEOK, Inc.		4.550			07/15/2028		101,204
	163,000	Williams Cos., Inc. (The)		3.600			03/15/2022		162,823
	184,000	Williams Cos., Inc. (The)		4.300			03/04/2024		186,941

									1,013,092

		Real Estate—0.5%
	200,000	CBRE Services, Inc.		4.875			03/01/2026		208,170
	200,000	Prologis LP		4.250			08/15/2023		207,457
	100,000	Prologis LP		3.750			11/01/2025		101,216

									516,843

		REITs—4.6%
	50,000	Alexandria Real Estate Equities, Inc.		3.900			06/15/2023		50,552
	50,000	Alexandria Real Estate Equities, Inc.		3.450			04/30/2025		48,353
	100,000	American Homes 4 Rent LP		4.250			02/15/2028		97,116
	100,000	American Tower Corp.		3.500			01/31/2023		98,745
	125,000	American Tower Corp.		3.375			10/15/2026		117,557
	200,000	AvalonBay Communities, Inc., GMTN		3.450			06/01/2025		197,029
	100,000	Boston Properties LP		4.125			05/15/2021		102,121
	100,000	Boston Properties LP		3.650			02/01/2026		97,976
	50,000	Brixmor Operating Partnership LP		3.875			08/15/2022		49,984
	75,000	Brixmor Operating Partnership LP		3.850			02/01/2025		73,012
	105,000	Crown Castle International Corp.		5.250			01/15/2023		110,582
	150,000	Crown Castle International Corp.		3.650			09/01/2027		142,276
	100,000	Digital Realty Trust LP		3.950			07/01/2022		101,307
	100,000	Digital Realty Trust LP		3.700			08/15/2027		96,270
	100,000	ERP Operating LP		4.625			12/15/2021		103,740

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


		63

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date			Value
		Corporate Bonds (continued)
		REITs (continued)
$	100,000	ERP Operating LP		2.850	%		11/01/2026		$	93,807
	150,000	Essex Portfolio LP		3.500			04/01/2025			146,313
	75,000	Hcp, Inc.		4.000			12/01/2022			75,427
	91,000	HCP, Inc.		3.875			08/15/2024			89,704
	100,000	Healthcare Trust of America Holdings LP		3.750			07/01/2027			95,372
	123,000	Hospitality Properties Trust		5.000			08/15/2022			126,984
	200,000	Host Hotels & Resorts LP, Series E		4.000			06/15/2025			196,406
	105,000	Kimco Realty Corp.		3.400			11/01/2022			103,779
	100,000	Kimco Realty Corp.		3.300			02/01/2025			95,552
	50,000	LifeStorage LP		3.500			07/01/2026			47,054
	100,000	Mid-America Apartments LP		3.600			06/01/2027			96,931
	100,000	Omega Healthcare Investors, Inc.		5.250			01/15/2026			102,458
	50,000	OMEGA Healthcare Investors, Inc.		4.375			08/01/2023			50,065
	105,000	Public Storage		2.370			09/15/2022			101,362
	100,000	Public Storage		3.094			09/15/2027			95,121
	61,000	Realty Income Corp.		4.650			08/01/2023			63,696
	75,000	Realty Income Corp.		4.125			10/15/2026			75,962
	112,000	Regency Centers LP		3.600			02/01/2027			107,984
	150,000	Senior Housing Properties Trust		4.750			02/15/2028			147,447
	135,000	Simon Property Group LP		4.375			03/01/2021			138,700
	165,000	Simon Property Group LP		3.375			10/01/2024	��		163,108
	150,000	SL Green Operating Partnership LP		3.250			10/15/2022			146,448
	100,000	Ventas Realty LP		4.400			01/15/2029			100,999
	100,000	Ventas Realty LP/Ventas Capital Corp.		4.250			03/01/2022			102,240
	140,000	VEREIT Operating Partnership LP		4.875			06/01/2026			142,502
	125,000	Washington Prime Group LP		5.950			08/15/2024			121,386
	135,000	Welltower, Inc.		4.125			04/01/2019			135,572
	150,000	Welltower, Inc.		4.000			06/01/2025			149,062
	100,000	Weyerhaeuser Co.		7.375			10/01/2019			104,549
	100,000	Weyerhaeuser Co.		4.625			09/15/2023			103,680
	100,000	WP Carey, Inc.		4.600			04/01/2024			101,641

										4,907,931

		Retail—6.1%
	125,000	Autozone, Inc.		3.750			06/01/2027			121,574
	100,000	AutoZone, Inc.		3.125			07/15/2023			97,855
	246,000	Best Buy Co., Inc.		5.500			03/15/2021			258,816
	250,000	Costco Wholesale Corp.		1.700			12/15/2019			246,990
	250,000	Costco Wholesale Corp.		3.000			05/18/2027			241,230
	150,000	Darden Restaurants, Inc.		3.850			05/01/2027			146,686
	82,000	Dollar General Corp.		3.250			04/15/2023			80,933
	100,000	Dollar General Corp.		3.875			04/15/2027			98,444
	100,000	Dollar Tree, Inc.		3.700			05/15/2023			99,410
	100,000	Dollar Tree, Inc.		4.200			05/15/2028			98,670
	319,000	Home Depot, Inc. (The)		2.625			06/01/2022			314,661
	300,000	Home Depot, Inc. (The)		3.000			04/01/2026			289,872
	250,000	Kohl’s Corp.		4.250			07/17/2025			251,755
	232,000	Lowe’s Cos., Inc.		3.750			04/15/2021			236,271
	187,000	Lowe’s Cos., Inc.		2.500			04/15/2026			173,030
	146,000	Macy’s Retail Holdings, Inc.		2.875			02/15/2023			138,157
	150,000	Macy’s Retail Holdings, Inc.		3.625			06/01/2024			144,832
	250,000	McDonald’s Corp., MTN		2.625			01/15/2022			245,215
	250,000	McDonald’s Corp., MTN		3.700			01/30/2026			249,423
	204,000	Nordstrom, Inc.		4.000			10/15/2021			206,644
	100,000	O’reilly Automotive, Inc.		3.600			09/01/2027			95,780
	100,000	O’Reilly Automotive, Inc.		4.875			01/14/2021			103,539
	150,000	Starbucks Corp.		2.100			02/04/2021			146,747
	200,000	Tapestry, Inc.		4.250			04/01/2025			198,605

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


		64

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Retail (continued)
$	244,000	Target Corp.		2.900	%		01/15/2022	$	243,461
	200,000	Target Corp.		2.500			04/15/2026		186,732
	118,000	TJX Cos., Inc. (The)		2.750			06/15/2021		117,248
	170,000	TJX Cos., Inc. (The)		2.250			09/15/2026		155,402
	238,000	Walgreens Boots Alliance, Inc.		2.700			11/18/2019		237,287
	213,000	Walgreens Boots Alliance, Inc.		3.800			11/18/2024		210,976
	500,000	Walmart, Inc.		3.400			06/26/2023		506,576
	541,000	Walmart, Inc.		2.650			12/15/2024		521,397

									6,464,218

		Savings & Loans—0.1%
	150,000	People’s United Financial, Inc.		3.650			12/06/2022		149,599

		Semiconductors—2.5%
	75,000	Analog Devices, Inc.		2.875			06/01/2023		72,541
	100,000	Analog Devices, Inc.		3.900			12/15/2025		99,659
	100,000	Applied Materials, Inc.		4.300			06/15/2021		103,565
	100,000	Applied Materials, Inc.		3.300			04/01/2027		97,899
	100,000	Broadcom Corp./Broadcom Cayman Finance Ltd.		3.000			01/15/2022		97,617
	121,000	Broadcom Corp./Broadcom Cayman Finance Ltd.		3.875			01/15/2027		113,406
	250,000	Intel Corp.		3.300			10/01/2021		252,756
	333,000	Intel Corp.		3.700			07/29/2025		337,958
	100,000	KLA-Tencor Corp.		4.125			11/01/2021		101,854
	137,000	KLA-Tencor Corp.		4.650			11/01/2024		142,064
	100,000	Lam Research Corp.		2.800			06/15/2021		98,667
	100,000	Maxim Integrated Products, Inc.		3.375			03/15/2023		98,611
	50,000	Maxim Integrated Products, Inc.		3.450			06/15/2027		47,577
	100,000	NVIDIA Corp.		2.200			09/16/2021		97,362
	100,000	NVIDIA Corp.		3.200			09/16/2026		97,628
	200,000	QUALCOMM, Inc.		2.250			05/20/2020		197,665
	250,000	QUALCOMM, Inc.		3.450			05/20/2025		243,737
	180,000	Texas Instruments, Inc.		1.650			08/03/2019		178,484
	150,000	Texas Instruments, Inc.		2.900			11/03/2027		143,248

									2,622,298

		Shipbuilding—0.1%
	130,000	Huntington Ingalls Industries, Inc.		3.483			12/01/2027		123,786

		Software—2.8%
	100,000	Activision Blizzard, Inc.		2.300			09/15/2021		96,951
	100,000	Activision Blizzard, Inc.		3.400			09/15/2026		96,332
	100,000	Adobe Systems, Inc.		4.750			02/01/2020		102,710
	50,000	Adobe Systems, Inc.		3.250			02/01/2025		49,379
	100,000	Autodesk, Inc.		3.500			06/15/2027		93,865
	90,000	Broadridge Financial Solutions, Inc.		3.400			06/27/2026		86,352
	150,000	CA, Inc.		5.375			12/01/2019		153,904
	135,000	Electronic Arts, Inc.		3.700			03/01/2021		136,796
	179,000	Fidelity National Information Services, Inc.		3.625			10/15/2020		180,443
	100,000	Fidelity National Information Services, Inc.		3.000			08/15/2026		93,366
	100,000	Fiserv, Inc.		2.700			06/01/2020		99,198
	50,000	Fiserv, Inc.		3.850			06/01/2025		49,828
	406,000	Microsoft Corp.		1.550			08/08/2021		391,399
	450,000	Microsoft Corp.		3.300			02/06/2027		446,596
	274,000	Oracle Corp.		1.900			09/15/2021		265,344
	297,000	Oracle Corp.		2.650			07/15/2026		277,676
	69,000	salesforce.Com, Inc.		3.250			04/11/2023		68,995
	69,000	salesforce.Com, Inc.		3.700			04/11/2028		69,056
	85,000	VMware, Inc.		2.950			08/21/2022		82,566
	100,000	VMware, Inc.		3.900			08/21/2027		94,918

									2,935,674

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


		65

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Telecommunications—2.6%
$	520,000	AT&T, Inc.		2.450	%		06/30/2020	$	513,508
	507,000	AT&T, Inc.		3.400			05/15/2025		482,748
	296,000	Cisco Systems, Inc.		4.450			01/15/2020		302,789
	321,000	Cisco Systems, Inc.		2.500			09/20/2026		299,146
	100,000	Juniper Networks, Inc.		4.500			03/15/2024		102,312
	100,000	Motorola Solutions, Inc.		3.750			05/15/2022		99,935
	100,000	Motorola Solutions, Inc.		4.000			09/01/2024		99,157
	475,000	Verizon Communications, Inc.		2.946			03/15/2022		469,074
	383,000	Verizon Communications, Inc.		5.150			09/15/2023		411,410

									2,780,079

		Textiles—0.3%
	100,000	Cintas Corp. No. 2		3.700			04/01/2027		99,289
	200,000	Mohawk Industries, Inc.		3.850			02/01/2023		201,570

									300,859

		Toys/Games/Hobbies—0.1%
	150,000	Hasbro, Inc.		3.500			09/15/2027		140,775

		Transportation—2.0%
	179,000	CH Robinson Worldwide, Inc.		4.200			04/15/2028		177,891
	160,000	CSX Corp.		3.700			10/30/2020		161,587
	167,000	CSX Corp.		3.250			06/01/2027		159,196
	200,000	FedEx Corp.		8.000			01/15/2019		203,790
	200,000	FedEx Corp.		4.000			01/15/2024		205,103
	100,000	Kirby Corp.		4.200			03/01/2028		99,015
	100,000	Norfolk Southern Corp.		3.000			04/01/2022		99,031
	200,000	Norfolk Southern Corp.		2.900			06/15/2026		189,838
	154,000	Union Pacific Corp.		4.163			07/15/2022		159,172
	200,000	Union Pacific Corp.		3.950			09/10/2028		202,046
	250,000	United Parcel Service, Inc.		3.125			01/15/2021		251,505
	250,000	United Parcel Service, Inc.		2.400			11/15/2026		230,423

									2,138,597

		Water—0.2%
	200,000	American Water Capital Corp.		3.400			03/01/2025		198,807

		Total Corporate Bonds (Cost $107,492,951)							105,613,183

Number of Shares
		Money Market Fund—0.0%
	37,252	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $37,252)							37,252

		Total Investments in Securities (Cost $107,530,203)—99.1%							105,650,435
		Other assets less liabilities—0.9%							969,690

		Net Assets—100.0%						$	106,620,125

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2018 was $485,795, which represented less than 1% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		66

Schedule of Investments

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—99.1%
		Advertising—0.4%
$	50,000	WPP Finance 2010 (United Kingdom)		4.750	%		11/21/2021	$	51,455

		Aerospace/Defense—1.6%
	100,000	General Dynamics Corp.		2.250			11/15/2022		96,175
	100,000	Lockheed Martin Corp.		2.500			11/23/2020		98,889

									195,064

		Agriculture—1.3%
	50,000	Philip Morris International, Inc.		4.500			03/26/2020		51,205
	100,000	Reynolds American, Inc. (United Kingdom)		4.000			06/12/2022		101,342

									152,547

		Auto Manufacturers—3.7%
	100,000	American Honda Finance Corp., MTN		2.000			02/14/2020		98,821
	100,000	General Motors Financial Co., Inc.		3.500			07/10/2019		100,554
	100,000	Toyota Motor Credit Corp., GMTN		1.700			02/19/2019		99,625
	50,000	Toyota Motor Credit Corp., MTN		2.125			07/18/2019		49,812
	100,000	Toyota Motor Credit Corp., MTN		3.300			01/12/2022		100,600

									449,412

		Banks—31.3%
	100,000	Bank of America Corp., MTN		5.000			05/13/2021		104,608
	100,000	Bank of America Corp., Series L, GMTN		2.600			01/15/2019		100,017
	100,000	Bank of America Corp., MTN		5.625			07/01/2020		104,470
	100,000	Bank of New York Mellon Corp. (The), Series G		2.200			05/15/2019		99,765
	100,000	Bank of Nova Scotia (The) (Canada)		2.350			10/21/2020		98,468
	100,000	BB&T Corp., MTN		2.625			06/29/2020		99,386
	100,000	BNP Paribas SA, BKNT, GMTN (France)		5.000			01/15/2021		104,066
	100,000	Citigroup, Inc.		2.500			07/29/2019		99,807
	100,000	Citigroup, Inc.		2.750			04/25/2022		97,577
	100,000	Citigroup, Inc.		4.050			07/30/2022		101,219
	100,000	Cooperatieve Rabobank UA, GMTN (Netherlands)		3.875			02/08/2022		101,456
	150,000	Credit Suisse AG/New York NY, GMTN (Switzerland)		5.400			01/14/2020		154,283
	100,000	Goldman Sachs Group, Inc. (The)		2.625			01/31/2019		99,998
	100,000	Goldman Sachs Group, Inc. (The)		2.000			04/25/2019		99,551
	100,000	Goldman Sachs Group, Inc. (The)		3.625			01/22/2023		100,065
	200,000	HSBC Holdings PLC (United Kingdom)		2.650			01/05/2022		194,773
	100,000	HSBC USA, Inc.		2.250			06/23/2019		99,691
	100,000	Huntington Bancshares, Inc.		2.300			01/14/2022		96,351
	100,000	JPMorgan Chase & Co.		2.200			10/22/2019		99,412
	100,000	JPMorgan Chase & Co.		4.250			10/15/2020		102,242
	100,000	JPMorgan Chase & Co.		3.250			09/23/2022		99,600
	100,000	JPMorgan Chase & Co.		2.972			01/15/2023		98,023
	100,000	KeyCorp, MTN		2.900			09/15/2020		99,455
	100,000	Morgan Stanley, GMTN		5.625			09/23/2019		102,829
	100,000	Morgan Stanley		2.650			01/27/2020		99,485
	100,000	Morgan Stanley		2.800			06/16/2020		99,475
	100,000	Morgan Stanley, MTN		2.625			11/17/2021		97,663
	100,000	Northern Trust Corp.		3.375			08/23/2021		100,662
	100,000	Royal Bank of Canada, GMTN (Canada)		1.500			07/29/2019		98,957
	100,000	Royal Bank of Scotland Group PLC (United Kingdom)		6.100			06/10/2023		105,083
	100,000	State Street Corp.		4.375			03/07/2021		103,104
	100,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.058			07/14/2021		96,378
	100,000	Toronto-Dominion Bank (The), BKNT, GMTN (Canada)		2.125			07/02/2019		99,586
	100,000	U.S. Bancorp, MTN		1.950			11/15/2018		99,939
	100,000	Wells Fargo & Co.		2.125			04/22/2019		99,721
	100,000	Wells Fargo & Co., MTN		2.550			12/07/2020		98,805
	100,000	Wells Fargo & Co., Series M, GMTN		3.450			02/13/2023		98,674

									3,854,644

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


		67

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Beverages—2.4%
$	100,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		3.300	%		02/01/2023	$	99,362
	100,000	Coca-Cola Co. (The)		1.650			11/01/2018		99,855
	100,000	PepsiCo, Inc.		3.125			11/01/2020		100,563

									299,780

		Biotechnology—2.4%
	100,000	Amgen, Inc.		1.850			08/19/2021		96,355
	100,000	Celgene Corp.		3.950			10/15/2020		101,905
	100,000	Gilead Sciences, Inc.		2.550			09/01/2020		99,141

									297,401

		Chemicals—1.6%
	100,000	Dow Chemical Co. (The)		4.125			11/15/2021		102,102
	100,000	Praxair, Inc.		2.200			08/15/2022		96,533

									198,635

		Computers—3.3%
	100,000	Apple, Inc.		2.000			05/06/2020		98,745
	100,000	Apple, Inc.		2.400			05/03/2023		96,848
	100,000	Hewlett Packard Enterprise Co.		4.400			10/15/2022		103,104
	100,000	International Business Machines Corp.		8.375			11/01/2019		106,510

									405,207

		Diversified Financial Services—2.7%
	100,000	Air Lease Corp.		3.875			04/01/2021		100,746
	100,000	American Express Credit Corp., GMTN		2.250			08/15/2019		99,582
	60,000	Jefferies Group LLC		8.500			07/15/2019		62,814
	70,000	National Rural Utilities Cooperative Finance Corp.		10.375			11/01/2018		70,862

									334,004

		Electric—2.3%
	40,000	Sempra Energy		2.875			10/01/2022		39,025
	50,000	Southern Co. (The)		2.350			07/01/2021		48,587
	100,000	Virginia Electric & Power Co., Series C		2.750			03/15/2023		97,596
	100,000	Xcel Energy, Inc.		4.700			05/15/2020		102,020

									287,228

		Electrical Components & Equipment—0.8%
	100,000	Emerson Electric Co.		4.875			10/15/2019		102,226

		Food—2.5%
	60,000	Kraft Heinz Foods Co.		3.500			06/06/2022		59,863
	100,000	Kraft Heinz Foods Co.		3.500			07/15/2022		99,522
	40,000	Kroger Co. (The)		6.150			01/15/2020		41,699
	100,000	Tyson Foods, Inc.		4.500			06/15/2022		103,145

									304,229

		Healthcare-Products—2.7%
	100,000	Abbott Laboratories		2.000			03/15/2020		98,607
	40,000	Becton Dickinson & Co.		3.250			11/12/2020		39,967
	100,000	Becton Dickinson & Co.		3.125			11/08/2021		98,959
	100,000	Thermo Fisher Scientific, Inc.		3.000			04/15/2023		97,430

									334,963

		Healthcare-Services—2.0%
	100,000	Anthem, Inc.		4.350			08/15/2020		102,253
	40,000	Anthem, Inc.		3.300			01/15/2023		39,685
	100,000	Laboratory Corp. of America Holdings		3.750			08/23/2022		100,807

									242,745

		Household Products/Wares—0.8%
	100,000	Clorox Co. (The)		3.050			09/15/2022		99,274

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


		68

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Insurance—1.9%
$	100,000	American International Group, Inc.		6.400	%		12/15/2020	$	106,990
	25,000	Berkshire Hathaway, Inc.		2.100			08/14/2019		24,899
	100,000	Chubb INA Holdings, Inc.		2.300			11/03/2020		98,483

									230,372

		Internet—1.6%
	100,000	Booking Holdings, Inc.		2.750			03/15/2023		96,463
	100,000	Symantec Corp.		4.200			09/15/2020		100,899

									197,362

		Investment Companies—0.8%
	100,000	Ares Capital Corp.		4.875			11/30/2018		100,455

		Machinery-Construction & Mining—0.8%
	100,000	Caterpillar Financial Services Corp., MTN		7.150			02/15/2019		102,056

		Machinery-Diversified—1.6%
	100,000	John Deere Capital Corp., MTN		2.750			03/15/2022		98,846
	100,000	Roper Technologies, Inc.		2.050			10/01/2018		99,958

									198,804

		Media—2.9%
	60,000	Comcast Corp.		3.125			07/15/2022		59,642
	60,000	NBCUniversal Media LLC		5.150			04/30/2020		62,139
	30,000	Time Warner Cable LLC		8.250			04/01/2019		30,899
	100,000	Walt Disney Co. (The), GMTN		1.850			05/30/2019		99,416
	100,000	Warner Media LLC		4.750			03/29/2021		103,167

									355,263

		Miscellaneous Manufacturing—1.2%
	50,000	3M Co., GMTN		2.000			08/07/2020		49,203
	100,000	General Electric Co., GMTN		3.150			09/07/2022		99,633

									148,836

		Office/Business Equipment—0.8%
	100,000	Pitney Bowes, Inc.		3.625			10/01/2021		95,313

		Oil & Gas—5.7%
	100,000	BP Capital Markets PLC (United Kingdom)		3.561			11/01/2021		101,181
	100,000	BP Capital Markets PLC (United Kingdom)		3.062			03/17/2022		99,466
	100,000	Chevron Corp.		2.100			05/16/2021		97,874
	100,000	EOG Resources, Inc.		2.450			04/01/2020		99,089
	100,000	Pioneer Natural Resources Co.		3.950			07/15/2022		101,597
	100,000	Shell International Finance BV (Netherlands)		1.375			09/12/2019		98,716
	100,000	Total Capital SA (France)		4.450			06/24/2020		102,828

									700,751

		Oil & Gas Services—0.3%
	30,000	Halliburton Co.		3.250			11/15/2021		30,153

		Pharmaceuticals—4.0%
	100,000	AbbVie, Inc.		2.850			05/14/2023		96,870
	100,000	Allergan Finance LLC		3.250			10/01/2022		98,306
	100,000	Allergan Funding SCS		3.450			03/15/2022		99,352
	100,000	AstraZeneca PLC (United Kingdom)		1.950			09/18/2019		99,211
	100,000	CVS Health Corp.		2.800			07/20/2020		99,366

									493,105

		Pipelines—3.3%
	100,000	Energy Transfer Partners LP		4.650			06/01/2021		102,686
	100,000	Kinder Morgan Energy Partners LP		3.950			09/01/2022		101,183
	100,000	Kinder Morgan, Inc.		3.050			12/01/2019		100,027

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


		69

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Pipelines (continued)
$	100,000	TransCanada PipeLines Ltd. (Canada)		2.500	%		08/01/2022	$	96,542

									400,438

		REITs—2.8%
	50,000	American Tower Corp.		3.400			02/15/2019		50,105
	50,000	American Tower Corp.		3.450			09/15/2021		50,050
	50,000	Boston Properties LP		5.875			10/15/2019		51,284
	100,000	Simon Property Group LP		2.625			06/15/2022		97,685
	100,000	Welltower, Inc.		4.125			04/01/2019		100,424

									349,548

		Retail—2.0%
	100,000	Home Depot, Inc. (The)		4.400			04/01/2021		103,642
	50,000	Lowe’s Cos., Inc.		3.750			04/15/2021		50,920
	100,000	Macy’s Retail Holdings, Inc.		2.875			02/15/2023		94,628

									249,190

		Semiconductors—1.6%
	100,000	Applied Materials, Inc.		2.625			10/01/2020		98,998
	100,000	Intel Corp.		3.300			10/01/2021		101,102

									200,100

		Software—1.2%
	100,000	Oracle Corp.		5.000			07/08/2019		102,015
	50,000	Oracle Corp.		2.500			05/15/2022		49,003

									151,018

		Telecommunications—4.0%
	75,000	AT&T, Inc.		2.375			11/27/2018		74,962
	75,000	AT&T, Inc.		2.450			06/30/2020		74,064
	100,000	AT&T, Inc.		3.000			06/30/2022		97,768
	100,000	Cisco Systems, Inc.		4.950			02/15/2019		101,091
	40,000	Qwest Corp.		6.750			12/01/2021		42,952
	100,000	Verizon Communications, Inc.		3.000			11/01/2021		99,491

									490,328

		Transportation— 0.8%
	100,000	Burlington Northern Santa Fe LLC		3.000			03/15/2023		98,857

		Total Corporate Bonds (Cost $12,345,442)							12,200,763

Number of Shares
		Money Market Fund—0.8%
	100,817	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(a) (Cost $100,817)							100,817

		Total Investments in Securities (Cost $12,446,259)—99.9%							12,301,580
		Other assets less liabilities—0.1%							13,643

		Net Assets—100.0%						$	12,315,223

Investment Abbreviations:

BKNT—Bank Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		70

Schedule of Investments

Invesco National AMT-Free Municipal Bond ETF (PZA)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds—98.2%
		Ad Valorem Property Tax—14.4%
$	8,000,000	Aldine Texas Independent School District Ref. Ser. 17 PSF-GTD		5.000	%		02/15/2042	$	9,077,040
	600,000	Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM		5.000			08/01/2050		660,642
	5,000,000	Chicago Illinois Board of Education Dedicated Ref. Ser. 17B^(a)		7.000			12/01/2042		5,998,800
	1,000,000	Chicago Illinois Ser. 17A		6.000			01/01/2038		1,133,510
	10,000,000	City of Hutto Texas (Certificates of Obligation) Ser. 17 AGM		5.000			08/01/2057		11,195,700
	20,000,000	City of Jasper Alabama Ser. 14 BAM		5.000			03/01/2044		21,872,800
	4,955,000	City of New York Ser. 16B-1		5.000			12/01/2041		5,615,402
	260,000	City of New York Sub.-Ser. 09J-1^(b)		5.000			05/15/2019		266,313
	820,000	City of New York Sub.-Ser. 09J-1		5.000			05/15/2036		837,548
	4,500,000	District of Columbia Ref. Ser. 17A		5.000			06/01/2035		5,213,385
	2,500,000	District of Columbia Ref. Ser. 17A		5.000			06/01/2036		2,887,975
	2,000,000	District of Columbia Ref. Ser. 17A		5.000			06/01/2037		2,305,400
	4,000,000	Honolulu City & County Hawaii Ser. 15A		5.000			10/01/2039		4,525,360
	10,000,000	Jurupa California Unified School District Ser. 17B		4.000			08/01/2041		10,418,400
	2,000,000	King & Snohomish County Washington School District No. 417 Ser. 18		5.000			12/01/2036		2,330,040
	2,250,000	Klein Texas Independent School District (Schoolhouse) Ser. 17 PSF-GTD		4.000			08/01/2046		2,320,762
	1,255,000	Lackawanna County Pennsylvania Ser. 10B AGM^(b)		5.000			09/01/2020		1,333,877
	745,000	Lackawanna County Pennsylvania Ser. 10B AGM		5.000			09/01/2035		781,363
	5,000,000	Lamar Texas Consolidated Independent School District Ser. 18 PSF-GTD		5.000			02/15/2043		5,665,250
	1,650,000	Las Vegas Valley Nevada Water District Ser. 12B		5.000			06/01/2042		1,793,236
	1,610,000	Los Angeles Unified School District (Election 2008) Ser. 16A		5.000			07/01/2040		1,837,107
	5,000,000	Madera California Unified School District Election 2014 Ser. 17		4.000			08/01/2046		5,174,250
	3,000,000	Marrin California Healthcare District (Election 2013) Ser. 17A		4.000			08/01/2047		3,130,200
	4,210,000	Massachusetts State (Consolidated Loan) Ser. 17A		5.000			04/01/2042		4,787,654
	4,000,000	Massachusetts State Ref. Ser. 15A		5.000			07/01/2036		4,511,120
	7,150,000	Massachusetts State Ser. 16A		5.000			03/01/2041		7,972,107
	5,000,000	Massachusetts State Ser. 16A		5.000			03/01/2046		5,561,450
	5,000,000	Mesquite Texas Independent School District Ser. 18 PSF-GTD		5.000			08/15/2048		5,682,650
	2,000,000	Morgan Hill California Unified School District (Election 2012) Ser. 17B		4.000			08/01/2047		2,088,360
	10,110,000	New York City New York Sub.-Ser. 18F-1		3.500			04/01/2046		9,813,272
	5,000,000	North Royalton Ohio City School District School Improvement Ser. 17		5.000			12/01/2047		5,579,950
	10,000,000	Northwest Texas Independent School District (School Building) Ser. 18 PSF-GTD		4.000			02/15/2043		10,358,200
	10,000,000	Oxnard California School District (Election 2016) Ser. 17A BAM		5.000			08/01/2045		11,426,600
	1,000,000	Prosper Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			02/15/2047		1,136,220
	500,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM		5.000			07/01/2031		520,980
	7,150,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 12A AGM		5.000			07/01/2035		7,772,980
	890,000	Reading Pennsylvania School District (State Aid Withholding) Ser. 08 AGM^(b)		5.000			03/01/2035		890,000
	2,285,000	Richardson Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			02/15/2042		2,579,696
	2,045,000	Rockwall Texas Independent School District (School Building) Ser. 16 PSF-GTD		5.000			02/15/2046		2,270,359
	5,000,000	San Diego California Unified School District (Election 2012) Ser. 17I		4.000			07/01/2047		5,211,300
	12,000,000	San Diego California Unified School District (Election 2012) Ser. 17I		5.000			07/01/2047		13,898,160
	2,000,000	San Francisco California Bay Area Rapid Transit District Election 2016 (Green Bond) Ser. 17A-1		5.000			08/01/2047		2,325,800
	6,785,000	Sherman Texas Independent School District (School Building) Ser. 18A PSF-GTD		5.000			02/15/2045		7,803,429
	4,000,000	Simi Valley California Unified School District (Election 2016) Ser. 17A		4.000			08/01/2046		4,182,960
	2,000,000	Spring Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			08/15/2042		2,276,300
	3,280,000	Texas State (Transportation Commission) Ref. Ser. 14A		5.000			10/01/2044		3,684,194
	2,500,000	Victor Valley California Union High School District (Election 2008) Ser. 09A AGC^(b)		5.000			08/01/2019		2,579,975
	1,340,000	Washington State Motor Vehicle Tax (Senior 520 Corridor Program Toll) Ser. 11C		5.000			06/01/2041		1,433,251
	3,000,000	Ysleta Texas Independent School District (School Building) Ser. 16 PSF-GTD		5.000			08/15/2045		3,393,630
	2,500,000	Ysleta Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			08/15/2047		2,811,575

									238,926,532

		Auto Parking Revenue—0.4%
	2,000,000	Miami Beach Florida Parking Rev. Ser. 15		5.000			09/01/2045		2,233,140
	2,000,000	Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM		5.250			07/01/2035		2,112,000
	2,500,000	Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM		5.250			07/01/2039		2,638,600

									6,983,740

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


		71

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Charter School Aid—0.5%
$	8,500,000	Clifton Texas Higher Education Finance Corp. (Idea Public Schools) Rev. Ref. Ser. 17 PSF-GTD		4.000	%		08/15/2042	$	8,705,530

		College & University Revenue—10.0%
	5,000,000	Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16		5.000			07/01/2041		5,357,000
	2,000,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16		5.000			10/01/2046		2,269,100
	3,000,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16		5.000			10/01/2049		3,397,140
	1,000,000	California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A		5.000			01/01/2048		1,168,640
	1,750,000	California State Municipal Financing Auth. (University of La Verne) Rev. Ref. Ser. 17A		5.000			06/01/2043		1,964,287
	2,500,000	California State University Systemwide Rev. Ref. Ser. 17A		5.000			11/01/2038		2,905,475
	2,500,000	California State University Systemwide Rev. Ref. Ser. 17A		5.000			11/01/2042		2,886,825
	11,310,000	California State University Systemwide Rev. Ref. Ser. 17A		5.000			11/01/2047		13,013,399
	65,000	California State University Systemwide Rev. Ser. 08A AGM		5.000			11/01/2039		65,033
	2,000,000	Colorado State Educational & Cultural Facilities Auth. (University Denver Project) Rev. Ser. 17A		5.000			03/01/2047		2,248,360
	2,000,000	Davie Florida Educational Facilities (Nova Southeastern University Project) Rev. Ref. Ser. 18		5.000			04/01/2048		2,202,840
	3,500,000	Eastern Michigan University Rev. Ser. 18A AGM		4.000			03/01/2044		3,541,370
	1,105,000	Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC^(b)		5.000			06/15/2020		1,167,963
	3,140,000	Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC		5.000			06/15/2038		3,286,198
	1,000,000	Illinois State Finance Auth. Student Housing & Academic Facility (CHF-Chicago LLC-University of Illinois at Chicago Project) Rev. Ser. 17A		5.000			02/15/2047		1,081,580
	1,000,000	Lafayette Louisiana Public Trust Financing Auth. Ragin’ Cajun Facilities (Housing & Parking Project) Rev. Ser. 10 AGM^(b)		5.500			10/01/2020		1,075,550
	2,000,000	Louisiana State Local Government Environmental Facilities & Community Development Auth. (LCTCS ACT 360 Project) Ser. 14		5.000			10/01/2039		2,225,200
	3,500,000	Louisiana State Local Government National Environmental Facilities & Community Development Auth. (Rgain Cajun Facilities, Inc.—Student Housing & Parking Project) Rev. Ser. 18 AGM		5.000			10/01/2048		3,842,195
	875,000	Massachusetts State Development Finance Agency (Boston University) Rev. Ser. 13X		5.000			10/01/2048		961,074
	4,500,000	Massachusetts State Development Financing Agency (Boston University) Rev. Ser. 16BB1		5.000			10/01/2046		5,078,925
	1,000,000	Minnesota State High Education Facilities Auth. (Bethel University) Rev. Ref. Ser. 17		5.000			05/01/2047		1,086,220
	500,000	New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 16A-2		5.000			10/01/2046		571,645
	3,060,000	New York State Dormitory Auth. Non State Supported Debt (Cornell University) Rev. Ser. 10A		5.000			07/01/2035		3,226,770
	3,000,000	New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A		5.000			07/01/2035		3,338,190
	3,235,000	New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A		5.000			07/01/2040		3,572,508
	3,500,000	New York State Dormitory Auth. Non State Supported Debt (New School) Rev. Ref. Ser. 15A		5.000			07/01/2045		3,849,440
	2,350,000	New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ref. Ser. 15A		5.000			07/01/2035		2,672,068
	1,200,000	New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ser. 12A		5.000			07/01/2037		1,314,636
	6,325,000	New York State Dormitory Auth. Non State Supported Debt (State University of New York Dormitory Facilities) Rev. Ref. Ser. 15B		5.000			07/01/2045		7,070,971
	1,000,000	New York State Dormitory Auth. Non State Supported Debt (The New School Project) Rev. Ref. Ser. 16A		5.000			07/01/2046		1,114,320
	750,000	New York State Dormitory Auth. Non State Supported Debt Rev. Ref. Ser. 16A		5.000			07/01/2041		838,882
	5,000,000	New York State Dormitory Auth. Non-State Supported Debt (Columbia University) Rev. Ref. Ser. 18B		5.000			10/01/2038		5,890,350
	3,000,000	North Carolina State Capital Facilities Financing Agency (Duke University) Rev. Ref. Ser. 15		5.000			10/01/2055		3,361,440
	11,100,000	Ohio State University Ser.14A		5.000			12/01/2039		12,495,270
	1,000,000	Oregon State Facilities Auth. (Reed College Project) Rev. Ref. Ser.17A		5.000			07/01/2047		1,139,010
	2,000,000	Pennsylvania State Higher Educational Facilities Auth. (Trustees University of Pennsylvania) Rev. Ser. 17A		5.000			08/15/2046		2,266,100
	2,710,000	Pennsylvania State University Ser. 10		5.000			03/01/2040		2,823,793
	1,950,000	Philadelphia Pennsylvania Auth. For Industrial Development (Thomas Jefferson University) Rev. Ref. Ser. 17A		5.000			09/01/2042		2,161,692
	5,000,000	Public Finance Auth. Wisconsin Lease Development (Central District Development Project) Rev. Ser. 16		5.000			03/01/2041		5,521,500
	2,000,000	Rhode Island State Health & Educational Building Corp. Higher Education Facility (Providence College) Rev. Ser. 17		5.000			11/01/2047		2,256,540
	3,000,000	Tennessee State School Bond Auth. (Higher Educational Facilities 2nd Program) Ser. 17A		5.000			11/01/2042		3,471,930

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


		72

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		College & University Revenue (continued)
$	2,000,000	University of Arkansas Arizona Various Facilities (Fayetteville Campus) Rev. Ser. 17		5.000	%		11/01/2047	$	2,290,500
	1,500,000	University of California (Limited Project) Rev. Ref. Ser. 18O		5.000			05/15/2043		1,742,460
	9,500,000	University of California Rev. Ref. Ser. 16AR		5.000			05/15/2046		10,845,485
	2,000,000	University of Michigan Ref. Ser. 17A		5.000			04/01/2042		2,308,500
	3,100,000	University of Michigan Ref. Ser. 17A		5.000			04/01/2047		3,557,932
	7,515,000	University of Oregon General Rev. Ser. 15A		5.000			04/01/2045		8,481,805
	7,370,000	University of Vermont & State Agricultural College Ser. 09		5.125			10/01/2039		7,595,522

									166,603,633

		Electric Power Revenue—3.4%
	2,000,000	American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A		5.000			02/15/2041		2,215,800
	2,000,000	American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A		5.000			02/15/2046		2,208,860
	10,000,000	City of San Antonio Texas Electric and Gas Rev. Ser. 17		5.000			02/01/2047		11,393,300
	3,500,000	Grand River Oklahoma Dam Auth. Rev. Ser. 14A		5.000			06/01/2039		3,915,310
	1,150,000	Guam Power Auth. Rev. Ser. 10A AGM^(b)		5.000			10/01/2020		1,225,969
	9,835,000	Guam Power Auth. Rev. Ser. 12A AGM		5.000			10/01/2030		10,749,262
	950,000	JEA Florida Electric Systems Rev. Sub.-Ser. 13C		5.000			10/01/2037		1,034,854
	1,300,000	Long Island New York Power Auth. Electric Systems General Rev. Ser. 17		5.000			09/01/2042		1,472,848
	1,000,000	Long Island New York Power Auth. Electric Systems General Rev. Ser. 17		5.000			09/01/2047		1,128,810
	2,500,000	Long Island Power Auth. New York Auth. Ref. Ser. 14A		5.000			09/01/2039		2,773,650
	4,200,000	Long Island Power Auth. New York Electric Systems General Rev. Ser. 11A AGM^(b)		5.000			05/01/2021		4,553,724
	2,500,000	Los Angeles California Department of Water & Power Rev. Ref. Ser. 15A		5.000			07/01/2035		2,858,600
	1,900,000	Lower Colorado River Texas Auth. Rev. Ref. Ser. 12A		5.000			05/15/2039		2,048,428
	1,000,000	Lower Colorado River Texas Auth. Rev. Ref. Ser. 13		5.000			05/15/2039		1,091,050
	500,000	Lower Colorado River Texas Auth. Transmission Contract Ref. Ser. 15		5.000			05/15/2040		550,660
	2,050,000	Municipal Energy Agency of Nebraska Ref. Ser. 09A BHAC^(b)		5.375			04/01/2019		2,094,587
	1,000,000	Omaha Nebraska Public Power District Power District Electric Rev. Ref. Ser. 17A		5.000			02/01/2042		1,154,180
	1,000,000	Snohomish County Washington Public Utility District No.1 Electric System Rev. Ser. 15		5.000			12/01/2040		1,121,620
	3,000,000	Springfield Illinois Electric (Senior Lien) Rev. Ref. Ser. 15 AGM		5.000			03/01/2040		3,273,750

									56,865,262

		Franchised Tax Business & License Fees—0.3%
	5,000,000	Pennsylvania State Turnpike Commission Oil Franchise Tax Rev. Sub.-Ser. 18B		5.250			12/01/2048		5,728,700

		Fuel Sales Tax Revenue—0.9%
	3,250,000	Connecticut State Special Tax Obligation (Transportation Infrastructure) Rev. Ser. 14A		5.000			09/01/2034		3,536,943
	2,000,000	Kansas State Department of Transportation Highway Rev. Ser. 15		5.000			09/01/2035		2,284,340
	5,000,000	Massachusetts State Transportation Fund (Rail Enhancement & Accelerated Bridge Programs) Rev. Ser. 18A		5.250			06/01/2043		5,929,850
	3,000,000	Massachusetts State Transportation Fund (Rail Enhancement Program) Rev. Ser. 15A		5.000			06/01/2045		3,363,480

									15,114,613

		General Fund—0.6%
	1,000,000	California State Ref. Ser. 17		4.000			08/01/2038		1,060,490
	3,000,000	California State Ser. 16		5.000			09/01/2046		3,432,570
	5,000,000	Washington State Ser. 17D		5.000			02/01/2038		5,702,050

									10,195,110

		Health, Hospital, Nursing Home Revenue—8.2%
	1,000,000	Berks County Pennsylvania Industrial Development Auth. Health System (Tower Health Project) Rev. Ref. Ser. 17		3.750			11/01/2042		967,500
	650,000	Birmingham Alabama Special Care Facilities Financing Auth. Health Care Facilities (Children’s Hospital) Rev. Ser. 09 AGC^(b)		6.000			06/01/2019		670,806
	1,000,000	California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B		5.000			08/15/2035		1,154,940
	500,000	California State Health Facilities Financing Auth. (Children’s Hospital Los Angeles) Rev. Ser. 10A AGM^(b)		5.250			07/01/2020		533,010
	3,000,000	California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17		4.000			02/01/2042		3,055,740
	2,250,000	California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17		5.000			02/01/2042		2,542,815
	3,500,000	California State Health Facilities Financing Auth. (Kaiser Permanente) Rev. Sub.-Ser. 17A-2		5.000			11/01/2047		4,477,060

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


		73

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Health, Hospital, Nursing Home Revenue (continued)
$	8,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B		5.000	%		11/15/2046	$	9,030,400
	4,000,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A		4.000			02/01/2042		4,034,040
	1,715,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A		5.000			02/01/2042		1,899,551
	2,500,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A		5.000			02/01/2047		2,759,450
	1,000,000	California State Municipal Financing Auth. (Northbay Healthcare Group) Rev. Ser. 17A		5.250			11/01/2041		1,094,210
	500,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 18A		4.000			12/01/2057		505,360
	1,000,000	Cape Girardeau County Missouri Industrial Development Auth. (Southeasthealth Obligated Group) Ref. Ser. 17A		5.000			03/01/2036		1,078,840
	2,500,000	Cobb County Georgia Kennestone Hospital Auth. Certificates Rev. Sub.-Ser. 05B AMBAC^(b)		5.500			04/01/2020		2,644,325
	1,750,000	Colorado State Health Facilities Auth. Hospital (Evangelical Lutheran Good Sam Aritan Society Project) Rev. Ref. Ser. 17		5.000			06/01/2047		1,908,900
	2,000,000	Gainesville & Hall County Georgia Hospital Auth. (Northeast Georgia Health System, Inc. Project) Ref. Ser. 17B		5.500			02/15/2042		2,352,560
	3,000,000	Glynn-Brunswick Georgia Memorial Hospital Auth. Anticipation Certificates (Southeast Georgia Health Systems Project) Ser. 17		5.000			08/01/2047		3,269,730
	3,000,000	Gwinnett County Georgia Hospital Auth. RAC (Gwinnett Hospital System) Ser. 07D AGM		5.500			07/01/2041		3,082,380
	4,400,000	Hamilton County Ohio Health Care Facilities (Christ Hospital Project) Rev. Ser. 12 AGM		5.000			06/01/2042		4,762,340
	3,800,000	Harris County Health Facilities Development Corp. Thermal Utility (TECO Project) Rev. Ser. 08 AGC^(b)		5.125			11/15/2018		3,826,828
	2,000,000	Hawaii State Department of Budget and Finance Special Purpose (Queens Health Systems) Rev. Ref. Ser. 15A		5.000			07/01/2035		2,235,880
	1,000,000	Illinois Finance Auth. (Carle Foundation) Rev. Ser. 11A AGM		6.000			08/15/2041		1,096,950
	1,000,000	Illinois Finance Auth. (Southern Illinois Healthcare) Rev. Ser. 05 AGM^(b)		5.250			03/01/2020		1,051,970
	3,000,000	Indiana State Health & Educational Facilities Financing Auth. (Acension Senior Credit Group Ser. 2006B-7 Remarketed 11/3/16) Rev. Ref. Ser. 06		5.000			11/15/2046		3,384,090
	1,050,000	Lakeland Florida Hospital Systems (Lakeland Regional Health) Rev. Ser. 15		5.000			11/15/2040		1,146,757
	1,500,000	Lancaster County Pennsylvania Hospital Auth. (University of Pennsylvania Health System) Ref. Ser. 16		5.000			08/15/2046		1,690,305
	4,285,000	Louisiana State Local Government Environmental Facilities & Community (Woman’s Hospital Foundation Project) Ref. Ser. 17A		5.000			10/01/2041		4,742,209
	1,000,000	Lynchburg Virginia Economic Development Auth. Hospital (Center Health Obligated Group) Rev. Ref. Ser. 17A		5.000			01/01/2047		1,111,250
	4,750,000	Massachusetts State Development Finance Agency (Dana-Farber Cancer Institute) Rev. Ser. 16N		5.000			12/01/2046		5,299,100
	6,595,000	Medford Oregon Hospital Facilities Auth. (Asanthe Health System) Rev. Ref. Ser. 10 AGM		5.500			08/15/2028		7,029,083
	1,200,000	Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM^(b)		5.000			08/01/2020		1,268,808
	2,000,000	Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM^(b)		5.000			08/01/2020		2,114,680
	2,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A		5.000			07/01/2035		2,234,100
	3,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A		5.000			07/01/2040		3,316,260
	2,750,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A		5.000			07/01/2046		3,020,133
	1,250,000	Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A		4.000			07/01/2047		1,265,725
	2,000,000	Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A		5.000			07/01/2048		2,203,580
	1,000,000	New Hope Cultural Education Facilities Finance Corp. Texas Senior Living (Cardinal Bay Inc.—Village on the Park Carriage Inn Project) Rev. Ser. 16A-1		5.000			07/01/2046		1,083,310
	1,000,000	New Hope Cultural Education Facilities Finance Corp. Texas Senior Living (Cardinal Bay Inc.—Village on the Park Carriage Inn Project) Rev. Ser. 16A-1		5.000			07/01/2051		1,079,790
	500,000	New Jersey Health Care Facilities Financing Auth. (Barnabas Health) Rev. Ref. Ser. 11A^(b)		5.625			07/01/2021		551,510
	1,000,000	New Jersey Health Care Facilities Financing Auth. (Princeton Healthcare System) Rev. Ref. Ser. 16A		5.000			07/01/2039		1,137,730
	3,000,000	New Jersey Health Care Facilities Financing Auth. (University Hospital) Rev. Ser. 15A AGM		5.000			07/01/2046		3,288,030
	10,000,000	New Jersey Health Care Facilities Financing Auth. (Virtua Health) Rev. Ser. 09 AGC		5.500			07/01/2038		10,306,200
	2,500,000	New York State Dormitory Auth. Non State Supported Debt (New York University Hospitals Center) Rev. Ref. Ser. 15		5.000			07/01/2034		2,780,725

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


		74

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount				Interest Rate			Maturity Date		Value
			Municipal Bonds (continued)
			Health, Hospital, Nursing Home Revenue (continued)
$	1,000,000		Ohio State Higher Educational Facilities Community (Summa Health System 2010 Project) Rev. Ser. 10 AGM		5.250	%		11/15/2035	$	1,050,250
	2,500,000		Palm Beach County Florida Health Facilities Auth. Health Facilities (Bethesda Healthcare System, Inc. Project) Rev. Ser. 10A AGM^(b)		5.250			07/01/2020		2,658,525
	985,000		Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ref. Ser. 05B AGM		5.000			07/01/2038		1,027,670
	15,000		Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ser. 05B AGM^(b)		5.000			07/01/2020		15,870
	4,350,000		South Carolina Jobs-Economic Development Auth. Hospital (Palmetto Health) Rev. Ref. Ser. 11A AGM^(b)		6.500			08/01/2021		4,908,975
	1,000,000		South Fork Municipal Auth. Pennsylvania Hospital (Conemaugh Valley Memorial Hospital) Rev. Ser. 10B AGC^(b)		5.375			07/01/2020		1,061,920
	1,750,000		Tampa Florida Health System (BayCare Obligated Group) Rev. Ser. 16A		5.000			11/15/2046		1,935,588
	750,000		Tarrant County Texas Cultural Education Facilities Finance Corp. Hospital (Baylor Scott & White Health Project) Rev. Ref. Ser. 16A		5.000			11/15/2045		831,143
	1,000,000		Washington State Health Care Facilities Auth. (Virginia Mason Medical Center) Ref. Ser. 17		4.000			08/15/2042		999,980
	1,500,000		Wisconsin State Health & Educational Facilities Auth. (Prohealth Care Obligated Group) Rev. Ref. Ser. 15		5.000			08/15/2039		1,626,480

										136,205,361

			Highway Tolls Revenue—8.7%
	2,500,000		Bay Area California Auth. Toll Bridge (San Francisco Bay Area Subordinate Toll Bridge) Rev. Ser. 17S-7		4.000			04/01/2042		2,605,000
	2,500,000		Bay Area California Auth. Toll Bridge Rev. Ser. 14S-6		5.000			10/01/2054		2,765,400
	5,000,000		Bay Area California Auth. Toll Bridge Rev. Ser. 17F-1		4.000			04/01/2056		5,164,950
	1,250,000		Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16		5.000			01/01/2040		1,372,675
	700,000		Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16		5.000			01/01/2046		764,911
	1,000,000		Delaware River Joint Pennsylvania Toll Bridge Commission Ser. 17		5.000			07/01/2042		1,141,490
	7,500,000		Delaware River Port Auth. Pennsylvania & New Jersey Rev. Ser. 10D AGM		5.000			01/01/2040		7,794,975
	3,000,000		Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref. Sub.-Ser. 14 B-1		3.950			01/15/2053		3,011,040
	20,000,000		Grand Parkway Transportation Corp. Texas Systems Toll (Sub.-Tier Tela Supported) Rev. Ser. 18A		5.000			10/01/2043		22,876,600
	2,000,000		Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM		5.000			11/01/2042		2,220,420
	2,000,000		Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM		5.000			11/01/2047		2,207,000
	4,000,000		Illinois State Toll Highway Auth. Senior Ser. 16B		5.000			01/01/2041		4,462,320
	1,000,000		New Jersey State Turnpike Auth. Ref. Ser. 17B		5.000			01/01/2040		1,138,860
	6,000,000		New Jersey State Turnpike Auth. Ser. 17A		5.000			01/01/2034		6,853,980
	4,000,000		New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A		5.250			01/01/2056		4,511,840
	1,500,000		New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B		5.000			11/15/2038		1,718,145
	525,000		New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 15A		5.000			11/15/2040		590,945
	4,000,000		New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A		5.000			11/15/2041		4,528,240
	3,000,000	��	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A		5.000			11/15/2046		3,385,230
	4,000,000		North Carolina Turnpike Auth. Triangle Expressway System Rev. Ser. 09A AGC^(b)		5.750			01/01/2019		4,053,800
	2,500,000		North Texas Tollway Auth. Rev. Ref. Ser. 15B		5.000			01/01/2040		2,715,975
	1,800,000		North Texas Tollway Auth. Rev. Ref. Ser. 16A		5.000			01/01/2039		2,007,432
	10,000,000		North Texas Tollway Auth. System (1st Tier) Rev. Ref. Ser. 17A		5.000			01/01/2043		11,337,000
	1,660,000		Oklahoma State Turnpike Auth. (Second) Ser. 17C		5.000			01/01/2047		1,879,319
	5,000,000		Oklahoma State Turnpike Auth. Ser. 17A		5.000			01/01/2042		5,610,850
	15,000,000		Pennsylvania State Turnpike Commission Rev. Ser. 14B		5.250			12/01/2039		16,788,900
	8,800,000		Pennsylvania State Turnpike Commission Rev. Sub.-Ser. 12B AGM		5.000			12/01/2042		9,498,896
	5,000,000		Tampa-Hillsborough County Florida Expressway Auth. Rev. Ser. 17		5.000			07/01/2047		5,629,500
	2,000,000		Tampa-Hillsborough County Florida Expressway Auth. Ser. 17C		5.000			07/01/2048		2,265,220
	2,500,000		Texas State Transportation Commission Turnpike System Rev. Ref. Ser. 15C		5.000			08/15/2042		2,694,075

										143,594,988

			Hotel Occupancy Tax—0.7%
	3,950,000		Harris County Houston Texas Sports Auth. (Senior Lien) Rev. Ref. Ser. 14A		5.000			11/15/2053		4,286,342
	2,215,000		Miami-Dade County Florida Special Obligation Ref. Sub.-Ser. 12B		5.000			10/01/2037		2,408,392

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


		75

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Hotel Occupancy Tax (continued)
$	2,000,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15		5.000	%		11/15/2040	$	2,254,280
	3,000,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15		5.000			11/15/2045		3,362,850

									12,311,864

		Income Tax Revenue—2.2%
	1,200,000	District of Columbia Income Tax Secured Rev. Ser. 11G		5.000			12/01/2036		1,301,316
	4,150,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2011) Rev. Ser.11D		5.000			02/01/2035		4,426,763
	2,000,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14A-1		5.000			08/01/2035		2,264,680
	4,330,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14B-1		5.000			08/01/2042		4,852,588
	1,850,000	New York City Transitional Finance Auth. Future Tax Secured Rev. Sub.-Ser.16B-1		4.000			08/01/2041		1,922,427
	1,325,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F		5.000			02/15/2035		1,384,016
	4,000,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C		5.000			03/15/2041		4,268,800
	4,500,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B		5.000			03/15/2042		4,877,595
	1,905,000	New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 14E		5.000			02/15/2044		2,118,455
	7,530,000	New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 15A		5.000			03/15/2035		8,473,735
	1,000,000	New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 13A-1		5.000			03/15/2043		1,098,740

									36,989,115

		Lease Revenue—2.5%
	6,000,000	California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A		5.000			06/01/2042		6,916,200
	1,500,000	California State Public Works Board Lease Rev. Ser. 14B		5.000			10/01/2039		1,693,785
	500,000	Kern County California COP (Capital Improvements Projects) Ser. 09A AGC^(b)		5.750			02/01/2019		508,900
	4,400,000	Los Angeles County California Facilities Inc. Lease (Vermont Corridor County Administration Building) Rev. Ser. 18A		5.000			12/01/2051		5,061,716
	2,250,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A		5.000			12/01/2039		2,539,710
	1,000,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A		5.000			12/01/2044		1,124,480
	11,400,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D		5.000			12/01/2045		12,936,606
	500,000	Miami-Dade County Florida School Board COP Ser. 09A AGC^(b)		5.375			02/01/2019		507,755
	1,000,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A		5.000			11/15/2046		1,031,480
	2,000,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A		5.000			11/15/2051		2,133,480
	250,000	Pennsylvania State COP Ref. Ser. 18A		5.000			07/01/2043		275,395
	4,000,000	Richmond Joint Powers Financing Auth. Lease (Civic Center Project) Rev. Ser. 09 AGC		5.750			08/01/2029		4,137,520
	2,000,000	Sandy Spring Georgia Public Facilities Auth. (City Center Project) Rev. Ser. 15		5.000			05/01/2041		2,277,580

									41,144,607

		Local or GTD Housing—0.3%
	1,250,000	New Hope Cultural Education Facilities Finance Corp. Texas Student Housing (A&M University Project) Rev. Ser. 14A AGM		5.000			04/01/2046		1,352,037
	2,440,000	New York State Dormitory Auth. Non State Supported Debt (North Shore Long Island Jewish Obligation Group) Rev. Ref. Ser. 15A		5.000			05/01/2036		2,718,331

									4,070,368

		Lottery Revenue—0.5%
	7,500,000	Arizona State Lottery Rev. Ser. 10A AGM		5.000			07/01/2029		7,796,925

		Miscellaneous Revenue—3.8%
	3,500,000	California State Various Purpose (Green Bonds) Ser. 14		5.000			10/01/2037		3,973,165
	5,000,000	California State Various Purpose Ser.14		5.000			10/01/2039		5,663,950
	3,745,000	Connecticut State Ser. 17A		5.000			04/15/2035		4,127,215
	2,500,000	Dallas Texas Civic Center & Improvement Rev. Ref. Ser. 09 AGC		5.250			08/15/2034		2,576,325
	5,000,000	Hudson Yards Infrastructure Corporation Second Indenture Rev. Ref. Ser. 17A		5.000			02/15/2042		5,665,250
	2,025,000	Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM^(b)		5.000			01/01/2020		2,111,954
	535,000	Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM^(b)		5.000			01/01/2020		557,973
	2,190,000	Kansas City Missouri Special Obligation & Improvement (Downtown Arena Project) Ref. Ser. 16E		5.000			04/01/2040		2,419,205
	2,000,000	Maryland State Stadium Auth. Baltimore City Public Schools Rev. Ser. 16		5.000			05/01/2041		2,245,540
	2,900,000	Massachusetts State Ser. 16J		4.000			12/01/2044		2,984,013

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


		76

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Miscellaneous Revenue (continued)
$	400,000	New Jersey State Transportation Trust Fund Auth. (Transit System) Ser. 07A AMBAC		5.000	%		12/15/2032	$	400,764
	500,000	New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC		6.500			01/01/2046		507,495
	3,000,000	New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-1		5.000			07/15/2040		3,333,990
	4,200,000	New York City Transitional Finance Auth. Building Aid Rev. Sub.-Ser. 11S-1A		5.250			07/15/2037		4,565,400
	2,500,000	Newark New Jersey Housing Auth. Rev. (City-Secured Police Facilities) Rev. Ref. Ser. 16 AGM		5.000			12/01/2038		2,783,300
	5,000,000	Oregon State (Article XI-G OHSU Project) Ser. 17H		5.000			08/01/2042		5,763,650
	2,500,000	Oregon State (Article XI-Q State Project) Ser. 17A		5.000			05/01/2042		2,872,400
	2,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 14C		5.000			12/01/2039		2,136,660
	4,975,000	Texas State Water Development Board Ser. 17A		5.000			10/15/2047		5,690,405
	2,000,000	Virginia State Commonwealth Transportation Board Rev. Ref. Ser. 17A		4.000			05/15/2036		2,113,420

									62,492,074

		Miscellaneous Taxes—0.3%
	1,000,000	Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17		5.000			09/01/2039		1,103,460
	500,000	Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17		5.000			09/01/2042		549,320
	2,000,000	Chicago Illinois Board of Education Dedicated Capital Improvement Ser. 17		6.000			04/01/2046		2,339,220
	1,000,000	Tuscaloosa Alabama City Board of Education School Tax Warrants Ser. 16		5.000			08/01/2046		1,122,590

									5,114,590

		Natural Gas Revenue—0.7%
	3,655,000	Chula Vista California Industrial Development (San Diego Gas—Remarketed 06/17/09) Rev. Ser. 04A		5.875			02/15/2034		3,765,089
	3,000,000	Philadelphia Pennsylvania Gas Works (1998 General Ordinance-Fifteenth) Rev. Ref. Ser. 17		5.000			08/01/2042		3,358,710
	4,000,000	Philadelphia Pennsylvania Gas Works (1998 General Ordinance-Fifteenth) Rev. Ref. Ser. 17		5.000			08/01/2047		4,462,040

									11,585,839

		Nuclear Revenue—1.3%
	7,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16A		5.000			12/01/2037		7,612,080
	2,500,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 15E		5.250			12/01/2055		2,717,500
	6,250,000	South Carolina State Public Service Auth. Rev. Ref. Ser. 16A		5.000			12/01/2035		6,814,063
	4,660,000	South Carolina State Public Service Auth. Rev. Ser. 13E		5.000			12/01/2048		4,902,739

									22,046,382

		Port, Airport & Marina Revenue—8.0%
	3,000,000	Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM		5.250			07/01/2030		3,165,780
	1,500,000	Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM		5.500			07/01/2040		1,592,610
	1,925,000	Charlotte North Airport Rev. Ser. 17A		5.000			07/01/2042		2,203,740
	3,500,000	Chicago Illinois Midway Airport Rev. Ref. Ser. 16B		5.000			01/01/2041		3,838,730
	2,500,000	Chicago Illinois Midway Airport Rev. Ref. Ser. 16B		5.000			01/01/2046		2,733,500
	2,900,000	Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 16C		5.000			01/01/2037		3,216,245
	7,500,000	Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 17B		5.000			01/01/2039		8,374,650
	4,000,000	Chicago Illinois O’Hare International Airport Rev. Ref. Ser. 15B		5.000			01/01/2033		4,418,640
	1,250,000	Chicago Illinois O’Hare International Airport Rev. Ser. 15D		5.000			01/01/2046		1,359,888
	1,000,000	City of Cleveland Ohio Airport System Rev. Ref. Ser. 12A AGM		5.000			01/01/2031		1,078,530
	9,335,000	Clark County Nevada Airport Rev. Ref. Sub.-Ser. 17A-2		5.000			07/01/2040		10,586,543
	2,000,000	Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A		5.000			05/15/2040		2,108,000
	1,500,000	Manchester New Hampshire General Airport Remarketed Rev. Ref. Ser. 09A AGM		5.125			01/01/2030		1,514,340
	1,500,000	Metropolitan Nashville Tennessee Airport Auth. Rev. Ser. 15A		5.000			07/01/2045		1,674,945
	7,000,000	Miami-Dade County Florida Aviation Rev. Ser. 10B AGM		5.000			10/01/2035		7,403,550
	600,000	Philadelphia Pennsylvania Airport Rev. Ser. 10A AGM		5.000			06/15/2035		630,078
	2,000,000	Phoenix Arizona Civic Improvement Corp. Airport (Junior Lien) Rev. Ser. 15A		5.000			07/01/2045		2,218,980
	17,960,000	Port Auth. of New York & New Jersey (194th Series) Ref. Ser. 15		5.000			10/15/2041		20,256,545
	2,400,000	Port Auth. of New York & New Jersey (Consolidated Bonds Two Hundredth) Ref. Ser. 17		5.250			10/15/2057		2,755,992
	3,500,000	Port Auth. of New York & New Jersey (Consolidated) Ref. Ser. 15-189		5.000			05/01/2045		3,912,650
	6,000,000	Port Auth. of New York & New Jersey (Consolidated-One Hundred Eighty-Fourth) Ref. Ser. 14		5.000			09/01/2039		6,740,760
	2,400,000	Sacramento County California Airport System Senior Rev. Ref. Ser. 16A		5.000			07/01/2041		2,728,776
	2,250,000	Sacramento County California Airport System Senior Rev. Ref. Sub.-Ser. 16B		5.000			07/01/2041		2,549,835
	2,000,000	Salt Lake City Utah Airport Rev. Ser. 17B		5.000			07/01/2042		2,279,660
	4,000,000	Salt Lake City Utah Airport Rev. Ser. 17B		5.000			07/01/2047		4,542,840

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


		77

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Port, Airport & Marina Revenue (continued)
$	2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B		5.000	%		05/01/2044	$	2,227,480
	17,315,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C		5.000			05/01/2046		19,490,803
	1,300,000	San Jose California Airport Rev. Ref. Ser. 17B		5.000			03/01/2042		1,478,958
	5,000,000	San Jose California Airport Rev. Ref. Ser. 17B		5.000			03/01/2047		5,668,350
	500,000	Wayne County Michigan Airport Auth. Rev. Ser. 15D		5.000			12/01/2040		557,720

									133,309,118

		Recreational Revenue—0.2%
	3,000,000	New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC		7.000			03/01/2049		3,075,870

		Sales Tax Revenue—7.0%
	5,240,000	Bi-State Development Agency of Missouri-Illinois Metropolitan District Mass Transit Sales Tax (MetroLink Cross County Extension) Ser. 09 AGC		5.000			10/01/2035		5,405,269
	6,500,000	Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1		5.000			11/01/2041		7,418,905
	3,000,000	Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1		5.000			11/01/2046		3,872,220
	10,000,000	Chicago Illinois Transit Auth. Sales Tax Receipts Second Lien Rev. Ser. 17 AGM		5.000			12/01/2051		10,775,500
	5,540,000	Dallas Texas Area Rapid Transit Sales Tax Rev. Ref. Ser. 16A		5.000			12/01/2046		6,232,888
	1,000,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A		5.000			08/01/2042		1,123,340
	750,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A		5.000			08/01/2044		841,387
	1,815,000	Illinois Regional Transportation Auth. Ser. 00 NATL		6.500			07/01/2030		2,330,097
	10,000,000	Illinois State Sales Tax Securitization Corporation Ref. Ser. 18A		5.000			01/01/2040		11,058,100
	2,750,000	Jefferson Louisiana Sales Tax District Special Sales Tax Rev. Ser. 17B AGM		5.000			12/01/2042		3,135,990
	7,145,000	Massachusetts State Bay Transportation Auth. Sales Tax (Senior Lien) Rev. Ser. 15A		5.000			07/01/2040		8,062,704
	8,770,000	Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ref. Ser. 15C		5.000			08/15/2037		9,903,084
	3,410,000	Massachusetts State School Building Auth. Sales Tax Rev. Ser. 16A		5.000			11/15/2045		3,834,136
	3,000,000	Pittsburgh & Allegheny County Pennsylvania Sports & Exhibition Auth. Sales (Regional Asset District) Ref. Ser. 10 AGM		5.000			02/01/2031		3,157,020
	2,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10A AGM		5.000			08/01/2040		2,578,725
	26,500,000	Sales Tax Asset Receivables Corp. (Fiscal 2015) Ref. Ser. 14A		4.000			10/15/2032		28,567,795
	6,620,000	San Diego County California Regional Transportation Commission Ser. 16A		5.000			04/01/2048		7,578,245

									115,875,405

		Sewer Revenue—5.0%
	24,375,000	Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 12 AGM		5.000			01/01/2037		25,801,669
	2,500,000	Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM		5.250			01/01/2042		2,798,050
	7,000,000	Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM		4.000			01/01/2052		7,029,260
	5,000,000	Detroit Michigan Water & Sewerage Department Sewerage Disposal System (Senior Lien-Remarketed) Rev. Ref. Ser. 12A AGM		5.000			07/01/2039		5,375,250
	500,000	Fresno California Sewer Rev. Ser. 08A AGC		5.000			09/01/2037		500,000
	5,000,000	Jefferson County Alabama Sewer (Senior Lien) Rev. Ser. 13A AGM		5.500			10/01/2053		5,552,200
	14,695,000	King County Washington Sewer & Improvement Rev. Ref. Ser. 16B		5.000			07/01/2039		16,248,114
	1,000,000	Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15A		5.000			06/01/2044		1,136,190
	1,500,000	Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15C		5.000			06/01/2045		1,703,295
	1,500,000	Los Angeles California Wastewater System (Green Bonds) Rev. Sub.-Ser. 17A		5.250			06/01/2047		1,775,400
	1,000,000	Metropolitan St. Louis Missouri Sewer District Wastewater System Rev. Ser. 16C		5.000			05/01/2046		1,133,660
	750,000	Metropolitan St. Louis Missouri Sewer District Wastewater Systems & Improvement Rev. Ref. Ser. 17A		5.000			05/01/2047		859,260
	6,500,000	Northeast Ohio Regional Sewer District Ref. Ser. 14		5.000			11/15/2049		7,229,625
	5,000,000	West Rankin Mississippi Utility Auth. Rev. Ser. 18 AGM		5.000			01/01/2048		5,604,600

									82,746,573

		Special Tax—0.2%
	3,000,000	Birmingham-Jefferson Alabama Civic Center Auth. Special Tax Ser. 18A		5.000			07/01/2048		3,368,520

		Student Loan Revenue—0.1%
	1,510,000	Maine Educational Loan Auth. Student Loan Rev. Ser. 09A-3 AGC		5.875			12/01/2039		1,545,893

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


		78

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Tax Increment Revenue—1.5%
$	17,000,000	Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM		5.000	%		09/01/2044	$	18,431,230
	1,000,000	Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM		5.000			12/01/2045		1,114,140
	1,000,000	Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM		5.000			12/01/2047		1,084,820
	4,000,000	Miami Beach Florida Redevelopment Agency Tax Increment (City Center) Rev. Ref. Ser. 15A AGM		5.000			02/01/2040		4,470,400

									25,100,590

		Transit Revenue—3.8%
	1,000,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM		5.000			10/01/2036		1,128,650
	940,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM		5.000			10/01/2037		1,058,797
	5,000,000	Massachusetts State Transportation Fund Rev. Ref. Ser. 17A		5.000			06/01/2043		5,749,200
	4,990,000	Metropolitan Transportation Auth. New York Rev Ser. 12E-1 AGM^(b)		5.000			11/15/2022		5,623,581
	1,510,000	Metropolitan Transportation Auth. New York Rev Ser. 12E-1 AGM		5.000			11/15/2042		1,655,594
	5,000,000	Metropolitan Transportation Auth. New York Rev. Ref. Sub.-Ser. 15C-1		5.000			11/15/2035		5,594,500
	13,190,000	Metropolitan Transportation Auth. New York Rev. Ser.13A-1		5.000			11/15/2040		14,312,469
	10,000,000	Metropolitan Transportation Auth. New York Rev. Sub.-Ser. 15A-1		5.000			11/15/2045		11,032,100
	15,000,000	New Jersey State Transportation Trust Fund Auth. (Transit System) Ser. 08A AGC		5.500			12/15/2038		15,152,100
	1,250,000	Northern Indiana Commuter Transportation District Rev. Ser. 16		5.000			07/01/2041		1,387,200

									62,694,191

		Water Revenue—12.7%
	3,695,000	Atlanta Georgia Water & Wastewater Rev. Ser. 09-B AGM^(b)		5.250			11/01/2019		3,846,975
	3,305,000	Atlanta Georgia Water & Wastewater Rev. Ser. 09-B AGM		5.250			11/01/2034		3,430,491
	5,000,000	Atlanta Georgia Water & Wastewater Rev. Ser. 18B		5.000			11/01/2047		5,730,550
	1,000,000	Austin Texas Water & Wastewater System Rev. Ref. Ser. 16		5.000			11/15/2041		1,138,850
	1,000,000	Austin Texas Water & Wastewater System Rev. Ref. Ser. 16		5.000			11/15/2045		1,135,740
	9,510,000	Baltimore Maryland Project (Water Projects) Rev. Sub.-Ser. 17A		5.000			07/01/2046		10,751,626
	1,000,000	Birmingham Alabama Waterworks Broad Water Rev. Ref. Ser. 15A		5.000			01/01/2042		1,108,890
	2,160,000	Bucks County Pennsylvania Water & Sewer Auth. System Rev. Ser. 11 AGM^(b)		5.000			12/01/2021		2,373,602
	1,485,000	Chicago Illinois Wastewater (2017 Second Lien) Rev. Ref. Ser. 08 AGM^(b)		5.250			11/01/2018		1,493,554
	440,000	Chicago Illinois Wastewater (2017 Second Lien) Rev. Ref. Ser. 08 AGM		5.250			11/01/2033		442,011
	3,500,000	Chicago Illinois Wastewater (Second Lien) Rev. Ref. Ser. 17-2 AGM		5.000			11/01/2038		3,887,800
	325,000	Chicago Illinois Waterworks (Second Lien) Rev. Ref. Ser. 08 AGM^(b)		5.250			11/01/2018		326,872
	200,000	City of Cape Coral Florida Water & Sewer Rev. Ref. Ser. 11 AGM^(b)		5.000			10/01/2021		218,792
	6,000,000	Dallas Texas Waterworks & Sewer System Rev. Ser. 17		5.000			10/01/2046		6,854,580
	5,000,000	Denver Colorado City & County Board of Water Commissioners Water (Green Bond) Rev. Ser. 17A		5.000			09/15/2047		5,768,600
	2,500,000	District of Columbia Water & Sewer Auth. Public Utility (Sub.-Lien) Rev. Ref. Ser. 16A		5.000			10/01/2039		2,829,150
	5,000,000	District of Columbia Water & Sewer Auth. Public Utility (Sub.-Lien) Rev. Ser. 13A		5.000			10/01/2048		5,506,750
	3,000,000	El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM		5.000			03/01/2034		3,380,790
	3,500,000	El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM		5.250			03/01/2039		3,963,925
	1,500,000	Florida Municipal Loan Council Ser. 11D AGM		5.500			10/01/2041		1,642,035
	190,000	Houston Texas Utility System Combine (First Lien) Rev. Ref. Ser. 09A AGC^(b)		6.000			05/15/2019		195,732
	1,275,000	Indianapolis Indiana Local Public Improvement Bond Bank (Waterworks Project) Ser. 09A AGC^(b)		5.500			01/01/2019		1,291,256
	5,260,000	Indianapolis Indiana Local Public Improvement Bond Bank (Waterworks Project) Ser. 09A AGC		5.500			01/01/2038		5,323,962
	1,500,000	Los Angeles California Department of Water & Power Ref. Ser. 16A		5.000			07/01/2046		1,708,530
	8,000,000	Los Angeles California Department of Water & Power Rev. Ser. 12B		5.000			07/01/2043		8,810,400
	10,000,000	Massachusetts State Water Resources Auth. (Green Bonds) Ref. Ser. 16C		5.000			08/01/2040		11,367,900
	5,000,000	Massachusetts State Water Resources Auth. Ser. 18B		5.000			08/01/2043		5,804,800
	1,000,000	Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGM^(b)		5.000			10/01/2020		1,066,480
	20,000,000	Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGM^(b)		5.000			10/01/2020		21,329,600
	10,000,000	Miami-Dade County Florida Water & Sewer Systems Rev. Ser. 17A		3.375			10/01/2047		9,107,800
	600,000	New York City Municipal Water Finance Auth. Rev. Ref. Ser. 14EE		5.000			06/15/2036		673,686
	5,000,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2009) Rev. Ser. 09EE		5.000			06/15/2039		5,120,150
	3,295,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2012) Rev. Ser. 11BB		5.000			06/15/2044		3,564,465
	10,205,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2012) Rev. Ser. 12CC		5.000			06/15/2045		11,036,197

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


		79

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Water Revenue (continued)
$	9,640,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2013) Rev. Ser. 12BB		5.000	%		06/15/2047	$	10,574,694
	500,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2013) Rev. Ser. 13EE		5.000			06/15/2047		550,025
	11,180,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2014) Rev. Ser. 14CC-1		5.000			06/15/2047		12,451,725
	5,750,000	New York City Municipal Water Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE		5.000			06/15/2037		6,597,952
	5,000,000	North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 09 AGC		5.250			12/15/2034		5,209,000
	2,500,000	North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 11 AGM		5.000			12/15/2036		2,698,700
	2,000,000	North Sumter County Florida Utility Dependent District Utility Rev. Ser. 10 AGM		5.375			10/01/2040		2,130,420
	875,000	Philadelphia Pennsylvania Water & Wastewater Rev. Ser. 10C AGM		5.000			08/01/2040		919,118
	285,000	Port St. Lucie Florida Utility System Rev. Ref. Ser. 09 AGC		5.000			09/01/2035		285,000
	4,050,000	Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC		5.125			07/01/2047		4,120,511
	2,500,000	San Antonio Texas Water (Junior Lien) Rev. Ref. Ser. 18A		5.000			05/15/2043		2,874,675
	1,000,000	San Jacinto Texas River Auth. Special Project (GRP Project) Rev. Ser. 11 AGM		5.000			10/01/2037		1,029,820
	1,000,000	Texas State Water Development Board (State Water Implementation Rev. Fund For Texas) Ser. 16		5.000			10/15/2046		1,129,190
	3,910,000	Texas State Water Development Board Ser. 15A		5.000			10/15/2045		4,412,670
	1,000,000	Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A		5.000			09/01/2040		1,113,910
	1,500,000	Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A		5.000			09/01/2045		1,665,900

									209,995,851

		Total Investments in Securities (Cost $1,603,586,195)^(c)—98.2%							1,630,187,244
		Other assets less liabilities—1.8%							29,793,279

		Net Assets—100.0%						$	1,659,980,523

Investment Abbreviations:

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

AMBAC—American Municipal Bond Assurance Corp.

Auth.—Authority

BAM—Build America Mutual

BHAC—Berkshire Hathaway Assurance Corp.

COP—Certificate of Participation

GTD—Grant To Date

NATL—National Public Finance Guarantee Corp.

PILOT—Payment-in-lieu-of-taxes

PSF-GTD—Permanent School Fund Guaranteed

RAC—Revenue Anticipation Certificates

Ref.—Refunding

Rev.—Revenue

Ser.—Series

Sub.—Subordinated

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 value of this security at August 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(b)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)


Entities	Percentage of Total Investments
Assured Guaranty Municipal Corp.		18.5	%

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


		80

Schedule of Investments

Invesco New York AMT-Free Municipal Bond ETF (PZT)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds—98.6%
		Ad Valorem Property Tax—5.9%
$	1,000,000	City of New York Ser. 18E-1		5.000	%		03/01/2038	$	1,150,720
	2,000,000	New York City New York Ser. 16B-1		4.000			12/01/2043		2,066,600
	500,000	New York City New York Sub.-Ser. 16A-1		5.000			08/01/2038		565,765

									3,783,085

		College & University Revenue—12.1%
	1,000,000	Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16		5.000			07/01/2041		1,071,400
	1,500,000	New York State Dormitory Auth. (New York University) Rev. Ser. 01 AMBAC		5.500			07/01/2040		1,943,535
	1,000,000	New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 17A		5.000			10/01/2047		1,318,460
	2,000,000	New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A		5.000			07/01/2035		2,225,460
	1,000,000	New York State Dormitory Auth. Non State Supported Debt (The New School Project) Rev. Ref. Ser. 16A		5.000			07/01/2046		1,114,320

									7,673,175

		Electric Power Revenue—11.8%
	1,000,000	Guam Power Auth. Rev. Ser. 12A AGM		5.000			10/01/2030		1,092,960
	2,000,000	Long Island Power Auth. New York Electric Systems Rev. Ref. Ser. 14A		5.000			09/01/2044		2,214,300
	185,000	New York State Power Auth. Rev. Ser. 07A NATL		4.500			11/15/2047		185,390
	1,500,000	Utility Debt Securitization Auth. New York (Restructuring) Ser. 13TE		5.000			12/15/2041		1,675,635
	2,000,000	Utility Debt Securitization Auth. New York (Restructuring) Ser. 17		5.000			12/15/2038		2,328,800

									7,497,085

		Health, Hospital, Nursing Home Revenue—3.6%
	500,000	Dutchess County New York Local Development Corp. (Health Quest Systems Inc. Project) Rev. Ser. 16B		5.000			07/01/2046		548,760
	1,500,000	New York State Dormitory Auth. Non State Supported Debt (New York University Hospitals Center) Rev. Ref. Ser. 15		5.000			07/01/2034		1,668,435
	65,000	New York State Dormitory Auth. State Supported Debt (Mental Health Services Facilities Improvement) Rev. Ser. 08A AGM		5.000			02/15/2038		65,153

									2,282,348

		Highway Tolls Revenue—6.2%
	1,000,000	New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A		5.000			01/01/2046		1,110,420
	1,000,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B		5.000			11/15/2038		1,145,430
	1,470,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A		5.000			11/15/2046		1,658,763

									3,914,613

		Hotel Occupancy Tax—3.3%
	1,885,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15		5.000			11/15/2040		2,124,659

		Income Tax Revenue—18.4%
	1,000,000	New York City Transitional Finance Auth. (Building Aid) Rev. Ref. Ser. 18S-4A		5.000			07/15/2037		1,153,900
	1,500,000	New York City Transitional Finance Auth. (Sub.-Future Tax Secured Fiscal 1999) Rev. Ser. 17A Sub.-Ser. E-1		5.000			02/01/2043		1,698,750
	1,000,000	New York City Transitional Finance Auth. Rev. Sub.-Ser. 17B-1		5.000			08/01/2045		1,137,670
	1,000,000	New York City Transitional Finance Authority Building AID Revenue		4.000			07/15/2046		1,032,080
	1,000,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ref. Ser. 17A		5.000			02/15/2038		1,138,600
	1,000,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F		5.000			02/15/2035		1,044,540
	2,170,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C		5.000			03/15/2041		2,315,824
	785,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B		5.000			03/15/2037		852,808
	1,200,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B		5.000			03/15/2042		1,300,692

									11,674,864

		Industrial Revenue—3.4%
	2,000,000	New York State Liberty Development Corp. (4 World Trade Center Project) Rev. Ref. Ser. 11		5.000	%		11/15/2044		2,154,440

		Lease Revenue—3.7%
	1,000,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A		5.000			11/15/2046		1,031,480
	1,240,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A		5.000			11/15/2051		1,322,758

									2,354,238

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


		81

Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Miscellaneous Revenue—11.7%
$	2,000,000	Brooklyn Arena New York Local Development Corp. PILOT (Barclays Center Project) Rev. Ref. Ser. 16A		5.000	%		07/15/2042	$	2,167,460
	450,000	Hudson Yards Infrastructure Corporation Second Indenture Rev. Ref. Ser. 17A		5.000			02/15/2042		509,872
	2,500,000	New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC		6.500			01/01/2046		2,537,475
	1,000,000	New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-2		5.000			07/15/2035		1,127,780
	1,000,000	New York City Transitional Finance Auth. Building Aid Rev. Ser. 16S-1		5.000			07/15/2043		1,117,180

									7,459,767

		Port, Airport & Marina Revenue—1.8%
	1,000,000	Port Auth. of New York & New Jersey Ref. Ser. 15-194		5.250			10/15/2055		1,138,970

		Recreational Revenue—3.2%
	2,000,000	New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC		7.000			03/01/2049		2,050,580

		Sales Tax Revenue—5.5%
	1,000,000	New York State Dormitory Auth. Sales Tax Supported Debt Rev. Ser. 14A		5.000			03/15/2034		1,127,220
	1,435,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10C AGM		5.125			08/01/2042		1,499,719
	800,000	Sales Tax Asset Receivables Corp. (Fiscal 2015) Ref. Ser. 14A		4.000			10/15/2032		862,424

									3,489,363

		Transit Revenue—2.6%
	1,000,000	Metropolitan Transportation Auth. New York (Green Bonds) Rev. Ser. 16A-1		5.250			11/15/2056		1,122,840
	500,000	Metropolitan Transportation Auth. New York Rev. Ser. 11A AGM^(a)		5.000			11/15/2021		550,260

									1,673,100

		Water Revenue—5.4%
	1,000,000	New York City Municipal Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2014) Rev. Ser. 13BB		5.000			06/15/2046		1,100,520
	1,000,000	New York City Municipal Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE		5.250			06/15/2037		1,170,780
	1,000,000	New York State Environmental Facilities Corp. (State Clean Water & Drinking Water Sub. SRF Bonds) Ref. Ser. 16A		5.000			06/15/2041		1,136,290

									3,407,590

		Total Investments in Securities (Cost $62,555,833)^(b)— 98.6%							62,677,877
		Other assets less liabilities—1.4%							898,759

		Net Assets—100.0%						$	63,576,636

Investment Abbreviations:

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

AMBAC—American Municipal Bond Assurance Corp.

Auth.—Authority

NATL—National Public Finance Guarantee Corp.

PILOT—Payment-in-lieu-of-taxes

Rev.—Revenue

Ser.—Series

SRF—State Revolving Fund

Sub.—Subordinated

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)


Entities	Percentage of Total Investments
Assured Guaranty Corp.		7.3	%
Assured Guaranty Municipal Corp.		5.1	%

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


		82

Schedule of Investments^(a)

Invesco Preferred ETF (PGX)

August 31, 2018


Number of Shares			Value
		Preferred Stocks & Other Equity Interests—99.9%
		Banks—37.5%
	99,822	Associated Banc-Corp., 5.38%, Series D	$	2,465,603
	1,472,552	Bank of America Corp., 5.88%, Series HH		37,903,488
	1,527,617	Bank of America Corp., 6.00%, Series EE^(b)		39,855,528
	2,355,875	Bank of America Corp., 6.00%, Series GG^(b)		61,841,719
	1,829,405	Bank of America Corp., 6.20%, Series CC		47,802,353
	3,152,798	Bank of America Corp., 6.50%, Series Y		82,445,668
	2,410,182	Bank of America Corp., 6.63%, Series W		62,351,408
	4,172,647	Barclays Bank PLC, 8.13%, Series 5 (United Kingdom)^(b)		110,324,787
	759,054	BB&T Corp., 5.63%^(b)		19,818,900
	3,811,784	BB&T Corp., 5.63%, Series E		96,323,782
	508,451	BB&T Corp., 5.85%		13,128,205
	255,945	BOK Financial Corp., 5.38%		6,421,660
	413,739	Citigroup Capital XIII, 8.71% (3 mo. USD LIBOR + 6.37%)^(c)		11,249,563
	1,813,686	Citigroup, Inc., 6.30%, Series S		47,699,942
	3,512,833	Citigroup, Inc., 6.88%, Series K		97,305,474
	1,131,467	Citigroup, Inc., 6.88%, Series L		29,282,366
	405,464	Citigroup, Inc., 7.13%, Series J		11,474,631
	264,590	Commerce Bancshares, Inc., 6.00%, Series B^(b)		6,810,547
	259,920	Cullen/Frost Bankers, Inc., 5.38%		6,513,595
	802,097	Fifth Third Bancorp, 6.63%, Series I		22,258,192
	159,865	First Horizon National Corp., 6.20%, Series A		4,084,551
	316,450	First Republic Bank, 5.13%, Series H^(b)		7,927,072
	330,997	First Republic Bank, 5.50%, Series D^(b)		8,463,593
	271,274	First Republic Bank, 5.50%, Series G		6,814,403
	518,220	First Republic Bank, 5.50%, Series I		12,971,047
	276,331	First Republic Bank, 5.70%, Series F		7,057,494
	267,554	First Republic Bank, 7.00%, Series E		6,868,111
	259,278	Hancock Whitney Corp., 5.95%^(b)		6,616,775
	175,330	Huntington Bancshares, Inc., 5.88%, Series C		4,498,091
	904,516	Huntington Bancshares, Inc., 6.25%, Series D		23,852,087
	92,213	ING Groep NV, 6.13% (Netherlands)		2,364,341
	572,962	ING Groep NV, 6.38% (Netherlands)		14,713,664
	1,617,331	JPMorgan Chase & Co., 5.45%, Series P		41,080,207
	2,119,594	JPMorgan Chase & Co., 6.10%, Series AA		56,232,829
	3,121,640	JPMorgan Chase & Co., 6.13%, Series Y^(b)		82,255,214
	2,225,889	JPMorgan Chase & Co., 6.15%, Series BB		58,741,211
	1,149,897	JPMorgan Chase & Co., 6.30%, Series W^(b)		29,931,819
	1,220,795	JPMorgan Chase & Co., 6.70%, Series T		31,765,086
	773,042	KeyCorp, 5.65%, Series F		19,387,893
	904,898	KeyCorp, 6.13%, Series E^(b)		25,047,577
	349,325	MB Financial, Inc., 6.00%, Series C^(b)		9,117,382
	437,048	People’s United Financial, Inc., 5.63%, Series A		11,402,582
	3,219,928	PNC Financial Services Group, Inc. (The), 6.13%, Series P		89,095,408
	860,716	Regions Financial Corp., 6.38%, Series A		21,758,900
	861,826	Regions Financial Corp., 6.38%, Series B^(b)		23,424,431


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Banks (continued)
	1,272,054	Royal Bank of Scotland Group PLC, 6.60%, Series S (United Kingdom)^(b)	$	32,946,199
	342,061	Synovus Financial Corp., 6.30%, Series D		8,979,101
	316,256	TCF Financial Corp., 5.70%, Series C		7,874,774
	429,587	Texas Capital Bancshares, Inc., 6.50%, Series A		10,898,622
	682,959	U.S. Bancorp, 5.15%		17,388,136
	1,662,392	U.S. Bancorp, 6.50%, Series F		46,513,728
	517,560	Unum Group, 6.25%		13,099,444
	665,478	US Bancorp, 5.50%, Series K		17,042,892
	173,715	Valley National Bancorp, 5.50%, Series B		4,551,333
	211,409	Valley National Bancorp, 6.25%, Series A^(b)		5,644,620
	261,982	Webster Financial Corp., 5.25%, Series F^(b)		6,408,080
	904,751	Wells Fargo & Co., 5.13%, Series O^(b)		22,365,445
	893,908	Wells Fargo & Co., 5.20%^(b)		22,088,467
	2,111,715	Wells Fargo & Co., 5.50%, Series X		52,940,695
	1,393,916	Wells Fargo & Co., 5.63%, Series Y		35,335,771
	1,796,388	Wells Fargo & Co., 5.70%, Series W^(b)		45,520,472
	3,127,338	Wells Fargo & Co., 5.85%, Series Q		80,497,680
	1,266,832	Wells Fargo & Co., 6.00%, Series T		32,430,899
	1,655,767	Wells Fargo & Co., 6.00%, Series V		42,801,577
	1,272,917	Wells Fargo & Co., 6.63%, Series R		35,017,947
	1,703,741	Wells Fargo & Co., 8.00%, Series J		42,525,375
	215,280	Wintrust Financial Corp., 6.50%, Series D^(b)		5,840,546
	245,678	Zions Bancorp, 5.75%, Series H^(b)		6,240,221
	19,504	Zions Bancorp, 6.30%, Series G		528,558

				2,014,229,761

		Capital Markets—15.2%
	497,420	Apollo Global Management LLC, 6.38%, Series A^(b)		12,798,617
	542,162	Apollo Global Management LLC, 6.38%, Series B		13,662,482
	272,802	Apollo Investment Corp., 6.88%^(b)		6,948,267
	560,986	Ares Management LP, 7.00%, Series A		15,225,160
	1,001,796	Bank of New York Mellon Corp. (The), 5.20%		25,595,888
	148,462	BGC Partners, Inc., 8.13%		3,773,904
	209,218	Brightsphere Investment Group PLC, 5.13%		4,835,028
	722,014	Carlyle Group LP (The), 5.88%, Series A		17,256,135
	1,221,312	Charles Schwab Corp. (The), 5.95%, Series D		31,656,407
	1,040,591	Charles Schwab Corp. (The), 6.00%, Series C		27,169,831
	3,880,168	Deutsche Bank Contingent Capital Trust V, 8.05% (Germany)		101,117,178
	1,997,996	Goldman Sachs Group, Inc. (The), 5.50%, Series J^(b)		52,207,636
	385,245	Goldman Sachs Group, Inc. (The), 6.20%, Series B^(b)		10,286,042
	989,125	Goldman Sachs Group, Inc. (The), 6.30%, Series N		26,459,094
	1,340,756	Goldman Sachs Group, Inc. (The), 6.38%, Series K		36,508,786

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


		83

Invesco Preferred ETF (PGX) (continued)

August 31, 2018


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Capital Markets (continued)
	270,453	KKR & Co., Inc., 6.50%, Series B	$	7,183,232
	588,291	KKR & Co., Inc., 6.75%, Series A		15,807,379
	759,447	Legg Mason, Inc., 5.45%		18,773,530
	598,498	Legg Mason, Inc., 6.38%^(b)		15,776,407
	1,847,427	Morgan Stanley, 5.85%, Series K		48,051,576
	1,900,292	Morgan Stanley, 6.38%, Series I		51,687,942
	1,307,251	Morgan Stanley, 6.63%, Series G^(b)		34,550,644
	949,973	Morgan Stanley, 6.88%, Series F		26,637,243
	1,309,489	Morgan Stanley, 7.13%, Series E^(b)		37,687,093
	686,227	Northern Trust Corp., 5.85%, Series C^(b)		18,445,782
	438,612	Oaktree Capital Group LLC, 6.55%, Series B		10,974,072
	324,732	Oaktree Capital Group LLC, 6.63%, Series A		8,215,720
	345,696	Prospect Capital Corp., 6.25%^(b)		8,742,652
	775,903	State Street Corp., 5.25%, Series C		19,459,647
	774,462	State Street Corp., 5.35%, Series G		20,252,181
	1,459,612	State Street Corp., 5.90%, Series D^(b)		39,438,716
	1,342,534	State Street Corp., 6.00%, Series E		34,946,160
	394,069	Stifel Financial Corp., 5.20%^(b)		9,761,089
	271,237	Stifel Financial Corp., 6.25%, Series A		7,003,339

				818,894,859

		Chemicals—0.1%
	75,444	E.I. du Pont de Nemours & Co., 4.50%, Series B^(b)		7,695,288

		Commercial Services & Supplies—0.3%
	762,291	Pitney Bowes, Inc., 6.70%^(b)		17,425,972

		Consumer Finance—3.1%
	1,076,661	Capital One Financial Corp., 5.20%, Series G^(b)		26,873,459
	1,469,539	Capital One Financial Corp., 6.00%, Series B		37,502,635
	859,140	Capital One Financial Corp., 6.00%, Series H		22,492,285
	903,536	Capital One Financial Corp., 6.20%, Series F		23,690,714
	796,833	Capital One Financial Corp., 6.25%, Series C		20,653,911
	820,091	Capital One Financial Corp., 6.70%, Series D		21,519,188
	546,863	Navient Corp., 6.00%		12,829,406

				165,561,598

		Diversified Telecommunication Services—5.1%
	2,347,395	AT&T, Inc., 5.35%^(b)		58,802,245
	1,323,876	AT&T, Inc., 5.63%		33,348,436
	1,804,702	Qwest Corp., 6.13%		40,732,124
	1,767,014	Qwest Corp., 6.50%		41,489,489
	631,690	Qwest Corp., 6.63%^(b)		15,577,475
	995,144	Qwest Corp., 6.75%		24,261,611
	778,363	Qwest Corp., 6.88%^(b)		19,373,455
	147,487	Qwest Corp., 7.00%		3,725,522
	321,463	Qwest Corp., 7.00%		8,203,414
	265,122	Qwest Corp., 7.00%^(b)		6,696,982
	20,504	Qwest Corp., 7.50%		520,186
	874,336	Verizon Communications, Inc., 5.90%		22,435,462

				275,166,401


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Electric Utilities—7.5%
	406,697	Alabama Power Co., 5.00%, Series A^(b)	$	10,606,658
	906,072	Duke Energy Corp., 5.13%		22,932,682
	497,485	Entergy Arkansas, Inc., 4.88%		12,218,232
	55,851	Entergy Arkansas, Inc., 4.90%		1,361,089
	452,619	Entergy Louisiana LLC, 4.88%		11,075,587
	452,503	Entergy Louisiana LLC, 5.25%		11,371,400
	457,636	Entergy Mississippi, Inc., 4.90%		11,331,067
	465,393	Entergy New Orleans LLC, 5.50%^(b)		12,323,607
	722,645	Entergy Texas, Inc., 5.63%		19,070,602
	506,310	Georgia Power Co., 5.00%, Series 2017		12,353,964
	332,879	Interstate Power & Light Co., 5.10%, Series D^(b)		8,335,290
	1,253,582	NextEra Energy Capital Holdings, Inc., 5.00%		31,201,656
	1,043,709	NextEra Energy Capital Holdings, Inc., 5.13%, Series I^(b)		26,113,599
	807,770	NextEra Energy Capital Holdings, Inc., 5.25%, Series K		20,081,162
	199,692	Pacific Gas & Electric Co., 6.00%, Series A^(b)		5,086,155
	759,913	PPL Capital Funding, Inc., 5.90%, Series B		19,271,394
	285,914	SCE Trust II, 5.10%^(b)		6,927,696
	314,325	SCE Trust III, 5.75%, Series H		8,383,048
	544,387	SCE Trust IV, 5.38%, Series J		13,930,863
	544,668	SCE Trust V, 5.45%, Series K		14,063,328
	1,036,159	SCE Trust VI, 5.00%		24,183,951
	1,357,385	Southern Co. (The), 5.25%		33,418,819
	857,777	Southern Co. (The), 5.25%		20,981,225
	1,764,598	Southern Co. (The), 6.25%^(b)		45,985,424

				402,608,498

		Equity REITs—10.3%
	253,060	American Homes 4 Rent, 5.88%, Series F		6,326,500
	168,942	American Homes 4 Rent, 5.88%, Series G		4,149,216
	203,750	Apartment Investment & Management Co., 6.88%, Series A		5,338,250
	199,033	Boston Properties, Inc., 5.25%, Series B^(b)		4,975,825
	95,831	CBL & Associates Properties, Inc., 6.63%, Series E		1,564,920
	710,406	CBL & Associates Properties, Inc., 7.38%, Series D^(b)		13,000,430
	316,547	DDR Corp., 6.25%, Series K		7,796,553
	216,610	DDR Corp., 6.38%, Series A		5,519,223
	359,748	DDR Corp., 6.50%, Series J		9,029,675
	423,286	Digital Realty Trust, Inc., 5.25%, Series J		10,446,698
	542,698	Digital Realty Trust, Inc., 5.88%, Series G^(b)		13,654,282
	409,902	Digital Realty Trust, Inc., 6.35%, Series I^(b)		10,661,551
	276,056	Digital Realty Trust, Inc., 6.63%, Series C^(b)		7,340,329
	504,723	Digital Realty Trust, Inc., 7.38%, Series H		13,097,562
	268,944	EPR Properties, 5.75%, Series G		6,527,271
	259,965	Federal Realty Investment Trust, 5.00%, Series C		6,358,744
	576,512	Government Properties Income Trust, 5.88%		14,585,754

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


		84

Invesco Preferred ETF (PGX) (continued)

August 31, 2018


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Equity REITs (continued)
	563,099	Kimco Realty Corp., 5.13%, Series L^(b)	$	12,993,509
	453,328	Kimco Realty Corp., 5.25%, Series M		10,589,742
	360,968	Kimco Realty Corp., 5.50%, Series J		8,829,277
	347,382	Kimco Realty Corp., 6.00%, Series I		8,726,236
	587,905	National Retail Properties, Inc., 5.20%, Series F		14,003,897
	587,118	National Retail Properties, Inc., 5.70%, Series E		14,672,079
	414,063	PS Business Parks, Inc., 5.20%, Series W^(b)		9,929,231
	355,383	PS Business Parks, Inc., 5.20%, Series Y		8,415,469
	574,447	PS Business Parks, Inc., 5.25%, Series X^(b)		13,798,217
	245,539	PS Business Parks, Inc., 5.70%, Series V		6,140,930
	977,327	Public Storage, 4.90%, Series E^(b)		23,905,418
	844,629	Public Storage, 4.95%, Series D		20,879,229
	779,841	Public Storage, 5.05%, Series G^(b)		19,457,033
	491,091	Public Storage, 5.13%, Series C		12,301,830
	475,222	Public Storage, 5.15%, Series F		11,923,320
	772,785	Public Storage, 5.20%, Series W		19,195,979
	965,941	Public Storage, 5.40%, Series B		24,805,365
	331,749	Public Storage, 5.88%, Series A^(b)		8,685,189
	466,804	Public Storage, 6.00%, Series Z		12,108,896
	261,868	Public Storage, 6.38%, Series Y		6,847,848
	50,546	QTS Realty Trust, Inc., 7.13%, Series A		1,306,109
	624,706	Senior Housing Properties Trust, 5.63%		15,317,791
	452,080	Senior Housing Properties Trust, 6.25%		11,695,310
	410,597	SL Green Realty Corp., 6.50%, Series I		10,531,813
	301,016	Spirit Realty Capital, Inc., 6.00%, Series A		7,209,333
	462,335	Ventas Realty LP/Ventas Capital Corp., 5.45%^(b)		11,613,855
	1,936,676	VEREIT, Inc., 6.70%, Series F		48,997,903
	448,684	Vornado Realty Trust, 5.25%, Series M		10,530,613
	360,405	Vornado Realty Trust, 5.40%, Series L^(b)		8,894,795
	615,253	Vornado Realty Trust, 5.70%, Series K^(b)		15,756,629
	178,231	Washington Prime Group, Inc., 6.88%, Series I		3,778,497

				554,214,125

		Insurance—13.0%
	2,229,887	Aegon NV, 6.38% (Netherlands)		57,575,682
	841,387	Allstate Corp. (The), 5.10%		21,817,165
	525,205	Allstate Corp. (The), 5.63%, Series A		13,345,459
	1,041,087	Allstate Corp. (The), 5.63%, Series G^(b)		27,224,425
	428,106	Allstate Corp. (The), 6.25%, Series F		11,276,312
	1,464,950	Allstate Corp. (The), 6.63%, Series E		37,868,957
	632,458	Allstate Corp. (The), 6.75%, Series C		16,026,486
	192,747	American Financial Group, Inc., 6.00%		4,915,049
	503,248	American Financial Group, Inc., 6.25%		13,064,318
	814,372	Arch Capital Group Ltd., 5.25%, Series E		19,585,647
	542,853	Arch Capital Group Ltd., 5.45%, Series F		13,457,326
	218,150	Argo Group US, Inc., 6.50%		5,501,743
	494,294	Aspen Insurance Holdings Ltd., 5.63% (Bermuda)		12,387,008
	407,159	Aspen Insurance Holdings Ltd., 5.95% (Bermuda)		10,500,631
	572,440	Assured Guaranty Municipal Holdings, Inc., 6.25%		14,694,535


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Insurance (continued)
	336,675	Axis Capital Holdings Ltd., 5.50%, Series D	$	8,416,875
	995,423	Axis Capital Holdings Ltd., 5.50%, Series E^(b)		24,875,621
	694,218	Enstar Group Ltd., 7.00%, Series D (Bermuda)		18,126,032
	308,479	Hanover Insurance Group, Inc. (The), 6.35%		7,860,045
	1,086,525	Hartford Financial Services Group, Inc. (The), 7.88%		30,879,041
	260,134	Kemper Corp., 7.38%		6,690,646
	1,423,690	MetLife, Inc., 5.63%, Series E		36,175,963
	676,563	PartnerRe Ltd., 5.88%, Series I (Bermuda)		17,015,559
	602,208	PartnerRe Ltd., 7.25%, Series H (Bermuda)		16,759,449
	972,238	Prudential Financial, Inc., 5.63%		24,403,174
	1,309,908	Prudential Financial, Inc., 5.70%		32,852,493
	938,083	Prudential Financial, Inc., 5.75%^(b)		23,611,549
	915,076	Prudential PLC, 6.50% (United Kingdom)		24,505,735
	717,160	Reinsurance Group of America, Inc., 5.75%		18,488,385
	716,714	Reinsurance Group of America, Inc., 6.20%		19,444,451
	705,574	RenaissanceRe Holdings Ltd., 5.38%, Series E (Bermuda)		17,413,566
	379,476	RenaissanceRe Holdings Ltd., 5.75%, Series F (Bermuda)		9,574,179
	321,586	Selective Insurance Group, Inc., 5.88%		8,081,456
	588,001	Torchmark Corp., 6.13%		15,152,786
	444,532	Validus Holdings Ltd., 5.80%, Series B		11,228,878
	258,035	Validus Holdings Ltd., 5.88%, Series A		6,517,964
	633,413	W.R. Berkley Corp., 5.63%		15,645,301
	579,705	W.R. Berkley Corp., 5.75%^(b)		14,359,293
	137,839	W.R. Berkley Corp., 5.90%		3,454,245
	316,838	WR Berkley Corp., 5.70%		7,924,118

				698,697,547

		Internet Software & Services—0.7%
	1,356,938	eBay, Inc., 6.00%		35,565,345

		Machinery—0.6%
	1,308,907	Stanley Black & Decker, Inc., 5.75%		33,350,950

		Mortgage REITs—0.3%
	626,371	Wells Fargo Real Estate Investment Corp., 6.38%, Series A		16,273,119

		Multi-Utilities—2.2%
	361,540	CMS Energy Corp., 5.63%^(b)		9,038,500
	1,436,194	Dominion Energy, Inc., 5.25%, Series A		35,086,219
	722,275	DTE Energy Co., 5.25%, Series E		17,775,188
	542,286	DTE Energy Co., 5.38%, Series B		13,269,738
	905,153	DTE Energy Co., 6.00%, Series F^(b)		23,479,669
	705,421	Integrys Holding, Inc., 6.00%		18,199,862

				116,849,176

		Oil, Gas & Consumable Fuels—1.9%
	287,243	DCP Midstream LP, 7.88%, Series B		7,399,380
	1,074,323	Enbridge, Inc., 6.38%, Series B (Canada)		27,534,898

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


		85

Invesco Preferred ETF (PGX) (continued)

August 31, 2018


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Oil, Gas & Consumable Fuels (continued)
	814,437	Energy Transfer Partners LP, 7.38%, Series C^(b)	$	20,841,443
	549,738	Energy Transfer Partners LP, 7.63%, Series D		14,430,623
	452,661	NuStar Energy LP, 7.63%, Series B^(b)		10,537,948
	408,061	NuStar Energy LP, 8.50%, Series A		9,793,464
	331,787	NuStar Energy LP, 9.00%, Series C		8,284,721
	215,438	Targa Resources Partners LP, 9.00%, Series A		5,851,296

				104,673,773

		Thrifts & Mortgage Finance—0.5%
	930,896	New York Community Bancorp, Inc., 6.38%, Series A		25,962,689

		Trading Companies & Distributors—0.1%
	271,773	GATX Corp., 5.63%		6,826,938

		Wireless Telecommunication Services—1.5%
	498,073	Telephone & Data Systems, Inc., 5.88%		12,272,519
	918,752	Telephone & Data Systems, Inc., 6.63%		23,198,488
	615,686	United States Cellular Corp., 6.95%		15,699,993
	497,647	United States Cellular Corp., 7.25%^(b)		12,565,587
	543,305	United States Cellular Corp., 7.25%^(b)		14,294,354

				78,030,941

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $5,386,421,479)—99.9%		5,372,026,980



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—1.6%
	84,114,534	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $84,114,534)		84,114,534

		Total Investments in Securities (Cost $5,470,536,013)—101.5%		5,456,141,514
		Other assets less liabilities—(1.5)%		(78,130,606	)

		Net Assets—100.0%	$	5,378,010,908

Investment Abbreviations:

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

USD—U.S.Dollar

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)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	Variable rate coupon. Stated interest rate was in effect at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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

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


		86

Schedule of Investments

Invesco Taxable Municipal Bond ETF (BAB)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds—97.6%
		Ad Valorem Property Tax—17.8%
$	3,000,000	Anchorage Alaska Ser. 10A-2		5.910	%		04/01/2030	$	3,135,900
	1,500,000	Bexar County Texas Ser. 10		5.755			06/15/2040		1,529,100
	14,890,000	California State Highway Safety Air Quality Remarketed Ser. 09B		6.509			04/01/2039		16,341,924
	8,505,000	California State Ser. 09		7.350			11/01/2039		12,084,329
	1,010,000	Carson City Nevada (Water Improvement) Ser. 10A		6.662			11/01/2039		1,066,439
	2,000,000	Channelview Texas Independent School District Ser. 10 PSF-GTD		5.926			08/15/2035		2,078,780
	2,000,000	Chicago Illinois (Recovery Zone Economic Development) Ser. 10D		6.257			01/01/2040		2,024,380
	2,000,000	Chicago Illinois (Taxable Project) Ser. 10B		7.517			01/01/2040		2,282,880
	6,205,000	Chicago Illinois Ser. 10C		6.207			01/01/2036		6,342,503
	1,500,000	Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A		6.554			07/01/2030		1,820,895
	1,620,000	Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A		6.754			07/01/2038		2,173,505
	4,560,000	Clark County Nevada Ser. 10		7.000			07/01/2038		4,892,014
	4,955,000	Commonwealth of Pennsylvania First Ser. 10B		4.650			02/15/2026		5,214,295
	1,600,000	Cook County Illinois Community Consolidated (School District No. 65) Ser. 09		4.400			12/01/2020		1,601,664
	700,000	Corpus Christi Texas Independent School District (School Building) Ser. 10B PSF-GTD		6.124			08/15/2032		740,187
	5,170,000	Dallas Texas Independent School District Ser. 10C PSF-GTD		6.450			02/15/2035		5,573,312
	200,000	Delaware State Ser. 09D		5.200			10/01/2026		204,236
	500,000	Denver Colorado City & County School District No. 1 Ser. 09C		5.664			12/01/2033		599,870
	1,000,000	Douglas County Nevada School District Ser. 10A PSF-GTD		6.110			04/01/2030		1,041,450
	605,000	Hallettsville Texas Independent School Ser. 10 PSF-GTD		6.265			08/15/2030		637,658
	1,000,000	Hallettsville Texas Independent School Ser. 10 PSF-GTD		6.465			08/15/2035		1,042,140
	1,000,000	Hawaii State Ser. 10DX		5.530			02/01/2030		1,170,260
	2,000,000	Hayward California Unified School District Ser. 10 AGM		7.350			08/01/2043		2,142,720
	1,000,000	Hillsborough County Florida Ser. 09B		6.350			07/01/2039		1,026,500
	200,000	Itasca Illinois Ser. 09A		6.100			02/01/2034		207,786
	320,000	Itasca Illinois Ser. 09A		6.200			02/01/2039		333,072
	2,000,000	Kiski Pennsylvania Area School District Ser. 10 AGM		6.526			09/01/2031		2,144,340
	1,000,000	Lancaster Texas Ser. 10		6.528			02/15/2040		1,044,140
	1,000,000	Las Vegas Valley Nevada Water District Ser. 09A		7.100			06/01/2039		1,032,260
	500,000	Los Angeles California Unified School District Qualified School Construction Bonds (Election of 2005) Ser. 10J-1		5.981			05/01/2027		586,570
	200,000	Louisville & Jefferson County Kentucky Metro Government (Recovery Zone Economic Development) Ser. 09E		5.450			11/15/2027		230,130
	4,300,000	Massachusetts State Ser. 10		4.480			05/01/2024		4,576,920
	7,765,000	Massachusetts State Ser. 10		4.910			05/01/2029		8,621,868
	1,595,000	Massachusetts State Ser. 10E		4.200			12/01/2021		1,640,697
	1,500,000	Massachusetts State Ser. 16F		3.277			06/01/2046		1,376,640
	3,000,000	Mississippi State Ser. 09D		5.539			10/01/2029		3,424,470
	1,000,000	Montgomery County Pennsylvania Ser. 10		6.030			09/01/2039		1,050,580
	3,000,000	Napa Valley California University School District Ser. 10B		6.507			08/01/2043		4,090,350
	4,835,000	New Britain Connecticut Ref. Ser. 18 BAM		4.350			03/01/2039		4,913,134
	1,000,000	New Orleans Louisiana Ser. 10A		8.800			12/01/2039		1,070,470
	1,500,000	New York City New York Ser. 09		5.985			12/01/2036		1,876,080
	1,000,000	New York City New York Ser. 09D-1		6.385			12/01/2029		1,038,000
	1,000,000	New York City New York Ser. 10		5.646			06/01/2027		1,134,600
	2,710,000	New York City New York Ser. 10		5.817			10/01/2031		2,855,961
	3,920,000	New York City New York Ser. 10		6.246			06/01/2035		4,119,998
	8,495,000	New York City New York Ser. 10		5.968			03/01/2036		10,597,597
	1,965,000	New York City New York Taxable Ser. 10F-1		6.271			12/01/2037		2,535,950
	960,000	North Las Vegas Nevada Ser. 10		5.372			06/01/2019		970,973
	1,000,000	NYE County Nevada Ser. 10B AGM		6.300			08/01/2035		1,040,930
	1,000,000	NYE County Nevada Ser. 10B AGM		6.400			08/01/2040		1,040,890
	1,450,000	Peoria Illinois Community Unit (School District No. 323) Ser. 10		6.020			04/01/2028		1,506,941
	1,000,000	Philadelphia Pennsylvania School District Ser. 10		6.615			06/01/2030		1,168,950
	1,000,000	Quaker Valley Pennsylvania School District Ser. 10 AGM		5.959			10/01/2030		1,063,080
	2,000,000	Round Rock Texas Independent School District Ser. 10 PSF-GTD		5.774			08/01/2030		2,105,680
	1,000,000	Round Rock Texas Independent School District Ser. 10B		6.054			08/01/2035		1,029,100
	2,000,000	San Antonio Texas Independent School District Ser. 10 PSF-GTD		6.397			08/15/2040		2,133,860

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


		87

Invesco Taxable Municipal Bond ETF (BAB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Ad Valorem Property Tax (continued)
$	1,500,000	San Francisco California City & County Ser. 10		6.260	%		06/15/2030	$	1,871,865
	3,850,000	San Francisco California City & County Ser. 10D		6.260			06/15/2030		4,804,453
	1,000,000	San Mateo California Union High School District Ser. 10B		6.733			09/01/2034		1,070,420
	1,000,000	Snohomish County Washington Public Hospital District No. 3 (Cascade Valley Hospital) Ser. 10B		6.329			12/01/2035		1,008,210
	200,000	Southwestern Community College District California Ser. 09B		7.130			08/01/2031		207,784
	2,175,000	Utah State Ser. 09D		4.154			07/01/2019		2,202,275
	725,000	Utah State Ser. 09D		4.554			07/01/2024		761,163
	5,000,000	Utah State Ser. 10B		3.369			07/01/2021		5,057,800
	675,000	Wilson County Tennessee Tenth Special School District Ser. 10		6.130			04/01/2035		696,769

									167,009,697

		College & University Revenue—9.3%
	1,000,000	California Infrastructure & Economic Development Bank (California Infrastructure Economic Development) Rev. Ser. 10		6.486			05/15/2049		1,326,260
	900,000	California State University Rev. Ser. 10		6.484			11/01/2041		1,207,053
	1,000,000	Colorado State Board Governors University Enterprise System Rev. Ser. 10		5.957			03/01/2033		1,194,680
	2,000,000	Indiana University Rev. Ser. 10		5.536			06/01/2030		2,064,560
	1,500,000	Indiana University Rev. Ser. 10		5.636			06/01/2035		1,543,980
	5,000,000	Massachusetts State College Building Auth. Ser. 09C		5.832			05/01/2030		5,816,950
	1,215,000	Mesa State College Colorado (Auxiliary Facilities Enterprise) Rev. Ser. 09B		5.800			05/15/2040		1,480,575
	3,000,000	New Jersey State Educational Facilities Auth. Rev. Ser. 10		6.190			07/01/2040		3,125,820
	425,000	New Mexico State University Regents Improvement Rev. Ser. 10B^(a)		6.124			04/01/2020		445,957
	575,000	New Mexico State University Regents Improvement Rev. Ser. 10B		6.124			04/01/2030		603,468
	5,000,000	New York State Dormitory Auth. Non-State Supported Debt (New York University) Rev. Ser. 18B		4.850			07/01/2048		5,341,250
	1,000,000	North Carolina State University at Raleigh Rev. Ser. 10B		5.927			10/01/2030		1,060,780
	3,000,000	Northern Arizona University (Arizona Board of Regents) Rev. Ser. 10A		6.593			08/01/2030		3,179,070
	500,000	Northern Arizona University Rev. Ser. 09A		6.687			06/01/2039		529,890
	1,000,000	Pennsylvania State Higher Educational Facilities Auth. (Temple University) Rev. Ser. 10		6.141			04/01/2030		1,166,600
	905,000	Rutgers The State University of New Jersey Ser. 10		5.545			05/01/2029		1,014,252
	2,000,000	Texas State A&M University Fund Ref. Ser. 17B		3.660			07/01/2047		1,918,440
	1,500,000	University of California Rev. Ref. Ser. 16AS		3.552			05/15/2039		1,432,110
	10,745,000	University of California Rev. Ser. 10		5.946			05/15/2045		13,495,612
	5,770,000	University of Delaware Ser. 18		4.071			11/01/2050		5,867,859
	3,000,000	University of Hawaii Rev. Ser. 10		5.834			10/01/2030		3,173,640
	5,000,000	University of Hawaii Rev. Ser. 10		6.034			10/01/2040		5,297,850
	1,500,000	University of Massachusetts Building Auth. Project Rev. Ser. 10		4.550			11/01/2025		1,599,510
	250,000	University of Michigan University Rev. Ser. 10A		5.513			04/01/2030		286,727
	500,000	University of North Carolina University Ser. 09B		5.757			12/01/2039		518,180
	10,000,000	University of Texas Permanent Fund (Permanent University Fund Boards) Ser. 17A		3.376			07/01/2047		9,291,600
	500,000	University of Texas Ser. 09B		6.276			08/15/2041		515,125
	10,000,000	University of Texas System Ser. 10C		4.644			08/15/2030		10,848,200
	1,435,000	Washington State Biomedical Research Facilities No. 3 Ser. 10B		6.416			07/01/2030		1,722,316
	250,000	Wayne State University Ser. 09B		6.536			11/15/2039		259,510
								��
									87,327,824

		Electric Power Revenue—12.6%
	7,665,000	American Municipal Power Ohio Inc. (Combined Hydroelectric Projects) Rev. Ser. 10		8.084			02/15/2050		12,353,067
	2,090,000	American Municipal Power Ohio Inc. (Meldahl Hydroelectric-Remarketed) Rev. Ser. 10E		6.270			02/15/2050		2,638,249
	8,005,000	American Municipal Power Ohio Inc. Rev. Ser. 09		6.053			02/15/2043		10,202,613
	3,395,000	American Municipal Power Ohio Inc. Rev. Ser. 10		7.499			02/15/2050		4,907,269
	750,000	Benton County Washington Public Utility District No. 1 Electric Rev. Ser. 10		6.546			11/01/2030		918,322
	6,500,000	Cowlitz County Washington Public Utility District No. 1 Electric Ser. 10		6.884			09/01/2032		8,245,835
	2,000,000	Douglas County Washington Public Utility District No. 1 Wells Hydroelectric Ser. 10B		5.245			09/01/2030		2,179,620
	2,500,000	Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L		5.730			01/01/2030		2,889,400
	2,750,000	Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L		5.830			01/01/2040		3,335,530
	500,000	JEA Florida Electric Systems Rev. Ser. 09F		6.406			10/01/2034		613,760
	8,000,000	Los Angeles California Department of Water & Power Rev. Ser. 10		6.166			07/01/2040		8,411,600
	1,500,000	Los Angeles California Department of Water & Power Rev. Ser. 10		7.000			07/01/2041		1,647,435
	500,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A		6.790			01/01/2029		506,860

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


		88

Invesco Taxable Municipal Bond ETF (BAB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Electric Power Revenue (continued)
$	10,000,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A		6.890	%		01/01/2042	$	12,755,000
	1,000,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 10		7.597			01/01/2032		1,244,870
	9,906,000	Municipal Electric Auth. of Georgia (Plant Vogtle Units 3&4 Project P) Ser. 10		7.055			04/01/2057		11,869,765
	6,678,000	Municipal Electric Auth. of Georgia Ser. 10		6.655			04/01/2057		8,027,757
	1,000,000	Northern California Power Agency (Lodi Energy Center) Rev. Ser. 10B		7.311			06/01/2040		1,319,020
	250,000	Northern Illinois Municipal Power Agency Power Project Rev. Ser. 10		7.620			01/01/2030		301,300
	9,050,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 10C		6.454			01/01/2050		12,028,807
	2,000,000	Southern California Public Power Auth. Rev. Ser. 10		5.921			07/01/2035		2,437,320
	2,570,000	Tacoma Washington Electric System Rev. Ser. 10 AGM		5.791			01/01/2032		3,027,589
	5,795,000	Virgin Islands Water & Power Auth. (Electric System) Rev. Ser. 10C AGM		6.850			07/01/2035		5,946,076

									117,807,064

		Fuel Sales Tax Revenue—3.6%
	595,000	Idaho Housing & Financing Association Ser. 10A-2		6.348			07/15/2028		696,793
	2,250,000	Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 09		4.963			05/01/2023		2,416,792
	6,000,000	Missouri State Highways & Transportation Commission (Taxable Third Lien State Road) Ser. 09C		5.063			05/01/2024		6,504,540
	2,000,000	Texas State Transportation Commission (First Tier) Rev. Ser. 10B		5.028			04/01/2026		2,171,040
	11,715,000	Texas State Transportation Commission (First Tier) Rev. Ser. 10B		5.178			04/01/2030		13,290,199
	2,000,000	Washington State Ser. 10		5.090			08/01/2033		2,284,580
	1,400,000	Washoe County Nevada Highway Rev. Ser. 10		7.063			02/01/2030		1,477,322
	5,000,000	Washoe County Nevada Highway Rev. Ser. 10		7.213			02/01/2039		5,260,600

									34,101,866

		General Fund—13.1%
	5,400,000	California State Ref. Ser. 18		4.600			04/01/2038		5,692,788
	17,590,000	California State Ser. 09		7.500			04/01/2034		24,767,951
	22,850,000	California State Ser. 10		7.950			03/01/2036		24,502,741
	10,955,000	California State Ser. 10		7.600			11/01/2040		16,595,620
	10,860,000	California State Various Purpose Ser. 09		7.550			04/01/2039		16,145,236
	9,300,000	Illinois State Ser. 10		6.900			03/01/2035		10,017,960
	5,000,000	Illinois State Ser. 10-1		5.363			02/01/2019		5,036,550
	14,795,000	Illinois State Ser. 10-1		5.563			02/01/2021		15,251,426
	2,500,000	Illinois State Ser. 10-2		5.650			03/01/2020		2,562,425
	2,000,000	Kauai County Hawaii Ser. 10		5.763			08/01/2033		2,386,120

									122,958,817

		Government Fund/Grant Revenue—0.9%
	8,700,000	Chicago Board of Education Ser. 09E		6.138			12/01/2039		8,473,626

		Health, Hospital, Nursing Home Revenue—1.4%
	2,000,000	California Statewide Communities Development Auth. (Marin General Hospital Project) Rev. Ser. 18B		4.821			08/01/2045		2,055,400
	1,000,000	Cuyahoga County Ohio Hospital Rev. Ser. 10		8.223			02/15/2040		1,235,940
	2,000,000	King County Washington Public Hospital District No. 1 Hospital Facilities Rev. Ser. 10		7.900			06/15/2030		2,138,400
	2,500,000	Lee Memorial Health System Florida Hospital Rev. Ser. 10A		7.281			04/01/2027		2,953,275
	1,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16B		4.053			07/01/2026		1,030,560
	1,000,000	Oak Valley California Hospital District (Health Facilities) Rev. Ser. 10B		9.000			11/01/2039		1,010,610
	1,000,000	Ohio State Hospital Facilities (Cleveland Clinic Health System) Rev. Ref. Ser. 17B		3.700			01/01/2043		978,660
	1,500,000	Tangipahoa Parish Louisiana Hospital Service District No. 1 (North Oaks Health System) Ser. 09A AGC		7.200			02/01/2042		1,557,075
	500,000	University California Regents Medical Center Pooled Rev. Ser. 09F		6.458			05/15/2029		591,915

									13,551,835

		Highway Tolls Revenue—4.1%
	3,025,000	Bay Area California Auth. Toll Bridge (San Francisco Bay Area) Rev. Ser. 10S3		6.907			10/01/2050		4,458,366
	3,605,000	Bay Area California Auth. Toll Bridge (Sub.-Lien) Rev. Ser. 10S1		7.043			04/01/2050		5,327,072
	200,000	Illinois State Toll Highway Auth. Toll Highway Rev. Ser. 09A		5.293			01/01/2024		201,730
	1,200,000	Maryland State Transportation Auth. (Transportation Facilities Projects) Rev. Ser. 10B		5.604			07/01/2030		1,384,260
	250,000	New Hampshire State Turnpike System Rev. Ser. 09B		6.259			11/01/2029		259,508
	250,000	New Hampshire State Turnpike System Rev. Ser. 09B		6.009			11/01/2039		305,928
	4,215,000	New Jersey State Turnpike Auth. Rev. Ser. 09F		7.414			01/01/2040		6,118,873

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


		89

Invesco Taxable Municipal Bond ETF (BAB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Highway Tolls Revenue (continued)
$	2,280,000	New York Triborough Bridge & Tunnel Auth. Rev. Ser. 10		5.450	%		11/15/2032	$	2,678,270
	5,000,000	North Texas Tollway Auth. (Sub.-Lien) Rev. Ser. 10B-2		8.410			02/01/2030		6,492,950
	1,443,000	Pennsylvania State Turnpike Commission Rev. Ser. 09		6.105			12/01/2039		1,844,919
	5,000,000	Triborough Bridge & Tunnel Auth. Ser. 09B		5.420			11/15/2036		5,940,800
	2,715,000	Triborough Bridge & Tunnel Auth. Ser. 09B		5.500			11/15/2039		3,264,299

									38,276,975

		Hotel Occupancy Tax—0.4%
	2,780,000	Dallas Texas Convention Center Hotel Development Corp. Ser. 09		7.088			01/01/2042		3,665,319

		Income Tax Revenue—2.8%
	4,500,000	District of Columbia Income Tax Secured Rev. Ser. 10		4.909			12/01/2023		4,861,125
	3,785,000	New York City Transitional Finance Auth. (Building Aid) Rev. Sub.-Ser. 10S-1B		6.828			07/15/2040		5,035,867
	6,475,000	New York City Transitional Finance Auth. (Future Tax Secured) Rev. Ser. 10		5.932			11/01/2036		6,875,932
	200,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 09F		5.292			03/15/2025		221,430
	2,760,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10		5.500			03/15/2030		3,139,500
	1,800,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10		5.389			03/15/2040		2,150,190
	1,400,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10C		4.904			02/15/2023		1,507,744
	2,000,000	New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 10C		5.838			03/15/2040		2,413,360

									26,205,148

		Lease Revenue—3.6%
	300,000	Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C		6.674			06/01/2030		316,218
	1,000,000	Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C		6.774			06/01/2040		1,056,920
	2,000,000	Brighton Colorado COP Ser. 10B AGM		6.550			12/01/2030		2,127,240
	800,000	California State Public Works Board Lease (California State University Projects) Rev. Ser. 10B-2		7.804			03/01/2035		1,101,264
	1,000,000	Columbus Indiana Multi-High School Building Corp. Ser. 10		6.446			01/15/2030		1,047,710
	1,000,000	Franklin County Ohio Convention Facilities Auth. Ser. 10		6.390			12/01/2030		1,212,920
	1,070,000	Franklin County Ohio Convention Facilities Auth. Ser. 10		6.540			12/01/2036		1,391,289
	500,000	Los Angeles California Municipal Improvement Corp. Lease (Recovery Zone Economic Development) Rev. Ser. 09D		7.757			09/01/2039		523,120
	2,000,000	Miami-Dade County Florida School Board COP Ser. 10		6.935			06/15/2032		2,108,480
	1,000,000	New Jersey State Educational Facilities Auth. Rev. Ser. 10B		7.225			07/01/2030		1,036,250
	2,000,000	New York City Educational Construction Fund Rev. Ser. 10		6.000			04/01/2035		2,291,100
	1,000,000	Passaic County New Jersey Ser. 10		6.540			08/01/2031		1,061,030
	500,000	Peoria Illinois Public Building Commission (School District Facilities) Rev. Ser. 09C AGC		6.580			12/01/2029		520,980
	4,000,000	Port of Morrow Oregon Transmission Facilities (Bonneville Corporation Project No. 4) Rev. Ser. 16		2.987			09/01/2036		3,543,560
	3,000,000	Regional Transportation District Colorado COP Ser. 10		7.672			06/01/2040		4,192,680
	500,000	Salt Lake County Utah Municipal Building Auth. (Lease) Rev. Ser. 09B		5.820			12/01/2029		587,755
	2,000,000	San Diego California Public Facilities Financing Auth. Lease Rev. Ref. Ser. 18A		4.232			10/15/2038		2,023,360
	3,000,000	San Francisco California City & County COP Ser. 09D		6.487			11/01/2041		3,890,970
	1,000,000	St. Charles Missouri COP Ser. 10B		5.650			02/01/2030		1,037,900
	2,250,000	Williamsburg County South Carolina Public Facilities Corp. (Installment Purchase) Rev. Ser. 10		6.526			12/01/2030		2,399,017

									33,469,763

		Local or GTD Housing—0.1%
	1,000,000	Phoenix Arizona Industrial Development Auth. Student Housing (Downtown Phoenix Student Housing LLC-Arizona State University Project) Rev. Ref. Ser. 18A		5.000			07/01/2042		1,097,550

		Miscellaneous Revenue—5.4%
	500,000	Battery Park City Auth. Rev. Ser. 09A		6.375			11/01/2039		518,900
	500,000	Camden County New Jersey Improvement Auth. Rev. Ser. 09A		6.180			01/15/2027		567,460
	2,000,000	Commonwealth Financing Auth. Pennsylvania Rev. Ser. 10		5.587			06/01/2030		2,270,940
	7,775,000	Florida State Board of Administration Financing Corporation Rev. Ser. 16A		2.638			07/01/2021		7,689,164
	1,000,000	Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10		5.854			01/15/2030		1,152,890
	3,500,000	Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10B-2		5.966			01/15/2030		4,058,880
	500,000	Kansas State Development Finance Auth. (Kansas State Projects) Rev. Ser. 10E-2		6.120			11/01/2029		529,665
	2,000,000	Kansas State Development Finance Auth. Rev. Ser. 10		5.945			03/01/2030		2,077,180
	7,000,000	Miami-Dade County Florida Special Obligation Ser. 10B		6.743			04/01/2040		7,373,730
	1,000,000	Mississippi State Ser. 10		5.245			11/01/2034		1,163,840

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


		90

Invesco Taxable Municipal Bond ETF (BAB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Miscellaneous Revenue (continued)
$	3,000,000	New Jersey Economic Development Auth. Rev. Ser. 10CC-1		6.425	%		12/15/2035	$	3,096,480
	1,000,000	Port St. Lucie Florida Stormwater Utility Rev. Ser. 10A AGC		7.376			05/01/2039		1,074,260
	2,000,000	St. Cloud Florida Capital Improvement Rev. Ser. 10B AGM		5.849			09/01/2030		2,083,520
	9,680,000	Texas State Ser. 09		5.517			04/01/2039		12,087,513
	2,000,000	Tulare County California Pension Obligation Bonds Ser. 18		4.445			06/01/2037		2,018,240
	3,000,000	Wisconsin State General Fund Annual Appropriation Rev. Ref. Ser. 17A		3.954			05/01/2036		3,038,160

									50,800,822

		Miscellaneous Taxes—0.2%
	2,000,000	Oregon State (Taxable-Pension) Ser. 03		5.892			06/01/2027		2,324,900

		Multiple Utility Revenue—0.1%
	810,000	Colorado Springs Colorado Utilities (Direct Pay) Rev. Ser. 10B2		5.738			11/15/2050		851,213

		Nuclear Revenue—0.3%
	2,500,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 16D		2.388			12/01/2023		2,343,825

		Port, Airport & Marina Revenue—3.9%
	3,190,000	Chicago Illinois O’Hare International Airport Ser. 10		6.845			01/01/2038		3,330,583
	5,750,000	Chicago Illinois O’Hare International Airport Ser. 10		6.395			01/01/2040		7,572,807
	1,250,000	Hawaii State Airports System Customer Facilities Charge Rev. Ser. 17A		3.894			07/01/2037		1,244,575
	250,000	Long Beach California Senior Airport Rev. Ser. 09C		7.765			06/01/2039		260,305
	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.023			07/01/2024		1,917,400
	2,750,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.123			01/01/2025		2,628,533
	2,500,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.223			07/01/2025		2,397,350
	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.273			01/01/2026		1,912,380
	1,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.323			07/01/2026		956,940
	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.423			07/01/2027		1,910,740
	3,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.473			07/01/2028		2,858,220
	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.573			07/01/2029		1,904,860
	1,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B		3.673			07/01/2030		952,260
	500,000	Port of Seattle Washington Rev. (Intermediate Lien) Ref. Ser. 17B		3.755			05/01/2036		488,980
	5,000,000	South Jersey Port Corp. New Jersey (Marine Terminal) Rev. Ser. 09-P-3		7.365			01/01/2040		6,145,200

									36,481,133

		Sales Tax Revenue—2.2%
	1,855,000	Central Puget Sound Washington Regional Transportation Auth. Sales & Use Ser. 09		5.491			11/01/2039		2,295,118
	1,000,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16B		3.818			08/01/2032		999,870
	2,000,000	Massachusetts State Bay Transportation Auth. Sales Tax Rev. Ser. 10		5.869			07/01/2040		2,470,480
	450,000	Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ser. 09B		5.715			08/15/2039		549,306
	2,500,000	Miami-Dade County Florida Transit Sales Surtax Rev. Ser. 10B		5.534			07/01/2032		2,770,175
	1,000,000	Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 10		5.020			05/01/2025		1,089,570
	1,955,000	New York City Transitional Finance Auth. Rev. Ser. 10		4.867			08/01/2024		2,115,564
	1,000,000	Salt Lake County Utah Transportation Tax (Salt Lake County) Rev. Ser. 10		3.358			08/15/2019		1,005,110
	1,025,000	Santa Clara Valley California Transportation Auth. Sales Tax Rev. Ser. 10		5.876			04/01/2032		1,200,982
	1,815,000	Utah Transit Auth. Sales Tax Rev. Ser. 09B		5.937			06/15/2039		2,280,511
	3,000,000	Washoe County Nevada Sales Tax Rev. Ser. 10		7.451			02/01/2040		3,947,190

									20,723,876

		Sewer Revenue—1.1%
	3,000,000	East Bay California Municipal Utility District Wastewater System Rev. Ser. 10		5.026			06/01/2032		3,397,650
	1,030,000	Jurupa California Community Services District COP Ser. 10B		6.347			09/01/2025		1,178,886

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


		91

Invesco Taxable Municipal Bond ETF (BAB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Sewer Revenue (continued)
$	1,070,000	Jurupa California Community Services District COP Ser. 10B		6.497	%		09/01/2026	$	1,246,283
	1,125,000	Jurupa California Community Services District COP Ser. 10B		6.597			09/01/2027		1,327,455
	1,170,000	Jurupa California Community Services District COP Ser. 10B		6.697			09/01/2028		1,407,955
	500,000	Knoxville Tennessee Waste Water System Rev. Ser. 10		6.300			04/01/2045		527,205
	200,000	Memphis Tennessee Sanitary Sewage System Rev. Ser. 09B AGC		6.300			10/01/2029		207,630
	1,100,000	Riverside California Sewer Rev. Ser. 09		7.000			08/01/2029		1,139,952
	200,000	Sarasota Florida Water & Sewer System Rev. Ser. 10B		5.425			10/01/2030		210,316

									10,643,332

		Tax Increment Revenue—0.4%
	2,000,000	San Jose California Redevelopment Agency Successor Tax Allocation (Senior) Ref. Ser. 17A-T		3.076			08/01/2025		1,971,700
	1,000,000	Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B^(a)		7.930			08/01/2020		1,092,410
	1,000,000	Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B^(a)		8.180			08/01/2020		1,097,010

									4,161,120

		Transit Revenue—4.5%
	2,500,000	Metropolitan Transportation Auth. New York Dedicated Tax Fund (Metro Transit Auth.) Ser. 10A-2		6.089			11/15/2040		3,182,925
	335,000	Metropolitan Transportation Auth. New York Rev. Ser. 09		5.871			11/15/2039		408,650
	1,800,000	Metropolitan Transportation Auth. New York Rev. Ser. 10		6.648			11/15/2039		2,348,244
	7,250,000	Metropolitan Transportation Auth. New York Rev. Ser. 10A		6.668			11/15/2039		9,637,860
	3,745,000	Metropolitan Transportation Auth. New York Rev. Ser. 10C-1		6.687			11/15/2040		4,994,070
	6,525,000	Metropolitan Transportation Auth. New York Rev. Ser. 10E		6.814			11/15/2040		8,732,212
	7,455,000	New Jersey State Transportation Trust Fund Auth. Ser. 10B		6.561			12/15/2040		9,219,598
	1,990,000	New Jersey State Transportation Trust Fund Auth. Ser. 10C		5.754			12/15/2028		2,221,218
	1,125,000	New Jersey State Transportation Trust Fund Auth. Ser. 10C		6.104			12/15/2028		1,178,527

									41,923,304

		Water Revenue—9.8%
	1,500,000	Beaumont Texas Waterworks & Sewer System Ser. 10B		6.007			09/01/2030		1,578,360
	200,000	Davie Florida Water & Sewer Rev. Ser. 10B AGM		6.599			10/01/2030		214,172
	3,000,000	East Bay California Municipal Utility District Water System Rev. Ser. 10		5.874			06/01/2040		3,822,630
	2,000,000	Fresno California Water System Rev. Ser. 10A-2		6.500			06/01/2030		2,385,320
	1,250,000	JEA Florida Water & Sewer System Rev. Ser. 10A		6.210			10/01/2033		1,508,887
	2,000,000	Jurupa California Community Services District COP (Water Bonds) Ser. 10B		7.192			09/01/2040		2,734,020
	1,715,000	Los Angeles California Department of Water & Power Rev. Ser. 10		6.603			07/01/2050		2,474,831
	500,000	Los Angeles California Department of Water & Power Water System Rev. Ser. 09C		5.381			07/01/2024		554,395
	2,270,000	Los Angeles California Department of Water & Power Water System Rev. Ser. 09C		6.008			07/01/2039		2,766,018
	1,125,000	Massachusetts State Water Pollution Abatement Trust Ser. 10		5.192			08/01/2040		1,240,481
	1,000,000	Metropolitan Water District of Southern California Ser. 10		6.947			07/01/2040		1,068,640
	7,425,000	New York City Municipal Finance Auth. Water & Sewer System Rev. Ser. 10EE		6.491			06/15/2042		7,851,789
	2,925,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10		5.790			06/15/2041		3,054,753
	4,460,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10		5.724			06/15/2042		5,666,341
	6,100,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10		6.124			06/15/2042		6,399,266
	10,230,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10		5.440			06/15/2043		12,558,962
	1,000,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10DD		6.452			06/15/2041		1,057,310
	1,000,000	New York State Environmental Facilities Corp. (State Clean Water & Drinking Water) Ser. 10		5.707			06/15/2030		1,188,060
	500,000	Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B		7.570			12/15/2029		634,465
	500,000	Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B		7.820			12/15/2039		718,495
	500,000	Riverside California Water Rev. Ser. 09B		6.349			10/01/2039		651,445
	2,245,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10		6.000			11/01/2040		2,806,677
	3,000,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE		5.700			11/01/2027		3,480,690
	2,480,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE		6.000			11/01/2040		3,109,275
	4,600,000	San Francisco City & County Public Utilities Commission Ser. 10		6.950			11/01/2050		6,622,022
	3,000,000	Santa Clara Valley California Water District Ref. Ser. 16B		4.354			06/01/2046		3,151,170
	2,000,000	Seminole County Florida Water & Sewer Rev. Ser. 10B		6.443			10/01/2040		2,135,860
	2,000,000	South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10		6.243			08/01/2030		2,358,060
	1,645,000	South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10		6.393			08/01/2040		2,056,711

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


		92

Invesco Taxable Municipal Bond ETF (BAB) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Water Revenue (continued)
$	1,500,000	Sunrise Florida Utility System Rev. Ser. 10B		5.813	%		10/01/2030	$	1,582,785
	1,000,000	Tacoma Washington Water System Rev. Ser. 10B		5.371			12/01/2030		1,139,330
	1,275,000	Tucson Arizona Water Rev. Ser. 10		5.789			07/01/2026		1,439,819
	1,250,000	Upper Eagle Regional Water Auth. Colorado Rev. Ser. 10		6.518			12/01/2039		1,318,087
	500,000	Western Nassau County Water Auth. Water System Rev. Ser. 10		6.701			04/01/2040		619,420

									91,948,546

		Total Municipal Bonds (Cost $874,121,049)							916,147,555



		Corporate Bonds—0.8%
		Commercial Services—0.2%
	2,000,000	Trustees of Dartmouth College		3.474			06/01/2046		1,897,551

		Healthcare-Services—0.6%
	3,000,000	Baylor Scott & White Holdings		3.967			11/15/2046		2,935,287
	2,000,000	Mayo Clinic, Series 2016		4.128			11/15/2052		2,033,994
	1,325,000	Montefiore Medical Center		2.895			04/20/2032		1,255,855

									6,225,136

		Total Corporate Bonds (Cost $8,324,900)							8,122,687

Number of Shares
		Money Market Fund—0.2%
	1,761,575	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $1,761,575)							1,761,575

		Total Investments in Securities (Cost $884,207,524)^(c)—98.6%							926,031,817
		Other assets less liabilities—1.4%							12,839,181

		Net Assets—100.0%						$	938,870,998

Investment Abbreviations:

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

Auth.—Authority

BAM—Build America Mutual

COP—Certificate of Participation

GTD—Grant To Date

PSF—GTD—Permanent School Fund Guaranteed

Ref.—Refunding

Rev.—Revenue

Ser.—Series

Sub.—Subordinated

Notes to Schedule of Investments:

^(a)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(c)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

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


		93

Schedule of Investments

Invesco Treasury Collateral ETF (CLTL)

August 31, 2018


Principal Amount				Value
			Short-Term Investments—99.8%
			U.S. Treasury Securities—99.8%
			U.S. Treasury Bills—56.9%^(a)
$	34,000		1.872%, 10/04/2018	$	33,945
	8,000,000		1.881%, 10/04/2018		7,987,135
	16,000		1.882%, 10/04/2018		15,974
	7,000,000		1.913%, 10/04/2018		6,988,743
	3,500,000		1.384%, 10/11/2018		3,492,949
	8,000		1.466%, 10/11/2018		7,984
	72,000		1.792%, 10/11/2018		71,855
	8,000		1.802%, 10/11/2018		7,984
	24,000		1.893%, 10/11/2018		23,952
	7,800,000		1.899%, 10/11/2018		7,784,287
	42,000		1.908%, 10/11/2018		41,915
	16,000		1.910%, 10/11/2018		15,968
	7,000,000		1.926%, 10/11/2018		6,985,899
	16,000		1.905%, 10/18/2018		15,961
	8,600,000		1.916%, 10/18/2018		8,579,214
	35,000		1.930%, 10/18/2018		34,915
	7,000,000		1.938%, 10/18/2018		6,983,081
	16,000		1.908%, 10/25/2018		15,955
	8,500,000	��	1.930%, 10/25/2018		8,476,052
	35,000		1.935%, 10/25/2018		34,901
	7,000,000		1.950%, 10/25/2018		6,980,278
	7,000,000		1.953%, 11/01/2018		6,977,360
	16,000		1.957%, 11/01/2018		15,948
	8,600,000		1.962%, 11/01/2018		8,572,185
	35,000		1.983%, 11/01/2018		34,887
	3,600,000		1.556%, 11/08/2018		3,586,781
	72,000		1.812%, 11/08/2018		71,736
	8,000		1.842%, 11/08/2018		7,971
	16,000		1.866%, 11/08/2018		15,941
	8,000,000		1.915%, 11/08/2018		7,970,624
	6,713,000		1.964%, 11/08/2018		6,688,350
	24,000		1.968%, 11/08/2018		23,912
	24,000		1.998%, 11/08/2018		23,912
	5,000,000		1.933%, 11/15/2018		4,979,663
	7,000,000		1.971%, 11/15/2018		6,971,528
	16,000		1.983%, 11/15/2018		15,935
	16,000		2.004%, 11/15/2018		15,935
	5,000,000		1.952%, 11/23/2018		4,977,194
	7,000,000		1.975%, 11/23/2018		6,968,072
	16,000		1.993%, 11/23/2018		15,927
	16,000		2.026%, 11/23/2018		15,927
	5,100,000		1.973%, 11/29/2018		5,074,872
	7,000,000		2.016%, 11/29/2018		6,965,510
	16,000		2.019%, 11/29/2018		15,921
	16,000		2.039%, 11/29/2018		15,921
	500,000		1.670%, 12/06/2018		497,318
	3,000,000		1.680%, 12/06/2018		2,983,910
	16,000		1.804%, 12/06/2018		15,914
	72,000		1.847%, 12/06/2018		71,614
	8,000		1.849%, 12/06/2018		7,957
	7,000,000		1.982%, 12/06/2018		6,962,456
	8,000		2.017%, 12/06/2018		7,957
	24,000		2.051%, 12/06/2018		23,871
	7,000,000		1.988%, 12/13/2018		6,959,701
	16,000		2.049%, 12/13/2018		15,908
	7,000,000		1.984%, 12/20/2018		6,956,725
	16,000		2.059%, 12/20/2018		15,901


Principal Amount			Value
		Short-Term Investments (continued)
		U.S. Treasury Securities (continued)
		U.S. Treasury Bills (continued)
$	7,000,000	2.023%, 12/27/2018	$	6,953,228
	16,000	2.077%, 12/27/2018		15,893
	3,300,000	1.733%, 01/03/2019		3,276,486
	72,000	1.883%, 01/03/2019		71,487
	8,000	1.893%, 01/03/2019		7,943
	16,000	1.932%, 01/03/2019		15,886
	8,000	2.024%, 01/03/2019		7,943
	7,000,000	2.077%, 01/03/2019		6,950,121
	23,000	2.093%, 01/03/2019		22,836
	7,000,000	2.089%, 01/10/2019		6,946,769
	16,000	2.119%, 01/10/2019		15,878
	7,500,000	2.094%, 01/17/2019		7,439,320
	17,000	2.142%, 01/17/2019		16,862
	7,500,000	2.116%, 01/24/2019		7,435,730
	17,000	2.153%, 01/24/2019		16,854
	3,400,000	1.833%, 01/31/2019		3,369,287
	8,000	1.912%, 01/31/2019		7,928
	72,000	1.934%, 01/31/2019		71,350
	16,000	2.016%, 01/31/2019		15,856
	8,000	2.042%, 01/31/2019		7,928
	7,400,000	2.128%, 01/31/2019		7,333,155
	25,000	2.163%, 01/31/2019		24,774
	7,300,000	2.125%, 02/07/2019		7,231,034
	7,300,000	2.139%, 02/14/2019		7,227,278
	7,300,000	2.145%, 02/21/2019		7,224,155
	63,000	1.954%, 02/28/2019		62,314
	3,000,000	2.002%, 02/28/2019		2,967,329
	14,000	2.084%, 02/28/2019		13,848
	7,000	2.111%, 02/28/2019		6,924
	7,400,000	2.162%, 02/28/2019		7,319,411
	7,000	2.203%, 02/28/2019		6,924
	81,000	1.999%, 03/28/2019		79,991
	4,000,000	2.018%, 03/28/2019		3,950,174
	18,000	2.126%, 03/28/2019		17,776
	9,000	2.157%, 03/28/2019		8,888
	9,000	2.160%, 03/28/2019		8,888
	4,500,000	2.162%, 04/25/2019		4,434,250
	10,000	2.185%, 04/25/2019		9,854
	10,000	2.240%, 04/25/2019		9,854
	4,000,000	2.149%, 05/23/2019		3,933,518
	9,000	2.208%, 05/23/2019		8,850
	9,000	2.269%, 05/23/2019		8,850
	4,500,000	2.225%, 06/20/2019		4,416,506
	10,000	2.300%, 06/20/2019		9,815
	10,000	2.323%, 07/18/2019		9,794
	4,400,000	2.338%, 07/18/2019		4,309,435
	4,000,000	2.345%, 08/15/2019		3,908,949

		(Cost $266,337,261)		266,328,314

		U.S. Treasury Notes—42.4%
	4,650,000	0.875%, 10/15/2018		4,644,118
	4,649,000	0.750%, 10/31/2018		4,639,774
	6,210,000	1.250%, 10/31/2018		6,202,437
	2,075,000	1.750%, 10/31/2018		2,074,064
	4,540,000	1.250%, 11/15/2018		4,532,765
	5,054,000	3.750%, 11/15/2018		5,070,412
	4,854,000	1.000%, 11/30/2018		4,841,193

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


		94

Invesco Treasury Collateral ETF (CLTL) (continued)

August 31, 2018


Principal Amount			Value
		Short-Term Investments (continued)
		U.S. Treasury Securities (continued)
		U.S. Treasury Notes (continued)
$	5,582,000	1.250%, 11/30/2018	$	5,570,555
	2,584,000	1.375%, 11/30/2018		2,579,461
	4,126,000	1.250%, 12/15/2018		4,115,759
	4,640,000	1.250%, 12/31/2018		4,626,335
	3,098,000	1.375%, 12/31/2018		3,090,104
	5,982,000	1.500%, 12/31/2018		5,969,126
	4,126,000	1.125%, 01/15/2019		4,110,366
	4,393,200	1.125%, 01/31/2019		4,373,293
	4,582,000	1.250%, 01/31/2019		4,563,744
	5,218,200	1.500%, 01/31/2019		5,202,505
	3,091,000	0.750%, 02/15/2019		3,070,595
	4,093,000	2.750%, 02/15/2019		4,101,794
	4,394,000	1.125%, 02/28/2019		4,370,314
	3,091,000	1.375%, 02/28/2019		3,077,658
	5,520,000	1.500%, 02/28/2019		5,499,623
	4,117,000	1.000%, 03/15/2019		4,090,063
	4,117,000	1.250%, 03/31/2019		4,092,636
	2,065,000	1.500%, 03/31/2019		2,055,885
	5,669,000	1.625%, 03/31/2019		5,647,630
	4,018,000	0.875%, 04/15/2019		3,983,235
	6,028,000	1.250%, 04/30/2019		5,985,380
	5,224,000	1.625%, 04/30/2019		5,199,614
	3,014,000	0.875%, 05/15/2019		2,983,212
	5,221,000	3.125%, 05/15/2019		5,247,819
	1,004,000	1.125%, 05/31/2019		994,842
	4,018,000	1.250%, 05/31/2019		3,985,040
	5,022,000	1.500%, 05/31/2019		4,989,828
	4,009,000	0.875%, 06/15/2019		3,962,019
	2,005,000	1.000%, 06/30/2019		1,982,444
	4,510,000	1.250%, 06/30/2019		4,467,895
	5,813,000	1.625%, 06/30/2019		5,775,420
	4,009,000	0.750%, 07/15/2019		3,951,840
	2,506,000	0.875%, 07/31/2019		2,471,200
	4,410,000	1.375%, 07/31/2019		4,368,226
	5,713,000	1.625%, 07/31/2019		5,671,045
	3,900,000	0.750%, 08/15/2019		3,838,023
	4,500,000	3.625%, 08/15/2019		4,548,023
	2,400,000	1.000%, 08/31/2019		2,365,240
	4,000,000	1.250%, 08/31/2019		3,952,068
	5,700,000	1.625%, 08/31/2019		5,652,181

		(Cost $198,646,183)		198,586,803

		U.S. Treasury Bonds—0.5%
	614,000	9.000%, 11/15/2018		622,236
	1,026,000	8.875%, 02/15/2019		1,055,698
	930,000	8.125%, 08/15/2019		978,725

		(Cost $2,661,152)		2,656,659

		Total Investments in Securities (Cost $467,644,596)—99.8%		467,571,776
		Other assets less liabilities—0.2%		750,862

		Net Assets—100.0%	$	468,322,638

Notes to Schedule of Investments:

^(a)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

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


		95

Schedule of Investments

Invesco Variable Rate Preferred ETF (VRP)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—72.6%
		Auto Manufacturers—0.6%
$	13,350,000	General Motors Financial Co., Inc., Series A^(a)		5.750	%		12/29/2049	$	13,059,637

		Banks—46.1%
	24,375,000	Bank of America Corp., Series AA^(a)		6.100			12/29/2049		25,715,625
	12,850,000	Bank of America Corp., Series DD		6.300			12/29/2049		13,813,750
	30,600,000	Bank of America Corp., Series FF		5.875			09/15/2166		30,600,000
	12,850,000	Bank of America Corp., Series U^(a)		5.200			12/01/2165		12,721,500
	19,500,000	Bank of America Corp., Series V		5.125			12/29/2049		19,792,500
	25,500,000	Bank of America Corp., Series X		6.250			09/29/2049		26,934,375
	18,050,000	Bank of America Corp., Series Z^(a)		6.500			12/31/2049		19,471,437
	6,800,000	Bank of New York Mellon Corp. (The), Series D		4.500			12/20/2165		6,562,000
	13,650,000	Bank of New York Mellon Corp. (The), Series E		4.950			12/20/2165		14,008,312
	13,250,000	Bank of New York Mellon Corp. (The), Series F		4.625			12/29/2049		12,885,625
	4,475,000	CIT Group, Inc., Series A		5.800			12/15/2165		4,475,000
	19,500,000	Citigroup, Inc.		5.950			07/30/2166		20,085,000
	16,200,000	Citigroup, Inc., Series D^(a)		5.350			04/29/2049		16,078,500
	22,700,000	Citigroup, Inc., Series M		6.300			11/15/2165		23,409,375
	19,950,000	Citigroup, Inc., Series N		5.800			11/29/2049		20,498,625
	19,600,000	Citigroup, Inc., Series O		5.875			12/29/2049		20,188,000
	26,200,000	Citigroup, Inc., Series P		5.950			12/29/2049		26,986,000
	16,100,000	Citigroup, Inc., Series Q		5.950			12/29/2049		16,583,000
	19,400,000	Citigroup, Inc., Series R		6.125			12/29/2049		20,370,000
	19,150,000	Citigroup, Inc., Series T^(a)		6.250			12/29/2049		20,155,375
	4,125,000	Citizens Financial Group, Inc., Series B		6.000			01/06/2167		4,202,344
	8,100,000	Fifth Third Bancorp		5.100			12/31/2165		7,998,750
	7,267,000	Goldman Sachs Capital II		4.000			12/03/2165		6,160,396
	12,540,000	Goldman Sachs Group, Inc. (The), Series L		5.700			12/29/2049		12,759,450
	19,450,000	Goldman Sachs Group, Inc. (The), Series M		5.375			11/10/2166		19,984,875
	6,300,000	Goldman Sachs Group, Inc. (The), Series O^(a)		5.300			12/29/2049		6,331,500
	14,550,000	Goldman Sachs Group, Inc. (The), Series P		5.000			05/10/2166		13,822,500
	6,750,000	Huntington Bancshares, Inc., Series E		5.700			07/15/2166		6,716,250
	78,100,000	JPMorgan Chase & Co., Series 1 (3 mo. USD LIBOR + 3.47%)^(b)		5.809			04/29/2049		78,591,132
	16,300,000	JPMorgan Chase & Co., Series CC		4.625			05/01/2166		15,485,000
	19,475,000	JPMorgan Chase & Co., Series Q		5.150			12/29/2049		19,523,687
	19,350,000	JPMorgan Chase & Co., Series R^(a)		6.000			12/29/2049		20,269,125
	25,700,000	JPMorgan Chase & Co., Series S		6.750			01/29/2049		28,334,250
	4,240,000	JPMorgan Chase & Co., Series U (3 mo. USD LIBOR + 0.95%)^(b)		3.299			02/02/2037		3,781,158
	12,900,000	JPMorgan Chase & Co., Series U		6.125			12/29/2049		13,496,625
	32,450,000	JPMorgan Chase & Co., Series V		5.000			12/31/2049		32,922,147
	7,901,000	JPMorgan Chase & Co., Series W (3 mo. USD LIBOR + 1.00%)^(b)		3.314			05/15/2047		6,882,502
	20,550,000	JPMorgan Chase & Co., Series X		6.100			10/29/2049		21,423,375
	25,800,000	JPMorgan Chase & Co., Series Z		5.300			12/29/2049		26,541,750
	7,200,000	KeyCorp, Series D		5.000			12/15/2165		7,128,000
	4,700,000	M&T Bank Corp., Series E		6.450			08/15/2166		5,084,813
	6,650,000	M&T Bank Corp., Series F		5.125			05/01/2166		6,683,250
	6,700,000	Mellon Capital IV, Series 1		4.000			06/29/2049		5,971,375
	15,900,000	Morgan Stanley, Series H		5.450			07/29/2049		16,178,250
	18,450,000	Morgan Stanley, Series J		5.550			07/15/2166		19,072,688
	6,775,000	Northern Trust Corp., Series D		4.600			04/01/2166		6,690,313
	13,475,000	PNC Financial Services Group, Inc. (The), Series O		6.750			12/31/2049		14,654,063
	6,825,000	PNC Financial Services Group, Inc. (The), Series R		4.850			12/31/2049		6,859,125
	6,850,000	PNC Financial Services Group, Inc. (The), Series S^(a)		5.000			05/01/2166		6,884,250
	10,821,000	State Street Corp. (3 mo. USD LIBOR + 1.00%)^(b)		3.341			06/01/2077		9,885,979
	10,170,000	State Street Corp., Series F		5.250			12/29/2049		10,525,950
	10,275,000	SunTrust Banks, Inc., Series G		5.050			12/30/2165		10,185,094
	6,750,000	SunTrust Banks, Inc., Series H		5.125			06/15/2166		6,412,500
	9,750,000	U.S. Bancorp, Series I		5.125			01/15/2166		10,091,250
	13,300,000	U.S. Bancorp, Series J		5.300			12/29/2049		13,399,750

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


		96

Invesco Variable Rate Preferred ETF (VRP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Banks (continued)
$	9,060,000	USB Capital IX		3.500	%		10/29/2049	$	8,346,525
	32,453,000	Wachovia Capital Trust III		5.570			03/29/2049		32,331,301
	43,800,000	Wells Fargo & Co., Series K (3 mo. USD LIBOR + 3.77%)^(b)		6.111			03/29/2049		44,457,000
	25,950,000	Wells Fargo & Co., Series S		5.900			12/29/2049		26,404,125
	26,000,000	Wells Fargo & Co., Series U		5.875			12/29/2049		27,462,500

									1,011,268,916

		Diversified Financial Services—3.2%
	10,225,000	American Express Co., Series B		5.200			05/29/2049		10,429,500
	11,275,000	American Express Co., Series C		4.900			12/29/2049		11,387,750
	5,350,000	Charles Schwab Corp. (The)		7.000			08/01/2166		5,885,000
	8,125,000	Charles Schwab Corp. (The), Series E		4.625			03/01/2166		8,206,250
	6,650,000	Charles Schwab Corp. (The), Series F		5.000			06/01/2166		6,483,750
	7,700,000	Discover Financial Services, Series C		5.500			04/30/2166		7,603,750
	5,200,000	E*Trade Financial Corp., Series A^(a)		5.875			03/15/2166		5,382,000
	3,900,000	E*Trade Financial Corp., Series B^(a)		5.300			09/15/2166		3,900,000
	5,453,000	National Rural Utilities Cooperative Finance Corp.		4.750			04/30/2043		5,519,374
	4,725,000	National Rural Utilities Cooperative Finance Corp.		5.250			04/20/2046		4,883,302

									69,680,676

		Electric—2.3%
	10,000,000	CenterPoint Energy, Inc., Series A		6.125			03/01/2167		10,200,000
	9,260,000	Dominion Energy, Inc.		5.750			10/01/2054		9,638,748
	4,397,000	NextEra Energy Capital Holdings, Inc. (3 mo. USD LIBOR + 2.07%)^(b)		4.405			10/01/2066		4,254,097
	7,500,000	NextEra Energy Capital Holdings, Inc.		4.800			12/01/2077		7,087,500
	4,700,000	Southern California Edison Co., Series E		6.250			08/01/2166		4,993,750
	7,301,000	Southern Co. (The), Series B		5.500			03/15/2057		7,456,146
	6,976,000	WEC Energy Group, Inc. (3 mo. USD LIBOR + 2.11%)^(b)		4.426			05/15/2067		6,827,760

									50,458,001

		Gas—0.3%
	5,500,000	NiSource, Inc.^(c)		5.650			12/15/2166		5,527,500

		Hand/Machine Tools—0.2%
	5,313,000	Stanley Black & Decker, Inc.		5.750			12/15/2053		5,386,054

		Insurance—7.5%
	10,700,000	Aegon NV (Netherlands)		5.500			04/11/2048		10,392,375
	10,684,000	Allstate Corp. (The), Series B		5.750			08/15/2053		11,271,620
	10,050,000	American International Group, Inc., Series A-9		5.750			04/01/2048		9,889,200
	5,400,000	Assurant, Inc.		7.000			03/27/2048		5,512,398
	3,324,000	Everest Reinsurance Holdings, Inc. (3 mo. USD LIBOR + 2.39%)^(a)(b)		4.699			05/01/2067		3,282,450
	9,800,000	Lincoln National Corp. (3 mo. USD LIBOR + 2.36%)^(b)		4.669			05/17/2066		9,322,250
	6,665,000	Lincoln National Corp. (3 mo. USD LIBOR + 2.04%)^(b)		4.388			04/20/2067		6,223,444
	20,200,000	MetLife, Inc., Series C^(a)		5.250			12/29/2049		20,705,000
	6,725,000	MetLife, Inc., Series D		5.875			09/15/2166		6,968,781
	5,458,000	Principal Financial Group, Inc.		4.700			05/15/2055		5,512,580
	6,600,000	Progressive Corp. (The), Series B		5.375			09/15/2166		6,576,035
	13,436,000	Prudential Financial, Inc.		5.875			09/15/2042		14,366,551
	20,098,000	Prudential Financial, Inc.		5.625			06/15/2043		21,102,900
	6,745,000	Prudential Financial, Inc.		5.200			03/15/2044		6,820,881
	13,561,000	Prudential Financial, Inc.		5.375			05/15/2045		13,692,020
	10,120,000	Prudential Financial, Inc.		4.500			09/15/2047		9,407,522
	4,430,000	Reinsurance Group of America, Inc. (3 mo. USD LIBOR + 2.67%)^(b)		5.006			12/15/2065		4,396,775

									165,442,782

		Media—0.8%
	8,760,000	Viacom, Inc.		5.875			02/28/2057		8,639,550
	8,650,000	Viacom, Inc.		6.250			02/28/2057		8,531,062

									17,170,612

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


		97

Invesco Variable Rate Preferred ETF (VRP) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Miscellaneous Manufacturing—3.5%
$	76,950,000	General Electric Co., Series D		5.000	%		06/15/2165	$	76,036,219

		Pipelines—8.1%
	8,000,000	Andeavor Logistics LP, Series A		6.875			02/15/2166		8,080,000
	5,175,000	Buckeye Partners LP		6.375			01/22/2078		4,924,807
	6,850,000	DCP Midstream LP, Series A		7.375			06/15/2166		6,850,000
	13,650,000	Enbridge, Inc. (Canada)		5.500			07/15/2077		12,762,750
	11,300,000	Enbridge, Inc. (Canada)		6.250			03/01/2078		11,045,750
	10,300,000	Enbridge, Inc., Series 16-A (Canada)		6.000			01/15/2077		10,094,000
	12,900,000	Energy Transfer Partners LP, Series A		6.250			02/15/2167		12,477,364
	7,100,000	Energy Transfer Partners LP, Series B		6.625			02/15/2166		6,906,940
	5,550,000	EnLink Midstream Partners LP, Series C		6.000			12/15/2165		5,175,375
	9,516,000	Enterprise Products Operating LLC		5.375			02/15/2078		8,918,157
	9,450,000	Enterprise Products Operating LLC, Series D		4.875			08/16/2077		9,127,235
	13,450,000	Enterprise Products Operating LLC, Series E		5.250			08/16/2077		12,667,768
	11,100,000	Plains All American Pipeline LP, Series B		6.125			11/15/2166		10,933,500
	13,510,000	TransCanada PipeLines Ltd. (Canada) (3 mo. USD LIBOR + 2.21%)^(b)		4.524			05/15/2067		12,530,525
	10,035,000	TransCanada Trust (Canada)		5.625			05/20/2075		9,947,194
	19,950,000	TransCanada Trust (Canada)		5.300			03/15/2077		19,028,440
	16,192,000	TransCanada Trust, Series 16-A (Canada)^(a)		5.875			08/15/2076		16,556,320

									178,026,125

		Total Corporate Bonds (Cost $1,627,437,319)							1,592,056,522

Number of Shares
		Preferred Stocks & Other Equity Interests—26.4%^(d)
		Banks—10.4%
	190,667	Banco Santander SA, 4.00%, Series 6 (Spain)^(a)							4,514,994
	156,896	Bank of America Corp., 3.00%, Series H							3,483,091
	110,308	Bank of America Corp., 4.00%, Series 4^(a)							2,738,948
	221,351	Bank of America Corp., 4.00%, Series 5							5,334,559
	165,893	Bank of America Corp., 4.00%, Series E^(a)							4,031,200
	1,180,643	Citigroup Capital XIII, 8.71% (3 mo. USD LIBOR + 6.37%)^(b)							32,101,683
	784,251	Citigroup, Inc., 6.88%, Series K							21,723,753
	497,799	Citigroup, Inc., 7.13%, Series J							14,087,712
	245,875	Fifth Third Bancorp, 6.63%, Series I							6,823,031
	60,945	FNB Corp., 7.25%^(a)							1,737,542
	272,065	KeyCorp, 6.13%, Series E							7,530,759
	549,739	Merrill Lynch Capital Trust I, 6.45%, Series K							14,320,701
	136,679	People’s United Financial, Inc., 5.63%, Series A							3,565,955
	814,457	PNC Financial Services Group, Inc. (The), 6.13%, Series P^(a)							22,536,025
	272,191	Regions Financial Corp., 6.38%, Series B							7,398,151
	94,172	SunTrust Banks, Inc., 4.00%							2,193,266
	108,955	Synovus Financial Corp., 6.30%, Series D							2,860,069
	544,226	U.S. Bancorp, 3.50%, Series B							12,696,793
	598,740	U.S. Bancorp, 6.50%, Series F^(a)							16,752,745
	54,669	Valley National Bancorp, 5.50%, Series B							1,432,328
	62,964	Valley National Bancorp, 6.25%, Series A							1,681,139
	907,959	Wells Fargo & Co., 5.85%, Series Q							23,370,865
	441,646	Wells Fargo & Co., 6.63%, Series R							12,149,681
	68,452	Wintrust Financial Corp., 6.50%, Series D							1,857,103
	75,782	Zions Bancorp, 6.30%, Series G							2,053,692

									228,975,785

		Capital Markets—5.5%
	295,569	Goldman Sachs Group, Inc. (The), 3.75%, Series A^(a)							6,966,561
	79,454	Goldman Sachs Group, Inc. (The), 4.00%, Series C^(a)							1,954,568

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


		98

Invesco Variable Rate Preferred ETF (VRP) (continued)

August 31, 2018


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Capital Markets (continued)
	533,227	Goldman Sachs Group, Inc. (The), 4.00%, Series D^(a)	$	12,493,509
	396,450	Goldman Sachs Group, Inc. (The), 5.50%, Series J		10,359,238
	276,579	Goldman Sachs Group, Inc. (The), 6.38%, Series K		7,531,246
	545,857	Morgan Stanley, 4.00%, Series A		13,024,148
	487,902	Morgan Stanley, 5.85%, Series K		12,690,331
	494,260	Morgan Stanley, 6.38%, Series I		13,443,872
	420,027	Morgan Stanley, 6.88%, Series F^(a)		11,777,557
	425,702	Morgan Stanley, 7.13%, Series E^(a)	��	12,251,704
	271,944	State Street Corp., 5.35%, Series G^(a)		7,111,336
	407,834	State Street Corp., 5.90%, Series D		11,019,675

				120,623,745

		Commercial Services & Supplies—0.3%
	218,113	NuStar Logistics LP, 9.07% (3 mo. USD LIBOR + 6.73%)^(a)(b)		5,642,583

		Consumer Finance—1.8%
	1,461,042	GMAC Capital Trust I, 8.10%, Series 2 (3 mo. USD LIBOR + 5.79%)^(b)		39,155,926

		Diversified Financial Services—0.1%
	54,688	Compass Diversified Holdings, 7.88%, Series B		1,279,152

		Electric Utilities—0.6%
	150,326	SCE Trust III, 5.75%, Series H^(a)		4,009,194
	177,684	SCE Trust IV, 5.38%, Series J		4,546,934
	163,967	SCE Trust V, 5.45%, Series K		4,233,628

				12,789,756

		Food Products—0.6%
	268,906	CHS, Inc., 6.75%, Series 3		7,370,713
	229,093	CHS, Inc., 7.10%, Series 2^(a)		6,611,624

				13,982,337

		Insurance—2.2%
	136,078	Aegon NV, 4.00%, Series 1 (Netherlands)^(a)		3,406,032
	272,380	Allstate Corp. (The), 5.10%		7,062,813
	149,971	Aspen Insurance Holdings Ltd., 5.95% (Bermuda)		3,867,752
	212,584	Enstar Group Ltd., 7.00%, Series D (Bermuda)		5,550,568
	323,701	Hartford Financial Services Group, Inc. (The), 7.88%		9,199,583
	326,703	MetLife, Inc., 4.00%, Series A^(a)		8,245,984
	218,082	Reinsurance Group of America, Inc., 5.75%		5,622,154
	218,204	Reinsurance Group of America, Inc., 6.20%		5,919,875

				48,874,761

		Mortgage REITs—2.0%
	176,866	AGNC Investment Corp., 7.00%, Series C		4,644,501
	231,822	Annaly Capital Management, Inc., 6.50%, Series G		5,663,412
	391,486	Annaly Capital Management, Inc., 6.95%, Series F		10,041,616
	177,319	Chimera Investment Corp., 8.00%, Series B		4,613,840
	65,672	Exantas Capital Corp., 8.63%		1,696,965
	73,636	New York Mortgage Trust, Inc., 8.00%, Series D		1,787,146
	106,177	PennyMac Mortgage Investment Trust, 8.00%, Series B^(a)		2,657,610
	62,679	PennyMac Mortgage Investment Trust, 8.13%, Series A		1,575,123
	160,954	Two Harbors Investment Corp., 7.25%, Series C		4,062,479
	156,448	Two Harbors Investment Corp., 7.63%, Series B		4,075,470
	78,340	Two Harbors Investment Corp., 8.13%, Series A		2,148,083

				42,966,245

		Multi-Utilities—0.3%
	220,745	Integrys Holding, Inc., 6.00%		5,695,221
	54,129	Just Energy Group, Inc., 8.50%, Series A (Canada)		1,250,380

				6,945,601

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


		99

Invesco Variable Rate Preferred ETF (VRP) (continued)

August 31, 2018


Number of Shares			Value
		Preferred Stocks & Other Equity Interests (continued)
		Oil, Gas & Consumable Fuels—2.2%
	88,261	DCP Midstream LP, 7.88%, Series B	$	2,273,603
	326,680	Enbridge, Inc., 6.38%, Series B (Canada)		8,372,808
	246,052	Energy Transfer Partners LP, 7.38%, Series C		6,296,471
	187,590	Energy Transfer Partners LP, 7.63%, Series D		4,924,238
	62,836	GasLog Partners LP, 8.20%, Series B (Monaco)^(a)		1,638,763
	79,029	GasLog Partners LP, 8.63%, Series A (Monaco)		2,103,752
	114,165	NGL Energy Partners LP, 9.00%, Series B		2,835,859
	212,166	NuStar Energy LP, 7.63%, Series B		4,939,224
	124,157	NuStar Energy LP, 8.50%, Series A		2,979,768
	94,314	NuStar Energy LP, 9.00%, Series C		2,355,021
	68,853	Targa Resources Partners LP, 9.00%, Series A^(a)		1,870,047
	92,812	Teekay LNG Partners LP, 8.50%, Series B (Bermuda)		2,284,103
	65,437	Teekay Offshore Partners LP, 8.88%, Series E		1,611,059
	62,831	Tsakos Energy Navigation Ltd., 9.25%, Series E (Greece)^(a)		1,567,005
	82,122	Tsakos Energy Navigation Ltd., 9.50%, Series F (Greece)		2,073,581

				48,125,302

		Thrifts & Mortgage Finance—0.4%
	280,226	New York Community Bancorp, Inc., 6.38%, Series A		7,815,503

		Total Preferred Stocks & Other Equity Interests (Cost $587,657,764)		577,176,696

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,215,095,083)—99.0%		2,169,233,218



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—2.1%
	46,732,075	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(e)^(f) (Cost $46,732,075)		46,732,075

		Total Investments in Securities (Cost $2,261,827,158)—101.1%		2,215,965,293
		Other assets less liabilities—(1.1)%		(23,850,962	)

		Net Assets—100.0%	$	2,192,114,331

Investment Abbreviations:

LIBOR—London Interbank Offered Rate

USD—U.S. Dollar

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at August 31, 2018.

^(b)	Variable rate coupon. Stated interest rate was in effect at August 31, 2018.

^(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 August 31, 2018 represented less than 1% of the Fund’s Net Assets.

^(d)	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.

^(e)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		100

Schedule of Investments

Invesco VRDO Tax-Free Weekly ETF (PVI)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds—97.5%^(a)
		Ad Valorem Property Tax—3.7%
$	2,300,000	Washington Maryland Suburban Sanitary District Ser. 15A		1.520	%		06/01/2023	$	2,300,000

		College & University Revenue—7.1%
	2,500,000	Michigan State University (General Remarketed 2/25/15) Rev. Ser. 00A		1.510			08/15/2030		2,500,000
	1,900,000	Washington State Higher Education Facilities Auth. (Whitman College Project) Ref. Ser. 04		1.550			10/01/2029		1,900,000

									4,400,000

		Electric Power Revenue—6.4%
	2,200,000	Santa Clara California Electric Rev. Sub.-Ser. 08B (LOC-Bank Tokyo-Mitsubishi UFJ)^(b)		1.340			07/01/2027		2,200,000
	1,780,000	Sevier County Tennessee Public Building Auth. (Local Government Improvement Program) Ser. 10V-D-1 (LOC-Bank of America N.A.)^(b)		1.590			06/01/2026		1,780,000

									3,980,000

		Health, Hospital, Nursing Home Revenue—28.9%
	180,000	Arizona State Health Facilities Auth. (Banner Health) Ser. 08F (LOC-JPMorgan Chase Bank N.A.)^(b)		1.580			01/01/2029		180,000
	2,500,000	Arizona State Health Facilities Auth. (Dignity Health) Ser. 05B (LOC-JPMorgan Chase Bank N.A.)^(b)		1.550			07/01/2035		2,500,000
	2,500,000	California State Statewide Community Development Auth. (Kaiser Permanente) Ser. 04M		1.510			04/01/2038		2,500,000
	2,200,000	Cleveland-Cuyahoga County Ohio Port Auth. (Carnegie/89th Garage Project) Ser. 07 (LOC-JPMorgan Chase Bank N.A.)^(b)		1.510			01/01/2037		2,200,000
	2,500,000	Connecticut State Health & Educational Facilities Auth. (Yale New Heaven Hospital) Rev. Ser. 13O (LOC-Wells Fargo Bank N.A.)^(b)		1.510			07/01/2053		2,500,000
	300,000	Louisiana State Public Facilities Auth. (Christus Health) Rev. Ref. Ser. 09B2 (LOC-Bank of New York Mellon (The))^(b)		1.550			07/01/2047		300,000
	2,700,000	Maryland State Health & Higher Educational Facilities Auth. (University of Maryland Medical Systems) Rev. Ser. 07A (LOC-Wells Fargo Bank N.A.)^(b)		1.550			07/01/2034		2,700,000
	2,500,000	Massachusetts State Health & Educational Facilities Auth. (Partners Healthcare P-1—Remarketed 05/14/09) Rev. Ser. 97		1.500			07/01/2027		2,500,000
	2,500,000	Missouri State Health & Educational Facilities Auth. (BJC Health System) Ser. 08C		1.530			05/15/2038		2,500,000
	135,000	University of North Carolina at Chapel Hill Rev. Ref. Ser. 03B		1.520			02/01/2029		135,000

									18,015,000

		Highway Tolls Revenue—3.7%
	2,325,000	Bay Area California Auth. Toll Bridge Rev. Ser. 07 (LOC-Sumitomo Mitsui Banking)^(b)		1.300			04/01/2047		2,325,000

		Hotel Occupancy Tax—0.5%
	300,000	Kansas City Missouri Special Obligation (H. Roe Bartle) Ref. Ser. 08F (LOC-Sumitomo Mitsui Banking)^(b)		1.580			04/15/2025		300,000

		Lease Revenue—2.4%
	1,500,000	Michigan State Building Auth. Variable (Facilities Program Remarketed 12/18/14) Rev. Ref. Ser. 07I (LOC-Citibank N.A.)^(b)		1.550			10/15/2042		1,500,000

		Local or GTD Housing—7.3%
	2,500,000	Indianapolis Indiana Multifamily Housing (Capital Place-Convington) Rev. Ser. 08 (LOC-Fannie Mae)^(b)		1.540			05/15/2038		2,500,000
	600,000	Nebraska State Investment Finance Auth. Single Family Housing Rev. Ser. 10B GNMA		1.530			09/01/2038		600,000
	1,450,000	New York State Housing Finance Agency (222 E 44th Street Housing) Rev. Ser. 15A (LOC-Bank of China Ltd.)^(b)		1.620			05/01/2050		1,450,000

									4,550,000

		Miscellaneous Revenue—5.3%
	1,495,000	Clarksville Tennessee Public Building Auth. (Pooled Financing Tennessee Municipal Bond Fund) Rev. Ser. 99 (LOC-Bank of America N.A.)^(b)		1.570			06/01/2029		1,495,000
	200,000	New York State Housing Finance Agency Service Contract (Remarketed 10/08/08) Rev. Ref. Ser. 03L (LOC-Bank of America N.A.)^(b)		1.550			09/15/2021		200,000
	1,600,000	New York State Urban Development Corp. (CVS Contract) Rev. Ref. Ser. 08A-1 (LOC-Wells Fargo Bank N.A.)^(b)		1.530			01/01/2030		1,600,000

									3,295,000

		Multiple Utility Revenue—3.8%
	2,400,000	Colorado Springs Colorado Utilities Improvement (Sub.-Lien) Rev. Ser. 06B		1.580			11/01/2036		2,400,000

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


		101

Invesco VRDO Tax-Free Weekly ETF (PVI) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds (continued)
		Port, Airport & Marina Revenue—7.2%
$	2,500,000	Clark County Nevada Appropriation (Sub.-Lien) Rev. Ser. 08D-3 (LOC-Bank of America N.A.)^(b)		1.570	%		07/01/2029	$	2,500,000
	2,000,000	Louisiana State Offshore Terminal Auth. Deepwater Port (Loop LLC Project) Rev. Ref. Ser. 13B (LOC-JPMorgan Chase Bank N.A.)^(b)		1.550			09/01/2033		2,000,000

									4,500,000

		Sales Tax Revenue—7.4%
	2,630,000	Florida State Department of Environmental Protection Preservation (Everglades Restoration) Rev. Ser. 07A AGC		1.580			07/01/2027		2,630,000
	2,000,000	Nassau County Interim Finance Auth. (Sales Tax Secured) Ser. 08B		1.570			11/15/2021		2,000,000

									4,630,000

		Water Revenue—13.8%
	100,000	Charlotte North Carolina Water & Sewer System Rev. Ser. 06B		1.490			07/01/2036		100,000
	2,500,000	Florida Keys Aqueduct Auth. Water Rev. Ref. Ser. 08 (LOC-TD Bank N.A.)^(b)		1.560			09/01/2035		2,500,000
	2,500,000	JEA Florida Water & Sewer System Rev. Ser. 08B		1.550			10/01/2041		2,500,000
	2,000,000	Los Angeles California Department of Water & Power Waterworks (Remarketed 07/25/16) Rev. Sub.-Ser. 01B-4		1.270			07/01/2035		2,000,000
	1,500,000	West Palm Beach Florida Utility System Rev. Ser. 08C AGC		1.580			10/01/2038		1,500,000

									8,600,000

		Total Investments in Securities (Cost $60,795,000)^(c)—97.5%							60,795,000
		Other assets less liabilities—2.5%							1,531,943

		Net Assets—100.0%						$	62,326,943

Investment Abbreviations:

AGC—Assured Guaranty Corp.

Auth.—Authority

GNMA—Government National Mortgage Association

GTD—Grant To Date

LOC—Letter of Credit

Ref.—Refunding

Rev.—Revenue

Ser.—Series

Sub.—Subordinated

Notes to Schedule of Investments:

^(a)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2018.

^(b)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(c)


Entities	Percentage of Total Investments
JPMorgan Chase Bank N.A.		11.3	%
Wells Fargo Bank N.A.		11.2
Bank of America N.A.		9.8
Assured Guaranty Corp.		6.8

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


		102

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		103

Statements of Assets and Liabilities

August 31, 2018


	Invesco 1-30 Laddered Treasury ETF (PLW)			Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)			Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)			Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Assets:
Unaffiliated investments in securities, at value^(a)	$	153,164,282		$	246,497,548		$	709,561,476		$	935,318,862		$	105,613,183
Affiliated investments in securities, at value		97,162			—			15,069,299			55,638,500			37,252
Cash		—			1,652,707			—			117,158			—
Cash segregated as collateral		—			—			—			—			—
Receivables:
Dividends and interest		405,494			2,705,219			938,757			14,214,107			1,018,360
Investments sold		—			—			—			5,535,608			1,888,682
Foreign tax reclaims		—			—			—			—			96
Securities lending		—			—			13,928			55,016			—
Shares sold		—			—			—			—			—
Other assets		—			—			—			1,499			—

Total Assets		153,666,938			250,855,474			725,583,460			1,010,880,750			108,557,573


Liabilities:
Due to custodian		—			—			—			—			—
Payables:
Shares repurchased		—			—			—			7,428,223			—
Collateral upon receipt of securities in-kind		—			—			—			—			—
Investments purchased		—			—			—			1,033,452			1,917,661
Collateral upon return of securities loaned		—			—			2,101,525			53,481,918			—
Accrued unitary management fees		32,450			59,611			305,215			407,311			19,787

Total Liabilities		32,450			59,611			2,406,740			62,350,904			1,937,448

Net Assets	$	153,634,488		$	250,795,863		$	723,176,720		$	948,529,846		$	106,620,125


Net Assets Consist of:
Shares of beneficial interest	$	162,161,487		$	250,951,268		$	740,506,262		$	991,451,899		$	108,951,433
Undistributed net investment income		—			—			—			108,311			—
Undistributed net realized gain (loss)		(518,352	)		(966,903	)		(30,334,989	)		(27,108,160	)		(451,540	)
Net unrealized appreciation (depreciation)		(8,008,647	)		811,498			13,005,447			(15,922,204	)		(1,879,768	)

Net Assets	$	153,634,488		$	250,795,863		$	723,176,720		$	948,529,846		$	106,620,125

Shares outstanding (unlimited amount authorized, $0.01 par value)		4,850,000			9,700,000			31,450,000			51,100,000			4,300,000
Net asset value	$	31.68		$	25.86		$	22.99		$	18.56		$	24.80

Market price	$	31.64		$	25.83		$	23.01		$	18.55		$	24.80

Unaffiliated investments in securities, at cost	$	161,172,929		$	245,686,050		$	696,233,836		$	951,241,066		$	107,492,951

Affiliated investments in securities, at cost	$	97,162		$	—		$	15,391,492		$	55,638,500		$	37,252

^(a) Includes securities on loan with an aggregate value of:	$	—		$	—		$	1,982,656		$	51,366,518		$	—

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


		104


Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)			Invesco National AMT-Free Municipal Bond ETF (PZA)			Invesco New York AMT-Free Municipal Bond ETF (PZT)			Invesco Preferred ETF (PGX)			Invesco Taxable Municipal Bond ETF (BAB)			Invesco Treasury Collateral ETF (CLTL)			Invesco Variable Rate Preferred ETF (VRP)			Invesco VRDO Tax-Free Weekly ETF (PVI)

$	12,200,763		$	1,630,187,244		$	62,677,877		$	5,372,026,980		$	924,270,242		$	467,571,776		$	2,169,233,218		$	60,795,000
	100,817			—			—			84,114,534			1,761,575			—			46,732,075			—
	—			11,653,226			176,907			—			—			—			—			1,462,876
	—			—			—			6,639			—			1,023,067			7,915,894			—

	108,743			18,534,845			737,160			35,156,848			13,061,695			592,653			23,907,485			82,298
	203,951			—			—			1,604,140			—			81,530,160			12,869,134			—
	370			—			—			—			—			—			—			—
	—			—			—			453,563			—			—			76,721			—
	—			—			—			58,712			—			937,289			—			—
	—			—			—			—			—			—			1,500			—

	12,614,644			1,660,375,315			63,591,944			5,493,421,416			939,093,512			551,654,945			2,260,736,027			62,340,174



	—			—			—			27,557,970			—			4,070,929			313,148			—

	—			—			—			1,460,410			—			—			12,568,227			—
	—			—			—			6,639			—			1,023,068			7,915,894			—
	297,135			—			—			—			—			78,206,432			150,863			—
	—			—			—			84,114,534			—			—			46,732,075			—
	2,286			394,792			15,308			2,270,955			222,514			31,878			941,489			13,231

	299,421			394,792			15,308			115,410,508			222,514			83,332,307			68,621,696			13,231

$	12,315,223		$	1,659,980,523		$	63,576,636		$	5,378,010,908		$	938,870,998		$	468,322,638		$	2,192,114,331		$	62,326,943



$	12,484,488		$	1,634,527,295		$	63,471,196		$	5,469,550,703		$	902,484,807		$	468,082,746		$	2,234,762,542		$	62,326,565
	5,337			—			—			9,737,537			—			396,869			7,752,813			38
	(29,923	)		(1,147,821	)		(16,604	)		(86,882,833	)		(5,438,102	)		(84,157	)		(4,539,159	)		340
	(144,679	)		26,601,049			122,044			(14,394,499	)		41,824,293			(72,820	)		(45,861,865	)		—

$	12,315,223		$	1,659,980,523		$	63,576,636		$	5,378,010,908		$	938,870,998		$	468,322,638		$	2,192,114,331		$	62,326,943

	500,000			66,100,000			2,650,000			368,250,000			31,650,000			4,440,001			87,200,000			2,500,000
$	24.63		$	25.11		$	23.99		$	14.60		$	29.66		$	105.48		$	25.14		$	24.93

$	24.63		$	25.12		$	23.92		$	14.62		$	29.51		$	105.54		$	25.11		$	24.93

$	12,345,442		$	1,603,586,195		$	62,555,833		$	5,386,421,479		$	882,445,949		$	467,644,596		$	2,215,095,083		$	60,795,000

$	100,817		$	—		$	—		$	84,114,534		$	1,761,575		$	—		$	46,732,075		$	—

$	—		$	—		$	—		$	80,756,583		$	—		$	—		$	45,347,897		$	—


		105

Statements of Operations

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco 1-30 Laddered Treasury ETF (PLW)						Invesco California AMT-Free Municipal Bond ETF (PWZ)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated interest income	$	3,500,138		$	4,298,959		$	5,734,999		$	5,319,861
Unaffiliated dividend income		—			—			—			—
Affiliated dividend income		2,898			1,852			—			—
Securities lending income		—			—			—			—

Total Income		3,503,036			4,300,811			5,734,999			5,319,861


Expenses:
Unitary management fees		368,208			473,283			580,531			531,954
Tax expenses		—			—			—			—

Total Expenses		368,208			473,283			580,531			531,954

Less: Waivers		(530	)		(550	)		—			—

Net Expenses		367,678			472,733			580,531			531,954

Net Investment Income		3,135,358			3,828,078			5,154,468			4,787,907


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Unaffiliated investment securities		(274,593	)		(229,915	)		199,203			516,728
Affiliated investment securities		—			—			—			—
Unaffiliated in-kind redemptions		(1,626,468	)		(631,103	)		—			—
Affiliated in-kind redemptions		—			—			—			—
Distributions of underlying fund shares		—			—			—			—

Net realized gain (loss)		(1,901,061	)		(861,018	)		199,203			516,728

Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		(3,808,896	)		(7,860,127	)		(2,516,166	)		(1,373,457	)
Affiliated investment securities		—			—			—			—

Net change in unrealized appreciation (depreciation)		(3,808,896	)		(7,860,127	)		(2,516,166	)		(1,373,457	)

Net realized and unrealized gain (loss)		(5,709,957	)		(8,721,145	)		(2,316,963	)		(856,729	)

Net increase (decrease) in net assets resulting from operations	$	(2,574,599	)	$	(4,893,067	)	$	2,837,505		$	3,931,178

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


		106


Invesco CEF Income Composite ETF (PCEF)						Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)						Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)						Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)
Ten Months Ended August 31,��2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017

$	—		$	—		$	39,921,468		$	54,993,626		$	2,318,599		$	1,363,919		$	381,138		$	491,153
	40,826,831			35,481,076			—			—			—			—			—			—
	512,933			538,022			44,969			39,173			3,613			1,023			2,230			2,304
	276,448			—			684,691			6,044			—			—			—			—

	41,616,212			36,019,098			40,651,128			55,038,843			2,322,212			1,364,942			383,368			493,457



	2,958,459			3,367,222			4,398,919			5,816,367			170,693			109,132			36,368			54,022
	—			—			—			2,355			—			—			—			—

	2,958,459			3,367,222			4,398,919			5,818,722			170,693			109,132			36,368			54,022

	(940	)		(1,971	)		(5,623	)		(10,599	)		(490	)		(343	)		(301	)		(676	)

	2,957,519			3,365,251			4,393,296			5,808,123			170,203			108,789			36,067			53,346

	38,658,693			32,653,847			36,257,832			49,230,720			2,152,009			1,256,153			347,301			440,111




	(1,855,765	)		(4,066,541	)		(4,591,256	)		(314,105	)		(452,563	)		54,123			(29,838	)		25,584
	(38,399	)		(345,367	)		—			—			—			—			—			—
	10,863,727			11,188,421			4,456,121			33,878,647			(273,983	)		39,556			(210,115	)		26,106
	37,553			71,431			—			—			—			—			—			—
	483,270			329,149			—			—			—			—			—			—

	9,490,386			7,177,093			(135,135	)		33,564,542			(726,546	)		93,679			(239,953	)		51,690


	(34,582,425	)		57,681,448			(32,016,902	)		(15,558,589	)		(2,206,353	)		(782,957	)		(166,144	)		(120,959	)
	(368,656	)		479,009			—			—			—			—			—			—

	(34,951,081	)		58,160,457			(32,016,902	)		(15,558,589	)		(2,206,353	)		(782,957	)		(166,144	)		(120,959	)

	(25,460,695	)		65,337,550			(32,152,037	)		18,005,953			(2,932,899	)		(689,278	)		(406,097	)		(69,269	)

$	13,197,998		$	97,991,397		$	4,105,795		$	67,236,673		$	(780,890	)	$	566,875		$	(58,796	)	$	370,842


		107

Statements of Operations (continued)

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco National AMT-Free Municipal Bond ETF (PZA)						Invesco New York AMT-Free Municipal Bond ETF (PZT)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated interest income	$	46,038,140		$	48,161,578		$	1,779,932		$	2,105,703
Unaffiliated dividend income		—			—			—			—
Affiliated dividend income		—			—			—			—
Securities lending income		—			—			—			—
Foreign withholding tax		—			—			—			—

Total Income		46,038,140			48,161,578			1,779,932			2,105,703


Expenses:
Unitary management fees		3,812,635			4,041,215			156,975			179,389
Tax expenses		—			—			—			—

Total Expenses		3,812,635			4,041,215			156,975			179,389

Less: Waivers		—			—			—			—

Net Expenses		3,812,635			4,041,215			156,975			179,389

Net Investment Income		42,225,505			44,120,363			1,622,957			1,926,314


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Unaffiliated investment securities^(b)		(1,124,099	)		1,280,896			58,298			485,614
Affiliated investment securities		—			—			—			—
Unaffiliated in-kind redemptions		384,532			285,250			192,239			—

Net realized gain (loss)		(739,567	)		1,566,146			250,537			485,614

Net change in unrealized appreciation (depreciation) on investment securities		(28,566,818	)		(6,807,061	)		(1,557,451	)		(901,063	)

Net realized and unrealized gain (loss)		(29,306,385	)		(5,240,915	)		(1,306,914	)		(415,449	)

Net increase in net assets resulting from operations	$	12,919,120		$	38,879,448		$	316,043		$	1,510,865

^(a)	For the period January 10, 2017 (commencement of investment operations) through October 31, 2017.

^(b)	Includes net gains from securities sold to affiliates of $74,566 for Invesco Variable Rate Preferred ETF.

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


		108


Invesco Preferred ETF (PGX)						Invesco Taxable Municipal Bond ETF (BAB)						Invesco Treasury Collateral ETF (CLTL)						Invesco Variable Rate Preferred ETF (VRP)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017

$	—		$	—		$	34,124,613		$	42,371,563		$	5,883,709		$	2,632,698		$	52,852,832		$	27,347,046
	272,658,772			294,171,972			—			—			—			—			28,868,982			44,003,971
	141,712			77,384			144,232			67,483			5,626			8,833			60,030			33,847
	3,767,918			3,397,632			—			—			—			—			720,164			4,556
	(34,253	)		—			—			—			—			—			(13,277	)		(14,709	)

	276,534,149			297,646,988			34,268,845			42,439,046			5,889,335			2,641,531			82,488,731			71,374,711



	21,852,991			24,179,803			2,210,161			2,742,635			307,313			246,371			8,572,977			6,841,613
	—			—			—			—			—			—			—			2,355

	21,852,991			24,179,803			2,210,161			2,742,635			307,313			246,371			8,572,977			6,843,968

	(18,348	)		(18,307	)		(17,750	)		(22,816	)		(750	)		(2,761	)		(7,964	)		(8,297	)

	21,834,643			24,161,496			2,192,411			2,719,819			306,563			243,610			8,565,013			6,835,671

	254,699,506			273,485,492			32,076,434			39,719,227			5,582,772			2,397,921			73,923,718			64,539,040




	(44,869,976	)		(19,104,862	)		(1,529,776	)		(3,901,943	)		(49,581	)		(34,576	)		(1,923,809	)		(2,047,941	)
	—			—			—			—			—			—			—			—
	4,616,990			10,630,701			678,824			2,091,256			—			(528	)		18,827,387			33,609,700

	(40,252,986	)		(8,474,161	)		(850,952	)		(1,810,687	)		(49,581	)		(35,104	)		16,903,578			31,561,759

	(99,837,343	)		(1,049,352	)		(22,250,818	)		(11,646,216	)		88,653			(161,473	)		(67,581,280	)		(953,428	)

	(140,090,329	)		(9,523,513	)		(23,101,770	)		(13,456,903	)		39,072			(196,577	)		(50,677,702	)		30,608,331

$	114,609,177		$	263,961,979		$	8,974,664		$	26,262,324		$	5,621,844		$	2,201,344		$	23,246,016		$	95,147,371


		109

Statements of Operations (continued)

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco VRDO Tax-Free Weekly ETF (PVI)
	Ten Months Ended August 31, 2018		Year Ended October 31, 2017
Investment Income:
Unaffiliated interest income	$	708,275	$	588,602


Expenses:
Unitary management fees		143,709		192,631

Net Investment Income		564,566		395,971


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from investment securities		350		(10	)

Net realized and unrealized gain (loss)		350		(10	)

Net increase in net assets resulting from operations	$	564,916	$	395,961

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


		110

(This Page Intentionally Left Blank)


		111

Statements of Changes in Net Assets

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco 1-30 Laddered Treasury ETF (PLW)									Invesco California AMT-Free Municipal Bond ETF (PWZ)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	3,135,358		$	3,828,078		$	4,569,492		$	5,154,468		$	4,787,907		$	3,933,268
Net realized gain (loss)		(1,901,061	)		(861,018	)		10,080,039			199,203			516,728			156,626
Net change in unrealized appreciation (depreciation)		(3,808,896	)		(7,860,127	)		683,766			(2,516,166	)		(1,373,457	)		1,450,367

Net increase (decrease) in net assets resulting from operations		(2,574,599	)		(4,893,067	)		15,333,297			2,837,505			3,931,178			5,540,261


Distributions to Shareholders from:
Net investment income		(3,150,699	)		(3,839,339	)		(4,583,798	)		(5,154,468	)		(4,787,907	)		(3,933,268	)
Return of capital		—			—			—			(78,193	)		(47,626	)		(31,261	)

Total distributions to shareholders		(3,150,699	)		(3,839,339	)		(4,583,798	)		(5,232,661	)		(4,835,533	)		(3,964,529	)


Shareholder Transactions:
Proceeds from shares sold		73,889,628			24,396,719			84,560,450			20,897,090			80,270,039			88,924,511
Value of shares repurchased		(101,922,955	)		(49,742,721	)		(141,116,828	)		(5,132,012	)		(31,699,168	)		(10,467,305	)
Transaction fees		—			—			—			12,830			126,543			218,389

Net increase (decrease) in net assets resulting from shares transactions		(28,033,327	)		(25,346,002	)		(56,556,378	)		15,777,908			48,697,414			78,675,595

Increase (Decrease) in Net Assets		(33,758,625	)		(34,078,408	)		(45,806,879	)		13,382,752			47,793,059			80,251,327


Net Assets:
Beginning of period		187,393,113			221,471,521			267,278,400			237,413,111			189,620,052			109,368,725

End of period	$	153,634,488		$	187,393,113		$	221,471,521		$	250,795,863		$	237,413,111		$	189,620,052

Undistributed net investment income at end of period	$	—		$	—		$	—		$	—		$	—		$	—


Changes in Shares Outstanding:
Shares sold		2,300,000			750,000			2,500,000			800,000			3,100,000			3,350,000
Shares repurchased		(3,200,000	)		(1,550,000	)		(4,150,000	)		(200,000	)		(1,250,000	)		(400,000	)
Shares outstanding, beginning of period		5,750,000			6,550,000			8,200,000			9,100,000			7,250,000			4,300,000

Shares outstanding, end of period		4,850,000			5,750,000			6,550,000			9,700,000			9,100,000			7,250,000

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


		112


Invesco CEF Income Composite ETF (PCEF)									Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	38,658,693		$	32,653,847		$	37,094,240		$	36,257,832		$	49,230,720		$	37,913,482
	9,490,386			7,177,093			(11,577,880	)		(135,135	)		33,564,542			(16,764,677	)

	(34,951,081	)		58,160,457			32,412,423			(32,016,902	)		(15,558,589	)		48,202,775


	13,197,998			97,991,397			57,928,783			4,105,795			67,236,673			69,351,580



	(42,434,762	)		(32,752,020	)		(38,325,657	)		(36,149,521	)		(49,423,066	)		(37,984,421	)
	—			(15,880,681	)		(11,635,257	)		—			—			—

	(42,434,762	)		(48,632,701	)		(49,960,914	)		(36,149,521	)		(49,423,066	)		(37,984,421	)



	100,554,411			78,505,086			51,120,858			627,330,216			991,546,556			756,314,570
	(51,317,550	)		(67,160,223	)		(45,299,178	)		(844,678,481	)		(899,575,504	)		(365,845,423	)
	—			—			—			—			—			—


	49,236,861			11,344,863			5,821,680			(217,348,265	)		91,971,052			390,469,147

	20,000,097			60,703,559			13,789,549			(249,391,991	)		109,784,659			421,836,306



	703,176,623			642,473,064			628,683,515			1,197,921,837			1,088,137,178			666,300,872

$	723,176,720		$	703,176,623		$	642,473,064		$	948,529,846		$	1,197,921,837		$	1,088,137,178


$	—		$	—		$	—		$	108,311		$	—		$	—



	4,300,000			3,350,000			2,350,000			33,400,000			52,500,000			41,700,000
	(2,200,000	)		(2,900,000	)		(2,150,000	)		(45,100,000	)		(47,600,000	)		(20,300,000	)
	29,350,000			28,900,000			28,700,000			62,800,000			57,900,000			36,500,000

	31,450,000			29,350,000			28,900,000			51,100,000			62,800,000			57,900,000


		113

Statements of Changes in Net Assets (continued)

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)									Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	2,152,009		$	1,256,153		$	1,112,065		$	347,301		$	440,111		$	236,488
Net realized gain (loss)		(726,546	)		93,679			(40,240	)		(239,953	)		51,690			(29,417	)
Net change in unrealized appreciation (depreciation)		(2,206,353	)		(782,957	)		1,089,201			(166,144	)		(120,959	)		149,321

Net increase (decrease) in net assets resulting from operations		(780,890	)		566,875			2,161,026			(58,796	)		370,842			356,392


Distributions to Shareholders from:
Net investment income		(2,152,009	)		(1,261,537	)		(1,112,065	)		(341,964	)		(442,061	)		(237,571	)
Net realized gains		—			—			—			—			—			(7,046	)
Return of capital		(16,435	)		—			(6,736	)		—			—			(1,098	)

Total distributions to shareholders		(2,168,444	)		(1,261,537	)		(1,118,801	)		(341,964	)		(442,061	)		(245,715	)


Shareholder Transactions:
Proceeds from shares sold		75,624,449			17,863,611			23,044,431			11,218,280			6,249,120			17,419,435
Value of shares repurchased		(16,025,377	)		(25,352,592	)		—			(22,236,829	)		(4,996,874	)		(1,246,709	)
Transaction fees		—			—			—			—			—			—

Net increase (decrease) in net assets resulting from shares transactions		59,599,072			(7,488,981	)		23,044,431			(11,018,549	)		1,252,246			16,172,726

Increase (Decrease) in Net Assets		56,649,738			(8,183,643	)		24,086,656			(11,419,309	)		1,181,027			16,283,403


Net Assets:
Beginning of period		49,970,387			58,154,030			34,067,374			23,734,532			22,553,505			6,270,102

End of period	$	106,620,125		$	49,970,387		$	58,154,030		$	12,315,223		$	23,734,532		$	22,553,505

Undistributed net investment income at end of period	$	—		$	—		$	—		$	5,337		$	—		$	—


Changes in Shares Outstanding:
Shares sold		3,000,000			700,000			900,000			450,000			250,000			700,000
Shares repurchased		(650,000	)		(1,000,000	)		—			(900,000	)		(200,000	)		(50,000	)
Shares outstanding, beginning of period		1,950,000			2,250,000			1,350,000			950,000	��		900,000			250,000

Shares outstanding, end of period		4,300,000			1,950,000			2,250,000			500,000			950,000			900,000

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


		114


Invesco National AMT-Free Municipal Bond ETF (PZA)									Invesco New York AMT-Free Municipal Bond ETF (PZT)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	42,225,505		$	44,120,363		$	38,124,263		$	1,622,957		$	1,926,314		$	1,779,763
	(739,567	)		1,566,146			3,949,289			250,537			485,614			491,670

	(28,566,818	)		(6,807,061	)		15,301,328			(1,557,451	)		(901,063	)		329,137


	12,919,120			38,879,448			57,374,880			316,043			1,510,865			2,600,570



	(42,825,016	)		(44,434,318	)		(38,124,263	)		(1,645,145	)		(1,937,572	)		(1,779,763	)
	—			—			—			—			—			—
	—			—			(189,479	)		—			—			(12,981	)

	(42,825,016	)		(44,434,318	)		(38,313,742	)		(1,645,145	)		(1,937,572	)		(1,792,744	)



	155,166,789			375,282,762			469,907,438			3,662,435			2,424,444			15,018,293
	(76,665,955	)		(138,711,374	)		(7,925,010	)		(4,817,324	)		—			(2,455,728	)
	127,313			608,718			1,194,581			—			—			—


	78,628,147			237,180,106			463,177,009			(1,154,889	)		2,424,444			12,562,565

	48,722,251			231,625,236			482,238,147			(2,483,991	)		1,997,737			13,370,391



	1,611,258,272			1,379,633,036			897,394,889			66,060,627			64,062,890			50,692,499

$	1,659,980,523		$	1,611,258,272		$	1,379,633,036		$	63,576,636		$	66,060,627		$	64,062,890


$	—		$	—		$	—		$	—		$	—		$	—



	6,100,000			14,850,000			18,250,000			150,000			100,000			600,000
	(3,000,000	)		(5,550,000	)		(300,000	)		(200,000	)		—			(100,000	)
	63,000,000			53,700,000			35,750,000			2,700,000			2,600,000			2,100,000

	66,100,000			63,000,000			53,700,000			2,650,000			2,700,000			2,600,000


		115

Statements of Changes in Net Assets (continued)

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco Preferred ETF (PGX)									Invesco Taxable Municipal Bond ETF (BAB)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	254,699,506		$	273,485,492		$	223,181,740		$	32,076,434		$	39,719,227		$	35,952,968
Net realized gain (loss)		(40,252,986	)		(8,474,161	)		8,413,389			(850,952	)		(1,810,687	)		4,593
Net change in unrealized appreciation (depreciation)		(99,837,343	)		(1,049,352	)		24,855,342			(22,250,818	)		(11,646,216	)		36,415,568

Net increase in net assets resulting from operations		114,609,177			263,961,979			256,450,471			8,974,664			26,262,324			72,373,129


Distributions to Shareholders from:
Net investment income		(244,818,962	)		(276,488,848	)		(226,731,995	)		(32,279,031	)		(39,855,653	)		(36,098,186	)
Return of capital		—			—			—			—			—			—

Total distributions to shareholders		(244,818,962	)		(276,488,848	)		(226,731,995	)		(32,279,031	)		(39,855,653	)		(36,098,186	)


Shareholder Transactions:
Proceeds from shares sold		793,860,901			1,107,127,988			1,874,743,397			49,320,084			21,044,718			366,831,325
Value of shares repurchased		(619,175,651	)		(491,910,183	)		(290,708,764	)		(59,659,382	)		(106,639,740	)		(10,287,020	)
Transaction fees		—			—			—			279,471			744,256			1,019,948

Net increase (decrease) in net assets resulting from shares transactions		174,685,250			615,217,805			1,584,034,633			(10,059,827	)		(84,850,766	)		357,564,253

Increase (Decrease) in Net Assets		44,475,465			602,690,936			1,613,753,109			(33,364,194	)		(98,444,095	)		393,839,196


Net Assets:
Beginning of period		5,333,535,443			4,730,844,507			3,117,091,398			972,235,192			1,070,679,287			676,840,091

End of period	$	5,378,010,908		$	5,333,535,443		$	4,730,844,507		$	938,870,998		$	972,235,192		$	1,070,679,287

Undistributed net investment income at end of period	$	9,737,537		$	—		$	—		$	—		$	—		$	—


Changes in Shares Outstanding:
Shares sold		54,350,000			74,100,000			124,900,000			1,650,000			700,000			12,000,000
Shares repurchased		(42,500,000	)		(33,900,000	)		(19,550,000	)		(2,000,000	)		(3,600,000	)		(350,000	)
Shares outstanding, beginning of period		356,400,000			316,200,000			210,850,000			32,000,000			34,900,000			23,250,000

Shares outstanding, end of period		368,250,000			356,400,000			316,200,000			31,650,000			32,000,000			34,900,000

^(a)	For the period January 10, 2017 (commencement of investment operations) through October 31, 2017.

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


		116


Invesco Treasury Collateral ETF (CLTL)						Invesco Variable Rate Preferred ETF (VRP)									Invesco VRDO Tax-Free Weekly ETF (PVI)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	5,582,772		$	2,397,921		$	73,923,718		$	64,539,040		$	31,368,685		$	564,566		$	395,971		$	43,358
	(49,581	)		(35,104	)		16,903,578			31,561,759			(111,445	)		350			(10	)		950

	88,653			(161,473	)		(67,581,280	)		(953,428	)		29,032,847			—			—			—


	5,621,844			2,201,344			23,246,016			95,147,371			60,290,087			564,916			395,961			44,308



	(7,583,824	)		—			(79,508,012	)		(64,972,652	)		(31,532,782	)		(564,528	)		(395,971	)		(44,304	)
	—			—			—			—			—			—			(449	)		(2,604	)

	(7,583,824	)		—			(79,508,012	)		(64,972,652	)		(31,532,782	)		(564,528	)		(396,420	)		(46,908	)



	15,855,831			453,283,483			923,347,552			1,478,978,932			491,717,702			4,986,642			26,174,420			7,477,888
	—			(1,056,040	)		(565,925,316	)		(517,259,238	)		(18,480,727	)		(26,172,286	)		(2,492,350	)		(28,654,688	)
	—			—			—						—			—			—			—


	15,855,831			452,227,443			357,422,236			961,719,694			473,236,975			(21,185,644	)		23,682,070			(21,176,800	)

	13,893,851			454,428,787			301,160,240			991,894,413			501,994,280			(21,185,256	)		23,681,611			(21,179,400	)



	454,428,787			—			1,890,954,091			899,059,678			397,065,398			83,512,199			59,830,588			81,009,988

$	468,322,638		$	454,428,787		$	2,192,114,331		$	1,890,954,091		$	899,059,678		$	62,326,943		$	83,512,199		$	59,830,588


$	396,869		$	2,397,921		$	7,752,813		$	—		$	—		$	38		$	—		$	—



	150,000			4,300,001			36,200,000			57,600,000			20,000,000			200,000			1,050,000			300,000
	—			(10,000	)		(22,100,000	)		(20,000,000	)		(800,000	)		(1,050,000	)		(100,000	)		(1,150,000	)

	4,290,001			—			73,100,000			35,500,000			16,300,000			3,350,000			2,400,000			3,250,000

	4,440,001			4,290,001			87,200,000			73,100,000			35,500,000			2,500,000			3,350,000			2,400,000


		117

Financial Highlights

Invesco 1-30 Laddered Treasury ETF (PLW)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	32.59		$	33.81		$	32.59		$	31.96		$	30.41		$	32.96
Net investment income^(a)		0.57			0.66			0.65			0.70			0.76			0.74
Net realized and unrealized gain (loss) on investments		(0.91	)		(1.22	)		1.22			0.63			1.54			(2.55	)
Total from investment operations		(0.34	)		(0.56	)		1.87			1.33			2.30			(1.81	)
Distributions to shareholders from:
Net investment income		(0.57	)		(0.66	)		(0.65	)		(0.70	)		(0.75	)		(0.74	)
Net realized gains		—			—			—			—			—			(0.00	)^(b)
Total distributions		(0.57	)		(0.66	)		(0.65	)		(0.70	)		(0.75	)		(0.74	)
Net asset value at end of period	$	31.68		$	32.59		$	33.81		$	32.59		$	31.96		$	30.41
Market price at end of period^(c)	$	31.64		$	32.59		$	33.84		$	32.60		$	31.97		$	30.40
Net Asset Value Total Return^(d)		(1.04	)%		(1.63	)%		5.76	%		4.18	%		7.71	%		(5.55	)%
Market Price Total Return^(d)		(1.17	)%		(1.72	)%		5.82	%		4.18	%		7.77	%		(5.47	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	153,634		$	187,393		$	221,472		$	267,278		$	279,635		$	150,540
Ratio to average net assets of:
Expenses		0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.13	%^(e)		2.02	%		1.94	%		2.14	%		2.47	%		2.33	%
Portfolio turnover rate^(f)		5	%		5	%		6	%		7	%		5	%		5	%

^(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.


		118

Financial Highlights (continued)

Invesco California AMT-Free Municipal Bond ETF (PWZ)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	26.09		$	26.15		$	25.43		$	25.45		$	23.50		$	25.34
Net investment income^(a)		0.54			0.65			0.74			0.82			0.97			0.91
Net realized and unrealized gain (loss) on investments		(0.23	)		(0.07	)		0.70			(0.06	)		1.91			(1.84	)
Total from investment operations		0.31			0.58			1.44			0.76			2.88			(0.93	)
Distributions to shareholders from:
Net investment income		(0.53	)		(0.65	)		(0.75	)		(0.83	)		(0.97	)		(0.91	)
Return of capital		(0.01	)		(0.01	)		(0.01	)		(0.00	)^(b)		(0.02	)		(0.00	)^(b)
Total distributions		(0.54	)		(0.66	)		(0.76	)		(0.83	)		(0.99	)		(0.91	)
Transaction fees^(a)		0.00	^(b)		0.02			0.04			0.05			0.06			—
Net asset value at end of period	$	25.86		$	26.09		$	26.15		$	25.43		$	25.45		$	23.50
Market price at end of period^(c)	$	25.83		$	26.08		$	26.21		$	25.50		$	25.61		$	23.42
Net Asset Value Total Return^(d)		1.22	%		2.36	%		5.84	%		3.25	%		12.75	%		(3.74	)%
Market Price Total Return^(d)		1.15	%		2.08	%		5.79	%		2.87	%		13.84	%		(4.06	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	250,796		$	237,413		$	189,620		$	109,369		$	66,169		$	61,108
Ratio to average net assets of:
Expenses		0.28	%^(e)		0.28	%		0.28	%		0.28	%		0.26	%		0.30	%
Net investment income		2.49	%^(e)		2.52	%		2.81	%		3.23	%		3.95	%		3.70	%
Portfolio turnover rate^(f)		6	%		24	%		6	%		3	%		28	%		1	%

^(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. For the fiscal year ended October 31, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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


		119

Financial Highlights (continued)

Invesco CEF Income Composite ETF (PCEF)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	23.96		$	22.23		$	21.91		$	24.41		$	24.40		$	25.47
Net investment income^(a)		1.26			1.13			1.30			1.53			1.36			1.21
Net realized and unrealized gain (loss) on investments		(0.84	)		2.28			0.77			(2.07	)		0.58			(0.31	)
Total from investment operations		0.42			3.41			2.07			(0.54	)		1.94			0.90
Distributions to shareholders from:
Net investment income		(1.39	)		(1.13	)		(1.34	)		(1.49	)		(1.75	)		(1.49	)
Net realized gains		—			—			—			—			(0.18	)		—
Return of capital		—			(0.55	)		(0.41	)		(0.47	)		—			(0.48	)
Total distributions		(1.39	)		(1.68	)		(1.75	)		(1.96	)		(1.93	)		(1.97	)
Net asset value at end of period	$	22.99		$	23.96		$	22.23		$	21.91		$	24.41		$	24.40
Market price at end of period^(b)	$	23.01		$	23.96		$	22.23		$	21.85		$	24.42		$	24.40
Net Asset Value Total Return^(c)		1.85	%		15.86	%		10.11	%		(2.31	)%		8.23	%		3.64	%
Market Price Total Return^(c)		1.94	%		15.86	%		10.41	%		(2.62	)%		8.27	%		3.43	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	723,177		$	703,177		$	642,473		$	628,684		$	619,913		$	469,789
Ratio to average net assets of:
Expenses^(d)		0.50	%^(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		6.53	%^(e)		4.85	%		5.99	%		6.61	%		5.54	%		4.82	%
Portfolio turnover rate^(f)		12	%		15	%		20	%		20	%		19	%		33	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)

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.

^(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.

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	19.08		$	18.79		$	18.25		$	19.24		$	19.24		$	19.19
Net investment income^(a)		0.64			0.80			0.85			0.81			0.85			0.90
Net realized and unrealized gain (loss) on investments		(0.52	)		0.29			0.54			(0.98	)		(0.00	)^(b)		0.05
Total from investment operations		0.12			1.09			1.39			(0.17	)		0.85			0.95
Distributions to shareholders from:
Net investment income		(0.64	)		(0.80	)		(0.85	)		(0.82	)		(0.85	)		(0.90	)
Net asset value at end of period	$	18.56		$	19.08		$	18.79		$	18.25		$	19.24		$	19.24
Market price at end of period^(c)	$	18.55		$	19.07		$	18.70		$	18.23		$	19.19		$	19.26
Net Asset Value Total Return^(d)		0.70	%		5.96	%		7.97	%		(0.90	)%		4.49	%		5.06	%
Market Price Total Return^(d)		0.70	%		6.42	%		7.56	%		(0.75	)%		4.12	%		5.29	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	948,530		$	1,197,922		$	1,088,137		$	666,301		$	565,770		$	621,429
Ratio to average net assets of:
Expenses		0.50	%^(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		4.12	%^(e)		4.23	%		4.69	%		4.34	%		4.37	%		4.66	%
Portfolio turnover rate^(f)		12	%		9	%		14	%		16	%		20	%		23	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	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.


		120

Financial Highlights (continued)

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	25.63		$	25.85		$	25.24		$	25.45		$	25.13		$	25.83
Net investment income^(a)		0.57			0.65			0.65			0.62			0.62			0.54
Net realized and unrealized gain (loss) on investments		(0.83	)		(0.22	)		0.62			(0.19	)		0.31			(0.69	)
Total from investment operations		(0.26	)		0.43			1.27			0.43			0.93			(0.15	)
Distributions to shareholders from:
Net investment income		(0.57	)		(0.65	)		(0.66	)		(0.64	)		(0.60	)		(0.55	)
Net realized gains		—			—			—			—			(0.01	)		—
Return of capital		(0.00	)^(b)		—			(0.00	)^(b)		—			—			—
Total distributions		(0.57	)		(0.65	)		(0.66	)		(0.64	)		(0.61	)		(0.55	)
Net asset value at end of period	$	24.80		$	25.63		$	25.85		$	25.24		$	25.45		$	25.13
Market price at end of period^(c)	$	24.80		$	25.62		$	25.87		$	25.27		$	25.47		$	25.12
Net Asset Value Total Return^(d)		(1.01	)%		1.73	%		5.08	%		1.69	%		3.75	%		(0.57	)%
Market Price Total Return^(d)		(0.98	)%		1.61	%		5.03	%		1.72	%		3.88	%		(0.68	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	106,620		$	49,970		$	58,154		$	34,067		$	30,538		$	33,925
Ratio to average net assets of:
Expenses		0.22	%^(e)		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net investment income		2.77	%^(e)		2.53	%		2.55	%		2.45	%		2.43	%		2.15	%
Portfolio turnover rate^(f)		24	%		42	%		20	%		16	%		9	%		20	%

^(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.


		121

Financial Highlights (continued)

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)


	Ten Months Ended August 31, 2018			Year Ended October 31,									For the Period September 8, 2014^(a) Through October 31, 2014
	Ten Months Ended August 31, 2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	24.98		$	25.06		$	25.08		$	25.03		$	25.07
Net investment income^(b)		0.43			0.45			0.43			0.32			0.03
Net realized and unrealized gain (loss) on investments		(0.36	)		(0.08	)		0.03			0.05			(0.04	)
Total from investment operations		0.07			0.37			0.46			0.37			(0.01	)
Distribution to shareholders from:
Net investment income		(0.42	)		(0.45	)		(0.44	)		(0.32	)		(0.03	)
Net realized gains		—			—			(0.04	)		—			—
Return of capital		—			—			(0.00	)^(c)		—			—
Total distributions		(0.42	)		(0.45	)		(0.48	)		(0.32	)		(0.03	)
Net asset value at end of period	$	24.63		$	24.98		$	25.06		$	25.08		$	25.03
Market price at end of period^(d)	$	24.63		$	24.98		$	25.14		$	25.16		$	25.04
Net Asset Value Total Return^(e)		0.30	%		1.49	%		1.84	%		1.48	%		(0.06	)%^(f)
Market Price Total Return^(e)		0.30	%		1.16	%		1.84	%		1.76	%		(0.02	)%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	12,315		$	23,735		$	22,554		$	6,270		$	6,256
Ratio to average net assets of:
Expenses		0.22	%^(g)		0.22	%		0.22	%		0.22	%		0.22	%^(g)
Net investment income		2.10	%^(g)		1.79	%		1.74	%		1.26	%		0.96	%^(g)
Portfolio turnover rate^(h)		27	%		19	%		11	%		9	%		0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	The net asset value total return from Fund Inception (September 10, 2014, the first day trading on the exchange) to October 31, 2014 was 0.22%. The market price total return from Fund Inception to October 31, 2014 was 0.26%.

^(g)	Annualized.

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

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


		122

Financial Highlights (continued)

Invesco National AMT-Free Municipal Bond ETF (PZA)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	25.58		$	25.69		$	25.10		$	25.17		$	23.28		$	25.74
Net investment income^(a)		0.65			0.77			0.82			0.92			1.00			0.98
Net realized and unrealized gain (loss) on investments		(0.46	)		(0.11	)		0.57			(0.09	)		1.87			(2.46	)
Total from investment operations		0.19			0.66			1.39			0.83			2.87			(1.48	)
Distributions to shareholders from:
Net investment income		(0.66	)		(0.78	)		(0.83	)		(0.92	)		(1.01	)		(0.98	)
Return of capital		—			—			(0.00	)^(b)		(0.00	)^(b)		(0.01	)		(0.00	)^(b)
Total distributions		(0.66	)		(0.78	)		(0.83	)		(0.92	)		(1.02	)		(0.98	)
Transaction fees^(a)		0.00	^(b)		0.01			0.03			0.02			0.04			—
Net asset value at end of period	$	25.11		$	25.58		$	25.69		$	25.10		$	25.17		$	23.28
Market price at end of period^(c)	$	25.12		$	25.55		$	25.77		$	25.15		$	25.25		$	23.23
Net Asset Value Total Return^(d)		0.77	%		2.70	%		5.71	%		3.45	%		12.77	%		(5.90	)%
Market Price Total Return^(d)		0.93	%		2.25	%		5.82	%		3.32	%		13.35	%		(6.27	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,659,981		$	1,611,258		$	1,379,633		$	897,395		$	739,986		$	564,598
Ratio to average net assets of:
Expenses		0.28	%^(e)		0.28	%		0.28	%		0.28	%		0.28	%		0.28	%
Net investment income		3.10	%^(e)		3.06	%		3.17	%		3.64	%		4.13	%		3.93	%
Portfolio turnover rate^(f)		8	%		23	%		6	%		4	%		15	%		12	%

^(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)

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


		123

Financial Highlights (continued)

Invesco New York AMT-Free Municipal Bond ETF (PZT)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	24.47		$	24.64		$	24.14		$	24.33		$	22.37		$	24.82
Net investment income^(a)		0.58			0.73			0.81			0.83			0.92			0.92
Net realized and unrealized gain (loss) on investments		(0.47	)		(0.17	)		0.51			(0.19	)		1.96			(2.45	)
Total from investment operations		0.11			0.56			1.32			0.64			2.88			(1.53	)
Distributions to shareholders from:
Net investment income		(0.59	)		(0.73	)		(0.81	)		(0.83	)		(0.91	)		(0.92	)
Return of capital		—			—			(0.01	)		(0.00	)^(b)		(0.01	)		(0.00	)^(b)
Total distributions		(0.59	)		(0.73	)		(0.82	)		(0.83	)		(0.92	)		(0.92	)
Net asset value at end of period	$	23.99		$	24.47		$	24.64		$	24.14		$	24.33		$	22.37
Market price at end of period^(c)	$	23.92		$	24.53		$	24.67		$	24.05		$	24.22		$	22.28
Net Asset Value Total Return^(d)		0.46	%		2.37	%		5.50	%		2.68	%		13.16	%		(6.32	)%
Market Price Total Return^(d)		(0.08	)%		2.49	%		6.02	%		2.77	%		13.11	%		(6.83	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	63,577		$	66,061		$	64,063		$	50,692		$	47,450		$	49,204
Ratio to average net assets of:
Expenses		0.28	%^(e)		0.28	%		0.28	%		0.28	%		0.26	%		0.30	%
Net investment income		2.89	%^(e)		3.01	%		3.26	%		3.42	%		3.92	%		3.84	%
Portfolio turnover rate^(f)		7	%		22	%		21	%		18	%		18	%		20	%

^(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)

Invesco Preferred ETF (PGX)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	14.97		$	14.96		$	14.78		$	14.57		$	13.78		$	14.82
Net investment income^(a)		0.71			0.84			0.84			0.87			0.88			0.91
Net realized and unrealized gain (loss) on investments		(0.40	)		0.02			0.20			0.21			0.79			(1.03	)
Total from investment operations		0.31			0.86			1.04			1.08			1.67			(0.12	)
Distributions to shareholders from:
Net investment income		(0.68	)		(0.85	)		(0.86	)		(0.87	)		(0.88	)		(0.92	)
Net asset value at end of period	$	14.60		$	14.97		$	14.96		$	14.78		$	14.57		$	13.78
Market price at end of period^(b)	$	14.62		$	14.96		$	15.00		$	14.80		$	14.62		$	13.79
Net Asset Value Total Return^(c)		2.18	%		5.97	%		7.22	%		7.66	%		12.51	%		(0.88	)%
Market Price Total Return^(c)		2.39	%		5.60	%		7.36	%		7.43	%		12.81	%		(0.95	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	5,378,011		$	5,333,535		$	4,730,845		$	3,117,091		$	2,264,758		$	2,107,031
Ratio to average net assets of:
Expenses		0.50	%^(d)(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		5.83	%^(d)(e)		5.66	%		5.63	%		5.95	%		6.21	%		6.27	%
Portfolio turnover rate^(f)		16	%		10	%		14	%		12	%		13	%		29	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

^(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.


		124

Financial Highlights (continued)

Invesco Taxable Municipal Bond ETF (BAB)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	30.38		$	30.68		$	29.11		$	29.77		$	27.90		$	30.19
Net investment income^(a)		1.01			1.21			1.26			1.37			1.40			1.42
Net realized and unrealized gain (loss) on investments		(0.72	)		(0.32	)		1.54			(0.71	)		1.87			(2.29	)
Total from investment operations		0.29			0.89			2.80			0.66			3.27			(0.87	)
Distributions to shareholders from:
Net investment income		(1.02	)		(1.21	)		(1.27	)		(1.37	)		(1.40	)		(1.42	)
Transaction fees^(a)		0.01			0.02			0.04			0.05			—			—
Net asset value at end of period	$	29.66		$	30.38		$	30.68		$	29.11		$	29.77		$	27.90
Market price at end of period^(b)	$	29.51		$	30.45		$	30.74		$	29.17		$	29.76		$	27.79
Net Asset Value Total Return^(c)		1.02	%		3.14	%		9.93	%		2.40	%		12.03	%		(3.00	)%
Market Price Total Return^(c)		0.29	%		3.19	%		9.90	%		2.65	%		12.44	%		(3.28	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	938,871		$	972,235		$	1,070,679		$	676,840		$	695,156		$	683,643
Ratio to average net assets of:
Expenses		0.28	%^(d)		0.28	%^(e)		0.27	%		0.28	%		0.27	%		0.28	%
Net investment income		4.06	%^(d)		4.05	%		4.14	%		4.59	%		4.86	%		4.80	%
Portfolio turnover rate^(f)		4	%		6	%		0	%^(g)		9	%		7	%		5	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized

^(e)

^(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. For the fiscal year ended October 31, 2017, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

^(g)	Amount represents less than 0.5%.

Invesco Treasury Collateral ETF (CLTL)


	Ten Months Ended August 31, 2018			For the Period January 10, 2017^(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	105.93		$	105.35
Net investment income^(b)		1.28			0.66
Net realized and unrealized gain (loss) on investments		0.00	^(c)		(0.08	)
Total from investment operations		1.28			0.58	��
Distribution to shareholders from:
Net investment income		(1.73	)		—
Net asset value at end of period	$	105.48		$	105.93
Market price at end of period^(d)	$	105.54		$	105.94
Net Asset Value Total Return^(e)		1.22	%		0.55	%^(f)
Market Price Total Return^(e)		1.27	%		0.56	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	468,323		$	454,429
Ratio to average net assets of:
Expenses		0.08	%^(g)		0.08	%^(g)
Net investment income		1.45	%^(g)		0.77	%^(g)

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	The net asset value total return from Fund Inception (January 12, 2017, the first day trading on the exchange) to October 31, 2017 was 0.55%. The market price total return from Fund Inception to October 31, 2017 was 0.54%.

^(g)	Annualized.

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


		125

Financial Highlights (continued)

Invesco Variable Rate Preferred ETF (VRP)


	Ten Months Ended August 31, 2018			Year Ended October 31,									For the Period April 28, 2014^(a) Through October 31, 2014
	Ten Months Ended August 31, 2018			2017			2016			2015			For the Period April 28, 2014^(a) Through October 31, 2014
Per Share Operating Performance:
Net asset value at beginning of period	$	25.87		$	25.33		$	24.36		$	24.85		$	24.87
Net investment income^(b)		0.91			1.21			1.23			1.20			0.60
Net realized and unrealized gain (loss) on investments		(0.66	)		0.56			0.98			(0.47	)		(0.08	)
Total from investment operations		0.25			1.77			2.21			0.73			0.52
Distributions to shareholders from:
Net investment income		(0.98	)		(1.23	)		(1.24	)		(1.20	)		(0.51	)
Return of capital		—			—			—			(0.02	)		(0.03	)
Total distributions		(0.98	)		(1.23	)		(1.24	)		(1.22	)		(0.54	)
Net asset value at end of period	$	25.14		$	25.87		$	25.33		$	24.36		$	24.85
Market price at end of period^(c)	$	25.11		$	25.94		$	25.42		$	24.40		$	24.92
Net Asset Value Total Return^(d)		1.01	%		7.18	%		9.43	%		2.99	%		2.09	%^(e)
Market Price Total Return^(d)		0.62	%		7.08	%		9.63	%		2.85	%		2.38	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,192,114		$	1,890,954		$	899,060		$	397,065		$	91,950
Ratio to average net assets of:
Expenses		0.50	%^(f)		0.50	%		0.50	%		0.50	%		0.50	%^(f)
Net investment income		4.31	%^(f)		4.72	%		5.03	%		4.88	%		4.79	%^(f)
Portfolio turnover rate^(g)		7	%		4	%		17	%		5	%		6	%

^(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 (May 1, 2014, the first day of trading on the exchange) to October 31, 2014 was 1.93%. The market price total return from Fund Inception to October 31, 2014 was 2.01%.

^(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.

Invesco VRDO Tax-Free Weekly ETF (PVI)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	24.93		$	24.93		$	24.93		$	24.96		$	24.99		$	25.00
Net investment income (loss)^(a)		0.20			0.13			0.02			(0.03	)		(0.02	)		0.01
Net realized and unrealized gain (loss) on investments		—			(0.00	)^(b)		—			—			(0.01	)		(0.01	)
Total from investment operations		0.20			0.13			0.02			(0.03	)		(0.03	)		—
Distributions to shareholders from:
Net investment income		(0.20	)		(0.13	)		(0.02	)		—			—			(0.01	)
Return of capital		—			(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)
Total distributions		(0.20	)		(0.13	)		(0.02	)		(0.00	)^(b)		(0.00	)^(b)		(0.01	)
Net asset value at end of period	$	24.93		$	24.93		$	24.93		$	24.93		$	24.96		$	24.99
Market price at end of period^(c)	$	24.93		$	24.93		$	24.91		$	24.93		$	24.97		$	24.99
Net Asset Value Total Return^(d)		0.82	%		0.51	%		0.07	%		(0.12	)%		(0.12	)%		(0.00	)%^(e)
Market Price Total Return^(d)		0.82	%		0.59	%		(0.01	)%		(0.16	)%		(0.08	)%		0.04	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	62,327		$	83,512		$	59,831		$	81,010		$	118,580		$	193,700
Ratio to average net assets of:
Expenses		0.25	%^(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income (loss)		0.98	%^(f)		0.51	%		0.06	%		(0.15	)%		(0.11	)%		0.03	%

^(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)	Amount represents less than 0.005%.

^(f)	Annualized.

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


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2018

Note 1. Organization


Full Name		Short Name
Invesco 1-30 Laddered Treasury ETF (PLW)		“1-30 Laddered Treasury ETF”
Invesco California AMT-Free Municipal Bond ETF (PWZ)		“California AMT-Free Municipal Bond ETF”
Invesco CEF Income Composite ETF (PCEF)		“CEF Income Composite ETF”
Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)		“Fundamental High Yield^® Corporate Bond ETF”
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)		“Fundamental Investment Grade Corporate Bond ETF”
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)		“LadderRite 0-5 Year Corporate Bond ETF”
Invesco National AMT-Free Municipal Bond ETF (PZA)		“National AMT-Free Municipal Bond ETF”
Invesco New York AMT-Free Municipal Bond ETF (PZT)		“New York AMT-Free Municipal Bond ETF”
Invesco Preferred ETF (PGX)		“Preferred ETF”
Invesco Taxable Municipal Bond ETF (BAB)		“Taxable Municipal Bond ETF”
Invesco Treasury Collateral ETF (CLTL)		“Treasury Collateral ETF”
Invesco Variable Rate Preferred ETF (VRP)		“Variable Rate Preferred ETF”
Invesco VRDO Tax-Free Weekly ETF (PVI)		“VRDO Tax-Free Weekly ETF”

Effective August 31, 2018, each Fund’s fiscal year-end changed from October 31 to August 31.

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 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of California AMT-Free Municipal Bond ETF, LadderRite 0-5 Year Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

To provide enhanced daily liquidity, Treasury Collateral ETF determines its NAV twice each day, at 12:00 p.m. EST and 4:00 p.m. EST. The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.

CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.


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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
1-30 Laddered Treasury ETF		Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index
California AMT-Free Municipal Bond ETF		ICE BofAML California Long-Term Core Plus Municipal Securities Index
CEF Income Composite ETF		S-Network Composite Closed-End Fund Index^SM
Fundamental High Yield^® Corporate Bond ETF		RAFI^® Bonds U.S. High Yield 1-10 Index
Fundamental Investment Grade Corporate Bond ETF		RAFI^® Bonds U.S. Investment Grade 1-10 Index
LadderRite 0-5 Year Corporate Bond ETF		NASDAQ LadderRite^® 0-5 Year USD Corporate Bond Index
National AMT-Free Municipal Bond ETF		ICE BofAML National Long-Term Core Plus Municipal Securities Index
New York AMT-Free Municipal Bond ETF		ICE BofAML New York Long-Term Core Plus Municipal Securities Index
Preferred ETF		ICE BofAML Core Plus Fixed Rate Preferred Securities Index
Taxable Municipal Bond ETF		ICE BofAML US Taxable Municipal Securities Plus Index
Treasury Collateral ETF		ICE U.S. Treasury Short Bond Index
Variable Rate Preferred ETF		Wells Fargo^® Hybrid and Preferred Securities Floating and Variable Rate Index
VRDO Tax-Free Weekly ETF		Bloomberg U.S. Municipal AMT-Free Weekly VRDO 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 an Underlying Fund, if any, that are held as investments 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 (except convertible securities) 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 NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).


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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”), formerly Invesco PowerShares Capital Management LLC, 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, 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Changing Fixed-Income Market Conditions. Each Fund, except for CEF Income Composite ETF and Variable Rate Preferred ETF, invests in fixed-income securities. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s raising of the target range for the Federal Funds Rate (and possible continued fluctuations in equivalent foreign rates) may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Funds’ transaction costs.

Fixed-Income Securities Risk. Each Fund, except for CEF Income Composite ETF and Variable Rate Preferred ETF, invests in fixed-income securities. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the


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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 adversely affect the value of the security. Securities issued by the U.S. Government are subject to limited credit risk; however, securities issued by U.S. Government agencies are not necessarily backed by the full faith and credit of the U.S. Government.

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 exercised 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.

Industry Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, each Fund faces more risks than if it were diversified broadly over numerous industries or sectors. 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 sector may be out of favor and underperform other industries or the market as a whole.

Non-Diversified Fund Risk. California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. 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 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.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. To the extent that a Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units principally in-kind. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Sampling Risk. Each Fund’s (except for 1-30 Laddered Treasury ETF and CEF Income Composite ETF) use of a representative sampling approach will 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 that a Fund holds could result in a greater decline in NAV than would be the case if a Fund held all of the securities in its Underlying Index. To the extent the assets in a Fund are smaller, these risks will be greater.

Cash Transaction Risk. Most ETFs generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of each Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, each Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of the return between each Fund and conventional ETFs.

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. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be exacerbated in emerging market countries. 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. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.


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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.

Fund of Funds Risk. Because CEF Income Composite ETF is a fund of funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise its Underlying Index. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, while continuing to pay its own unitary management fee. As a result, shareholders will absorb duplicate levels of fees with respect to investments in the Underlying Funds. In addition, at times certain segments of the market represented by constituent Underlying Funds in its Underlying Index may be out of favor and underperform other segments.

Municipal Securities Risk. California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest.

Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Municipal Insurance Risk. A portion of the municipal securities that California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free Weekly ETF hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.

Tax Risk. There is no guarantee that the income from California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF or VRDO Tax-Free Weekly ETF will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

Preferred Stock Risk. With respect to Preferred ETF and Variable Rate Preferred ETF, preferred stock is subject to issuer-specific and overall market risks that are generally applicable to equity securities as a whole; however, there are special risks associated with investing in preferred stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, meaning that an issuer’s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. This subjects preferred stock to a greater risk of non-payment than


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more senior securities. Because of the subordinated position of preferred stock in an issuer’s capital structure, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, its quality and value are heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets. Also, in certain circumstances, an issuer of a preferred stock may call or redeem it prior to a specified date or may convert it to common stock, all of which may negatively impact its return.

Not a Money Market Fund. Treasury Collateral ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.

U.S. Treasury Obligations Risk. Treasury Collateral ETF will invest in obligations issued or guaranteed by the U.S. Treasury. U.S. Treasury securities are backed by the “full faith and credit” of the United States; however, the U.S. Government does not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Shares of the Fund.

C. 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 accounting principles generally accepted in the United States of America (“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.

D. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.


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E. Country Determination

F. 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 payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Treasury Collateral ETF and, for each Fund, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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 each Fund’s unitary management fee and that 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.

G. 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 ex-dividend date. Prior to August 1, 2018, Treasury Collateral ETF declared and paid dividends from net investment income, if any, to its shareholders annually and recorded such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.

H. 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. Certain prior year amounts have been reclassified to conform to the current year presentation. 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.

I. 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 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. The Funds do 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 each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

The Funds 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 each Fund invests.


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J. Securities Lending

During the period November 1, 2017 to August 31, 2018, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Preferred ETF and Variable Rate Preferred ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. 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.

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, and for Treasury Collateral ETF, the oversight of the Sub-Adviser.

As compensation for its services, 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 payments to the Sub-Adviser for Treasury Collateral ETF and, for each Fund, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


	% of Average Daily Net Assets
1-30 Laddered Treasury ETF		0.25	%
California AMT-Free Municipal Bond ETF		0.28	%
CEF Income Composite ETF		0.50	%
Fundamental High Yield^® Corporate Bond ETF		0.50	%
Fundamental Investment Grade Corporate Bond ETF		0.22	%
LadderRite 0-5 Year Corporate Bond ETF		0.22	%
National AMT-Free Municipal Bond ETF		0.28	%
New York AMT-Free Municipal Bond ETF		0.28	%
Preferred ETF		0.50	%
Taxable Municipal Bond ETF		0.28	%
Treasury Collateral ETF		0.08	%
Variable Rate Preferred ETF		0.50	%
VRDO Tax-Free Weekly ETF		0.25	%

For Treasury Collateral ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.


		134

For the period November 1, 2017 to August 31, 2018 and the fiscal year ended October 31, 2017, the Adviser waived fees for each Fund in the following amounts:


	2018		2017
1-30 Laddered Treasury ETF	$	530	$	550
California AMT-Free Municipal Bond ETF		—		—
CEF Income Composite ETF		940		1,971
Fundamental High Yield^® Corporate Bond ETF		5,623		10,599
Fundamental Investment Grade Corporate Bond ETF		490		343
LadderRite 0-5 Year Corporate Bond ETF		301		676
National AMT-Free Municipal Bond ETF		—		—
New York AMT-Free Municipal Bond ETF		—		—
Preferred ETF		18,348		18,307
Taxable Municipal Bond ETF		17,750		22,816
Treasury Collateral ETF		750		2,761
Variable Rate Preferred ETF		7,964		8,297
VRDO Tax-Free Weekly ETF		—		—

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


Fund		Licensor
1-30 Laddered Treasury ETF		Nasdaq, Inc.
California AMT-Free Municipal Bond ETF		Merrill Lynch, Pierce, Fenner & Smith Inc.
CEF Income Composite ETF		S-Network Global Indexes, LLC
Fundamental High Yield^® Corporate Bond ETF		Research Affiliates^®
Fundamental Investment Grade Corporate Bond ETF		Research Affiliates^®
LadderRite 0-5 Year Corporate Bond ETF		Nasdaq, Inc.
National AMT-Free Municipal Bond ETF		Merrill Lynch, Pierce, Fenner & Smith Inc.
New York AMT-Free Municipal Bond ETF		Merrill Lynch, Pierce, Fenner & Smith Inc.
Preferred ETF		Merrill Lynch, Pierce, Fenner & Smith Inc.
Taxable Municipal Bond ETF		Merrill Lynch, Pierce, Fenner & Smith Inc.
Treasury Collateral ETF		Interactive Data Pricing and Reference Data LLC
Variable Rate Preferred ETF		Wells Fargo & Company
VRDO Tax-Free Weekly ETF		Bloomberg Finance L.P.

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

Note 4. Investments in Affiliates

The Adviser and the adviser for Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are considered to be affiliated with the Funds. The table below shows CEF Income Composite ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the period November 1, 2017 to August 31, 2018.


		135

CEF Income Composite ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Bond Fund	$	2,181,131	$	737,406	$	(614,674	)	$	(226,514	)	$	24,194	^(a)	$	2,101,543	$	78,937
Invesco High Income 2023 Target Term Fund		1,601,344		226,195		(300,752	)		(14,558	)		(5,102	)		1,507,127		80,343
Invesco Senior Income Trust		8,681,050		1,629,894		(974,378	)		(127,584	)		(19,938	)		9,189,044		346,113

Total Investments in Affiliates	$	12,463,525	$	2,593,495	$	(1,889,804	)	$	(368,656	)	$	(846	)	$	12,797,714	$	505,393

^(a)	Includes $9,325 of capital gains distributions from affiliated Underlying Funds.

Note 5. 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 period November 1, 2017 to August 31, 2018, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gain
Preferred ETF	$	7,784,496	$	—	$	—
Variable Rate Preferred ETF		—		6,028,553		74,566

Note 6. Additional Valuation Information

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.

Level 2 —

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.

Except for all of the securities in CEF Income Composite ETF, Preferred ETF and certain Funds listed below, as of August 31, 2018, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedules of Investments for security categories). All of the securities in CEF Income Composite ETF and Preferred ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.


		136

Each fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the period November 1, 2017 to August 31, 2018, there were no transfers between valuation levels.


	Level 1		Level 2		Level 3		Total
1-30 Laddered Treasury ETF
Investments in Securities
U.S. Treasury Securities	$	—	$	153,164,282	$	—	$	153,164,282
Money Market Fund		97,162		—		—		97,162

Total Investments	$	97,162	$	153,164,282	$	—	$	153,261,444

Fundamental High Yield^® Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	935,318,862	$	—	$	935,318,862
Money Market Funds		55,638,500		—		—		55,638,500

Total Investments	$	55,638,500	$	935,318,862	$	—	$	990,957,362

Fundamental Investment Grade Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	105,613,183	$	—	$	105,613,183
Money Market Fund		37,252		—		—		37,252

Total Investments	$	37,252	$	105,613,183	$	—	$	105,650,435

LadderRite 0-5 Year Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	12,200,763	$	—	$	12,200,763
Money Market Fund		100,817		—		—		100,817

Total Investments	$	100,817	$	12,200,763	$	—	$	12,301,580

Taxable Municipal Bond ETF
Investments in Securities
Municipal Bonds	$	—	$	916,147,555	$	—	$	916,147,555
Corporate Bonds		—		8,122,687		—		8,122,687
Money Market Fund		1,761,575		—		—		1,761,575

Total Investments	$	1,761,575	$	924,270,242	$	—	$	926,031,817

Variable Rate Preferred ETF
Investments in Securities
Corporate Bonds	$	—	$	1,592,056,522	$	—	$	1,592,056,522
Preferred Stocks & Other Equity Interests		577,176,696		—		—		577,176,696
Money Market Funds		46,732,075		—		—		46,732,075

Total Investments	$	623,908,771	$	1,592,056,522	$	—	$	2,215,965,293


		137

Note 7. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period November 1, 2017 to August 31, 2018, Year Ended October 31, 2017 and Year Ended October 31, 2016:


	8/31/2018								10/31/2017								10/31/2016
	Ordinary Income		Long- Term Capital Gains		Return of Capital		Tax-Exempt Income		Ordinary Income		Long- Term Capital Gains		Return of Capital		Tax-Exempt Income		Ordinary Income		Long- Term Capital Gains		Return of Capital		Tax-Exempt Income
1-30 Laddered Treasury ETF	$	3,150,699	$	—	$	—	$	—	$	3,839,339	$	—	$	—	$	—	$	4,583,798	$	—	$	—	$	—
California AMT-Free Municipal Bond ETF		—		—		78,193		5,154,468		—		—		47,626		4,787,907		—		—		31,261		3,933,268
CEF Income Composite ETF		42,434,762		—		—		—		32,752,020		—		15,880,681		—		38,325,657		—		11,635,257		—
Fundamental High Yield^® Corporate Bond ETF		36,149,521		—		—		—		49,423,066		—		—		—		37,984,421		—		—		—
Fundamental Investment Grade Corporate Bond ETF		2,152,009		—		16,435		—		1,261,537		—		—		—		1,112,065		—		6,736		—
LadderRite 0-5 Year Corporate Bond ETF		341,964		—		—		—		442,061		—		—		—		244,489		128		1,098		—
National AMT-Free Municipal Bond ETF		599,511		—		—		42,225,505		313,955		—		—		44,120,363		—		—		189,479		38,124,263
New York AMT-Free Municipal Bond ETF		22,188		—		—		1,622,957		11,258		—		—		1,926,314		—		—		12,981		1,779,763
Preferred ETF		244,818,962		—		—		—		276,488,848		—		—		—		226,731,995		—		—		—
Taxable Municipal Bond ETF		32,279,031		—		—		—		39,855,653		—		—		—		36,098,186		—		—		—
Treasury Collateral ETF		7,583,824		—		—		—		—		—		—		—		—		—		—		—
Variable Rate Preferred ETF		79,508,012		—		—		—		64,972,652		—		—		—		31,532,782		—		—		—
VRDO Tax-Free Weekly ETF		—		—		—		564,528		—		—		449		395,971		25		921		2,604		43,358

Tax Components of Net Assets at Fiscal Period-End:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
1-30 Laddered Treasury ETF	$	—	$	—	$	(8,240,569	)	$	(286,430	)	$	162,161,487	$	153,634,488
California AMT-Free Municipal Bond ETF		—				727,731			(883,136	)		250,951,268		250,795,863
CEF Income Composite ETF		—				(1,830,432	)		(15,499,110	)		740,506,262		723,176,720
Fundamental High Yield^® Corporate Bond ETF		108,311				(16,050,367	)		(26,979,997	)		991,451,899		948,529,846
Fundamental Investment Grade Corporate Bond ETF		—				(1,915,606	)		(415,702	)		108,951,433		106,620,125
LadderRite 0-5 Year Corporate Bond ETF		5,337				(144,679	)		(29,923	)		12,484,488		12,315,223
National AMT-Free Municipal Bond ETF		—				26,601,049			(1,147,821	)		1,634,527,295		1,659,980,523
New York AMT-Free Municipal Bond ETF		—				122,044			(16,604	)		63,471,196		63,576,636
Preferred ETF		9,737,537				(21,456,433	)		(79,820,899	)		5,469,550,703		5,378,010,908
Taxable Municipal Bond ETF		—				41,824,293			(5,438,102	)		902,484,807		938,870,998
Treasury Collateral ETF		396,869				(72,832	)		(84,145	)		468,082,746		468,322,638
Variable Rate Preferred ETF		—				(40,461,054	)		(2,187,157	)		2,234,762,542		2,192,114,331
VRDO Tax-Free Weekly ETF		378				—			—			62,326,565		62,326,943

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.


		138

The following table presents available capital loss carryforwards and expiration dates for each Fund as of August 31, 2018:


			Post-effective/no expiration
	2019		Short-Term		Long-Term		Total*		Expired
1-30 Laddered Treasury ETF	$	—	$	286,430	$	—	$	286,430	$	—
California AMT-Free Municipal Bond ETF		438,783		444,353		—		883,136		—
CEF Income Composite ETF		—		990,558		14,508,552		15,499,110		—
Fundamental High Yield^® Corporate Bond ETF		—		16,082,676		10,897,321		26,979,997		—
Fundamental Investment Grade Corporate Bond ETF		—		318,968		96,734		415,702		—
LadderRite 0-5 Year Corporate Bond ETF		—		13,496		16,427		29,923		—
National AMT-Free Municipal Bond ETF		23,722		412,636		711,463		1,147,821		—
New York AMT-Free Municipal Bond ETF		16,604		—		—		16,604		—
Preferred ETF		—		20,507,856		59,313,043		79,820,899		—
Taxable Municipal Bond ETF		—		3,277,461		2,160,641		5,438,102		6,399
Treasury Collateral ETF		—		84,145		—		84,145
Variable Rate Preferred ETF		—		769,184		1,417,973		2,187,157		—
VRDO Tax-Free Weekly ETF		—		—		—		—		—

Capital loss carryforwards as of the date listed above 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 8. Investment Transactions

For the period November 1, 2017 to August 31, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
1-30 Laddered Treasury ETF	$	—	$	—
California AMT-Free Municipal Bond ETF		37,508,323		15,513,484
CEF Income Composite ETF		85,146,225		84,814,532
Fundamental High Yield^® Corporate Bond ETF		127,816,344		133,277,618
Fundamental Investment Grade Corporate Bond ETF		36,963,988		21,283,299
LadderRite 0-5 Year Corporate Bond ETF		5,863,084		4,876,764
National AMT-Free Municipal Bond ETF		221,421,175		125,811,267
New York AMT-Free Municipal Bond ETF		7,741,005		4,261,276
Preferred ETF		851,507,126		831,408,890
Taxable Municipal Bond ETF		55,328,767		34,611,209
Treasury Collateral ETF		—		—
Variable Rate Preferred ETF		741,663,981		153,253,661
VRDO Tax-Free Weekly ETF		—		—

For the period November 1, 2017 to August 31, 2018, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for the 1-30 Laddered Treasury ETF amounted to $11,852,851 and $8,179,142, respectively and for the Treasury Collateral ETF amounted to $0 and $0, respectively.

For the period November 1, 2017 to August 31, 2018, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
1-30 Laddered Treasury ETF	$	70,541,087	$	98,314,377
California AMT-Free Municipal Bond ETF		—		—
CEF Income Composite ETF		99,922,758		51,851,065
Fundamental High Yield^® Corporate Bond ETF		609,157,816		813,635,657
Fundamental Investment Grade Corporate Bond ETF		59,244,083		15,481,386
LadderRite 0-5 Year Corporate Bond ETF		8,648,531		19,274,685


		139


	Cost of Securities Received		Value of Securities Delivered
National AMT-Free Municipal Bond ETF	$	—	$	11,565,895
New York AMT-Free Municipal Bond ETF		—		3,891,334
Preferred ETF		730,590,370		559,120,545
Taxable Municipal Bond ETF		—		22,507,223
Treasury Collateral ETF		—		—
Variable Rate Preferred ETF		365,407,434		562,481,871
VRDO Tax-Free Weekly ETF		—		—

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

At August 31, 2018, 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
1-30 Laddered Treasury ETF	$	124,166	$	(8,364,735	)	$	(8,240,569	)	$	161,502,013
California AMT-Free Municipal Bond ETF		2,902,028		(2,174,297	)		727,731			245,769,817
CEF Income Composite ETF		40,802,155		(42,632,587	)		(1,830,432	)		726,461,207
Fundamental High Yield^® Corporate Bond ETF		2,624,927		(18,675,294	)		(16,050,367	)		1,007,007,729
Fundamental Investment Grade Corporate Bond ETF		61,958		(1,977,564	)		(1,915,606	)		107,566,041
LadderRite 0-5 Year Corporate Bond ETF		3,916		(148,595	)		(144,679	)		12,446,259
National AMT-Free Municipal Bond ETF		33,198,654		(6,597,605	)		26,601,049			1,603,586,195
New York AMT-Free Municipal Bond ETF		825,930		(703,886	)		122,044			62,555,833
Preferred ETF		45,064,137		(66,520,570	)		(21,456,433	)		5,477,597,947
Taxable Municipal Bond ETF		51,078,396		(9,254,103	)		41,824,293			884,207,524
Treasury Collateral ETF		31,413		(104,245	)		(72,832	)		467,644,608
Variable Rate Preferred ETF		10,083,870		(50,544,924	)		(40,461,054	)		2,256,426,347
VRDO Tax-Free Weekly ETF		—		—			—			60,795,000

Note 9. Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the period November 1, 2017 to August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
1-30 Laddered Treasury ETF	$	15,341		$	2,102,322		$	(2,117,663	)
California AMT-Free Municipal Bond ETF		—			—			—
CEF Income Composite ETF		3,776,069			(9,458,190	)		5,682,121
Fundamental High Yield^® Corporate Bond ETF		—			(4,384,074	)		4,384,074
Fundamental Investment Grade Corporate Bond ETF		—			278,698			(278,698	)
LadderRite 0-5 Year Corporate Bond ETF		—			210,115			(210,115	)
National AMT-Free Municipal Bond ETF		599,511			(384,532	)		(214,979	)
New York AMT-Free Municipal Bond ETF		22,188			(192,239	)		170,051
Preferred ETF		(143,007	)		(3,223,736	)		3,366,743
Taxable Municipal Bond ETF		202,597			(672,425	)		469,828
Treasury Collateral ETF		—			—			—
Variable Rate Preferred ETF		13,337,107			(18,915,145	)		5,578,038
VRDO Tax-Free Weekly ETF		—			—			—


		140

Note 10. Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. 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 or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 11. Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for Fundamental High Yield^® Corporate Bond ETF and Variable Rate Preferred ETF and 10,000 for Treasury Collateral ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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. For California AMT-Free Municipal Bond ETF, LadderRite 0-5 Year Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF, such transactions are principally in exchange for the deposit or delivery of cash.

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.

Note 12. Indemnifications


		141

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco LadderRite 0-5 Year Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free Weekly ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco LadderRite 0-5 Year Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free Weekly ETF (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017 (or for Invesco Treasury Collateral ETF, for the periods November 1, 2017 through August 31, 2018 and January 10, 2017 (commencement of investment operations) through October 31, 2017), the statements of changes in net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017 (or for Invesco Treasury Collateral ETF, for the periods November 1, 2017 through August 31, 2018 and January 10, 2017 (commencement of investment operations) through October 31, 2017), including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017 (or for Invesco Treasury Collateral ETF, for the periods November 1, 2017 through August 31, 2018 and January 10, 2017 (commencement of investment operations) through October 31, 2017), the changes in each of their net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017 (or for Invesco Treasury Collateral ETF, for the periods November 1, 2017 through August 31, 2018 and January 10, 2017 (commencement of investment operations) through October 31, 2017) and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


		142

Fees and Expenses

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. 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 through the six-month period ended August 31, 2018.

In addition to the fees and expenses which the Invesco CEF Income Composite ETF and Invesco Preferred ETF (collectively the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

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, 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.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco 1-30 Laddered Treasury ETF (PLW)
Actual	$	1,000.00	$	1,021.40		0.25	%	$	1.27
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28
Invesco California AMT-Free Municipal Bond ETF (PWZ)
Actual		1,000.00		1,021.20		0.28			1.43
Hypothetical (5% return before expenses)		1,000.00		1,023.79		0.28			1.43
Invesco CEF Income Composite ETF (PCEF)
Actual		1,000.00		1,030.70		0.50			2.56
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50			2.55
Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)
Actual		1,000.00		1,015.30		0.50			2.54
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50			2.55


		143

Fees and Expenses (continued)


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Actual	$	1,000.00	$	1,009.30		0.22	%	$	1.11
Hypothetical (5% return before expenses)		1,000.00		1,024.10		0.22			1.12
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)
Actual		1,000.00		1,011.30		0.22			1.12
Hypothetical (5% return before expenses)		1,000.00		1,024.10		0.22			1.12
Invesco National AMT-Free Municipal Bond ETF (PZA)
Actual		1,000.00		1,016.40		0.28			1.42
Hypothetical (5% return before expenses)		1,000.00		1,023.79		0.28			1.43
Invesco New York AMT-Free Municipal Bond ETF (PZT)
Actual		1,000.00		1,015.70		0.28			1.42
Hypothetical (5% return before expenses)		1,000.00		1,023.79		0.28			1.43
Invesco Preferred ETF (PGX)
Actual		1,000.00		1,029.20		0.50			2.56
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50			2.55
Invesco Taxable Municipal Bond ETF (BAB)
Actual		1,000.00		1,018.90		0.28			1.42
Hypothetical (5% return before expenses)		1,000.00		1,023.79		0.28			1.43
Invesco Treasury Collateral ETF (CLTL)
Actual		1,000.00		1,009.00		0.08			0.41
Hypothetical (5% return before expenses)		1,000.00		1,024.80		0.08			0.41
Invesco Variable Rate Preferred ETF (VRP)
Actual		1,000.00		1,020.30		0.50			2.55
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50			2.55
Invesco VRDO Tax-Free Weekly ETF (PVI)
Actual		1,000.00		1,005.30		0.25			1.26
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28

⁽¹⁾


		144

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended August 31, 2018:


	Qualified Interest Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			Tax Exempt Income*			Long-Term Capital Gain
Invesco 1-30 Laddered Treasury ETF		100	%		0	%		0	%		0	%		$	—
Invesco California AMT-Free Municipal Bond ETF		0	%		0	%		0	%		99	%			—
Invesco CEF Income Composite ETF		0	%		15	%		15	%		0	%			—
Invesco Fundamental High Yield^® Corporate Bond ETF		98	%		0	%		0	%		0	%			—
Invesco Fundamental Investment Grade Corporate Bond ETF		100	%		0	%		0	%		0	%			—
Invesco LadderRite 0-5 Year Corporate Bond ETF		78	%		0	%		0	%		0	%			—
Invesco National AMT-Free Municipal Bond ETF		0	%		0	%		0	%		99	%			—
Invesco New York AMT-Free Municipal Bond ETF		0	%		0	%		0	%		99	%			—
Invesco Preferred ETF		0	%		70	%		55	%		0	%			—
Invesco Taxable Municipal Bond ETF		100	%		0	%		0	%		0	%			—
Invesco Treasury Collateral ETF		100	%		0	%		0	%		0	%			—
Invesco Variable Rate Preferred ETF		0	%		23	%		21	%		0	%			—
Invesco VRDO Tax-Free Weekly ETF		0	%		0	%		0	%		100	%			—

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period.


		145

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		146

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		147

Trustees and Officers (continued)


Name, Address and Year of Birth of Unaffiliated Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Unaffiliated Trustee	Other Directorships Held by Unaffiliated Trustee During the Past 5 Years
Philip M. Nussbaum***—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2007	Chairman, Performance Trust Capital Partners (2004-Present).	221	None

This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***

Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		148

Trustees and Officers (continued)


Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	221	None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		149

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		150

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd./ Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		151

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Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-FINC-AR-1

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


USEQ		Invesco Russell 1000 Enhanced Equal Weight ETF
EQAL		Invesco Russell 1000 Equal Weight ETF
USLB		Invesco Russell 1000 Low Beta Equal Weight ETF
SPVU		Invesco S&P 500 Enhanced Value ETF
XRLV		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF
SPHB		Invesco S&P 500^® High Beta ETF
SPHD		Invesco S&P 500^® High Dividend Low Volatility ETF
SPLV		Invesco S&P 500^® Low Volatility ETF
SPMV		Invesco S&P 500 Minimum Variance ETF
SPMO		Invesco S&P 500 Momentum ETF
SPVM		Invesco S&P 500 Value with Momentum ETF
XMLV		Invesco S&P MidCap Low Volatility ETF
XSHD		Invesco S&P SmallCap High Dividend Low Volatility ETF
XSLV		Invesco S&P SmallCap Low Volatility ETF
XSHQ		Invesco S&P SmallCap Quality ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

S&P 500^® Portfolios

Schedules of Investments

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)			34

Invesco Russell 1000 Equal Weight ETF (EQAL)			41

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)			51

Invesco S&P 500 Enhanced Value ETF (SPVU)			56

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)			58

Invesco S&P 500^® High Beta ETF (SPHB)			60

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)			62

Invesco S&P 500^® Low Volatility ETF (SPLV)			63

Invesco S&P 500 Minimum Variance ETF (SPMV)			65

Invesco S&P 500 Momentum ETF (SPMO)			67

Invesco S&P 500 Value with Momentum ETF (SPVM)			69

Invesco S&P MidCap Low Volatility ETF (XMLV)			71

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			72

Invesco S&P SmallCap Low Volatility ETF (XSLV)			73

Invesco S&P SmallCap Quality ETF (XSHQ)			75

Statements of Assets and Liabilities			78

Statements of Operations			82

Statements of Changes in Net Assets			88

Financial Highlights			94

Notes to Financial Statements			103

Report of Independent Registered Public Accounting Firm			116

Fees and Expenses			118

Tax Information			120

Trustees and Officers			121


		2

The Market Environment

Domestic Equity

¹	Source: US Treasury

²	Source: US Federal Reserve


		3


USEQ		Manager’s Analysis
USEQ		Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

As an index fund, the Invesco Russell 1000 Enhanced Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Russell 1000^® Enhanced Value Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Frank Russell Company (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”) exhibiting upward price momentum and fair valuations. The Index is a subset of the Russell 1000, which measures the performance of the large-cap segment of the U.S. equity universe.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider selects constituent securities for the Index using a three-step screening process. First, Russell excludes securities with zero or negative earnings over the past 12 months. Second, Russell screens for value stocks. Russell excludes stocks with valuation scores in the bottom 10% of all eligible stocks. Third, Russell screens for securities with greater positive price “momentum.” Stocks are ranked from highest returns to lowest returns over that period within each of 10 industries, and stocks with returns ranking in the bottom 10% of each industry are excluded. The remaining securities are included in the Index. Constituent securities in the Index are equally weighted. The Index also may include securities of mid-cap issuers. Therefore, due to the equal weighting methodology of the Index, the Fund may have greater exposure to mid-cap issuers than would be the case if the Index used a traditional capitalization-weighted methodology. The Fund generally invests in all of the components of the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 10.29%. On a net asset value (“NAV”) basis, the Fund returned 10.38%. During the same time period, the Index returned 10.61%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 14.69%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be primarily attributed to its allocation to the information technology sector and stock selection within the consumer discretionary sector.

For the fiscal period ended August 31, 2018, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. The materials sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Lululemon Athletica, Inc., a consumer discretionary company (portfolio average weight of 0.21%), and NetApp, Inc., an information technology company (portfolio average weight of 0.18%). Positions that detracted most significantly from the Fund’s return included Akorn, Inc., a health care company (no longer held at fiscal period-end), and Coherent, Inc., an information technology company (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			17.7
Industrials			16.6
Consumer Discretionary			16.0
Information Technology			11.6
Health Care			9.5
Real Estate			7.5
Consumer Staples			5.9
Materials			5.5
Utilities			4.5
Energy			4.3
Telecommunication Services			0.9
Other Assets Less Liabilities			0.0

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Concho Resources, Inc.			0.2
Lululemon Athletica, Inc.			0.2
Premier, Inc., Class A			0.2
Fortinet, Inc.			0.2
Manhattan Associates, Inc.			0.2
First Data Corp., Class A			0.2
WellCare Health Plans, Inc.			0.2
Darden Restaurants, Inc.			0.2
Nordstrom, Inc.			0.2
Credit Acceptance Corp.			0.2
Total			2.0


		4

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000^® Enhanced Value Equal Weight Index		16.09	%		14.20	%		16.21	%
Russell 1000^® Index		19.82			18.62			21.32
Fund
NAV Return		15.76			13.88			15.85
Market Price Return		15.79			13.91			15.88

Fund Inception: July 13, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		5


EQAL		Manager’s Analysis
EQAL		Invesco Russell 1000 Equal Weight ETF (EQAL)

As an index fund, the Invesco Russell 1000 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Russell 1000^® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

Frank Russell Company (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index strictly in accordance with its existing guidelines and mandated procedures. The Index is composed of all the securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”). The Index Provider equally weights the Index by applying a two-step weighting process. First, the Index Provider separates the component securities of the Russell 1000 into different economic sector groups based on the Russell Global Sectors (the “RGS”) classification system. There are nine economic sectors within the RGS classification system. Next, the Index Provider equally weights those nine sector groups, and then equally weights the individual securities within each of those sector groups. The Index Provider re-weights the Index quarterly and reconstitutes it annually in accordance with this equally-weighted methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 12.49%. On a net asset value (“NAV”) basis, the Fund returned 12.50%. During the same time period, the Index returned 12.69%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based on market capitalization.

the Benchmark Index during the period can be attributed to the Fund’s allocations in the consumer discretionary sector.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the energy and health care sectors, respectively. The materials sector was the greatest detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Whiting Petroleum Corp., an energy company (portfolio average weight of 0.18%), and HollyFrontier Corp., an energy company (portfolio average weight of 0.19%). Positions that detracted most significantly from the Fund’s return included TESARO, Inc., a health care company (portfolio average weight of 0.08%), and Pilgrim’s Pride Corp., a consumer staples company (portfolio average weight of 0.21%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			13.5
Industrials			12.8
Health Care			11.9
Consumer Staples			11.2
Energy			10.5
Consumer Discretionary			9.9
Utilities			9.7
Materials			8.5
Financials			6.1
Real Estate			3.7
Telecommunication Services			2.1
Money Market Fund Plus Other Assets Less Liabilities			0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Concho Resources, Inc.			0.4
Sprouts Farmers Market, Inc.			0.3
Kroger Co. (The)			0.3
CenturyLink, Inc.			0.3
McCormick & Co., Inc.			0.3
United States Cellular Corp.			0.3
PG&E Corp.			0.3
Eversource Energy			0.3
Casey’s General Stores, Inc.			0.3
DTE Energy Co.			0.3
Total			3.1

*	Excluding money market fund holdings.


		6

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
Russell 1000^® Equal Weight Index		17.63	%		13.46	%		46.07	%		9.61	%		40.27	%
Russell 1000^® Index		19.82			15.84			55.45			11.62			49.99
Fund
NAV Return		17.37			13.22			45.14			9.38			39.19
Market Price Return		17.44			13.22			45.12			9.36			39.12

Fund Inception: December 23, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		7


USLB		Manager’s Analysis
USLB		Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

As an index fund, the Invesco Russell 1000 Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Russell 1000^® Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to constituents of the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”) that exhibit low beta characteristics. The Russell 1000 is designed to measure the performance of the U.S. equity market, and consists of the stocks of the largest 1,000 companies by capitalization in the U.S.

Beta is a measure of a security’s price sensitivity (i.e., volatility); it reflects the rate of change in a security’s price that results from overall market movements. To calculate the beta score for each security in the Russell 1000, the Index Provider analyzes the security’s monthly returns over the past eighteen months to see the extent to which they correlate to overall market movements. Securities with a beta score of less than that of the overall U.S. equity market average (that is, securities whose price changes exhibit less volatility than the average amount of volatility in the market) are eligible for inclusion in the Index. The Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weighting in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 13.04%. On a net asset value (“NAV”) basis, the Fund returned 13.04%. During the same time period, the Index returned 13.44%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the information technology sector during the fiscal period ended August 31,

2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its allocation to the utilities sector.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector. The utilities sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Netflix, Inc., a consumer discretionary company (no longer held at fiscal period-end), and Under Armour, Inc., Class A, a consumer discretionary company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included RPC, Inc., an energy company (portfolio average weight of 0.15%), and Pilgrim’s Pride Corp., a consumer staples company (portfolio average weight of 0.17%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			16.1
Real Estate			13.6
Information Technology			13.3
Consumer Discretionary			12.3
Industrials			10.2
Health Care			9.7
Materials			6.7
Utilities			6.4
Energy			5.3
Consumer Staples			4.9
Telecommunication Services			1.4
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Prologis, Inc. REIT			0.4
Concho Resources, Inc.			0.4
Lululemon Athletica, Inc.			0.3
Paycom Software, Inc.			0.3
Fortinet, Inc.			0.3
First Data Corp., Class A			0.3
Veeva Systems, Inc., Class A			0.3
Regeneron Pharmaceuticals, Inc.			0.3
Premier, Inc., Class A			0.3
GrubHub, Inc.			0.2
Total			3.1


		8

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000^® Low Beta Equal Weight Index		15.88	%		12.34	%		38.82	%
Russell 1000^® Index		19.82			14.45			46.31
Fund
NAV Return		15.40			11.91			37.32
Market Price Return		15.40			11.86			37.16

Fund Inception: November 5, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		9


SPVU		Manager’s Analysis
SPVU		Invesco S&P 500 Enhanced Value ETF (SPVU)

As an index fund, the Invesco S&P 500 Enhanced Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500 Enhanced Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

Strictly in accordance with its existing guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 100 stocks in the S&P 500^® Index (the “Benchmark Index”) that have the highest “value score.”

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Benchmark Index by evaluating each stock’s: (i) book value-to-price ratio, (ii) earnings-to-price ratio, and (iii) sales-to-price ratio. The Index Provider then calculates the value score of each security based on a composite of those three factors and selects the 100 stocks with the highest value score for inclusion in the Index. The Index uses a modified market capitalization-weighted strategy, as the Index Provider weights securities by multiplying their market capitalization and their value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 11.60%. On a net asset value (“NAV”) basis, the Fund returned 11.61%. During the same time period, the Index returned 11.80%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 14.57%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index primarily due to the Fund’s thematic objective and proprietary weighting methodology.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to

the Benchmark Index during the period can be attributed to overweighting of the financials sector.

For the fiscal period ended August 31, 2018, the energy sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. No sectors detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Valero Energy Corp., an energy company (portfolio average weight of 1.53%), and Verizon Communications, Inc., a telecommunication services company (portfolio average weight of 5.42%). Positions that detracted most significantly from the Fund’s return included Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.73%), and Citigroup Inc., a financials company (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			35.5
Consumer Discretionary			14.8
Telecommunication Services			10.9
Health Care			10.2
Consumer Staples			9.8
Energy			5.5
Industrials			5.5
Materials			2.7
Utilities			2.4
Information Technology			2.4
Real Estate			0.2
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Verizon Communications, Inc.			5.4
Berkshire Hathaway, Inc., Class B			5.2
Wells Fargo & Co.			5.1
Bank of America Corp.			5.0
Comcast Corp., Class A			4.7
AT&T, Inc.			4.6
Walmart, Inc.			3.5
CVS Health Corp.			3.0
Prudential Financial, Inc.			1.9
Express Scripts Holding Co.			1.9
Total			40.3


		10

Invesco S&P 500 Enhanced Value ETF (SPVU) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P 500 Enhanced Value Index		17.60	%		15.07	%		50.09	%
S&P 500^® Index		19.66			15.80			52.86
Fund
NAV Return		17.34			14.78			49.00
Market Price Return		17.44			14.76			48.90

Fund Inception: October 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		11


XRLV		Manager’s Analysis
XRLV		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

As an index fund, the Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility Rate Response Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to the 100 constituents of the S&P 500^® Index (the “Benchmark Index”) that exhibit both low volatility and low interest rate risk. The Index is designed to include stocks exhibiting low volatility characteristics, after removing stocks that historically have performed poorly in rising interest rate environments. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index Provider determines a stock’s “rate sensitivity” by performing a regression of the stock’s returns over a five-year period to changes in interest rates over that same period. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 12.96%. On a net asset value (“NAV”) basis, the Fund returned 12.92%. During the same time period, the Index returned 13.16%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that is a subset of the Benchmark Index, consisting of the 100 securities within the Benchmark Index that historically have had the highest positive sensitivity to interest rates and the lowest volatility.

selection within the consumer discretionary sector as well as fees and operating expenses incurred by the Fund.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and financials sectors, respectively. The utilities sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Progressive Corp. (The), a financials company (portfolio average weight of 1.02%), and Verisk Analytics, Inc., an industrials company (portfolio average weight of 1.06%). Positions that detracted most significantly from the Fund’s return included Mohawk Industries, Inc., a consumer discretionary company (no longer held at fiscal period-end), and Fortune Brands Home & Security, Inc., an industrials company (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			25.2
Information Technology			17.1
Industrials			13.7
Health Care			11.7
Consumer Staples			8.6
Materials			7.1
Consumer Discretionary			6.8
Real Estate			5.1
Energy			3.7
Telecommunication Services			0.9
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Coca-Cola Co. (The)			1.3
Ecolab, Inc.			1.2
Procter & Gamble Co. (The)			1.2
Marsh & McLennan Cos., Inc.			1.2
Honeywell International, Inc.			1.1
PepsiCo, Inc.			1.1
Aon PLC			1.1
Fidelity National Information Services, Inc.			1.1
Republic Services, Inc.			1.1
Willis Towers Watson PLC			1.1
Total			11.5


		12

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Low Volatility Rate Response Index		17.96	%		16.53	%		58.26	%		13.35	%		52.98	%
S&P 500^® Index		19.66			16.11			56.55			12.44			48.84
Fund
NAV Return		17.66			16.22			56.99			13.05			51.58
Market Price Return		17.70			16.17			56.77			13.03			51.50

Fund Inception: April 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		13


SPHB		Manager’s Analysis
SPHB		Invesco S&P 500^® High Beta ETF (SPHB)

As an index fund, the Invesco S&P 500^® High Beta ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® High Beta Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its existing guidelines and mandated procedures, S&P DJI selects 100 securities from the S&P 500^® Index (the “Benchmark Index”) for inclusion in the Index that have the highest sensitivity to market movements, or “beta,” over the past 12 months as determined by the Index Provider. Beta is a measure of relative risk and is the rate of change of a security’s price. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 14.22%. On a net asset value (“NAV”) basis, the Fund returned 14.12%. During the same time period, the Index returned 14.41%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Funds participates.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the health care sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection within the information technology sector and allocations within the consumer discretionary sector.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the financials sector, respectively. The real estate sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Advanced Micro Devices, Inc., an information technology company (portfolio

average weight of 1.59%), and NetApp, Inc., an information technology company (portfolio average weight of 0.99%). Positions that detracted most significantly from the Fund’s return included Invesco Ltd., a financials company (portfolio average weight of 0.89%), and Western Digital Corp., an information technology company (portfolio average weight of 0.89%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			33.2
Financials			24.4
Industrials			12.7
Health Care			12.7
Consumer Discretionary			6.6
Materials			5.6
Energy			4.7
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Advanced Micro Devices, Inc.			1.6
NVIDIA Corp.			1.5
Micron Technology, Inc.			1.4
Lam Research Corp.			1.4
Align Technology, Inc.			1.3
Netflix, Inc.			1.3
Incyte Corp.			1.2
KLA-Tencor Corp.			1.2
United Rentals, Inc.			1.2
Applied Materials, Inc.			1.2
Total			13.3


		14

Invesco S&P 500^® High Beta ETF (SPHB) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P 500^® High Beta Index		24.34	%		16.03	%		56.22	%		13.80	%		90.87	%		10.49	%		107.57	%
S&P 500^® Index		19.66			16.11			56.55			14.52			97.01			13.57			153.79
Fund
NAV Return		23.98			15.70			54.87			13.48			88.22			10.18			103.27
Market Price Return		24.22			15.71			54.91			13.50			88.38			10.20			103.54

Fund Inception: May 5, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		15


SPHD		Manager’s Analysis
SPHD		Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

As an index fund, the Invesco S&P 500^® High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 50 securities in the S&P 500^® Index (the “Benchmark Index”) that historically have provided high dividend yields with lower volatility. Strictly in accordance with its guidelines and mandated procedures, S&P DJI identifies from the Benchmark Index the 75 securities with the highest dividend yields over the past 12 months, with no one sector within the Benchmark Index allowed to contribute more than 10 securities. From those securities, S&P DJI selects for inclusion in the Index the 50 securities with the lowest volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index Provider weights each of the constituent securities in the Index by its dividend yield, with the highest dividend yielding securities receiving the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 4.45%. On a net asset value (“NAV”) basis, the Fund returned 4.48%. During the same time period, the Index returned 4.77%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during that period.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that is a subset of the Benchmark Index, consisting of the 50 securities within the Benchmark Index that historically have provided high dividend yields with lower volatility.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the information

technology sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s allocation to the consumer discretionary and information technology sectors.

For the fiscal period ended August 31, 2018, the real estate sector contributed most significantly to the Fund’s return, followed by the energy and health care sectors, respectively. The consumer staples sector was the greatest detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Occidental Petroleum Corp., an energy company (portfolio average weight of 1.66%), and AbbVie, Inc., a health care company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included General Electric Co., an industrials company (no longer held at fiscal period-end), and Invesco Ltd., a financials company (portfolio average weight of 1.91%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Utilities			19.0
Real Estate			17.9
Consumer Staples			15.5
Energy			10.7
Financials			10.5
Consumer Discretionary			5.6
Telecommunication Services			5.3
Industrials			5.0
Information Technology			3.6
Health Care			3.5
Materials			3.3
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Iron Mountain, Inc.			3.0
AT&T, Inc.			2.9
HCP, Inc.			2.8
PPL Corp.			2.8
Welltower, Inc.			2.8
Ventas, Inc.			2.7
Realty Income Corp.			2.4
Philip Morris International, Inc.			2.4
Verizon Communications, Inc.			2.3
Ford Motor Co.			2.3
Total			26.4


		16

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Low Volatility High Dividend Index		8.19	%	��	14.38	%		49.63	%		13.59	%		89.10	%		13.14	%		106.37	%
S&P 500^® Index		19.66			16.11			56.55			14.52			97.01			14.83			125.10
Fund
NAV Return		7.85			14.00			48.15			13.21			86.00			12.77			102.45
Market Price Return		7.90			13.98			48.06			13.24			86.22			12.76			102.37

Fund Inception: October 18, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		17


SPLV		Manager’s Analysis
SPLV		Invesco S&P 500^® Low Volatility ETF (SPLV)

As an index fund, the Invesco S&P 500^® Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its existing guidelines and mandated procedures, S&P DJI selects 100 securities from the S&P 500^® Index (the “Benchmark Index”) for inclusion in the Index that have the lowest realized volatility over the past 12 months as determined by the Index Provider. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 8.76%. On a net asset value (“NAV”) basis, the Fund returned 8.77%. During the same time period, the Index returned 9.02%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

The performance of the Fund differed from the Benchmark Index in part because the Fund attempts to track an Index that is a subset of the Benchmark Index, consisting of the 100 securities within the Benchmark Index that have the lowest realized volatility over the past 12 months.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the information technology sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its allocation to the utilities, consumer discretionary, and information technology sectors.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the financials and industrials sectors,

respectively. The telecommunication services sector detracted most significantly from the Fund’s return, followed by the utilities sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Nasdaq, Inc., a financials company (portfolio average weight of 1.00%), and Keurig Dr. Pepper Inc., a consumer staples company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included Edison International, a utilities company (no longer held at fiscal period-end), and PPL Corp., a utilities company (portfolio average weight of 0.92%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Utilities			23.2
Real Estate			18.0
Financials			16.8
Information Technology			10.7
Consumer Staples			9.1
Industrials			6.0
Health Care			5.7
Materials			4.9
Consumer Discretionary			3.8
Energy			1.8
Other Assets Less Liabilities			0.0

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Coca-Cola Co. (The)			1.2
Ecolab, Inc.			1.2
Duke Energy Corp.			1.2
CMS Energy Corp.			1.1
AvalonBay Communities, Inc.			1.1
Exelon Corp.			1.1
Consolidated Edison, Inc.			1.1
DTE Energy Co.			1.1
Procter & Gamble Co. (The)			1.1
WEC Energy Group, Inc.			1.1
Total			11.3


		18

Invesco S&P 500^® Low Volatility ETF (SPLV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P 500^® Low Volatility Index		11.98	%		13.91	%		47.79	%		12.98	%		84.05	%		13.10	%		146.25	%
S&P 500^® Index		19.66			16.11			56.55			14.52			97.01			13.57			153.79
Fund
NAV Return		11.65			13.60			46.60			12.67			81.61			12.80			141.49
Market Price Return		11.73			13.59			46.55			12.69			81.71			12.80			141.53

Fund Inception: May 5, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		19


SPMV		Manager’s Analysis
SPMV		Invesco S&P 500 Minimum Variance ETF (SPMV)

As an index fund, the Invesco S&P 500 Minimum Variance ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Minimum Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of constituent securities in the S&P 500^® Index (the “Benchmark Index”). The Index measures the performance of a portfolio of equity securities using a managed volatility strategy that seeks to achieve lower total risk than the Benchmark Index, while maintaining other similar characteristics of the Benchmark Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. Unlike the Benchmark Index, which is a traditional market capitalization-weighted index (meaning that companies with larger market capitalizations receive proportionally greater weight in the index, without regard to the volatility of those stocks), the Index weights its constituents using a managed volatility methodology that is designed to minimize the overall forecasted volatility (i.e., to reduce the magnitude of price fluctuations) of the Index. The Fund generally invests in all of the components of the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 13.45%. On a net asset value (“NAV”) basis, the Fund returned 13.50%. During the same time period, the Index returned 13.37%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to beneficial trade execution associated with portfolio rebalances, which was partially offset by fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the energy sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its allocation within the utilities and real estate sectors.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the financials and industrials sectors, respectively. The consumer staples sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Nike, Inc., Class B, a consumer discretionary company (portfolio average weight of 2.40%), and QUALCOMM, Inc., an information technology company (portfolio average weight of 1.92%). Positions that detracted most significantly from the Fund’s return included Mohawk Industries, Inc., a consumer discretionary company (portfolio average weight of 0.99%), and Southard Co., a utilities company (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			20.9
Health Care			16.5
Consumer Discretionary			14.2
Financials			11.2
Consumer Staples			11.2
Industrials			9.9
Utilities			8.0
Telecommunication Services			4.2
Real Estate			2.4
Materials			1.1
Energy			0.3
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
VF Corp.			2.4
NIKE, Inc., Class B			2.4
UnitedHealth Group, Inc.			2.3
Becton, Dickinson and Co.			2.1
Microsoft Corp.			2.1
Waste Management, Inc.			2.0
Alphabet, Inc., Class C			2.0
Stryker Corp.			2.0
Johnson & Johnson			1.9
Texas Instruments, Inc.			1.9
Total			21.1


		20

Invesco S&P 500 Minimum Variance ETF (SPMV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P 500^® Minimum Volatility Index		17.50	%		16.68	%		19.08	%
S&P 500^® Index		19.66			18.50			21.18
Fund
NAV Return		17.60			16.74			19.14
Market Price Return		17.51			16.65			19.05

Fund Inception: July 13, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		21


SPMO		Manager’s Analysis
SPMO		Invesco S&P 500 Momentum ETF (SPMO)

As an index fund, the Invesco S&P 500 Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its existing guidelines and mandated procedures, the Index Provider selects approximately 100 stocks from the S&P 500^® Index (the “Benchmark Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Benchmark Index.

In selecting constituent securities for the Index, the Index Provider calculates the momentum score of each stock in the Benchmark Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then selects the 100 stocks with the highest momentum score for inclusion in the Index using a modified market capitalization-weighted strategy, as the Index Provider weights securities by multiplying their market capitalization and their momentum score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 21.26%. On a net asset value (“NAV”) basis, the Fund returned 21.12%. During the same time period, the Index returned 21.30%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

The performance of the Fund differed from the Benchmark Index primarily due to the Fund’s thematic objective and the Index Provider’s proprietary weighting methodology.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the energy sector during the fiscal period ended August 31, 2018.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and financials sectors, respectively. The real estate and materials sectors detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Microsoft Corp., an information technology company (portfolio average weight of 9.83%), and Amazon.com Inc., a consumer discretionary company (portfolio average weight of 9.97%). Positions that detracted most significantly from the Fund’s return included AbbVie, Inc., a health care company (portfolio average weight of 2.03%), and 3M Co., an industrials company (portfolio average weight of 1.53%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			39.6
Consumer Discretionary			17.7
Financials			13.2
Industrials			13.1
Health Care			11.5
Consumer Staples			2.8
Real Estate			1.0
Materials			0.5
Energy			0.5
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Amazon.com, Inc.			10.0
Microsoft Corp.			9.8
Alphabet, Inc., Class C			3.9
Berkshire Hathaway, Inc., Class B			3.8
Alphabet, Inc., Class A			3.7
Visa, Inc., Class A			3.6
Boeing Co. (The)			3.6
Facebook, Inc., Class A			3.5
JPMorgan Chase & Co.			3.4
Home Depot, Inc. (The)			2.9
Total			48.2


		22

Invesco S&P 500 Momentum ETF (SPMO) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P 500^® Momentum Index		32.23	%		19.22	%		66.29	%
S&P 500^® Index		19.66			15.80			52.86
Fund
NAV Return		31.96			18.92			65.07
Market Price Return		32.21			18.90			64.99

Fund Inception: October 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		23


SPVM		Manager’s Analysis
SPVM		Invesco S&P 500 Value With Momentum ETF (SPVM)

As an index fund, the Invesco S&P 500 Value With Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of the 100 securities in the S&P 500^® Index (the “Benchmark Index”) having both the highest “value scores” and “momentum scores,” all as determined by the Index Provider using its methodology described below.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider selects constituents for the Index using a two-step screening process: first, it identifies the 200 stocks from among the approximately 500 stocks in the Benchmark Index with the highest value scores (i.e., those stocks that the Index Provider has calculated as being undervalued by investors); second, from among those 200 stocks, it identifies the 100 stocks with the highest positive momentum scores (i.e., those stocks that the Index Provider has calculated as showing better recent performance than other stocks). The component stocks of the Index are weighted by their value score; stocks with higher value scores receive relatively greater weights. The Fund generally invests in all of the components of the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 9.34%. On a net asset value (“NAV”) basis, the Fund returned 9.42%. During the same time period, the Index returned 9.75%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information

technology sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to fees and operating expenses incurred by the Fund during the period as well as its allocation to the financials sector.

For the fiscal period ended August 31, 2018, the health care sector contributed most significantly to the Fund’s return, followed by the financials and energy sectors, respectively. No sectors detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Centene Corp., a health care company (portfolio average weight 1.57%), and Valero Energy Corp., an energy company (portfolio average weight 1.31%). Positions that detracted most significantly from the Fund’s return included Unum Group, a financials company (portfolio average weight 1.77%), and McKesson Corp., a health care company (portfolio average weight 1.59%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			32.4
Consumer Discretionary			14.8
Health Care			11.5
Utilities			10.9
Industrials			10.0
Energy			5.6
Information Technology			5.6
Materials			3.9
Consumer Staples			3.3
Telecommunication Services			1.2
Real Estate			0.7
Other Assets Less Liabilities			0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Unum Group			1.8
Lincoln National Corp.			1.7
MetLife, Inc.			1.7
McKesson Corp.			1.6
Centene Corp.			1.6
Hewlett Packard Enterprise Co.			1.5
Anthem, Inc.			1.5
Allstate Corp. (The)			1.5
Loews Corp.			1.5
Marathon Petroleum Corp.			1.5
Total			15.9

*	Excluding money market fund holdings.


		24

Invesco S&P 500 Value with Momentum ETF (SPVM) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P 500^® High Momentum Value Index		16.37	%		14.54	%		20.94	%
S&P 500^® Index		19.66			18.27			26.48
Fund
NAV Return		15.99			14.14			20.35
Market Price Return		15.99			14.18			20.40

Fund Inception: April 6, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, as supplemented to date, the Fund’s expense ratio of 0.15% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		25


XMLV		Manager’s Analysis
XMLV		Invesco S&P MidCap Low Volatility ETF (XMLV)

As an index fund, the Invesco S&P MidCap Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its guidelines and mandated procedures, S&P DJI selects for inclusion in the Index the 80 securities that it has determined have the lowest volatility over the past 12 months out of the 400 medium capitalization securities that are contained in the S&P MidCap 400^® Index (the “Benchmark Index”). Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI weights the 80 securities within the Index based upon the inverse of each security’s volatility, with the least volatile securities receiving the highest weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 11.04%. On a net asset value (“NAV”) basis, the Fund returned 11.00%. During the same time period, the Index returned 11.27%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 12.92%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 mid-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. mid-cap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that is a subset of the Benchmark Index, consisting of the 80 securities within the Benchmark Index that have the lowest realized volatility over the past 12 months.

Relative to the Benchmark Index, the Fund was most overweight in the utilities and real estate sectors and most underweight in the information technology and consumer discretionary sectors during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its allocation to the utilities sector.

For the fiscal period ended August 31, 2018, the financials sector contributed most significantly to the Fund’s return, followed by the real estate and industrials sectors, respectively. There were no detracting sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Jack Henry & Associates, Inc., an information technology company (portfolio average weight of 1.63%), and Churchill Downs Inc., a consumer discretionary company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included Owens & Minor, Inc., a health care company (no longer held at fiscal period-end), and Ingredion, Inc., a consumer staples company (portfolio average weight of 1.17%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Real Estate	27.1
Utilities	21.2
Financials	16.1
Materials	8.8
Industrials	8.1
Information Technology	6.4
Consumer Staples	4.9
Consumer Discretionary	3.9
Health Care	3.6
Other Assets Less Liabilities	(0.1	)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Jack Henry & Associates, Inc.	1.6
Hawaiian Electric Industries, Inc.	1.6
Brown & Brown, Inc.	1.6
Atmos Energy Corp.	1.6
Douglas Emmett, Inc.	1.5
Highwoods Properties, Inc.	1.5
W.R. Berkley Corp.	1.5
UGI Corp.	1.4
Camden Property Trust	1.4
IDACORP, Inc.	1.4
Total	15.1


		26

Invesco S&P MidCap Low Volatility ETF (XMLV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P MidCap 400^® Low Volatility Index		15.57	%		17.00	%		60.17	%		15.96	%		109.65	%		15.16	%		118.53	%
S&P MidCap 400^® Index		20.00			14.84			51.46			13.30			86.69			13.30			99.72
Fund
NAV Return		15.24			16.67			58.80			15.63			106.67			14.83			115.09
Market Price Return		15.31			16.68			58.87			15.64			106.75			14.84			115.17

Fund Inception: February 15, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		27


XSHD		Manager’s Analysis
XSHD		Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

As an index fund, the Invesco S&P SmallCap High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 60 securities in the S&P SmallCap 600^® Index (the “Benchmark Index”) that historically have provided high dividend yields with lower volatility. Strictly in accordance with its guidelines and mandated procedures, S&P DJI identifies from the Benchmark Index the 90 securities with the highest dividend yields over the past 12 months, with no one sector within the Benchmark Index allowed to contribute more than 10 securities. From those securities, S&P DJI selects for inclusion in the Index the 60 securities with the lowest realized volatility over the past 12 months. The Index Provider weights each of the constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. The Fund generally invests in all of the components of the Index in proportion to their weightings in the Index.

During this same time period, the Benchmark Index returned 21.83%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that is a subset of the Benchmark Index, consisting of the 60 securities within the Benchmark Index that historically have provided high dividend yields with lower volatility.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the industrials sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its allocation to the health care sector.

For the fiscal period ended August 31, 2018, the consumer staples sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector and financials sector, respectively. The materials sector was the only detractor from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Medifast Inc., a consumer staples company (no longer held at fiscal period-end), and Dine Brands Global, Inc., a consumer discretionary company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included Consolidated Communications Holdings, Inc., a telecommunication services company (no longer held at fiscal period-end) and Franklin Street Properties Corp. REIT, a real estate company (portfolio average weight of 2.93%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			25.0
Real Estate			21.8
Materials			11.4
Information Technology			10.3
Utilities			8.7
Industrials			8.1
Telecommunication Services			4.3
Consumer Staples			3.7
Health Care			2.8
Consumer Discretionary			2.5
Energy			1.4
Other Assets Less Liabilities			0.0

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Lexington Realty Trust			3.2
Ramco-Gershenson Properties Trust			3.2
Government Properties Income Trust			3.2
Whitestone			3.2
PennyMac Mortgage Investment Trust			3.1
Kite Realty Group Trust			3.1
New York Mortgage Trust, Inc.			3.1
Global NET Lease, Inc.			3.1
Apollo Commercial Real Estate Finance, Inc.			3.0
Waddell & Reed Financial, Inc., Class A			3.0
Total			31.2


		28

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P SmallCap 600^® Low Volatility High Dividend Index		19.92	%		10.53	%		19.11	%
S&P SmallCap 600^® Index		32.47			20.77			39.06
Fund
NAV Return		19.55			10.13			18.37
Market Price Return		19.51			10.10			18.32

Fund Inception: December 1, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		29


XSLV		Manager’s Analysis
XSLV		Invesco S&P SmallCap Low Volatility ETF (XSLV)

As an index fund, the Invesco S&P SmallCap Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its guidelines and mandated procedures, the Index Provider selects for inclusion in the Index the 120 securities that it has determined have the lowest volatility over the past 12 months out of the 600 small capitalization securities that are contained in the S&P SmallCap 600^® Index (the “Benchmark Index”). Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI weights the 120 securities within the Index based upon the inverse of each security’s volatility, with the least volatile securities receiving the highest weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 11.71%. On a net asset value (“NAV”) basis, the Fund returned 11.81%. During the same time period, the Index returned 12.12%. During the fiscal period, the Fund fully replicated the component of the index; therefore, the fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that is a subset of the Benchmark Index, consisting of the 120 securities within the Benchmark Index that have the lowest realized volatility over the past 12 months.

Relative to the Benchmark Index, the Fund was most overweight in the real estate and financials sectors and most underweight in the consumer discretionary sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to allocation to the health care, real estate, and financials sectors, respectively.

For the fiscal period ended August 31, 2018, the financials sector contributed most significantly to the Fund’s return, followed by the health care sector. The energy and utilities sectors were the only detracting sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Bottomline Technologies (DE), Inc., an information technology company (portfolio average weight of 0.78%) and WD-40 Co., a consumer staples company (portfolio average weight of 0.95%). Positions that detracted most significantly from the Fund’s return included OSI Systems, Inc., an information technology company (no longer held at fiscal period-end), and Multi-Color Corp., an industrials company (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			42.0
Real Estate			22.5
Industrials			11.1
Information Technology			7.1
Utilities			4.9
Materials			4.2
Health Care			3.3
Consumer Discretionary			3.0
Consumer Staples			1.8
Money Market Funds Plus Other Assets Less Liabilities			0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Apollo Commercial Real Estate Finance, Inc.			1.7
Granite Point Mortgage Trust, Inc.			1.1
Redwood Trust, Inc.			1.1
Easterly Government Properties, Inc.			1.1
Invesco Mortgage Capital, Inc.			1.1
ARMOUR Residential REIT, Inc.			1.1
Agree Realty Corp.			1.1
Four Corners Property Trust, Inc.			1.0
Capstead Mortgage Corp.			1.0
Lexington Realty Trust			1.0
Total			11.3

*	Excluding money market fund holdings.


		30

Invesco S&P SmallCap Low Volatility ETF (XSLV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Low Volatility Index		20.65	%		19.41	%		70.28	%		16.06	%		110.55	%		16.24	%		130.09	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			16.13			128.97
Fund
NAV Return		20.27			19.10			68.95			15.73			107.62			15.91			126.52
Market Price Return		20.36			19.10			68.95			15.76			107.84			15.88			126.21

Fund Inception: February 15, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		31


XSHQ		Manager’s Analysis
XSHQ		Invesco S&P SmallCap Quality ETF (XSHQ)

As an index fund, the Invesco S&P SmallCap Quality ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 120 securities in the S&P SmallCap 600^® Index (the “Benchmark Index”) that are of the highest quality—that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances. The Benchmark Index is designed to measure the small-capitalization segment of the U.S. equity market.

Strictly in accordance with its guidelines and mandated procedures, S&P DJI first calculates the quality score of each security in the Benchmark Index. Based on its criteria, S&P DJI selects the 120 stocks with the highest quality score for inclusion in the Index. S&P DJI weights each component stock of the Index by the total of its quality score multiplied by its market capitalization; stocks with higher scores receive relatively greater weights. The Fund generally invests in all of the components of the Index in proportion to their weightings in the Index.

During this same time period, the Benchmark Index returned 21.83%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the real estate sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to stock selection within the consumer staples sector.

For the fiscal period ended August 31, 2018, the health care sector contributed most significantly to the Fund’s return, followed by the industrials and financials sectors, respectively. The telecommunication services sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Medifast, Inc., a consumer staples company (portfolio average weight of 1.82%), and Insperity, Inc., an industrials company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included Advanced Energy Industries, Inc., an information technology company (portfolio average weight of 1.41%), and LCI Industries, a consumer discretionary company (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Financials			21.2
Information Technology			18.9
Consumer Discretionary			18.5
Industrials			15.6
Health Care			12.1
Consumer Staples			6.0
Materials			5.1
Real Estate			1.5
Energy			1.0
Money Market Fund Plus Other Assets Less Liabilities			0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Stamps.com, Inc.			2.6
Inogen, Inc.			2.5
CACI International, Inc., Class A			2.5
First Financial Bankshares, Inc.			2.3
Axon Enterprise, Inc.			2.2
FirstCash, Inc.			1.9
Korn/Ferry International			1.8
Medifast, Inc.			1.8
Balchem Corp.			1.8
Amedisys, Inc.			1.7
Total			21.1

*	Excluding money market fund holdings.


		32

Invesco S&P SmallCap Quality ETF (XSHQ) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P SmallCap 600^® Quality Index		32.23	%		22.20	%		32.41	%
S&P SmallCap 600^® Index		32.47			24.00			35.14
Fund
NAV Return		31.73			21.74			31.71
Market Price Return		31.87			21.87			31.90

Fund Inception: April 6, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		33

Schedule of Investments^(a)

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Consumer Discretionary—16.0%
	3,794	Adient PLC	$	164,242
	1,587	Advance Auto Parts, Inc.		260,316
	3,411	AMC Networks, Inc., Class A^(b)		214,245
	2,088	Aptiv PLC		183,765
	5,145	Aramark		211,357
	4,324	AutoNation, Inc.^(b)		196,093
	312	AutoZone, Inc.^(b)		239,267
	2,891	Best Buy Co., Inc.		230,008
	98	Booking Holdings, Inc.^(b)		191,252
	4,064	BorgWarner, Inc.		177,881
	1,986	Bright Horizons Family Solutions, Inc.^(b)		237,188
	3,117	Brunswick Corp.		207,031
	1,475	Burlington Stores, Inc.^(b)		248,065
	310	Cable One, Inc.		259,699
	2,906	CarMax, Inc.^(b)		226,813
	3,201	Carnival Corp.		196,829
	1,815	Carter’s, Inc.		192,263
	3,927	CBS Corp., Class B		208,210
	464	Chipotle Mexican Grill, Inc.^(b)		220,484
	2,488	Choice Hotels International, Inc.		194,188
	5,952	Cinemark Holdings, Inc.		222,129
	2,313	Columbia Sportswear Co.		209,789
	4,745	D.R. Horton, Inc.		211,200
	2,294	Darden Restaurants, Inc.		266,196
	2,085	Dollar General Corp.		224,617
	2,090	Dollar Tree, Inc.^(b)		168,266
	812	Domino’s Pizza, Inc.		242,431
	3,189	Dunkin’ Brands Group, Inc.		232,446
	10,145	Extended Stay America, Inc.		204,726
	4,247	Floor & Decor Holdings, Inc., Class A^(b)		156,120
	3,691	Foot Locker, Inc.		181,966
	17,411	Ford Motor Co.		165,056
	6,965	Gap, Inc. (The)		211,388
	3,305	Garmin Ltd.		225,203
	8,552	Gentex Corp.		199,946
	2,196	Genuine Parts Co.		219,271
	8,174	Goodyear Tire & Rubber Co. (The)		185,468
	344	Graham Holdings Co., Class B		193,552
	1,823	Grand Canyon Education, Inc.^(b)		217,192
	7,159	H&R Block, Inc.		193,723
	10,813	Hanesbrands, Inc.		189,660
	4,787	Harley-Davidson, Inc.		204,022
	2,317	Hasbro, Inc.		230,101
	4,985	Hilton Grand Vacations, Inc.^(b)		162,810
	2,458	Hilton Worldwide Holdings, Inc.		190,790
	1,077	Home Depot, Inc. (The)		216,229
	2,497	Hyatt Hotels Corp., Class A		193,168
	8,895	Interpublic Group of Cos., Inc. (The)		207,698
	2,936	John Wiley & Sons, Inc., Class A		189,519
	3,012	Kohl’s Corp.		238,279
	2,506	Las Vegas Sands Corp.		163,943
	1,031	Lear Corp.		167,228
	4,784	Leggett & Platt, Inc.		217,385
	3,666	Lennar Corp., Class A		189,422
	202	Lennar Corp., Class B		8,520
	1,451	Liberty Media Corp.-Liberty SiriusXM, Class A^(b)		67,820
	2,932	Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		137,921


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	8,473	Lions Gate Entertainment Corp., Class A	$	199,285
	8,976	Lions Gate Entertainment Corp., Class B		201,511
	6,446	LKQ Corp.^(b)		222,516
	2,101	Lowe’s Cos., Inc.		228,484
	1,933	Lululemon Athletica, Inc.^(b)		299,480
	5,653	Macy’s, Inc.		206,617
	1,479	Marriott International, Inc., Class A		187,049
	1,267	McDonald’s Corp.		205,545
	6,304	MGM Resorts International		182,753
	3,379	Michael Kors Holdings Ltd.^(b)		245,383
	10,478	Michaels Cos., Inc. (The)^(b)		178,021
	967	Mohawk Industries, Inc.^(b)		185,268
	2,786	NIKE, Inc., Class B		229,009
	4,169	Nordstrom, Inc.		262,022
	3,814	Norwegian Cruise Line Holdings Ltd.^(b)		204,469
	69	NVR, Inc.^(b)		184,123
	2,823	Omnicom Group, Inc.		195,690
	745	O’Reilly Automotive, Inc.^(b)		249,888
	4,152	Penske Automotive Group, Inc.		218,520
	1,781	Polaris Industries, Inc.		193,149
	1,395	Pool Corp.		229,143
	6,651	PulteGroup, Inc.		185,895
	1,295	PVH Corp.		185,392
	1,478	Ralph Lauren Corp., Class A		196,293
	2,589	Ross Stores, Inc.		247,974
	1,898	Royal Caribbean Cruises Ltd.		232,657
	5,483	Service Corp. International		230,067
	3,502	ServiceMaster Global Holdings, Inc.^(b)		211,066
	28,224	Sirius XM Holdings, Inc.		200,390
	3,101	Six Flags Entertainment Corp.		209,473
	6,741	Skechers U.S.A., Inc., Class A^(b)		198,725
	3,502	Starbucks Corp.		187,182
	4,652	Tapestry, Inc.		235,810
	2,783	Target Corp.		243,512
	4,247	Tempur Sealy International, Inc.^(b)		235,241
	2,103	Thor Industries, Inc.		200,710
	1,562	Tiffany & Co.		191,579
	2,279	TJX Cos., Inc. (The)		250,622
	5,042	Toll Brothers, Inc.		182,672
	2,715	Tractor Supply Co.		239,680
	5,575	Tribune Media Co., Class A		205,662
	3,555	Twenty-First Century Fox, Inc., Class A		161,397
	1,662	Twenty-First Century Fox, Inc., Class B		74,624
	794	Ulta Beauty, Inc.^(b)		206,440
	4,823	Urban Outfitters, Inc.^(b)		224,173
	837	Vail Resorts, Inc.		249,468
	2,498	VF Corp.		230,141
	6,356	Viacom, Inc., Class A		214,197
	1,600	Visteon Corp.^(b)		176,624
	2,012	Walt Disney Co. (The)		225,384
	12,095	Wendy’s Co. (The)		213,477
	1,345	Whirlpool Corp.		168,098
	3,680	Williams-Sonoma, Inc.		258,446
	4,023	Wyndham Destinations, Inc.		177,817
	1,027	Wynn Resorts Ltd.		152,345

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


		34

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	5,108	Yum China Holdings, Inc. (China)	$	197,577
	2,437	Yum! Brands, Inc.		211,751

				23,284,882

		Consumer Staples—5.9%
	4,619	Archer-Daniels-Midland Co.		232,798
	3,595	Brown-Forman Corp., Class A		189,241
	2,857	Bunge Ltd.		185,648
	2,064	Casey’s General Stores, Inc.		235,647
	4,248	Church & Dwight Co., Inc.		240,352
	1,597	Clorox Co. (The)		231,533
	4,662	Coca-Cola Co. (The)		207,785
	3,124	Colgate-Palmolive Co.		207,465
	5,330	Conagra Brands, Inc.		195,877
	895	Constellation Brands, Inc., Class A		186,339
	1,024	Costco Wholesale Corp.		238,725
	3,228	Energizer Holdings, Inc.		205,269
	1,329	Estee Lauder Cos., Inc. (The), Class A		186,219
	9,694	Flowers Foods, Inc.		195,334
	7,696	Hain Celestial Group, Inc. (The)^(b)		219,798
	4,123	Herbalife Nutrition Ltd.^(b)		233,321
	2,198	Hershey Co. (The)		220,943
	5,415	Hormel Foods Corp.		211,997
	1,760	Ingredion, Inc.		177,883
	1,885	JM Smucker Co. (The)		194,871
	3,047	Kellogg Co.		218,744
	1,662	Keurig Dr Pepper, Inc.		37,894
	1,909	Kimberly-Clark Corp.		220,566
	8,054	Kroger Co. (The)		253,701
	3,095	Lamb Weston Holdings, Inc.		209,222
	1,963	McCormick & Co., Inc.		245,139
	5,068	Mondelez International, Inc., Class A		216,505
	3,934	Monster Beverage Corp.^(b)		239,541
	2,439	Nu Skin Enterprises, Inc., Class A		194,144
	1,977	PepsiCo, Inc.		221,444
	9,894	Pilgrim’s Pride Corp.^(b)		182,940
	3,193	Pinnacle Foods, Inc.		212,079
	2,600	Post Holdings, Inc.^(b)		252,876
	2,689	Procter & Gamble Co. (The)		223,053
	48	Seaboard Corp.		176,869
	9,189	Sprouts Farmers Market, Inc.^(b)		243,233
	3,095	Sysco Corp.		231,568
	2,850	Tyson Foods, Inc., Class A		179,009
	5,565	US Foods Holding Corp.^(b)		181,363
	3,163	Walgreens Boots Alliance, Inc.		216,855
	2,394	Walmart, Inc.		229,489

				8,583,279

		Energy—4.3%
	1,381	Andeavor		211,003
	4,941	Apache Corp.		216,564
	8,867	Cabot Oil & Gas Corp.		211,301
	10,824	Centennial Resource Development, Inc., Class A^(b)		208,578
	1,608	Chevron Corp.		190,484
	2,120	Cimarex Energy Co.		179,098
	12,338	CNX Resources Corp.^(b)		196,668


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	2,893	Concho Resources, Inc.^(b)	$	396,775
	2,958	Continental Resources, Inc.^(b)		195,080
	4,793	Devon Energy Corp.		205,763
	1,636	Diamondback Energy, Inc.		198,087
	2,946	Energen Corp.^(b)		228,462
	1,682	EOG Resources, Inc.		198,863
	2,515	Exxon Mobil Corp.		201,628
	2,593	HollyFrontier Corp.		193,230
	12,144	Kinder Morgan, Inc.		214,949
	2,573	Marathon Petroleum Corp.		211,732
	6,846	Newfield Exploration Co.^(b)		186,759
	2,393	Occidental Petroleum Corp.		191,129
	2,946	ONEOK, Inc.		194,171
	6,689	Parsley Energy, Inc., Class A^(b)		185,754
	4,220	PBF Energy, Inc., Class A		219,102
	1,689	Phillips 66		200,163
	1,022	Pioneer Natural Resources Co.		178,543
	16,065	QEP Resources, Inc.^(b)		160,168
	11,538	RPC, Inc.		157,840
	7,563	SM Energy Co.		227,571
	4,159	Targa Resources Corp.		229,036
	1,680	Valero Energy Corp.		198,038
	7,396	Williams Cos., Inc. (The)		218,848

				6,205,387

		Financials—17.7%
	1,275	Affiliated Managers Group, Inc.		186,265
	4,417	Aflac, Inc.		204,242
	10,440	AGNC Investment Corp. REIT		198,569
	358	Alleghany Corp.		226,177
	2,131	Allstate Corp. (The)		214,315
	7,809	Ally Financial, Inc.		209,906
	2,031	American Express Co.		215,245
	1,801	American Financial Group, Inc.		200,559
	1,681	American National Insurance Co.		215,740
	1,440	Ameriprise Financial, Inc.		204,422
	18,943	Annaly Capital Management, Inc. REIT		201,175
	1,433	Aon PLC		208,587
	3,005	Arthur J. Gallagher & Co.		216,781
	7,213	Associated Banc-Corp.		196,554
	2,108	Assurant, Inc.		216,745
	5,632	Assured Guaranty Ltd.		229,448
	4,430	Athene Holding Ltd., Class A^(b)		219,994
	6,824	Bank of America Corp.		211,066
	2,342	Bank of Hawaii Corp.		194,690
	3,631	Bank of New York Mellon Corp. (The)		189,357
	4,184	Bank OZK		169,285
	4,722	BankUnited, Inc.		183,166
	3,793	BB&T Corp.		195,946
	1,052	Berkshire Hathaway, Inc., Class B^(b)		219,573
	17,307	BGC Partners, Inc., Class A		214,953
	378	BlackRock, Inc.		181,085
	2,004	BOK Financial Corp.		205,510
	7,232	Brown & Brown, Inc.		220,431
	2,196	Capital One Financial Corp.		217,602
	2,030	Cboe Global Markets, Inc.		204,624
	10,924	Chimera Investment Corp. REIT		203,514

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


		35

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	1,520	Chubb Ltd.	$	205,565
	2,919	Cincinnati Financial Corp.		223,800
	4,060	CIT Group, Inc.		220,214
	4,972	Citizens Financial Group, Inc.		204,648
	4,220	CNA Financial Corp.		189,478
	2,118	Comerica, Inc.		206,463
	3,131	Commerce Bancshares, Inc.		222,489
	572	Credit Acceptance Corp.^(b)		261,238
	1,774	Cullen/Frost Bankers, Inc.		196,719
	2,719	Discover Financial Services		212,408
	3,218	E*TRADE Financial Corp.^(b)		189,411
	2,850	East West Bancorp, Inc.		180,661
	3,668	Eaton Vance Corp.		193,414
	1,780	Erie Indemnity Co., Class A		219,883
	1,904	Evercore, Inc., Class A		202,110
	893	Everest Re Group Ltd.		199,157
	14,903	F.N.B. Corp.		200,445
	996	FactSet Research Systems, Inc.		228,472
	5,295	Fidelity National Financial, Inc.		212,329
	6,573	Fifth Third Bancorp		193,443
	3,736	First American Financial Corp.		212,429
	462	First Citizens BancShares, Inc., Class A		219,455
	6,885	First Hawaiian, Inc.		199,596
	10,771	First Horizon National Corp.		198,402
	2,005	First Republic Bank		203,688
	5,969	Franklin Resources, Inc.		189,456
	880	Goldman Sachs Group, Inc. (The)		209,273
	1,671	Hanover Insurance Group, Inc. (The)		204,681
	13,535	Huntington Bancshares, Inc.		219,402
	2,701	Interactive Brokers Group, Inc., Class A		167,894
	2,809	Intercontinental Exchange, Inc.		214,130
	7,316	Invesco Ltd.^(c)		176,316
	9,059	Jefferies Financial Group, Inc.		210,350
	1,888	JPMorgan Chase & Co.		216,327
	10,233	KeyCorp		215,609
	3,879	Lazard Ltd., Class A		186,735
	5,253	Legg Mason, Inc.		163,894
	3,000	Lincoln National Corp.		196,740
	4,125	Loews Corp.		207,529
	2,914	LPL Financial Holdings, Inc.		193,023
	1,176	M&T Bank Corp.		208,328
	182	Markel Corp.^(b)		220,002
	2,493	Marsh & McLennan Cos., Inc.		210,983
	4,260	Mercury General Corp.		229,614
	4,348	MetLife, Inc.		199,530
	25,724	MFA Financial, Inc. REIT		197,046
	3,946	Morgan Stanley		192,683
	1,678	Morningstar, Inc.		238,813
	2,151	Nasdaq, Inc.		205,291
	14,198	Navient Corp.		193,661
	11,118	New Residential Investment Corp. REIT		206,461
	17,225	New York Community Bancorp, Inc.		185,513
	1,975	Northern Trust Corp.		212,233
	9,488	Old Republic International Corp.		210,444
	6,135	OneMain Holdings, Inc.^(b)		225,154
	3,732	PacWest Bancorp		188,429


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	10,808	People’s United Financial, Inc.	$	200,056
	2,952	Pinnacle Financial Partners, Inc.		190,552
	1,395	PNC Financial Services Group, Inc. (The)		200,238
	4,402	Popular, Inc.		221,597
	3,566	Principal Financial Group, Inc.		196,808
	3,194	Progressive Corp. (The)		215,691
	2,733	Prosperity Bancshares, Inc.		204,538
	2,053	Prudential Financial, Inc.		201,707
	2,055	Raymond James Financial, Inc.		191,197
	10,919	Regions Financial Corp.		212,484
	1,335	Reinsurance Group of America, Inc.		190,705
	1,008	S&P Global, Inc.		208,706
	11,446	Santander Consumer USA Holdings, Inc.		247,005
	3,092	SEI Investments Co.		195,043
	1,553	Signature Bank/New York NY		179,744
	17,539	SLM Corp.^(b)		205,557
	9,197	Starwood Property Trust, Inc. REIT		202,610
	2,061	State Street Corp.		179,122
	8,048	Sterling Bancorp		183,897
	3,026	SunTrust Banks, Inc.		222,593
	648	SVB Financial Group^(b)		209,142
	5,745	Synchrony Financial		181,944
	3,692	Synovus Financial Corp.		184,822
	1,642	T. Rowe Price Group, Inc.		190,291
	7,594	TCF Financial Corp.		192,508
	2,062	Texas Capital Bancshares, Inc.^(b)		183,312
	2,407	Torchmark Corp.		211,623
	1,575	Travelers Cos., Inc. (The)		207,270
	12,828	Two Harbors Investment Corp. REIT		200,373
	8,454	Umpqua Holdings Corp.		180,916
	4,036	US Bancorp		218,388
	2,615	W.R. Berkley Corp.		204,650
	3,115	Webster Financial Corp.		203,659
	3,711	Wells Fargo & Co.		217,019
	3,308	Western Alliance Bancorp^(b)		190,706
	224	White Mountains Insurance Group Ltd.		207,861
	1,315	Willis Towers Watson PLC		193,660
	2,151	Wintrust Financial Corp.		190,471
	3,624	Zions Bancorporation		193,123

				25,678,575

		Health Care—9.5%
	3,299	Abbott Laboratories		220,505
	1,950	AbbVie, Inc.		187,161
	4,924	Acadia Healthcare Co., Inc.^(b)		204,494
	1,148	Aetna, Inc.		229,910
	3,210	Agilent Technologies, Inc.		216,803
	1,726	Alexion Pharmaceuticals, Inc.^(b)		210,986
	2,393	AmerisourceBergen Corp.		215,298
	1,116	Amgen, Inc.		222,988
	871	Anthem, Inc.		230,580
	2,799	Baxter International, Inc.		208,162
	900	Becton, Dickinson and Co.		235,683
	685	Biogen, Inc.^(b)		242,141
	6,590	Boston Scientific Corp.^(b)		234,340
	3,797	Bristol-Myers Squibb Co.		229,908
	6,553	Bruker Corp.		233,156

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


		36

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	5,030	Catalent, Inc.^(b)	$	210,254
	1,694	Centene Corp.^(b)		248,137
	3,342	Cerner Corp.^(b)		217,598
	1,899	Charles River Laboratories International, Inc.^(b)		234,545
	609	Chemed Corp.		197,036
	1,179	Cigna Corp.		222,053
	878	Cooper Cos., Inc. (The)		224,575
	3,102	CVS Health Corp.		233,394
	1,989	Danaher Corp.		205,941
	2,941	DaVita, Inc.^(b)		203,782
	1,488	Edwards Lifesciences Corp.^(b)		214,629
	2,401	Eli Lilly & Co.		253,666
	3,118	Encompass Health Corp.		254,398
	2,686	Express Scripts Holding Co.^(b)		236,422
	3,019	Gilead Sciences, Inc.		228,629
	1,945	HCA Healthcare, Inc.		260,844
	2,179	Hill-Rom Holdings, Inc.		211,951
	680	Humana, Inc.		226,617
	2,003	IQVIA Holdings, Inc.^(b)		254,561
	1,195	Jazz Pharmaceuticals PLC^(b)		204,249
	1,690	Johnson & Johnson		227,626
	1,099	Laboratory Corp. of America Holdings^(b)		189,984
	2,008	Masimo Corp.^(b)		236,723
	1,394	McKesson Corp.		179,477
	4,349	MEDNAX, Inc.^(b)		205,925
	2,383	Medtronic PLC		229,745
	3,424	Merck & Co., Inc.		234,852
	367	Mettler-Toledo International, Inc.^(b)		214,497
	5,091	Mylan NV^(b)		199,211
	2,705	PerkinElmer, Inc.		250,023
	2,647	Perrigo Co. PLC		202,522
	5,578	Pfizer, Inc.		231,599
	2,304	PRA Health Sciences, Inc.^(b)		243,302
	6,243	Premier, Inc., Class A^(b)		276,128
	1,890	Quest Diagnostics, Inc.		207,862
	1,923	STERIS PLC		220,030
	1,171	Stryker Corp.		198,403
	768	Teleflex, Inc.		190,026
	971	Thermo Fisher Scientific, Inc.		232,166
	823	UnitedHealth Group, Inc.		220,943
	1,719	Universal Health Services, Inc., Class B		223,745
	1,694	Varian Medical Systems, Inc.^(b)		189,762
	1,056	Waters Corp.^(b)		200,091
	887	WellCare Health Plans, Inc.^(b)		268,380
	2,175	West Pharmaceutical Services, Inc.		254,584
	1,818	Zimmer Biomet Holdings, Inc.		224,759
	2,385	Zoetis, Inc.		216,081

				13,833,842

		Industrials—16.6%
	1,012	3M Co.		213,451
	3,122	A.O. Smith Corp.		181,326
	6,017	AECOM^(b)		202,412
	3,096	AGCO Corp.		184,707
	4,531	Air Lease Corp.		209,377
	2,538	Allegion PLC		221,364
	4,770	Allison Transmission Holdings, Inc.		236,878


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	567	AMERCO	$	212,563
	4,645	American Airlines Group, Inc.		188,030
	2,695	AMETEK, Inc.		207,407
	3,324	Armstrong World Industries, Inc.^(b)		232,015
	565	Boeing Co. (The)		193,676
	2,984	BWX Technologies, Inc.		182,979
	2,247	C.H. Robinson Worldwide, Inc.		215,892
	1,883	Carlisle Cos., Inc.		238,783
	1,295	Caterpillar, Inc.		179,811
	1,099	Cintas Corp.		234,494
	1,807	Copa Holdings SA, Class A (Panama)		144,452
	3,640	Copart, Inc.^(b)		234,088
	2,404	Crane Co.		219,437
	3,117	CSX Corp.		231,157
	1,385	Cummins, Inc.		196,393
	1,533	Curtiss-Wright Corp.		205,345
	1,298	Deere & Co.		186,652
	3,706	Delta Air Lines, Inc.		216,727
	4,225	Donaldson Co., Inc.		213,785
	2,552	Dover Corp.		219,140
	1,620	Dun & Bradstreet Corp. (The)		231,530
	2,585	Eaton Corp. PLC		214,917
	2,809	Emerson Electric Co.		215,535
	2,717	Expeditors International of Washington, Inc.		199,102
	3,820	Fastenal Co.		222,935
	795	FedEx Corp.		193,940
	4,732	Flowserve Corp.		246,632
	4,057	Fluor Corp.		232,912
	2,712	Fortive Corp.		227,754
	3,505	Fortune Brands Home & Security, Inc.		185,695
	988	General Dynamics Corp.		191,079
	2,570	Genesee & Wyoming, Inc., Class A^(b)		225,877
	4,330	Graco, Inc.		203,553
	1,316	Harris Corp.		213,863
	4,974	HD Supply Holdings, Inc.^(b)		226,765
	3,309	HEICO Corp., Class A		246,520
	2,822	Hexcel Corp.		186,591
	1,360	Honeywell International, Inc.		216,322
	1,826	Hubbell, Inc.		230,733
	903	Huntington Ingalls Industries, Inc.		220,756
	1,454	IDEX Corp.		222,767
	4,068	IHS Markit Ltd.^(b)		223,740
	1,383	Illinois Tool Works, Inc.		192,071
	2,242	Ingersoll-Rand PLC		227,092
	3,832	ITT, Inc.		226,509
	1,584	J.B. Hunt Transport Services, Inc.		191,268
	3,104	Jacobs Engineering Group, Inc.		225,630
	1,849	Kansas City Southern		214,410
	3,823	KAR Auction Services, Inc.		239,664
	2,177	Kirby Corp.^(b)		190,052
	4,890	Knight-Swift Transportation Holdings, Inc.		166,896
	1,011	L3 Technologies, Inc.		216,071
	1,777	Landstar System, Inc.		205,777
	971	Lennox International, Inc.		216,348
	2,217	Lincoln Electric Holdings, Inc.		208,753
	635	Lockheed Martin Corp.		203,460

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


		37

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	5,269	Masco Corp.	$	200,064
	1,983	Middleby Corp. (The)^(b)		241,014
	2,220	MSC Industrial Direct Co., Inc., Class A		189,766
	1,570	Nordson Corp.		218,261
	1,299	Norfolk Southern Corp.		225,818
	606	Northrop Grumman Corp.		180,885
	1,272	Old Dominion Freight Line, Inc.		193,853
	2,632	Oshkosh Corp.		184,924
	3,106	Owens Corning		175,862
	3,130	PACCAR, Inc.		214,155
	1,170	Parker-Hannifin Corp.		205,452
	4,501	Pentair PLC (United Kingdom)		195,703
	5,544	Quanta Services, Inc.^(b)		191,767
	965	Raytheon Co.		192,460
	2,504	Regal Beloit Corp.		209,585
	2,996	Republic Services, Inc.		219,787
	3,190	Robert Half International, Inc.		249,394
	1,129	Rockwell Automation, Inc.		204,304
	1,484	Rockwell Collins, Inc.		201,750
	732	Roper Technologies, Inc.		218,407
	2,903	Ryder System, Inc.		223,067
	6,653	Schneider National, Inc., Class B		179,964
	3,905	Sensata Technologies Holding PLC^(b)		206,770
	1,358	Snap-on, Inc.		240,067
	3,920	Southwest Airlines Co.		240,296
	2,354	Spirit AeroSystems Holdings, Inc., Class A		201,267
	1,398	Stanley Black & Decker, Inc.		196,461
	987	Teledyne Technologies, Inc.^(b)		234,176
	4,904	Terex Corp.		190,030
	3,006	Textron, Inc.		207,504
	4,127	Timken Co. (The)		200,779
	599	TransDigm Group, Inc.^(b)		209,650
	2,987	TransUnion		224,921
	5,722	Trinity Industries, Inc.		205,076
	1,379	Union Pacific Corp.		207,705
	2,885	United Continental Holdings, Inc.^(b)		252,207
	1,723	United Parcel Service, Inc., Class B		211,722
	1,237	United Rentals, Inc.^(b)		192,811
	1,594	United Technologies Corp.		209,930
	7,299	Univar, Inc.^(b)		203,058
	4,842	USG Corp.^(b)		208,690
	1,343	Valmont Industries, Inc.		188,557
	1,880	Verisk Analytics, Inc.^(b)		223,889
	667	W.W. Grainger, Inc.		236,165
	1,635	WABCO Holdings, Inc.^(b)		201,236
	2,081	Wabtec Corp.		225,414
	2,401	Waste Management, Inc.		218,251
	1,083	Watsco, Inc.		189,514
	10,098	Welbilt, Inc.^(b)		223,469
	3,335	WESCO International, Inc.^(b)		203,935
	1,876	XPO Logistics, Inc.^(b)		199,794
	2,815	Xylem, Inc.		213,687

				24,189,133

		Information Technology—11.6%
	1,291	Accenture PLC, Class A		218,269
	2,642	Akamai Technologies, Inc.^(b)		198,520


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	96	Alphabet, Inc., Class A^(b)	$	118,253
	95	Alphabet, Inc., Class C^(b)		115,728
	2,936	Amdocs Ltd.		191,662
	2,299	Amphenol Corp., Class A		217,440
	1,075	Apple, Inc.		244,702
	3,902	Applied Materials, Inc.		167,864
	2,666	Arrow Electronics, Inc.^(b)		206,695
	1,564	Automatic Data Processing, Inc.		229,517
	4,539	Booz Allen Hamilton Holding Corp.		232,215
	806	Broadcom, Inc.		176,538
	1,758	Broadridge Financial Solutions, Inc.		237,576
	5,740	CA, Inc.		251,412
	3,104	CDK Global, Inc.		193,441
	2,512	CDW Corp.		219,951
	1,888	Citrix Systems, Inc.^(b)		215,270
	4,335	Cognex Corp.		233,223
	2,655	Cognizant Technology Solutions Corp., Class A		208,232
	10,529	Conduent, Inc.^(b)		244,062
	3,815	CoreLogic, Inc.^(b)		193,955
	2,484	Dell Technologies, Inc., Class V^(b)		238,886
	3,216	Dolby Laboratories, Inc., Class A		225,731
	2,511	DXC Technology Co.		228,727
	1,529	Electronic Arts, Inc.^(b)		173,404
	1,617	EPAM Systems, Inc.^(b)		231,118
	2,502	Euronet Worldwide, Inc.^(b)		244,696
	1,166	F5 Networks, Inc.^(b)		220,514
	1,074	Facebook, Inc., Class A^(b)		188,734
	1,093	Fair Isaac Corp.^(b)		252,461
	1,982	Fidelity National Information Services, Inc.		214,393
	10,650	First Data Corp., Class A^(b)		273,918
	2,812	Fiserv, Inc.^(b)		225,157
	999	FleetCor Technologies, Inc.^(b)		213,526
	3,782	FLIR Systems, Inc.		237,283
	3,292	Fortinet, Inc.^(b)		275,738
	6,608	Genpact Ltd.		202,469
	12,919	Hewlett Packard Enterprise Co.		213,551
	9,078	HP, Inc.		223,773
	1,307	IAC/InterActiveCorp.^(b)		257,740
	3,612	Intel Corp.		174,929
	1,411	International Business Machines Corp.		206,683
	831	IPG Photonics Corp.^(b)		145,824
	7,059	Jabil, Inc.		208,664
	1,648	Jack Henry & Associates, Inc.		261,109
	7,452	Juniper Networks, Inc.		211,860
	1,795	KLA-Tencor Corp.		208,597
	998	Lam Research Corp.		172,744
	3,321	Leidos Holdings, Inc.		235,027
	908	Littelfuse, Inc.		202,993
	4,745	Manhattan Associates, Inc.^(b)		275,163
	9,150	Marvell Technology Group Ltd.		189,222
	3,427	Maxim Integrated Products, Inc.		207,231
	2,101	Microchip Technology, Inc.		180,749
	3,216	Micron Technology, Inc.^(b)		168,904
	2,064	Microsoft Corp.		231,849
	1,749	MKS Instruments, Inc.		162,482
	4,835	National Instruments Corp.		230,871

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


		38

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	2,994	NetApp, Inc.	$	259,909
	1,738	NXP Semiconductors NV (Netherlands)^(b)		161,877
	7,859	ON Semiconductor Corp.^(b)		167,711
	4,272	Oracle Corp.		207,534
	3,048	Paychex, Inc.		223,266
	8,366	Sabre Corp.		218,436
	2,016	Skyworks Solutions, Inc.		184,061
	4,106	SS&C Technologies Holdings, Inc.		243,650
	2,301	Synopsys, Inc.^(b)		235,024
	5,218	Teradyne, Inc.		214,929
	1,799	Texas Instruments, Inc.		202,208
	2,371	Total System Services, Inc.		230,319
	5,978	Trimble, Inc.^(b)		251,674
	2,416	Ubiquiti Networks, Inc.		216,739
	1,561	VeriSign, Inc.^(b)		247,590
	5,004	Versum Materials, Inc.		199,109
	1,481	VMware, Inc., Class A^(b)		226,978
	2,324	Western Digital Corp.		146,970
	7,243	Xerox Corp.		201,790
	3,007	Xilinx, Inc.		234,035
	1,289	Zebra Technologies Corp., Class A^(b)		221,373

				16,826,427

		Materials—5.5%
	1,255	Air Products & Chemicals, Inc.		208,694
	2,147	Albemarle Corp.		205,081
	4,144	Alcoa Corp.^(b)		185,113
	2,179	AptarGroup, Inc.		228,163
	1,883	Avery Dennison Corp.		198,054
	5,341	Ball Corp.		223,681
	4,768	Bemis Co., Inc.		234,967
	1,783	Celanese Corp., Series A		208,308
	4,843	CF Industries Holdings, Inc.		251,594
	4,029	Chemours Co. (The)		175,664
	3,104	DowDuPont, Inc.		217,684
	1,856	Eagle Materials, Inc.		171,365
	1,920	Eastman Chemical Co.		186,298
	1,398	Ecolab, Inc.		210,371
	2,280	FMC Corp.		194,826
	11,746	Freeport-McMoRan, Inc.		165,031
	13,552	Graphic Packaging Holding Co.		192,709
	6,145	Huntsman Corp.		187,361
	1,612	International Flavors & Fragrances, Inc.		210,027
	3,733	International Paper Co.		190,906
	1,798	LyondellBasell Industries NV, Class A		202,778
	925	Martin Marietta Materials, Inc.		183,816
	5,134	Newmont Mining Corp.		159,308
	3,137	Nucor Corp.		196,063
	6,094	Olin Corp.		187,269
	1,700	Packaging Corp. of America		186,864
	1,986	PPG Industries, Inc.		219,532
	1,288	Praxair, Inc.		203,749
	2,129	Reliance Steel & Aluminum Co.		187,118
	2,316	Scotts Miracle-Gro Co. (The)		173,052
	4,486	Sealed Air Corp.		179,933
	528	Sherwin-Williams Co. (The)		240,546
	3,868	Sonoco Products Co.		216,763


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	4,074	Southern Copper Corp. (Peru)	$	177,789
	4,029	Steel Dynamics, Inc.		184,246
	5,549	United States Steel Corp.		164,694
	9,724	Valvoline, Inc.		209,260
	1,577	Vulcan Materials Co.		174,732
	2,837	W.R. Grace & Co.		200,462
	1,693	Westlake Chemical Corp.		160,107
	3,363	WestRock Co.		185,234

				8,039,212

		Real Estate—7.5%
	1,483	American Tower Corp. REIT		221,145
	10,473	Apple Hospitality REIT, Inc. REIT		184,848
	1,675	Boston Properties, Inc. REIT		218,504
	12,304	Brandywine Realty Trust REIT		206,215
	100	Brookfield Property Partners LP (Bermuda)		1,998
	2,463	Brookfield Property REIT, Inc., Class A REIT		49,309
	2,299	Camden Property Trust REIT		218,543
	4,351	CBRE Group, Inc., Class A^(b)		212,372
	9,021	Columbia Property Trust, Inc. REIT		217,226
	1,896	CoreSite Realty Corp. REIT		220,827
	6,570	CubeSmart REIT		200,713
	5,225	Douglas Emmett, Inc. REIT		204,088
	7,100	Duke Realty Corp. REIT		202,279
	2,220	Equity LifeStyle Properties, Inc. REIT		215,074
	3,150	Equity Residential REIT		213,412
	846	Essex Property Trust, Inc. REIT		208,353
	2,077	Extra Space Storage, Inc. REIT		191,520
	1,687	Federal Realty Investment Trust REIT		220,339
	5,702	Gaming and Leisure Properties, Inc. REIT		204,075
	4,234	Highwoods Properties, Inc. REIT		210,599
	6,930	Hospitality Properties Trust REIT		200,901
	9,209	Host Hotels & Resorts, Inc. REIT		198,270
	1,595	Howard Hughes Corp. (The)^(b)		207,940
	5,718	Hudson Pacific Properties, Inc. REIT		193,497
	6,001	Iron Mountain, Inc. REIT		216,636
	1,223	Jones Lang LaSalle, Inc.		186,532
	2,635	Kilroy Realty Corp. REIT		192,724
	2,893	Lamar Advertising Co., Class A REIT		222,906
	4,589	Liberty Property Trust REIT		200,769
	2,203	Life Storage, Inc. REIT		215,013
	3,647	Macerich Co. (The) REIT		214,225
	14,844	Medical Properties Trust, Inc. REIT		223,402
	4,865	National Retail Properties, Inc. REIT		224,228
	6,535	Omega Healthcare Investors, Inc. REIT		215,982
	10,135	Outfront Media, Inc. REIT		201,382
	13,403	Paramount Group, Inc. REIT		212,840
	6,282	Park Hotels & Resorts, Inc. REIT		210,133
	3,106	Prologis, Inc. REIT		208,661
	965	Public Storage REIT		205,140
	5,153	Rayonier, Inc. REIT		179,479
	3,743	Realty Income Corp. REIT		219,228
	3,443	Regency Centers Corp. REIT		227,341
	16,639	Retail Properties of America, Inc., Class A REIT		211,814
	1,265	Simon Property Group, Inc. REIT		231,533
	2,102	SL Green Realty Corp. REIT		219,449
	25,714	Spirit Realty Capital, Inc. REIT		215,226

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


		39

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	7,444	STORE Capital Corp. REIT	$	214,462
	3,734	Taubman Centers, Inc. REIT		241,254
	9,676	Uniti Group, Inc. REIT^(b)		201,454
	28,135	VEREIT, Inc. REIT		220,016
	2,899	Vornado Realty Trust REIT		223,223
	6,852	Weingarten Realty Investors REIT		211,932
	5,399	Weyerhaeuser Co. REIT		187,399
	3,000	WP Carey, Inc. REIT		199,740

				10,976,170

		Telecommunication Services—0.9%
	6,174	AT&T, Inc.		197,198
	7,767	Telephone & Data Systems, Inc.		233,321
	3,630	T-Mobile US, Inc.^(b)		239,725
	5,523	United States Cellular Corp.^(b)		236,163
	4,139	Verizon Communications, Inc.		225,037
	5,783	Zayo Group Holdings, Inc.^(b)		200,439

				1,331,883

		Utilities—4.5%
	4,853	Alliant Energy Corp.		207,902
	3,390	Ameren Corp.		214,350
	2,956	American Electric Power Co., Inc.		212,034
	2,391	American Water Works Co., Inc.		209,284
	5,637	Aqua America, Inc.		209,584
	2,234	Atmos Energy Corp.		206,042
	3,792	Avangrid, Inc.		187,097
	7,699	CenterPoint Energy, Inc.		213,955
	4,357	CMS Energy Corp.		214,539
	2,634	Consolidated Edison, Inc.		207,902
	3,116	Dominion Energy, Inc.		220,519
	1,998	DTE Energy Co.		222,058
	2,614	Duke Energy Corp.		212,361
	2,506	Entergy Corp.		209,476
	3,527	Evergy, Inc.		201,215
	3,521	Eversource Energy		219,816
	4,877	Exelon Corp.		213,174
	5,873	Hawaiian Electric Industries, Inc.		207,141
	7,173	MDU Resources Group, Inc.		200,055
	3,828	National Fuel Gas Co.		212,569
	1,217	NextEra Energy, Inc.		207,012
	7,950	NiSource, Inc.		215,206
	5,734	OGE Energy Corp.		211,183
	2,520	Pinnacle West Capital Corp.		197,946
	3,816	Public Service Enterprise Group, Inc.		199,768
	1,895	Sempra Energy		219,972
	4,500	Southern Co. (The)		197,010
	3,934	UGI Corp.		212,633
	2,897	Vectren Corp.		206,266


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	3,230	WEC Energy Group, Inc.	$	218,283
	4,413	Xcel Energy, Inc.		212,045

				6,498,397

		Total Investments in Securities (Cost $135,053,099)—100.0%		145,447,187
		Other assets less liabilities—0.0%		52,352

		Net Assets—100.0%	$	145,499,539

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4.

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


		40

Schedule of Investments^(a)

Invesco Russell 1000 Equal Weight ETF (EQAL)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—9.9%
	7,212	Adient PLC	$	312,207
	2,597	Advance Auto Parts, Inc.		425,986
	208	Amazon.com, Inc.^(b)		418,644
	5,147	AMC Networks, Inc., Class A^(b)		323,283
	3,395	Aptiv PLC		298,794
	8,732	Aramark		358,711
	7,080	AutoNation, Inc.^(b)		321,078
	512	AutoZone, Inc.^(b)		392,643
	4,738	Best Buy Co., Inc.		376,955
	170	Booking Holdings, Inc.^(b)		331,763
	7,108	BorgWarner, Inc.		311,117
	3,288	Bright Horizons Family Solutions, Inc.^(b)		392,686
	5,110	Brunswick Corp.		339,406
	2,257	Burlington Stores, Inc.^(b)		379,582
	503	Cable One, Inc.		421,383
	29,910	Caesars Entertainment Corp.^(b)		305,082
	4,744	CarMax, Inc.^(b)		370,269
	5,405	Carnival Corp.		332,353
	3,219	Carter’s, Inc.		340,989
	6,293	CBS Corp., Class B		333,655
	1,171	Charter Communications, Inc., Class A^(b)		363,478
	768	Chipotle Mexican Grill, Inc.^(b)		364,938
	4,246	Choice Hotels International, Inc.		331,400
	9,763	Cinemark Holdings, Inc.		364,355
	3,805	Columbia Sportswear Co.		345,113
	10,258	Comcast Corp., Class A		379,443
	8,049	D.R. Horton, Inc.		358,261
	3,760	Darden Restaurants, Inc.		436,310
	9,284	Dick’s Sporting Goods, Inc.		347,593
	13,610	Discovery, Inc., Class A^(b)(c)		378,766
	10,184	DISH Network Corp., Class A^(b)		360,004
	3,607	Dollar General Corp.		388,582
	3,931	Dollar Tree, Inc.^(b)		316,485
	1,267	Domino’s Pizza, Inc.		378,276
	5,077	Dunkin’ Brands Group, Inc.		370,063
	2,810	Expedia Group, Inc.		366,705
	16,086	Extended Stay America, Inc.		324,615
	6,307	Floor & Decor Holdings, Inc., Class A^(b)		231,845
	6,016	Foot Locker, Inc.		296,589
	29,173	Ford Motor Co.		276,560
	11,076	Gap, Inc. (The)		336,157
	5,606	Garmin Ltd.		381,993
	7,747	GCI Liberty, Inc., Class A^(b)		380,223
	7,963	General Motors Co.		287,066
	13,758	Gentex Corp.		321,662
	3,689	Genuine Parts Co.		368,347
	13,814	Goodyear Tire & Rubber Co. (The)		313,440
	580	Graham Holdings Co., Class B		326,337
	3,040	Grand Canyon Education, Inc.^(b)		362,186
	14,592	H&R Block, Inc.		394,859
	17,195	Hanesbrands, Inc.		301,600
	7,856	Harley-Davidson, Inc.		334,823
	3,782	Hasbro, Inc.		375,590
	8,910	Hilton Grand Vacations, Inc.^(b)		291,001
	4,188	Hilton Worldwide Holdings, Inc.		325,073
	1,736	Home Depot, Inc. (The)		348,537
	4,185	Hyatt Hotels Corp., Class A		323,752


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	13,289	International Game Technology PLC	$	279,601
	14,719	Interpublic Group of Cos., Inc. (The)		343,689
	4,924	John Wiley & Sons, Inc., Class A		317,844
	4,751	Kohl’s Corp.		375,852
	9,643	L Brands, Inc.		254,864
	4,303	Las Vegas Sands Corp.		281,502
	1,711	Lear Corp.		277,524
	7,848	Leggett & Platt, Inc.		356,613
	6,538	Lennar Corp., Class A		337,818
	4,537	Liberty Broadband Corp., Class C^(b)		367,905
	10,386	Liberty Media Corp.-Liberty Formula One, Class C^(b)		383,867
	7,446	Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		350,260
	13,862	Lions Gate Entertainment Corp., Class A		326,034
	7,451	Live Nation Entertainment, Inc.^(b)		370,166
	10,470	LKQ Corp.^(b)		361,424
	3,504	Lowe’s Cos., Inc.		381,060
	2,773	Lululemon Athletica, Inc.^(b)		429,621
	9,241	Macy’s, Inc.		337,759
	1,268	Madison Square Garden Co. (The), Class A^(b)		382,860
	2,504	Marriott International, Inc., Class A		316,681
	19,361	Mattel, Inc.^(b)(c)		298,740
	2,072	McDonald’s Corp.		336,141
	11,043	MGM Resorts International		320,137
	5,261	Michael Kors Holdings Ltd.^(b)		382,054
	18,403	Michaels Cos., Inc. (The)^(b)		312,667
	1,625	Mohawk Industries, Inc.^(b)		311,334
	884	Netflix, Inc.^(b)		325,029
	13,144	Newell Brands, Inc.		285,488
	21,656	News Corp., Class A		283,044
	4,644	NIKE, Inc., Class B		381,737
	6,950	Nordstrom, Inc.		436,807
	6,366	Norwegian Cruise Line Holdings Ltd.^(b)		341,281
	115	NVR, Inc.^(b)		306,872
	4,601	Omnicom Group, Inc.		318,941
	1,229	O’Reilly Automotive, Inc.^(b)		412,231
	6,880	Penske Automotive Group, Inc.		362,094
	2,677	Polaris Industries, Inc.		290,321
	2,292	Pool Corp.		376,484
	11,272	PulteGroup, Inc.		315,052
	2,172	PVH Corp.		310,944
	16,178	Qurate Retail, Inc., Class A^(b)		336,341
	2,505	Ralph Lauren Corp., Class A		332,689
	4,103	Ross Stores, Inc.		392,985
	3,061	Royal Caribbean Cruises Ltd.		375,217
	9,818	Service Corp. International		411,963
	5,897	ServiceMaster Global Holdings, Inc.^(b)		355,412
	47,015	Sirius XM Holdings, Inc.^(c)		333,806
	4,802	Six Flags Entertainment Corp.		324,375
	11,972	Skechers U.S.A., Inc., Class A^(b)		352,935
	6,079	Starbucks Corp.		324,923
	7,625	Tapestry, Inc.		386,511
	4,505	Target Corp.		394,187
	6,907	Tempur Sealy International, Inc.^(b)		382,579
	976	Tesla, Inc.^(b)(c)		294,420

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


		41

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	3,516	Thor Industries, Inc.	$	335,567
	2,565	Tiffany & Co.		314,597
	3,678	TJX Cos., Inc. (The)		404,470
	8,882	Toll Brothers, Inc.		321,795
	4,662	Tractor Supply Co.		411,561
	9,040	Tribune Media Co., Class A		333,486
	6,013	TripAdvisor, Inc.^(b)		326,566
	7,777	Twenty-First Century Fox, Inc., Class A		353,076
	1,408	Ulta Beauty, Inc.^(b)		366,080
	14,795	Under Armour, Inc., Class A^(b)		302,558
	7,561	Urban Outfitters, Inc.^(b)		351,435
	1,241	Vail Resorts, Inc.		369,880
	4,148	VF Corp.		382,155
	11,999	Viacom, Inc., Class B		351,331
	2,615	Visteon Corp.^(b)		288,670
	3,188	Walt Disney Co. (The)		357,120
	3,168	Wayfair, Inc., Class A^(b)		428,219
	19,699	Wendy’s Co. (The)		347,687
	2,234	Whirlpool Corp.		279,205
	5,703	Williams-Sonoma, Inc.		400,522
	4,118	Wyndham Destinations, Inc.		182,016
	5,728	Wyndham Hotels & Resorts, Inc.		325,064
	1,970	Wynn Resorts Ltd.		292,230
	8,465	Yum China Holdings, Inc. (China)		327,426
	4,167	Yum! Brands, Inc.		362,071

				46,892,085

		Consumer Staples—11.2%
	19,372	Altria Group, Inc.		1,133,649
	24,271	Archer-Daniels-Midland Co.		1,223,258
	20,766	Brown-Forman Corp., Class B		1,084,401
	15,581	Bunge Ltd.		1,012,453
	30,042	Campbell Soup Co.		1,185,157
	11,075	Casey’s General Stores, Inc.		1,264,433
	22,038	Church & Dwight Co., Inc.		1,246,910
	8,587	Clorox Co. (The)		1,244,943
	25,199	Coca-Cola Co. (The)		1,123,119
	17,350	Colgate-Palmolive Co.		1,152,214
	28,781	Conagra Brands, Inc.		1,057,702
	4,739	Constellation Brands, Inc., Class A		986,660
	1,696	Costco Wholesale Corp.		395,388
	24,323	Coty, Inc., Class A		300,632
	18,417	Energizer Holdings, Inc.		1,171,137
	2,230	Estee Lauder Cos., Inc. (The), Class A		312,468
	54,168	Flowers Foods, Inc.		1,091,485
	24,692	General Mills, Inc.		1,136,079
	39,029	Hain Celestial Group, Inc. (The)^(b)		1,114,668
	20,343	Herbalife Nutrition Ltd.^(b)		1,151,210
	11,923	Hershey Co. (The)		1,198,500
	30,417	Hormel Foods Corp.		1,190,826
	9,714	Ingredion, Inc.		981,794
	10,581	JM Smucker Co. (The)		1,093,864
	16,487	Kellogg Co.		1,183,602
	9,156	Keurig Dr Pepper, Inc.		208,757
	10,765	Kimberly-Clark Corp.		1,243,788
	18,105	Kraft Heinz Co. (The)		1,054,978
	41,952	Kroger Co. (The)		1,321,488


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	16,761	Lamb Weston Holdings, Inc.	$	1,133,044
	10,359	McCormick & Co., Inc.		1,293,632
	16,462	Molson Coors Brewing Co., Class B		1,098,674
	27,176	Mondelez International, Inc., Class A		1,160,959
	19,594	Monster Beverage Corp.^(b)		1,193,079
	13,218	Nu Skin Enterprises, Inc., Class A		1,052,153
	10,451	PepsiCo, Inc.		1,170,617
	13,591	Philip Morris International, Inc.		1,058,603
	53,200	Pilgrim’s Pride Corp.^(b)		983,668
	17,124	Pinnacle Foods, Inc.		1,137,376
	12,927	Post Holdings, Inc.^(b)		1,257,280
	14,458	Procter & Gamble Co. (The)		1,199,291
	276	Seaboard Corp.		1,016,999
	13,888	Spectrum Brands Holdings, Inc.^(c)		1,206,173
	51,274	Sprouts Farmers Market, Inc.^(b)		1,357,223
	16,521	Sysco Corp.		1,236,101
	21,024	TreeHouse Foods, Inc.^(b)		1,095,350
	15,487	Tyson Foods, Inc., Class A		972,738
	29,468	US Foods Holding Corp.^(b)		960,362
	16,937	Walgreens Boots Alliance, Inc.		1,161,201
	4,148	Walmart, Inc.		397,627

				53,007,713

		Energy—10.5%
	12,379	Anadarko Petroleum Corp.		797,208
	6,452	Andeavor		985,801
	45,102	Antero Resources Corp.^(b)		834,838
	20,785	Apache Corp.		911,007
	23,519	Apergy Corp.^(b)		1,063,529
	26,114	Baker Hughes a GE Co.		860,979
	37,942	Cabot Oil & Gas Corp.		904,158
	53,480	Centennial Resource Development, Inc., Class A^(b)		1,030,560
	13,551	Cheniere Energy, Inc.^(b)		906,968
	188,422	Chesapeake Energy Corp.^(b)		834,709
	7,101	Chevron Corp.		841,184
	10,293	Cimarex Energy Co.		869,553
	51,790	CNX Resources Corp.^(b)		825,533
	14,041	Concho Resources, Inc.^(b)		1,925,723
	13,172	ConocoPhillips		967,220
	13,969	Continental Resources, Inc.^(b)		921,256
	21,527	Devon Energy Corp.		924,154
	7,735	Diamondback Energy, Inc.		936,554
	13,963	Energen Corp.^(b)		1,082,831
	7,637	EOG Resources, Inc.		902,922
	15,658	EQT Corp.		798,871
	58,389	Extraction Oil & Gas, Inc.^(b)		674,393
	10,743	Exxon Mobil Corp.		861,266
	18,428	Halliburton Co.		735,093
	13,840	Helmerich & Payne, Inc.		907,489
	14,743	Hess Corp.		992,794
	12,060	HollyFrontier Corp.		898,711
	52,968	Kinder Morgan, Inc.		937,534
	111,501	Kosmos Energy Ltd. (Ghana)^(b)		1,007,969
	42,438	Marathon Oil Corp.		912,841
	11,938	Marathon Petroleum Corp.		982,378
	26,250	Murphy Oil Corp.		809,287

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


		42

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	125,788	Nabors Industries Ltd.	$	776,112
	21,272	National Oilwell Varco, Inc.		1,001,273
	30,118	Newfield Exploration Co.^(b)		821,619
	25,432	Noble Energy, Inc.		755,839
	10,433	Occidental Petroleum Corp.		833,284
	12,698	ONEOK, Inc.		836,925
	32,142	Parsley Energy, Inc., Class A^(b)		892,583
	48,195	Patterson-UTI Energy, Inc.		825,580
	19,031	PBF Energy, Inc., Class A		988,089
	7,615	Phillips 66		902,454
	4,694	Pioneer Natural Resources Co.		820,042
	73,712	QEP Resources, Inc.^(b)		734,909
	55,729	Range Resources Corp.		915,070
	62,829	RPC, Inc.		859,501
	13,172	Schlumberger Ltd.		831,943
	36,676	SM Energy Co.		1,103,581
	18,519	Targa Resources Corp.		1,019,841
	72,910	Transocean Ltd.^(b)		882,940
	7,691	Valero Energy Corp.		906,615
	251,237	Weatherford International PLC^(b)		607,994
	17,032	Whiting Petroleum Corp.^(b)		867,099
	32,933	Williams Cos., Inc. (The)		974,487
	50,528	WPX Energy, Inc.^(b)		963,569

				49,966,662

		Financials—6.1%
	1,273	Affiliated Managers Group, Inc.		185,973
	4,356	Aflac, Inc.		201,421
	10,488	AGNC Investment Corp. REIT		199,482
	339	Alleghany Corp.		214,173
	2,154	Allstate Corp. (The)		216,628
	7,571	Ally Financial, Inc.		203,509
	1,997	American Express Co.		211,642
	1,809	American Financial Group, Inc.		201,450
	3,639	American International Group, Inc.		193,486
	1,668	American National Insurance Co.		214,071
	1,353	Ameriprise Financial, Inc.		192,072
	18,929	Annaly Capital Management, Inc. REIT		201,026
	1,421	Aon PLC		206,841
	7,369	Arch Capital Group Ltd.^(b)		225,270
	3,026	Arthur J. Gallagher & Co.		218,296
	4,686	Aspen Insurance Holdings Ltd. (Bermuda)		192,829
	7,096	Associated Banc-Corp.		193,366
	2,083	Assurant, Inc.		214,174
	5,329	Assured Guaranty Ltd.		217,103
	4,276	Athene Holding Ltd., Class A^(b)		212,346
	9,398	AXA Equitable Holdings, Inc.		215,684
	3,511	Axis Capital Holdings Ltd.		201,953
	6,758	Bank of America Corp.		209,025
	2,328	Bank of Hawaii Corp.		193,527
	3,502	Bank of New York Mellon Corp. (The)		182,629
	4,083	Bank OZK		165,198
	4,555	BankUnited, Inc.		176,688
	3,793	BB&T Corp.		195,946
	1,041	Berkshire Hathaway, Inc., Class B^(b)		217,278
	16,771	BGC Partners, Inc., Class A		208,296
	375	BlackRock, Inc.		179,648


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	1,954	BOK Financial Corp.	$	200,383
	4,394	Brighthouse Financial, Inc.^(b)		182,395
	7,044	Brown & Brown, Inc.		214,701
	2,065	Capital One Financial Corp.		204,621
	1,923	Cboe Global Markets, Inc.		193,838
	3,513	Charles Schwab Corp. (The)		178,425
	10,783	Chimera Investment Corp. REIT		200,887
	1,525	Chubb Ltd.		206,241
	2,889	Cincinnati Financial Corp.		221,500
	3,886	CIT Group, Inc.		210,777
	3,018	Citigroup, Inc.		215,002
	4,814	Citizens Financial Group, Inc.		198,144
	1,177	CME Group, Inc.		205,657
	4,206	CNA Financial Corp.		188,849
	2,087	Comerica, Inc.		203,441
	3,050	Commerce Bancshares, Inc.		216,733
	552	Credit Acceptance Corp.^(b)		252,104
	1,751	Cullen/Frost Bankers, Inc.		194,168
	2,645	Discover Financial Services		206,627
	3,086	E*TRADE Financial Corp.^(b)		181,642
	2,841	East West Bancorp, Inc.		180,091
	3,633	Eaton Vance Corp.		191,568
	1,697	Erie Indemnity Co., Class A		209,630
	1,791	Evercore, Inc., Class A		190,115
	880	Everest Re Group Ltd.		196,258
	14,452	F.N.B. Corp.		194,379
	933	FactSet Research Systems, Inc.		214,021
	5,209	Fidelity National Financial, Inc.		208,881
	6,465	Fifth Third Bancorp		190,265
	3,831	First American Financial Corp.		217,831
	464	First Citizens BancShares, Inc., Class A		220,405
	6,531	First Hawaiian, Inc.		189,334
	10,436	First Horizon National Corp.		192,231
	1,992	First Republic Bank		202,367
	6,008	Franklin Resources, Inc.		190,694
	853	Goldman Sachs Group, Inc. (The)		202,852
	1,660	Hanover Insurance Group, Inc. (The)		203,333
	3,750	Hartford Financial Services Group, Inc. (The)		188,888
	12,914	Huntington Bancshares, Inc.		209,336
	2,841	Interactive Brokers Group, Inc., Class A		176,597
	2,667	Intercontinental Exchange, Inc.		203,305
	7,327	Invesco Ltd.^(d)		176,581
	8,849	Jefferies Financial Group, Inc.		205,474
	1,836	JPMorgan Chase & Co.		210,369
	9,703	KeyCorp		204,442
	3,710	Lazard Ltd., Class A		178,599
	5,548	Legg Mason, Inc.		173,098
	2,923	Lincoln National Corp.		191,690
	4,014	Loews Corp.		201,944
	2,853	LPL Financial Holdings, Inc.		188,983
	1,140	M&T Bank Corp.		201,951
	187	Markel Corp.^(b)		226,046
	914	MarketAxess Holdings, Inc.		173,496
	2,439	Marsh & McLennan Cos., Inc.		206,413
	4,210	Mercury General Corp.		226,919
	4,260	MetLife, Inc.		195,491

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


		43

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	25,547	MFA Financial, Inc. REIT	$	195,690
	1,134	Moody’s Corp.		201,875
	3,888	Morgan Stanley		189,851
	1,514	Morningstar, Inc.		215,472
	1,158	MSCI, Inc., Class A		208,741
	2,104	Nasdaq, Inc.		200,806
	14,770	Navient Corp.		201,463
	10,988	New Residential Investment Corp. REIT		204,047
	17,270	New York Community Bancorp, Inc.		185,998
	1,870	Northern Trust Corp.		200,950
	9,486	Old Republic International Corp.		210,399
	5,980	OneMain Holdings, Inc.^(b)		219,466
	3,674	PacWest Bancorp		185,500
	10,599	People’s United Financial, Inc.		196,188
	3,047	Pinnacle Financial Partners, Inc.		196,684
	1,405	PNC Financial Services Group, Inc. (The)		201,674
	4,285	Popular, Inc.		215,707
	3,534	Principal Financial Group, Inc.		195,041
	3,215	Progressive Corp. (The)		217,109
	2,771	Prosperity Bancshares, Inc.		207,382
	2,016	Prudential Financial, Inc.		198,072
	2,022	Raymond James Financial, Inc.		188,127
	10,706	Regions Financial Corp.		208,339
	1,390	Reinsurance Group of America, Inc.		198,562
	1,613	RenaissanceRe Holdings Ltd. (Bermuda)		214,464
	957	S&P Global, Inc.		198,147
	10,628	Santander Consumer USA Holdings, Inc.		229,352
	3,038	SEI Investments Co.		191,637
	1,587	Signature Bank/New York NY		183,679
	17,156	SLM Corp.^(b)		201,068
	8,939	Starwood Property Trust, Inc. REIT		196,926
	2,026	State Street Corp.		176,080
	8,091	Sterling Bancorp		184,879
	2,890	SunTrust Banks, Inc.		212,588
	627	SVB Financial Group^(b)		202,364
	5,652	Synchrony Financial		178,999
	3,591	Synovus Financial Corp.		179,765
	1,626	T. Rowe Price Group, Inc.		188,437
	7,575	TCF Financial Corp.		192,026
	3,327	TD Ameritrade Holding Corp.		194,862
	1,991	Texas Capital Bancshares, Inc.^(b)		177,000
	12,567	TFS Financial Corp.		194,034
	2,361	Torchmark Corp.		207,579
	1,539	Travelers Cos., Inc. (The)		202,532
	12,537	Two Harbors Investment Corp. REIT		195,828
	8,315	Umpqua Holdings Corp.		177,941
	5,131	Unum Group		189,231
	3,916	US Bancorp		211,895
	6,574	Virtu Financial, Inc., Class A		143,313
	3,861	Voya Financial, Inc.		193,320
	2,642	W.R. Berkley Corp.		206,763
	3,025	Webster Financial Corp.		197,775
	3,643	Wells Fargo & Co.		213,043
	3,215	Western Alliance Bancorp^(b)		185,345
	226	White Mountains Insurance Group Ltd.		209,717
	1,269	Willis Towers Watson PLC		186,886


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	2,105	Wintrust Financial Corp.	$	186,398
	3,537	XL Group Ltd. (Bermuda)		202,988
	3,599	Zions Bancorporation		191,791

				29,112,837

		Health Care—11.9%
	7,943	Abbott Laboratories		530,910
	5,067	AbbVie, Inc.		486,331
	1,137	ABIOMED, Inc.^(b)		462,281
	12,154	Acadia Healthcare Co., Inc.^(b)		504,756
	2,663	Aetna, Inc.		533,319
	7,533	Agilent Technologies, Inc.		508,779
	5,349	Agios Pharmaceuticals, Inc.^(b)		431,771
	4,167	Alexion Pharmaceuticals, Inc.^(b)		509,374
	1,380	Align Technology, Inc.^(b)		533,356
	9,973	Alkermes PLC^(b)		447,189
	2,873	Allergan PLC		550,783
	4,664	Alnylam Pharmaceuticals, Inc.^(b)		572,133
	5,360	AmerisourceBergen Corp.		482,239
	2,684	Amgen, Inc.		536,290
	2,074	Anthem, Inc.		549,050
	3,181	athenahealth, Inc.^(b)		489,556
	6,636	Baxter International, Inc.		493,519
	2,155	Becton, Dickinson and Co.		564,330
	1,640	Biogen, Inc.^(b)		579,724
	5,549	BioMarin Pharmaceutical, Inc.^(b)		554,789
	1,655	Bio-Rad Laboratories, Inc., Class A^(b)		538,372
	3,059	Bio-Techne Corp.		587,848
	2,540	Bluebird Bio, Inc.^(b)		427,482
	15,386	Boston Scientific Corp.^(b)		547,126
	9,328	Bristol-Myers Squibb Co.		564,810
	15,470	Bruker Corp.		550,423
	5,032	Cantel Medical Corp.		488,104
	9,152	Cardinal Health, Inc.		477,643
	12,033	Catalent, Inc.^(b)		502,979
	6,372	Celgene Corp.^(b)		601,835
	4,056	Centene Corp.^(b)		594,123
	8,190	Cerner Corp.^(b)		533,251
	4,373	Charles River Laboratories International, Inc.^(b)		540,109
	1,525	Chemed Corp.		493,399
	2,852	Cigna Corp.		537,146
	2,119	Cooper Cos., Inc. (The)		541,998
	15,902	CVS Health Corp.		1,196,466
	4,870	Danaher Corp.		504,240
	7,043	DaVita, Inc.^(b)		488,009
	11,137	DENTSPLY SIRONA, Inc.		444,589
	5,079	DexCom, Inc.^(b)		733,306
	3,312	Edwards Lifesciences Corp.^(b)		477,723
	5,785	Eli Lilly & Co.		611,185
	7,412	Encompass Health Corp.		604,745
	11,163	Envision Healthcare Corp.^(b)		506,354
	7,408	Exact Sciences Corp.^(b)		554,785
	25,766	Exelixis, Inc.^(b)		484,143
	6,086	Express Scripts Holding Co.^(b)		535,690
	7,033	Gilead Sciences, Inc.		532,609
	4,733	HCA Healthcare, Inc.		634,743

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


		44

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	6,859	Henry Schein, Inc.^(b)	$	532,807
	5,399	Hill-Rom Holdings, Inc.		525,161
	12,434	Hologic, Inc.^(b)		494,376
	1,655	Humana, Inc.		551,545
	1,619	ICU Medical, Inc.^(b)		495,414
	2,219	IDEXX Laboratories, Inc.^(b)		563,715
	1,725	Illumina, Inc.^(b)		612,082
	6,793	Incyte Corp.^(b)		502,071
	5,050	Insulet Corp.^(b)		526,564
	7,456	Integra LifeSciences Holdings Corp.^(b)		443,408
	1,019	Intuitive Surgical, Inc.^(b)		570,640
	10,558	Ionis Pharmaceuticals, Inc.^(b)		482,395
	4,847	IQVIA Holdings, Inc.^(b)		616,005
	2,823	Jazz Pharmaceuticals PLC^(b)		482,507
	4,079	Johnson & Johnson		549,401
	2,666	Laboratory Corp. of America Holdings^(b)		460,871
	4,920	Masimo Corp.^(b)		580,019
	3,339	McKesson Corp.		429,896
	11,144	MEDNAX, Inc.^(b)		527,668
	5,771	Medtronic PLC		556,382
	8,114	Merck & Co., Inc.		556,539
	699	Mettler-Toledo International, Inc.^(b)		408,538
	5,192	Molina Healthcare, Inc.^(b)		716,496
	12,648	Mylan NV^(b)		494,916
	8,862	Nektar Therapeutics, Class A^(b)		589,234
	5,015	Neurocrine Biosciences, Inc.^(b)		616,594
	3,184	Penumbra, Inc.^(b)		442,098
	6,376	PerkinElmer, Inc.		589,334
	6,675	Perrigo Co. PLC		510,704
	13,835	Pfizer, Inc.		574,429
	5,248	PRA Health Sciences, Inc.^(b)		554,189
	14,130	Premier, Inc., Class A^(b)		624,970
	13,382	QIAGEN NV^(b)		521,497
	4,510	Quest Diagnostics, Inc.		496,010
	1,591	Regeneron Pharmaceuticals, Inc.^(b)		647,139
	4,687	ResMed, Inc.		522,179
	3,039	Sage Therapeutics, Inc.^(b)		499,186
	5,066	Sarepta Therapeutics, Inc.^(b)		699,311
	7,645	Seattle Genetics, Inc.^(b)		586,830
	4,682	STERIS PLC		535,714
	2,957	Stryker Corp.		501,005
	1,764	Teleflex, Inc.		436,467
	12,063	TESARO, Inc.^(b)		391,444
	2,307	Thermo Fisher Scientific, Inc.		551,604
	4,373	United Therapeutics Corp.^(b)		537,835
	1,967	UnitedHealth Group, Inc.		528,061
	4,358	Universal Health Services, Inc., Class B		567,237
	4,051	Varian Medical Systems, Inc.^(b)		453,793
	6,020	Veeva Systems, Inc., Class A^(b)		628,247
	3,221	Vertex Pharmaceuticals, Inc.^(b)		593,952
	1,990	Waters Corp.^(b)		377,065
	2,084	WellCare Health Plans, Inc.^(b)		630,556
	5,013	West Pharmaceutical Services, Inc.		586,772
	4,348	Zimmer Biomet Holdings, Inc.		537,543
	5,681	Zoetis, Inc.		514,699

				56,680,828


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials—12.8%
	1,959	3M Co.	$	413,192
	6,231	A.O. Smith Corp.		361,896
	6,348	Acuity Brands, Inc.		970,228
	49,253	ADT, Inc.^(c)		440,814
	11,855	AECOM^(b)		398,802
	6,464	AGCO Corp.		385,642
	9,084	Air Lease Corp.		419,772
	6,369	Alaska Air Group, Inc.		429,844
	4,870	Allegion PLC		424,761
	9,615	Allison Transmission Holdings, Inc.		477,481
	978	AMERCO		366,642
	9,242	American Airlines Group, Inc.		374,116
	5,329	AMETEK, Inc.		410,120
	22,141	Arconic, Inc.		495,516
	11,814	Armstrong World Industries, Inc.^(b)		824,617
	1,102	Boeing Co. (The)		377,755
	6,042	BWX Technologies, Inc.		370,495
	4,399	C.H. Robinson Worldwide, Inc.		422,656
	3,709	Carlisle Cos., Inc.		470,338
	2,600	Caterpillar, Inc.		361,010
	2,080	Cintas Corp.		443,810
	7,446	Clean Harbors, Inc.^(b)		510,721
	12,882	Colfax Corp.^(b)		449,839
	3,942	Copa Holdings SA, Class A (Panama)		315,123
	6,866	Copart, Inc.^(b)		441,552
	975	CoStar Group, Inc.^(b)		431,106
	4,732	Crane Co.		431,937
	6,046	CSX Corp.		448,371
	2,811	Cummins, Inc.		398,600
	3,084	Curtiss-Wright Corp.		413,102
	2,648	Deere & Co.		380,782
	7,250	Delta Air Lines, Inc.		423,980
	8,302	Donaldson Co., Inc.		420,081
	5,233	Dover Corp.		449,358
	1,497	Dun & Bradstreet Corp. (The)		213,951
	5,032	Eaton Corp. PLC		418,360
	5,463	Emerson Electric Co.		419,176
	1,596	Equifax, Inc.		213,816
	5,187	Expeditors International of Washington, Inc.		380,103
	14,504	Fastenal Co.		846,453
	1,507	FedEx Corp.		367,633
	9,597	Flowserve Corp.		500,196
	8,156	Fluor Corp.		468,236
	4,965	Fortive Corp.		416,961
	6,101	Fortune Brands Home & Security, Inc.		323,231
	13,262	Gardner Denver Holdings, Inc.^(b)		370,806
	25,090	Gates Industrial Corp PLC^(b)		457,391
	2,032	General Dynamics Corp.		392,989
	29,203	General Electric Co.		377,887
	4,947	Genesee & Wyoming, Inc., Class A^(b)		434,792
	8,560	Graco, Inc.		402,406
	36,529	GrafTech International Ltd.		675,056
	2,813	Harris Corp.		457,141
	9,201	HD Supply Holdings, Inc.^(b)		419,474
	5,382	HEICO Corp.		488,040
	10,548	Hexcel Corp.		697,434

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


		45

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	2,631	Honeywell International, Inc.	$	418,487
	3,523	Hubbell, Inc.		445,166
	1,806	Huntington Ingalls Industries, Inc.		441,513
	2,778	IDEX Corp.		425,617
	8,301	IHS Markit Ltd.^(b)		456,555
	2,670	Illinois Tool Works, Inc.		370,810
	8,166	Ingersoll-Rand PLC		827,134
	7,249	ITT, Inc.		428,488
	3,086	J.B. Hunt Transport Services, Inc.		372,634
	6,090	Jacobs Engineering Group, Inc.		442,682
	20,920	JetBlue Airways Corp.^(b)		399,154
	11,419	Johnson Controls International PLC		431,296
	3,669	Kansas City Southern		425,457
	6,291	KAR Auction Services, Inc.		394,383
	4,647	Kirby Corp.^(b)		405,683
	9,523	Knight-Swift Transportation Holdings, Inc.		325,020
	2,014	L3 Technologies, Inc.		430,432
	3,509	Landstar System, Inc.		406,342
	3,629	Lennox International, Inc.		808,577
	4,271	Lincoln Electric Holdings, Inc.		402,157
	1,337	Lockheed Martin Corp.		428,388
	9,560	Macquarie Infrastructure Corp.		449,702
	4,281	ManpowerGroup, Inc.		401,258
	19,513	Masco Corp.		740,909
	3,750	Middleby Corp. (The)^(b)		455,775
	4,259	MSC Industrial Direct Co., Inc., Class A		364,059
	11,010	Nielsen Holdings PLC		286,260
	3,079	Nordson Corp.		428,043
	2,596	Norfolk Southern Corp.		451,289
	1,229	Northrop Grumman Corp.		366,844
	14,895	nVent Electric PLC (United Kingdom)		418,401
	2,499	Old Dominion Freight Line, Inc.		380,848
	5,485	Oshkosh Corp.		385,376
	11,497	Owens Corning		650,960
	6,250	PACCAR, Inc.		427,625
	2,316	Parker-Hannifin Corp.		406,690
	9,102	Pentair PLC (United Kingdom)		395,755
	11,094	Quanta Services, Inc.^(b)		383,741
	1,967	Raytheon Co.		392,298
	4,872	Regal Beloit Corp.		407,786
	5,752	Republic Services, Inc.		421,967
	5,697	Robert Half International, Inc.		445,391
	2,230	Rockwell Automation, Inc.		403,541
	2,888	Rockwell Collins, Inc.		392,624
	7,627	Rollins, Inc.		458,230
	1,407	Roper Technologies, Inc.		419,807
	5,583	Ryder System, Inc.		428,998
	13,892	Schneider National, Inc., Class B		375,779
	7,404	Sensata Technologies Holding PLC^(b)		392,042
	2,502	Snap-on, Inc.		442,304
	7,673	Southwest Airlines Co.		470,355
	4,516	Spirit AeroSystems Holdings, Inc., Class A		386,118
	2,803	Stanley Black & Decker, Inc.		393,906
	6,209	Stericycle, Inc.^(b)		383,033
	1,931	Teledyne Technologies, Inc.^(b)		458,149
	9,964	Terex Corp.		386,105


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	5,918	Textron, Inc.	$	408,520
	15,597	Timken Co. (The)		758,794
	6,399	Toro Co. (The)		388,995
	1,167	TransDigm Group, Inc.^(b)		408,450
	2,807	TransUnion		211,367
	11,506	Trinity Industries, Inc.		412,375
	2,757	Union Pacific Corp.		415,259
	5,457	United Continental Holdings, Inc.^(b)		477,051
	3,401	United Parcel Service, Inc., Class B		417,915
	2,431	United Rentals, Inc.^(b)		378,920
	3,139	United Technologies Corp.		413,406
	27,196	Univar, Inc.^(b)		756,593
	17,369	USG Corp.^(b)		748,604
	5,101	Valmont Industries, Inc.		716,180
	3,637	Verisk Analytics, Inc.^(b)		433,130
	1,258	W.W. Grainger, Inc.		445,420
	2,823	WABCO Holdings, Inc.^(b)		347,455
	3,918	Wabtec Corp.		424,398
	4,772	Waste Management, Inc.		433,775
	3,987	Watsco, Inc.		697,685
	18,299	Welbilt, Inc.^(b)		404,957
	6,398	WESCO International, Inc.^(b)		391,238
	3,581	XPO Logistics, Inc.^(b)		381,377
	5,547	Xylem, Inc.		421,073

				60,526,471

		Information Technology—13.5%
	3,598	2U, Inc.^(b)		321,517
	2,455	Accenture PLC, Class A		415,067
	5,430	Activision Blizzard, Inc.		391,503
	1,639	Adobe Systems, Inc.^(b)		431,893
	25,939	Advanced Micro Devices, Inc.^(b)		652,885
	5,211	Akamai Technologies, Inc.^(b)		391,555
	879	Alliance Data Systems Corp.		209,712
	378	Alphabet, Inc., Class C^(b)		460,476
	6,033	Amdocs Ltd.		393,834
	4,618	Amphenol Corp., Class A		436,770
	4,153	Analog Devices, Inc.		410,524
	2,387	ANSYS, Inc.^(b)		443,934
	2,213	Apple, Inc.		503,745
	8,486	Applied Materials, Inc.		365,068
	1,504	Arista Networks, Inc.^(b)		449,666
	16,119	ARRIS International PLC^(b)		417,643
	5,334	Arrow Electronics, Inc.^(b)		413,545
	4,226	Aspen Technology, Inc.^(b)		487,511
	6,340	Atlassian Corp. PLC, Class A^(b)		570,663
	3,053	Autodesk, Inc.^(b)		471,231
	2,854	Automatic Data Processing, Inc.		418,824
	10,493	Avnet, Inc.		507,861
	8,103	Black Knight, Inc.^(b)		432,700
	8,779	Booz Allen Hamilton Holding Corp.		449,134
	1,578	Broadcom, Inc.		345,629
	1,733	Broadridge Financial Solutions, Inc.		234,198
	11,380	CA, Inc.		498,444
	9,388	Cadence Design Systems, Inc.^(b)		441,612
	6,392	CDK Global, Inc.		398,349
	5,042	CDW Corp.		441,478

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


		46

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	11,041	Ceridian HCM Holding, Inc.^(b)	$	425,078
	9,430	Cisco Systems, Inc.		450,471
	3,960	Citrix Systems, Inc.^(b)		451,519
	9,202	Cognex Corp.		495,068
	5,369	Cognizant Technology Solutions Corp., Class A		421,091
	2,574	Coherent, Inc.^(b)		490,604
	13,927	CommScope Holding Co., Inc.^(b)		441,347
	19,130	Conduent, Inc.^(b)		443,433
	3,675	CoreLogic, Inc.^(b)		186,837
	14,586	Corning, Inc.		488,777
	23,832	Cypress Semiconductor Corp.		410,149
	4,800	Dell Technologies, Inc., Class V^(b)		461,616
	6,630	DocuSign Inc^(b)(c)		413,977
	6,470	Dolby Laboratories, Inc., Class A		454,129
	4,999	DXC Technology Co.		455,359
	8,892	eBay, Inc.^(b)		307,752
	9,022	EchoStar Corp., Class A^(b)		433,056
	2,925	Electronic Arts, Inc.^(b)		331,724
	3,362	EPAM Systems, Inc.^(b)		480,531
	2,337	Euronet Worldwide, Inc.^(b)		228,559
	2,327	F5 Networks, Inc.^(b)		440,082
	2,161	Facebook, Inc., Class A^(b)		379,753
	985	Fair Isaac Corp.^(b)		227,515
	1,864	Fidelity National Information Services, Inc.		201,629
	24,355	FireEye, Inc.^(b)		404,293
	9,224	First Data Corp., Class A^(b)		237,241
	16,731	First Solar, Inc.^(b)		871,350
	2,611	Fiserv, Inc.^(b)		209,063
	963	FleetCor Technologies, Inc.^(b)		205,832
	7,351	FLIR Systems, Inc.		461,202
	6,425	Fortinet, Inc.^(b)		538,158
	3,074	Gartner, Inc.^(b)		460,362
	12,894	Genpact Ltd.		395,072
	1,693	Global Payments, Inc.		210,914
	5,732	GoDaddy, Inc., Class A^(b)		466,929
	3,511	GrubHub, Inc.^(b)		505,970
	4,575	Guidewire Software, Inc.^(b)		460,108
	26,635	Hewlett Packard Enterprise Co.		440,277
	17,718	HP, Inc.		436,749
	2,599	IAC/InterActiveCorp.^(b)		512,523
	7,595	Intel Corp.		367,826
	2,900	International Business Machines Corp.		424,792
	2,017	Intuit, Inc.		442,671
	1,745	IPG Photonics Corp.^(b)		306,213
	14,213	Jabil, Inc.		420,136
	1,515	Jack Henry & Associates, Inc.		240,037
	15,148	Juniper Networks, Inc.		430,658
	6,520	Keysight Technologies, Inc.^(b)		423,083
	3,724	KLA-Tencor Corp.		432,766
	2,324	Lam Research Corp.		402,261
	6,933	Leidos Holdings, Inc.		490,648
	1,706	Littelfuse, Inc.		381,393
	3,959	LogMeIn, Inc.		340,276
	8,834	Manhattan Associates, Inc.^(b)		512,284
	30,206	Marvell Technology Group Ltd.		624,660


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	1,008	Mastercard, Inc., Class A	$	217,284
	9,707	Match Group, Inc.^(b)(c)		485,835
	6,860	Maxim Integrated Products, Inc.		414,824
	4,104	Microchip Technology, Inc.		353,067
	7,126	Micron Technology, Inc.^(b)		374,258
	4,162	Microsoft Corp.		467,517
	3,991	MKS Instruments, Inc.		370,764
	3,024	Monolithic Power Systems, Inc.		453,207
	3,701	Motorola Solutions, Inc.		475,060
	9,126	National Instruments Corp.		435,766
	13,290	NCR Corp.^(b)		377,569
	5,448	NetApp, Inc.		472,941
	29,087	Nuance Communications, Inc.^(b)		474,700
	6,741	Nutanix, Inc., Class A^(b)		379,653
	1,596	NVIDIA Corp.		447,965
	3,728	NXP Semiconductors NV (Netherlands)^(b)		347,226
	7,981	Okta, Inc., Class A^(b)		493,465
	16,278	ON Semiconductor Corp.^(b)		347,373
	9,179	Oracle Corp.		445,916
	1,968	Palo Alto Networks, Inc.^(b)		454,903
	5,753	Paychex, Inc.		421,407
	3,707	Paycom Software, Inc.^(b)		575,030
	2,327	PayPal Holdings, Inc.^(b)		214,852
	6,780	Pegasystems, Inc.		431,886
	3,337	Proofpoint, Inc.^(b)		395,935
	4,438	PTC, Inc.^(b)		443,534
	16,597	Pure Storage, Inc., Class A^(b)		445,463
	5,050	Qorvo, Inc.^(b)		404,454
	7,091	QUALCOMM, Inc.		487,223
	7,042	RealPage, Inc.^(b)		439,421
	2,402	Red Hat, Inc.^(b)		354,847
	5,411	RingCentral, Inc., Class A^(b)		504,035
	15,972	Sabre Corp.		417,029
	3,059	salesforce.com, Inc.^(b)		467,048
	2,284	ServiceNow, Inc.^(b)		448,486
	4,141	Skyworks Solutions, Inc.		378,073
	3,522	Splunk, Inc.^(b)		451,344
	3,132	Square, Inc., Class A^(b)		277,620
	7,953	SS&C Technologies Holdings, Inc.		471,931
	32,269	Switch, Inc., Class A^(c)		373,030
	19,729	Symantec Corp.		397,737
	4,634	Synopsys, Inc.^(b)		473,317
	4,147	Tableau Software, Inc., Class A^(b)		463,883
	3,459	Take-Two Interactive Software, Inc.^(b)		461,984
	9,986	Teradata Corp.^(b)		414,119
	10,795	Teradyne, Inc.		444,646
	3,680	Texas Instruments, Inc.		413,632
	2,286	Total System Services, Inc.		222,062
	11,247	Trimble, Inc.^(b)		473,499
	7,143	Twilio, Inc., Class A^(b)		576,154
	9,021	Twitter, Inc.^(b)		317,359
	1,781	Tyler Technologies, Inc.^(b)		439,818
	4,815	Ubiquiti Networks, Inc.^(c)		431,954
	1,531	Ultimate Software Group, Inc. (The)^(b)		474,105
	4,275	Universal Display Corp.^(c)		523,260
	3,005	VeriSign, Inc.^(b)		476,623

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


		47

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	18,705	Versum Materials, Inc.	$	744,272
	1,474	Visa, Inc., Class A		216,516
	2,817	VMware, Inc., Class A^(b)		431,733
	5,107	Western Digital Corp.		322,967
	9,646	Western Union Co. (The)		182,502
	1,057	WEX, Inc.^(b)		201,063
	3,296	Workday, Inc., Class A^(b)		509,364
	2,358	Worldpay, Inc., Class A^(b)		229,646
	14,357	Xerox Corp.		399,986
	5,984	Xilinx, Inc.		465,735
	2,533	Zebra Technologies Corp., Class A^(b)		435,017
	7,094	Zendesk, Inc.^(b)		488,706
	3,072	Zillow Group, Inc., Class C^(b)		149,453
	96,449	Zynga, Inc., Class A^(b)		401,228

				64,257,055

		Materials—8.5%
	4,528	Air Products & Chemicals, Inc.		752,961
	8,006	Albemarle Corp.		764,733
	15,677	Alcoa Corp.^(b)		700,292
	7,910	AptarGroup, Inc.		828,256
	44,968	Ardagh Group SA (Luxembourg)		720,387
	9,483	Ashland Global Holdings, Inc.		798,469
	3,746	Avery Dennison Corp.		394,004
	24,033	Axalta Coating Systems Ltd.^(b)		733,007
	20,740	Ball Corp.		868,591
	17,884	Bemis Co., Inc.		881,324
	16,244	Berry Global Group, Inc.^(b)		775,326
	11,606	Cabot Corp.		753,462
	6,527	Celanese Corp., Series A		762,549
	16,713	CF Industries Holdings, Inc.		868,240
	15,068	Chemours Co. (The)		656,965
	16,685	Crown Holdings, Inc.^(b)		714,285
	16,106	Domtar Corp.		819,795
	11,234	DowDuPont, Inc.		787,841
	6,674	Eagle Materials, Inc.		616,211
	6,943	Eastman Chemical Co.		673,679
	5,157	Ecolab, Inc.		776,025
	8,303	FMC Corp.		709,491
	42,667	Freeport-McMoRan, Inc.		599,471
	51,833	Graphic Packaging Holding Co.		737,065
	22,631	Huntsman Corp.		690,019
	6,159	International Flavors & Fragrances, Inc.		802,456
	13,190	International Paper Co.		674,537
	6,569	LyondellBasell Industries NV, Class A		740,852
	3,356	Martin Marietta Materials, Inc.		666,904
	25,437	Mosaic Co. (The)		795,415
	1,910	NewMarket Corp.		765,986
	19,148	Newmont Mining Corp.		594,163
	10,938	Nucor Corp.		683,625
	24,670	Olin Corp.		758,109
	41,408	Owens-Illinois, Inc.^(b)		731,679
	6,213	Packaging Corp. of America		682,933
	65,927	Platform Specialty Products Corp.^(b)		874,192
	7,385	PPG Industries, Inc.		816,338
	4,638	Praxair, Inc.		733,685
	7,798	Reliance Steel & Aluminum Co.		685,366


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	8,037	Royal Gold, Inc.	$	612,902
	15,051	RPM International, Inc.		1,015,943
	8,742	Scotts Miracle-Gro Co. (The)		653,202
	17,022	Sealed Air Corp.		682,753
	1,876	Sherwin-Williams Co. (The)		854,668
	27,597	Silgan Holdings, Inc.		752,018
	14,137	Sonoco Products Co.		792,238
	14,913	Southern Copper Corp. (Peru)		650,803
	15,308	Steel Dynamics, Inc.		700,035
	19,937	United States Steel Corp.		591,730
	42,865	Valvoline, Inc.		922,455
	5,688	Vulcan Materials Co.		630,230
	10,242	W.R. Grace & Co.		723,700
	6,672	Westlake Chemical Corp.		630,971
	12,388	WestRock Co.		682,331

				40,284,667

		Real Estate—3.7%
	1,553	Alexandria Real Estate Equities, Inc. REIT		199,328
	4,654	American Campus Communities, Inc. REIT		195,142
	9,465	American Homes 4 Rent, Class A REIT		219,588
	1,439	American Tower Corp. REIT		214,584
	4,815	Apartment Investment & Management Co., Class A REIT		210,897
	10,626	Apple Hospitality REIT, Inc. REIT		187,549
	1,182	AvalonBay Communities, Inc. REIT		216,649
	1,664	Boston Properties, Inc. REIT		217,069
	12,359	Brandywine Realty Trust REIT		207,137
	11,478	Brixmor Property Group, Inc. REIT		209,129
	100	Brookfield Property Partners LP (Bermuda)		1,998
	2,503	Brookfield Property REIT, Inc., Class A REIT		50,110
	2,214	Camden Property Trust REIT		210,463
	4,121	CBRE Group, Inc., Class A^(b)		201,146
	34,465	Colony Capital, Inc. REIT		211,270
	8,935	Columbia Property Trust, Inc. REIT		215,155
	1,840	CoreSite Realty Corp. REIT		214,305
	7,281	Corporate Office Properties Trust REIT		224,109
	1,970	Crown Castle International Corp. REIT		224,639
	6,353	CubeSmart REIT		194,084
	3,393	CyrusOne, Inc. REIT		227,195
	11,557	DDR Corp. REIT		161,682
	1,875	Digital Realty Trust, Inc. REIT		233,025
	5,143	Douglas Emmett, Inc. REIT		200,886
	6,970	Duke Realty Corp. REIT		198,575
	11,776	Empire State Realty Trust, Inc., Class A REIT		207,140
	3,132	EPR Properties REIT		219,804
	506	Equinix, Inc. REIT		220,682
	6,445	Equity Commonwealth REIT^(b)		206,627
	2,177	Equity LifeStyle Properties, Inc. REIT		210,908
	3,126	Equity Residential REIT		211,786
	849	Essex Property Trust, Inc. REIT		209,092
	2,050	Extra Space Storage, Inc. REIT		189,030
	1,649	Federal Realty Investment Trust REIT		215,376
	9,864	Forest City Realty Trust, Inc., Class A REIT		248,080
	5,655	Gaming and Leisure Properties, Inc. REIT		202,392
	8,341	HCP, Inc. REIT		225,457

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


		48

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	7,957	Healthcare Trust of America, Inc., Class A REIT	$	227,331
	4,114	Highwoods Properties, Inc. REIT		204,630
	7,012	Hospitality Properties Trust REIT		203,278
	9,355	Host Hotels & Resorts, Inc. REIT		201,413
	1,467	Howard Hughes Corp. (The)^(b)		191,253
	5,664	Hudson Pacific Properties, Inc. REIT		191,670
	8,883	Invitation Homes, Inc. REIT		207,596
	5,868	Iron Mountain, Inc. REIT		211,835
	5,287	JBG SMITH Properties REIT		198,051
	1,166	Jones Lang LaSalle, Inc.		177,838
	2,627	Kilroy Realty Corp. REIT		192,139
	12,048	Kimco Realty Corp. REIT		206,141
	2,804	Lamar Advertising Co., Class A REIT		216,048
	4,502	Liberty Property Trust REIT		196,963
	2,153	Life Storage, Inc. REIT		210,133
	3,542	Macerich Co. (The) REIT		208,057
	14,427	Medical Properties Trust, Inc. REIT		217,126
	2,053	Mid-America Apartment Communities, Inc. REIT		212,609
	4,731	National Retail Properties, Inc. REIT		218,052
	6,365	Omega Healthcare Investors, Inc. REIT		210,363
	10,032	Outfront Media, Inc. REIT		199,336
	13,197	Paramount Group, Inc. REIT		209,568
	6,493	Park Hotels & Resorts, Inc. REIT		217,191
	6,195	Prologis, Inc. REIT		416,180
	925	Public Storage REIT		196,637
	5,217	Rayonier, Inc. REIT		181,708
	8,088	Realogy Holdings Corp.^(c)		173,002
	3,756	Realty Income Corp. REIT		219,989
	3,326	Regency Centers Corp. REIT		219,616
	15,339	Retail Properties of America, Inc., Class A REIT		195,265
	1,154	Retail Value, Inc. REIT^(b)		41,221
	1,261	SBA Communications Corp. REIT^(b)		195,745
	11,397	Senior Housing Properties Trust REIT		217,797
	1,210	Simon Property Group, Inc. REIT		221,466
	2,034	SL Green Realty Corp. REIT		212,350
	24,504	Spirit Realty Capital, Inc. REIT		205,098
	7,412	STORE Capital Corp. REIT		213,540
	2,068	Sun Communities, Inc. REIT		213,376
	3,576	Taubman Centers, Inc. REIT		231,045
	5,373	UDR, Inc. REIT		214,759
	8,677	Uniti Group, Inc. REIT^(b)		180,655
	3,664	Ventas, Inc. REIT		219,364
	27,524	VEREIT, Inc. REIT		215,238
	9,714	VICI Properties, Inc. REIT		203,120
	2,774	Vornado Realty Trust REIT		213,598
	6,634	Weingarten Realty Investors REIT		205,190
	3,454	Welltower, Inc. REIT		230,416
	5,351	Weyerhaeuser Co. REIT		185,733
	2,968	WP Carey, Inc. REIT		197,609

				17,560,426

		Telecommunication Services—2.1%
	38,836	AT&T, Inc.		1,240,422
	60,935	CenturyLink, Inc.		1,301,572


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Telecommunication Services (continued)
	201,164	Sprint Corp.^(b)	$	1,229,112
	40,568	Telephone & Data Systems, Inc.		1,218,663
	18,454	T-Mobile US, Inc.^(b)		1,218,702
	29,874	United States Cellular Corp.^(b)		1,277,412
	22,967	Verizon Communications, Inc.		1,248,716
	30,028	Zayo Group Holdings, Inc.^(b)		1,040,770

				9,775,369

		Utilities—9.7%
	83,415	AES Corp. (The)		1,122,766
	27,707	Alliant Energy Corp.		1,186,968
	19,475	Ameren Corp.		1,231,404
	16,994	American Electric Power Co., Inc.		1,218,980
	13,759	American Water Works Co., Inc.		1,204,325
	32,990	Aqua America, Inc.		1,226,568
	12,814	Atmos Energy Corp.		1,181,835
	21,847	Avangrid, Inc.		1,077,931
	41,949	CenterPoint Energy, Inc.		1,165,763
	25,163	CMS Energy Corp.		1,239,026
	14,996	Consolidated Edison, Inc.		1,183,634
	16,764	Dominion Energy, Inc.		1,186,388
	11,315	DTE Energy Co.		1,257,549
	14,940	Duke Energy Corp.		1,213,726
	18,235	Edison International		1,198,587
	14,315	Entergy Corp.		1,196,591
	21,133	Evergy, Inc.		1,205,638
	20,329	Eversource Energy		1,269,139
	26,886	Exelon Corp.		1,175,187
	32,048	FirstEnergy Corp.		1,197,954
	33,475	Hawaiian Electric Industries, Inc.		1,180,663
	39,032	MDU Resources Group, Inc.		1,088,602
	20,771	National Fuel Gas Co.		1,153,414
	6,912	NextEra Energy, Inc.		1,175,731
	45,761	NiSource, Inc.		1,238,750
	32,826	NRG Energy, Inc.		1,161,712
	31,799	OGE Energy Corp.		1,171,157
	27,496	PG&E Corp.		1,269,765
	14,558	Pinnacle West Capital Corp.		1,143,531
	40,566	PPL Corp.		1,206,433
	21,050	Public Service Enterprise Group, Inc.		1,101,968
	29,746	SCANA Corp.		1,140,462
	9,695	Sempra Energy		1,125,396
	24,835	Southern Co. (The)		1,087,276
	22,297	UGI Corp.		1,205,153
	15,612	Vectren Corp.		1,111,574
	45,803	Vistra Energy Corp.^(b)		1,078,203
	18,338	WEC Energy Group, Inc.		1,239,282
	25,616	Xcel Energy, Inc.		1,230,849

				46,049,880

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $436,003,616)-99.9%		474,113,993

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


		49

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

August 31, 2018


Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—0.9%
	4,208,824	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(e)(f) (Cost $4,208,824)	$	4,208,824



		Total Investments in Securities (Cost $440,212,440)—100.8%		478,322,817
		Other assets less liabilities—(0.8)%		(3,768,855	)

		Net Assets—100.0%	$	474,553,962

Investment Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4.

^(e)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		50

Schedule of Investments^(a)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—12.3%
	5,761	Adient PLC	$	249,394
	5,179	AMC Networks, Inc., Class A^(b)		325,293
	4,386	Best Buy Co., Inc.		348,950
	146	Booking Holdings, Inc.^(b)		284,926
	3,012	Bright Horizons Family Solutions, Inc.^(b)		359,723
	2,239	Burlington Stores, Inc.^(b)		376,555
	464	Cable One, Inc.		388,711
	4,855	Carnival Corp.		298,534
	5,959	CBS Corp., Class B		315,946
	700	Chipotle Mexican Grill, Inc.^(b)		332,626
	9,032	Cinemark Holdings, Inc.		337,074
	3,453	Columbia Sportswear Co.		313,187
	3,495	Darden Restaurants, Inc.		405,560
	1,213	Domino’s Pizza, Inc.		362,153
	4,764	Dunkin’ Brands Group, Inc.		347,248
	15,403	Extended Stay America, Inc.		310,833
	26,473	Ford Motor Co.		250,964
	531	Graham Holdings Co., Class B		298,767
	2,772	Grand Canyon Education, Inc.^(b)		330,256
	10,881	H&R Block, Inc.		294,440
	16,413	Hanesbrands, Inc.		287,884
	7,270	Harley-Davidson, Inc.		309,847
	3,522	Hasbro, Inc.		349,770
	13,502	Interpublic Group of Cos., Inc. (The)		315,272
	4,464	John Wiley & Sons, Inc., Class A		288,151
	8,451	L Brands, Inc.		223,360
	7,276	Leggett & Platt, Inc.		330,621
	2,945	Lululemon Athletica, Inc.^(b)		456,269
	8,580	Macy’s, Inc.		313,599
	1,176	Madison Square Garden Co. (The), Class A^(b)		355,081
	1,887	McDonald’s Corp.		306,128
	5,054	Michael Kors Holdings Ltd.^(b)		367,021
	12,339	Newell Brands, Inc.		268,003
	6,230	Nordstrom, Inc.		391,556
	100	NVR, Inc.^(b)		266,845
	4,291	Omnicom Group, Inc.		297,452
	2,702	Polaris Industries, Inc.		293,032
	10,108	PulteGroup, Inc.		282,519
	1,966	PVH Corp.		281,453
	14,835	Qurate Retail, Inc., Class A^(b)		308,420
	2,240	Ralph Lauren Corp., Class A		297,494
	5,315	ServiceMaster Global Holdings, Inc.^(b)		320,335
	4,703	Six Flags Entertainment Corp.		317,688
	5,319	Starbucks Corp.		284,301
	6,955	Tapestry, Inc.		352,549
	4,155	Target Corp.		363,563
	6,446	Tempur Sealy International, Inc.^(b)		357,044
	3,136	Thor Industries, Inc.		299,300
	3,400	TJX Cos., Inc. (The)		373,898
	7,663	Toll Brothers, Inc.		277,631
	8,477	Tribune Media Co., Class A		312,717
	5,397	Twenty-First Century Fox, Inc., Class A		245,024
	2,526	Twenty-First Century Fox, Inc., Class B		113,417
	1,204	Ulta Beauty, Inc.^(b)		313,040
	7,323	Urban Outfitters, Inc.^(b)		340,373
	1,256	Vail Resorts, Inc.		374,351
	3,808	VF Corp.		350,831
	2,426	Visteon Corp.^(b)		267,806


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	3,116	Walt Disney Co. (The)	$	349,054
	18,368	Wendy’s Co. (The)		324,195
	5,500	Williams-Sonoma, Inc.		386,265
	1,560	Wynn Resorts Ltd.		231,410
	7,758	Yum China Holdings, Inc. (China)		300,079
	3,706	Yum! Brands, Inc.		322,014

				20,297,802

		Consumer Staples—4.9%
	6,894	Archer-Daniels-Midland Co.		347,458
	819	Brown-Forman Corp., Class A		43,112
	4,494	Brown-Forman Corp., Class B		234,677
	9,012	Campbell Soup Co.		355,523
	6,343	Church & Dwight Co., Inc.		358,887
	7,089	Coca-Cola Co. (The)		315,957
	1,358	Constellation Brands, Inc., Class A		282,736
	2,019	Estee Lauder Cos., Inc. (The), Class A		282,902
	14,712	Flowers Foods, Inc.		296,447
	11,683	Hain Celestial Group, Inc. (The)^(b)		333,666
	6,159	Herbalife Nutrition Ltd.^(b)		348,538
	8,226	Hormel Foods Corp.		322,048
	2,900	Kimberly-Clark Corp.		335,066
	4,704	Lamb Weston Holdings, Inc.		317,990
	2,935	McCormick & Co., Inc.		366,523
	4,896	Molson Coors Brewing Co., Class B		326,759
	7,706	Mondelez International, Inc., Class A		329,200
	5,875	Monster Beverage Corp.^(b)		357,729
	3,707	Nu Skin Enterprises, Inc., Class A		295,077
	15,040	Pilgrim’s Pride Corp.^(b)		278,090
	3,961	Post Holdings, Inc.^(b)		385,247
	75	Seaboard Corp.		276,358
	4,629	Sysco Corp.		346,342
	4,336	Tyson Foods, Inc., Class A		272,344
	8,467	US Foods Holding Corp.^(b)		275,939
	4,812	Walgreens Boots Alliance, Inc.		329,911

				8,014,526

		Energy—5.3%
	2,093	Andeavor		319,789
	16,034	Antero Resources Corp.^(b)		296,789
	8,567	Baker Hughes a GE Co.		282,454
	13,475	Cabot Oil & Gas Corp.		321,109
	16,456	Centennial Resource Development, Inc., Class A^(b)		317,107
	2,439	Chevron Corp.		288,924
	3,223	Cimarex Energy Co.		272,279
	18,729	CNX Resources Corp.^(b)		298,540
	4,356	Concho Resources, Inc.^(b)		597,425
	2,486	Diamondback Energy, Inc.		301,005
	4,481	Energen Corp.^(b)		347,502
	2,553	EOG Resources, Inc.		301,841
	3,941	HollyFrontier Corp.		293,683
	18,435	Kinder Morgan, Inc.		326,299
	10,403	Newfield Exploration Co.^(b)		283,794
	3,631	Occidental Petroleum Corp.		290,008
	4,474	ONEOK, Inc.		294,881
	10,156	Parsley Energy, Inc., Class A^(b)		282,032

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


		51

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	6,417	PBF Energy, Inc., Class A	$	333,171
	2,562	Phillips 66		303,623
	1,555	Pioneer Natural Resources Co.		271,659
	24,422	QEP Resources, Inc.^(b)		243,487
	19,457	Range Resources Corp.		319,484
	17,542	RPC, Inc.		239,975
	11,495	SM Energy Co.		345,885
	6,324	Targa Resources Corp.		348,263
	2,498	Valero Energy Corp.		294,464
	11,245	Williams Cos., Inc. (The)		332,740

				8,748,212

		Financials—16.1%
	6,701	Aflac, Inc.		309,854
	15,875	AGNC Investment Corp. REIT		301,942
	3,240	Allstate Corp. (The)		325,847
	3,089	American Express Co.		327,372
	2,735	American Financial Group, Inc.		304,570
	2,553	American National Insurance Co.		327,652
	28,791	Annaly Capital Management, Inc. REIT		305,760
	2,177	Aon PLC		316,884
	11,580	Arch Capital Group Ltd.^(b)		354,001
	4,565	Arthur J. Gallagher & Co.		329,319
	10,979	Associated Banc-Corp.		299,178
	3,267	Assurant, Inc.		335,913
	8,557	Assured Guaranty Ltd.		348,612
	3,557	Bank of Hawaii Corp.		295,693
	5,511	Bank of New York Mellon Corp. (The)		287,399
	6,366	Bank OZK		257,568
	7,181	BankUnited, Inc.		278,551
	26,272	BGC Partners, Inc., Class A		326,298
	2,990	BOK Financial Corp.		306,624
	10,987	Brown & Brown, Inc.		334,884
	5,459	Charles Schwab Corp. (The)		277,263
	16,608	Chimera Investment Corp. REIT		309,407
	4,362	Cincinnati Financial Corp.		334,435
	6,064	CIT Group, Inc.		328,911
	1,845	CME Group, Inc.		322,377
	6,411	CNA Financial Corp.		287,854
	4,683	Commerce Bancshares, Inc.		332,774
	865	Credit Acceptance Corp.^(b)		395,054
	2,645	Cullen/Frost Bankers, Inc.		293,304
	4,133	Discover Financial Services		322,870
	4,805	E*TRADE Financial Corp.^(b)		282,822
	4,338	East West Bancorp, Inc.		274,986
	2,699	Erie Indemnity Co., Class A		333,407
	1,356	Everest Re Group Ltd.		302,415
	8,042	Fidelity National Financial, Inc.		322,484
	9,992	Fifth Third Bancorp		294,065
	712	First Citizens BancShares, Inc., Class A		338,207
	10,451	First Hawaiian, Inc.		302,974
	16,368	First Horizon National Corp.		301,499
	3,041	First Republic Bank		308,935
	4,103	Interactive Brokers Group, Inc., Class A		255,042
	4,260	Intercontinental Exchange, Inc.		324,740
	2,822	JPMorgan Chase & Co.		323,345
	15,560	KeyCorp		327,849


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	6,258	Loews Corp.	$	314,840
	4,432	LPL Financial Holdings, Inc.		293,576
	274	Markel Corp.^(b)		331,211
	1,412	MarketAxess Holdings, Inc.		268,026
	3,786	Marsh & McLennan Cos., Inc.		320,409
	6,367	Mercury General Corp.		343,181
	6,611	MetLife, Inc.		303,379
	39,099	MFA Financial, Inc. REIT		299,498
	1,760	Moody’s Corp.		313,315
	2,597	Morningstar, Inc.		369,605
	3,272	Nasdaq, Inc.		312,280
	16,902	New Residential Investment Corp. REIT		313,870
	2,943	Northern Trust Corp.		316,255
	5,673	PacWest Bancorp		286,430
	4,490	Pinnacle Financial Partners, Inc.		289,830
	6,686	Popular, Inc.		336,573
	5,425	Principal Financial Group, Inc.		299,406
	4,853	Progressive Corp. (The)		327,723
	2,028	Reinsurance Group of America, Inc.		289,700
	1,532	S&P Global, Inc.		317,201
	17,129	Santander Consumer USA Holdings, Inc.		369,644
	26,657	SLM Corp.^(b)		312,420
	13,959	Starwood Property Trust, Inc. REIT		307,517
	12,230	Sterling Bancorp		279,456
	969	SVB Financial Group^(b)		312,745
	5,610	Synovus Financial Corp.		280,837
	2,500	T. Rowe Price Group, Inc.		289,725
	11,555	TCF Financial Corp.		292,919
	5,134	TD Ameritrade Holding Corp.		300,698
	19,315	TFS Financial Corp.		298,224
	3,587	Torchmark Corp.		315,369
	19,500	Two Harbors Investment Corp. REIT		304,590
	12,847	Umpqua Holdings Corp.		274,926
	8,015	Unum Group		295,593
	9,738	Virtu Financial, Inc., Class A		212,288
	3,967	W.R. Berkley Corp.		310,457
	4,729	Webster Financial Corp.		309,182
	5,026	Western Alliance Bancorp^(b)		289,749
	336	White Mountains Insurance Group Ltd.		311,791
	1,997	Willis Towers Watson PLC		294,098
	3,274	Wintrust Financial Corp.		289,913
	5,506	Zions Bancorporation		293,415

				26,562,804

		Health Care—9.7%
	2,968	AbbVie, Inc.		284,869
	7,481	Acadia Healthcare Co., Inc.^(b)		310,686
	1,753	Aetna, Inc.		351,073
	2,621	Alexion Pharmaceuticals, Inc.^(b)		320,391
	1,696	Amgen, Inc.		338,878
	2,010	athenahealth, Inc.^(b)		309,339
	2,037	Bio-Techne Corp.		391,450
	10,006	Boston Scientific Corp.^(b)		355,813
	2,356	Cantel Medical Corp.		228,532
	3,921	Celgene Corp.^(b)		370,338
	5,082	Cerner Corp.^(b)		330,889
	2,892	Charles River Laboratories International, Inc.^(b)		357,191

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


		52

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	925	Chemed Corp.	$	299,274
	1,799	Cigna Corp.		338,824
	3,015	Danaher Corp.		312,173
	2,221	Edwards Lifesciences Corp.^(b)		320,357
	3,709	Eli Lilly & Co.		391,856
	4,671	Encompass Health Corp.		381,107
	7,021	Envision Healthcare Corp.^(b)		318,472
	4,012	Express Scripts Holding Co.^(b)		353,136
	4,270	Henry Schein, Inc.^(b)		331,694
	3,304	Hill-Rom Holdings, Inc.		321,380
	1,030	Humana, Inc.		343,258
	1,122	Illumina, Inc.^(b)		398,119
	4,742	Integra LifeSciences Holdings Corp.^(b)		282,007
	3,096	IQVIA Holdings, Inc.^(b)		393,471
	1,812	Jazz Pharmaceuticals PLC^(b)		309,707
	2,528	Johnson & Johnson		340,496
	1,667	Laboratory Corp. of America Holdings^(b)		288,174
	6,612	MEDNAX, Inc.^(b)		313,078
	5,120	Merck & Co., Inc.		351,181
	1,925	Penumbra, Inc.^(b)		267,286
	8,481	Pfizer, Inc.		352,131
	3,443	PRA Health Sciences, Inc.^(b)		363,581
	9,330	Premier, Inc., Class A^(b)		412,666
	8,291	QIAGEN NV^(b)		323,100
	2,817	Quest Diagnostics, Inc.		309,814
	1,016	Regeneron Pharmaceuticals, Inc.^(b)		413,258
	2,919	STERIS PLC		333,992
	1,744	Stryker Corp.		295,486
	2,822	United Therapeutics Corp.^(b)		347,078
	1,273	UnitedHealth Group, Inc.		341,750
	3,973	Veeva Systems, Inc., Class A^(b)		414,622
	1,952	Vertex Pharmaceuticals, Inc.^(b)		359,949
	1,347	WellCare Health Plans, Inc.^(b)		407,562
	2,763	Zimmer Biomet Holdings, Inc.		341,590
	3,615	Zoetis, Inc.		327,519

				15,948,597

		Industrials—10.2%
	2,516	Acuity Brands, Inc.		384,545
	5,064	Alaska Air Group, Inc.		341,769
	857	AMERCO		321,281
	4,523	BWX Technologies, Inc.		277,350
	3,419	C.H. Robinson Worldwide, Inc.		328,498
	2,868	Carlisle Cos., Inc.		363,691
	1,669	Cintas Corp.		356,115
	5,444	Copart, Inc.^(b)		350,104
	4,658	CSX Corp.		345,437
	2,333	Curtiss-Wright Corp.		312,505
	2,460	Dun & Bradstreet Corp. (The)		351,583
	4,267	Emerson Electric Co.		327,407
	4,056	Expeditors International of Washington, Inc.		297,224
	1,206	FedEx Corp.		294,204
	7,191	Flowserve Corp.		374,795
	4,121	Fortive Corp.		346,082
	7,553	HD Supply Holdings, Inc.^(b)		344,341
	1,572	HEICO Corp.		142,549
	3,098	HEICO Corp., Class A		230,801


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	1,373	Huntington Ingalls Industries, Inc.	$	335,657
	6,179	IHS Markit Ltd.^(b)		339,845
	3,405	Ingersoll-Rand PLC		344,892
	2,359	J.B. Hunt Transport Services, Inc.		284,849
	16,109	JetBlue Airways Corp.^(b)		307,360
	8,886	Johnson Controls International PLC		335,624
	5,709	KAR Auction Services, Inc.		357,897
	3,300	Kirby Corp.^(b)		288,090
	1,975	Norfolk Southern Corp.		343,334
	4,757	PACCAR, Inc.		325,474
	6,837	Pentair PLC (United Kingdom)		297,273
	1,440	Raytheon Co.		287,194
	4,467	Republic Services, Inc.		327,699
	4,777	Robert Half International, Inc.		373,466
	2,216	Rockwell Collins, Inc.		301,265
	5,975	Rollins, Inc.		358,978
	2,034	Snap-on, Inc.		359,571
	2,123	Stanley Black & Decker, Inc.		298,345
	7,448	Terex Corp.		288,610
	4,570	Textron, Inc.		315,467
	5,077	Toro Co. (The)		308,631
	4,457	TransUnion		335,612
	8,694	Trinity Industries, Inc.		311,593
	2,092	Union Pacific Corp.		315,097
	4,380	United Continental Holdings, Inc.^(b)		382,900
	2,419	United Technologies Corp.		318,582
	11,098	Univar, Inc.^(b)		308,746
	2,855	Verisk Analytics, Inc.^(b)		340,002
	3,166	Wabtec Corp.		342,941
	3,641	Waste Management, Inc.		330,967
	15,326	Welbilt, Inc.^(b)		339,164
	2,797	XPO Logistics, Inc.^(b)		297,881
	4,277	Xylem, Inc.		324,667

				16,817,954

		Information Technology—13.3%
	1,960	Accenture PLC, Class A		331,377
	1,234	Adobe Systems, Inc.^(b)		325,171
	4,013	Akamai Technologies, Inc.^(b)		301,537
	4,457	Amdocs Ltd.		290,953
	3,486	Amphenol Corp., Class A		329,706
	1,628	Apple, Inc.		370,582
	5,927	Applied Materials, Inc.		254,980
	11,976	ARRIS International PLC^(b)		310,298
	4,057	Arrow Electronics, Inc.^(b)		314,539
	3,266	Aspen Technology, Inc.^(b)		376,766
	1,224	Broadcom, Inc.		268,093
	2,632	Broadridge Financial Solutions, Inc.		355,689
	8,598	CA, Inc.		376,592
	4,715	CDK Global, Inc.		293,839
	2,868	Citrix Systems, Inc.^(b)		327,009
	4,033	Cognizant Technology Solutions Corp., Class A		316,308
	10,396	CommScope Holding Co., Inc.^(b)		329,449
	5,792	CoreLogic, Inc.^(b)		294,465
	3,767	Dell Technologies, Inc., Class V^(b)		362,272
	4,887	Dolby Laboratories, Inc., Class A		343,019
	3,815	DXC Technology Co.		347,508

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


		53

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	6,425	EchoStar Corp., Class A^(b)	$	308,400
	1,763	F5 Networks, Inc.^(b)		333,419
	1,627	Facebook, Inc., Class A^(b)		285,913
	16,213	First Data Corp., Class A^(b)		416,998
	4,196	Fiserv, Inc.^(b)		335,974
	4,990	Fortinet, Inc.^(b)		417,962
	2,737	Global Payments, Inc.		340,975
	4,232	GoDaddy, Inc., Class A^(b)		344,739
	2,843	GrubHub, Inc.^(b)		409,705
	19,607	Hewlett Packard Enterprise Co.		324,104
	1,983	IAC/InterActiveCorp.^(b)		391,048
	5,491	Intel Corp.		265,929
	1,520	Intuit, Inc.		333,594
	10,728	Jabil, Inc.		317,120
	11,324	Juniper Networks, Inc.		321,941
	2,678	KLA-Tencor Corp.		311,210
	1,515	Lam Research Corp.		262,231
	5,046	Leidos Holdings, Inc.		357,105
	2,789	LogMeIn, Inc.		239,715
	1,594	Mastercard, Inc., Class A		343,603
	7,309	Match Group, Inc.^(b)		365,815
	4,879	Micron Technology, Inc.^(b)		256,245
	3,085	Microsoft Corp.		346,538
	2,663	MKS Instruments, Inc.		247,393
	2,281	Monolithic Power Systems, Inc.		341,854
	2,645	NXP Semiconductors NV (Netherlands)^(b)		246,355
	6,499	Oracle Corp.		315,721
	2,911	Paycom Software, Inc.^(b)		451,554
	4,880	Pegasystems, Inc.		310,856
	5,200	RealPage, Inc.^(b)		324,480
	1,857	Red Hat, Inc.^(b)		274,335
	12,491	Sabre Corp.		326,140
	2,361	salesforce.com, Inc.^(b)		360,478
	3,060	Skyworks Solutions, Inc.		279,378
	14,525	Symantec Corp.		292,824
	2,729	Texas Instruments, Inc.		306,740
	8,885	Twitter, Inc.^(b)		312,574
	1,322	Tyler Technologies, Inc.^(b)		326,468
	1,180	Ultimate Software Group, Inc. (The)^(b)		365,411
	2,335	VeriSign, Inc.^(b)		370,354
	7,600	Versum Materials, Inc.		302,404
	2,337	Visa, Inc., Class A		343,282
	2,215	VMware, Inc., Class A^(b)		339,471
	3,838	Worldpay, Inc., Class A^(b)		373,783
	1,958	Zebra Technologies Corp., Class A^(b)		336,267
	70,777	Zynga, Inc., Class A^(b)		294,432

				21,892,989

		Materials—6.7%
	1,875	Air Products & Chemicals, Inc.		311,794
	3,267	Albemarle Corp.		312,064
	6,299	Alcoa Corp.^(b)		281,376
	3,249	AptarGroup, Inc.		340,203
	9,803	Axalta Coating Systems Ltd.^(b)		298,991
	8,117	Ball Corp.		339,940
	7,131	Bemis Co., Inc.		351,416
	6,183	Berry Global Group, Inc.^(b)		295,115


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	2,656	Celanese Corp., Series A	$	310,300
	7,349	CF Industries Holdings, Inc.		381,781
	2,914	Eastman Chemical Co.		282,745
	2,120	Ecolab, Inc.		319,018
	3,460	FMC Corp.		295,657
	17,860	Freeport-McMoRan, Inc.		250,933
	2,450	International Flavors & Fragrances, Inc.		319,210
	5,674	International Paper Co.		290,168
	808	NewMarket Corp.		324,040
	7,790	Newmont Mining Corp.		241,724
	4,770	Nucor Corp.		298,125
	16,403	Owens-Illinois, Inc.^(b)		289,841
	2,578	Packaging Corp. of America		283,374
	3,014	PPG Industries, Inc.		333,168
	1,951	Praxair, Inc.		308,629
	3,237	Reliance Steel & Aluminum Co.		284,500
	6,002	RPM International, Inc.		405,135
	3,520	Scotts Miracle-Gro Co. (The)		263,014
	6,825	Sealed Air Corp.		273,751
	808	Sherwin-Williams Co. (The)		368,109
	11,082	Silgan Holdings, Inc.		301,984
	5,883	Sonoco Products Co.		329,683
	6,187	Southern Copper Corp. (Peru)		270,001
	6,129	Steel Dynamics, Inc.		280,279
	8,435	United States Steel Corp.		250,351
	14,785	Valvoline, Inc.		318,173
	4,307	W.R. Grace & Co.		304,333
	5,116	WestRock Co.		281,789

				10,990,714

		Real Estate—13.6%
	2,436	Alexandria Real Estate Equities, Inc. REIT		312,661
	7,581	American Campus Communities, Inc. REIT		317,871
	15,272	American Homes 4 Rent, Class A REIT		354,310
	7,490	Apartment Investment & Management Co., Class A REIT		328,062
	1,843	AvalonBay Communities, Inc. REIT		337,803
	2,500	Boston Properties, Inc. REIT		326,125
	18,701	Brandywine Realty Trust REIT		313,429
	19,470	Brixmor Property Group, Inc. REIT		354,743
	3,487	Camden Property Trust REIT		331,474
	13,717	Columbia Property Trust, Inc. REIT		330,305
	2,834	CoreSite Realty Corp. REIT		330,076
	10,912	Corporate Office Properties Trust REIT		335,871
	2,935	Crown Castle International Corp. REIT		334,678
	9,995	CubeSmart REIT		305,347
	2,826	Digital Realty Trust, Inc. REIT		351,215
	7,927	Douglas Emmett, Inc. REIT		309,629
	10,780	Duke Realty Corp. REIT		307,122
	18,018	Empire State Realty Trust, Inc., Class A REIT		316,937
	4,969	EPR Properties REIT		348,724
	762	Equinix, Inc. REIT		332,331
	9,766	Equity Commonwealth REIT^(b)		313,098
	3,370	Equity LifeStyle Properties, Inc. REIT		326,486
	4,791	Equity Residential REIT		324,590
	1,267	Essex Property Trust, Inc. REIT		312,037
	3,154	Extra Space Storage, Inc. REIT		290,830

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


		54

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	2,557	Federal Realty Investment Trust REIT	$	333,970
	15,390	Forest City Realty Trust, Inc., Class A REIT		387,058
	8,674	Gaming and Leisure Properties, Inc. REIT		310,442
	11,925	Healthcare Trust of America, Inc., Class A REIT		340,697
	6,426	Highwoods Properties, Inc. REIT		319,629
	2,418	Howard Hughes Corp. (The)^(b)		315,235
	8,686	Hudson Pacific Properties, Inc. REIT		293,934
	9,127	Iron Mountain, Inc. REIT		329,485
	4,001	Kilroy Realty Corp. REIT		292,633
	19,837	Kimco Realty Corp. REIT		339,411
	4,393	Lamar Advertising Co., Class A REIT		338,481
	6,982	Liberty Property Trust REIT		305,463
	3,295	Life Storage, Inc. REIT		321,592
	5,445	Macerich Co. (The) REIT		319,839
	22,530	Medical Properties Trust, Inc. REIT		339,077
	3,253	Mid-America Apartment Communities, Inc. REIT		336,881
	7,398	National Retail Properties, Inc. REIT		340,974
	9,930	Omega Healthcare Investors, Inc. REIT		328,187
	15,411	Outfront Media, Inc. REIT		306,217
	20,370	Paramount Group, Inc. REIT		323,476
	9,449	Prologis, Inc. REIT		634,784
	1,471	Public Storage REIT		312,705
	7,822	Rayonier, Inc. REIT		272,440
	12,751	Realogy Holdings Corp.		272,744
	5,691	Realty Income Corp. REIT		333,322
	5,227	Regency Centers Corp. REIT		345,139
	25,251	Retail Properties of America, Inc., Class A REIT		321,445
	17,314	Senior Housing Properties Trust REIT		330,871
	1,889	Simon Property Group, Inc. REIT		345,744
	3,139	SL Green Realty Corp. REIT		327,712
	39,023	Spirit Realty Capital, Inc. REIT		326,623
	11,303	STORE Capital Corp. REIT		325,639
	3,157	Sun Communities, Inc. REIT		325,739
	5,576	Taubman Centers, Inc. REIT		360,265
	8,391	UDR, Inc. REIT		335,388
	14,684	Uniti Group, Inc. REIT^(b)		305,721
	5,570	Ventas, Inc. REIT		333,476
	42,763	VEREIT, Inc. REIT		334,407
	4,396	Vornado Realty Trust REIT		338,492
	10,398	Weingarten Realty Investors REIT		321,610
	5,314	Welltower, Inc. REIT		354,497
	8,213	Weyerhaeuser Co. REIT		285,073
	4,556	WP Carey, Inc. REIT		303,338

				22,415,609

		Telecommunication Services—1.4%
	9,388	AT&T, Inc.		299,853
	16,699	CenturyLink, Inc.		356,691
	58,574	Sprint Corp.^(b)		357,887
	11,805	Telephone & Data Systems, Inc.		354,622
	5,428	T-Mobile US, Inc.^(b)		358,465
	8,391	United States Cellular Corp.^(b)		358,799
	8,780	Zayo Group Holdings, Inc.^(b)		304,315

				2,390,632


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities—6.4%
	7,378	Alliant Energy Corp.	$	316,074
	5,140	Ameren Corp.		325,002
	4,496	American Electric Power Co., Inc.		322,498
	3,625	American Water Works Co., Inc.		317,296
	8,567	Aqua America, Inc.		318,521
	3,393	Atmos Energy Corp.		312,936
	5,758	Avangrid, Inc.		284,100
	11,706	CenterPoint Energy, Inc.		325,310
	6,625	CMS Energy Corp.		326,215
	4,006	Consolidated Edison, Inc.		316,194
	4,739	Dominion Energy, Inc.		335,379
	2,984	DTE Energy Co.		331,642
	3,972	Duke Energy Corp.		322,685
	4,910	Edison International		322,734
	3,807	Entergy Corp.		318,227
	5,360	Evergy, Inc.		305,788
	5,351	Eversource Energy		334,063
	7,406	Exelon Corp.		323,716
	8,930	Hawaiian Electric Industries, Inc.		314,961
	10,887	MDU Resources Group, Inc.		303,638
	1,847	NextEra Energy, Inc.		314,175
	12,081	NiSource, Inc.		327,033
	8,700	OGE Energy Corp.		320,421
	7,096	PG&E Corp.		327,693
	3,831	Pinnacle West Capital Corp.		300,925
	11,166	PPL Corp.		332,077
	5,794	Public Service Enterprise Group, Inc.		303,316
	2,878	Sempra Energy		334,078
	6,834	Southern Co. (The)		299,193
	5,974	UGI Corp.		322,895
	4,319	Vectren Corp.		307,513
	4,823	WEC Energy Group, Inc.		325,938
	6,704	Xcel Energy, Inc.		322,127

				10,514,363

		Total Investments in Securities (Cost $150,841,331)—99.9%		164,594,202
		Other assets less liabilities—0.1%		183,597

		Net Assets—100.0%	$	164,777,799

Investment Abbreviations:

REIT—Real Estate Investment Trust

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.

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


		55

Schedule of Investments^(a)

Invesco S&P 500 Enhanced Value ETF (SPVU)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—14.8%
	1,640	Best Buy Co., Inc.	$	130,478
	1,422	Charter Communications, Inc., Class A^(b)		441,389
	33,957	Comcast Corp., Class A		1,256,069
	2,144	D.R. Horton, Inc.		95,430
	1,861	DISH Network Corp., Class A^(b)		65,786
	1,579	Dollar Tree, Inc.^(b)		127,125
	598	Foot Locker, Inc.		29,481
	49,873	Ford Motor Co.		472,796
	1,295	Gap, Inc. (The)		39,303
	7,366	General Motors Co.		265,544
	2,367	Goodyear Tire & Rubber Co. (The)		53,707
	1,206	Kohl’s Corp.		95,407
	2,107	Lennar Corp., Class A		108,869
	3,199	Macy’s, Inc.		116,924
	5,739	Newell Brands, Inc.		124,651
	684	Nordstrom, Inc.		42,989
	1,498	PulteGroup, Inc.		41,869
	3,789	Target Corp.		331,538
	3,341	Viacom, Inc., Class B		97,825
	495	Whirlpool Corp.		61,865

				3,999,045

		Consumer Staples—9.8%
	5,826	Archer-Daniels-Midland Co.		293,630
	805	JM Smucker Co. (The)		83,221
	5,439	Kraft Heinz Co. (The)		316,931
	7,336	Kroger Co. (The)		231,084
	1,756	Molson Coors Brewing Co., Class B		117,195
	2,681	Tyson Foods, Inc., Class A		168,394
	6,843	Walgreens Boots Alliance, Inc.		469,156
	9,976	Walmart, Inc.		956,299

				2,635,910

		Energy—5.5%
	1,144	Andeavor		174,792
	3,055	Baker Hughes a GE Co.		100,724
	3,977	Marathon Petroleum Corp.		327,267
	3,265	Phillips 66		386,935
	2,811	TechnipFMC PLC (United Kingdom)		86,101
	3,501	Valero Energy Corp.		412,698

				1,488,517

		Financials—35.5%
	6,342	Aflac, Inc.		293,254
	2,927	Allstate Corp. (The)		294,368
	496	Assurant, Inc.		50,999
	43,339	Bank of America Corp.		1,340,475
	5,389	Bank of New York Mellon Corp. (The)		281,036
	6,711	Berkshire Hathaway, Inc., Class B^(b)		1,400,720
	695	Brighthouse Financial, Inc.^(b)		28,849
	3,328	Capital One Financial Corp.		329,771
	3,006	Chubb Ltd.		406,531
	3,399	Citizens Financial Group, Inc.		139,903
	269	Everest Re Group Ltd.		59,992
	4,653	Fifth Third Bancorp		136,938
	1,946	Goldman Sachs Group, Inc. (The)		462,778
	2,978	Invesco Ltd.^(c)		71,770
	2,472	Jefferies Financial Group, Inc.		57,400
	2,353	Lincoln National Corp.		154,310


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	2,325	Loews Corp.	$	116,971
	10,439	MetLife, Inc.		479,046
	8,317	Morgan Stanley		406,119
	1,942	People’s United Financial, Inc.		35,946
	2,401	PNC Financial Services Group, Inc. (The)		344,640
	2,514	Principal Financial Group, Inc.		138,748
	5,194	Prudential Financial, Inc.		510,310
	5,660	Regions Financial Corp.		110,144
	2,466	SunTrust Banks, Inc.		181,399
	814	Torchmark Corp.		71,567
	1,706	Travelers Cos., Inc. (The)		224,510
	2,507	Unum Group		92,458
	23,424	Wells Fargo & Co.		1,369,836

				9,590,788

		Health Care—10.2%
	1,123	AmerisourceBergen Corp.		101,036
	1,893	Anthem, Inc.		501,134
	3,192	Cardinal Health, Inc.		166,590
	1,610	Centene Corp.^(b)		235,833
	10,923	CVS Health Corp.		821,847
	1,070	Envision Healthcare Corp.^(b)		48,535
	5,795	Express Scripts Holding Co.^(b)		510,076
	2,302	McKesson Corp.		296,383
	526	Universal Health Services, Inc., Class B		68,464

				2,749,898

		Industrials—5.5%
	971	Alaska Air Group, Inc.		65,533
	2,809	American Airlines Group, Inc.		113,708
	4,180	Delta Air Lines, Inc.		244,446
	2,537	Eaton Corp. PLC		210,926
	1,040	Fluor Corp.		59,706
	798	Jacobs Engineering Group, Inc.		58,007
	6,258	Johnson Controls International PLC		236,365
	1,039	Pentair PLC (United Kingdom)		45,176
	1,245	Quanta Services, Inc.^(b)		43,064
	3,432	Southwest Airlines Co.		210,382
	2,212	United Continental Holdings, Inc.^(b)		193,373

				1,480,686

		Information Technology—2.4%
	13,122	Hewlett Packard Enterprise Co.		216,907
	7,437	Micron Technology, Inc.^(b)		390,591
	1,555	Xerox Corp.		43,322

				650,820

		Materials—2.7%
	754	Eastman Chemical Co.		73,161
	2,650	International Paper Co.		135,521
	1,876	LyondellBasell Industries NV, Class A		211,575
	1,859	Mosaic Co. (The)		58,131
	1,787	Nucor Corp.		111,687
	2,307	WestRock Co.		127,070

				717,145

		Real Estate—0.2%
	2,179	Duke Realty Corp. REIT		62,080

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


		56

Invesco S&P 500 Enhanced Value ETF (SPVU) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Telecommunication Services—10.9%
	39,002	AT&T, Inc.	$	1,245,724
	11,018	CenturyLink, Inc.		235,345
	26,893	Verizon Communications, Inc.		1,462,172

				2,943,241

		Utilities—2.4%
	3,606	CenterPoint Energy, Inc.		100,211
	7,688	Exelon Corp.		336,043
	4,023	PG&E Corp.		185,782
	792	SCANA Corp.		30,365

				652,401

		Total Investments in Securities (Cost $25,744,394)—99.9%		26,970,531
		Other assets less liabilities—0.1%		25,042

		Net Assets—100.0%	$	26,995,573

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4.

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


		57

Schedule of Investments^(a)

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

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—6.8%
	22,040	Garmin Ltd.	$	1,501,806
	7,092	Home Depot, Inc. (The)		1,423,861
	8,872	McDonald’s Corp.		1,439,304
	25,282	Starbucks Corp.		1,351,323
	13,561	TJX Cos., Inc. (The)		1,491,303
	11,693	Walt Disney Co. (The)		1,309,850
	16,749	Yum! Brands, Inc.		1,455,321

				9,972,768

		Consumer Staples—8.6%
	29,109	Archer-Daniels-Midland Co.		1,467,094
	42,796	Coca-Cola Co. (The)		1,907,418
	35,980	Conagra Brands, Inc.		1,322,265
	6,200	Costco Wholesale Corp.		1,445,406
	32,992	Mondelez International, Inc., Class A		1,409,418
	14,900	PepsiCo, Inc.		1,668,949
	21,032	Procter & Gamble Co. (The)		1,744,604
	20,376	Sysco Corp.		1,524,532

				12,489,686

		Energy—3.7%
	18,355	Exxon Mobil Corp.		1,471,520
	17,024	Occidental Petroleum Corp.		1,359,707
	19,014	ONEOK, Inc.		1,253,213
	11,231	Phillips 66		1,330,986

				5,415,426

		Financials—25.2%
	34,734	Aflac, Inc.		1,606,100
	14,528	Allstate Corp. (The)		1,461,081
	12,664	American Express Co.		1,342,131
	27,201	American International Group, Inc.		1,446,277
	11,376	Aon PLC		1,655,891
	21,900	Arthur J. Gallagher & Co.		1,579,866
	6,741	Berkshire Hathaway, Inc., Class B^(b)		1,406,982
	10,780	Chubb Ltd.		1,457,887
	17,659	Cincinnati Financial Corp.		1,353,916
	8,417	CME Group, Inc.		1,470,702
	26,294	Hartford Financial Services Group, Inc. (The)		1,324,429
	18,488	Intercontinental Exchange, Inc.		1,409,340
	11,168	JPMorgan Chase & Co.		1,279,629
	32,243	Loews Corp.		1,622,145
	20,258	Marsh & McLennan Cos., Inc.		1,714,435
	8,062	Moody’s Corp.		1,435,197
	16,310	Nasdaq, Inc.		1,556,626
	78,768	People’s United Financial, Inc.		1,457,996
	8,979	PNC Financial Services Group, Inc. (The)		1,288,846
	22,028	Progressive Corp. (The)		1,487,551
	6,465	S&P Global, Inc.		1,338,578
	18,103	Torchmark Corp.		1,591,616
	10,622	Travelers Cos., Inc. (The)		1,397,855
	28,311	US Bancorp		1,531,908
	11,071	Willis Towers Watson PLC		1,630,426

				36,847,410

		Health Care—11.7%
	21,425	Abbott Laboratories		1,432,047
	19,236	Baxter International, Inc.		1,430,581
	5,312	Becton, Dickinson and Co.		1,391,054


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	14,502	Danaher Corp.	$	1,501,537
	13,424	Eli Lilly & Co.		1,418,246
	3,976	Humana, Inc.		1,325,042
	11,131	Johnson & Johnson		1,499,234
	7,924	Laboratory Corp. of America Holdings^(b)		1,369,822
	19,841	Merck & Co., Inc.		1,360,894
	15,998	PerkinElmer, Inc.		1,478,695
	38,856	Pfizer, Inc.		1,613,301
	14,610	Zoetis, Inc.		1,323,666

				17,144,119

		Industrials—13.7%
	19,214	AMETEK, Inc.		1,478,709
	6,278	Cintas Corp.		1,339,537
	6,760	General Dynamics Corp.		1,307,384
	10,513	Honeywell International, Inc.		1,672,198
	6,410	L3 Technologies, Inc.		1,369,945
	4,329	Lockheed Martin Corp.		1,387,055
	30,627	Pentair PLC (United Kingdom)		1,331,662
	6,892	Raytheon Co.		1,374,541
	22,423	Republic Services, Inc.		1,644,951
	4,544	Roper Technologies, Inc.		1,355,793
	20,170	Textron, Inc.		1,392,335
	10,125	United Technologies Corp.		1,333,463
	13,059	Verisk Analytics, Inc.^(b)		1,555,196
	16,890	Waste Management, Inc.		1,535,301

				20,078,070

		Information Technology—17.1%
	8,313	Accenture PLC, Class A		1,405,479
	16,417	Amphenol Corp., Class A		1,552,720
	9,531	Automatic Data Processing, Inc.		1,398,674
	11,470	Broadridge Financial Solutions, Inc.		1,550,056
	13,415	Citrix Systems, Inc.^(b)		1,529,578
	19,249	Cognizant Technology Solutions Corp., Class A		1,509,699
	15,265	Fidelity National Information Services, Inc.		1,651,215
	19,913	Fiserv, Inc.^(b)		1,594,434
	6,110	Intuit, Inc.		1,340,962
	11,671	Motorola Solutions, Inc.		1,498,090
	20,211	Paychex, Inc.		1,480,456
	14,918	Synopsys, Inc.^(b)		1,523,724
	14,922	TE Connectivity Ltd.	��	1,368,049
	13,834	Total System Services, Inc.		1,343,835
	8,651	VeriSign, Inc.^(b)		1,372,135
	9,844	Visa, Inc., Class A		1,445,985
	71,308	Western Union Co. (The)		1,349,147

				24,914,238

		Materials—7.1%
	9,440	Air Products & Chemicals, Inc.		1,569,778
	34,351	Ball Corp.		1,438,620
	13,545	Eastman Chemical Co.		1,314,271
	12,058	Ecolab, Inc.		1,814,488
	12,785	PPG Industries, Inc.		1,413,254
	35,859	Sealed Air Corp.		1,438,305
	2,949	Sherwin-Williams Co. (The)		1,343,505

				10,332,221

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


		58

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate—5.1%
	29,973	CBRE Group, Inc., Class A^(b)	$	1,462,982
	63,784	Host Hotels & Resorts, Inc. REIT		1,373,269
	14,094	SL Green Realty Corp. REIT		1,471,414
	20,340	Vornado Realty Trust REIT		1,566,180
	46,665	Weyerhaeuser Co. REIT		1,619,742

				7,493,587

		Telecommunication Services—0.9%
	25,330	Verizon Communications, Inc.		1,377,192

		Total Investments in Securities (Cost $132,999,353)—99.9%		146,064,717
		Other assets less liabilities-0.1%		124,236

		Net Assets—100.0%	$	146,188,953

Investment Abbreviations:

REIT—Real Estate Investment Trust

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.

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


		59

Schedule of Investments^(a)

Invesco S&P 500^® High Beta ETF (SPHB)

August 31, 2018


Number of Shares			Value
		Common Stocks—99.9%
		Consumer Discretionary—6.6%
	829	Amazon.com, Inc.^(b)	$	1,668,537
	16,006	Aptiv PLC		1,408,688
	36,280	BorgWarner, Inc.		1,587,976
	51,821	MGM Resorts International		1,502,291
	5,929	Netflix, Inc.^(b)		2,179,975
	70,949	Newell Brands, Inc.		1,541,012
	74,921	Under Armour, Inc., Class A^(b)		1,532,134

				11,420,613

		Energy—4.7%
	32,934	EQT Corp.		1,680,293
	25,908	Hess Corp.		1,744,645
	78,546	Marathon Oil Corp.		1,689,524
	56,908	Newfield Exploration Co.^(b)		1,552,450
	49,505	Noble Energy, Inc.		1,471,289

				8,138,201

		Financials—24.4%
	10,587	Affiliated Managers Group, Inc.		1,546,655
	11,424	Ameriprise Financial, Inc.		1,621,751
	50,129	Bank of America Corp.		1,550,490
	7,141	Berkshire Hathaway, Inc., Class B^(b)		1,490,469
	3,503	BlackRock, Inc.		1,678,147
	38,686	Brighthouse Financial, Inc.^(b)		1,605,856
	15,327	Capital One Financial Corp.		1,518,752
	34,603	Charles Schwab Corp. (The)		1,757,486
	38,351	Citizens Financial Group, Inc.		1,578,527
	15,078	Comerica, Inc.		1,469,803
	20,102	Discover Financial Services		1,570,368
	27,310	E*TRADE Financial Corp.^(b)		1,607,467
	45,618	Franklin Resources, Inc.		1,447,915
	6,705	Goldman Sachs Group, Inc. (The)		1,594,516
	63,798	Invesco Ltd.^(c)		1,537,532
	24,972	Lincoln National Corp.		1,637,664
	35,890	Morgan Stanley		1,752,509
	13,993	Northern Trust Corp.		1,503,688
	27,159	Principal Financial Group, Inc.		1,498,905
	16,795	Prudential Financial, Inc.		1,650,109
	19,473	Raymond James Financial, Inc.		1,811,768
	18,970	State Street Corp.		1,648,683
	5,957	SVB Financial Group^(b)		1,922,622
	54,022	Synchrony Financial		1,710,877
	13,785	T. Rowe Price Group, Inc.		1,597,544
	42,167	Unum Group		1,555,119

				41,865,222

		Health Care—12.7%
	18,343	AbbVie, Inc.		1,760,561
	4,384	ABIOMED, Inc.^(b)		1,782,447
	23,205	Agilent Technologies, Inc.		1,567,266
	15,423	Alexion Pharmaceuticals, Inc.^(b)		1,885,307
	5,966	Align Technology, Inc.^(b)		2,305,799
	6,447	IDEXX Laboratories, Inc.^(b)		1,637,796
	5,411	Illumina, Inc.^(b)		1,919,985
	28,777	Incyte Corp.^(b)		2,126,908
	3,125	Intuitive Surgical, Inc.^(b)		1,750,000
	2,611	Mettler-Toledo International, Inc.^(b)		1,526,025
	26,741	Nektar Therapeutics, Class A^(b)		1,778,009


Number of Shares			Value
		Common Stocks (continued)
		Health Care (continued)
	9,622	Vertex Pharmaceuticals, Inc.^(b)	$	1,774,297

				21,814,400

		Industrials—12.7%
	7,272	3M Co.		1,533,810
	26,717	A.O. Smith Corp.		1,551,723
	40,330	American Airlines Group, Inc.		1,632,558
	85,122	Arconic, Inc.		1,905,030
	4,781	Boeing Co. (The)		1,638,879
	13,120	Caterpillar, Inc.		1,821,712
	20,640	CSX Corp.		1,530,662
	12,372	Deere & Co.		1,779,094
	21,848	Jacobs Engineering Group, Inc.		1,588,131
	23,844	PACCAR, Inc.		1,631,407
	9,116	Parker-Hannifin Corp.		1,600,770
	9,248	Rockwell Automation, Inc.		1,673,518
	12,989	United Rentals, Inc.^(b)		2,024,596

				21,911,890

		Information Technology—33.2%
	25,924	Activision Blizzard, Inc.		1,869,120
	6,698	Adobe Systems, Inc.^(b)		1,764,990
	108,413	Advanced Micro Devices, Inc.^(b)		2,728,755
	1,455	Alphabet, Inc., Class C^(b)		1,772,466
	16,018	Analog Devices, Inc.		1,583,379
	47,017	Applied Materials, Inc.		2,022,671
	12,855	Autodesk, Inc.^(b)		1,984,169
	38,414	Cisco Systems, Inc.		1,835,037
	46,371	Corning, Inc.		1,553,892
	11,604	Electronic Arts, Inc.^(b)		1,316,010
	9,329	Facebook, Inc., Class A^(b)		1,639,385
	70,539	HP, Inc.		1,738,786
	39,896	Intel Corp.		1,932,163
	11,010	IPG Photonics Corp.^(b)		1,932,035
	18,180	KLA-Tencor Corp.		2,112,698
	13,418	Lam Research Corp.		2,322,522
	7,299	Mastercard, Inc., Class A		1,573,372
	19,836	Microchip Technology, Inc.		1,706,491
	44,651	Micron Technology, Inc.^(b)		2,345,071
	16,560	Microsoft Corp.		1,860,185
	19,648	NetApp, Inc.		1,705,643
	9,452	NVIDIA Corp.		2,652,987
	18,187	PayPal Holdings, Inc.^(b)		1,679,206
	18,591	Qorvo, Inc.^(b)		1,488,953
	25,283	QUALCOMM, Inc.		1,737,195
	29,125	Seagate Technology PLC		1,559,353
	18,622	Skyworks Solutions, Inc.		1,700,189
	14,214	Take-Two Interactive Software, Inc.^(b)		1,898,422
	15,427	Texas Instruments, Inc.		1,733,995
	24,155	Western Digital Corp.		1,527,562
	23,203	Xilinx, Inc.		1,805,890

				57,082,592

		Materials—5.6%
	25,138	DowDuPont, Inc.		1,762,928
	129,666	Freeport-McMoRan, Inc.		1,821,807
	48,851	Mosaic Co. (The)		1,527,571
	23,628	Nucor Corp.		1,476,750

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


		60

Invesco S&P 500^® High Beta ETF (SPHB) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks (continued)
		Materials (continued)
	9,561	Praxair, Inc.	$	1,512,454
	26,546	WestRock Co.		1,462,154

				9,563,664

		Total Investments in Securities (Cost $172,760,814)—99.9%		171,796,582
		Other assets less liabilities—0.1%		137,322

		Net Assets—100.0%	$	171,933,904

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)	Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4.

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


		61

Schedule of Investments^(a)

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

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—5.6%
	6,428,204	Ford Motor Co.	$	60,939,374
	666,901	Garmin Ltd.		45,442,634
	919,709	Leggett & Platt, Inc.		41,791,577

				148,173,585

		Consumer Staples—15.5%
	1,035,393	Altria Group, Inc.		60,591,198
	959,889	Coca-Cola Co. (The)		42,782,253
	1,288,338	General Mills, Inc.		59,276,431
	552,406	Kellogg Co.		39,657,227
	441,677	Kimberly-Clark Corp.		51,031,361
	836,078	Kraft Heinz Co. (The)		48,718,265
	808,282	Philip Morris International, Inc.		62,957,085
	566,425	Procter & Gamble Co. (The)		46,984,954

				411,998,774

		Energy—10.7%
	352,273	Chevron Corp.		41,730,259
	571,363	Exxon Mobil Corp.		45,806,172
	2,311,253	Kinder Morgan, Inc.		40,909,178
	553,034	Occidental Petroleum Corp.		44,170,826
	779,258	ONEOK, Inc.		51,360,895
	2,028,412	Williams Cos., Inc. (The)		60,020,711

				283,998,041

		Financials—10.5%
	546,006	Cincinnati Financial Corp.		41,862,280
	2,105,333	Invesco Ltd.^(b)		50,738,525
	1,037,164	MetLife, Inc.		47,595,456
	2,603,857	People’s United Financial, Inc.		48,197,393
	859,270	Principal Financial Group, Inc.		47,423,111
	450,739	Prudential Financial, Inc.		44,285,107

				280,101,872

		Health Care—3.5%
	622,138	Merck & Co., Inc.		42,672,445
	1,210,011	Pfizer, Inc.		50,239,657

				92,912,102

		Industrials—5.0%
	300,305	Cummins, Inc.		42,583,249
	545,742	Eaton Corp. PLC		45,372,990
	365,237	United Parcel Service, Inc., Class B		44,880,322

				132,836,561

		Information Technology—3.6%
	372,110	International Business Machines Corp.		54,506,673
	2,226,213	Western Union Co. (The)		42,119,950

				96,626,623

		Materials—3.3%
	856,428	International Paper Co.		43,797,728
	400,161	LyondellBasell Industries NV, Class A		45,130,158

				88,927,886

		Real Estate—17.9%
	441,431	Crown Castle International Corp. REIT		50,336,377
	2,777,601	HCP, Inc. REIT		75,078,555
	2,236,440	Iron Mountain, Inc. REIT		80,735,484
	1,097,417	Realty Income Corp. REIT		64,275,714
	327,583	Simon Property Group, Inc. REIT		59,957,516


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	1,199,809	Ventas, Inc. REIT	$	71,832,565
	1,100,399	Welltower, Inc. REIT		73,407,617

				475,623,828

		Telecommunication Services—5.3%
	2,440,061	AT&T, Inc.		77,935,549
	1,135,587	Verizon Communications, Inc.		61,741,865

				139,677,414

		Utilities—19.0%
	3,565,396	AES Corp. (The)		47,990,230
	1,765,549	CenterPoint Energy, Inc.		49,064,607
	828,451	Dominion Energy, Inc.		58,629,477
	706,477	Duke Energy Corp.		57,394,192
	707,288	Edison International		46,490,040
	695,614	Entergy Corp.		58,146,374
	1,455,016	FirstEnergy Corp.		54,388,498
	2,484,840	PPL Corp.		73,899,142
	1,332,426	Southern Co. (The)		58,333,610

				504,336,170

		Total Investments in Securities (Cost $2,689,037,268)—99.9%		2,655,212,856
		Other assets less liabilities—0.1%		1,655,409

		Net Assets—100.0%	$	2,656,868,265

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4.

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


		62

Schedule of Investments^(a)

Invesco S&P 500^® Low Volatility ETF (SPLV)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Consumer Discretionary—3.8%
	1,044,874	Garmin Ltd.	$	71,197,714
	336,460	Home Depot, Inc. (The)		67,551,074
	420,394	McDonald’s Corp.		68,200,519
	793,703	Yum! Brands, Inc.		68,964,854

				275,914,161

		Consumer Staples—9.1%
	1,379,877	Archer-Daniels-Midland Co.		69,545,801
	2,028,767	Coca-Cola Co. (The)		90,422,145
	1,130,865	Colgate-Palmolive Co.		75,100,745
	352,081	Constellation Brands, Inc., Class A		73,303,264
	1,105,329	Kraft Heinz Co. (The)		64,407,521
	1,564,014	Mondelez International, Inc., Class A		66,814,678
	706,427	PepsiCo, Inc.		79,126,888
	997,291	Procter & Gamble Co. (The)		82,725,288
	966,156	Sysco Corp.		72,287,792

				673,734,122

		Energy—1.8%
	870,397	Exxon Mobil Corp.		69,779,727
	532,549	Phillips 66		63,112,382

				132,892,109

		Financials—16.8%
	1,646,805	Aflac, Inc.		76,148,263
	688,612	Allstate Corp. (The)		69,253,709
	1,289,614	American International Group, Inc.		68,568,776
	539,134	Aon PLC		78,476,345
	1,038,105	Arthur J. Gallagher & Co.		74,888,895
	319,363	Berkshire Hathaway, Inc., Class B^(b)		66,657,445
	511,064	Chubb Ltd.		69,116,295
	399,056	CME Group, Inc.		69,727,055
	1,528,587	Loews Corp.		76,903,212
	960,334	Marsh & McLennan Cos., Inc.		81,273,067
	382,032	Moody’s Corp.		68,009,337
	773,052	Nasdaq, Inc.		73,780,083
	3,734,121	People’s United Financial, Inc.		69,118,580
	1,044,338	Progressive Corp. (The)		70,524,145
	858,081	Torchmark Corp.		75,442,482
	1,342,039	US Bancorp		72,617,730
	525,012	Willis Towers Watson PLC		77,318,517

				1,237,823,936

		Health Care—5.7%
	912,104	Baxter International, Inc.		67,833,174
	687,505	Danaher Corp.		71,184,268
	636,501	Eli Lilly & Co.		67,246,331
	527,512	Johnson & Johnson		71,050,591
	375,723	Laboratory Corp. of America Holdings^(b)		64,951,235
	1,842,259	Pfizer, Inc.		76,490,594

				418,756,193

		Industrials—6.0%
	910,839	AMETEK, Inc.		70,098,169
	498,496	Honeywell International, Inc.		79,290,774
	1,247,820	IHS Markit Ltd.^(b)		68,630,100
	1,063,156	Republic Services, Inc.		77,993,124
	618,882	Verisk Analytics, Inc.^(b)		73,702,657
	800,522	Waste Management, Inc.		72,767,450

				442,482,274


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology—10.7%
	778,486	Amphenol Corp., Class A	$	73,629,206
	543,964	Broadridge Financial Solutions, Inc.		73,511,295
	636,202	Citrix Systems, Inc.^(b)		72,539,752
	912,698	Cognizant Technology Solutions Corp., Class A		71,582,904
	723,419	Fidelity National Information Services, Inc.		78,252,233
	944,166	Fiserv, Inc.^(b)		75,599,372
	553,023	Motorola Solutions, Inc.		70,986,032
	958,009	Paychex, Inc.		70,174,159
	707,220	Synopsys, Inc.^(b)		72,235,451
	707,367	TE Connectivity Ltd.		64,851,407
	466,946	Visa, Inc., Class A		68,589,698

				791,951,509

		Materials—4.9%
	447,745	Air Products & Chemicals, Inc.		74,455,516
	1,628,533	Ball Corp.		68,202,962
	571,703	Ecolab, Inc.		86,029,868
	606,211	PPG Industries, Inc.		67,010,564
	1,700,165	Sealed Air Corp.		68,193,618

				363,892,528

		Real Estate—18.0%
	571,151	Alexandria Real Estate Equities, Inc. REIT		73,307,231
	1,804,509	Apartment Investment & Management Co., Class A REIT		79,037,494
	454,906	AvalonBay Communities, Inc. REIT		83,379,721
	530,865	Boston Properties, Inc. REIT		69,251,339
	1,420,998	CBRE Group, Inc., Class A^(b)		69,358,912
	2,457,299	Duke Realty Corp. REIT		70,008,449
	1,173,411	Equity Residential REIT		79,498,595
	298,441	Essex Property Trust, Inc. REIT		73,500,049
	530,410	Federal Realty Investment Trust REIT		69,276,850
	712,294	Mid-America Apartment Communities, Inc. REIT		73,765,167
��	1,035,819	Prologis, Inc. REIT		69,586,320
	331,210	Public Storage REIT		70,408,622
	1,286,600	Realty Income Corp. REIT		75,356,162
	1,044,951	Regency Centers Corp. REIT		68,998,115
	668,212	SL Green Realty Corp. REIT		69,761,333
	2,016,755	UDR, Inc. REIT		80,609,697
	964,232	Vornado Realty Trust REIT		74,245,864
	2,212,310	Weyerhaeuser Co. REIT		76,789,280

				1,326,139,200

		Utilities—23.2%
	1,809,872	Alliant Energy Corp.		77,534,917
	1,178,710	Ameren Corp.		74,529,833
	1,137,617	American Electric Power Co., Inc.		81,601,267
	877,593	American Water Works Co., Inc.		76,815,715
	2,545,099	CenterPoint Energy, Inc.		70,728,301
	1,710,267	CMS Energy Corp.		84,213,547
	1,054,373	Consolidated Edison, Inc.		83,221,661
	1,097,663	Dominion Energy, Inc.		77,681,611
	746,002	DTE Energy Co.		82,910,662
	1,051,624	Duke Energy Corp.		85,433,934
	867,975	Entergy Corp.		72,554,030

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


		63

Invesco S&P 500^® Low Volatility ETF (SPLV) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	1,296,396	Evergy, Inc.	$	73,959,392
	1,196,513	Eversource Energy		74,698,307
	1,906,361	Exelon Corp.		83,327,039
	470,094	NextEra Energy, Inc.		79,962,989
	2,808,731	NiSource, Inc.		76,032,348
	936,520	Pinnacle West Capital Corp.		73,563,646
	2,274,622	PPL Corp.		67,647,258
	1,556,956	Public Service Enterprise Group, Inc.		81,506,647
	1,665,186	Southern Co. (The)		72,901,843
	1,221,982	WEC Energy Group, Inc.		82,581,544
	1,692,157	Xcel Energy, Inc.		81,308,144

				1,714,714,635

		Total Investments in Securities (Cost $6,868,756,210)—100.0%		7,378,300,667
		Other assets less liabilities—0.0%		3,061,762

		Net Assets—100.0%	$	7,381,362,429

Investment Abbreviations:

REIT—Real Estate Investment Trust

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.

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


		64

Schedule of Investments^(a)

Invesco S&P 500 Minimum Variance ETF (SPMV)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—14.2%
	14	Amazon.com, Inc.^(b)	$	28,178
	26	Home Depot, Inc. (The)		5,220
	91	Michael Kors Holdings Ltd.^(b)		6,608
	75	Mohawk Industries, Inc.^(b)		14,369
	425	NIKE, Inc., Class B		34,935
	8	PVH Corp.		1,145
	44	Ralph Lauren Corp., Class A		5,844
	52	Ross Stores, Inc.		4,981
	478	Starbucks Corp.		25,549
	316	Tapestry, Inc.		16,018
	122	TJX Cos., Inc. (The)		13,416
	217	Under Armour, Inc., Class A^(b)		4,438
	383	VF Corp.		35,286
	135	Yum! Brands, Inc.		11,730

				207,717

		Consumer Staples—11.2%
	225	Campbell Soup Co.		8,876
	270	Coca-Cola Co. (The)		12,034
	210	Colgate-Palmolive Co.		13,946
	445	Conagra Brands, Inc.		16,354
	463	General Mills, Inc.		21,303
	311	Hormel Foods Corp.		12,176
	134	JM Smucker Co. (The)		13,853
	54	Kellogg Co.		3,877
	132	McCormick & Co., Inc.		16,484
	144	Monster Beverage Corp.^(b)		8,768
	219	Procter & Gamble Co. (The)		18,166
	276	Tyson Foods, Inc., Class A		17,335

				163,172

		Energy—0.3%
	74	EQT Corp.		3,775
	10	Exxon Mobil Corp.		802

				4,577

		Financials—11.2%
	100	Aon PLC		14,556
	420	Bank of America Corp.		12,990
	132	Berkshire Hathaway, Inc., Class B^(b)		27,551
	9	Chubb Ltd.		1,217
	127	Citigroup, Inc.		9,047
	158	JPMorgan Chase & Co.		18,104
	308	Marsh & McLennan Cos., Inc.		26,066
	143	Progressive Corp. (The)		9,657
	198	Travelers Cos., Inc. (The)		26,057
	314	Wells Fargo & Co.		18,363

				163,608

		Health Care—16.5%
	50	Allergan PLC		9,585
	118	Becton, Dickinson and Co.		30,901
	12	Celgene Corp.^(b)		1,133
	351	Cerner Corp.^(b)		22,854
	66	Cigna Corp.		12,430
	52	Edwards Lifesciences Corp.^(b)		7,500
	132	Envision Healthcare Corp.^(b)		5,987
	191	Express Scripts Holding Co.^(b)		16,812
	27	HCA Healthcare, Inc.		3,621


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	184	Henry Schein, Inc.^(b)	$	14,293
	6	Humana, Inc.		2,000
	211	Johnson & Johnson		28,420
	143	Medtronic PLC		13,787
	169	Stryker Corp.		28,634
	125	UnitedHealth Group, Inc.		33,557
	66	Universal Health Services, Inc., Class B		8,591

				240,105

		Industrials—9.9%
	40	Boeing Co. (The)		13,711
	56	Cintas Corp.		11,949
	47	General Electric Co.		608
	83	Lockheed Martin Corp.		26,594
	269	Republic Services, Inc.		19,734
	127	Rockwell Collins, Inc.		17,266
	100	Stericycle, Inc.^(b)		6,169
	148	United Technologies Corp.		19,492
	323	Waste Management, Inc.		29,361

				144,884

		Information Technology—20.9%
	62	Accenture PLC, Class A		10,482
	88	Adobe Systems, Inc.^(b)		23,189
	24	Alphabet, Inc., Class C^(b)		29,237
	151	Analog Devices, Inc.		14,926
	119	Apple, Inc.		27,088
	23	Applied Materials, Inc.		989
	55	Automatic Data Processing, Inc.		8,071
	349	Cisco Systems, Inc.		16,672
	121	Facebook, Inc., Class A^(b)		21,263
	19	Global Payments, Inc.		2,367
	541	Intel Corp.		26,201
	38	International Business Machines Corp.		5,566
	95	Intuit, Inc.		20,850
	55	Micron Technology, Inc.^(b)		2,889
	275	Microsoft Corp.		30,891
	25	NVIDIA Corp.		7,017
	13	Oracle Corp.		631
	408	QUALCOMM, Inc.		28,034
	252	Texas Instruments, Inc.		28,325
	9	Xilinx, Inc.		700

				305,388

		Materials—1.1%
	508	Newmont Mining Corp.		15,763

		Real Estate—2.4%
	7	AvalonBay Communities, Inc. REIT		1,283
	219	Crown Castle International Corp. REIT		24,973
	44	Public Storage REIT		9,353

				35,609

		Telecommunication Services—4.2%
	762	AT&T, Inc.		24,338
	708	CenturyLink, Inc.		15,123
	405	Verizon Communications, Inc.		22,020

				61,481

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


		65

Invesco S&P 500 Minimum Variance ETF (SPMV) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities—8.0%
	294	Ameren Corp.	$	18,590
	36	American Electric Power Co., Inc.		2,582
	23	Consolidated Edison, Inc.		1,816
	195	Dominion Energy, Inc.		13,800
	14	DTE Energy Co.		1,556
	34	Edison International		2,235
	113	Eversource Energy		7,055
	13	NextEra Energy, Inc.		2,211
	302	PG&E Corp.		13,946
	532	Public Service Enterprise Group, Inc.		27,850
	17	Sempra Energy		1,973
	475	Southern Co. (The)		20,796
	28	WEC Energy Group, Inc.		1,892

				116,302

		Total Investments in Securities (Cost $1,277,521)—99.9%		1,458,606
		Other assets less liabilities—0.1%		1,055

		Net Assets—100.0%	$	1,459,661

Investment Abbreviations:

REIT—Real Estate Investment Trust

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.

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


		66

Schedule of Investments^(a)

Invesco S&P 500 Momentum ETF (SPMO)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—17.7%
	2,479	Amazon.com, Inc.^(b)	$	4,989,508
	1,275	Aptiv PLC		112,213
	2,079	D.R. Horton, Inc.		92,536
	1,101	Hilton Worldwide Holdings, Inc.		85,459
	7,357	Home Depot, Inc. (The)		1,477,065
	2,293	Marriott International, Inc., Class A		289,996
	4,443	McDonald’s Corp.		720,788
	2,248	Netflix, Inc.^(b)		826,545
	1,231	PulteGroup, Inc.		34,406
	399	PVH Corp.		57,121
	1,845	VF Corp.		169,980

				8,855,617

		Consumer Staples—2.8%
	1,202	Brown-Forman Corp., Class B		62,768
	885	Constellation Brands, Inc., Class A		184,257
	1,423	Estee Lauder Cos., Inc. (The), Class A		199,391
	2,072	Monster Beverage Corp.^(b)		126,164
	8,746	Walmart, Inc.		838,392

				1,410,972

		Energy—0.5%
	2,241	Valero Energy Corp.		264,169

		Financials—13.2%
	1,475	Allstate Corp. (The)		148,341
	3,075	American Express Co.		325,889
	674	Ameriprise Financial, Inc.		95,681
	9,222	Berkshire Hathaway, Inc., Class B^(b)		1,924,816
	770	BlackRock, Inc.		368,876
	1,001	Cboe Global Markets, Inc.		100,901
	11,121	Citigroup, Inc.		792,260
	14,983	JPMorgan Chase & Co.		1,716,752
	1,193	Moody’s Corp.		212,378
	3,234	Progressive Corp. (The)		218,392
	1,684	S&P Global, Inc.		348,672
	1,796	State Street Corp.		156,090
	1,670	T. Rowe Price Group, Inc.		193,536

				6,602,584

		Health Care—11.5%
	10,699	Abbott Laboratories		715,121
	10,603	AbbVie, Inc.		1,017,676
	1,755	Agilent Technologies, Inc.		118,533
	650	Align Technology, Inc.^(b)		251,218
	1,449	Anthem, Inc.		383,594
	3,227	Baxter International, Inc.		239,992
	772	Centene Corp.^(b)		113,083
	834	Intuitive Surgical, Inc.^(b)		467,040
	150	Mettler-Toledo International, Inc.^(b)		87,669
	1,501	Nektar Therapeutics, Class A^(b)		99,801
	600	PerkinElmer, Inc.		55,458
	1,997	Thermo Fisher Scientific, Inc.		477,483
	5,199	UnitedHealth Group, Inc.		1,395,723
	504	Varian Medical Systems, Inc.^(b)		56,458
	427	Waters Corp.^(b)		80,908
	2,248	Zoetis, Inc.		203,669

				5,763,426


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials—13.1%
	3,620	3M Co.	$	763,530
	1,528	AMETEK, Inc.		117,595
	5,191	Boeing Co. (The)		1,779,423
	3,747	Caterpillar, Inc.		520,271
	395	Cintas Corp.		84,281
	1,869	Deere & Co.		268,762
	1,521	Fortive Corp.		127,734
	795	Harris Corp.		129,195
	4,543	Honeywell International, Inc.		722,610
	1,517	Illinois Tool Works, Inc.		210,681
	1,622	Lockheed Martin Corp.		519,705
	1,170	Northrop Grumman Corp.		349,233
	547	Parker-Hannifin Corp.		96,053
	1,849	Raytheon Co.		368,765
	623	Roper Technologies, Inc.		185,884
	220	TransDigm Group, Inc.^(b)		77,000
	1,823	Waste Management, Inc.		165,711
	924	Xylem, Inc.		70,141

				6,556,574

		Information Technology—39.6%
	3,620	Accenture PLC, Class A		612,033
	3,522	Activision Blizzard, Inc.		253,936
	2,907	Adobe Systems, Inc.^(b)		766,024
	1,502	Alphabet, Inc., Class A^(b)		1,850,164
	1,604	Alphabet, Inc., Class C^(b)		1,953,977
	1,700	Amphenol Corp., Class A		160,786
	526	ANSYS, Inc.^(b)		97,825
	1,695	Cadence Design Systems, Inc.^(b)		79,733
	3,400	Cognizant Technology Solutions Corp., Class A		266,662
	1,301	DXC Technology Co.		118,508
	10,045	Facebook, Inc., Class A^(b)		1,765,208
	1,500	Fidelity National Information Services, Inc.		162,255
	404	Gartner, Inc.^(b)		60,503
	8,273	HP, Inc.		203,929
	276	IPG Photonics Corp.^(b)		48,432
	674	Lam Research Corp.		116,663
	6,768	Mastercard, Inc., Class A		1,458,910
	43,805	Microsoft Corp.		4,920,616
	1,125	NetApp, Inc.		97,661
	3,244	NVIDIA Corp.		910,526
	9,884	PayPal Holdings, Inc.^(b)		912,590
	1,057	Red Hat, Inc.^(b)		156,151
	3,350	salesforce.com, Inc.^(b)		511,478
	754	Synopsys, Inc.^(b)		77,013
	849	Take-Two Interactive Software, Inc.^(b)		113,392
	1,675	TE Connectivity Ltd.		153,564
	1,272	Total System Services, Inc.		123,562
	447	VeriSign, Inc.^(b)		70,899
	12,181	Visa, Inc., Class A		1,789,267

				19,812,267

		Materials—0.5%
	626	Avery Dennison Corp.		65,843
	1,349	Praxair, Inc.		213,398

				279,241

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


		67

Invesco S&P 500 Momentum ETF (SPMO) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate—1.0%
	2,097	American Tower Corp. REIT	$	312,705
	1,350	CBRE Group, Inc., Class A^(b)		65,894
	702	SBA Communications Corp. REIT^(b)		108,971

				487,570

		Total Investments in Securities (Cost $46,697,770)—99.9%		50,032,420
		Other assets less liabilities—0.1%		49,558

		Net Assets—100.0%	$	50,081,978

Investment Abbreviations:

REIT—Real Estate Investment Trust

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.

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


		68

Schedule of Investments^(a)

Invesco S&P 500 Value with Momentum ETF (SPVM)

August 31, 2018


Number of Shares			Value
		Common Stocks—99.9%
		Consumer Discretionary—14.8%
	469	Best Buy Co., Inc.	$	37,314
	482	BorgWarner, Inc.		21,097
	389	CarMax, Inc.^(b)		30,362
	368	Carnival Corp.		22,628
	722	D.R. Horton, Inc.		32,136
	257	Dollar General Corp.		27,687
	392	Dollar Tree, Inc.^(b)		31,560
	607	General Motors Co.		21,882
	527	Kohl’s Corp.		41,691
	723	Lennar Corp., Class A		37,357
	1,589	News Corp., Class A		20,768
	919	PulteGroup, Inc.		25,686
	133	PVH Corp.		19,040
	220	Royal Caribbean Cruises Ltd.		26,968
	470	Target Corp.		41,125

				437,301

		Consumer Staples—3.3%
	122	Costco Wholesale Corp.		28,442
	377	Sysco Corp.		28,207
	413	Walmart, Inc.		39,590

				96,239

		Energy—5.6%
	195	Chevron Corp.		23,099
	360	Helmerich & Payne, Inc.		23,605
	520	Marathon Petroleum Corp.		42,791
	327	Phillips 66		38,753
	327	Valero Energy Corp.		38,547

				166,795

		Financials—32.4%
	868	Aflac, Inc.		40,136
	429	Allstate Corp. (The)		43,145
	155	Ameriprise Financial, Inc.		22,004
	906	Bank of America Corp.		28,023
	467	Bank of New York Mellon Corp. (The)		24,354
	428	BB&T Corp.		22,110
	163	Berkshire Hathaway, Inc., Class B^(b)		34,021
	351	Capital One Financial Corp.		34,781
	816	Citizens Financial Group, Inc.		33,587
	274	Discover Financial Services		21,405
	1,050	Fifth Third Bancorp		30,901
	117	Goldman Sachs Group, Inc. (The)		27,824
	1,588	Huntington Bancshares, Inc.		25,741
	215	JPMorgan Chase & Co.		24,635
	1,211	KeyCorp		25,516
	784	Lincoln National Corp.		51,415
	852	Loews Corp.		42,864
	110	M&T Bank Corp.		19,486
	1,061	MetLife, Inc.		48,689
	578	Morgan Stanley		28,224
	1,459	People’s United Financial, Inc.		27,006
	169	PNC Financial Services Group, Inc. (The)		24,258
	318	Progressive Corp. (The)		21,475
	196	Raymond James Financial, Inc.		18,236
	1,325	Regions Financial Corp.		25,785
	218	State Street Corp.		18,946
	374	SunTrust Banks, Inc.		27,511


Number of Shares			Value
		Common Stocks (continued)
		Financials (continued)
	655	Synchrony Financial	$	20,744
	433	Torchmark Corp.		38,069
	236	Travelers Cos., Inc. (The)		31,058
	1,413	Unum Group		52,111
	394	Zions Bancorporation		20,996

				955,056

		Health Care—11.5%
	139	Aetna, Inc.		27,838
	164	Anthem, Inc.		43,416
	317	Centene Corp.^(b)		46,434
	148	Cigna Corp.		27,874
	202	HCA Healthcare, Inc.		27,090
	85	Humana, Inc.		28,327
	185	IQVIA Holdings, Inc.^(b)		23,512
	120	Laboratory Corp. of America Holdings^(b)		20,744
	363	McKesson Corp.		46,736
	609	Pfizer, Inc.		25,286
	77	UnitedHealth Group, Inc.		20,672

				337,929

		Industrials—10.0%
	243	C.H. Robinson Worldwide, Inc.		23,347
	299	CSX Corp.		22,174
	144	Cummins, Inc.		20,419
	579	Delta Air Lines, Inc.		33,860
	287	Dover Corp.		24,645
	96	FedEx Corp.		23,419
	692	Fluor Corp.		39,728
	203	Kansas City Southern		23,540
	178	Norfolk Southern Corp.		30,944
	696	Pentair PLC (United Kingdom)		30,262
	144	United Rentals, Inc.^(b)		22,445

				294,783

		Information Technology—5.6%
	298	DXC Technology Co.		27,145
	2,667	Hewlett Packard Enterprise Co.		44,086
	1,246	HP, Inc.		30,714
	535	Micron Technology, Inc.^(b)		28,098
	1,313	Xerox Corp.		36,580

				166,623

		Materials—3.9%
	299	DowDuPont, Inc.		20,969
	245	Eastman Chemical Co.		23,772
	251	LyondellBasell Industries NV, Class A		28,308
	743	WestRock Co.		40,924

				113,973

		Real Estate—0.7%
	441	CBRE Group, Inc., Class A^(b)		21,525

		Telecommunication Services—1.2%
	667	Verizon Communications, Inc.		36,265

		Utilities—10.9%
	331	Ameren Corp.		20,929
	352	American Electric Power Co., Inc.		25,249
	378	Consolidated Edison, Inc.		29,836

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


		69

Invesco S&P 500 Value with Momentum ETF (SPVM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	271	DTE Energy Co.	$	30,119
	299	Entergy Corp.		24,993
	449	Eversource Energy		28,031
	930	Exelon Corp.		40,650
	156	NextEra Energy, Inc.		26,536
	813	NiSource, Inc.		22,008
	470	Public Service Enterprise Group, Inc.		24,604
	361	WEC Energy Group, Inc.		24,396
	510	Xcel Energy, Inc.		24,506

				321,857

		Total Investments in Securities (Cost $2,785,363)—99.9%		2,948,346
		Other assets less liabilities—0.1%		1,563

		Net Assets—100.0%	$	2,949,909

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.

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


		70

Schedule of Investments^(a)

Invesco S&P MidCap Low Volatility ETF (XMLV)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Consumer Discretionary—3.9%
	32,137	Graham Holdings Co., Class B	$	18,081,883
	291,442	John Wiley & Sons, Inc., Class A		18,812,581
	442,173	Service Corp. International		18,553,579

				55,448,043

		Consumer Staples—4.9%
	166,574	Ingredion, Inc.		16,835,634
	262,509	Lamb Weston Holdings, Inc.		17,745,608
	106,455	Lancaster Colony Corp.		16,635,723
	652,824	Tootsie Roll Industries, Inc.		18,801,331

				70,018,296

		Financials—16.1%
	25,880	Alleghany Corp.		16,350,466
	156,599	American Financial Group, Inc.		17,438,865
	219,369	Bank of Hawaii Corp.		18,236,145
	738,051	Brown & Brown, Inc.		22,495,795
	247,937	Commerce Bancshares, Inc.		17,618,403
	317,599	Eaton Vance Corp.		16,746,995
	309,745	First American Financial Corp.		17,612,101
	136,689	Hanover Insurance Group, Inc. (The)		16,743,036
	782,361	Old Republic International Corp.		17,352,767
	118,388	Reinsurance Group of America, Inc.		16,911,726
	269,804	SEI Investments Co.		17,019,236
	272,231	W.R. Berkley Corp.		21,304,798
	498,672	Washington Federal, Inc.		17,004,715

				232,835,048

		Health Care—3.6%
	89,021	Bio-Techne Corp.		17,107,165
	167,054	Hill-Rom Holdings, Inc.		16,249,343
	166,371	STERIS PLC		19,036,170

				52,392,678

		Industrials—8.1%
	365,033	Donaldson Co., Inc.		18,470,670
	111,490	Dun & Bradstreet Corp. (The)		15,934,151
	337,547	Graco, Inc.		15,868,084
	114,217	IDEX Corp.		17,499,187
	299,848	Rollins, Inc.		18,014,868
	111,646	Valmont Industries, Inc.		15,675,098
	91,309	Watsco, Inc.		15,978,162

				117,440,220

		Information Technology—6.4%
	210,743	Arrow Electronics, Inc.^(b)		16,338,905
	267,077	CDK Global, Inc.		16,644,239
	149,062	Jack Henry & Associates, Inc.		23,617,383
	278,145	MAXIMUS, Inc.		18,496,643
	71,391	Tyler Technologies, Inc.^(b)		17,630,007

				92,727,177

		Materials—8.8%
	175,955	AptarGroup, Inc.		18,424,248
	312,404	Bemis Co., Inc.		15,395,269
	47,827	NewMarket Corp.		19,180,540
	261,661	Sensient Technologies Corp.		18,583,164
	647,134	Silgan Holdings, Inc.		17,634,402
	350,721	Sonoco Products Co.		19,654,405
	849,104	Valvoline, Inc.		18,272,718

				127,144,746


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate—27.1%
	422,173	American Campus Communities, Inc. REIT	$	17,701,714
	214,909	Camden Property Trust REIT		20,429,250
	627,672	Corporate Office Properties Trust REIT		19,319,744
	1,946,896	Cousins Properties, Inc. REIT		18,203,478
	554,560	Douglas Emmett, Inc. REIT		21,661,114
	418,103	Education Realty Trust, Inc. REIT		17,301,102
	242,640	EPR Properties REIT		17,028,475
	598,815	First Industrial Realty Trust, Inc. REIT		19,437,535
	597,763	Healthcare Realty Trust, Inc. REIT		18,506,742
	428,923	Highwoods Properties, Inc. REIT		21,334,630
	626,184	Hospitality Properties Trust REIT		18,153,074
	480,469	JBG SMITH Properties REIT		17,998,369
	269,499	Kilroy Realty Corp. REIT		19,711,157
	214,561	Lamar Advertising Co., Class A REIT		16,531,925
	454,225	Liberty Property Trust REIT		19,872,344
	181,515	Life Storage, Inc. REIT		17,715,864
	1,255,996	Medical Properties Trust, Inc. REIT		18,902,740
	402,927	National Retail Properties, Inc. REIT		18,570,905
	579,546	Rayonier, Inc. REIT		20,185,587
	873,602	Senior Housing Properties Trust REIT		16,694,534
	518,297	Weingarten Realty Investors REIT		16,030,926

				391,291,209

		Utilities—21.2%
	253,657	ALLETE, Inc.		19,044,568
	524,769	Aqua America, Inc.		19,510,911
	242,141	Atmos Energy Corp.		22,332,665
	293,270	Black Hills Corp.		17,258,940
	662,497	Hawaiian Electric Industries, Inc.		23,366,269
	206,732	IDACORP, Inc.		20,228,726
	693,563	MDU Resources Group, Inc.		19,343,472
	327,371	National Fuel Gas Co.		18,178,912
	377,410	New Jersey Resources Corp.		17,209,896
	336,566	NorthWestern Corp.		20,180,497
	519,153	OGE Energy Corp.		19,120,405
	249,034	ONE Gas, Inc.		19,556,640
	396,517	PNM Resources, Inc.		15,444,337
	199,872	Southwest Gas Holdings, Inc.		15,454,103
	385,388	UGI Corp.		20,830,221
	254,875	Vectren Corp.		18,147,100

				305,207,662

		Total Investments in Securities (Cost $1,321,468,915)—100.1%		1,444,505,079
		Other assets less liabilities—(0.1)%		(864,109	)

		Net Assets—100.0%	$	1,443,640,970

Investment Abbreviations:

REIT—Real Estate Investment Trust

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.

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


		71

Schedule of Investments^(a)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Consumer Discretionary—2.5%
	19,148	New Media Investment Group, Inc.	$	304,453

		Consumer Staples—3.7%
	3,141	Andersons, Inc. (The)		128,310
	603	Calavo Growers, Inc.		63,828
	1,503	Inter Parfums, Inc.		98,146
	433	J & J Snack Foods Corp.		63,001
	505	WD-40 Co.		89,612

				442,897

		Energy—1.4%
	9,577	Green Plains, Inc.		169,992

		Financials—25.0%
	18,794	Apollo Commercial Real Estate Finance, Inc. REIT		365,167
	15,443	ARMOUR Residential REIT, Inc. REIT		363,219
	41,289	Capstead Mortgage Corp. REIT		346,828
	22,100	Invesco Mortgage Capital, Inc. REIT^(b)		358,683
	57,697	New York Mortgage Trust, Inc. REIT		369,261
	10,993	Northwest Bancshares, Inc.		200,293
	16,993	Oritani Financial Corp.		275,287
	19,005	PennyMac Mortgage Investment Trust REIT		379,720
	18,223	Waddell & Reed Financial, Inc., Class A		364,824

				3,023,282

		Health Care—2.8%
	3,076	Computer Programs & Systems, Inc.		83,975
	848	CONMED Corp.		68,205
	11,518	Meridian Bioscience, Inc.		180,832

				333,012

		Industrials—8.1%
	4,552	ABM Industries, Inc.		144,389
	3,332	Brady Corp., Class A		134,779
	11,023	Briggs & Stratton Corp.		222,224
	2,508	Mobile Mini, Inc.		107,593
	4,823	Powell Industries, Inc.		188,821
	10,853	Resources Connection, Inc.		179,617

				977,423

		Information Technology—10.3%
	8,424	ADTRAN, Inc.		144,893
	2,817	CSG Systems International, Inc.		105,215
	22,445	Daktronics, Inc.		182,029
	6,455	Monotype Imaging Holdings, Inc.		132,973
	2,423	MTS Systems Corp.		131,084
	7,283	NIC, Inc.		122,354
	4,279	Park Electrochemical Corp.		91,485
	24,927	TiVo Corp.		340,254

				1,250,287

		Materials—11.4%
	2,390	A. Schulman, Inc.^(c)^(d)		4,780
	3,797	Hawkins, Inc.		156,816
	3,369	Haynes International, Inc.		132,738
	4,721	Innophos Holdings, Inc.		206,355
	1,035	Kaiser Aluminum Corp.		113,426
	8,911	Myers Industries, Inc.		198,270
	1,208	Neenah, Inc.		110,230


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	7,479	P.H. Glatfelter Co.	$	143,821
	5,258	Schweitzer-Mauduit International, Inc.		213,948
	4,281	Tredegar Corp.		93,968

				1,374,352

		Real Estate—21.8%
	41,261	Franklin Street Properties Corp. REIT		353,607
	17,007	Global NET Lease, Inc. REIT		368,882
	22,619	Government Properties Income Trust REIT		382,487
	21,262	Kite Realty Group Trust REIT		371,660
	41,261	Lexington Realty Trust REIT		385,378
	27,583	Ramco-Gershenson Properties Trust REIT		385,058
	28,019	Whitestone REIT		382,179

				2,629,251

		Telecommunication Services—4.3%
	1,372	ATN International, Inc.		100,472
	4,047	Cogent Communications Holdings, Inc.		221,371
	13,086	Spok Holdings, Inc.		200,870

				522,713

		Utilities—8.7%
	1,705	American States Water Co.		103,033
	3,171	Avista Corp.		162,704
	2,634	California Water Service Group		108,389
	2,177	El Paso Electric Co.		133,450
	2,667	Northwest Natural Gas Co.		173,089
	5,689	South Jersey Industries, Inc.		188,761
	2,489	Spire, Inc.		185,555

				1,054,981

		Total Investments in Securities (Cost $11,624,557)—100.0%		12,082,643
		Other assets less liabilities—0.0%		3,576

		Net Assets—100.0%	$	12,086,219

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. And Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4.

^(c)	Non-income producing security.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 6.

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


		72

Schedule of Investments^(a)

Invesco S&P SmallCap Low Volatility ETF (XSLV)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—3.0%
	72,593	Cooper-Standard Holdings, Inc.^(b)	$	10,049,049
	234,815	Monarch Casino & Resort, Inc.^(b)		11,048,046
	660,265	New Media Investment Group, Inc.		10,498,213
	282,694	Scholastic Corp.		11,884,456

				43,479,764

		Consumer Staples—1.8%
	79,039	J & J Snack Foods Corp.		11,500,174
	76,659	WD-40 Co.		13,603,140

				25,103,314

		Financials—42.0%
	1,277,722	Apollo Commercial Real Estate Finance, Inc. REIT		24,826,138
	654,971	ARMOUR Residential REIT, Inc. REIT		15,404,918
	176,899	Banner Corp.		11,379,913
	284,140	Berkshire Hills Bancorp, Inc.		12,004,915
	650,841	Brookline Bancorp, Inc.		11,812,764
	1,719,696	Capstead Mortgage Corp. REIT		14,445,446
	415,032	Central Pacific Financial Corp.		11,757,857
	136,761	City Holding Co.		11,088,582
	247,076	Columbia Banking System, Inc.		10,438,961
	176,073	Community Bank System, Inc.		11,643,707
	445,749	CVB Financial Corp.		10,720,263
	239,760	Employers Holdings, Inc.		10,992,996
	461,097	Fidelity Southern Corp.		11,204,657
	662,873	First Commonwealth Financial Corp.		11,103,123
	175,342	First Financial Bankshares, Inc.		10,590,657
	401,503	First Midwest Bancorp, Inc.		10,912,852
	141,895	FirstCash, Inc.		11,536,064
	234,854	Glacier Bancorp, Inc.		10,728,131
	832,927	Granite Point Mortgage Trust, Inc. REIT		15,942,223
	286,384	Heritage Financial Corp.		10,395,739
	577,105	Hope Bancorp, Inc.		10,105,109
	233,839	Horace Mann Educators Corp.		10,826,746
	117,468	Independent Bank Corp./MA		10,701,335
	218,033	INTL. FCStone, Inc.^(b)		12,157,520
	958,456	Invesco Mortgage Capital, Inc. REIT^(c)		15,555,741
	290,676	National Bank Holdings Corp., Class A		11,670,641
	285,504	NBT Bancorp, Inc.		11,557,202
	2,224,721	New York Mortgage Trust, Inc. REIT^(d)		14,238,214
	696,631	Northfield Bancorp, Inc.		11,341,153
	772,060	Northwest Bancshares, Inc.		14,066,933
	556,043	Old National Bancorp		11,287,673
	349,990	Opus Bank		9,922,217
	846,478	Oritani Financial Corp.		13,712,944
	664,119	PennyMac Mortgage Investment Trust REIT		13,269,098
	456,310	Provident Financial Services, Inc.		11,512,701
	929,667	Redwood Trust, Inc. REIT		15,785,746
	161,954	RLI Corp.		12,465,599
	240,682	S&T Bancorp, Inc.		11,230,222
	133,755	Safety Insurance Group, Inc.		12,934,109
	179,046	Selective Insurance Group, Inc.		11,494,753
	344,485	Simmons First National Corp., Class A		10,885,726
	335,717	Southside Bancshares, Inc.		11,951,525
	258,671	Stewart Information Services Corp.		11,583,287
	774,026	Third Point Reinsurance Ltd. (Bermuda)^(b)		10,371,948


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	122,436	Tompkins Financial Corp.	$	10,758,451
	1,091,411	TrustCo Bank Corp. NY		10,095,552
	329,227	United Community Banks, Inc.		9,988,747
	206,208	United Fire Group, Inc.		10,213,482
	82,974	Virtus Investment Partners, Inc.		10,703,646
	164,516	Westamerica Bancorporation		10,533,959

				601,851,885

		Health Care—3.3%
	410,505	Computer Programs & Systems, Inc.		11,206,787
	143,949	CONMED Corp.		11,577,818
	132,242	Neogen Corp.^(b)		12,356,692
	94,099	US Physical Therapy, Inc.		11,785,900

				46,927,197

		Industrials—11.1%
	137,054	Albany International Corp., Class A		10,573,716
	145,368	Applied Industrial Technologies, Inc.		11,200,604
	297,685	Brady Corp., Class A		12,041,358
	228,227	Exponent, Inc.		11,947,684
	220,986	Forrester Research, Inc.		10,872,511
	167,882	Forward Air Corp.		10,788,097
	203,141	Hillenbrand, Inc.		10,390,662
	191,209	Kaman Corp.		12,468,739
	121,026	Lindsay Corp.		11,590,660
	193,684	Matthews International Corp., Class A		10,052,200
	106,091	Standex International Corp.		11,447,219
	59,359	UniFirst Corp.		10,993,287
	216,005	Viad Corp.		13,305,908
	138,129	Watts Water Technologies, Inc., Class A		11,388,736

				159,061,381

		Information Technology—7.1%
	168,935	Bottomline Technologies (DE), Inc.^(b)		11,144,642
	55,587	CACI International, Inc., Class A^(b)		10,839,465
	318,588	CSG Systems International, Inc.		11,899,262
	219,698	ExlService Holdings, Inc.^(b)		14,078,248
	79,747	MicroStrategy, Inc., Class A^(b)		11,882,303
	196,731	MTS Systems Corp.		10,643,147
	396,313	Perficient, Inc.^(b)		11,386,072
	164,641	Plexus Corp.^(b)		10,420,129
	809,874	Rambus, Inc.^(b)		9,896,660

				102,189,928

		Materials—4.2%
	124,604	Balchem Corp.		13,817,338
	194,587	H.B. Fuller Co.		11,089,513
	93,612	Kaiser Aluminum Corp.		10,258,939
	153,598	Neenah, Inc.		14,015,817
	258,150	Schweitzer-Mauduit International, Inc.		10,504,124

				59,685,731

		Real Estate—22.5%
	405,205	Acadia Realty Trust REIT		11,556,447
	267,914	Agree Realty Corp. REIT		15,289,852
	336,174	American Assets Trust, Inc. REIT		13,278,873
	821,320	Armada Hoffler Properties, Inc. REIT		12,804,379
	606,372	CareTrust REIT, Inc. REIT		11,187,563

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


		73

Invesco S&P SmallCap Low Volatility ETF (XSLV) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	565,499	Chatham Lodging Trust REIT	$	12,129,954
	381,016	Chesapeake Lodging Trust REIT		12,539,237
	334,777	Community Healthcare Trust, Inc. REIT		10,388,130
	995,361	DiamondRock Hospitality Co. REIT		11,904,518
	775,628	Easterly Government Properties, Inc. REIT		15,706,467
	142,637	EastGroup Properties, Inc. REIT		13,874,301
	546,631	Four Corners Property Trust, Inc. REIT		14,726,239
	397,003	Getty Realty Corp. REIT		11,556,757
	511,302	Global NET Lease, Inc. REIT		11,090,140
	562,767	Hersha Hospitality Trust REIT		13,281,301
	1,070,533	Independence Realty Trust, Inc. REIT		11,058,606
	1,545,778	Lexington Realty Trust REIT		14,437,566
	282,782	LTC Properties, Inc. REIT		13,135,224
	393,958	National Storage Affiliates Trust REIT		11,172,649
	100,610	PS Business Parks, Inc. REIT		13,122,562
	785,599	Ramco-Gershenson Properties Trust REIT		10,966,962
	659,390	Retail Opportunity Investments Corp. REIT		13,016,359
	184,026	Saul Centers, Inc. REIT		11,041,560
	751,865	Summit Hotel Properties, Inc. REIT		10,323,106
	149,007	Universal Health Realty Income Trust REIT		11,361,784
	537,459	Urstadt Biddle Properties, Inc., Class A REIT		12,227,192

				323,177,728

		Utilities—4.9%
	177,516	American States Water Co.		10,727,292
	244,069	California Water Service Group		10,043,439
	207,257	El Paso Electric Co.		12,704,854
	204,085	Northwest Natural Gas Co.		13,245,117
	314,638	South Jersey Industries, Inc.		10,439,689
	174,604	Spire, Inc.		13,016,728

				70,177,119

		Total Common Stocks & Other Equity Interests (Cost $1,276,051,157)		1,431,654,047


		Money Market Fund—0.1%
	993,393	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(e) (Cost $993,393)		993,393

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,277,044,550)—100.0%		1,432,647,440


Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan

		Money Market Fund—0.9%
	12,908,376	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(e)(f) (Cost $12,908,376)	$	12,908,376

		Total Investments in Securities (Cost $1,289,952,926)—100.9%		1,445,555,816
		Other assets less liabilities—(0.9)%		(12,200,078	)

		Net Assets—100.0%	$	1,433,355,738

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. And Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4.

^(d)	All or a portion of this security was out on loan at August 31, 2018.

^(e)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		74

Schedule of Investments^(a)

Invesco S&P SmallCap Quality ETF (XSHQ)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Consumer Discretionary—18.5%
	14,281	Abercrombie & Fitch Co., Class A	$	309,469
	3,699	American Public Education, Inc.^(b)		128,540
	3,888	BJ’s Restaurants, Inc.		294,322
	7,236	Buckle, Inc. (The)		186,327
	10,042	Caleres, Inc.		406,500
	5,967	Cato Corp. (The), Class A		127,992
	1,831	Cavco Industries, Inc.^(b)		449,327
	28,566	Chico’s FAS, Inc.		260,522
	4,714	Children’s Place, Inc. (The)		663,495
	16,767	Crocs, Inc.^(b)		346,406
	7,939	Dave & Buster’s Entertainment, Inc.^(b)		461,812
	16,525	DSW, Inc., Class A		549,622
	5,805	Ethan Allen Interiors, Inc.		129,161
	3,916	Haverty Furniture Cos., Inc.		86,544
	5,346	Hibbett Sports, Inc.^(b)		109,860
	3,970	Kirkland’s, Inc.^(b)		36,087
	10,190	La-Z-Boy, Inc.		338,818
	6,103	Lumber Liquidators Holdings, Inc.^(b)		106,375
	6,156	Nautilus, Inc.^(b)		90,185
	8,278	Nutrisystem, Inc.		306,286
	3,645	Oxford Industries, Inc.		339,313
	5,185	PetMed Express, Inc.		190,238
	6,643	Ruth’s Hospitality Group, Inc.		204,604
	2,296	Shoe Carnival, Inc.		102,080
	9,958	Sleep Number Corp.^(b)		335,585
	12,551	Steven Madden Ltd.		729,841
	2,569	Strategic Education, Inc.		356,500
	4,770	Sturm Ruger & Co., Inc.		312,197

				7,958,008

		Consumer Staples—6.0%
	3,267	Calavo Growers, Inc.		345,812
	6,823	Cal-Maine Foods, Inc.		337,397
	3,618	Inter Parfums, Inc.		236,255
	1,863	John B. Sanfilippo & Son, Inc.		136,130
	3,423	Medifast, Inc.		783,011
	3,058	MGP Ingredients, Inc.		235,802
	2,859	WD-40 Co.		507,330

				2,581,737

		Energy—1.0%
	7,831	Renewable Energy Group, Inc.^(b)		211,046
	4,232	SEACOR Holdings, Inc.^(b)		217,736

				428,782

		Financials—21.2%
	19,437	American Equity Investment Life Holding Co.		720,918
	9,465	Ameris Bancorp		469,937
	4,698	AMERISAFE, Inc.		299,732
	6,921	Banner Corp.		445,228
	10,697	BofI Holding, Inc.^(b)		398,356
	7,075	Central Pacific Financial Corp.		200,435
	21,465	CVB Financial Corp.		516,233
	16,279	First Financial Bankshares, Inc.		983,252
	10,026	FirstCash, Inc.		815,114
	12,118	Great Western Bancorp, Inc.		527,618
	6,805	Investment Technology Group, Inc.		148,893
	6,265	James River Group Holdings Ltd.		256,552
	1,946	Meta Financial Group, Inc.		168,524


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	11,233	OFG Bancorp	$	181,975
	12,400	ProAssurance Corp.		599,540
	8,272	RLI Corp.		636,696
	3,294	Safety Insurance Group, Inc.		318,530
	4,427	United Fire Group, Inc.		219,269
	8,882	Universal Insurance Holdings, Inc.		396,137
	7,702	Walker & Dunlop, Inc.		419,759
	5,605	Westamerica Bancorporation		358,888

				9,081,586

		Health Care—12.1%
	5,934	Amedisys, Inc.^(b)		741,809
	10,828	AMN Healthcare Services, Inc.^(b)		631,273
	7,674	Cambrex Corp.^(b)		517,228
	2,269	CorVel Corp.^(b)		134,892
	3,673	Cutera, Inc.^(b)		124,882
	3,505	Enanta Pharmaceuticals, Inc.^(b)		318,710
	6,399	HealthStream, Inc.		203,040
	4,042	Inogen, Inc.^(b)		1,070,766
	8,667	Luminex Corp.		244,496
	9,343	Meridian Bioscience, Inc.		146,685
	23,383	MiMedx Group, Inc.^(b)		123,930
	3,888	Orthofix Medical, Inc.^(b)		208,241
	2,539	Providence Service Corp. (The)^(b)		170,469
	11,853	Quality Systems, Inc.^(b)		271,315
	8,613	Tivity Health, Inc.^(b)		296,287

				5,204,023

		Industrials—15.6%
	8,562	AAON, Inc.		345,905
	13,897	Axon Enterprise, Inc.^(b)		948,609
	10,777	Brady Corp., Class A		435,930
	4,240	Encore Wire Corp.		213,060
	4,757	EnPro Industries, Inc.		357,108
	11,476	Exponent, Inc.		600,769
	2,403	Forrester Research, Inc.		118,228
	6,670	Forward Air Corp.		428,614
	4,050	Heidrick & Struggles International, Inc.		179,010
	11,715	Korn/Ferry International		786,428
	8,721	Marten Transport Ltd.		192,298
	1,107	National Presto Industries, Inc.		146,788
	7,506	Raven Industries, Inc.		363,290
	6,561	Resources Connection, Inc.		108,585
	8,419	Simpson Manufacturing Co., Inc.		646,327
	8,451	TrueBlue, Inc.^(b)		247,614
	10,799	WageWorks, Inc.^(b)		577,746

				6,696,309

		Information Technology—18.9%
	10,186	Advanced Energy Industries, Inc.^(b)		606,882
	5,947	Badger Meter, Inc.		326,788
	15,093	Brooks Automation, Inc.		594,815
	5,832	Cabot Microelectronics Corp.		657,441
	5,413	CACI International, Inc., Class A^(b)		1,055,535
	8,532	Daktronics, Inc.		69,194
	2,965	ePlus, Inc.^(b)		307,322
	11,070	KEMET Corp.^(b)		286,049

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


		75

Invesco S&P SmallCap Quality ETF (XSHQ) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	18,505	Knowles Corp.^(b)	$	335,496
	8,151	Methode Electronics, Inc.		323,187
	4,915	Nanometrics, Inc.^(b)		215,326
	6,532	NETGEAR, Inc.^(b)		462,792
	17,253	NIC, Inc.		289,850
	6,777	OneSpan, Inc.^(b)		127,069
	5,967	Park Electrochemical Corp.		127,574
	9,775	QuinStreet, Inc.^(b)		148,287
	6,967	Rudolph Technologies, Inc.^(b)		193,683
	4,316	Shutterstock, Inc.		237,553
	8,291	SolarEdge Technologies, Inc.^(b)		397,553
	4,413	Stamps.com, Inc.^(b)		1,096,410
	7,830	Ultra Clean Holdings, Inc.^(b)		119,486
	5,049	XO Group, Inc.^(b)		151,773

				8,130,065

		Materials—5.1%
	6,264	AdvanSix, Inc.^(b)		211,974
	6,834	Balchem Corp.		757,822
	1,863	Hawkins, Inc.		76,942
	4,232	Materion Corp.		270,001
	2,727	Quaker Chemical Corp.		491,242
	4,053	Stepan Co.		361,568

				2,169,549

		Real Estate—1.5%
	4,890	PS Business Parks, Inc. REIT		637,803

		Total Common Stocks & Other Equity Interests (Cost $39,899,528)		42,887,862


		Money Market Fund—0.1%
	29,941	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $29,941)		29,941

		Total Investments in Securities (Cost $39,929,469)—100.0%		42,917,803
		Other assets less liabilities—0.0%		6,464

		Net Assets—100.0%	$	42,924,267

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		76

(This Page Intentionally Left Blank)


		77

Statements of Assets and Liabilities

August 31, 2018


	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)			Invesco Russell 1000 Equal Weight ETF (EQAL)			Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Assets:
Unaffiliated investments in securities, at value^(a)	$	145,270,871		$	473,937,412		$	164,594,202
Affiliated investments in securities, at value		176,316			4,385,405			–
Receivables:
Shares sold		2,881,111			1,679,891			–
Dividends		211,152			711,369			231,960
Investments sold		31			3,061			—
Securities lending		—			4,573			—

Total Assets		148,539,481			480,721,711			164,826,162


Liabilities:
Due to custodian		114,679			217,683			133
Payables:
Investments purchased		2,890,713			1,663,025			—
Shares repurchased		—			—			—
Collateral upon return of securities loaned		—			4,208,824			—
Accrued unitary management fees		34,550			78,217			48,230

Total Liabilities		3,039,942			6,167,749			48,363

Net Assets	$	145,499,539		$	474,553,962		$	164,777,799


Net Assets Consist of:
Shares of beneficial interest	$	136,931,367		$	450,685,892		$	166,509,790
Undistributed net investment income		474,726			1,734,607			638,961
Undistributed net realized gain (loss)		(2,300,642	)		(15,976,914	)		(16,123,823	)
Net unrealized appreciation (depreciation)		10,394,088			38,110,377			13,752,871

Net Assets	$	145,499,539		$	474,553,962		$	164,777,799

Shares outstanding (unlimited amount authorized, $0.01 par value)		5,050,001			14,250,001			4,950,001
Net asset value	$	28.81		$	33.30		$	33.29

Market price	$	28.83		$	33.31		$	33.29

Unaffiliated investments in securities, at cost	$	134,815,598		$	435,775,175		$	150,841,331

Affiliated investments in securities, at cost	$	237,501		$	4,437,265		$	—

^(a) Includes securities on loan with an aggregate value of:	$	—		$	4,089,138		$	—

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


		78


Invesco S&P 500 Enhanced Value ETF (SPVU)			Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)			Invesco S&P 500^® High Beta ETF (SPHB)			Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)			Invesco S&P 500^® Low Volatility ETF (SPLV)

$	26,898,761		$	146,064,717		$	170,259,050		$	2,604,474,331		$	7,378,300,667
	71,770			–			1,537,532			50,738,525			—

	–			–			–			–			12,445,253
	76,941			209,376			180,319			9,442,348			16,913,793
	—			—			—			—			4,975,389
	—			—			114			—			—

	27,047,472			146,274,093			171,977,015			2,664,655,204			7,412,635,102



	48,956			49,651			6,816			7,104,920			12,267,682

	—			—			—			—			12,438,471
	—			—			—			1,757			4,977,216
	—			—			—			—			—
	2,943			35,489			36,295			680,262			1,589,304

	51,899			85,140			43,111			7,786,939			31,272,673

$	26,995,573		$	146,188,953		$	171,933,904		$	2,656,868,265		$	7,381,362,429



$	26,379,170		$	143,122,831		$	228,648,891		$	2,842,910,582		$	7,330,131,003
	140,996			—			407,470			—			—
	(750,730	)		(9,999,242	)		(56,158,225	)		(152,217,905	)		(458,313,031	)
	1,226,137			13,065,364			(964,232	)		(33,824,412	)		509,544,457

$	26,995,573		$	146,188,953		$	171,933,904		$	2,656,868,265		$	7,381,362,429

	750,001			4,050,001			3,800,000			63,750,000			148,300,000
$	35.99		$	36.10		$	45.25		$	41.68		$	49.77

$	36.01		$	36.11		$	45.28		$	41.68		$	49.78

$	25,662,467		$	132,999,353		$	170,577,586		$	2,623,045,850		$	6,868,756,210

$	81,927		$	—		$	2,183,228		$	65,991,418		$	—

$	—		$	—		$	—		$	—		$	—


		79

Statements of Assets and Liabilities (continued)

August 31, 2018


	Invesco S&P 500 Minimum Variance ETF (SPMV)			Invesco S&P 500 Momentum ETF (SPMO)			Invesco S&P 500 Value with Momentum ETF (SPVM)
Assets:
Unaffiliated investments in securities, at value^(a)	$	1,458,606		$	50,032,420		$	2,948,346
Affiliated investments in securities, at value		—			—			—
Receivables:
Shares sold		—			6,015,408			—
Dividends		2,354			59,180			6,274
Investments sold		—			—			—
Securities lending		—			—			—

Total Assets		1,460,960			56,107,008			2,954,620


Liabilities:
Due to custodian		1,140			10,209			4,113
Payables:
Investments purchased		—			6,010,217			—
Shares repurchased		—			—			—
Collateral upon return of securities loaned		—			—			—
Accrued unitary management fees		159			4,604			598

Total Liabilities		1,299			6,025,030			4,711

Net Assets	$	1,459,661		$	50,081,978		$	2,949,909


Net Assets Consist of:
Shares of beneficial interest	$	1,299,936		$	46,864,331		$	2,887,424
Undistributed net investment income		4,429			89,914			15,178
Undistributed net realized gain (loss)		(25,789	)		(206,917	)		(115,676	)
Net unrealized appreciation		181,085			3,334,650			162,983

Net Assets	$	1,459,661		$	50,081,978		$	2,949,909

Shares outstanding (unlimited amount authorized, $0.01 par value)		50,001			1,250,001			100,001
Net asset value	$	29.19		$	40.07		$	29.50

Market price	$	29.19		$	40.08		$	29.50

Unaffiliated investments in securities, at cost	$	1,277,521		$	46,697,770		$	2,785,363

Affiliated investments in securities, at cost	$	—		$	—		$	—

^(a) Includes securities on loan with an aggregate value of:	$	—		$	—		$	—

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


		80


Invesco S&P MidCap Low Volatility ETF (XMLV)			Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			Invesco S&P SmallCap Low Volatility ETF (XSLV)			Invesco S&P SmallCap Quality ETF (XSHQ)

$	1,444,505,079		$	11,723,960		$	1,416,098,306		$	42,887,862
	—			358,683			29,457,510			29,941

	—			—			2,558,973			—
	2,289,575			15,235			993,072			16,546
	270			872			—			—
	—			—			5,106			—

	1,446,794,924			12,098,750			1,449,112,967			42,934,349



	2,847,352			9,581			—			—

	—			—			2,551,940			—
	2,539			—			—			—
	—			—			12,908,376			—
	304,063			2,950			296,913			10,082

	3,153,954			12,531			15,757,229			10,082

$	1,443,640,970		$	12,086,219		$	1,433,355,738		$	42,924,267



$	1,363,336,355		$	12,279,960		$	1,296,299,488		$	40,009,209
	5,745,811			—			6,722,853			68,667
	(48,477,360	)		(651,827	)		(25,269,493	)		(141,943	)
	123,036,164			458,086			155,602,890			2,988,334

$	1,443,640,970		$	12,086,219		$	1,433,355,738		$	42,924,267

	29,450,000			450,001			28,050,000			1,350,001
$	49.02		$	26.86		$	51.10		$	31.80

$	49.04		$	26.85		$	51.10		$	31.81

$	1,321,468,915		$	11,266,613		$	1,260,423,883		$	39,899,528

$	—		$	357,944		$	29,529,043		$	29,941

$	—		$	—		$	12,239,053		$	—


		81

Statements of Operations

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)						Invesco Russell 1000 Equal Weight ETF (EQAL)
	Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated dividend income	$	1,822,143		$	256,872		$	5,682,900		$	4,118,890
Affiliated dividend income		6,625			695			8,838			4,651
Non-cash dividend income		16,689			—			77,689			5,901
Securities lending income		—			—			50,421			86,902
Foreign withholding tax		(658	)		(54	)		(5,659	)		(12,305	)

Total Income		1,844,799			257,513			5,814,189			4,204,039


Expenses:
Unitary management fees		270,659			45,478			658,026			501,811

Less: Waivers		(101	)		(13	)		(313	)		(270	)

Net Expenses		270,558			45,465			657,713			501,541

Net Investment Income		1,574,241			212,048			5,156,476			3,702,498


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Unaffiliated investment securities		(2,336,066	)		(9,599	)		(6,852,911	)		(4,819,011	)
Affiliated investment securities		(385	)		—			26			(2,740	)
Unaffiliated in-kind redemptions		3,894,448			—			27,739,445			14,916,487
Affiliated in-kind redemptions		—			—			3,072			5,567

Net realized gain (loss)		1,557,997			(9,599	)		20,889,632			10,100,303

Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		7,930,903			2,524,371			19,119,872			24,232,508
Affiliated investment securities		(61,427	)		241			(67,863	)		24,477

Net change in unrealized appreciation (depreciation)		7,869,476			2,524,612			19,052,009			24,256,985

Net realized and unrealized gain		9,427,473			2,515,013			39,941,641			34,357,288

Net increase in net assets resulting from operations	$	11,001,714		$	2,727,061		$	45,098,117		$	38,059,786

^(a)	For the period July 11, 2017 (commencement of investment operations) through October 31, 2017.

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


		82


Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)						Invesco S&P 500 Enhanced Value ETF (SPVU)						Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017

$	2,444,736		$	3,083,872		$	550,022		$	501,436		$	2,423,052		$	3,018,729
	1,015			592			1,115			106			243			241
	117,253			—			—			—			—			—
	—			—			—			—			—			—
	—			(1,925	)		—			—			—			—

	2,563,004			3,082,539			551,137			501,542			2,423,295			3,018,970



	454,202			552,808			34,742			61,011			341,341			377,706

	(144	)		(202	)		(32	)		(24	)		(31	)		(80	)

	454,058			552,606			34,710			60,987			341,310			377,626

	2,108,946			2,529,933			516,427			440,555			2,081,985			2,641,344




	(7,515,777	)		(1,489,929	)		(613,029	)		(184,186	)		(4,153,607	)		(3,384,150	)
	—			—			—			—			—			—
	23,729,739			15,074,346			3,756,901			796,442			21,894,382			23,433,952
	—			—			—			—			—			—

	16,213,962			13,584,417			3,143,872			612,256			17,740,775			20,049,802


	1,536,763			7,973,509			(1,465,052	)		2,679,062			(1,085,115	)		10,253,938
	—			—			(10,157	)		—			—			—

	1,536,763			7,973,509			(1,475,209	)		2,679,062			(1,085,115	)		10,253,938

	17,750,725			21,557,926			1,668,663			3,291,318			16,655,660			30,303,740

$	19,859,671		$	24,087,859		$	2,185,090		$	3,731,873		$	18,737,645		$	32,945,084


		83

Statements of Operations (continued)

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco S&P 500^® High Beta ETF (SPHB)						Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated dividend income	$	4,345,728		$	6,000,163		$	96,641,671		$	100,436,392
Affiliated dividend income		105,305			186,158			1,766,231			400,870
Non-cash dividend income		—			—			—			6,251,155
Securities lending income		51,630			—			—			—

Total Income		4,502,663			6,186,321			98,407,902			107,088,417


Expenses:
Unitary management fees		675,037			1,084,368			6,954,096			8,891,306

Less: Waivers		(221	)		(629	)		(1,180	)		(2,006	)

Net Expenses		674,816			1,083,739			6,952,916			8,889,300

Net Investment Income		3,827,847			5,102,582			91,454,986			98,199,117


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Unaffiliated investment securities^(b)		(18,396,448	)		(25,644,835	)		(87,324,076	)		(65,137,188	)
Affiliated investment securities		(131,616	)		(214,923	)		(143,843	)		(198	)
Unaffiliated in-kind redemptions		54,637,705			107,360,158			225,606,744			249,819,487
Affiliated in-kind redemptions		(490,946	)		391,559			(391,661	)		(112,705	)

Net realized gain (loss)		35,618,695			81,891,959			137,747,164			184,569,396

Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		(2,798,366	)		11,368,611			(91,771,804	)		72,250,941
Affiliated investment securities		(736,306	)		790,392			(16,531,856	)		1,278,963

Net change in unrealized appreciation (depreciation)		(3,534,672	)		12,159,003			(108,303,660	)		73,529,904

Net realized and unrealized gain		32,084,023			94,050,962			29,443,504			258,099,300

Net increase in net assets resulting from operations	$	35,911,870		$	99,153,544		$	120,898,490		$	356,298,417

^(a)	For the period July 11, 2017 (commencement of investment operations) through October 31, 2017.

^(b)	Includes net gains (losses) from securities sold to affiliates of $(5,808) for Invesco S&P 500^® Low Volatility ETF.

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


		84


Invesco S&P 500^® Low Volatility ETF (SPLV)						Invesco S&P 500 Minimum Variance ETF (SPMV)						Invesco S&P 500 Momentum ETF (SPMO)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017

$	138,414,273		$	161,871,518		$	29,016		$	16,368		$	241,534		$	27,173
	17,926			11,291			12			—			90			3
	—			—			—			—			—			—
	—			—			—			—			—			—

	138,432,199			161,882,809			29,028			16,368			241,624			27,176



	14,966,480			16,631,387			1,708			1,014			26,418			3,644

	(2,197	)		(2,748	)		(6	)		—			(11	)		(1	)

	14,964,283			16,628,639			1,702			1,014			26,407			3,643

	123,467,916			145,254,170			27,326			15,354			215,217			23,533




	(119,792,908	)		(142,583,651	)		(25,004	)		(817	)		(187,307	)		(28,024	)
	—			—			—			—			—			—
	783,852,352			586,674,256			197,957			—			1,700,391			232,447
	—			—			—			—			—			—

	664,059,444			444,090,605			172,953			(817	)		1,513,084			204,423


	(175,481,341	)		468,264,797			50,344			130,741			3,135,412			145,527
	—			—			—			—			—			—

	(175,481,341	)		468,264,797			50,344			130,741			3,135,412			145,527

	488,578,103			912,355,402			223,297			129,924			4,648,496			349,950

$	612,046,019		$	1,057,609,572		$	250,623		$	145,278		$	4,863,713		$	373,483


		85

Statements of Operations (continued)

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco S&P 500 Value with Momentum ETF (SPVM)						Invesco S&P MidCap Low Volatility ETF (XMLV)
	Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated dividend income	$	47,142		$	28,842		$	29,630,061		$	18,191,810
Affiliated dividend income		439			6			10,236			2,849
Non-cash dividend income		—			—			—			—
Securities lending income		—			—			—			—
Foreign withholding tax		—			—			—			—

Total Income		47,581			28,848			29,640,297			18,194,659


Expenses:
Unitary management fees		6,838			4,447			2,679,770			2,408,293

Less: Waivers		(147	)		(1	)		(1,468	)		(900	)

Net Expenses		6,691			4,446			2,678,302			2,407,393

Net Investment Income		40,890			24,402			26,961,995			15,787,266


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Unaffiliated investment securities		(100,337	)		(17,714	)		(27,418,666	)		(26,111,311	)
Affiliated investment securities		(6,604	)		—			—			—
Unaffiliated in-kind redemptions		324,700			42,862			131,810,779			77,788,846
Affiliated in-kind redemptions		—			—			—			—

Net realized gain (loss)		217,759			25,148			104,392,113			51,677,535

Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		(35,303	)		198,286			6,754,525			92,875,997
Affiliated investment securities		—			—			—			—

Net change in unrealized appreciation (depreciation)		(35,303	)		198,286			6,754,525			92,875,997

Net realized and unrealized gain (loss)		182,456			223,434			111,146,638			144,553,532

Net increase in net assets resulting from operations	$	223,346		$	247,836		$	138,108,633		$	160,340,798

^(a)	For the period April 3, 2017 (commencement of investment operations) through October 31, 2017.

^(b)	For the period November 29, 2016 (commencement of investment operations) through October 31, 2017.

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


		86


Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)						Invesco S&P SmallCap Low Volatility ETF (XSLV)						Invesco S&P SmallCap Quality ETF (XSHQ)
Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(b)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)

$	258,576		$	260,709		$	24,273,111		$	21,895,892		$	105,476		$	14,522
	10,970			42			696,640			3,679			25			5
	—			—			—			850,985			—			—
	—			—			37,439			51,958			—			—
	—			—			—			—			(13	)		(7	)

	269,546			260,751			25,007,190			22,802,514			105,488			14,520



	20,021			20,169			2,514,970			2,277,156			22,622			3,003

	(13	)		(13	)		(1,109	)		(1,144	)		(3	)		(1	)

	20,008			20,156			2,513,861			2,276,012			22,619			3,002

	249,538			240,595			22,493,329			20,526,502			82,869			11,518




	(427,774	)		(321,341	)		3,724,895			(26,743,366	)		(116,286	)		(46,077	)
	716			—			(4,613	)		—			—			—
	540,053			428,538			95,024,038			93,767,888			285,343			113,826
	—			—			3,727			—			—			—

	112,995			107,197			98,748,047			67,024,522			169,057			67,749


	606,534			(149,187	)		23,608,738			95,413,872			2,947,114			41,220
	739			—			(71,533	)		—			—			—

	607,273			(149,187	)		23,537,205			95,413,872			2,947,114			41,220

	720,268			(41,990	)		122,285,252			162,438,394			3,116,171			108,969

$	969,806		$	198,605		$	144,778,581		$	182,964,896		$	3,199,040		$	120,487


		87

Statements of Changes in Net Assets

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)						Invesco Russell 1000 Equal Weight ETF (EQAL)
	Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	1,574,241		$	212,048		$	5,156,476		$	3,702,498		$	1,613,776
Net realized gain (loss)		1,557,997			(9,599	)		20,889,632			10,100,303			(2,034,858	)
Net change in unrealized appreciation (depreciation)		7,869,476			2,524,612			19,052,009			24,256,985			4,409,245

Net increase in net assets resulting from operations		11,001,714			2,727,061			45,098,117			38,059,786			3,988,163


Distributions to Shareholders from:
Net investment income		(1,209,519	)		(100,835	)		(3,959,851	)		(3,397,369	)		(1,669,387	)


Shareholder Transactions:
Proceeds from shares sold		89,214,658			64,674,553			237,551,147			242,896,219			98,849,289
Value of shares repurchased		(20,808,093	)		—			(119,630,244	)		(77,547,535	)		(134,768,145	)

Net increase (decrease) in net assets resulting from shares transactions		68,406,565			64,674,553			117,920,903			165,348,684			(35,918,856	)

Increase (Decrease) in Net Assets		78,198,760			67,300,779			159,059,169			200,011,101			(33,600,080	)


Net Assets:
Beginning of period		67,300,779			—			315,494,793			115,483,692			149,083,772

End of period	$	145,499,539		$	67,300,779		$	474,553,962		$	315,494,793		$	115,483,692

Undistributed net investment income at end of period	$	474,726		$	111,213		$	1,734,607		$	557,813		$	251,668


Changes in Shares Outstanding:
Shares sold		3,250,000			2,550,001			7,600,000			8,700,000			3,900,000
Shares repurchased		(750,000	)		—			(3,900,000	)		(2,700,000	)		(5,450,000	)
Shares outstanding, beginning of period		2,550,001			—			10,550,001			4,550,001			6,100,001

Shares outstanding, end of period		5,050,001			2,550,001			14,250,001			10,550,001			4,550,001

^(a)	For the period July 11, 2017 (commencement of investment operations) through October 31, 2017.

^(b)	For the period November 2, 2015 (commencement of investment operations) through October 31, 2016.

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


		88


Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)									Invesco S&P 500 Enhanced Value ETF (SPVU)									Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Period Ended October 31, 2016^(b)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	2,108,946		$	2,529,933		$	1,967,030		$	516,427		$	440,555		$	51,946		$	2,081,985		$	2,641,344		$	2,177,683
	16,213,962			13,584,417			(2,936,395	)		3,143,872			612,256			1,064			17,740,775			20,049,802			2,243,144
	1,536,763			7,973,509			4,242,599			(1,475,209	)		2,679,062			(50,556	)		(1,085,115	)		10,253,938			2,922,337

	19,859,671			24,087,859			3,273,234			2,185,090			3,731,873			2,454			18,737,645			32,945,084			7,343,164



	(1,895,751	)		(2,395,027	)		(1,664,363	)		(467,801	)		(348,743	)		(50,033	)		(2,103,003	)		(2,593,776	)		(2,230,409	)



	103,983,202			82,940,794			186,748,265			20,908,118			59,262,427			2,493,761			145,540,212			131,851,703			107,507,979
	(110,683,953	)		(89,822,766	)		(49,653,366	)		(46,904,649	)		(12,692,825	)		(3,702,145	)		(147,139,160	)		(195,472,407	)		(55,983,273	)

	(6,700,751	)		(6,881,972)			137,094,899			(25,996,531	)		46,569,602			(1,208,384	)		(1,598,948	)		(63,620,704	)		51,524,706

	11,263,169			14,810,860			138,703,770			(24,279,242	)		49,952,732			(1,255,963	)		15,035,694			(33,269,396	)		56,637,461



	153,514,630			138,703,770			—			51,274,815			1,322,083			2,578,046			131,153,259			164,422,655			107,785,194

$	164,777,799		$	153,514,630		$	138,703,770		$	26,995,573		$	51,274,815		$	1,322,083		$	146,188,953		$	131,153,259		$	164,422,655

$	638,961		$	437,573		$	302,667		$	140,996		$	94,799		$	2,987		$	–		$	25,677		$	—



	3,300,000			2,950,000			7,300,001			600,000			1,900,000			100,000			4,250,000			4,550,000			4,000,000
	(3,500,000	)		(3,150,000	)		(1,950,000	)		(1,400,000	)		(400,000	)		(150,000	)		(4,250,000	)		(6,650,000	)		(2,100,000	)
	5,150,001			5,350,001			—			1,550,001			50,001			100,001			4,050,001			6,150,001			4,250,001

	4,950,001			5,150,001			5,350,001			750,001			1,550,001			50,001			4,050,001			4,050,001			6,150,001


		89

Statements of Changes in Net Assets (continued)

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco S&P 500^® High Beta ETF (SPHB)									Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	3,827,847		$	5,102,582		$	1,488,279		$	91,454,986		$	98,199,117		$	53,631,247
Net realized gain (loss)		35,618,695			81,891,959			(9,684,548	)		137,747,164			184,569,396			110,094,381
Net change in unrealized appreciation (depreciation)		(3,534,672	)		12,159,003			3,338,974			(108,303,660	)		73,529,904			5,606,532

Net increase (decrease) in net assets resulting from operations		35,911,870			99,153,544			(4,857,295	)		120,898,490			356,298,417			169,332,160


Distributions to Shareholders from:
Net investment income		(3,731,027	)		(5,358,690	)		(1,082,016	)		(92,276,850	)		(107,583,441	)		(55,786,559	)


Shareholder Transactions:
Proceeds from shares sold		537,521,730			1,052,063,298			558,099,509			1,282,580,964			2,107,138,978			2,961,903,602
Value of shares repurchased		(756,840,730	)		(1,275,990,516	)		(142,980,317	)		(1,627,935,128	)		(2,005,683,823	)		(990,198,392	)

Net increase (decrease) in net assets resulting from shares transactions		(219,319,000	)		(223,927,218	)		415,119,192			(345,354,164	)		101,455,155			1,971,705,210

Increase (Decrease) in Net Assets		(187,138,157	)		(130,132,364	)		409,179,881			(316,732,524	)		350,170,131			2,085,250,811


Net Assets:
Beginning of period		359,072,061			489,204,425			80,024,544			2,973,600,789			2,623,430,658			538,179,847

End of period	$	171,933,904		$	359,072,061		$	489,204,425		$	2,656,868,265		$	2,973,600,789		$	2,623,430,658

Undistributed net investment income at end of period	$	407,470		$	310,650		$	566,758		$	–		$	—		$	—


Changes in Shares Outstanding:
Shares sold		12,500,000			28,250,000			17,450,000			30,850,000			52,700,000			79,800,000
Shares repurchased		(17,650,000	)		(34,450,000	)		(4,850,000	)		(39,200,000	)		(50,200,000	)		(26,400,000	)
Shares outstanding, beginning of period		8,950,000			15,150,000			2,550,000			72,100,000			69,600,000			16,200,000

Shares outstanding, end of period		3,800,000			8,950,000			15,150,000			63,750,000			72,100,000			69,600,000

^(a)	For the period July 11, 2017 (commencement of investment operations) through October 31, 2017.

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


		90


Invesco S&P 500^® Low Volatility ETF (SPLV)									Invesco S&P 500 Minimum Variance ETF (SPMV)						Invesco S&P 500 Momentum ETF (SPMO)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	123,467,916		$	145,254,170		$	132,530,954		$	27,326		$	15,354		$	215,217		$	23,533		$	34,054
	664,059,444			444,090,605			402,101,928			172,953			(817	)		1,513,084			204,423			106,798
	(175,481,341	)		468,264,797			(63,587,546	)		50,344			130,741			3,135,412			145,527			(87,049	)

	612,046,019			1,057,609,572			471,045,336			250,623			145,278			4,863,713			373,483			53,803



	(124,946,206	)		(145,029,675	)		(136,098,330	)		(30,483	)		(7,768	)		(128,220	)		(24,884	)		(30,887	)



	4,931,352,695			4,465,475,987			5,898,583,249			1,381,755			2,491,823			62,079,720			2,991,006			1,268,358
	(5,177,453,666	)		(4,688,707,093	)		(4,833,748,058	)		(2,771,567	)		—			(18,396,137	)		(3,004,960	)		(2,569,412	)

	(246,100,971	)		(223,231,106)			1,064,835,191			(1,389,812	)		2,491,823			43,683,583			(13,954	)		(1,301,054	)

	240,998,842			689,348,791			1,399,782,197			(1,169,672	)		2,629,333			48,419,076			334,645			(1,278,138	)



	7,140,363,587			6,451,014,796			5,051,232,599			2,629,333			—			1,662,902			1,328,257			2,606,395

$	7,381,362,429		$	7,140,363,587		$	6,451,014,796		$	1,459,661		$	2,629,333		$	50,081,978		$	1,662,902		$	1,328,257

$	–		$	—		$	—		$	4,429		$	7,586		$	89,914		$	2,917		$	4,268



	104,200,000			102,100,000			148,200,000			50,000			100,001			1,700,000			100,000			50,000
	(109,250,000	)		(108,150,000	)		(120,550,000	)		(100,000	)		—			(500,000	)		(100,000	)		(100,000	)
	153,350,000			159,400,000			131,750,000			100,001			—			50,001			50,001			100,001

	148,300,000			153,350,000			159,400,000			50,001			100,001			1,250,001			50,001			50,001


		91

Statements of Changes in Net Assets (continued)

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco S&P 500 Value with Momentum ETF (SPVM)						Invesco S&P MidCap Low Volatility ETF (XMLV)
	Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	40,890		$	24,402		$	26,961,995		$	15,787,266		$	7,286,438
Net realized gain		217,759			25,148			104,392,113			51,677,535			15,871,240
Net change in unrealized appreciation (depreciation)		(35,303	)		198,286			6,754,525			92,875,997			17,799,553

Net increase in net assets resulting from operations		223,346			247,836			138,108,633			160,340,798			40,957,231


Distributions to Shareholders from:
Net investment income		(31,691	)		(18,152	)		(24,301,375	)		(14,587,225	)		(5,648,124	)


Shareholder Transactions:
Proceeds from shares sold		4,330,121			3,780,281			846,187,776			865,051,116			690,631,478
Value of shares repurchased		(4,297,442	)		(1,284,390	)		(711,572,371	)		(497,680,763	)		(150,411,608	)

Net increase in net assets resulting from shares transactions		32,679			2,495,891			134,615,405			367,370,353			540,219,870

Increase in Net Assets		224,334			2,725,575			248,422,663			513,123,926			575,528,977


Net Assets:
Beginning of period		2,725,575			—			1,195,218,307			682,094,381			106,565,404

End of period	$	2,949,909		$	2,725,575		$	1,443,640,970		$	1,195,218,307		$	682,094,381

Undistributed net investment income at end of period	$	15,178		$	6,250		$	5,745,811		$	3,085,191		$	1,885,150


Changes in Shares Outstanding:
Shares sold		150,000			150,001			18,400,000			20,500,000			18,800,000
Shares repurchased		(150,000	)		(50,000	)		(15,500,000	)		(11,800,000	)		(4,050,000	)
Shares outstanding, beginning of period		100,001			—			26,550,000			17,850,000			3,100,000

Shares outstanding, end of period		100,001			100,001			29,450,000			26,550,000			17,850,000

^(a)	For the period April 3, 2017 (commencement of investment operations) through October 31, 2017.

^(b)	For the period November 29, 2016 (commencement of investment operations) through October 31, 2017.

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


		92


Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)						Invesco S&P SmallCap Low Volatility ETF (XSLV)									Invesco S&P SmallCap Quality ETF (XSHQ)
Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(b)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)

$	249,538		$	240,595		$	22,493,329		$	20,526,502		$	7,677,710		$	82,869		$	11,518
	112,995			107,197			98,748,047			67,024,522			11,880,566			169,057			67,749
	607,273			(149,187)			23,537,205			95,413,872			30,269,530			2,947,114			41,220

	969,806			198,605			144,778,581			182,964,896			49,827,806			3,199,040			120,487



	(329,517	)		(276,845	)		(19,115,449	)		(18,420,981	)		(6,839,137	)		(16,059	)		(9,661	)



	7,780,195			13,849,536			653,336,692			716,336,132			604,177,339			41,298,366			3,727,343
	(3,871,849	)		(6,233,712	)		(425,116,341	)		(453,228,874	)		(122,270,444	)		(2,862,484	)		(2,532,765	)

	3,908,346			7,615,824			228,220,351			263,107,258			481,906,895			38,435,882			1,194,578

	4,548,635			7,537,584			353,883,483			427,651,173			524,895,564			41,618,863			1,305,404



	7,537,584			—			1,079,472,255			651,821,082			126,925,518			1,305,404			—

$	12,086,219		$	7,537,584		$	1,433,355,738		$	1,079,472,255		$	651,821,082		$	42,924,267		$	1,305,404

$	–		$	—		$	6,722,853		$	3,344,973		$	1,239,452		$	68,667		$	1,857



	300,000			550,001			13,900,000			16,700,000			16,850,000			1,400,000			150,001
	(150,000	)		(250,000	)		(9,100,000	)		(10,650,000	)		(3,350,000	)		(100,000	)		(100,000	)
	300,001			—			23,250,000			17,200,000			3,700,000			50,001			—

	450,001			300,001			28,050,000			23,250,000			17,200,000			1,350,001			50,001


		93

Financial Highlights

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)


	Ten Months Ended August 31, 2018			For the Period July 11, 2017^(a) Through October 31, 2017
	Ten Months Ended August 31, 2018			For the Period July 11, 2017^(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	26.39		$	24.98
Net investment income^(b)		0.39			0.11
Net realized and unrealized gain on investments		2.34			1.35
Total from investment operations		2.73			1.46
Distributions to shareholders from:
Net investment income		(0.31	)		(0.05	)
Net asset value at end of period	$	28.81		$	26.39
Market price at end of period^(c)	$	28.83		$	26.43
Net Asset Value Total Return^(d)		10.38	%		5.84	%^(e)
Market Price Total Return^(d)		10.29	%		6.00	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	145,500		$	67,301
Ratio to average net assets of:
Expenses		0.29	%^(f)		0.29	%^(f)
Net investment income		1.69	%^(f)		1.35	%^(f)
Portfolio turnover rate^(g)		34	%		2	%

^(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 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 the 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 (July 13, 2017, the first day of trading on the exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%.

^(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.

Invesco Russell 1000 Equal Weight ETF (EQAL)


	Ten Months Ended August 31, 2018			Year Ended October 31,						For the Period December 22, 2014^(a) Through October 31, 2015
	Ten Months Ended August 31, 2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of period	$	29.90		$	25.38		$	24.44		$	25.05
Net investment income^(b)		0.41			0.42			0.41			0.32
Net realized and unrealized gain (loss) on investments		3.31			4.50			0.95			(0.71	)
Total from investment operations		3.72			4.92			1.36			(0.39	)
Distributions to shareholders from:
Net investment income		(0.32	)		(0.40	)		(0.42	)		(0.22	)
Net asset value at end of period	$	33.30		$	29.90		$	25.38		$	24.44
Market price at end of period^(c)	$	33.31		$	29.91		$	25.41		$	24.48
Net Asset Value Total Return^(d)		12.50	%		19.48	%		5.67	%		(1.58	)%^(e)
Market Price Total Return^(d)		12.49	%		19.38	%		5.62	%		(1.42	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	474,554		$	315,495		$	115,484		$	149,084
Ratio to average net assets of:
Expenses		0.20	%^(f)		0.20	%		0.20	%		0.20	%^(f)
Net investment income		1.57	%^(f)		1.48	%		1.70	%		1.49	%^(f)
Portfolio turnover rate^(g)		19	%		29	%		31	%		24	%

^(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 23, 2014, the first day of trading on the exchange) to October 31, 2015 was (2.01)%. The market price total return from Fund Inception to October 31, 2015 was (1.93)%.

^(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.


		94

Financial Highlights (continued)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)


	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			For the Period November 2, 2015^(a) Through October 31, 2016
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	29.81		$	25.93		$	25.31
Net investment income^(b)		0.42			0.45			0.42
Net realized and unrealized gain on investments		3.44			3.83			0.53
Total from investment operations		3.86			4.28			0.95
Distributions to shareholders from:
Net investment income		(0.38	)		(0.40	)		(0.33	)
Net asset value at end of period	$	33.29		$	29.81		$	25.93
Market price at end of period^(c)	$	33.29		$	29.81		$	25.95
Net Asset Value Total Return^(d)		13.04	%		16.60	%		3.78	%^(e)
Market Price Total Return^(d)		13.04	%		16.51	%		3.86	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	164,778		$	153,515		$	138,704
Ratio to average net assets of:
Expenses		0.35	%^(f)		0.35	%		0.35	%^(f)
Net investment income		1.63	%^(f)		1.60	%		1.66	%^(f)
Portfolio turnover rate^(g)		91	%		40	%		118	%

^(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 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 the 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 (November 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 4.19%. The market price total return from Fund Inception to October 31, 2016 was 4.15%.

^(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.

Invesco S&P 500 Enhanced Value ETF (SPVU)


	Ten Months Ended August 31, 2018			Year Ended October 31,						For the Period October 6, 2015^(a) Through October 31, 2015
	Ten Months Ended August 31, 2018			2017			2016			For the Period October 6, 2015^(a) Through October 31, 2015
Per Share Operating Performance:
Net asset value at beginning of period	$	33.08		$	26.44		$	25.78		$	25.04
Net investment income^(b)		0.68			0.57			0.63			0.01
Net realized and unrealized gain on investments		3.12			6.44			0.38			0.73
Total from investment operations		3.80			7.01			1.01			0.74
Distributions to shareholders from:
Net investment income		(0.89	)		(0.37	)		(0.35	)		—
Net asset value at end of period	$	35.99		$	33.08		$	26.44		$	25.78
Market price at end of period^(c)	$	36.01		$	33.10		$	26.45		$	25.83
Net Asset Value Total Return^(d)		11.61	%		26.58	%		4.03	%		2.96	%^(e)
Market Price Total Return^(d)		11.60	%		26.61	%		3.86	%		3.15	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	26,996		$	51,275		$	1,322		$	2,578
Ratio to average net assets of:
Expenses		0.16	%^(f)		0.25	%		0.25	%		0.25	%^(f)
Net investment income		2.35	%^(f)		1.81	%		2.53	%		0.63	%^(f)
Portfolio turnover rate^(g)		34	%		36	%		42	%		0	%^(h)

^(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 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (October 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 1.38%. The market price total return from Fund Inception to October 31, 2015 was 1.45%.

^(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.

^(h)	Amount represents less than 0.5%.

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


		95

Financial Highlights (continued)

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


	Ten Months Ended August 31, 2018			Year Ended October 31,						For the Period April 6, 2015^(a) Through October 31, 2015
	Ten Months Ended August 31, 2018			2017			2016			For the Period April 6, 2015^(a) Through October 31, 2015
Per Share Operating Performance:
Net asset value at beginning of period	$	32.38		$	26.74		$	25.36		$	25.14
Net investment income^(b)		0.43			0.51			0.44			0.23
Net realized and unrealized gain on investments		3.73			5.62			1.39			0.18
Total from investment operations		4.16			6.13			1.83			0.41
Distributions to shareholders from:
Net investment income		(0.44	)		(0.49	)		(0.45	)		(0.19	)
Return of capital		—			—			—			(0.00	)^(c)
Total distributions		(0.44	)		(0.49	)		(0.45	)		(0.19	)
Net asset value at end of period	$	36.10		$	32.38		$	26.74		$	25.36
Market price at end of period^(d)	$	36.11		$	32.38		$	26.75		$	25.42
Net Asset Value Total Return^(e)		12.92	%		23.11	%		7.29	%		1.62	%^(f)
Market Price Total Return^(e)		12.96	%		23.06	%		7.08	%		1.86	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	146,189		$	131,153		$	164,423		$	107,785
Ratio to average net assets of:
Expenses		0.25	%^(g)		0.25	%		0.25	%		0.25	%^(g)
Net investment income		1.52	%^(g)		1.75	%		1.65	%		1.65	%^(g)
Portfolio turnover rate^(h)		68	%		61	%		52	%		32	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $(0.005).

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

^(e)

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 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 the 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.

^(f)	The net asset value total return from Fund Inception (April 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 1.62%. The market price total return from Fund Inception to October 31, 2015 was 1.78%.

^(g)	Annualized.

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

Invesco S&P 500^® High Beta ETF (SPHB)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	40.12		$	32.29		$	31.38		$	34.04		$	28.51		$	20.42
Net investment income^(a)		0.51			0.44			0.39			0.37			0.29			0.22
Net realized and unrealized gain (loss) on investments		5.15			8.01			0.84			(2.58	)		5.54			8.08
Total from investment operations		5.66			8.45			1.23			(2.21	)		5.83			8.30
Distributions to shareholders from:
Net investment income		(0.53	)		(0.62	)		(0.32	)		(0.45	)		(0.30	)		(0.21	)
Net asset value at end of period	$	45.25		$	40.12		$	32.29		$	31.38		$	34.04		$	28.51
Market price at end of period^(b)	$	45.28		$	40.12		$	32.32		$	31.42		$	34.05		$	28.54
Net Asset Value Total Return^(c)		14.14	%		26.32	%		4.02	%		(6.56	)%		20.55	%		40.88	%
Market Price Total Return^(c)		14.22	%		26.20	%		3.98	%		(6.47	)%		20.47	%		41.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	171,934		$	359,072		$	489,204		$	80,025		$	233,167		$	530,209
Ratio to average net assets of:
Expenses		0.25	%^(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		1.42	%^(d)		1.18	%		1.28	%		1.09	%		0.93	%		0.89	%
Portfolio turnover rate^(e)		76	%		80	%		55	%		90	%		78	%		65	%

^(a)	Based on average shares outstanding.

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

^(c)

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 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 the 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.

^(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.


		96

Financial Highlights (continued)

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


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	41.24		$	37.69		$	33.22		$	32.14		$	28.36		$	25.03
Net investment income^(a)		1.35			1.33			1.29			1.10			1.01			0.98
Net realized and unrealized gain on investments		0.45			3.68			4.51			1.13			3.86			3.41
Total from investment operations		1.80			5.01			5.80			2.23			4.87			4.39
Distributions to shareholders from:
Net investment income		(1.36	)		(1.46	)		(1.33	)		(1.15	)		(1.07	)		(1.06	)
Net realized gains		—			—			—			—			(0.02	)		—
Total distributions		(1.36	)		(1.46	)		(1.33	)		(1.15	)		(1.09	)		(1.06	)
Net asset value at end of period	$	41.68		$	41.24		$	37.69		$	33.22		$	32.14		$	28.36
Market price at end of period^(b)	$	41.68		$	41.25		$	37.72		$	33.27		$	32.15		$	28.39
Net Asset Value Total Return^(c)		4.48	%		13.48	%		17.75	%		7.07	%		17.59	%		17.95	%
Market Price Total Return^(c)		4.45	%		13.42	%		17.66	%		7.20	%		17.50	%		18.03	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,656,868		$	2,973,601		$	2,623,431		$	538,180		$	210,523		$	138,965
Ratio to average net assets of:
Expenses		0.30	%^(d)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		3.95	%^(d)		3.31	%		3.48	%		3.38	%		3.39	%		3.59	%
Portfolio turnover rate^(e)		46	%		56	%		50	%		48	%		53	%		47	%

^(a)	Based on average shares outstanding.

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

^(c)

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 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 the 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.

^(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.

Invesco S&P 500^® Low Volatility ETF (SPLV)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	46.56		$	40.47		$	38.34		$	36.60		$	32.56		$	28.07
Net investment income^(a)		0.81			0.95			0.81			0.85			0.83			0.88
Net realized and unrealized gain on investments		3.23			6.09			2.16			1.78			4.04			4.51
Total from investment operations		4.04			7.04			2.97			2.63			4.87			5.39
Distributions to shareholders from:
Net investment income		(0.83	)		(0.95	)		(0.84	)		(0.89	)		(0.83	)		(0.90	)
Net asset value at end of period	$	49.77		$	46.56		$	40.47		$	38.34		$	36.60		$	32.56
Market price at end of period^(b)	$	49.78		$	46.57		$	40.50		$	38.40		$	36.62		$	32.59
Net Asset Value Total Return^(c)		8.77	%		17.57	%		7.80	%		7.28	%		15.18	%		19.51	%
Market Price Total Return^(c)		8.76	%		17.51	%		7.72	%		7.39	%		15.14	%		19.58	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	7,381,362		$	7,140,364		$	6,451,015		$	5,051,233		$	4,498,516		$	3,975,657
Ratio to average net assets of:
Expenses		0.25	%^(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.06	%^(d)		2.18	%		2.02	%		2.26	%		2.44	%		2.87	%
Portfolio turnover rate^(e)		68	%		49	%		53	%		65	%		51	%		50	%

^(a)	Based on average shares outstanding.

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

^(c)

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 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 the 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.

^(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.


		97

Financial Highlights (continued)

Invesco S&P 500 Minimum Variance ETF (SPMV)


	Ten Months Ended August 31, 2018			For the Period July 11, 2017^(a) Through October 31, 2017
	Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	26.29		$	24.92
Net investment income^(b)		0.47			0.15
Net realized and unrealized gain on investments		3.04			1.30
Total from investment operations		3.51			1.45
Distributions to shareholders from:
Net investment income		(0.61	)		(0.08	)
Net asset value at end of period	$	29.19		$	26.29
Market price at end of period^(c)	$	29.19		$	26.30
Net Asset Value Total Return^(d)		13.50	%		5.81	%^(e)
Market Price Total Return^(d)		13.45	%		5.85	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,460		$	2,629
Ratio to average net assets of:
Expenses		0.13	%^(f)		0.13	%^(f)
Net investment income		2.08	%^(f)		1.97	%^(f)
Portfolio turnover rate^(g)		30	%		14	%

^(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 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 the 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 (July 13, 2017, the first day of trading on the exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%.

^(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.

Invesco S&P 500 Momentum ETF (SPMO)


	Ten Months Ended August 31, 2018			Year Ended October 31,						For the Period October 6, 2015^(a) Through October 31, 2015
	Ten Months Ended August 31, 2018			2017			2016			For the Period October 6, 2015^(a) Through October 31, 2015
Per Share Operating Performance:
Net asset value at beginning of period	$	33.26		$	26.56		$	26.06		$	24.65
Net investment income^(b)		0.34			0.46			0.41			0.01
Net realized and unrealized gain on investments		6.67			6.72			0.44			1.40
Total from investment operations		7.01			7.18			0.85			1.41
Distributions to shareholders from:
Net investment income		(0.20	)		(0.48	)		(0.35	)		—
Net asset value at end of period	$	40.07		$	33.26		$	26.56		$	26.06
Market price at end of period^(c)	$	40.08		$	33.23		$	26.58		$	26.12
Net Asset Value Total Return^(d)		21.12	%		27.35	%		3.28	%		5.72	%^(e)
Market Price Total Return^(d)		21.26	%		27.14	%		3.12	%		5.96	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	50,082		$	1,663		$	1,328		$	2,606
Ratio to average net assets of:
Expenses		0.13	%^(f)		0.25	%		0.25	%		0.25	%^(f)
Net investment income		1.10	%^(f)		1.61	%		1.60	%		0.69	%^(f)
Portfolio turnover rate^(g)		41	%		140	%		105	%		1	%

^(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 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)	The net asset value total return from Fund Inception (October 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 3.62%. The market price total return from Fund Inception to October 31, 2015 was 3.77%.

^(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.


		98

Financial Highlights (continued)

Invesco S&P 500 Value with Momentum ETF (SPVM)


	Ten Months Ended August 31, 2018			For the Period April 3, 2017^(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	27.26		$	24.93
Net investment income^(b)		0.42			0.24
Net realized and unrealized gain on investments		2.14			2.24
Total from investment operations		2.56			2.48
Distributions to shareholders from:
Net investment income		(0.32	)		(0.15	)
Net asset value at end of period	$	29.50		$	27.26
Market price at end of period^(c)	$	29.50		$	27.28
Net Asset Value Total Return^(d)		9.42	%		9.99	%^(e)
Market Price Total Return^(d)		9.34	%		10.07	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,950		$	2,726
Ratio to average net assets of:
Expenses, after Waivers		0.29	%^(f)		0.30	%^(f)
Expenses, prior to Waivers		0.30	%^(f)		0.30	%^(f)
Net investment income		1.79	%^(f)		1.65	%^(f)
Portfolio turnover rate^(g)		61	%		37	%

^(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 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 the 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 (April 6, 2017, the first day of trading on the exchange) to October 31, 2017 was 9.99%. The market price total return from Fund Inception to October 31, 2017 was 10.12%.

^(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.

Invesco S&P MidCap Low Volatility ETF (XMLV)


	Ten Months Ended August 31, 2018			Year Ended October 31,												For the Period February 12, 2013^(a) Through October 31, 2013
	Ten Months Ended August 31, 2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	45.02		$	38.21		$	34.38		$	31.82		$	28.25		$	25.12
Net investment income^(b)		0.96			0.69			0.69			0.66			0.62			0.38
Net realized and unrealized gain on investments		3.92			6.80			3.72			2.55			3.52			3.02
Total from investment operations		4.88			7.49			4.41			3.21			4.14			3.40
Distributions to shareholders from:
Net investment income		(0.88	)		(0.68	)		(0.58	)		(0.65	)		(0.57	)		(0.27	)
Net asset value at end of period	$	49.02		$	45.02		$	38.21		$	34.38		$	31.82		$	28.25
Market price at end of period^(c)	$	49.04		$	45.02		$	38.23		$	34.42		$	31.82		$	28.28
Net Asset Value Total Return^(d)		11.00	%		19.76	%		12.96	%		10.18	%		14.84	%		13.62	%^(e)
Market Price Total Return^(d)		11.04	%		19.69	%		12.89	%		10.30	%		14.72	%		13.77	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,443,641		$	1,195,218		$	682,094		$	106,565		$	44,546		$	21,189
Ratio to average net assets of:
Expenses		0.25	%^(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.26	%^(f)
Net investment income		2.52	%^(f)		1.64	%		1.86	%		1.97	%		2.09	%		1.98	%^(f)
Portfolio turnover rate^(g)		50	%		57	%		51	%		57	%		58	%		29	%

^(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 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 the 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 (February 15, 2013, the first day of trading on the exchange) to October 31, 2013 was 13.21%. The market price total return from Fund Inception to October 31, 2013 was 13.37%.

^(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.


		99

Financial Highlights (continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)


	Ten Months Ended August 31, 2018			For the Period November 29, 2016^(a) Through October 31, 2017
	Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.13		$	25.02
Net investment income^(b)		0.78			0.81
Net realized and unrealized gain on investments		1.98			0.24
Total from investment operations		2.76			1.05
Distributions to shareholders from:
Net investment income		(1.03	)		(0.94	)
Net asset value at end of period	$	26.86		$	25.13
Market price at end of period^(c)	$	26.85		$	25.15
Net Asset Value Total Return^(d)		11.39	%		4.31	%^(e)
Market Price Total Return^(d)		11.26	%		4.39	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	12,086		$	7,538
Ratio to average net assets of:
Expenses		0.30	%^(f)		0.30	%^(f)
Net investment income		3.74	%^(f)		3.58	%^(f)
Portfolio turnover rate^(g)		61	%		86	%

^(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 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 the 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 (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%.

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


		100

Financial Highlights (continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)


	Ten Months Ended August 31, 2018			Year Ended October 31,												For the Period February 12, 2013^(a) Through October 31, 2013
	Ten Months Ended August 31, 2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	46.43		$	37.90		$	34.30		$	32.93		$	29.92		$	25.10
Net investment income^(b)		0.87			0.97			0.78			0.77			0.75			0.43
Net realized and unrealized gain on investments		4.55			8.46			3.58			1.38			2.95			4.63
Total from investment operations		5.42			9.43			4.36			2.15			3.70			5.06
Distributions to shareholders from:
Net investment income		(0.75	)		(0.90	)		(0.76	)		(0.78	)		(0.69	)		(0.24	)
Net asset value at end of period	$	51.10		$	46.43		$	37.90		$	34.30		$	32.93		$	29.92
Market price at end of period^(c)	$	51.10		$	46.47		$	37.93		$	34.30		$	32.91		$	29.96
Net Asset Value Total Return^(d)		11.81	%		25.05	%		12.90	%		6.63	%		12.50	%		20.28	%^(e)
Market Price Total Return^(d)		11.71	%		25.06	%		12.99	%		6.70	%		12.29	%		20.45	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,433,356		$	1,079,472		$	651,821		$	126,926		$	55,985		$	31,411
Ratio to average net assets of:
Expenses		0.25	%^(f)		0.25	%		0.25	%		0.25	%^(g)		0.25	%^(g)		0.26	%^(f)
Net investment income		2.24	%^(f)		2.25	%		2.15	%		2.33	%		2.41	%		2.17	%^(f)
Portfolio turnover rate^(h)		66	%		59	%		48	%		57	%		68	%		35	%

^(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 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 the 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 (February 15, 2013, the first day of trading on the exchange) to October 31, 2013 was 19.62%. The market price total return from Fund Inception to October 31, 2013 was 19.63%.

^(f)	Annualized.

^(g)

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

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


		101

Financial Highlights (continued)

Invesco S&P SmallCap Quality ETF (XSHQ)


	Ten Months Ended August 31, 2018			For the Period April 3, 2017^(a) Through October 31, 2017
	Ten Months Ended August 31, 2018			For the Period April 3, 2017^(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	26.11		$	24.54
Net investment income^(b)		0.26			0.16
Net realized and unrealized gain on investments		5.65			1.51
Total from investment operations		5.91			1.67
Distributions to shareholders from:
Net investment income		(0.22	)		(0.10	)
Net asset value at end of period	$	31.80		$	26.11
Market price at end of period^(c)	$	31.81		$	26.14
Net Asset Value Total Return^(d)		22.75	%		6.81	%^(e)
Market Price Total Return^(d)		22.65	%		6.93	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	42,924		$	1,305
Ratio to average net assets of:
Expenses		0.29	%^(f)		0.29	%^(f)
Net investment income		1.06	%^(f)		1.11	%^(f)
Portfolio turnover rate^(g)		23	%		65	%

^(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 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 the 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 (April 6, 2017, the first day of trading on the exchange) to October 31, 2017 was 7.33%. The market price total return from Fund Inception to October 31, 2017 was 7.54%.

^(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.


		102

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2018

Note 1. Organization


Full Name		Short Name
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)		“Russell 1000 Enhanced Equal Weight ETF”
Invesco Russell 1000 Equal Weight ETF (EQAL)		“Russell 1000 Equal Weight ETF”
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)		“Russell 1000 Low Beta Equal Weight ETF”
Invesco S&P 500 Enhanced Value ETF (SPVU)		“S&P 500 Enhanced Value ETF”
Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)		“S&P 500^® ex-Rate Sensitive Low Volatility ETF”
Invesco S&P 500^® High Beta ETF (SPHB)		“S&P 500^® High Beta ETF”
Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)		“S&P 500^® High Dividend Low Volatility ETF”
Invesco S&P 500^® Low Volatility ETF (SPLV)		“S&P 500^® Low Volatility ETF”
Invesco S&P 500 Minimum Variance ETF (SPMV)		“S&P 500 Minimum Variance ETF”
Invesco S&P 500 Momentum ETF (SPMO)		“S&P 500 Momentum ETF”
Invesco S&P 500 Value with Momentum ETF (SPVM)		“S&P 500 Value with Momentum ETF”
Invesco S&P MidCap Low Volatility ETF (XMLV)		“S&P MidCap Low Volatility ETF”
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)		“S&P SmallCap High Dividend Low Volatility ETF”
Invesco S&P SmallCap Low Volatility ETF (XSLV)		“S&P SmallCap Low Volatility ETF”
Invesco S&P SmallCap Quality ETF (XSHQ)		“S&P SmallCap Quality 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 Russell 1000 Low Beta Equal Weight ETF, which is listed and traded on The NASDAQ Stock Market LLC and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance ETF, S&P 500 Value with Momentum ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.

Effective August 31, 2018, each Fund’s fiscal year-end changed from October 31 to August 31.

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
Russell 1000 Enhanced Equal Weight ETF		Russell 1000^® Enhanced Value Equal Weight Index
Russell 1000 Equal Weight ETF		Russell 1000^® Equal Weight Index
Russell 1000 Low Beta Equal Weight ETF		Russell 1000^® Low Beta Equal Weight Index
S&P 500 Enhanced Value ETF		S&P 500 Enhanced Value Index
S&P 500^® ex-Rate Sensitive Low Volatility ETF		S&P 500^® Low Volatility Rate Response Index
S&P 500^® High Beta ETF		S&P 500^® High Beta Index
S&P 500^® High Dividend Low Volatility ETF		S&P 500^® Low Volatility High Dividend Index
S&P 500^® Low Volatility ETF		S&P 500^® Low Volatility Index


		103


Fund		Underlying Index
S&P 500 Minimum Variance ETF		S&P 500^® Minimum Volatility Index
S&P 500 Momentum ETF		S&P 500^® Momentum Index
S&P 500 Value with Momentum ETF		S&P 500^® High Momentum Value Index
S&P MidCap Low Volatility ETF		S&P MidCap 400^® Low Volatility Index
S&P SmallCap High Dividend Low Volatility ETF		S&P SmallCap 600^® Low Volatility High Dividend Index
S&P SmallCap Low Volatility ETF		S&P SmallCap 600^® Low Volatility Index
S&P SmallCap Quality ETF		S&P SmallCap 600^® Quality 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:

A security listed or traded on an exchange (except convertible securities) 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 NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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”), formerly Invesco PowerShares Capital Management LLC, 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, 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.


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B. Other Risks

Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.

High Dividend Paying Securities Risk. S&P 500^® High Dividend Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF 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 an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.

Non-Diversified Fund Risk. Each Fund (except Russell 1000 Equal Weight ETF, Russell 1000 Low Beta Equal Weight ETF, S&P 500^® High Beta ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF, S&P MidCap Low Volatility ETF and S&P SmallCap Low Volatility ETF) is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than


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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.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Portfolio Turnover Risk. Russell 1000 Low Beta Equal Weight ETF, S&P 500 Momentum ETF and S&P SmallCap Quality ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. This may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. A high portfolio turnover rate also can result in an increase in taxable capital gains distributions to shareholders and an increased likelihood that the capital gains will be taxable at ordinary rates.

Small- and Mid-Capitalization Company Risk. For Russell 1000 Equal Weight ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF, 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 medium-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 S&P 500 Momentum ETF and S&P 500 Value with Momentum ETF, 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.

REIT Risk. Each Fund (except S&P 500^® High Beta ETF and S&P 500 Value with Momentum ETF), in addition to the risks pertaining to real estate investments more generally, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are also subject to certain requirements under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and each Fund and its shareholders will incur its pro rata share of the underlying expenses.

C. Federal Income Taxes

D. 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 the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.


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E. Country Determination

F. 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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

G. Dividends and Distributions to Shareholders

Each Fund (except for S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.

H. Accounting Estimates

I. Foreign Currency Translations


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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.

J. Securities Lending

During the period November 1, 2017 to August 31, 2018, Russell 1000 Equal Weight ETF, S&P 500^® High Beta ETF and S&P SmallCap Low Volatility ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. 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.

Note 3. Investment Advisory Agreement and Other Agreements

As compensation for its services, 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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


	% of Average Daily Net Assets
Russell 1000 Enhanced Equal Weight ETF		0.29	%
Russell 1000 Equal Weight ETF		0.20	%
Russell 1000 Low Beta Equal Weight ETF		0.35	%
S&P 500 Enhanced Value ETF		0.13	%*
S&P 500^® ex-Rate Sensitive Low Volatility ETF		0.25	%
S&P 500^® High Beta ETF		0.25	%
S&P 500^® High Dividend Low Volatility ETF		0.30	%
S&P 500^® Low Volatility ETF		0.25	%
S&P 500 Minimum Variance ETF		0.10	%**
S&P 500 Momentum ETF		0.13	%*
S&P 500 Value with Momentum ETF		0.15	%***
S&P MidCap Low Volatility ETF		0.25	%
S&P SmallCap High Dividend Low Volatility ETF		0.30	%
S&P SmallCap Low Volatility ETF		0.25	%
S&P SmallCap Quality ETF		0.29	%

*	Prior to January 1, 2018, the unitary management fee was 0.25% of average daily net assets.

Prior to April 20, 2018, the unitary management fee was 0.13%. Effective April 9, 2018, the Adviser had agreed to waive permanently a portion of its unitary management fee. After giving effect to such waiver, the net unitary management fee was 0.10%. Effective April 20, 2018, the unitary management fee was reduced to 0.10%.

***	Prior to August 20, 2018, the unitary management fee was 0.30%. Effective August 20, 2018, the Adviser had agreed to waive permanently a portion of its unitary management fee. After giving effect to such waiver, the net unitary management fee was 0.15%.


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For the period November 1, 2017 to August 31, 2018 and the fiscal year ended October 31, 2017, the Adviser waived fees for each Fund in the following amounts:


	Ten Months Ended August 31, 2018		Year Ended October 31, 2017
Russell 1000 Enhanced Equal Weight ETF	$	101	$	13
Russell 1000 Equal Weight ETF		313		270
Russell 1000 Low Beta Equal Weight ETF		144		202
S&P 500 Enhanced Value ETF		32		24
S&P 500^® ex-Rate Sensitive Low Volatility ETF		31		80
S&P 500^® High Beta ETF		221		629
S&P 500^® High Dividend Low Volatility ETF		1,180		2,006
S&P 500^® Low Volatility ETF		2,197		2,748
S&P 500 Minimum Variance ETF		6		—
S&P 500 Momentum ETF		11		1
S&P 500 Value with Momentum ETF		147		1
S&P MidCap Low Volatility ETF		1,468		900
S&P SmallCap High Dividend Low Volatility ETF		13		13
S&P SmallCap Low Volatility ETF		1,109		1,144
S&P SmallCap Quality ETF		3		1

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


Fund		Licensor
Russell 1000 Enhanced Equal Weight ETF		Frank Russell Company
Russell 1000 Equal Weight ETF		Frank Russell Company
Russell 1000 Low Beta Equal Weight ETF		Frank Russell Company
S&P 500 Enhanced Value ETF		S&P Dow Jones Indices LLC
S&P 500^® ex-Rate Sensitive Low Volatility ETF		S&P Dow Jones Indices LLC
S&P 500^® High Beta ETF		S&P Dow Jones Indices LLC
S&P 500^® High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC
S&P 500^® Low Volatility ETF		S&P Dow Jones Indices LLC
S&P 500 Minimum Variance ETF		S&P Dow Jones Indices LLC
S&P 500 Momentum ETF		S&P Dow Jones Indices LLC
S&P 500 Value with Momentum ETF		S&P Dow Jones Indices LLC
S&P MidCap Low Volatility ETF		S&P Dow Jones Indices LLC
S&P SmallCap High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC
S&P SmallCap Low Volatility ETF		S&P Dow Jones Indices LLC
S&P SmallCap Quality ETF		S&P Dow Jones Indices LLC


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Note 4. Investments in Affiliates

The Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the period November 1, 2017 to August 31, 2018.

Russell 1000 Enhanced Equal Weight ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Ltd.	$	106,583	$	152,305	$	(20,760	)	$	(61,427	)	$	(385	)	$	176,316	$	5,828

Russell 1000 Equal Weight ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2018		Dividend Income
Invesco Ltd.	$	151,177	$	140,415	$	(50,246	)	$	(67,863	)	$	3,098	$	176,581	$	6,364

S&P 500 Enhanced Value ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2018		Dividend Income
Invesco Ltd.	$	—	$	81,927	$	—	$	(10,157	)	$	—	$	71,770	$	891

S&P 500^® High Beta ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Ltd.	$	3,946,313	$	5,558,112	$	(6,608,025	)	$	(736,306	)	$	(622,562	)	$	1,537,532	$	103,728

S&P 500^® High Dividend Low Volatility ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Ltd.	$	46,298,517	$	38,048,551	$	(16,541,183	)	$	(16,531,856	)	$	(535,504	)	$	50,738,525	$	1,756,372

S&P 500 Value with Momentum ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Ltd.	$	—	$	49,849	$	(43,245	)	$	—	$	(6,604	)	$	—	$	426

S&P SmallCap High Dividend Low Volatility ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2018		Dividend Income
Invesco Mortgage Capital, Inc. REIT	$	—	$	396,847	$	(39,619	)	$	739	$	716	$	358,683	$	10,864

S&P SmallCap Low Volatility ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Mortgage Capital, Inc. REIT	$	—	$	16,645,534	$	(1,017,374	)	$	(71,533	)	$	(886	)	$	15,555,741	$	688,550


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Note 5. 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 period November 1, 2017 to August 31, 2018, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gain (Loss)
S&P 500^® Low Volatility ETF	$	—	$	136,503	$	(5,808	)

Note 6. Additional Valuation Information

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.

Level 2 —

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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the period November 1, 2017 to August 31, 2018, there were no transfers between valuation levels.


	Level 1		Level 2		Level 3		Total
S&P SmallCap High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	12,077,863	$	—	$	4,780	$	12,082,643

Note 7. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period November 1, 2017 to August 31, 2018, Year Ended October 31, 2017 and Year Ended October 31, 2016:


	August 31, 2018		October 31, 2017		October 31, 2016
	Ordinary Income		Ordinary Income		Ordinary Income
Russell 1000 Enhanced Equal Weight ETF	$	1,209,519	$	100,835	$	—
Russell 1000 Equal Weight ETF		3,959,851		3,397,369		1,669,387
Russell 1000 Low Beta Equal Weight ETF		1,895,751		2,395,027		1,664,363
S&P 500 Enhanced Value ETF		467,801		348,743		50,033
S&P 500^® ex-Rate Sensitive Low Volatility ETF		2,103,003		2,593,776		2,230,409
S&P 500^® High Beta ETF		3,731,027		5,358,690		1,082,016
S&P 500^® High Dividend Low Volatility ETF		92,276,850		107,583,441		55,786,559
S&P 500^® Low Volatility ETF		124,946,206		145,029,675		136,098,330


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	August 31, 2018		October 31, 2017		October 31, 2016
	Ordinary Income		Ordinary Income		Ordinary Income
S&P 500 Minimum Variance ETF	$	30,483	$	7,768	$	—
S&P 500 Momentum ETF		128,220		24,884		30,887
S&P 500 Value with Momentum ETF		31,691		18,152		—
S&P MidCap Low Volatility ETF		24,301,375		14,587,225		5,648,124
S&P SmallCap High Dividend Low Volatility ETF		329,517		276,845		—
S&P SmallCap Low Volatility ETF		19,115,449		18,420,981		6,839,137
S&P SmallCap Quality ETF		16,059		9,661		—

Tax Components of Net Assets at Fiscal Period-End:


	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
Russell 1000 Enhanced Equal Weight ETF	$	474,726	$	9,863,880		$	(1,770,434	)	$	136,931,367	$	145,499,539
Russell 1000 Equal Weight ETF		1,734,607		32,095,961			(9,962,498	)		450,685,892		474,553,962
Russell 1000 Low Beta Equal Weight ETF		638,961		11,968,179			(14,339,131	)		166,509,790		164,777,799
S&P 500 Enhanced Value ETF		140,996		1,018,216			(542,809	)		26,379,170		26,995,573
S&P 500^® ex-Rate Sensitive Low Volatility ETF		—		12,303,414			(9,237,292	)		143,122,831		146,188,953
S&P 500^® High Beta ETF		407,470		(3,016,938	)		(54,105,519	)		228,648,891		171,933,904
S&P 500^® High Dividend Low Volatility ETF		—		(67,499,681	)		(118,542,636	)		2,842,910,582		2,656,868,265
S&P 500^® Low Volatility ETF		—		457,986,101			(406,754,675	)		7,330,131,003		7,381,362,429
S&P 500 Minimum Variance ETF		4,429		160,289			(4,993	)		1,299,936		1,459,661
S&P 500 Momentum ETF		89,914		3,237,355			(109,622	)		46,864,331		50,081,978
S&P 500 Value with Momentum ETF		15,178		136,286			(88,979	)		2,887,424		2,949,909
S&P MidCap Low Volatility ETF		5,745,811		107,594,882			(33,036,078	)		1,363,336,355		1,443,640,970
S&P SmallCap High Dividend Low Volatility ETF		—		298,985			(492,726	)		12,279,960		12,086,219
S&P SmallCap Low Volatility ETF		6,722,853		141,157,805			(10,824,408	)		1,296,299,488		1,433,355,738
S&P SmallCap Quality ETF		68,667		2,924,833			(78,442	)		40,009,209		42,924,267

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards and expiration dates for each Fund as of August 31, 2018:


	Post-effective/no expiration
	Short-Term		Long-Term		Total*
Russell 1000 Enhanced Equal Weight ETF	$	1,770,434	$	—	$	1,770,434
Russell 1000 Equal Weight ETF		2,761,715		7,200,783		9,962,498
Russell 1000 Low Beta Equal Weight ETF		10,782,825		3,556,306		14,339,131
S&P 500 Enhanced Value ETF		482,847		59,962		542,809
S&P 500^® ex-Rate Sensitive Low Volatility ETF		7,793,375		1,443,917		9,237,292
S&P 500^® High Beta ETF		42,157,070		11,948,449		54,105,519
S&P 500^® High Dividend Low Volatility ETF		87,155,526		31,387,110		118,542,636
S&P 500^® Low Volatility ETF		338,174,444		68,580,231		406,754,675
S&P 500 Minimum Variance ETF		4,993		—		4,993
S&P 500 Momentum ETF		109,571		51		109,622


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	Post-effective/no expiration
	Short-Term		Long-Term		Total*
S&P 500 Value with Momentum ETF	$	81,526	$	7,453	$	88,979
S&P MidCap Low Volatility ETF		29,993,864		3,042,214		33,036,078
S&P SmallCap High Dividend Low Volatility ETF		324,665		168,061		492,726
S&P SmallCap Low Volatility ETF		10,824,408		—		10,824,408
S&P SmallCap Quality ETF		61,304		17,138		78,442

Note 8. Investment Transactions


	Purchases		Sales
Russell 1000 Enhanced Equal Weight ETF	$	38,231,945	$	37,937,350
Russell 1000 Equal Weight ETF		73,552,712		73,013,653
Russell 1000 Low Beta Equal Weight ETF		141,662,778		142,680,060
S&P 500 Enhanced Value ETF		8,892,957		8,702,562
S&P 500^® ex-Rate Sensitive Low Volatility ETF		110,164,932		109,621,231
S&P 500^® High Beta ETF		247,875,772		248,535,660
S&P 500^® High Dividend Low Volatility ETF		1,294,440,996		1,295,390,339
S&P 500^® Low Volatility ETF		4,852,665,147		4,859,914,492
S&P 500 Minimum Variance ETF		480,661		1,554,149
S&P 500 Momentum ETF		11,182,626		10,235,923
S&P 500 Value with Momentum ETF		1,667,005		3,355,119
S&P MidCap Low Volatility ETF		644,034,916		640,891,256
S&P SmallCap High Dividend Low Volatility ETF		4,982,302		5,288,385
S&P SmallCap Low Volatility ETF		807,051,637		801,994,578
S&P SmallCap Quality ETF		2,223,802		2,776,017

For the period November 1, 2017 to August 31, 2018, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
Russell 1000 Enhanced Equal Weight ETF	$	89,222,194	$	20,545,196
Russell 1000 Equal Weight ETF		237,074,921		117,706,210
Russell 1000 Low Beta Equal Weight ETF		103,785,462		108,997,100
S&P 500 Enhanced Value ETF		20,896,545		47,023,053
S&P 500^® ex-Rate Sensitive Low Volatility ETF		145,252,333		147,474,266
S&P 500^® High Beta ETF		536,765,707		755,158,662
S&P 500^® High Dividend Low Volatility ETF		1,282,063,831		1,622,397,433
S&P 500^® Low Volatility ETF		4,920,607,237		5,158,687,400
S&P 500 Minimum Variance ETF		1,379,640		1,698,298
S&P 500 Momentum ETF		62,049,452		19,275,811
S&P 500 Value with Momentum ETF		4,322,400		2,593,565
S&P MidCap Low Volatility ETF		844,913,572		707,483,377
S&P SmallCap High Dividend Low Volatility ETF		7,773,338		3,527,940
S&P SmallCap Low Volatility ETF		651,094,642		421,429,687
S&P SmallCap Quality ETF		41,233,997		2,215,290

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


		113


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Russell 1000 Enhanced Equal Weight ETF	$	13,114,995	$	(3,251,115	)	$	9,863,880		$	135,583,307
Russell 1000 Equal Weight ETF		49,776,218		(17,680,257	)		32,095,961			446,226,856
Russell 1000 Low Beta Equal Weight ETF		16,134,530		(4,166,351	)		11,968,179			152,626,023
S&P 500 Enhanced Value ETF		1,874,294		(856,078	)		1,018,216			25,952,315
S&P 500^® ex-Rate Sensitive Low Volatility ETF		13,132,771		(829,357	)		12,303,414			133,761,303
S&P 500^® High Beta ETF	$	8,410,118	$	(11,427,056	)	$	(3,016,938	)	$	174,813,520
S&P 500^® High Dividend Low Volatility ETF		82,814,801		(150,314,482	)		(67,499,681	)		2,722,712,537
S&P 500^® Low Volatility ETF		521,845,134		(63,859,033	)		457,986,101			6,920,314,566
S&P 500 Minimum Variance ETF		194,333		(34,044	)		160,289			1,298,317
S&P 500 Momentum ETF		3,890,845		(653,490	)		3,237,355			46,795,065
S&P 500 Value with Momentum ETF		217,021		(80,735	)		136,286			2,812,060
S&P MidCap Low Volatility ETF		126,046,662		(18,451,780	)		107,594,882			1,336,910,197
S&P SmallCap High Dividend Low Volatility ETF		587,005		(288,020	)		298,985			11,783,658
S&P SmallCap Low Volatility ETF		152,786,266		(11,628,461	)		141,157,805			1,304,398,011
S&P SmallCap Quality ETF		3,857,931		(933,098	)		2,924,833			39,992,970

Note 9. Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the period November 1, 2017 to August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Russell 1000 Enhanced Equal Weight ETF	$	(1,209	)	$	(3,849,040	)		3,850,249
Russell 1000 Equal Weight ETF		(19,831	)		(26,319,404	)		26,339,235
Russell 1000 Low Beta Equal Weight ETF		(11,807	)		(23,276,678	)		23,288,485
S&P 500 Enhanced Value ETF		(2,429	)		(3,685,435	)		3,687,864
S&P 500^® ex-Rate Sensitive Low Volatility ETF		(4,659	)		(20,886,810	)		20,891,469
S&P 500^® High Beta ETF		—			(48,714,159	)		48,714,159
S&P 500^® High Dividend Low Volatility ETF		821,864			(214,941,350	)		214,119,486
S&P 500^® Low Volatility ETF		1,478,290			(743,707,954	)		742,229,664
S&P 500 Minimum Variance ETF		—			(197,925	)		197,925
S&P 500 Momentum ETF		—			(1,681,604	)		1,681,604
S&P 500 Value with Momentum ETF		(271	)		(316,150	)		316,421
S&P MidCap Low Volatility ETF		—			(124,696,563	)		124,696,563
S&P SmallCap High Dividend Low Volatility ETF		79,979			(477,109	)		397,130
S&P SmallCap Low Volatility ETF		—			(92,976,792	)		92,976,792
S&P SmallCap Quality ETF		—			(283,723	)		283,723

Note 10. Trustees’ and Officer’s Fees


		114

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 11. Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust 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.

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.

Note 12. Indemnifications

Note 13. Subsequent Event

At a meeting held on September 21, 2018, the Board of Trustees approved reducing the annual unitary management fee of S&P 500 Value with Momentum ETF to 0.15% of the Fund’s average daily net assets, effective September 24, 2018.


		115

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of 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 Value with Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco S&P SmallCap Quality ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed in the table below (fifteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Invesco Russell 1000 Enhanced Equal Weight ETF⁽¹⁾

Invesco Russell 1000 Equal Weight ETF⁽²⁾

Invesco Russell 1000 Low Beta Equal Weight ETF⁽³⁾

Invesco S&P 500 Enhanced Value ETF⁽²⁾

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF⁽²⁾

Invesco S&P 500^® High Beta ETF⁽²⁾

Invesco S&P 500^® High Dividend Low Volatility ETF⁽²⁾

Invesco S&P 500^® Low Volatility ETF⁽²⁾

Invesco S&P 500 Minimum Variance ETF⁽¹⁾

Invesco S&P 500 Momentum ETF⁽²⁾

Invesco S&P 500 Value with Momentum ETF⁽⁴⁾

Invesco S&P MidCap Low Volatility ETF⁽²⁾

Invesco S&P SmallCap High Dividend Low Volatility ETF⁽⁵⁾

Invesco S&P SmallCap Low Volatility ETF⁽²⁾

Invesco S&P SmallCap Quality ETF⁽⁴⁾

⁽¹⁾	Statements of operations and changes in net assets for the periods November 1, 2017 through August 31, 2018 and July 11, 2017 (commencement of investment operations) through October 31, 2017

⁽²⁾	Statement of operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017 and statement of changes in net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017

⁽³⁾

Statement of operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017 and statement of changes in net assets for the period November 1, 2017 through August 31, 2018, for the year ended October 31, 2017, and for the period November 2, 2015 (commencement of investment operations) through October 31, 2016

⁽⁴⁾	Statements of operations and changes in net assets for the periods November 1, 2017 through August 31, 2018 and April 3, 2017 (commencement of investment operations) through October 31, 2017

⁽⁵⁾	Statements of operations and changes in net assets for the periods November 1, 2017 through August 31, 2018 and November 29, 2016 (commencement of investment operations) through October 31, 2017

Basis for Opinions


		116

Report of Independent Registered Public Accounting Firm (continued)

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


		117

Fees and Expenses

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 August 31, 2018.

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, 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.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Actual	$	1,000.00	$	1,069.10		0.29	%	$	1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco Russell 1000 Equal Weight ETF (EQAL)
Actual		1,000.00		1,091.80		0.20			1.05
Hypothetical (5% return before expenses)		1,000.00		1,024.20		0.20			1.02
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Actual		1,000.00		1,094.10		0.35			1.85
Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35			1.79
Invesco S&P 500 Enhanced Value ETF (SPVU)
Actual		1,000.00		1,051.30		0.13			0.67
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)
Actual		1,000.00		1,075.70		0.25			1.31
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28
Invesco S&P 500^® High Beta ETF (SPHB)
Actual		1,000.00		1,053.80		0.25			1.29
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28


		118

Fees and Expenses (continued)


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)
Actual	$	1,000.00	$	1,078.90		0.30	%	$	1.57
Hypothetical (5% return before expenses)		1,000.00		1,023.69		0.30			1.53
Invesco S&P 500^® Low Volatility ETF (SPLV)
Actual		1,000.00		1,078.30		0.25			1.31
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28
Invesco S&P 500 Minimum Variance ETF (SPMV)
Actual		1,000.00		1,082.20		0.13			0.68
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco S&P 500 Momentum ETF (SPMO)
Actual		1,000.00		1,111.40		0.13			0.69
Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.13			0.66
Invesco S&P 500 Value with Momentum ETF (SPVM)
Actual		1,000.00		1,045.80		0.29			1.50
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P MidCap Low Volatility ETF (XMLV)
Actual		1,000.00		1,129.20		0.25			1.34
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Actual		1,000.00		1,162.40		0.30			1.64
Hypothetical (5% return before expenses)		1,000.00		1,023.69		0.30			1.53
Invesco S&P SmallCap Low Volatility ETF (XSLV)
Actual		1,000.00		1,170.30		0.25			1.37
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28
Invesco S&P SmallCap Quality ETF (XSHQ)
Actual		1,000.00		1,199.80		0.29			1.61
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48

⁽¹⁾


		119

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended August 31, 2018:


	Qualified Dividend Income*			Dividends-Received Deduction*
Invesco Russell 1000 Enhanced Equal Weight ETF		100	%		100	%
Invesco Russell 1000 Equal Weight ETF		100	%		100	%
Invesco Russell 1000 Low Beta Equal Weight ETF		100	%		99	%
Invesco S&P 500 Enhanced Value ETF		100	%		100	%
Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF		100	%		100	%
Invesco S&P 500^® High Beta ETF		100	%		100	%
Invesco S&P 500^® High Dividend Low Volatility ETF		94	%		92	%
Invesco S&P 500^® Low Volatility ETF		100	%		100	%
Invesco S&P 500 Minimum Variance ETF		100	%		99	%
Invesco S&P 500 Momentum ETF		100	%		100	%
Invesco S&P 500 Value with Momentum ETF		100	%		100	%
Invesco S&P MidCap Low Volatility ETF		85	%		84	%
Invesco S&P SmallCap High Dividend Low Volatility ETF		89	%		89	%
Invesco S&P SmallCap Low Volatility ETF		90	%		90	%
Invesco S&P SmallCap Quality ETF		100	%		100	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the fiscal period.


		120

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		121

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		122

Trustees and Officers (continued)


Name, Address and Year of Birth of Unaffiliated Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Unaffiliated Trustee	Other Directorships Held by Unaffiliated Trustee During the Past 5 Years
Philip M. Nussbaum***—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2007	Chairman, Performance Trust Capital Partners (2004-Present).	221	None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		123

Trustees and Officers (continued)


Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	221	None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		124

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		125

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		126

Proxy Voting Policies and Procedures

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 on Form N-Q. The Form N-Qs will be available on the Commission’s website at www.sec.gov. The Trust’s Form N-Qs may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-HBLV-AR-1

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


KBWB		Invesco KBW Bank ETF
KBWD		Invesco KBW High Dividend Yield Financial ETF
KBWY		Invesco KBW Premium Yield Equity REIT ETF
KBWP		Invesco KBW Property & Casualty Insurance ETF
KBWR		Invesco KBW Regional Banking ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

KBW Portfolios

Schedules of Investments

Invesco KBW Bank ETF (KBWB)			14

Invesco KBW High Dividend Yield Financial ETF (KBWD)			15

Invesco KBW Premium Yield Equity REIT ETF (KBWY)			16

Invesco KBW Property & Casualty Insurance ETF (KBWP)			17

Invesco KBW Regional Banking ETF (KBWR)			18

Statements of Assets and Liabilities			20

Statements of Operations			22

Statements of Changes in Net Assets			24

Financial Highlights			27

Notes to Financial Statements			30

Report of Independent Registered Public Accounting Firm			39

Fees and Expenses			40

Tax Information			42

Trustees and Officers			43


		2

The Market Environment

Domestic Equity

¹	Source: US Treasury

²	Source: US Federal Reserve


		3


KBWB		Manager’s Analysis
KBWB		Invesco KBW Bank ETF (KBWB)

As an index fund, the Invesco KBW Bank ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Bank Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of national money centers (which are banks with more than $50 billion in assets and that have a branch network across geographic regions), regional banks and thrift institutions that are listed on a U.S. national securities exchange and that comprise the Index.

Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (“KBW Nasdaq” or the “Index Provider”), compile, calculate and maintain the Index, which is a modified-market capitalization-weighted index that seeks to reflect the performance of national money centers, regional banks and thrift institutions that are publicly traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 10.18%. On a net asset value (“NAV”) basis, the Fund returned 10.22%. During the same time period, the Index returned 10.56%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P 500^® Financials Index (the “Benchmark Index”) returned 8.03%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 70 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States financial sector equity market.

The performance of the Fund differed from the Benchmark Index in part because the Benchmark Index is broadly diversified across all financial sub-industries and is not concentrated just on the banking sub-industry.

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight in the multi-sector holdings sub-industry during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight position in the multi-line and life & health insurance sub-industries.

For the fiscal period ended August 31, 2018, the regional banks sub-industry contributed most significantly to the Fund’s return, followed by the diversified banks and asset management &

custody banks sub-industries, respectively. The thrifts & mortgage finance sub-industry was the only detracting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included JPMorgan Chase & Co., a diversified bank & data company (portfolio average weight of 8.08%), and Bank of America Corp., a diversified bank & data company (portfolio average weight of 8.13%). State Street Corp., a diversified bank & data company (portfolio average weight of 3.87%), was the largest detracting position.


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Regional Banks			42.8
Diversified Banks			41.3
Asset Management & Custody Banks			11.0
Consumer Finance			4.1
Thrifts & Mortgage Finance			0.8
Other Assets Less Liabilities			(0.0)



Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Wells Fargo & Co.			8.3
US Bancorp			8.3
JPMorgan Chase & Co.			8.2
Citigroup, Inc.			8.2
Bank of America Corp.			8.2
SunTrust Banks, Inc.			4.2
Capital One Financial Corp.			4.1
M&T Bank Corp.			4.0
Northern Trust Corp.			3.9
PNC Financial Services Group, Inc. (The)			3.8
Total			61.2


		4

Invesco KBW Bank ETF (KBWB) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
KBW Nasdaq Bank Index		20.93	%		17.41	%		61.86	%		14.46	%		96.42	%		19.26	%		232.95	%
S&P 500^® Financials Index		16.92			16.44			57.89			14.59			97.56			18.00			209.68
Fund
NAV Return		20.46			16.98			60.09			14.04			92.84			18.82			224.76
Market Price Return		20.59			16.94			59.90			14.05			93.00			18.84			225.13

Fund Inception: November 1, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		5


KBWD		Manager’s Analysis
KBWD		Invesco KBW High Dividend Yield Financial ETF (KBWD)

As an index fund, the Invesco KBW High Dividend Yield Financial ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Financial Sector Dividend Yield Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of financial companies that are listed on a U.S. national securities exchange and are principally engaged in the business of providing financial services and products, including banking, insurance and diversified financial services, in the United States and that comprise the Index.

Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (“KBW Nasdaq” or the “Index Provider”) compile, maintain and calculate the Index, which is a modified-dividend yield-weighted index that seeks to reflect the performance of publicly-traded U.S. financial companies with competitive yields. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 8.47%. On a net asset value (“NAV”) basis, the Fund returned 8.57%. During the same time period, the Index returned 8.29%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were offset by revenue generated from the securities lending program in which the Fund participates.

The performance of the Fund differed from the Benchmark Index in part because of an overweight allocation to the mortgage REITs sub-industry relative to the Benchmark Index.

Relative to the Benchmark Index, the Fund was most overweight in the mortgage REITs sub-industry and most underweight in the diversified banks sub-industry during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to overweight allocations in the asset management & custody banks sub-industry as well as the mortgage REITs sub-industry.

For the fiscal period ended August 31, 2018, the mortgage REITs sub-industry contributed most significantly to the Fund’s return, followed by the asset management & custody banks and investment banking & brokerage sub-industries, respectively. The reinsurance sub-industry was the only detracting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Virtu Financial, Inc., Class A, an investment banking and brokerage company (portfolio average weight of 1.66%), and PennyMac Mortgage Investment Trust REIT, a mortgage REITs company (portfolio average weight of 3.88%). Positions that detracted most significantly from the Fund’s return included Maiden Holdings LTD., a reinsurance company (portfolio average weight of 3.07%), and Medley Capital Corp., an asset management and custody bank company (portfolio average weight of 2.20%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Mortgage REITs			43.7
Asset Management & Custody Banks			29.6
Thrifts & Mortgage Finance			6.0
Regional Banks			5.8
Property & Casualty Insurance			5.1
Investment Banking & Brokerage			4.6
Trading Companies & Distributors			2.4
Consumer Finance			1.7
Reinsurance			1.1
Money Market Fund Plus Other Assets Less Liabilities			(0.0)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Orchid Island Capital, Inc.			5.9
Western Asset Mortgage Capital Corp.			4.7
Prospect Capital Corp.			4.5
Annaly Capital Management, Inc.			4.4
New Residential Investment Corp.			4.4
AGNC Investment Corp.			4.4
Chimera Investment Corp.			4.1
Dynex Capital, Inc.			4.1
PennyMac Mortgage Investment Trust			4.0
BlackRock Capital Investment Corp.			3.9
Total			44.4

*	Excluding money market fund holdings.


		6

Invesco KBW High Dividend Yield Financial ETF (KBWD) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
KBW Nasdaq Financial Sector Dividend Yield Index		10.65	%		10.69	%		35.61	%		8.65	%		51.42	%		9.51	%		102.15	%
S&P 500^® Financials Index		16.92			16.44			57.89			14.59			97.56			13.51			166.87
Fund
NAV Return		10.98			10.61			35.34			8.43			49.88			9.20			97.65
Market Price Return		10.92			10.61			35.31			8.44			49.94			9.22			97.95

Fund Inception: December 2, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 2.40% includes the unitary management fee of 0.35% and acquired fund fees and expenses of 2.05%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		7


KBWY		Manager’s Analysis
KBWY		Invesco KBW Premium Yield Equity REIT ETF (KBWY)

As an index fund, the Invesco KBW Premium Yield Equity REIT ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Premium Yield Equity REIT Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small- and mid-cap equity real estate investment trusts (“REITs”) in the United States that comprise the Index.

Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (“KBW Nasdaq” or the “Index Provider”) compile, maintain and calculate the Index, which is a modified-dividend yield-weighted index that seeks to reflect the performance of small- and mid-cap equity REITs in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 3.95%. On a net asset value (“NAV”) basis, the Fund returned 4.05%. During the same time period, the Index returned 4.35%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the Dow Jones U.S. Real Estate Index (the “Benchmark Index”) returned 7.36%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 120 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States REIT market.

The performance of the Fund differed from the Benchmark Index primarily due to a lower concentration and stock selection differences in the health care REITs sub-industry.

Relative to the Benchmark Index, the Fund was most overweight in the industrial REITs sub-industry and most underweight in the health care REITs sub-industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the security selection differences in the health care and retail REITs sub-industries.

For the fiscal period ended August 31, 2018, the hotel & resorts REITs sub-industry contributed most significantly to the Fund’s return, followed by the health care REITs and diversified REITs sub-industries, respectively. The retail REITs sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Sabra Health Care REIT, Inc., a health care company (portfolio average weight of 3.88%), and Washington Prime Group, Inc., a retail company (portfolio average weight of 5.83%). Positions that detracted most significantly from the Fund’s return included CBL & Associates Properties, Inc., a health care REITs company (no longer held at fiscal period-end), and New Senior Investment Group, Inc., a health care company (portfolio average weight of 5.11%).


REIT Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Retail			26.9
Health Care			19.4
Hotel & Resort			18.5
Specialized			12.4
Diversified			11.9
Office			7.7
Residential			3.2
Money Market Funds Plus Other Assets Less Liabilities			(0.0)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Washington Prime Group, Inc.			6.0
Government Properties Income Trust			5.6
Global NET Lease, Inc.			4.9
New Senior Investment Group, Inc.			4.8
Whitestone			4.2
Sabra Health Care REIT, Inc.			4.0
CoreCivic, Inc.			3.9
Senior Housing Properties Trust			3.9
DDR Corp.			3.8
Kite Realty Group Trust			3.7
Total			44.8

*	Excluding money market fund holdings.


		8

Invesco KBW Premium Yield Equity REIT ETF (KBWY) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
KBW Nasdaq Premium Yield Equity REIT Index		6.13	%		15.21	%		52.91	%		11.19	%		69.94	%		11.51	%		132.55	%
Dow Jones U.S. Real Estate Index		6.64			10.50			34.93			10.68			66.09			10.12			110.98
Fund
NAV Return		5.81			14.83			51.41			10.79			66.94			11.09			125.79
Market Price Return		5.75			14.85			51.50			10.82			67.16			11.11			126.19

Fund Inception: December 2, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		9


KBWP		Manager’s Analysis
KBWP		Invesco KBW Property & Casualty Insurance ETF (KBWP)

As an index fund, the Invesco KBW Property & Casualty Insurance ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Property & Casualty Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of property and casualty insurance companies that comprise the Index.

Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (“KBW Nasdaq” or the “Index Provider”) compile, maintain and calculate the Index using a modified market capitalization-weighted methodology that seeks to reflect the performance of property and casualty insurance companies. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 9.09%. On a net asset value (“NAV”) basis, the Fund returned 8.99%. During the same time period, the Index returned 9.30%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P 500^® Property & Casualty Index (the “Benchmark Index”) returned 7.78%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 10 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of the United States property and casualty market.

Relative to the Benchmark Index, the Fund included holdings within the multi-line insurance and reinsurance sub-industries during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the property & casualty insurance sub-industry.

For the fiscal period ended August 31, 2018, the property & casualty insurance sub-industry contributed most significantly to the Fund’s return, followed by the multi-line insurance sub-industry. The reinsurance sub-industry was the single detracting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Progressive Corp. (The), a property & casualty insurance company (portfolio average weight of 8.29%), and XL Group Ltd., a property & casualty insurance company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return

included Arch Capital Group Ltd., a property & casualty insurance company (portfolio average weight of 5.49%), and Chubb Ltd., a property & casualty insurance company (portfolio average weight of 7.77%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Property & Casualty Insurance			71.5
Multi-line Insurance			19.2
Reinsurance			9.3
Other Assets Less Liabilities			(0.0)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Progressive Corp. (The)			8.2
Allstate Corp. (The)			8.1
Chubb Ltd.			7.8
Travelers Cos., Inc. (The)			7.7
American International Group, Inc.			7.6
Kemper Corp.			4.6
Arch Capital Group Ltd.			4.4
Cincinnati Financial Corp.			4.2
Assurant, Inc.			4.1
RenaissanceRe Holdings Ltd.			4.1
Total			60.8


		10

Invesco KBW Property & Casualty Insurance ETF (KBWP) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
KBW Nasdaq Property & Casualty Index		13.69	%		14.87	%		51.58	%		15.70	%		107.33	%		15.66	%		208.47	%
S&P 500^® Property & Casualty Index		13.46			17.88			63.79			16.47			114.33			15.73			210.00
Fund
NAV Return		13.30			14.46			49.97			15.28			103.63			15.24			199.92
Market Price Return		13.52			14.45			49.92			15.33			104.04			15.26			200.34

Fund Inception: December 2, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		11


KBWR		Manager’s Analysis
KBWR		Invesco KBW Regional Banking ETF (KBWR)

As an index fund, the Invesco KBW Regional Banking ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Regional Banking Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of publicly traded mid-capitalization companies that do business as regional banks and thrifts listed on U.S. stock markets and that comprise the Index.

Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (“KBW Nasdaq” or the “Index Provider”) compile, maintain and calculate the Index, which is a modified-market capitalization-weighted index comprised of securities of 50 mid-cap banking companies that are publicly listed in the United States. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 8.65%. On a net asset value (“NAV”) basis, the Fund returned 8.79%. During the same time period, the Index returned 9.14%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to slippage around rebalances and fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P Composite 1500^® Commercial Banks Index (the “Benchmark Index”) returned 10.32%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 90 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States commercial banking market.

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight in the diversified banks sub-industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund did not have an allocation to the diversified banks sub-industry.

For the fiscal period ended August 31, 2018, the regional banks sub-industry contributed most significantly to the Fund’s return, followed by the thrifts & mortgage finance sub-industry. The diversified banks sub-industry detracted most significantly.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included TCF Financial Corp., a regional banks company (portfolio average weight of 2.09%), and Popular, Inc., a regional banks company (portfolio average weight of 2.06%). Signature Bank/New York

NY, a regional banks company (portfolio average weight of 3.60%), was the largest detracting position.


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Regional Banks			97.2
Thrifts & Mortgage Finance			2.8
Other Assets Less Liabilities			(0.0)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
East West Bancorp, Inc.			3.7
Commerce Bancshares, Inc.			3.6
Cullen/Frost Bankers, Inc.			3.3
Signature Bank/New York NY			3.0
PacWest Bancorp			3.0
Glacier Bancorp, Inc.			2.3
First Financial Bankshares, Inc.			2.3
Popular, Inc.			2.2
IBERIABANK Corp.			2.2
United Bankshares, Inc.			2.2
Total			27.8


		12

Invesco KBW Regional Banking ETF (KBWR) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
KBW Nasdaq Regional Banking Index		20.16	%		15.74	%		55.02	%		14.07	%		93.09	%		17.69	%		204.17	%
S&P Composite 1500^® Commercial Banks Index		22.16			17.29			61.36			15.40			104.67			19.60			239.65
Fund
NAV Return		19.67			15.31			53.31			13.64			89.52			17.27			196.90
Market Price Return		19.84			15.30			53.27			13.65			89.63			17.31			197.54

Fund Inception: November 1, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		13

Schedule of Investments^(a)

Invesco KBW Bank ETF (KBWB)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.0%
		Asset Management & Custody Banks—11.0%
	718,983	Bank of New York Mellon Corp. (The)	$	37,494,963
	366,945	Northern Trust Corp.		39,431,910
	409,575	State Street Corp.		35,596,163

				112,523,036

		Consumer Finance—4.1%
	418,770	Capital One Financial Corp.		41,495,919

		Diversified Banks—41.3%
	2,711,039	Bank of America Corp.		83,852,436
	1,180,515	Citigroup, Inc.		84,099,889
	735,712	JPMorgan Chase & Co.		84,297,881
	1,574,886	US Bancorp		85,217,082
	1,458,207	Wells Fargo & Co.		85,275,945

				422,743,233

		Regional Banks—42.8%
	749,795	BB&T Corp.		38,734,410
	790,554	Citizens Financial Group, Inc.		32,539,203
	280,411	Comerica, Inc.		27,334,464
	1,117,994	Fifth Third Bancorp		32,902,563
	263,841	First Republic Bank		26,803,607
	1,796,948	Huntington Bancshares, Inc.		29,128,527
	1,731,495	KeyCorp		36,482,600
	228,755	M&T Bank Corp.		40,523,948
	567,363	People’s United Financial, Inc.		10,501,889
	274,487	PNC Financial Services Group, Inc. (The)		39,399,864
	1,831,773	Regions Financial Corp.		35,646,303
	583,089	SunTrust Banks, Inc.		42,892,027
	86,396	SVB Financial Group^(b)		27,884,309
	321,480	Zions Bancorporation		17,131,669

				437,905,383

		Thrifts & Mortgage Finance—0.8%
	799,797	New York Community Bancorp, Inc.		8,613,814

		Total Investments in Securities (Cost $1,040,439,076)—100.0%		1,023,281,385
		Other assets less liabilities—(0.0)%		(21,746	)

		Net Assets—100.0%	$	1,023,259,639

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.

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


		14

Schedule of Investments^(a)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Asset Management & Custody Banks—29.6%
	1,310,562	Arlington Asset Investment Corp., Class A^(b)	$	13,328,416
	298,058	Artisan Partners Asset Management, Inc., Class A		9,880,623
	2,162,562	BlackRock Capital Investment Corp.		13,559,264
	237,563	Federated Investors, Inc., Class B		5,501,959
	208,314	Invesco Ltd.^(c)		5,020,367
	195,535	Janus Henderson Group PLC (United Kingdom)		5,523,864
	1,622,611	Medley Capital Corp.^(b)		6,539,122
	535,050	Newtek Business Services Corp.^(b)		12,391,758
	2,041,441	Prospect Capital Corp.^(b)		15,310,807
	476,000	Stellus Capital Investment Corp.^(b)		6,387,920
	976,469	THL Credit, Inc.		8,348,810

				101,792,910

		Consumer Finance—1.7%
	434,798	Navient Corp.		5,930,645

		Investment Banking & Brokerage—4.6%
	710,328	BGC Partners, Inc., Class A		8,822,274
	86,182	Lazard Ltd., Class A		4,148,801
	129,017	Virtu Financial, Inc., Class A^(b)		2,812,571

				15,783,646

		Mortgage REITs—43.7%
	690,635	AG Mortgage Investment Trust, Inc. REIT		12,983,938
	790,157	AGNC Investment Corp. REIT		15,028,786
	1,429,260	Annaly Capital Management, Inc. REIT		15,178,741
	689,853	Apollo Commercial Real Estate Finance, Inc. REIT		13,403,844
	764,576	Chimera Investment Corp. REIT		14,244,051
	2,221,669	Dynex Capital, Inc. REIT		14,240,898
	810,574	New Residential Investment Corp. REIT		15,052,359
	2,576,238	Orchid Island Capital, Inc. REIT^(b)		20,455,330
	695,091	PennyMac Mortgage Investment Trust REIT		13,887,918
	1,438,031	Western Asset Mortgage Capital Corp. REIT		16,005,285

				150,481,150

		Property & Casualty Insurance—5.1%
	113,064	HCI Group, Inc.		4,579,092
	145,951	Mercury General Corp.		7,866,759
	229,603	Old Republic International Corp.		5,092,594

				17,538,445

		Regional Banks—5.8%
	110,453	PacWest Bancorp		5,576,772
	267,602	People’s United Financial, Inc.		4,953,313
	132,628	United Bankshares, Inc.		5,225,543
	352,902	Valley National Bancorp		4,252,469

				20,008,097

		Reinsurance—1.1%
	1,015,382	Maiden Holdings Ltd.		3,858,452


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Thrifts & Mortgage Finance—6.0%
	655,900	New York Community Bancorp, Inc.	$	7,064,043
	296,435	Northwest Bancshares, Inc.		5,401,046
	512,510	Oritani Financial Corp.		8,302,662

				20,767,751

		Trading Companies & Distributors—2.4%
	222,410	Triton International Ltd. (Bermuda)		8,402,650

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $340,824,943)-100.0%		344,563,746



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—15.9%
	54,741,081	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)^(e) (Cost $54,741,081)		54,741,081

		Total Investments in Securities (Cost $395,566,024)—115.9%		399,304,827
		Other assets less liabilities—(15.9)%		(54,748,388	)

		Net Assets—100.0%	$	344,556,439

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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

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


		15

Schedule of Investments^(a)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

August 31, 2018


Number of Shares			Value
		Real Estate Investment Trusts—100.0%
		Diversified—11.9%
	766,120	Gladstone Commercial Corp.	$	15,253,449
	986,754	Global NET Lease, Inc.		21,402,694
	1,720,911	Lexington Realty Trust		16,073,309

				52,729,452

		Health Care—19.4%
	1,380,641	MedEquities Realty Trust, Inc.		14,786,665
	980,309	Medical Properties Trust, Inc.		14,753,650
	3,355,453	New Senior Investment Group, Inc.		21,273,572
	756,132	Sabra Health Care REIT, Inc.		17,829,593	��
	902,952	Senior Housing Properties Trust		17,255,413

				85,898,893

		Hotel & Resort—18.5%
	598,169	Apple Hospitality REIT, Inc.		10,557,683
	1,595,252	Ashford Hospitality Trust, Inc.		10,353,185
	954,813	Braemar Hotels & Resorts, Inc.		11,028,090
	551,299	Chatham Lodging Trust		11,825,364
	278,048	Chesapeake Lodging Trust		9,150,560
	446,892	Hersha Hospitality Trust		10,546,651
	456,628	Hospitality Properties Trust		13,237,646
	138,094	LaSalle Hotel Properties		4,848,480

				81,547,659

		Office—7.7%
	1,084,792	Franklin Street Properties Corp.		9,296,668
	1,470,687	Government Properties Income Trust		24,869,317

				34,165,985

		Residential—3.2%
	1,381,378	Independence Realty Trust, Inc.		14,269,635

		Retail—26.9%
	1,189,190	DDR Corp.		16,636,768
	931,277	Kite Realty Group Trust		16,278,722
	1,250,908	Pennsylvania Real Estate Investment Trust^(b)		12,759,262
	1,050,017	Ramco-Gershenson Properties Trust		14,658,237
	547,243	Tanger Factory Outlet Centers, Inc.^(b)		13,166,666
	3,415,504	Washington Prime Group, Inc.^(b)		26,436,001
	1,373,609	Whitestone		18,736,027

				118,671,683

		Specialized—12.4%
	670,453	CoreCivic, Inc.		17,358,028
	206,925	EPR Properties		14,521,996
	1,271,247	Farmland Partners, Inc.		8,975,004
	551,791	GEO Group, Inc. (The)		13,998,938

				54,853,966

		Total Real Estate Investment Trusts (Cost $430,169,924)		442,137,273


Number of Shares			Value
		Money Market Fund—0.0%
	85,758	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $85,758)	$	85,758

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $430,255,682)—100.0%		442,223,031

		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—0.5%
	1,981,903	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)^(d) (Cost $1,981,903)		1,981,903

		Total Investments in Securities (Cost $432,237,585)—100.5%		444,204,934
		Other assets less liabilities—(0.5)%		(2,078,484	)

		Net Assets—100.0%	$	442,126,450

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		16

Schedule of Investments^(a)

Invesco KBW Property & Casualty Insurance ETF (KBWP)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.0%
		Multi-line Insurance—19.2%
	22,983	American Financial Group, Inc.	$	2,559,387
	95,677	American International Group, Inc.		5,087,146
	27,053	Assurant, Inc.		2,781,589
	48,259	Hartford Financial Services Group, Inc. (The)		2,430,806

				12,858,928

		Property & Casualty Insurance—71.5%
	54,031	Allstate Corp. (The)		5,433,898
	96,573	Arch Capital Group Ltd.^(b)		2,952,237
	19,772	Argo Group International Holdings Ltd.		1,259,476
	34,803	Aspen Insurance Holdings Ltd. (Bermuda)		1,432,144
	44,422	Axis Capital Holdings Ltd.		2,555,153
	38,647	Chubb Ltd.		5,226,620
	36,405	Cincinnati Financial Corp.		2,791,171
	20,830	Hanover Insurance Group, Inc. (The)		2,551,467
	37,774	Kemper Corp.		3,072,915
	32,283	Mercury General Corp.		1,740,054
	31,268	ProAssurance Corp.		1,511,808
	81,346	Progressive Corp. (The)		5,493,295
	25,819	RLI Corp.		1,987,288
	34,275	Selective Insurance Group, Inc.		2,200,455
	39,300	Travelers Cos., Inc. (The)		5,171,880
	33,025	W.R. Berkley Corp.		2,584,537

				47,964,398

		Reinsurance—9.3%
	11,210	Everest Re Group Ltd.		2,500,055
	48,494	Maiden Holdings Ltd.		184,277
	20,570	RenaissanceRe Holdings Ltd. (Bermuda)		2,734,987
	59,653	Third Point Reinsurance Ltd. (Bermuda)^(b)		799,350

				6,218,669

		Total Investments in Securities (Cost $60,651,995)—100.0%		67,041,995
		Other assets less liabilities—(0.0)%		(2,167	)

		Net Assets—100.0%	$	67,039,828

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.

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


		17

Schedule of Investments^(a)

Invesco KBW Regional Banking ETF (KBWR)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.0%
		Regional Banks—97.2%
	141,852	Associated Banc-Corp.	$	3,865,467
	116,869	BancorpSouth Bank		4,067,041
	46,098	Bank of Hawaii Corp.		3,832,127
	82,354	Bank OZK		3,332,043
	92,841	BankUnited, Inc.		3,601,302
	101,370	Boston Private Financial Holdings, Inc.		1,464,796
	96,672	Brookline Bancorp, Inc.		1,754,597
	92,797	Cathay General Bancorp		3,925,313
	69,763	Chemical Financial Corp.		3,984,862
	88,153	Columbia Banking System, Inc.		3,724,464
	98,020	Commerce Bancshares, Inc.		6,965,301
	61,355	Community Bank System, Inc.		4,057,406
	58,664	Cullen/Frost Bankers, Inc.		6,505,251
	132,717	CVB Financial Corp.		3,191,844
	112,697	East West Bancorp, Inc.		7,143,863
	295,479	F.N.B. Corp.		3,974,192
	120,800	First Commonwealth Financial Corp.		2,023,400
	117,729	First Financial Bancorp		3,696,691
	74,432	First Financial Bankshares, Inc.		4,495,693
	133,713	First Hawaiian, Inc.		3,876,340
	211,171	First Horizon National Corp.		3,889,770
	124,077	First Midwest Bancorp, Inc.		3,372,413
	211,545	Fulton Financial Corp.		3,850,119
	100,413	Glacier Bancorp, Inc.		4,586,866
	77,912	Hancock Whitney Corp.		4,016,364
	170,074	Home BancShares, Inc.		3,981,432
	163,114	Hope Bancorp, Inc.		2,856,126
	49,000	IBERIABANK Corp.		4,245,850
	293,486	Investors Bancorp, Inc.		3,756,621
	79,269	MB Financial, Inc.		3,841,376
	183,161	Old National Bancorp		3,718,168
	115,065	PacWest Bancorp		5,809,632
	58,391	Pinnacle Financial Partners, Inc.		3,769,139
	86,541	Popular, Inc.		4,356,474
	54,054	Prosperity Bancshares, Inc.		4,045,401
	50,896	Signature Bank/New York NY		5,890,703
	159,475	Sterling Bancorp		3,644,004
	72,355	Synovus Financial Corp.		3,622,091
	148,807	TCF Financial Corp.		3,772,257
	40,634	Texas Capital Bancshares, Inc.^(b)		3,612,363
	81,585	Trustmark Corp.		2,894,636
	50,812	UMB Financial Corp.		3,823,095
	166,317	Umpqua Holdings Corp.		3,559,184
	107,410	United Bankshares, Inc.		4,231,954
	308,033	Valley National Bancorp		3,711,798
	61,078	Webster Financial Corp.		3,993,280
	64,970	Western Alliance Bancorp^(b)		3,745,520
	42,505	Wintrust Financial Corp.		3,763,818

				189,842,447


Number of Shares			Value
		Common Stocks (continued)
		Thrifts & Mortgage Finance—2.8%
	80,658	Provident Financial Services, Inc.	$	2,035,001
	101,677	Washington Federal, Inc.		3,467,186

				5,502,187

		Total Investments in Securities (Cost $188,420,119)—100.0%		195,344,634
		Other assets less liabilities—(0.0)%		(7,028	)

		Net Assets—100.0%	$	195,337,606

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.

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


		18

(This Page Intentionally Left Blank)


		19

Statements of Assets and Liabilities

August 31, 2018


	Invesco KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)
Assets:
Unaffiliated investments in securities, at value^(a)	$	1,023,281,385		$	339,543,379
Affiliated investments in securities, at value		—			59,761,448
Receivables:
Dividends		1,742,874			948,162
Shares sold		6,025			—
Securities lending		—			78,721

Total Assets		1,025,030,284			400,331,710

Liabilities:
Due to custodian		1,465,740			933,083
Payables:
Investments purchased		—			—
Collateral upon return of securities loaned		—			54,741,081
Accrued unitary management fees		304,905			101,107

Total Liabilities		1,770,645			55,775,271

Net Assets	$	1,023,259,639		$	344,556,439


Net Assets Consist of:
Shares of beneficial interest	$	1,038,651,738		$	407,763,029
Undistributed net investment income		4,417,021			—
Undistributed net realized gain (loss)		(2,651,429	)		(66,945,393	)
Net unrealized appreciation (depreciation)		(17,157,691	)		3,738,803

Net Assets	$	1,023,259,639		$	344,556,439

Shares outstanding (unlimited amount authorized, $0.01 par value)		17,950,000			14,550,000
Net asset value	$	57.01		$	23.68

Market price	$	57.01		$	23.69

Unaffiliated investments in securities, at cost	$	1,040,439,076		$	334,682,044

Affiliated investments in securities, at cost	$	—		$	60,883,980

^(a) Includes securities on loan with an aggregate value of:	$	—		$	52,963,253

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


		20


Invesco KBW Premium Yield Equity REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)

$	442,137,273		$	67,041,995		$	195,344,634
	2,067,661			—			—

	1,438,408			80,020			286,860
	—			—			—
	384			—			—

	445,643,726			67,122,015			195,631,494


	—			62,512			236,048

	1,407,455			—			—
	1,981,903			—			—
	127,918			19,675			57,840

	3,517,276			82,187			293,888

$	442,126,450		$	67,039,828		$	195,337,606



$	458,990,002		$	63,652,258		$	190,112,676
	—			210,388			775,338
	(28,830,901	)		(3,212,818	)		(2,474,923	)
	11,967,349			6,390,000			6,924,515

$	442,126,450		$	67,039,828		$	195,337,606

	12,350,000			1,050,000			3,300,000
$	35.80		$	63.85		$	59.19

$	35.80		$	63.92		$	59.19

$	430,169,924		$	60,651,995		$	188,420,119

$	2,067,661		$	—		$	—

$	1,808,783		$	—		$	—


		21

Statements of Operations

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco KBW Bank ETF (KBWB)						Invesco KBW High Dividend Yield Financial ETF (KBWD)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated dividend income	$	19,541,453		$	15,918,433		$	17,062,236		$	22,398,043
Affiliated dividend income		5,445			1,905			159,243			89,736
Non-cash dividend income		—			—			—			—
Securities lending income		—			—			731,197			469,958
Foreign withholding tax		—			—			—			—

Total Income		19,546,898			15,920,338			17,952,676			22,957,737


Expenses:
Unitary management fees		3,204,795			2,850,981			936,114			989,001

Less: Waivers		(763	)		(586	)		(604	)		(564	)

Net Expenses		3,204,032			2,850,395			935,510			988,437

Net Investment Income		16,342,866			13,069,943			17,017,166			21,969,300


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		(2,646,099	)		(1,809,708	)		4,497			(8,112,383	)
In-kind redemptions		104,410,927			156,185,417			16,922,470			19,981,184

Net realized gain (loss)		101,764,828			154,375,709			16,926,967			11,868,801

Net change in unrealized appreciation (depreciation) on investment securities		(34,013,957	)		27,468,968			(6,479,260	)		9,290,576

Net realized and unrealized gain		67,750,871			181,844,677			10,447,707			21,159,377

Net increase in net assets resulting from operations	$	84,093,737		$	194,914,620		$	27,464,873		$	43,128,677

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


		22


Invesco KBW Premium Yield Equity REIT ETF (KBWY)							Invesco KBW Property & Casualty Insurance ETF (KBWP)						Invesco KBW Regional Banking ETF (KBWR)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017				Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017

$	14,210,379		$	12,734,506			$	1,756,629		$	2,206,908		$	3,081,037		$	3,875,444
	152,076			3,576				498			221			1,172			548
	3,364,193			—				—			—			—			—
	43,969			39				—			—			—			—
	—			—				—			—			(6,019	)		(8,160	)

	17,770,617			12,738,121				1,757,127			2,207,129			3,076,190			3,867,832



	1,128,151			1,016,568				222,460			333,314			488,585			643,464

	(768	)		(954	)			(71	)		(76	)		(159	)		(174	)

	1,127,383			1,015,614				222,389			333,238			488,426			643,290

	16,643,234			11,722,507				1,534,738			1,873,891			2,587,764			3,224,542



						��
	(14,943,287	)		(6,413,833	)			(3,388,940	)		(276,854	)		(1,167,652	)		(1,721,469	)
	8,483,829			18,214,590				9,908,272			5,496,375			1,856,067			42,728,837

	(6,459,458	)		11,800,757				6,519,332			5,219,521			688,415			41,007,368

	7,059,557			8,428,010				(2,244,500	)		7,305,099			9,232,886			(12,499,936	)

	600,099			20,228,767				4,274,832			12,524,620			9,921,301			28,507,432

$	17,243,333		$	31,951,274			$	5,809,570		$	14,398,511		$	12,509,065		$	31,731,974


		23

Statements of Changes in Net Assets

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco KBW Bank ETF (KBWB)									Invesco KBW High Dividend Yield Financial ETF (KBWD)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	16,342,866		$	13,069,943		$	7,791,054		$	17,017,166		$	21,969,300		$	15,845,554
Net realized gain (loss)		101,764,828			154,375,709			(12,624,177	)		16,926,967			11,868,801			(35,525,957	)
Net change in unrealized appreciation (depreciation)		(34,013,957	)		27,468,968			10,087,559			(6,479,260	)		9,290,576			19,019,996

Net increase (decrease) in net assets resulting from operations		84,093,737			194,914,620			5,254,436			27,464,873			43,128,677			(660,407	)


Distributions to Shareholders from:
Net investment income		(13,953,911	)		(11,970,916	)		(8,225,074	)		(22,966,897	)		(22,432,879	)		(18,056,090	)
Net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			(2,226,939	)		(1,310,772	)

Total distributions to shareholders		(13,953,911	)		(11,970,916	)		(8,225,074	)		(22,966,897	)		(24,659,818	)		(19,366,862	)

Shareholder Transactions:
Proceeds from shares sold		1,638,315,299			2,366,524,964			792,589,249			108,478,207			178,272,224			98,967,320
Value of shares repurchased		(1,617,247,032	)		(2,047,550,740	)		(919,116,603	)		(88,207,774	)		(98,332,179	)		(135,253,331	)

Net increase (decrease) in net assets resulting from shares transactions		21,068,267			318,974,224			(126,527,354	)		20,270,433			79,940,045			(36,286,011	)

Increase (Decrease) in Net Assets		91,208,093			501,917,928			(129,497,992	)		24,768,409			98,408,904			(56,313,280	)

Net Assets:
Beginning of period		932,051,546			430,133,618			559,631,610			319,788,030			221,379,126			277,692,406

End of period	$	1,023,259,639		$	932,051,546		$	430,133,618		$	344,556,439		$	319,788,030		$	221,379,126

Undistributed net investment income at end of period	$	4,417,021		$	2,028,066		$	929,039		$	—		$	—		$	—


Changes in Shares Outstanding:
Shares sold		29,550,000			49,150,000			22,400,000			4,650,000			7,600,000			4,550,000
Shares repurchased		(29,400,000	)		(42,550,000	)		(26,150,000	)		(3,750,000	)		(4,250,000	)		(6,650,000	)
Shares outstanding, beginning of period		17,800,000			11,200,000			14,950,000			13,650,000			10,300,000			12,400,000

Shares outstanding, end of period		17,950,000			17,800,000			11,200,000			14,550,000			13,650,000			10,300,000

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


		24


Invesco KBW Premium Yield Equity REIT ETF (KBWY)									Invesco KBW Property & Casualty Insurance ETF (KBWP)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	16,643,234		$	11,722,507		$	6,420,290		$	1,534,738		$	1,873,891		$	1,721,055
	(6,459,458	)		11,800,757			1,367,377			6,519,332			5,219,521			3,869,718
	7,059,557			8,428,010			2,720,795			(2,244,500	)		7,305,099			(1,722,440	)

	17,243,333			31,951,274			10,508,462			5,809,570			14,398,511			3,868,333



	(24,220,997	)		(20,246,066	)		(10,877,502	)		(1,596,854	)		(1,799,966	)		(1,590,127	)
	—			—			—			—			—			(84,880	)
	—			—			—			—			—			—

	(24,220,997	)		(20,246,066	)		(10,877,502	)		(1,596,854	)		(1,799,966	)		(1,675,007	)


	141,589,335			250,699,457			201,750,993			18,244,467			58,787,740			53,368,691
	(73,506,565	)		(69,808,620	)		(123,235,903	)		(53,879,098	)		(35,934,148	)		(79,380,432	)

	68,082,770			180,890,837			78,515,090			(35,634,631	)		22,853,592			(26,011,741	)

	61,105,106			192,596,045			78,146,050			(31,421,915	)		35,452,137			(23,818,415	)


	381,021,344			188,425,299			110,279,249			98,461,743			63,009,606			86,828,021

$	442,126,450		$	381,021,344		$	188,425,299		$	67,039,828		$	98,461,743		$	63,009,606

$	—		$	—		$	—		$	210,388		$	272,504		$	198,579



	4,050,000			6,750,000			5,800,000			300,000			1,050,000			1,100,000
	(2,100,000	)		(1,900,000	)		(3,750,000	)		(900,000	)		(650,000	)		(1,650,000	)
	10,400,000			5,550,000			3,500,000			1,650,000			1,250,000			1,800,000

	12,350,000			10,400,000			5,550,000			1,050,000			1,650,000			1,250,000


		25

Statements of Changes in Net Assets (continued)

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco KBW Regional Banking ETF (KBWR)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	2,587,764		$	3,224,542		$	2,001,469
Net realized gain (loss)		688,415			41,007,368			(592,347	)
Net change in unrealized appreciation (depreciation)		9,232,886			(12,499,936	)		9,554,208

Net increase in net assets resulting from operations		12,509,065			31,731,974			10,963,330


Distributions to Shareholders from:
Net investment income		(2,158,780	)		(3,136,776	)		(1,882,396	)

Shareholder Transactions:
Proceeds from shares sold		64,182,760			301,117,371			88,644,290
Value of shares repurchased		(28,049,508	)		(317,540,491	)		(14,038,950	)

Net increase (decrease) in net assets resulting from shares transactions		36,133,252			(16,423,120	)		74,605,340

Increase in Net Assets		46,483,537			12,172,078			83,686,274

Net Assets:
Beginning of period		148,854,069			136,681,991			52,995,717

End of period	$	195,337,606		$	148,854,069		$	136,681,991

Undistributed net investment income at end of period	$	775,338		$	346,354		$	258,588


Changes in Shares Outstanding:
Shares sold		1,100,000			5,500,000			2,200,000
Shares repurchased		(500,000	)		(5,900,000	)		(350,000	)
Shares outstanding, beginning of period		2,700,000			3,100,000			1,250,000

Shares outstanding, end of period		3,300,000			2,700,000			3,100,000

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


		26

Financial Highlights

Invesco KBW Bank ETF (KBWB)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	52.36		$	38.40		$	37.43		$	37.12		$	33.00		$	25.44
Net investment income^(a)		0.83			0.77			0.68			0.66			0.55			0.45
Net realized and unrealized gain on investments		4.51			13.92			0.98			0.22			4.11			7.52
Total from investment operations		5.34			14.69			1.66			0.88			4.66			7.97
Distributions to shareholders from:
Net investment income		(0.69	)		(0.73	)		(0.69	)		(0.55	)		(0.54	)		(0.41	)
Net realized gains		—			—			—			(0.02	)		—			—
Total distributions		(0.69	)		(0.73	)		(0.69	)		(0.57	)		(0.54	)		(0.41	)
Net asset value at end of period	$	57.01		$	52.36		$	38.40		$	37.43		$	37.12		$	33.00
Market price at end of period^(b)	$	57.01		$	52.39		$	38.44		$	37.49		$	37.13		$	33.03
Net Asset Value Total Return^(c)		10.24	%		38.42	%		4.61	%		2.35	%		14.16	%		31.51	%
Market Price Total Return^(c)		10.18	%		38.36	%		4.55	%		2.49	%		14.09	%		31.52	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,023,260		$	932,052		$	430,134		$	559,632		$	289,536		$	150,169
Ratio to average net assets of:
Expenses		0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.78	%^(d)		1.60	%		1.92	%		1.74	%		1.55	%		1.51	%
Portfolio turnover rate^(e)		7	%		9	%		12	%		17	%		5	%		8	%

^(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.

Invesco KBW High Dividend Yield Financial ETF (KBWD)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	23.43		$	21.49		$	22.39		$	25.81		$	25.20		$	23.91
Net investment income^(a)		1.23			1.84			1.57			1.75			2.04	^(b)		1.90
Net realized and unrealized gain (loss) on investments		0.69			2.16			(0.53	)		(3.22	)		0.62			1.37
Total from investment operations		1.92			4.00			1.04			(1.47	)		2.66			3.27
Distributions to shareholders from:
Net investment income		(1.67	)		(1.88	)		(1.81	)		(1.87	)		(2.05	)		(1.98	)
Return of capital		—			(0.18	)		(0.13	)		(0.08	)		—			—
Total distributions		(1.67	)		(2.06	)		(1.94	)		(1.95	)		(2.05	)		(1.98	)
Net asset value at end of period	$	23.68		$	23.43		$	21.49		$	22.39		$	25.81		$	25.20
Market price at end of period^(c)	$	23.69		$	23.46		$	21.51		$	22.39		$	25.82		$	25.24
Net Asset Value Total Return^(d)		8.57	%		18.95	%		5.46	%		(6.08	)%		11.05	%		14.21	%
Market Price Total Return^(d)		8.47	%		18.99	%		5.56	%		(6.12	)%		10.91	%		14.62	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	344,556		$	319,788		$	221,379		$	277,692		$	272,257		$	234,348
Ratio to average net assets of:
Expenses^(e)		0.35	%^(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.37	%
Net investment income		6.36	%^(f)		7.77	%		7.45	%		7.15	%		8.00	%^(b)		7.64	%
Portfolio turnover rate^(g)		46	%		52	%		113	%		49	%		30	%		37	%

^(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 during the year. Net investment income per share and the ratio of net investment income to average net excluding the significant dividend are $1.90 and 7.47%, respectively.

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

^(d)

^(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.


		27

Financial Highlights (continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	36.64		$	33.95		$	31.51		$	33.83		$	31.32		$	27.13
Net investment income^(a)		1.45			1.49			1.40			1.19			1.07			0.89
Net realized and unrealized gain (loss) on investments		(0.18	)		3.78			3.36			(1.80	)		3.01			4.76
Total from investment operations		1.27			5.27			4.76			(0.61	)		4.08			5.65
Distributions to shareholders from:
Net investment income		(2.11	)		(2.58	)		(2.32	)		(1.71	)		(1.57	)		(1.46	)
Net asset value at end of period	$	35.80		$	36.64		$	33.95		$	31.51		$	33.83		$	31.32
Market price at end of period^(b)	$	35.80		$	36.67		$	33.95		$	31.52		$	33.82		$	31.38
Net Asset Value Total Return^(c)		4.05	%		15.71	%		15.68	%		(1.94	)%		13.51	%		21.11	%
Market Price Total Return^(c)		3.95	%		15.79	%		15.64	%		(1.88	)%		13.27	%		21.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	442,126		$	381,021		$	188,425		$	110,279		$	98,103		$	68,908
Ratio to average net assets of:
Expenses		0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%
Net investment income		5.16	%^(d)		4.04	%		4.18	%		3.58	%		3.39	%		2.85	%
Portfolio turnover rate^(e)		53	%		61	%		87	%		25	%		27	%		21	%

^(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.

Invesco KBW Property & Casualty Insurance ETF (KBWP)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	59.67		$	50.41		$	48.24		$	41.27		$	38.07		$	30.25
Net investment income^(a)		1.22			1.12			1.08			0.75			0.88			0.59
Net realized and unrealized gain on investments		4.06			9.23			2.06			7.10			3.29			8.09
Total from investment operations		5.28			10.35			3.14			7.85			4.17			8.68
Distributions to shareholders from:
Net investment income		(1.10	)		(1.09	)		(0.93	)		(0.78	)		(0.92	)		(0.86	)
Net realized gains		—			—			(0.04	)		(0.10	)		(0.05	)		—
Total distributions		(1.10	)		(1.09	)		(0.97	)		(0.88	)		(0.97	)		(0.86	)
Net asset value at end of period	$	63.85		$	59.67		$	50.41		$	48.24		$	41.27		$	38.07
Market price at end of period^(b)	$	63.92		$	59.68		$	50.44		$	48.36		$	41.27		$	38.09
Net Asset Value Total Return^(c)		8.99	%		20.68	%		6.63	%		19.31	%		11.17	%		29.33	%
Market Price Total Return^(c)		9.09	%		20.63	%		6.43	%		19.60	%		11.12	%		29.44	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	67,040		$	98,462		$	63,010		$	86,828		$	10,319		$	20,937
Ratio to average net assets of:
Expenses		0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%
Net investment income		2.41	%^(d)		1.97	%		2.23	%		1.69	%		2.30	%		1.69	%
Portfolio turnover rate^(e)		22	%		16	%		20	%		35	%		4	%		12	%

^(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.


		28

Financial Highlights (continued)

Invesco KBW Regional Banking ETF (KBWR)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	55.13		$	44.09		$	42.40		$	39.21		$	36.92		$	27.67
Net investment income^(a)		0.89			0.94			0.87			0.80			0.68			0.66
Net realized and unrealized gain on investments		3.94			10.96			1.63			3.17			2.28			9.12
Total from investment operations		4.83			11.90			2.50			3.97			2.96			9.78
Distributions to shareholders from:
Net investment income		(0.77	)		(0.86	)		(0.81	)		(0.78	)		(0.67	)		(0.53	)
Net asset value at end of period	$	59.19		$	55.13		$	44.09		$	42.40		$	39.21		$	36.92
Market price at end of period^(b)	$	59.19		$	55.20		$	44.15		$	42.42		$	39.21		$	36.96
Net Asset Value Total Return^(c)		8.79	%		27.06	%		6.05	%		10.24	%		8.03	%		35.80	%
Market Price Total Return^(c)		8.65	%		27.05	%		6.14	%		10.29	%		7.91	%		35.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	195,338		$	148,854		$	136,682		$	52,996		$	35,292		$	33,225
Ratio to average net assets of:
Expenses		0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.85	%^(d)		1.75	%		2.11	%		1.97	%		1.80	%		2.05	%
Portfolio turnover rate^(e)		14	%		21	%		23	%		25	%		13	%		7	%

^(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.


		29

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2018

Note 1. Organization


Full Name		Short Name
Invesco KBW Bank ETF (KBWB)		“KBW Bank ETF”
Invesco KBW High Dividend Yield Financial ETF (KBWD)		“KBW High Dividend Yield Financial ETF”
Invesco KBW Premium Yield Equity REIT ETF (KBWY)		“KBW Premium Yield Equity REIT ETF”
Invesco KBW Property & Casualty Insurance ETF (KBWP)		“KBW Property & Casualty Insurance ETF”
Invesco KBW Regional Banking ETF (KBWR)		“KBW Regional Banking ETF”

Effective August 31, 2018, each Fund’s fiscal year-end changed from October 31 to August 31.

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
KBW Bank ETF		KBW Nasdaq Bank Index
KBW High Dividend Yield Financial ETF		KBW Nasdaq Financial Sector Dividend Yield Index
KBW Premium Yield Equity REIT ETF		KBW Nasdaq Premium Yield Equity REIT Index
KBW Property & Casualty Insurance ETF		KBW Nasdaq Property & Casualty Index
KBW Regional Banking ETF		KBW Nasdaq Regional Banking 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:

A security listed or traded on an exchange (except convertible securities) 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 NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).


		30

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”), formerly Invesco PowerShares Capital Management LLC, 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, 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.

B. Other Risks


		31

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, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting.

Non-Diversified Fund Risk. KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and each can invest a greater portion of its assets in securities of individual issuers than diversified funds. 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 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.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

High Dividend Paying Securities Risk. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF 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 an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.

Small- and Mid-Capitalization Company Risk. For KBW High Dividend Yield Financial ETF, KBW Premium Yield Equity REIT ETF and KBW Property & Casualty Insurance ETF, 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.

REIT Risk. For KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF, although the Funds will not invest in real estate directly, the REITs in which the Funds invest are subject to risks inherent in the direct ownership of real estate. These risks include, but are not limited to, 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.

C. Federal Income Taxes


		32

D. 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 the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

E. Country Determination

F. 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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

G. Dividends and Distributions to Shareholders

Each Fund (except for KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.


		33

H. Accounting Estimates

I. Foreign Currency Translations

J. Securities Lending

During the period November 1, 2017 to August 31, 2018, KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. 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.

Note 3. Investment Advisory Agreement and Other Agreements

As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.35% of each Fund’s average daily net assets. 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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.


		34

For the period November 1, 2017 to August 31, 2018 and the fiscal year ended October 31, 2017, the Adviser waived fees for each Fund in the following amounts:


	November 1, 2017 to August 31, 2018		Year Ended October 31, 2017
KBW Bank ETF	$	763	$	586
KBW High Dividend Yield Financial ETF		604		564
KBW Premium Yield Equity REIT ETF		768		954
KBW Property & Casualty Insurance ETF		71		76
KBW Regional Banking ETF		159		174

The Adviser has entered into a licensing agreement for each Fund with Keefe, Bruyette & Woods, Inc. (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.

Note 4. Investments in Affiliates

The Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Funds. The table below shows KBW High Dividend Yield Financial ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the period November 1, 2017 to August 31, 2018.

KBW High Dividend Yield Financial ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2018		Dividend Income
Invesco Ltd.	$	4,002,539	$	3,998,038	$	(1,469,516	)	$	(1,599,635	)	$	88,941	$	5,020,367	$	154,665

The 1940 Act defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund listed below has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows KBW Premium Yield Equity REIT ETF’s transactions in, and earnings from, investment in affiliates (excluding affiliated money market funds) for the period November 1, 2017 to August 31, 2018.

KBW Premium Yield Equity REIT ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Global Medical REIT, Inc.*	$	16,128,119	$	—	$	(15,597,377	)	$	743,993	$	(1,274,735	)	$	—	$	146,047

*	At August 31, 2018, this security was no longer held.

Note 5. Security Transactions with Affiliated Funds


		Securities Purchases		Securities Sales		Net Realized Gain
KBW High Dividend Yield Financial ETF	��	$	16,152	$	—	$	—
KBW Premium Yield Equity REIT ETF			51,800		—		—


		35

Note 6. Additional Valuation Information

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.

Level 2 —

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.

As of August 31, 2018, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.

Note 7. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period November 1, 2017 to August 31, 2018, Year Ended October 31, 2017 and Year Ended October 31, 2016:


	August 31, 2018						October 31, 2017						October 31, 2016
	Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
KBW Bank ETF	$	13,953,911	$	—	$	—	$	11,970,916	$	—	$	—	$	8,225,074	$	—	$	—
KBW High Dividend Yield Financial ETF		22,966,897		—		—		22,432,879		—		2,226,939		18,056,090		—		1,310,772
KBW Premium Yield Equity REIT ETF		24,220,997		—		—		20,246,066		—		—		10,877,502		—		—
KBW Property & Casualty Insurance ETF		1,596,854		—		—		1,799,966		—		—		1,641,784		33,223		—
KBW Regional Banking ETF		2,158,780		—		—		3,136,776		—		—		1,882,396		—		—

Tax Components of Net Assets at Fiscal Period-End:


	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
KBW Bank ETF	$	4,417,021	$	(18,835,677	)	$	(973,443	)	$	1,038,651,738	$	1,023,259,639
KBW High Dividend Yield Financial ETF		—		(4,162,535	)		(59,044,055	)		407,763,029		344,556,439
KBW Premium Yield Equity REIT ETF		—		2,559,724			(19,423,276	)		458,990,002		442,126,450
KBW Property & Casualty Insurance ETF		210,388		5,863,022			(2,685,840	)		63,652,258		67,039,828
KBW Regional Banking ETF		775,338		6,053,588			(1,603,996	)		190,112,676		195,337,606

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.


		36

The following table presents available capital loss carryforwards for each Fund as of August 31, 2018:


	Post-effective/no expiration
	Short-Term		Long-Term		Total*
KBW Bank ETF	$	—	$	973,443	$	973,443
KBW High Dividend Yield Financial ETF		17,347,894		41,696,161		59,044,055
KBW Premium Yield Equity REIT ETF		12,666,128		6,757,148		19,423,276
KBW Property & Casualty Insurance ETF		758,863		1,926,977		2,685,840
KBW Regional Banking ETF		1,108,730		495,266		1,603,996

Note 8. Investment Transactions


	Purchases		Sales
KBW Bank ETF	$	85,116,281	$	73,999,536
KBW High Dividend Yield Financial ETF		159,567,341		147,551,233
KBW Premium Yield Equity REIT ETF		212,145,914		205,235,260
KBW Property & Casualty Insurance ETF		16,670,489		19,224,034
KBW Regional Banking ETF		24,388,060		23,860,446

For the period November 1, 2017 to August 31, 2018, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
KBW Bank ETF	$	1,617,536,137	$	1,604,747,549
KBW High Dividend Yield Financial ETF		87,538,519		77,263,945
KBW Premium Yield Equity REIT ETF		138,058,100		72,483,662
KBW Property & Casualty Insurance ETF		18,223,201		51,359,489
KBW Regional Banking ETF		64,133,046		28,099,312

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
KBW Bank ETF	$	13,321,837	$	(32,157,514	)	$	(18,835,677	)	$	1,042,117,062
KBW High Dividend Yield Financial ETF		21,953,063		(26,115,598	)		(4,162,535	)		403,467,362
KBW Premium Yield Equity REIT ETF		20,847,253		(18,287,529	)		2,559,724			441,645,210
KBW Property & Casualty Insurance ETF		7,824,135		(1,961,113	)		5,863,022			61,178,973
KBW Regional Banking ETF		12,375,177		(6,321,589	)		6,053,588			189,291,046

Note 9. Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and taxable overdistributions, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These


		37

reclassifications had no effect on the net assets of each Fund. For the period November 1, 2017 to August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
KBW Bank ETF	$	—	$	(102,494,174	)	$	102,494,174
KBW High Dividend Yield Financial ETF		5,949,731		(15,508,769	)		9,559,038
KBW Premium Yield Equity REIT ETF		7,577,763		(6,245,149	)		(1,332,614	)
KBW Property & Casualty Insurance ETF		—		(9,163,966	)		9,163,966
KBW Regional Banking ETF		—		(1,451,067	)		1,451,067

Note 10. Trustees’ and Officer’s Fees

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 11. 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.

Note 12. Indemnifications


		38

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF (five of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017, the statements of changes in net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017, the changes in each of their net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


		39

Fees and Expenses

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 August 31, 2018.

In addition to the fees and expenses which the Invesco KBW High Dividend Yield Financial 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 are included in the Portfolio’s total returns.

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, 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.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco KBW Bank ETF (KBWB)
Actual	$	1,000.00	$	993.10		0.35	%	$	1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35			1.79
Invesco KBW High Dividend Yield Financial ETF (KBWD)
Actual		1,000.00		1,133.50		0.35			1.88
Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35			1.79
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
Actual		1,000.00		1,222.60		0.35			1.96
Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35			1.79
Invesco KBW Property & Casualty Insurance ETF (KBWP)
Actual		1,000.00		1,087.40		0.35			1.84
Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35			1.79


		40

Fees and Expenses (continued)


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco KBW Regional Banking ETF (KBWR)
Actual	$	1,000.00	$	1,027.70		0.35	%	$	1.79
Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35			1.79

⁽¹⁾


		41

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended August 31, 2018:


	Qualified Dividend Income*			Corporate Dividends Received Deduction*
Invesco KBW Bank ETF		100	%		100	%
Invesco KBW High Dividend Yield Financial ETF		69	%		67	%
Invesco KBW Premium Yield Equity REIT ETF		1	%		1	%
Invesco KBW Property & Casualty Insurance ETF		100	%		88	%
Invesco KBW Regional Banking ETF		100	%		100	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period.


		42

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		43

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		44

Trustees and Officers (continued)


Name, Address and Year of Birth of Unaffiliated Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Unaffiliated Trustee	Other Directorships Held by Unaffiliated Trustee During the Past 5 Years
Philip M. Nussbaum***—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2007	Chairman, Performance Trust Capital Partners (2004-Present).	221	None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		45

Trustees and Officers (continued)


Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	221	None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		46

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		47

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		48

(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-KBW-AR-1

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


PBUS		Invesco PureBeta^SM MSCI USA ETF
PBSM		Invesco PureBeta^SM MSCI USA Small Cap ETF
PBND		Invesco PureBeta^SM US Aggregate Bond ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

PureBeta Portfolios

Schedules of Investments

Invesco PureBeta^SM MSCI USA ETF (PBUS)			11

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)			17

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)			34

Statements of Assets and Liabilities			40

Statements of Operations			42

Statements of Changes in Net Assets			44

Financial Highlights			46

Notes to Financial Statements			48

Report of Independent Registered Public Accounting Firm			57

Fees and Expenses			58

Tax Information			59

Trustees and Officers			60


		2

The Market Environment

Domestic Equity

¹	Source: US Treasury

²	Source: US Federal Reserve

Fixed Income

¹	Bureau of Labor Statistics

²	US Federal Reserve

³	US Treasury Department


		3


PBUS		Manager’s Analysis
PBUS		Invesco PureBeta^SM MSCI USA ETF (PBUS)

As an index fund, the Invesco PureBeta^SM MSCI USA ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 14.68%. On a net asset value (“NAV”) basis, the Fund returned 14.68%. During the same time period, the Index returned 14.71%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

For the fiscal period ended August 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 2.52%), Apple, Inc., an information technology company (portfolio average weight of 3.81%), and Microsoft Corp., an information technology company (portfolio average weight of 2.85%). Positions that detracted most significantly from the Fund’s return included General Electric Co., an industrials company (portfolio average weight of 0.54%), and Philip Morris International, Inc., a consumer staples company (portfolio average weight of 0.60%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			26.8
Health Care			14.3
Financials			13.5
Consumer Discretionary			13.3
Industrials			9.5
Consumer Staples			6.5
Energy			5.8
Real Estate			2.8
Utilities			2.7
Materials			2.6
Telecommunication Services			2.0
Other Assets Less Liabilities			0.2

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
Apple, Inc.			4.3
Amazon.com, Inc.			3.3
Microsoft Corp.			3.2
Facebook, Inc., Class A			1.6
JPMorgan Chase & Co.			1.5
Alphabet, Inc., Class C			1.5
Alphabet, Inc., Class A			1.4
Johnson & Johnson			1.4
Exxon Mobil Corp.			1.3
Bank of America Corp.			1.2
Total			20.7


		4

Invesco PureBeta^SM MSCI USA ETF (PBUS) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
MSCI USA Index		18.14	%
Fund
NAV Return		18.08
Market Price Return		18.22

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.04% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Index and Fund Performance History:

-	Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund.


		5


PBSM		Manager’s Analysis
PBSM		Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

As an index fund, the Invesco PureBeta^SM MSCI USA Small Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Small Cap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the small-capitalization segment of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 16.57%. On a net asset value (“NAV”) basis, the Fund returned 16.66%. During the same time period, the Index returned 16.70%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

For the fiscal period ended August 31, 2018, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The telecommunications services sector detracted most significantly from the Fund’s return, followed by the materials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Nektar Therapeutics, a consumer discretionary company (no longer held at fiscal period-end), and ABIOMED, Inc., a consumer discretionary company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included Adient PLC, a consumer discretionary company (portfolio average weight of 0.16%), and Acadia Healthcare Co., Inc., a health care company (portfolio average weight of 0.06%).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Information Technology			16.0
Financials			15.9
Health Care			14.8
Industrials			13.9
Consumer Discretionary			12.8
Real Estate			10.0
Materials			5.4
Energy			4.6
Consumer Staples			3.3
Utilities			2.8
Telecommunication Services			0.5
Other Assets Less Liabilities			0.0

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2018
Security
WellCare Health Plans, Inc.			0.4
GrubHub, Inc.			0.3
DexCom, Inc.			0.3
PTC Therapeutics, Inc.			0.3
Burlington Stores, Inc.			0.3
Neurocrine Biosciences, Inc.			0.3
NRG Energy, Inc.			0.3
PerkinElmer, Inc.			0.3
Lamb Weston Holdings, Inc.			0.3
STERIS PLC			0.3
Total			3.1


		6

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
MSCI USA Small Cap Index		20.98	%
Fund
NAV Return		20.93
Market Price Return		20.84

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.06% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Index and Fund Performance History:

-	Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund.


		7


PBND		Manager’s Analysis
PBND		Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

As an index fund, the Invesco PureBeta^SM US Aggregate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofAML US Broad Market Index^SM (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide a broad measure of the performance of the domestic investment grade bond market, represented by U.S. dollar-denominated, investment grade debt securities that are publicly offered for sale in the United States. Constituent securities may include U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgaged-backed securities and asset-backed securities. Transactions in U.S. government agency mortgage-backed securities may occur through standardized agreements for forward or future delivery in which the actual mortgage pools to be delivered are not specified until shortly prior to settlement (to be announced (“TBA”) transactions). The Fund may engage in such TBA transactions. Pending settlement of TBA transactions, the Fund will invest its assets in high-quality, liquid, short-term instruments, including affiliated money market funds. The Fund also may acquire interests in mortgage pools through means other than such standardized agreements for forward or future delivery.

To qualify for inclusion in the Index, securities must have: (i) at least one year to final maturity; (ii) at least 18 months to final maturity when issued; (iii) a fixed coupon schedule; and (iv) with the exception of U.S. Treasuries, an investment grade rating (based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”)). Original issue zero coupon bonds, Rule 144A securities, corporate pay-in-kind securities and “hybrid” securities (including those that may convert into preferred shares) are eligible for inclusion in the Index. Index constituents are capitalization-weighted, based on their current amount outstanding times the market price, plus accrued interest. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned (0.64)%. On a net asset value (“NAV”) basis, the Fund returned (0.68)%. During the same time period, the Index returned (0.60)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as due to the sampling methodology utilized by the Fund.

For the fiscal period ended August 31, 2018, government securities contributed most significantly to the Fund’s return, followed by U.S. Treasuries. Corporate debt securities detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Anheuser-Busch InBev Finance, Inc. (Belgium), 4.90% coupon, due 02/01/2046, a beverages company (no longer held at fiscal period-end), Federal Home Loan Mortgage Corp. (FHLMC), 3.00% coupon, due 11/01/2028, a collateralized mortgage obligations security (portfolio average weight of 0.50%), and Verizon Communications, Inc., 5.012% coupon, due 04/15/2049, a telecommunications company (portfolio average weight of 0.42%). Positions that detracted most significantly from the Fund’s return included General Electric Co., Series A, GMTN, 6.75% coupon, due 03/15/2032, a miscellaneous manufacturing company (portfolio average weight of 0.53%), and Kraft Heinz Foods Co., 5.20% coupon, due 07/15/2045, a food company (portfolio average weight of 0.42%).


Asset Group (% of the Fund’s Net Assets) as of August 31, 2018
U.S. Treasury Securities			39.3
Corporate Bonds and Notes			28.6
U.S. Government Sponsored Agency Mortgage-Backed Securities			23.3
Sovereign Debt Obligations			3.1
Commercial Mortgage-Backed Securities			1.8
U.S. Government Sponsored Agency Securities			1.7
Asset-Backed Securities			1.2
Municipal Bonds			0.6
Money Market Fund Plus Other Assets Less Liabilities			0.4


		8

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Government National Mortgage Association (GNMA), 3.500%, 08/20/2047			1.9
Government National Mortgage Association (GNMA), 3.000%, 11/20/2046			1.9
Federal Home Loan Mortgage Corp. (FHLMC), 3.000%, 06/01/2046			1.7
Federal National Mortgage Association (FNMA), 4.000%, 10/01/2047			1.5
Federal National Mortgage Association (FNMA), 3.500%, 08/01/2045			1.4
Federal National Mortgage Association (FNMA), 3.000%, 09/01/2046			1.4
Government National Mortgage Association (GNMA), 3.500%, 09/20/2047			1.4
Federal National Mortgage Association (FNMA), 3.000%, 12/01/2046			1.2
Federal National Mortgage Association (FNMA), 4.000%, 09/01/2047			1.1
U.S. Treasury Bond, 6.625%, 02/15/2027			1.1
Total			14.6

*	Excluding money market fund holdings.


		9

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	Fund Inception
Index	Cumulative
ICE BofAML US Broad Market Index^SM		(0.53	)%
Fund
NAV Return		(0.66	)
Market Price Return		(0.34	)

Fund Inception: September 29, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.05% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Index and Fund Performance History:

-	Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund.


		10

Schedule of Investments^(a)

Invesco PureBeta^SM MSCI USA ETF (PBUS)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Consumer Discretionary—13.3%
	8	Advance Auto Parts, Inc.	$	1,312
	47	Amazon.com, Inc.^(b)		94,597
	30	Aptiv PLC		2,640
	27	Aramark		1,109
	10	Autoliv, Inc. (Sweden)		891
	3	AutoZone, Inc.^(b)		2,301
	29	Best Buy Co., Inc.		2,307
	5	Booking Holdings, Inc.^(b)		9,758
	24	BorgWarner, Inc.		1,050
	21	CarMax, Inc.^(b)		1,639
	48	Carnival Corp.		2,952
	40	CBS Corp., Class B		2,121
	19	Charter Communications, Inc., Class A^(b)		5,898
	3	Chipotle Mexican Grill, Inc.^(b)		1,426
	524	Comcast Corp., Class A		19,383
	40	D.R. Horton, Inc.		1,780
	14	Darden Restaurants, Inc.		1,625
	17	Discovery, Inc., Class A^(b)		473
	34	Discovery, Inc., Class C^(b)		872
	25	DISH Network Corp., Class A^(b)		884
	31	Dollar General Corp.		3,340
	26	Dollar Tree, Inc.^(b)		2,093
	5	Domino’s Pizza, Inc.		1,493
	14	Expedia Group, Inc.		1,827
	414	Ford Motor Co.		3,925
	26	Gap, Inc. (The)		789
	14	Garmin Ltd.		954
	144	General Motors Co.		5,191
	16	Genuine Parts Co.		1,598
	28	Goodyear Tire & Rubber Co. (The)		635
	23	H&R Block, Inc.		622
	41	Hanesbrands, Inc.		719
	19	Harley-Davidson, Inc.		810
	13	Hasbro, Inc.		1,291
	32	Hilton Worldwide Holdings, Inc.		2,484
	131	Home Depot, Inc. (The)		26,301
	44	Interpublic Group of Cos., Inc. (The)		1,027
	19	Kohl’s Corp.		1,503
	27	L Brands, Inc.		714
	44	Las Vegas Sands Corp.		2,878
	8	Lear Corp.		1,298
	15	Leggett & Platt, Inc.		682
	32	Lennar Corp., Class A		1,653
	12	Liberty Broadband Corp., Class C^(b)		973
	24	Liberty Global PLC, Series A (United Kingdom)^(b)		643
	64	Liberty Global PLC, Series C (United Kingdom)^(b)		1,657
	23	Liberty Media Corp.-Liberty Formula One, Class C^(b)		850
	10	Liberty Media Corp.-Liberty SiriusXM, Class A^(b)		467
	20	Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		941
	16	Live Nation Entertainment, Inc.^(b)		795
	34	LKQ Corp.^(b)		1,174
	93	Lowe’s Cos., Inc.		10,114
	11	Lululemon Athletica, Inc.^(b)		1,704
	34	Macy’s, Inc.		1,243
	35	Marriott International, Inc., Class A		4,426
	38	Mattel, Inc.^(b)		586


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	89	McDonald’s Corp.	$	14,438
	60	MGM Resorts International		1,739
	17	Michael Kors Holdings Ltd.^(b)		1,235
	7	Mohawk Industries, Inc.^(b)		1,341
	49	Netflix, Inc.^(b)		18,016
	54	Newell Brands, Inc.		1,173
	43	News Corp., Class A		562
	145	NIKE, Inc., Class B		11,919
	14	Nordstrom, Inc.		880
	24	Norwegian Cruise Line Holdings Ltd.^(b)		1,287
	26	Omnicom Group, Inc.		1,802
	9	O’Reilly Automotive, Inc.^(b)		3,019
	7	Polaris Industries, Inc.		759
	32	PulteGroup, Inc.		894
	9	PVH Corp.		1,288
	50	Qurate Retail, Inc., Class A^(b)		1,040
	6	Ralph Lauren Corp., Class A		797
	43	Ross Stores, Inc.		4,119
	19	Royal Caribbean Cruises Ltd.		2,329
	182	Sirius XM Holdings, Inc.		1,292
	159	Starbucks Corp.		8,499
	31	Tapestry, Inc.		1,571
	58	Target Corp.		5,075
	14	Tesla, Inc.^(b)		4,223
	14	Tiffany & Co.		1,717
	71	TJX Cos., Inc. (The)		7,808
	17	Toll Brothers, Inc.		616
	14	Tractor Supply Co.		1,236
	13	TripAdvisor, Inc.^(b)		706
	117	Twenty-First Century Fox, Inc., Class A		5,312
	49	Twenty-First Century Fox, Inc., Class B		2,200
	6	Ulta Beauty, Inc.^(b)		1,560
	21	Under Armour, Inc., Class C^(b)		398
	21	Under Armour, Inc., Class A^(b)		429
	5	Vail Resorts, Inc.		1,490
	38	VF Corp.		3,501
	39	Viacom, Inc., Class B		1,142
	169	Walt Disney Co. (The)		18,931
	7	Whirlpool Corp.		875
	11	Wynn Resorts Ltd.		1,632
	38	Yum! Brands, Inc.		3,302

				386,570

		Consumer Staples—6.5%
	213	Altria Group, Inc.		12,465
	63	Archer-Daniels-Midland Co.		3,175
	30	Brown-Forman Corp., Class B		1,567
	16	Bunge Ltd.		1,040
	20	Campbell Soup Co.		789
	28	Church & Dwight Co., Inc.		1,584
	14	Clorox Co. (The)		2,030
	458	Coca-Cola Co. (The)		20,413
	94	Colgate-Palmolive Co.		6,242
	47	Conagra Brands, Inc.		1,727
	19	Constellation Brands, Inc., Class A		3,956
	49	Costco Wholesale Corp.		11,423
	54	Coty, Inc., Class A		667

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


		11

Invesco PureBeta^SM MSCI USA ETF (PBUS) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	25	Estee Lauder Cos., Inc. (The), Class A	$	3,503
	64	General Mills, Inc.		2,945
	16	Hershey Co. (The)		1,608
	32	Hormel Foods Corp.		1,253
	8	Ingredion, Inc.		809
	13	JM Smucker Co. (The)		1,344
	29	Kellogg Co.		2,082
	39	Kimberly-Clark Corp.		4,506
	68	Kraft Heinz Co. (The)		3,962
	101	Kroger Co. (The)		3,181
	14	McCormick & Co., Inc.		1,748
	21	Molson Coors Brewing Co., Class B		1,401
	167	Mondelez International, Inc., Class A		7,134
	47	Monster Beverage Corp.^(b)		2,862
	159	PepsiCo, Inc.		17,810
	174	Philip Morris International, Inc.		13,553
	285	Procter & Gamble Co. (The)		23,641
	55	Sysco Corp.		4,115
	34	Tyson Foods, Inc., Class A		2,136
	94	Walgreens Boots Alliance, Inc.		6,445
	167	Walmart, Inc.		16,009

				189,125

		Energy—5.8%
	60	Anadarko Petroleum Corp.		3,864
	16	Andeavor		2,445
	25	Antero Resources Corp.^(b)		463
	42	Apache Corp.		1,841
	49	Baker Hughes a GE Co.		1,616
	52	Cabot Oil & Gas Corp.		1,239
	23	Cheniere Energy, Inc.^(b)		1,539
	214	Chevron Corp.		25,350
	11	Cimarex Energy Co.		929
	22	Concho Resources, Inc.^(b)		3,017
	131	ConocoPhillips		9,619
	10	Continental Resources, Inc.^(b)		659
	59	Devon Energy Corp.		2,533
	11	Diamondback Energy, Inc.		1,332
	65	EOG Resources, Inc.		7,685
	30	EQT Corp.		1,531
	477	Exxon Mobil Corp.		38,241
	97	Halliburton Co.		3,869
	12	Helmerich & Payne, Inc.		787
	32	Hess Corp.		2,155
	19	HollyFrontier Corp.		1,416
	224	Kinder Morgan, Inc.		3,965
	95	Marathon Oil Corp.		2,043
	54	Marathon Petroleum Corp.		4,444
	42	National Oilwell Varco, Inc.		1,977
	22	Newfield Exploration Co.^(b)		600
	55	Noble Energy, Inc.		1,635
	87	Occidental Petroleum Corp.		6,949
	46	ONEOK, Inc.		3,032
	25	Parsley Energy, Inc., Class A^(b)		694
	50	Phillips 66		5,926
	19	Pioneer Natural Resources Co.		3,319
	16	Plains GP Holdings LP, Class A		412


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	155	Schlumberger Ltd.	$	9,790
	24	Targa Resources Corp.		1,322
	49	TechnipFMC PLC (United Kingdom)		1,501
	49	Valero Energy Corp.		5,776
	136	Williams Cos., Inc. (The)		4,024

				169,539

		Financials—13.5%
	6	Affiliated Managers Group, Inc.		877
	88	Aflac, Inc.		4,069
	50	AGNC Investment Corp. REIT		951
	2	Alleghany Corp.		1,264
	40	Allstate Corp. (The)		4,023
	51	Ally Financial, Inc.		1,371
	82	American Express Co.		8,690
	8	American Financial Group, Inc.		891
	100	American International Group, Inc.		5,317
	16	Ameriprise Financial, Inc.		2,271
	128	Annaly Capital Management, Inc. REIT		1,359
	28	Aon PLC		4,076
	45	Arch Capital Group Ltd.^(b)		1,376
	20	Arthur J. Gallagher & Co.		1,443
	6	Assurant, Inc.		617
	17	Athene Holding Ltd., Class A^(b)		844
	9	Axis Capital Holdings Ltd.		518
	1,097	Bank of America Corp.		33,930
	114	Bank of New York Mellon Corp. (The)		5,945
	88	BB&T Corp.		4,546
	143	Berkshire Hathaway, Inc., Class B^(b)		29,847
	14	BlackRock, Inc.		6,707
	10	Brighthouse Financial, Inc.^(b)		415
	54	Capital One Financial Corp.		5,351
	13	Cboe Global Markets, Inc.		1,310
	136	Charles Schwab Corp. (The)		6,907
	52	Chubb Ltd.		7,033
	18	Cincinnati Financial Corp.		1,380
	13	CIT Group, Inc.		705
	288	Citigroup, Inc.		20,517
	56	Citizens Financial Group, Inc.		2,305
	38	CME Group, Inc.		6,640
	19	Comerica, Inc.		1,852
	41	Discover Financial Services		3,203
	31	E*TRADE Financial Corp.^(b)		1,825
	16	East West Bancorp, Inc.		1,014
	13	Eaton Vance Corp.		686
	5	Everest Re Group Ltd.		1,115
	29	Fidelity National Financial, Inc.		1,163
	79	Fifth Third Bancorp		2,325
	18	First Republic Bank		1,829
	37	Franklin Resources, Inc.		1,174
	40	Goldman Sachs Group, Inc. (The)		9,512
	41	Hartford Financial Services Group, Inc. (The)		2,065
	121	Huntington Bancshares, Inc.		1,961
	66	Intercontinental Exchange, Inc.		5,031
	45	Invesco Ltd.^(c)		1,085
	36	Jefferies Financial Group, Inc.		836
	387	JPMorgan Chase & Co.		44,342

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


		12

Invesco PureBeta^SM MSCI USA ETF (PBUS) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	122	KeyCorp	$	2,571
	24	Lincoln National Corp.		1,574
	32	Loews Corp.		1,610
	16	M&T Bank Corp.		2,834
	2	Markel Corp.^(b)		2,418
	57	Marsh & McLennan Cos., Inc.		4,824
	100	MetLife, Inc.		4,589
	19	Moody’s Corp.		3,382
	151	Morgan Stanley		7,373
	10	MSCI, Inc., Class A		1,803
	13	Nasdaq, Inc.		1,241
	54	New York Community Bancorp, Inc.		582
	24	Northern Trust Corp.		2,579
	38	People’s United Financial, Inc.		703
	53	PNC Financial Services Group, Inc. (The)		7,608
	32	Principal Financial Group, Inc.		1,766
	65	Progressive Corp. (The)		4,389
	47	Prudential Financial, Inc.		4,618
	15	Raymond James Financial, Inc.		1,396
	130	Regions Financial Corp.		2,530
	7	Reinsurance Group of America, Inc.		1,000
	4	RenaissanceRe Holdings Ltd. (Bermuda)		532
	28	S&P Global, Inc.		5,797
	15	SEI Investments Co.		946
	6	Signature Bank/New York NY		694
	41	State Street Corp.		3,563
	54	SunTrust Banks, Inc.		3,972
	6	SVB Financial Group^(b)		1,937
	81	Synchrony Financial		2,565
	27	T. Rowe Price Group, Inc.		3,129
	32	TD Ameritrade Holding Corp.		1,874
	12	Torchmark Corp.		1,055
	31	Travelers Cos., Inc. (The)		4,080
	25	Unum Group		922
	176	US Bancorp		9,523
	21	Voya Financial, Inc.		1,051
	11	W.R. Berkley Corp.		861
	525	Wells Fargo & Co.		30,702
	15	Willis Towers Watson PLC		2,209
	29	XL Group Ltd. (Bermuda)		1,664
	23	Zions Bancorporation		1,226

				394,205

		Health Care—14.3%
	198	Abbott Laboratories		13,234
	170	AbbVie, Inc.		16,317
	5	ABIOMED, Inc.^(b)		2,033
	37	Aetna, Inc.		7,410
	36	Agilent Technologies, Inc.		2,431
	25	Alexion Pharmaceuticals, Inc.^(b)		3,056
	9	Align Technology, Inc.^(b)		3,478
	17	Alkermes PLC^(b)		762
	37	Allergan PLC		7,093
	10	Alnylam Pharmaceuticals, Inc.^(b)		1,227
	18	AmerisourceBergen Corp.		1,619
	76	Amgen, Inc.		15,186
	29	Anthem, Inc.		7,677


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	57	Baxter International, Inc.	$	4,239
	30	Becton, Dickinson and Co.		7,856
	24	Biogen, Inc.^(b)		8,484
	20	BioMarin Pharmaceutical, Inc.^(b)		2,000
	152	Boston Scientific Corp.^(b)		5,405
	183	Bristol-Myers Squibb Co.		11,081
	35	Cardinal Health, Inc.		1,827
	84	Celgene Corp.^(b)		7,934
	23	Centene Corp.^(b)		3,369
	33	Cerner Corp.^(b)		2,149
	27	Cigna Corp.		5,085
	6	Cooper Cos., Inc. (The)		1,535
	114	CVS Health Corp.		8,577
	70	Danaher Corp.		7,248
	17	DaVita, Inc.^(b)		1,178
	26	DENTSPLY SIRONA, Inc.		1,038
	24	Edwards Lifesciences Corp.^(b)		3,462
	111	Eli Lilly & Co.		11,727
	63	Express Scripts Holding Co.^(b)		5,545
	148	Gilead Sciences, Inc.		11,208
	32	HCA Healthcare, Inc.		4,292
	18	Henry Schein, Inc.^(b)		1,398
	31	Hologic, Inc.^(b)		1,233
	16	Humana, Inc.		5,332
	10	IDEXX Laboratories, Inc.^(b)		2,540
	17	Illumina, Inc.^(b)		6,032
	20	Incyte Corp.^(b)		1,478
	13	Intuitive Surgical, Inc.^(b)		7,280
	17	IQVIA Holdings, Inc.^(b)		2,161
	7	Jazz Pharmaceuticals PLC^(b)		1,196
	301	Johnson & Johnson		40,542
	11	Laboratory Corp. of America Holdings^(b)		1,902
	23	McKesson Corp.		2,961
	153	Medtronic PLC		14,751
	302	Merck & Co., Inc.		20,714
	3	Mettler-Toledo International, Inc.^(b)		1,753
	58	Mylan NV^(b)		2,270
	18	Nektar Therapeutics, Class A^(b)		1,197
	16	Perrigo Co. PLC		1,224
	667	Pfizer, Inc.		27,694
	15	Quest Diagnostics, Inc.		1,650
	9	Regeneron Pharmaceuticals, Inc.^(b)		3,661
	16	ResMed, Inc.		1,783
	13	Seattle Genetics, Inc.^(b)		998
	38	Stryker Corp.		6,438
	5	Teleflex, Inc.		1,237
	45	Thermo Fisher Scientific, Inc.		10,759
	5	United Therapeutics Corp.^(b)		615
	109	UnitedHealth Group, Inc.		29,262
	10	Universal Health Services, Inc., Class B		1,302
	10	Varian Medical Systems, Inc.^(b)		1,120
	13	Veeva Systems, Inc., Class A^(b)		1,357
	28	Vertex Pharmaceuticals, Inc.^(b)		5,163
	9	Waters Corp.^(b)		1,705
	23	Zimmer Biomet Holdings, Inc.		2,843
	54	Zoetis, Inc.		4,892

				415,205

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


		13

Invesco PureBeta^SM MSCI USA ETF (PBUS) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials—9.5%
	67	3M Co.	$	14,132
	16	A.O. Smith Corp.		929
	5	Acuity Brands, Inc.		764
	7	AGCO Corp.		418
	11	Allegion PLC		959
	1	AMERCO		375
	14	American Airlines Group, Inc.		567
	26	AMETEK, Inc.		2,001
	49	Arconic, Inc.		1,097
	63	Boeing Co. (The)		21,596
	16	C.H. Robinson Worldwide, Inc.		1,537
	67	Caterpillar, Inc.		9,303
	10	Cintas Corp.		2,134
	23	Copart, Inc.^(b)		1,479
	4	CoStar Group, Inc.^(b)		1,769
	95	CSX Corp.		7,045
	18	Cummins, Inc.		2,552
	35	Deere & Co.		5,033
	20	Delta Air Lines, Inc.		1,170
	17	Dover Corp.		1,460
	49	Eaton Corp. PLC		4,074
	72	Emerson Electric Co.		5,525
	13	Equifax, Inc.		1,742
	20	Expeditors International of Washington, Inc.		1,466
	32	Fastenal Co.		1,867
	29	FedEx Corp.		7,075
	15	Flowserve Corp.		782
	16	Fluor Corp.		919
	35	Fortive Corp.		2,939
	17	Fortune Brands Home & Security, Inc.		901
	28	General Dynamics Corp.		5,415
	971	General Electric Co.		12,565
	13	Harris Corp.		2,113
	20	HD Supply Holdings, Inc.^(b)		912
	84	Honeywell International, Inc.		13,361
	5	Huntington Ingalls Industries, Inc.		1,222
	9	IDEX Corp.		1,379
	45	IHS Markit Ltd.^(b)		2,475
	35	Illinois Tool Works, Inc.		4,861
	28	Ingersoll-Rand PLC		2,836
	10	J.B. Hunt Transport Services, Inc.		1,207
	15	Jacobs Engineering Group, Inc.		1,090
	104	Johnson Controls International PLC		3,928
	12	Kansas City Southern		1,392
	15	Knight-Swift Transportation Holdings, Inc.		512
	9	L3 Technologies, Inc.		1,923
	4	Lennox International, Inc.		891
	29	Lockheed Martin Corp.		9,292
	7	ManpowerGroup, Inc.		656
	36	Masco Corp.		1,367
	6	Middleby Corp. (The)^(b)		729
	40	Nielsen Holdings PLC		1,040
	32	Norfolk Southern Corp.		5,563
	19	Northrop Grumman Corp.		5,671
	7	Old Dominion Freight Line, Inc.		1,067
	12	Owens Corning		679


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	39	PACCAR, Inc.	$	2,668
	15	Parker-Hannifin Corp.		2,634
	19	Pentair PLC (United Kingdom)		826
	32	Raytheon Co.		6,382
	26	Republic Services, Inc.		1,907
	14	Robert Half International, Inc.		1,095
	14	Rockwell Automation, Inc.		2,533
	18	Rockwell Collins, Inc.		2,447
	11	Rollins, Inc.		661
	12	Roper Technologies, Inc.		3,580
	19	Sensata Technologies Holding PLC^(b)		1,006
	6	Snap-on, Inc.		1,061
	17	Southwest Airlines Co.		1,042
	13	Spirit AeroSystems Holdings, Inc., Class A		1,111
	17	Stanley Black & Decker, Inc.		2,389
	10	Stericycle, Inc.^(b)		617
	30	Textron, Inc.		2,071
	5	TransDigm Group, Inc.^(b)		1,750
	20	TransUnion		1,506
	88	Union Pacific Corp.		13,255
	9	United Continental Holdings, Inc.^(b)		787
	77	United Parcel Service, Inc., Class B		9,462
	10	United Rentals, Inc.^(b)		1,559
	85	United Technologies Corp.		11,194
	18	Verisk Analytics, Inc.^(b)		2,144
	5	W.W. Grainger, Inc.		1,770
	6	WABCO Holdings, Inc.^(b)		738
	10	Wabtec Corp.		1,083
	30	Waste Connections, Inc.		2,382
	48	Waste Management, Inc.		4,363
	13	XPO Logistics, Inc.^(b)		1,384
	20	Xylem, Inc.		1,518

				276,681

		Information Technology—26.8%
	73	Accenture PLC, Class A		12,342
	80	Activision Blizzard, Inc.		5,768
	55	Adobe Systems, Inc.^(b)		14,493
	103	Advanced Micro Devices, Inc.^(b)		2,593
	19	Akamai Technologies, Inc.^(b)		1,428
	6	Alliance Data Systems Corp.		1,431
	34	Alphabet, Inc., Class A^(b)		41,881
	35	Alphabet, Inc., Class C^(b)		42,637
	34	Amphenol Corp., Class A		3,216
	41	Analog Devices, Inc.		4,053
	9	ANSYS, Inc.^(b)		1,674
	555	Apple, Inc.		126,335
	120	Applied Materials, Inc.		5,162
	6	Arista Networks, Inc.^(b)		1,794
	10	Arrow Electronics, Inc.^(b)		775
	25	Autodesk, Inc.^(b)		3,859
	50	Automatic Data Processing, Inc.		7,337
	14	Avnet, Inc.		678
	46	Broadcom, Inc.		10,075
	13	Broadridge Financial Solutions, Inc.		1,757
	35	CA, Inc.		1,533
	31	Cadence Design Systems, Inc.^(b)		1,458

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


		14

Invesco PureBeta^SM MSCI USA ETF (PBUS) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	15	CDK Global, Inc.	$	935
	17	CDW Corp.		1,489
	531	Cisco Systems, Inc.		25,366
	15	Citrix Systems, Inc.^(b)		1,710
	20	Cognex Corp.		1,076
	66	Cognizant Technology Solutions Corp., Class A		5,176
	21	CommScope Holding Co., Inc.^(b)		665
	97	Corning, Inc.		3,250
	23	Dell Technologies, Inc., Class V^(b)		2,212
	32	DXC Technology Co.		2,915
	111	eBay, Inc.^(b)		3,842
	34	Electronic Arts, Inc.^(b)		3,856
	7	F5 Networks, Inc.^(b)		1,324
	269	Facebook, Inc., Class A^(b)		47,271
	37	Fidelity National Information Services, Inc.		4,002
	49	First Data Corp., Class A^(b)		1,260
	46	Fiserv, Inc.^(b)		3,683
	10	FleetCor Technologies, Inc.^(b)		2,137
	59	Flex Ltd.^(b)		814
	15	FLIR Systems, Inc.		941
	17	Fortinet, Inc.^(b)		1,424
	10	Gartner, Inc.^(b)		1,498
	18	Global Payments, Inc.		2,242
	17	GoDaddy, Inc., Class A^(b)		1,385
	178	Hewlett Packard Enterprise Co.		2,942
	188	HP, Inc.		4,634
	9	IAC/InterActiveCorp.^(b)		1,775
	528	Intel Corp.		25,571
	103	International Business Machines Corp.		15,087
	27	Intuit, Inc.		5,926
	4	IPG Photonics Corp.^(b)		702
	9	Jack Henry & Associates, Inc.		1,426
	42	Juniper Networks, Inc.		1,194
	21	Keysight Technologies, Inc.^(b)		1,363
	18	KLA-Tencor Corp.		2,092
	18	Lam Research Corp.		3,116
	16	Leidos Holdings, Inc.		1,132
	69	Marvell Technology Group Ltd.		1,427
	105	Mastercard, Inc., Class A		22,634
	32	Maxim Integrated Products, Inc.		1,935
	5	MercadoLibre, Inc. (Argentina)		1,712
	26	Microchip Technology, Inc.		2,237
	129	Micron Technology, Inc.^(b)		6,775
	823	Microsoft Corp.		92,448
	18	Motorola Solutions, Inc.		2,310
	30	NetApp, Inc.		2,604
	65	NVIDIA Corp.		18,244
	48	ON Semiconductor Corp.^(b)		1,024
	350	Oracle Corp.		17,003
	10	Palo Alto Networks, Inc.^(b)		2,312
	36	Paychex, Inc.		2,637
	128	PayPal Holdings, Inc.^(b)		11,818
	14	Qorvo, Inc.^(b)		1,121
	159	QUALCOMM, Inc.		10,925
	20	Red Hat, Inc.^(b)		2,955
	23	Sabre Corp.		601


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	79	salesforce.com, Inc.^(b)	$	12,062
	30	Seagate Technology PLC		1,606
	20	ServiceNow, Inc.^(b)		3,927
	21	Skyworks Solutions, Inc.		1,917
	16	Splunk, Inc.^(b)		2,050
	32	Square, Inc., Class A^(b)		2,836
	23	SS&C Technologies Holdings, Inc.		1,365
	68	Symantec Corp.		1,371
	17	Synopsys, Inc.^(b)		1,736
	13	Take-Two Interactive Software, Inc.^(b)		1,736
	39	TE Connectivity Ltd.		3,576
	110	Texas Instruments, Inc.		12,364
	18	Total System Services, Inc.		1,749
	28	Trimble, Inc.^(b)		1,179
	76	Twitter, Inc.^(b)		2,674
	12	VeriSign, Inc.^(b)		1,903
	203	Visa, Inc., Class A		29,819
	8	VMware, Inc., Class A^(b)		1,226
	33	Western Digital Corp.		2,087
	52	Western Union Co. (The)		984
	15	Workday, Inc., Class A^(b)		2,318
	33	Worldpay, Inc., Class A^(b)		3,214
	24	Xerox Corp.		669
	28	Xilinx, Inc.		2,179
	12	Zillow Group, Inc., Class C^(b)		584

				779,565

		Materials—2.6%
	25	Air Products & Chemicals, Inc.		4,157
	12	Albemarle Corp.		1,146
	10	Avery Dennison Corp.		1,052
	24	Axalta Coating Systems Ltd.^(b)		732
	37	Ball Corp.		1,550
	15	Celanese Corp., Series A		1,752
	26	CF Industries Holdings, Inc.		1,351
	20	Chemours Co. (The)		872
	15	Crown Holdings, Inc.^(b)		642
	262	DowDuPont, Inc.		18,374
	16	Eastman Chemical Co.		1,552
	29	Ecolab, Inc.		4,364
	15	FMC Corp.		1,282
	153	Freeport-McMoRan, Inc.		2,150
	9	International Flavors & Fragrances, Inc.		1,173
	44	International Paper Co.		2,250
	38	LyondellBasell Industries NV, Class A		4,286
	7	Martin Marietta Materials, Inc.		1,391
	41	Mosaic Co. (The)		1,282
	59	Newmont Mining Corp.		1,831
	36	Nucor Corp.		2,250
	11	Packaging Corp. of America		1,209
	28	PPG Industries, Inc.		3,095
	32	Praxair, Inc.		5,062
	20	Sealed Air Corp.		802
	10	Sherwin-Williams Co. (The)		4,556
	27	Steel Dynamics, Inc.		1,235
	15	Vulcan Materials Co.		1,662
	4	Westlake Chemical Corp.		378

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


		15

Invesco PureBeta^SM MSCI USA ETF (PBUS) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	28	WestRock Co.	$	1,542

				74,980

		Real Estate—2.8%
	11	Alexandria Real Estate Equities, Inc. REIT		1,412
	49	American Tower Corp. REIT		7,307
	16	AvalonBay Communities, Inc. REIT		2,933
	17	Boston Properties, Inc. REIT		2,218
	5	Brookfield Property Partners LP (Bermuda)		100
	27	Brookfield Property REIT, Inc., Class A REIT		540
	10	Camden Property Trust REIT		951
	38	CBRE Group, Inc., Class A^(b)		1,855
	46	Crown Castle International Corp. REIT		5,245
	23	Digital Realty Trust, Inc. REIT		2,858
	40	Duke Realty Corp. REIT		1,140
	9	Equinix, Inc. REIT		3,925
	41	Equity Residential REIT		2,778
	7	Essex Property Trust, Inc. REIT		1,724
	14	Extra Space Storage, Inc. REIT		1,291
	8	Federal Realty Investment Trust REIT		1,045
	52	HCP, Inc. REIT		1,406
	82	Host Hotels & Resorts, Inc. REIT		1,765
	35	Invitation Homes, Inc. REIT		818
	31	Iron Mountain, Inc. REIT		1,119
	5	Jones Lang LaSalle, Inc.		763
	47	Kimco Realty Corp. REIT		804
	16	Liberty Property Trust REIT		700
	13	Macerich Co. (The) REIT		764
	13	Mid-America Apartment Communities, Inc. REIT		1,346
	17	National Retail Properties, Inc. REIT		783
	67	Prologis, Inc. REIT		4,501
	18	Public Storage REIT		3,826
	33	Realty Income Corp. REIT		1,933
	17	Regency Centers Corp. REIT		1,122
	13	SBA Communications Corp. REIT^(b)		2,018
	36	Simon Property Group, Inc. REIT		6,589
	11	SL Green Realty Corp. REIT		1,148
	30	UDR, Inc. REIT		1,199
	40	Ventas, Inc. REIT		2,395
	108	VEREIT, Inc. REIT		845
	19	Vornado Realty Trust REIT		1,463
	41	Welltower, Inc. REIT		2,735
	84	Weyerhaeuser Co. REIT		2,916

				80,280

		Telecommunication Services—2.0%
	816	AT&T, Inc.		26,063
	109	CenturyLink, Inc.		2,328
	89	Sprint Corp.^(b)		544
	38	T-Mobile US, Inc.^(b)		2,510
	466	Verizon Communications, Inc.		25,336
	24	Zayo Group Holdings, Inc.^(b)		832

				57,613

		Utilities—2.7%
	73	AES Corp. (The)		983
	25	Alliant Energy Corp.		1,071


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	27	Ameren Corp.	$	1,707
	55	American Electric Power Co., Inc.		3,945
	20	American Water Works Co., Inc.		1,751
	12	Atmos Energy Corp.		1,107
	46	CenterPoint Energy, Inc.		1,278
	31	CMS Energy Corp.		1,526
	35	Consolidated Edison, Inc.		2,763
	72	Dominion Energy, Inc.		5,095
	20	DTE Energy Co.		2,223
	78	Duke Energy Corp.		6,337
	36	Edison International		2,366
	20	Entergy Corp.		1,672
	30	Evergy, Inc.		1,711
	35	Eversource Energy		2,185
	108	Exelon Corp.		4,721
	53	FirstEnergy Corp.		1,981
	53	NextEra Energy, Inc.		9,015
	36	NiSource, Inc.		975
	22	OGE Energy Corp.		810
	57	PG&E Corp.		2,632
	12	Pinnacle West Capital Corp.		943
	76	PPL Corp.		2,260
	56	Public Service Enterprise Group, Inc.		2,932
	15	SCANA Corp.		575
	27	Sempra Energy		3,134
	115	Southern Co. (The)		5,035
	19	UGI Corp.		1,027
	39	Vistra Energy Corp.^(b)		918
	35	WEC Energy Group, Inc.		2,365
	57	Xcel Energy, Inc.		2,739

				79,782

		Total Investments in Securities (Cost $2,509,756)—99.8%		2,903,545
		Other assets less liabilities—0.2%		5,456

		Net Assets—100.0%	$	2,909,001

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4.

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


		16

Schedule of Investments^(a)

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Consumer Discretionary—12.8%
	19	1-800-Flowers.com, Inc., Class A^(b)	$	229
	55	Aaron’s, Inc.		2,735
	52	Abercrombie & Fitch Co., Class A		1,127
	26	Acushnet Holdings Corp.		703
	69	Adient PLC		2,987
	46	Adtalem Global Education, Inc.^(b)		2,201
	40	AMC Entertainment Holdings, Inc., Class A		762
	38	AMC Networks, Inc., Class A^(b)		2,387
	83	American Axle & Manufacturing Holdings, Inc.^(b)		1,470
	134	American Eagle Outfitters, Inc.		3,479
	43	American Outdoor Brands Corp.^(b)		603
	12	American Public Education, Inc.^(b)		417
	17	Asbury Automotive Group, Inc.^(b)		1,266
	111	Ascena Retail Group, Inc.^(b)		508
	27	At Home Group, Inc.^(b)		929
	46	AutoNation, Inc.^(b)		2,086
	26	Barnes & Noble Education, Inc.^(b)		155
	44	Barnes & Noble, Inc.		231
	54	BBX Capital Corp., Class A		401
	24	Beazer Homes USA, Inc.^(b)		307
	111	Bed Bath & Beyond, Inc.		1,991
	66	Belmond Ltd., Class A (United Kingdom)^(b)		1,106
	34	Big Lots, Inc.		1,464
	1	Biglari Holdings, Inc., Class B^(b)		198
	18	BJ’s Restaurants, Inc.		1,363
	61	Bloomin’ Brands, Inc.		1,177
	14	Bojangles’, Inc.^(b)		204
	21	Boot Barn Holdings, Inc.^(b)		629
	65	Boyd Gaming Corp.		2,367
	44	Bright Horizons Family Solutions, Inc.^(b)		5,255
	37	Brinker International, Inc.		1,638
	68	Brunswick Corp.		4,517
	22	Buckle, Inc. (The)		566
	53	Burlington Stores, Inc.^(b)		8,914
	3	Cable One, Inc.		2,513
	461	Caesars Entertainment Corp.^(b)		4,702
	33	Caleres, Inc.		1,336
	71	Callaway Golf Co.		1,620
	13	Cambium Learning Group, Inc.^(b)		174
	23	Camping World Holdings, Inc., Class A		476
	50	Career Education Corp.^(b)		797
	11	Carriage Services, Inc.		250
	26	Carrols Restaurant Group, Inc.^(b)		411
	37	Carter’s, Inc.		3,919
	18	Cato Corp. (The), Class A		386
	7	Cavco Industries, Inc.^(b)		1,718
	22	Century Communities, Inc.^(b)		643
	35	Cheesecake Factory, Inc. (The)		1,861
	76	Chegg, Inc.^(b)		2,461
	98	Chico’s FAS, Inc.		894
	13	Children’s Place, Inc. (The)		1,830
	30	Choice Hotels International, Inc.		2,341
	10	Churchill Downs, Inc.		2,826
	13	Chuy’s Holdings, Inc.^(b)		376
	90	Cinemark Holdings, Inc.		3,359
	11	Citi Trends, Inc.		340
	23	Clear Channel Outdoor Holdings, Inc., Class A		105


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	25	Columbia Sportswear Co.	$	2,267
	15	Conn’s, Inc.^(b)		615
	40	Cooper Tire & Rubber Co.		1,154
	14	Cooper-Standard Holdings, Inc.^(b)		1,938
	35	Core-Mark Holding Co., Inc.		1,252
	15	Cracker Barrel Old Country Store, Inc.		2,236
	56	Crocs, Inc.^(b)		1,157
	116	Dana, Inc.		2,270
	32	Dave & Buster’s Entertainment, Inc.^(b)		1,861
	22	Deckers Outdoor Corp.^(b)		2,680
	26	Del Taco Restaurants, Inc.^(b)		336
	71	Delphi Technologies PLC		2,501
	53	Denny’s Corp.^(b)		799
	66	Dick’s Sporting Goods, Inc.		2,471
	10	Dillard’s, Inc., Class A		786
	13	Dine Brands Global, Inc.		1,084
	23	Dorman Products, Inc.^(b)		1,863
	56	DSW, Inc., Class A		1,863
	14	Duluth Holdings, Inc., Class B^(b)		405
	64	Dunkin’ Brands Group, Inc.		4,665
	40	E.W. Scripps Co. (The), Class A		587
	18	El Pollo Loco Holdings, Inc.^(b)		214
	41	Eldorado Resorts, Inc.^(b)		1,970
	14	Emerald Expositions Events, Inc.		219
	94	Entercom Communications Corp., Class A		738
	50	Entravision Communications Corp., Class A		262
	20	Ethan Allen Interiors, Inc.		445
	60	Express, Inc.^(b)		673
	154	Extended Stay America, Inc.		3,108
	20	Fiesta Restaurant Group, Inc.^(b)		575
	44	Five Below, Inc.^(b)		5,125
	34	Floor & Decor Holdings, Inc., Class A^(b)		1,250
	92	Foot Locker, Inc.		4,536
	33	Fossil Group, Inc.^(b)		748
	29	Fox Factory Holding Corp.^(b)		1,915
	77	GameStop Corp., Class A		1,022
	82	Gannett Co., Inc.		843
	73	GCI Liberty, Inc., Class A^(b)		3,583
	15	Genesco, Inc.^(b)		763
	213	Gentex Corp.		4,980
	28	Gentherm, Inc.^(b)		1,378
	33	G-III Apparel Group Ltd.^(b)		1,501
	52	GNC Holdings, Inc., Class A^(b)		161
	18	Golden Entertainment, Inc.^(b)		522
	77	GoPro, Inc., Class A^(b)		494
	4	Graham Holdings Co., Class B		2,251
	38	Grand Canyon Education, Inc.^(b)		4,527
	68	Gray Television, Inc.^(b)		1,187
	27	Green Brick Partners, Inc.^(b)		282
	16	Group 1 Automotive, Inc.		1,233
	349	Groupon, Inc., Class A^(b)		1,490
	47	Guess?, Inc.		1,151
	8	Hamilton Beach Brands Holding Co., Class A		185
	14	Haverty Furniture Cos., Inc.		309
	21	Helen of Troy Ltd.^(b)		2,498
	13	Hemisphere Media Group, Inc., Class A^(b)		178

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


		17

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	16	Hibbett Sports, Inc.^(b)	$	329
	77	Hilton Grand Vacations, Inc.^(b)		2,515
	8	Hooker Furniture Corp.		336
	79	Houghton Mifflin Harcourt Co.^(b)		510
	90	Hovnanian Enterprises, Inc., Class A^(b)		140
	45	IMAX Corp.^(b)		1,057
	17	Installed Building Products, Inc.^(b)		791
	19	International Speedway Corp., Class A		839
	21	iRobot Corp.^(b)		2,383
	236	J.C. Penney Co., Inc.^(b)		418
	23	Jack in the Box, Inc.		2,085
	35	John Wiley & Sons, Inc., Class A		2,259
	26	K12, Inc.^(b)		431
	63	KB Home		1,566
	10	Lands’ End, Inc.^(b)		257
	37	Laureate Education, Inc., Class A^(b)		591
	37	La-Z-Boy, Inc.		1,230
	19	LCI Industries		1,766
	14	LGI Homes, Inc.^(b)		806
	42	Liberty Expedia Holdings, Inc., Class A^(b)		1,938
	36	Liberty Latin America Ltd., Class A (Chile)^(b)		710
	92	Liberty Latin America Ltd., Class C (Chile)^(b)		1,806
	8	Liberty Media Corp.-Liberty Braves, Class A^(b)		213
	26	Liberty Media Corp.-Liberty Braves, Class C^(b)		691
	55	Liberty TripAdvisor Holdings, Inc., Series A^(b)		872
	17	Lindblad Expeditions Holdings, Inc.^(b)		258
	40	Lions Gate Entertainment Corp., Class A		941
	82	Lions Gate Entertainment Corp., Class B		1,841
	19	Lithia Motors, Inc., Class A		1,642
	10	Loral Space & Communications, Inc.^(b)		444
	22	Lumber Liquidators Holdings, Inc.^(b)		383
	21	M/I Homes, Inc.^(b)		544
	15	Madison Square Garden Co. (The), Class A^(b)		4,529
	14	Marcus Corp. (The)		568
	20	MarineMax, Inc.^(b)		450
	32	Marriott Vacations Worldwide Corp.		3,808
	38	MDC Holdings, Inc.		1,205
	43	MDC Partners, Inc., Class A^(b)		209
	30	Meredith Corp.		1,550
	29	Meritage Homes Corp.^(b)		1,251
	84	Michaels Cos., Inc. (The)^(b)		1,427
	38	Modine Manufacturing Co.^(b)		640
	9	Monarch Casino & Resort, Inc.^(b)		423
	25	Monro, Inc.		1,774
	14	Motorcar Parts of America, Inc.^(b)		372
	12	Movado Group, Inc.		511
	47	MSG Networks, Inc., Class A^(b)		1,142
	25	Murphy USA, Inc.^(b)		2,075
	60	National CineMedia, Inc.		546
	39	National Vision Holdings, Inc.^(b)		1,726
	23	Nautilus, Inc.^(b)		337
	41	New Media Investment Group, Inc.		652
	103	New York Times Co. (The), Class A		2,400
	37	Nexstar Media Group, Inc., Class A		3,034
	23	Nutrisystem, Inc.		851
	393	Office Depot, Inc.		1,317


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	42	Ollie’s Bargain Outlet Holdings, Inc.^(b)	$	3,658
	19	Overstock.com, Inc.^(b)		555
	14	Oxford Industries, Inc.		1,303
	21	Papa John’s International, Inc.		969
	52	Party City Holdco, Inc.^(b)		798
	66	Penn National Gaming, Inc.^(b)		2,274
	30	Penske Automotive Group, Inc.		1,579
	16	PetMed Express, Inc.		587
	41	Pinnacle Entertainment, Inc.^(b)		1,404
	69	Planet Fitness, Inc., Class A^(b)		3,545
	47	Playa Hotels & Resorts NV^(b)		486
	21	PlayAGS, Inc.^(b)		673
	32	Pool Corp.		5,256
	18	Potbelly Corp.^(b)		244
	10	Red Robin Gourmet Burgers, Inc.^(b)		413
	56	Red Rock Resorts, Inc., Class A		1,828
	26	Regis Corp.^(b)		556
	40	Rent-A-Center, Inc.^(b)		590
	15	RH^(b)		2,385
	22	Ruth’s Hospitality Group, Inc.		678
	104	Sally Beauty Holdings, Inc.^(b)		1,602
	23	Scholastic Corp.		967
	41	Scientific Games Corp., Class A^(b)		1,242
	42	SeaWorld Entertainment, Inc.^(b)		1,231
	144	Service Corp. International		6,042
	106	ServiceMaster Global Holdings, Inc.^(b)		6,389
	19	Shake Shack, Inc., Class A^(b)		1,149
	9	Shoe Carnival, Inc.		400
	25	Shutterfly, Inc.^(b)		1,942
	48	Signet Jewelers Ltd.		3,082
	59	Sinclair Broadcast Group, Inc., Class A		1,708
	56	Six Flags Entertainment Corp.		3,783
	107	Skechers U.S.A., Inc., Class A^(b)		3,154
	32	Sleep Number Corp.^(b)		1,078
	20	Sonic Automotive, Inc., Class A		430
	24	Sonic Corp.		861
	31	Sotheby’s^(b)		1,489
	9	Speedway Motorsports, Inc.		161
	16	Standard Motor Products, Inc.		812
	44	Steven Madden Ltd.		2,559
	20	Stoneridge, Inc.^(b)		599
	17	Strategic Education, Inc.		2,359
	14	Sturm Ruger & Co., Inc.		916
	17	Superior Industries International, Inc.		369
	38	Tailored Brands, Inc.		895
	90	Taylor Morrison Home Corp., Class A^(b)		1,751
	175	TEGNA, Inc.		2,037
	35	Tempur Sealy International, Inc.^(b)		1,939
	41	Tenneco, Inc.		1,754
	52	Texas Roadhouse, Inc.		3,585
	41	Thor Industries, Inc.		3,913
	26	Tile Shop Holdings, Inc.		199
	28	TopBuild Corp.^(b)		1,744
	16	Tower International, Inc.		541
	121	TRI Pointe Group, Inc.^(b)		1,753
	64	Tribune Media Co., Class A		2,361

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


		18

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	11	tronc, Inc.^(b)	$	182
	39	Tupperware Brands Corp.		1,268
	12	Unifi, Inc.^(b)		382
	11	Universal Electronics, Inc.^(b)		475
	59	Urban Outfitters, Inc.^(b)		2,742
	64	Veoneer, Inc. (Sweden)^(b)		3,196
	15	Vera Bradley, Inc.^(b)		220
	43	Vista Outdoor, Inc.^(b)		794
	24	Visteon Corp.^(b)		2,649
	43	Wayfair, Inc., Class A^(b)		5,812
	31	Weight Watchers International, Inc.^(b)		2,322
	150	Wendy’s Co. (The)		2,648
	21	WideOpenWest, Inc.^(b)		245
	27	William Lyon Homes, Class A^(b)		528
	64	Williams-Sonoma, Inc.		4,495
	22	Wingstop, Inc.		1,473
	2	Winmark Corp.		298
	23	Winnebago Industries, Inc.		850
	74	Wolverine World Wide, Inc.		2,899
	31	World Wrestling Entertainment, Inc., Class A		2,710
	77	Wyndham Destinations, Inc.		3,403
	77	Wyndham Hotels & Resorts, Inc.		4,370
	14	Zumiez, Inc.^(b)		436

				385,179

		Consumer Staples—3.3%
	21	Andersons, Inc. (The)		858
	335	Avon Products, Inc. (United Kingdom)^(b)		670
	51	B&G Foods, Inc.		1,629
	7	Boston Beer Co., Inc. (The), Class A^(b)		2,122
	12	Calavo Growers, Inc.		1,270
	23	Cal-Maine Foods, Inc.		1,137
	30	Casey’s General Stores, Inc.		3,425
	8	Central Garden & Pet Co.^(b)		318
	35	Central Garden & Pet Co., Class A^(b)		1,272
	16	Chefs’ Warehouse, Inc. (The)^(b)		470
	4	Coca-Cola Bottling Co. Consolidated		678
	133	Darling Ingredients, Inc.^(b)		2,631
	69	Dean Foods Co.		526
	42	Edgewell Personal Care Co.^(b)		2,372
	17	elf Beauty, Inc.^(b)		236
	47	Energizer Holdings, Inc.		2,989
	8	Farmer Brothers Co.^(b)		232
	151	Flowers Foods, Inc.		3,043
	25	Fresh Del Monte Produce, Inc.		936
	22	Freshpet, Inc.^(b)		817
	77	Hain Celestial Group, Inc. (The)^(b)		2,199
	89	Herbalife Nutrition Ltd.^(b)		5,036
	81	Hostess Brands, Inc.^(b)		953
	9	Ingles Markets, Inc., Class A		324
	13	Inter Parfums, Inc.		849
	12	J & J Snack Foods Corp.		1,746
	6	John B. Sanfilippo & Son, Inc.		438
	116	Lamb Weston Holdings, Inc.		7,842
	15	Lancaster Colony Corp.		2,344
	19	Landec Corp.^(b)		256
	9	Medifast, Inc.		2,059


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	11	MGP Ingredients, Inc.	$	848
	9	National Beverage Corp.^(b)		1,061
	42	Nu Skin Enterprises, Inc., Class A		3,343
	82	Performance Food Group Co.^(b)		2,714
	92	Pinnacle Foods, Inc.		6,111
	53	Post Holdings, Inc.^(b)		5,155
	17	PriceSmart, Inc.		1,476
	811	Rite Aid Corp.^(b)		1,111
	16	Sanderson Farms, Inc.		1,692
	49	Simply Good Foods Co. (The)^(b)		882
	22	Smart & Final Stores, Inc.^(b)		154
	29	SpartanNash Co.		619
	32	Spectrum Brands Holdings, Inc.		2,779
	99	Sprouts Farmers Market, Inc.^(b)		2,620
	29	SUPERVALU, Inc.^(b)		936
	15	Tootsie Roll Industries, Inc.		432
	44	TreeHouse Foods, Inc.^(b)		2,292
	39	United Natural Foods, Inc.^(b)		1,385
	19	Universal Corp.		1,136
	170	US Foods Holding Corp.^(b)		5,540
	9	USANA Health Sciences, Inc.^(b)		1,188
	77	Vector Group Ltd.		1,196
	6	Village Super Market, Inc., Class A		175
	11	WD-40 Co.		1,952
	10	Weis Markets, Inc.		466

				98,940

		Energy—4.6%
	59	Alta Mesa Resources, Inc.^(b)		280
	57	Antero Midstream GP LP		963
	61	Apergy Corp.^(b)		2,758
	15	Arch Coal, Inc., Class A		1,330
	101	Archrock, Inc.		1,278
	14	Basic Energy Services, Inc.^(b)		124
	13	Bonanza Creek Energy, Inc.^(b)		403
	49	C&J Energy Services, Inc.^(b)		1,027
	28	Cactus, Inc., Class A^(b)		957
	37	California Resources Corp.^(b)		1,537
	172	Callon Petroleum Co.^(b)		1,944
	75	Carrizo Oil & Gas, Inc.^(b)		1,816
	121	Centennial Resource Development, Inc., Class A^(b)		2,332
	708	Chesapeake Energy Corp.^(b)		3,136
	139	CNX Resources Corp.^(b)		2,216
	17	CONSOL Energy, Inc.^(b)		729
	35	Core Laboratories NV		4,009
	23	Covia Holdings Corp.^(b)		261
	24	CVR Energy, Inc.		913
	62	Delek US Holdings, Inc.		3,379
	348	Denbury Resources, Inc.^(b)		1,938
	52	Diamond Offshore Drilling, Inc.^(b)		906
	29	Dril-Quip, Inc.^(b)		1,527
	70	Eclipse Resources Corp.^(b)		100
	57	Enbridge Energy Management LLC^(b)		618
	68	Energen Corp.^(b)		5,273
	48	EnLink Midstream LLC		782
	354	Ensco PLC, Class A		2,421

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


		19

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	24	Exterran Corp.^(b)	$	657
	78	Extraction Oil & Gas, Inc.^(b)		901
	59	Forum Energy Technologies, Inc.^(b)		705
	61	Frank’s International NV^(b)		539
	17	FTS International, Inc.^(b)		188
	304	Gran Tierra Energy, Inc. (Columbia)^(b)		1,049
	29	Green Plains, Inc.		515
	125	Gulfport Energy Corp.^(b)		1,470
	87	Halcon Resources Corp.^(b)		398
	106	Helix Energy Solutions Group, Inc.^(b)		992
	82	HighPoint Resources Corp.^(b)		452
	11	International Seaways, Inc.^(b)		226
	47	Jagged Peak Energy, Inc.^(b)		621
	41	Keane Group, Inc.^(b)		503
	176	Kosmos Energy Ltd. (Ghana)^(b)		1,591
	125	Laredo Petroleum, Inc.^(b)		1,036
	6	Mammoth Energy Services, Inc.		165
	80	Matador Resources Co.^(b)		2,619
	20	Matrix Service Co.^(b)		418
	142	McDermott International, Inc.^(b)		2,746
	9	Midstates Petroleum Co., Inc.^(b)		105
	127	Murphy Oil Corp.		3,915
	273	Nabors Industries Ltd.		1,684
	10	Natural Gas Services Group, Inc.^(b)		221
	8	NCS Multistage Holdings, Inc.^(b)		130
	67	Newpark Resources, Inc.^(b)		704
	13	Nine Energy Service, Inc.^(b)		390
	186	Noble Corp. PLC^(b)		1,135
	217	Oasis Petroleum, Inc.^(b)		2,921
	75	Oceaneering International, Inc.^(b)		2,120
	44	Oil States International, Inc.^(b)		1,489
	22	Par Pacific Holdings, Inc.^(b)		447
	173	Patterson-UTI Energy, Inc.		2,963
	82	PBF Energy, Inc., Class A		4,257
	51	PDC Energy, Inc.^(b)		2,687
	65	Peabody Energy Corp.		2,685
	8	Penn Virginia Corp.^(b)		712
	59	ProPetro Holding Corp.^(b)		898
	195	QEP Resources, Inc.^(b)		1,944
	193	Range Resources Corp.		3,169
	26	Renewable Energy Group, Inc.^(b)		701
	14	Resolute Energy Corp.^(b)		461
	5	REX American Resources Corp.^(b)		403
	49	Ring Energy, Inc.^(b)		578
	91	Rowan Cos. PLC, Class A^(b)		1,278
	50	RPC, Inc.		684
	24	SandRidge Energy, Inc.^(b)		381
	13	SEACOR Holdings, Inc.^(b)		669
	36	Select Energy Services, Inc., Class A^(b)		491
	50	SemGroup Corp., Class A		1,210
	82	SM Energy Co.		2,467
	456	Southwestern Energy Co.^(b)		2,563
	194	SRC Energy, Inc.^(b)		1,806
	116	Superior Energy Services, Inc.^(b)		1,044
	124	Tallgrass Energy LP, Class A		3,049
	16	Talos Energy, Inc.^(b)		552


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	61	Tellurian, Inc.^(b)	$	590
	88	TETRA Technologies, Inc.^(b)		404
	17	Tidewater, Inc.^(b)		544
	341	Transocean Ltd.^(b)		4,130
	153	Ultra Petroleum Corp.^(b)		200
	40	Unit Corp.^(b)		1,052
	62	US Silica Holdings, Inc.		1,314
	76	W&T Offshore, Inc.^(b)		515
	769	Weatherford International PLC^(b)		1,861
	71	Whiting Petroleum Corp.^(b)		3,615
	18	WildHorse Resource Development Corp.^(b)		391
	53	World Fuel Services Corp.		1,486
	309	WPX Energy, Inc.^(b)		5,893

				137,656

		Financials—15.9%
	14	1st Source Corp.		784
	11	Access National Corp.		299
	21	AG Mortgage Investment Trust, Inc. REIT		395
	9	Allegiance Bancshares, Inc.^(b)		401
	34	Ambac Financial Group, Inc.^(b)		718
	69	American Equity Investment Life Holding Co.		2,559
	6	American National Insurance Co.		770
	34	Ameris Bancorp		1,688
	15	AMERISAFE, Inc.		957
	91	AmTrust Financial Services, Inc.		1,323
	73	Anworth Mortgage Asset Corp. REIT		356
	90	Apollo Commercial Real Estate Finance, Inc. REIT		1,749
	37	Arbor Realty Trust, Inc. REIT		454
	27	Argo Group International Holdings Ltd.		1,720
	18	Arlington Asset Investment Corp., Class A		183
	32	ARMOUR Residential REIT, Inc. REIT		753
	9	Arrow Financial Corp.		354
	41	Artisan Partners Asset Management, Inc., Class A		1,359
	46	Aspen Insurance Holdings Ltd. (Bermuda)		1,893
	132	Associated Banc-Corp.		3,597
	4	Associated Capital Group, Inc., Class A		150
	87	Assured Guaranty Ltd.		3,544
	19	Atlantic Capital Bancshares, Inc.^(b)		347
	11	B. Riley Financial, Inc.		252
	32	Banc of California, Inc.		645
	13	BancFirst Corp.		829
	42	Bancorp, Inc. (The)^(b)		421
	75	BancorpSouth Bank		2,610
	33	Bank of Hawaii Corp.		2,743
	5	Bank of Marin Bancorp		441
	97	Bank OZK		3,925
	83	BankUnited, Inc.		3,220
	27	Banner Corp.		1,737
	12	Bar Harbor Bankshares		353
	52	Beneficial Bancorp, Inc.		915
	32	Berkshire Hills Bancorp, Inc.		1,352
	189	BGC Partners, Inc., Class A		2,347
	80	Blackstone Mortgage Trust, Inc., Class A REIT		2,725
	37	Blucora, Inc.^(b)		1,339
	18	Blue Hills Bancorp, Inc.		414

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


		20

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	46	BofI Holding, Inc.^(b)	$	1,713
	18	BOK Financial Corp.		1,846
	64	Boston Private Financial Holdings, Inc.		925
	12	Bridge Bancorp, Inc.		420
	61	BrightSphere Investment Group PLC		774
	58	Brookline Bancorp, Inc.		1,053
	182	Brown & Brown, Inc.		5,547
	15	Bryn Mawr Bank Corp.		732
	13	Byline Bancorp, Inc.^(b)		297
	49	Cadence BanCorp, Class A		1,384
	12	Camden National Corp.		549
	52	Cannae Holdings, Inc.^(b)		1,011
	100	Capitol Federal Financial, Inc.		1,321
	73	Capstead Mortgage Corp. REIT		613
	15	Carolina Financial Corp.		617
	62	Cathay General Bancorp		2,623
	65	CenterState Bank Corp.		1,990
	23	Central Pacific Financial Corp.		652
	57	Chemical Financial Corp.		3,256
	146	Chimera Investment Corp. REIT		2,720
	35	Citizens, Inc.^(b)		294
	12	City Holding Co.		973
	131	CNO Financial Group, Inc.		2,831
	28	CoBiz Financial, Inc.		645
	16	Cohen & Steers, Inc.		665
	65	Colony Credit Real Estate, Inc. REIT		1,305
	56	Columbia Banking System, Inc.		2,366
	76	Commerce Bancshares, Inc.		5,401
	39	Community Bank System, Inc.		2,579
	12	Community Trust Bancorp, Inc.		593
	23	ConnectOne Bancorp, Inc.		567
	19	Cowen, Inc., Class A^(b)		289
	13	Crawford & Co., Class A		111
	9	Credit Acceptance Corp.^(b)		4,110
	47	Cullen/Frost Bankers, Inc.		5,212
	22	Customers Bancorp, Inc.^(b)		543
	91	CVB Financial Corp.		2,189
	3	Diamond Hill Investment Group, Inc.		560
	24	Dime Community Bancshares, Inc.		436
	9	Donegal Group, Inc., Class A		130
	25	Donnelley Financial Solutions, Inc.^(b)		522
	35	Dynex Capital, Inc. REIT		224
	25	Eagle Bancorp, Inc.^(b)		1,346
	7	EMC Insurance Group, Inc.		180
	25	Employers Holdings, Inc.		1,146
	19	Encore Capital Group, Inc.^(b)		736
	26	Enova International, Inc.^(b)		863
	8	Enstar Group Ltd. (Bermuda)^(b)		1,708
	18	Enterprise Financial Services Corp.		1,013
	20	Erie Indemnity Co., Class A		2,471
	69	Essent Group Ltd.^(b)		2,992
	32	Evercore, Inc., Class A		3,397
	23	Exantas Capital Corp. REIT		273
	39	EZCORP, Inc., Class A^(b)		433
	259	F.N.B. Corp.		3,484
	30	FactSet Research Systems, Inc.		6,882


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	13	FB Financial Corp.	$	572
	9	FBL Financial Group, Inc., Class A		732
	35	FCB Financial Holdings, Inc., Class A^(b)		1,813
	7	Federal Agricultural Mortgage Corp., Class C		539
	74	Federated Investors, Inc., Class B		1,714
	108	FGL Holdings^(b)		941
	17	Fidelity Southern Corp.		413
	10	Financial Institutions, Inc.		323
	87	First American Financial Corp.		4,947
	174	First BanCorp/Puerto Rico^(b)		1,522
	25	First Bancorp/Southern Pines NC		1,043
	33	First Busey Corp.		1,058
	5	First Citizens BancShares, Inc., Class A		2,375
	74	First Commonwealth Financial Corp.		1,239
	11	First Community Bancshares, Inc.		369
	16	First Defiance Financial Corp.		512
	76	First Financial Bancorp		2,386
	43	First Financial Bankshares, Inc.		2,597
	7	First Financial Corp.		360
	25	First Foundation, Inc.^(b)		404
	74	First Hawaiian, Inc.		2,145
	241	First Horizon National Corp.		4,439
	30	First Interstate BancSystem, Inc., Class A		1,393
	38	First Merchants Corp.		1,829
	11	First Mid-Illinois Bancshares, Inc.		452
	78	First Midwest Bancorp, Inc.		2,120
	16	First of Long Island Corp. (The)		349
	37	FirstCash, Inc.		3,008
	25	Flagstar Bancorp, Inc.^(b)		826
	21	Flushing Financial Corp.		544
	9	Franklin Financial Network, Inc.^(b)		348
	140	Fulton Financial Corp.		2,548
	3	GAMCO Investors, Inc., Class A		78
	379	Genworth Financial, Inc., Class A^(b)		1,762
	17	German American Bancorp, Inc.		639
	66	Glacier Bancorp, Inc.		3,015
	4	Global Indemnity Ltd., Class A (Cayman Islands)		158
	33	Granite Point Mortgage Trust, Inc. REIT		632
	8	Great Southern Bancorp, Inc.		474
	45	Great Western Bancorp, Inc.		1,959
	17	Green Bancorp, Inc.		408
	36	Green Dot Corp., Class A^(b)		3,084
	19	Greenhill & Co., Inc.		522
	22	Greenlight Capital Re Ltd., Class A^(b)		283
	18	Guaranty Bancorp		562
	68	Hancock Whitney Corp.		3,505
	25	Hanmi Financial Corp.		652
	39	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		841
	33	Hanover Insurance Group, Inc. (The)		4,042
	11	HarborOne Bancorp, Inc.^(b)		217
	6	HCI Group, Inc.		243
	21	Heartland Financial USA, Inc.		1,277
	27	Heritage Commerce Corp.		428
	26	Heritage Financial Corp.		944
	20	Heritage Insurance Holdings, Inc.		293

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


		21

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	60	Hilltop Holdings, Inc.	$	1,245
	124	Home BancShares, Inc.		2,903
	21	HomeStreet, Inc.^(b)		618
	14	HomeTrust Bancshares, Inc.^(b)		403
	105	Hope Bancorp, Inc.		1,839
	31	Horace Mann Educators Corp.		1,435
	27	Horizon Bancorp, Inc.		552
	27	Houlihan Lokey, Inc., Class A		1,270
	44	IBERIABANK Corp.		3,813
	4	Independence Holding Co.		141
	21	Independent Bank Corp./MA		1,913
	16	Independent Bank Corp./MI		399
	12	Independent Bank Group, Inc.		831
	54	Interactive Brokers Group, Inc., Class A		3,357
	43	International Bancshares Corp.		2,015
	12	INTL. FCStone, Inc.^(b)		669
	85	Invesco Mortgage Capital, Inc. REIT^(c)		1,380
	24	Investment Technology Group, Inc.		525
	201	Investors Bancorp, Inc.		2,573
	22	James River Group Holdings Ltd.		901
	149	Janus Henderson Group PLC (United Kingdom)		4,209
	73	Kearny Financial Corp.		1,000
	42	Kemper Corp.		3,417
	14	Kinsale Capital Group, Inc.		851
	19	KKR Real Estate Finance Trust, Inc.		403
	58	Ladder Capital Corp., Class A REIT		1,007
	82	Ladenburg Thalmann Financial Services, Inc.		283
	34	Lakeland Bancorp, Inc.		656
	18	Lakeland Financial Corp.		887
	35	LegacyTexas Financial Group, Inc.		1,619
	67	Legg Mason, Inc.		2,090
	230	LendingClub Corp.^(b)		830
	6	LendingTree, Inc.^(b)		1,520
	19	Live Oak Bancshares, Inc.		575
	70	LPL Financial Holdings, Inc.		4,637
	13	Luther Burbank Corp.		148
	56	Maiden Holdings Ltd.		213
	30	MarketAxess Holdings, Inc.		5,695
	65	MB Financial, Inc.		3,150
	78	MBIA, Inc.^(b)		801
	12	Mercantile Bank Corp.		425
	7	Merchants Bancorp		183
	21	Mercury General Corp.		1,132
	39	Meridian Bancorp, Inc.		698
	7	Meta Financial Group, Inc.		606
	358	MFA Financial, Inc. REIT		2,742
	294	MGIC Investment Corp.^(b)		3,740
	17	Midland States Bancorp, Inc.		585
	37	Moelis & Co., Class A		2,148
	15	Morningstar, Inc.		2,135
	35	MTGE Investment Corp. REIT		686
	20	National Bank Holdings Corp., Class A		803
	12	National Commerce Corp.^(b)		528
	50	National General Holdings Corp.		1,365
	2	National Western Life Group, Inc., Class A		652
	195	Navient Corp.		2,660


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	18	Navigators Group, Inc. (The)	$	1,260
	33	NBT Bancorp, Inc.		1,336
	17	Nelnet, Inc., Class A		980
	267	New Residential Investment Corp. REIT		4,958
	123	New York Mortgage Trust, Inc. REIT		787
	7	Nicolet Bankshares, Inc.^(b)		388
	49	NMI Holdings, Inc., Class A^(b)		1,058
	33	Northfield Bancorp, Inc.		537
	74	Northwest Bancshares, Inc.		1,348
	33	OceanFirst Financial Corp.		964
	76	Ocwen Financial Corp.^(b)		318
	33	OFG Bancorp		535
	10	Old Line Bancshares, Inc.		342
	103	Old National Bancorp		2,091
	224	Old Republic International Corp.		4,968
	30	On Deck Capital, Inc.^(b)		247
	66	OneMain Holdings, Inc.^(b)		2,422
	24	Opus Bank		680
	30	Oritani Financial Corp.		486
	42	Pacific Premier Bancorp, Inc.^(b)		1,661
	96	PacWest Bancorp		4,847
	11	Park National Corp.		1,212
	11	Peapack-Gladstone Financial Corp.		368
	51	PennyMac Mortgage Investment Trust REIT		1,019
	12	Peoples Bancorp, Inc.		430
	11	People’s Utah Bancorp		398
	25	PHH Corp.^(b)		271
	57	Pinnacle Financial Partners, Inc.		3,679
	11	Piper Jaffray Cos.		847
	16	PJT Partners, Inc., Class A		927
	81	Popular, Inc.		4,078
	35	PRA Group, Inc.^(b)		1,279
	10	Preferred Bank		612
	35	Primerica, Inc.		4,279
	41	ProAssurance Corp.		1,982
	51	Prosperity Bancshares, Inc.		3,817
	7	Protective Insurance Corp., Class B		164
	48	Provident Financial Services, Inc.		1,211
	12	Pzena Investment Management, Inc., Class A		109
	10	QCR Holdings, Inc.		435
	172	Radian Group, Inc.		3,497
	58	Redwood Trust, Inc. REIT		985
	40	Renasant Corp.		1,868
	8	Republic Bancorp, Inc., Class A		389
	35	Republic First Bancorp, Inc.^(b)		273
	29	RLI Corp.		2,232
	27	S&T Bancorp, Inc.		1,260
	11	Safety Insurance Group, Inc.		1,064
	27	Sandy Spring Bancorp, Inc.		1,053
	35	Seacoast Banking Corp. of Florida^(b)		1,107
	45	Selective Insurance Group, Inc.		2,889
	34	ServisFirst Bancshares, Inc.		1,465
	68	Simmons First National Corp., Class A		2,149
	343	SLM Corp.^(b)		4,020
	29	South State Corp.		2,391
	21	Southside Bancshares, Inc.		748

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


		22

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	203	Starwood Property Trust, Inc. REIT	$	4,472
	13	State Auto Financial Corp.		408
	28	State Bank Financial Corp.		912
	165	Sterling Bancorp		3,770
	14	Sterling Bancorp, Inc./MI		171
	16	Stewart Information Services Corp.		716
	55	Stifel Financial Corp.		3,073
	16	Stock Yards Bancorp, Inc.		619
	13	Sutherland Asset Management Corp. REIT		223
	94	Synovus Financial Corp.		4,706
	130	TCF Financial Corp.		3,295
	39	Texas Capital Bancshares, Inc.^(b)		3,467
	5	Texas Pacific Land Trust		4,173
	43	TFS Financial Corp.		664
	72	Third Point Reinsurance Ltd. (Bermuda)^(b)		965
	11	Tompkins Financial Corp.		967
	50	Towne Bank		1,630
	30	TPG RE Finance Trust, Inc. REIT		620
	22	TriCo Bancshares		855
	17	TriState Capital Holdings, Inc.^(b)		506
	20	Triumph Bancorp, Inc.^(b)		849
	21	Trupanion, Inc.^(b)		802
	73	TrustCo Bank Corp. NY		675
	52	Trustmark Corp.		1,845
	199	Two Harbors Investment Corp. REIT		3,108
	35	UMB Financial Corp.		2,633
	175	Umpqua Holdings Corp.		3,745
	48	Union Bankshares Corp.		1,997
	85	United Bankshares, Inc.		3,349
	62	United Community Banks, Inc.		1,881
	39	United Community Financial Corp.		404
	39	United Financial Bancorp, Inc.		693
	16	United Fire Group, Inc.		792
	19	United Insurance Holdings Corp.		396
	25	Universal Insurance Holdings, Inc.		1,115
	26	Univest Corp. of Pennsylvania		741
	246	Valley National Bancorp		2,964
	13	Veritex Holdings, Inc.^(b)		398
	21	Virtu Financial, Inc., Class A		458
	6	Virtus Investment Partners, Inc.		774
	63	Waddell & Reed Financial, Inc., Class A		1,261
	23	Walker & Dunlop, Inc.		1,254
	68	Washington Federal, Inc.		2,319
	12	Washington Trust Bancorp, Inc.		720
	19	Waterstone Financial, Inc.		321
	71	Webster Financial Corp.		4,642
	43	WesBanco, Inc.		2,122
	20	Westamerica Bancorporation		1,281
	79	Western Alliance Bancorp^(b)		4,554
	32	Western Asset Mortgage Capital Corp. REIT		356
	6	Westwood Holdings Group, Inc.		345
	2	White Mountains Insurance Group Ltd.		1,856
	43	Wintrust Financial Corp.		3,808
	107	WisdomTree Investments, Inc.		880


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	5	World Acceptance Corp.^(b)	$	593
	24	WSFS Financial Corp.		1,171

				477,906

		Health Care—14.8%
	23	Abeona Therapeutics, Inc.^(b)		354
	68	Acadia Healthcare Co., Inc.^(b)		2,824
	75	ACADIA Pharmaceuticals, Inc.^(b)		1,066
	25	Accelerate Diagnostics, Inc.^(b)		615
	29	Acceleron Pharma, Inc.^(b)		1,567
	63	Accuray, Inc.^(b)		252
	20	Achaogen, Inc.^(b)		106
	73	Achillion Pharmaceuticals, Inc.^(b)		252
	18	Aclaris Therapeutics, Inc.^(b)		287
	29	Acorda Therapeutics, Inc.^(b)		835
	17	Adamas Pharmaceuticals, Inc.^(b)		392
	6	Addus HomeCare Corp.^(b)		389
	24	Aduro Biotech, Inc.^(b)		178
	28	Aerie Pharmaceuticals, Inc.^(b)		1,718
	68	Agenus, Inc.^(b)		150
	42	Agios Pharmaceuticals, Inc.^(b)		3,390
	29	Aimmune Therapeutics, Inc.^(b)		809
	13	Akcea Therapeutics, Inc.^(b)		343
	30	Akebia Therapeutics, Inc.^(b)		246
	71	Akorn, Inc.^(b)		1,114
	45	Alder Biopharmaceuticals, Inc.^(b)		814
	148	Allscripts Healthcare Solutions, Inc.^(b)		2,162
	27	AMAG Pharmaceuticals, Inc.^(b)		659
	22	Amedisys, Inc.^(b)		2,750
	9	American Renal Associates Holdings, Inc.^(b)		198
	143	Amicus Therapeutics, Inc.^(b)		1,928
	37	AMN Healthcare Services, Inc.^(b)		2,157
	81	Amneal Pharmaceuticals, Inc.^(b)		1,871
	28	Amphastar Pharmaceuticals, Inc.^(b)		531
	13	AnaptysBio, Inc.^(b)		1,152
	27	AngioDynamics, Inc.^(b)		605
	6	ANI Pharmaceuticals, Inc.^(b)		349
	11	Anika Therapeutics, Inc.^(b)		455
	29	Apellis Pharmaceuticals, Inc.^(b)		561
	37	Arena Pharmaceuticals, Inc.^(b)		1,437
	159	Array BioPharma, Inc.^(b)		2,476
	61	Arrowhead Pharmaceuticals, Inc.^(b)		900
	16	Assembly Biosciences, Inc.^(b)		640
	43	Assertio Therapeutics, Inc.^(b)		274
	23	Atara Biotherapeutics, Inc.^(b)		942
	31	athenahealth, Inc.^(b)		4,771
	25	Athenex, Inc.^(b)		411
	24	AtriCure, Inc.^(b)		829
	1	Atrion Corp.		655
	22	Audentes Therapeutics, Inc.^(b)		801
	36	Avanos Medical, Inc.^(b)		2,596
	26	AxoGen, Inc.^(b)		1,140
	19	Bellicum Pharmaceuticals, Inc.^(b)		137
	45	BioCryst Pharmaceuticals, Inc.^(b)		322
	14	Biohaven Pharmaceutical Holding Co., Ltd.^(b)		530
	16	Bio-Rad Laboratories, Inc., Class A^(b)		5,205
	29	Bio-Techne Corp.		5,573

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


		23

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares				Value
			Common Stocks & Other Equity Interests (continued)
			Health Care (continued)
	27		BioTelemetry, Inc.^(b)	$	1,669
	69		BioTime, Inc.^(b)		190
	42		Bluebird Bio, Inc.^(b)		7,069
	30		Blueprint Medicines Corp.^(b)		2,300
	141		Brookdale Senior Living, Inc.^(b)		1,399
	78		Bruker Corp.		2,775
	25		Cambrex Corp.^(b)		1,685
	29		Cantel Medical Corp.		2,813
	18		Capital Senior Living Corp.^(b)		160
	30		Cara Therapeutics, Inc.^(b)		605
	25		Cardiovascular Systems, Inc.^(b)		963
	49		Castlight Health, Inc., Class B^(b)		147
	103		Catalent, Inc.^(b)		4,305
	100		Cerus Corp.^(b)		778
	37		Charles River Laboratories International, Inc.^(b)		4,570
	13		Chemed Corp.		4,206
	17		ChemoCentryx, Inc.^(b)		224
	11		Civitas Solutions, Inc.^(b)		176
	37		Clovis Oncology, Inc.^(b)		1,323
	37		Codexis, Inc.^(b)		636
	35		Coherus Biosciences, Inc.^(b)		705
	15		Collegium Pharmaceutical, Inc.^(b)		256
	87		Community Health Systems, Inc.^(b)		338
	9		Computer Programs & Systems, Inc.		246
	11		Concert Pharmaceuticals, Inc.^(b)		173
	19		CONMED Corp.		1,528
	80		Corcept Therapeutics, Inc.^(b)		1,202
	8		CorVel Corp.^(b)		476
	15		CRISPR Therapeutics AG (Switzerland)^(b)		850
	28		Cross Country Healthcare, Inc.^(b)		280
	28		CryoLife, Inc.^(b)		972
	11		Cutera, Inc.^(b)		374
	43		Cymabay Therapeutics, Inc.^(b)		586
	30		Cytokinetics, Inc.^(b)		237
	31		CytomX Therapeutics, Inc.^(b)		697
	14		Deciphera Pharmaceuticals, Inc.^(b)		518
	48	��	Denali Therapeutics, Inc.^(b)		942
	24		Dermira, Inc.^(b)		228
	69		DexCom, Inc.^(b)		9,962
	24		Dicerna Pharmaceuticals, Inc.^(b)		380
	46		Diplomat Pharmacy, Inc.^(b)		950
	10		Dova Pharmaceuticals, Inc.^(b)		254
	45		Dynavax Technologies Corp.^(b)		623
	9		Eagle Pharmaceuticals, Inc.^(b)		622
	26		Editas Medicine, Inc.^(b)		854
	33		Emergent BioSolutions, Inc.^(b)		2,046
	11		Enanta Pharmaceuticals, Inc.^(b)		1,000
	76		Encompass Health Corp.		6,201
	163		Endo International PLC^(b)		2,795
	43		Endocyte, Inc.^(b)		848
	60		Endologix, Inc.^(b)		138
	37		Ensign Group, Inc. (The)		1,446
	94		Envision Healthcare Corp.^(b)		4,264
	36		Epizyme, Inc.^(b)		425
	18		Esperion Therapeutics, Inc.^(b)		891
	45		Evolent Health, Inc., Class A^(b)		1,147


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	94	Exact Sciences Corp.^(b)	$	7,040
	235	Exelixis, Inc.^(b)		4,416
	33	Fate Therapeutics, Inc.^(b)		425
	58	FibroGen, Inc.^(b)		3,547
	27	Five Prime Therapeutics, Inc.^(b)		378
	22	Flexion Therapeutics, Inc.^(b)		504
	16	G1 Therapeutics, Inc.^(b)		971
	39	GenMark Diagnostics, Inc.^(b)		334
	16	Genomic Health, Inc.^(b)		979
	121	Geron Corp.^(b)		693
	24	Glaukos Corp.^(b)		1,641
	39	Global Blood Therapeutics, Inc.^(b)		1,909
	58	Globus Medical, Inc., Class A^(b)		3,090
	26	GlycoMimetics, Inc.^(b)		383
	40	Haemonetics Corp.^(b)		4,466
	104	Halozyme Therapeutics, Inc.^(b)		1,915
	44	HealthEquity, Inc.^(b)		4,145
	21	HealthStream, Inc.		666
	48	Heron Therapeutics, Inc.^(b)		1,850
	5	Heska Corp.^(b)		535
	51	Hill-Rom Holdings, Inc.		4,961
	64	HMS Holdings Corp.^(b)		2,051
	133	Horizon Pharma PLC^(b)		2,812
	13	ICU Medical, Inc.^(b)		3,978
	122	ImmunoGen, Inc.^(b)		1,243
	93	Immunomedics, Inc.^(b)		2,489
	58	Innoviva, Inc.^(b)		842
	14	Inogen, Inc.^(b)		3,709
	56	Inovalon Holdings, Inc., Class A^(b)		616
	65	Inovio Pharmaceuticals, Inc.^(b)		342
	60	Insmed, Inc.^(b)		1,196
	45	Insulet Corp.^(b)		4,692
	16	Insys Therapeutics, Inc.^(b)		150
	22	Integer Holdings Corp.^(b)		1,758
	59	Integra LifeSciences Holdings Corp.^(b)		3,509
	17	Intellia Therapeutics, Inc.^(b)		526
	17	Intercept Pharmaceuticals, Inc.^(b)		1,901
	20	Intersect ENT, Inc.^(b)		586
	32	Intra-Cellular Therapies, Inc.^(b)		702
	54	Intrexon Corp.^(b)		831
	24	Invacare Corp.		365
	42	Invitae Corp.^(b)		622
	98	Ionis Pharmaceuticals, Inc.^(b)		4,478
	60	Iovance Biotherapeutics, Inc.^(b)		1,062
	13	iRhythm Technologies, Inc.^(b)		1,210
	119	Ironwood Pharmaceuticals, Inc., Class A^(b)		2,290
	11	Jounce Therapeutics, Inc.^(b)		86
	32	K2M Group Holdings, Inc.^(b)		875
	37	Karyopharm Therapeutics, Inc.^(b)		779
	62	Keryx Biopharmaceuticals, Inc.^(b)		211
	17	Kura Oncology, Inc.^(b)		348
	13	La Jolla Pharmaceutical Co.^(b)		300
	21	Lannett Co., Inc.^(b)		112
	37	Lantheus Holdings, Inc.^(b)		596
	11	LeMaitre Vascular, Inc.		413
	36	Lexicon Pharmaceuticals, Inc.^(b)		417

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


		24

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	23	LHC Group, Inc.^(b)	$	2,275
	31	LifePoint Health, Inc.^(b)		1,996
	17	Ligand Pharmaceuticals, Inc.^(b)		4,415
	38	LivaNova PLC^(b)		4,771
	18	Loxo Oncology, Inc.^(b)		3,042
	30	Luminex Corp.		846
	29	MacroGenics, Inc.^(b)		634
	6	Madrigal Pharmaceuticals, Inc.^(b)		1,435
	19	Magellan Health, Inc.^(b)		1,396
	67	Mallinckrodt PLC^(b)		2,309
	38	Masimo Corp.^(b)		4,480
	59	Medicines Co. (The)^(b)		2,337
	45	Medidata Solutions, Inc.^(b)		3,824
	73	MEDNAX, Inc.^(b)		3,457
	21	Medpace Holdings, Inc.^(b)		1,256
	32	Meridian Bioscience, Inc.		502
	41	Merit Medical Systems, Inc.^(b)		2,413
	80	MiMedx Group, Inc.^(b)		424
	24	Minerva Neurosciences, Inc.^(b)		250
	14	Mirati Therapeutics, Inc.^(b)		792
	46	Molina Healthcare, Inc.^(b)		6,348
	60	Momenta Pharmaceuticals, Inc.^(b)		1,590
	25	MyoKardia, Inc.^(b)		1,541
	11	Myovant Sciences Ltd.^(b)		267
	57	Myriad Genetics, Inc.^(b)		2,838
	31	Natera, Inc.^(b)		857
	8	National HealthCare Corp.		617
	7	National Research Corp., Class A		274
	25	Natus Medical, Inc.^(b)		932
	40	Neogen Corp.^(b)		3,738
	65	NeoGenomics, Inc.^(b)		900
	70	Neurocrine Biosciences, Inc.^(b)		8,606
	21	Nevro Corp.^(b)		1,416
	272	Novavax, Inc.^(b)		424
	49	Novocure Ltd.^(b)		2,207
	39	NuVasive, Inc.^(b)		2,737
	50	NxStage Medical, Inc.^(b)		1,417
	34	Omeros Corp.^(b)		880
	31	Omnicell, Inc.^(b)		2,131
	256	OPKO Health, Inc.^(b)		1,516
	9	Optinose, Inc.^(b)		134
	44	OraSure Technologies, Inc.^(b)		704
	14	Orthofix Medical, Inc.^(b)		750
	46	Owens & Minor, Inc.		781
	74	Pacific Biosciences of California, Inc.^(b)		369
	31	Pacira Pharmaceuticals, Inc.^(b)		1,462
	26	Paratek Pharmaceuticals, Inc.^(b)		266
	67	Patterson Cos., Inc.		1,511
	116	PDL BioPharma, Inc.^(b)		281
	24	Penumbra, Inc.^(b)		3,332
	86	PerkinElmer, Inc.		7,949
	14	Phibro Animal Health Corp., Class A		661
	48	Portola Pharmaceuticals, Inc.^(b)		1,433
	46	PRA Health Sciences, Inc.^(b)		4,858
	44	Premier, Inc., Class A^(b)		1,946
	40	Prestige Consumer Healthcare, Inc.^(b)		1,540


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	78	Progenics Pharmaceuticals, Inc.^(b)	$	611
	29	Prothena Corp. PLC (Ireland)^(b)		441
	9	Providence Service Corp. (The)^(b)		604
	30	PTC Therapeutics, Inc.^(b)		1,252
	23	Puma Biotechnology, Inc.^(b)		1,011
	36	Quality Systems, Inc.^(b)		824
	25	Quidel Corp.^(b)		1,922
	65	R1 RCM, Inc.^(b)		648
	33	Radius Health, Inc.^(b)		679
	29	RadNet, Inc.^(b)		402
	16	Reata Pharmaceuticals, Inc., Class A^(b)		1,382
	23	REGENXBIO, Inc.^(b)		1,620
	28	Repligen Corp.^(b)		1,537
	28	Retrophin, Inc.^(b)		887
	24	Revance Therapeutics, Inc.^(b)		658
	16	Rhythm Pharmaceuticals, Inc.^(b)		504
	107	Rigel Pharmaceuticals, Inc.^(b)		365
	17	Rocket Pharmaceuticals, Inc.^(b)		405
	38	Rockwell Medical, Inc.^(b)		187
	36	Sage Therapeutics, Inc.^(b)		5,913
	77	Sangamo Therapeutics, Inc.^(b)		1,405
	49	Sarepta Therapeutics, Inc.^(b)		6,764
	81	Select Medical Holdings Corp.^(b)		1,604
	15	Seres Therapeutics, Inc.^(b)		132
	53	Sorrento Therapeutics, Inc.^(b)		294
	25	Spark Therapeutics, Inc.^(b)		1,540
	70	Spectrum Pharmaceuticals, Inc.^(b)		1,507
	26	STAAR Surgical Co.^(b)		1,240
	67	STERIS PLC		7,666
	43	Supernus Pharmaceuticals, Inc.^(b)		1,905
	15	Surgery Partners, Inc.^(b)		260
	10	SurModics, Inc.^(b)		787
	50	Syneos Health, Inc., Class A^(b)		2,493
	171	Synergy Pharmaceuticals, Inc.^(b)		333
	12	Tabula Rasa HealthCare, Inc.^(b)		1,052
	11	Tactile Systems Technology, Inc.^(b)		744
	45	Teladoc Health, Inc.^(b)		3,490
	81	Tenet Healthcare Corp.^(b)		2,731
	30	TESARO, Inc.^(b)		974
	41	TG Therapeutics, Inc.^(b)		521
	130	TherapeuticsMD, Inc.^(b)		842
	32	Theravance Biopharma, Inc.^(b)		927
	31	Tivity Health, Inc.^(b)		1,066
	18	Triple-S Management Corp., Class B^(b)		392
	36	Ultragenyx Pharmaceutical, Inc.^(b)		3,050
	18	uniQure N.V. (Netherlands)^(b)		764
	10	US Physical Therapy, Inc.		1,253
	44	Vanda Pharmaceuticals, Inc.^(b)		850
	29	Varex Imaging Corp.^(b)		911
	49	ViewRay, Inc.^(b)		494
	24	Vocera Communications, Inc.^(b)		796
	13	Voyager Therapeutics, Inc.^(b)		283
	8	WaVe Life Sciences Ltd.^(b)		426
	38	WellCare Health Plans, Inc.^(b)		11,498
	57	West Pharmaceutical Services, Inc.		6,672
	92	Wright Medical Group NV^(b)		2,666

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


		25

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	38	Xencor, Inc.^(b)	$	1,588
	97	ZIOPHARM Oncology, Inc.^(b)		283
	32	Zogenix, Inc.^(b)		1,546

				446,778

		Industrials—13.9%
	33	AAON, Inc.		1,333
	25	AAR Corp.		1,167
	54	ABM Industries, Inc.		1,713
	83	ACCO Brands Corp.		1,029
	46	Actuant Corp., Class A		1,355
	53	Advanced Disposal Services, Inc.^(b)		1,414
	29	Advanced Drainage Systems, Inc.		909
	127	AECOM^(b)		4,272
	26	Aegion Corp.^(b)		649
	52	Aerojet Rocketdyne Holdings, Inc.^(b)		1,826
	16	Aerovironment, Inc.^(b)		1,407
	78	Air Lease Corp.		3,604
	11	Air Transport Services Group, Inc.^(b)		224
	51	Aircastle Ltd.		1,067
	8	Alamo Group, Inc.		762
	22	Albany International Corp., Class A		1,697
	3	Allegiant Travel Co.		409
	99	Allison Transmission Holdings, Inc.		4,916
	23	Altra Industrial Motion Corp.		898
	6	American Railcar Industries, Inc.		275
	11	American Woodmark Corp.^(b)		934
	22	Apogee Enterprises, Inc.		1,083
	30	Applied Industrial Technologies, Inc.		2,311
	19	ArcBest Corp.		914
	11	Argan, Inc.		438
	16	Armstrong Flooring, Inc.^(b)		280
	35	Armstrong World Industries, Inc.^(b)		2,443
	42	ASGN, Inc.^(b)		3,889
	15	Astec Industries, Inc.		730
	16	Astronics Corp.^(b)		696
	36	Atkore International Group, Inc.^(b)		986
	5	Atlas Air Worldwide Holdings, Inc.^(b)		304
	53	Avis Budget Group, Inc.^(b)		1,649
	45	Axon Enterprise, Inc.^(b)		3,072
	20	AZZ, Inc.		1,075
	39	Barnes Group, Inc.		2,654
	6	Barrett Business Services, Inc.		450
	53	Beacon Roofing Supply, Inc.^(b)		1,965
	9	Blue Bird Corp.^(b)		207
	54	BMC Stock Holdings, Inc.^(b)		1,215
	36	Brady Corp., Class A		1,456
	32	Briggs & Stratton Corp.		645
	39	Brink’s Co. (The)		2,929
	92	Builders FirstSource, Inc.^(b)		1,437
	77	BWX Technologies, Inc.		4,722
	12	CAI International, Inc.^(b)		324
	48	Carlisle Cos., Inc.		6,087
	29	Casella Waste Systems, Inc., Class A^(b)		823
	39	CBIZ, Inc.^(b)		932
	22	Chart Industries, Inc.^(b)		1,662
	18	Cimpress NV (Netherlands)^(b)		2,520


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	16	CIRCOR International, Inc.	$	726
	111	Civeo Corp.^(b)		437
	42	Clean Harbors, Inc.^(b)		2,881
	74	Colfax Corp.^(b)		2,584
	15	Columbus McKinnon Corp.		638
	28	Comfort Systems USA, Inc.		1,607
	30	Continental Building Products, Inc.^(b)		1,119
	90	Covanta Holding Corp.		1,588
	9	Covenant Transportation Group, Inc., Class A^(b)		269
	37	Crane Co.		3,377
	12	CSW Industrials, Inc.^(b)		672
	20	Cubic Corp.		1,514
	33	Curtiss-Wright Corp.		4,420
	31	Daseke, Inc.^(b)		279
	37	Deluxe Corp.		2,191
	101	Donaldson Co., Inc.		5,111
	17	Douglas Dynamics, Inc.		779
	29	Dun & Bradstreet Corp. (The)		4,145
	13	DXP Enterprises, Inc.^(b)		597
	24	Dycom Industries, Inc.^(b)		2,014
	20	Echo Global Logistics, Inc.^(b)		664
	46	EMCOR Group, Inc.		3,685
	16	Encore Wire Corp.		804
	27	Energy Recovery, Inc.^(b)		262
	33	EnerSys		2,739
	15	Engility Holdings, Inc.^(b)		521
	19	Ennis, Inc.		414
	17	EnPro Industries, Inc.		1,276
	20	ESCO Technologies, Inc.		1,353
	28	Essendant, Inc.		404
	21	Esterline Technologies Corp.^(b)		1,805
	59	Evoqua Water Technologies Corp.^(b)		1,143
	40	Exponent, Inc.		2,094
	45	Federal Signal Corp.		1,171
	7	Forrester Research, Inc.		344
	23	Forward Air Corp.		1,478
	11	Foundation Building Materials, Inc.^(b)		152
	30	Franklin Electric Co., Inc.		1,467
	29	FTI Consulting, Inc.^(b)		2,210
	85	Gardner Denver Holdings, Inc.^(b)		2,377
	45	Gates Industrial Corp PLC^(b)		820
	29	GATX Corp.		2,449
	48	Generac Holdings, Inc.^(b)		2,664
	47	Genesee & Wyoming, Inc., Class A^(b)		4,131
	27	Gibraltar Industries, Inc.^(b)		1,226
	17	Global Brass & Copper Holdings, Inc.		655
	25	GMS, Inc.^(b)		621
	14	Gorman-Rupp Co. (The)		513
	10	GP Strategies Corp.^(b)		190
	133	Graco, Inc.		6,252
	37	Granite Construction, Inc.		1,690
	42	Great Lakes Dredge & Dock Corp.^(b)		230
	25	Greenbrier Cos., Inc. (The)		1,450
	23	Griffon Corp.		420
	24	H&E Equipment Services, Inc.		835
	61	Harsco Corp.^(b)		1,723

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


		26

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	10	Hawaiian Holdings, Inc.	$	415
	56	Healthcare Services Group, Inc.		2,308
	35	Heartland Express, Inc.		716
	32	HEICO Corp.		2,902
	60	HEICO Corp., Class A		4,470
	14	Heidrick & Struggles International, Inc.		619
	16	Herc Holdings, Inc.^(b)		841
	11	Heritage-Crystal Clean, Inc.^(b)		256
	46	Herman Miller, Inc.		1,762
	38	Hertz Global Holdings, Inc.^(b)		669
	70	Hexcel Corp.		4,628
	51	Hillenbrand, Inc.		2,609
	34	HNI Corp.		1,499
	26	Hub Group, Inc., Class A^(b)		1,374
	43	Hubbell, Inc.		5,433
	17	Huron Consulting Group, Inc.^(b)		841
	6	Hyster-Yale Materials Handling, Inc.		370
	14	ICF International, Inc.		1,143
	36	InnerWorkings, Inc.^(b)		282
	30	Insperity, Inc.		3,595
	14	Insteel Industries, Inc.		537
	48	Interface, Inc.		1,130
	68	ITT, Inc.		4,019
	57	JELD-WEN Holding, Inc.^(b)		1,386
	25	John Bean Technologies Corp.		2,957
	9	Kadant, Inc.		909
	18	Kaman Corp.		1,174
	105	KAR Auction Services, Inc.		6,582
	109	KBR, Inc.		2,287
	24	Kelly Services, Inc., Class A		605
	62	Kennametal, Inc.		2,532
	34	KeyW Holding Corp. (The)^(b)		289
	18	Kforce, Inc.		757
	28	Kimball International, Inc., Class B		489
	12	Kirby Corp.^(b)		1,048
	40	KLX, Inc.^(b)		2,954
	37	Knoll, Inc.		871
	42	Korn/Ferry International		2,819
	65	Kratos Defense & Security Solutions, Inc.^(b)		868
	33	Landstar System, Inc.		3,821
	48	Lincoln Electric Holdings, Inc.		4,520
	8	Lindsay Corp.		766
	26	LSC Communications, Inc.		318
	13	Lydall, Inc.^(b)		556
	63	Macquarie Infrastructure Corp.		2,964
	25	Manitowoc Co., Inc. (The)^(b)		580
	31	Marten Transport Ltd.		684
	23	Masonite International Corp.^(b)		1,540
	51	MasTec, Inc.^(b)		2,234
	8	Matson, Inc.		299
	25	Matthews International Corp., Class A		1,298
	21	McGrath RentCorp		1,218
	37	Mercury Systems, Inc.^(b)		2,017
	64	Meritor, Inc.^(b)		1,386
	54	Milacron Holdings Corp.^(b)		1,145
	13	Mistras Group, Inc.^(b)		297


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	34	Mobile Mini, Inc.	$	1,459
	25	Moog, Inc., Class A		1,973
	72	MRC Global, Inc.^(b)		1,484
	29	MSA Safety, Inc.		2,932
	35	MSC Industrial Direct Co., Inc., Class A		2,992
	42	Mueller Industries, Inc.		1,343
	121	Mueller Water Products, Inc., Class A		1,400
	11	Multi-Color Corp.		679
	12	MYR Group, Inc.^(b)		417
	4	National Presto Industries, Inc.		530
	36	Navigant Consulting, Inc.^(b)		860
	34	Navistar International Corp.^(b)		1,481
	32	NCI Building Systems, Inc.^(b)		541
	20	Nexeo Solutions, Inc.^(b)		200
	20	NN, Inc.		400
	41	Nordson Corp.		5,700
	82	NOW, Inc.^(b)		1,410
	9	NV5 Global, Inc.^(b)		796
	135	nVent Electric PLC (United Kingdom)		3,792
	2	Omega Flex, Inc.		178
	59	Oshkosh Corp.		4,145
	6	Park-Ohio Holdings Corp.		249
	18	Patrick Industries, Inc.^(b)		1,152
	37	PGT Innovations, Inc.^(b)		899
	142	Pitney Bowes, Inc.		1,031
	170	Plug Power, Inc.^(b)		335
	7	Powell Industries, Inc.		274
	31	Primoris Services Corp.		777
	20	Proto Labs, Inc.^(b)		3,109
	23	Quad/Graphics, Inc., Class A		524
	24	Quanex Building Products Corp.		394
	120	Quanta Services, Inc.^(b)		4,151
	27	Raven Industries, Inc.		1,307
	19	RBC Bearings, Inc.^(b)		2,846
	34	Regal Beloit Corp.		2,846
	21	Resources Connection, Inc.		348
	22	REV Group, Inc.		374
	84	Rexnord Corp.^(b)		2,439
	53	RR Donnelley & Sons Co.		268
	3	Rush Enterprises, Inc., Class B		133
	26	Rush Enterprises, Inc., Class A		1,117
	41	Ryder System, Inc.		3,150
	20	Saia, Inc.^(b)		1,585
	33	Simpson Manufacturing Co., Inc.		2,533
	31	SiteOne Landscape Supply, Inc.^(b)		2,801
	10	SkyWest, Inc.		653
	17	SP Plus Corp.^(b)		661
	26	Spartan Motors, Inc.		376
	13	Spirit Airlines, Inc.^(b)		618
	32	SPX Corp.^(b)		1,088
	32	SPX FLOW, Inc.^(b)		1,534
	10	Standex International Corp.		1,079
	66	Steelcase, Inc., Class A		964
	21	Sun Hydraulics Corp.		1,057
	69	Sunrun, Inc.^(b)		905
	11	Systemax, Inc.		402

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


		27

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	23	Team, Inc.^(b)	$	536
	28	Teledyne Technologies, Inc.^(b)		6,643
	14	Tennant Co.		1,072
	57	Terex Corp.		2,209
	44	Tetra Tech, Inc.		3,071
	25	Thermon Group Holdings, Inc.^(b)		670
	54	Timken Co. (The)		2,627
	38	Titan International, Inc.		284
	14	Titan Machinery, Inc.^(b)		253
	84	Toro Co. (The)		5,106
	12	TPI Composites, Inc.^(b)		336
	46	Trex Co., Inc.^(b)		3,896
	35	TriMas Corp.^(b)		1,075
	37	TriNet Group, Inc.^(b)		2,186
	105	Trinity Industries, Inc.		3,763
	41	Triton International Ltd. (Bermuda)		1,549
	38	Triumph Group, Inc.		790
	32	TrueBlue, Inc.^(b)		938
	30	Tutor Perini Corp.^(b)		611
	12	UniFirst Corp.		2,222
	90	Univar, Inc.^(b)		2,504
	48	Universal Forest Products, Inc.		1,798
	6	Universal Logistics Holdings, Inc.		220
	17	US Ecology, Inc.		1,237
	72	USG Corp.^(b)		3,103
	18	Valmont Industries, Inc.		2,527
	9	Veritiv Corp.^(b)		430
	16	Viad Corp.		986
	13	Vicor Corp.^(b)		812
	7	VSE Corp.		270
	46	Wabash National Corp.		839
	30	WageWorks, Inc.^(b)		1,605
	25	Watsco, Inc.		4,375
	23	Watts Water Technologies, Inc., Class A		1,896
	106	Welbilt, Inc.^(b)		2,346
	36	Werner Enterprises, Inc.		1,334
	42	Wesco Aircraft Holdings, Inc.^(b)		510
	37	WESCO International, Inc.^(b)		2,263
	26	Willscot Corp., Class A^(b)		454
	44	Woodward, Inc.		3,545
	25	YRC Worldwide, Inc.^(b)		239

				419,347

		Information Technology—16.0%
	44	2U, Inc.^(b)		3,932
	95	3D Systems Corp.^(b)		1,933
	70	8x8, Inc.^(b)		1,589
	38	A10 Networks, Inc.^(b)		265
	19	Acacia Communications, Inc.^(b)		775
	90	ACI Worldwide, Inc.^(b)		2,557
	60	Acxiom Corp.^(b)		2,741
	37	ADTRAN, Inc.		636
	31	Advanced Energy Industries, Inc.^(b)		1,847
	24	Alarm.com Holdings, Inc.^(b)		1,351
	14	Alpha & Omega Semiconductor Ltd.^(b)		199
	26	Ambarella, Inc.^(b)		996
	82	Amkor Technology, Inc.^(b)		716


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	36	ANGI Homeservices, Inc., Class A^(b)	$	780
	25	Anixter International, Inc.^(b)		1,802
	14	Applied Optoelectronics, Inc.^(b)		579
	142	ARRIS International PLC^(b)		3,679
	55	Aspen Technology, Inc.^(b)		6,345
	85	Avaya Holdings Corp.^(b)		1,986
	38	AVX Corp.		804
	23	Axcelis Technologies, Inc.^(b)		465
	22	Badger Meter, Inc.		1,209
	33	Belden, Inc.		2,400
	38	Benchmark Electronics, Inc.		982
	12	Benefitfocus, Inc.^(b)		529
	112	Black Knight, Inc.^(b)		5,981
	38	Blackbaud, Inc.		3,974
	27	Blackline, Inc.^(b)		1,424
	113	Booz Allen Hamilton Holding Corp.		5,781
	31	Bottomline Technologies (DE), Inc.^(b)		2,045
	97	Box, Inc., Class A^(b)		2,382
	57	Brooks Automation, Inc.		2,246
	20	Cabot Microelectronics Corp.		2,255
	19	CACI International, Inc., Class A^(b)		3,705
	27	CalAmp Corp.^(b)		634
	24	Carbonite, Inc.^(b)		997
	35	Cardtronics PLC, Class A^(b)		1,228
	52	Cars.com, Inc.^(b)		1,399
	9	Cass Information Systems, Inc.		644
	17	CEVA, Inc.^(b)		520
	18	ChannelAdvisor Corp.^(b)		235
	111	Ciena Corp.^(b)		3,505
	49	Cirrus Logic, Inc.^(b)		2,154
	27	Cision Ltd.^(b)		489
	80	Cloudera, Inc.^(b)		1,201
	19	Coherent, Inc.^(b)		3,621
	21	Cohu, Inc.		554
	33	CommVault Systems, Inc.^(b)		2,298
	18	Comtech Telecommunications Corp.		645
	144	Conduent, Inc.^(b)		3,338
	19	Control4 Corp.^(b)		616
	72	Convergys Corp.		1,781
	65	CoreLogic, Inc.^(b)		3,305
	36	Cornerstone OnDemand, Inc.^(b)		2,036
	34	Coupa Software, Inc.^(b)		2,438
	31	Cray, Inc.^(b)		673
	79	Cree, Inc.^(b)		3,801
	26	CSG Systems International, Inc.		971
	24	CTS Corp.		887
	269	Cypress Semiconductor Corp.		4,629
	28	Daktronics, Inc.		227
	52	Diebold Nixdorf, Inc.		247
	33	Diodes, Inc.^(b)		1,251
	49	Dolby Laboratories, Inc., Class A		3,439
	18	Ebix, Inc.		1,434
	37	EchoStar Corp., Class A^(b)		1,776
	23	Electro Scientific Industries, Inc.^(b)		505
	35	Electronics For Imaging, Inc.^(b)		1,218
	27	Ellie Mae, Inc.^(b)		2,845

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


		28

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	49	Endurance International Group Holdings, Inc.^(b)	$	473
	112	Entegris, Inc.		3,797
	34	Envestnet, Inc.^(b)		2,149
	39	EPAM Systems, Inc.^(b)		5,574
	11	ePlus, Inc.^(b)		1,140
	85	Etsy, Inc.^(b)		4,139
	40	Euronet Worldwide, Inc.^(b)		3,912
	21	Everbridge, Inc.^(b)		1,264
	52	Everi Holdings, Inc.^(b)		451
	47	EVERTEC, Inc.		1,130
	26	ExlService Holdings, Inc.^(b)		1,666
	84	Extreme Networks, Inc.^(b)		527
	28	Fabrinet (Thailand)^(b)		1,340
	23	Fair Isaac Corp.^(b)		5,312
	13	FARO Technologies, Inc.^(b)		887
	92	Finisar Corp.^(b)		1,877
	141	FireEye, Inc.^(b)		2,341
	61	First Solar, Inc.^(b)		3,177
	140	Fitbit, Inc., Class A^(b)		843
	41	Five9, Inc.^(b)		1,970
	17	ForeScout Technologies, Inc.^(b)		613
	55	FormFactor, Inc.^(b)		850
	82	Glu Mobile, Inc.^(b)		631
	43	Gogo, Inc.^(b)		193
	70	GrubHub, Inc.^(b)		10,088
	27	GTT Communications, Inc.^(b)		1,162
	62	Guidewire Software, Inc.^(b)		6,235
	19	Hackett Group, Inc. (The)		389
	40	Hortonworks, Inc.^(b)		893
	28	HubSpot, Inc.^(b)		4,024
	16	Ichor Holdings Ltd.^(b)		415
	46	II-VI, Inc.^(b)		2,288
	27	Imperva, Inc.^(b)		1,273
	124	Infinera Corp.^(b)		1,110
	29	Inphi Corp.^(b)		1,075
	27	Insight Enterprises, Inc.^(b)		1,489
	22	Instructure, Inc.^(b)		901
	102	Integrated Device Technology, Inc.^(b)		4,334
	27	InterDigital, Inc.		2,230
	27	Itron, Inc.^(b)		1,793
	39	j2 Global, Inc.		3,220
	119	Jabil, Inc.		3,518
	38	KEMET Corp.^(b)		982
	21	Kimball Electronics, Inc.^(b)		416
	68	Knowles Corp.^(b)		1,233
	54	Kulicke & Soffa Industries, Inc. (Singapore)		1,393
	88	Lattice Semiconductor Corp.^(b)		721
	107	Limelight Networks, Inc.^(b)		542
	20	Littelfuse, Inc.		4,471
	48	LivePerson, Inc.^(b)		1,291
	41	LogMeIn, Inc.		3,524
	50	Lumentum Holdings, Inc.^(b)		3,395
	32	MACOM Technology Solutions Holdings, Inc.^(b)		738
	53	Manhattan Associates, Inc.^(b)		3,073
	20	ManTech International Corp., Class A		1,326
	52	MAXIMUS, Inc.		3,458


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	50	MaxLinear, Inc., Class A^(b)	$	964
	34	Mellanox Technologies Ltd. (Israel)^(b)		2,829
	3	Mesa Laboratories, Inc.		602
	29	Methode Electronics, Inc.		1,150
	7	MicroStrategy, Inc., Class A^(b)		1,043
	27	MINDBODY, Inc., Class A^(b)		1,002
	93	Mitel Networks Corp.^(b)		1,023
	42	MKS Instruments, Inc.		3,902
	31	MobileIron, Inc.^(b)		152
	17	Model N, Inc.^(b)		289
	23	MoneyGram International, Inc.^(b)		150
	31	Monolithic Power Systems, Inc.		4,646
	32	Monotype Imaging Holdings, Inc.		659
	13	MTS Systems Corp.		703
	18	Nanometrics, Inc.^(b)		789
	97	National Instruments Corp.		4,632
	92	NCR Corp.^(b)		2,614
	44	Net 1 UEPS Technologies, Inc. (South Africa)^(b)		319
	25	NETGEAR, Inc.^(b)		1,771
	66	NetScout Systems, Inc.^(b)		1,650
	32	New Relic, Inc.^(b)		3,288
	48	NIC, Inc.		806
	25	Novanta, Inc.^(b)		1,915
	235	Nuance Communications, Inc.^(b)		3,835
	89	Nutanix, Inc., Class A^(b)		5,012
	4	NVE Corp.		455
	127	Oclaro, Inc.^(b)		1,212
	23	OneSpan, Inc.^(b)		431
	14	OSI Systems, Inc.^(b)		1,090
	210	Pandora Media, Inc.^(b)		1,940
	15	Park Electrochemical Corp.		321
	39	Paycom Software, Inc.^(b)		6,050
	24	Paylocity Holding Corp.^(b)		1,907
	9	PC Connection, Inc.		357
	21	PDF Solutions, Inc.^(b)		183
	30	Pegasystems, Inc.		1,911
	27	Perficient, Inc.^(b)		776
	110	Perspecta, Inc.		2,559
	52	Photronics, Inc.^(b)		556
	26	Plantronics, Inc.		1,748
	26	Plexus Corp.^(b)		1,645
	23	Power Integrations, Inc.		1,687
	25	Presidio, Inc.^(b)		378
	33	Progress Software Corp.		1,351
	39	Proofpoint, Inc.^(b)		4,627
	28	PROS Holdings, Inc.^(b)		1,033
	90	PTC, Inc.^(b)		8,995
	115	Pure Storage, Inc., Class A^(b)		3,087
	30	Q2 Holdings, Inc.^(b)		1,869
	8	QAD, Inc., Class A		485
	26	Qualys, Inc.^(b)		2,367
	24	Quantenna Communications, Inc.^(b)		438
	29	QuinStreet, Inc.^(b)		440
	70	Quotient Technology, Inc.^(b)		1,046
	85	Rambus, Inc.^(b)		1,039
	22	Rapid7, Inc.^(b)		839

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


		29

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	57	RealPage, Inc.^(b)	$	3,557
	39	Ribbon Communications, Inc.^(b)		270
	52	RingCentral, Inc., Class A^(b)		4,844
	14	Rogers Corp.^(b)		1,933
	23	Rudolph Technologies, Inc.^(b)		639
	50	SailPoint Technologies Holding, Inc.^(b)		1,546
	52	Sanmina Corp.^(b)		1,602
	19	ScanSource, Inc.^(b)		772
	34	Science Applications International Corp.		3,067
	53	Semtech Corp.^(b)		3,167
	20	SendGrid, Inc.^(b)		725
	54	ServiceSource International, Inc.^(b)		172
	14	Shutterstock, Inc.		771
	33	Silicon Laboratories, Inc.^(b)		3,234
	8	SMART Global Holdings, Inc.^(b)		264
	27	SolarEdge Technologies, Inc.^(b)		1,295
	13	SPS Commerce, Inc.^(b)		1,277
	13	Stamps.com, Inc.^(b)		3,230
	48	SunPower Corp.^(b)		323
	35	Sykes Enterprises, Inc.^(b)		1,058
	26	Synaptics, Inc.^(b)		1,255
	23	SYNNEX Corp.		2,230
	32	Syntel, Inc.^(b)		1,304
	53	Tableau Software, Inc., Class A^(b)		5,929
	28	Tech Data Corp.^(b)		2,037
	16	TechTarget, Inc.^(b)		384
	97	Teradata Corp.^(b)		4,023
	152	Teradyne, Inc.		6,261
	92	TiVo Corp.		1,256
	24	Trade Desk, Inc. (The), Class A^(b)		3,405
	103	Travelport Worldwide Ltd.		1,913
	53	TrueCar, Inc.^(b)		682
	12	TTEC Holdings, Inc.		314
	79	TTM Technologies, Inc.^(b)		1,477
	6	Tucows, Inc., Class A^(b)		351
	54	Twilio, Inc., Class A^(b)		4,356
	28	Tyler Technologies, Inc.^(b)		6,915
	18	Ubiquiti Networks, Inc.		1,615
	23	Ultimate Software Group, Inc. (The)^(b)		7,122
	35	Ultra Clean Holdings, Inc.^(b)		534
	38	Unisys Corp.^(b)		707
	33	Universal Display Corp.		4,039
	12	Upland Software, Inc.^(b)		447
	22	Varonis Systems, Inc.^(b)		1,626
	36	Veeco Instruments, Inc.^(b)		432
	51	Verint Systems, Inc.^(b)		2,476
	87	Versum Materials, Inc.		3,462
	44	ViaSat, Inc.^(b)		2,764
	172	Viavi Solutions, Inc.^(b)		1,926
	22	Virtusa Corp.^(b)		1,282
	102	Vishay Intertechnology, Inc.		2,428
	31	Web.com Group, Inc.^(b)		866
	34	WEX, Inc.^(b)		6,467
	17	Workiva, Inc., Class A^(b)		626
	41	Xcerra Corp.^(b)		594
	19	XO Group, Inc.^(b)		571


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	38	Xperi Corp.	$	597
	61	Yelp, Inc., Class A^(b)		2,874
	37	Yext, Inc.^(b)		920
	42	Zebra Technologies Corp., Class A^(b)		7,213
	81	Zendesk, Inc.^(b)		5,580
	609	Zynga, Inc., Class A^(b)		2,533

				483,793

		Materials—5.4%
	23	A. Schulman, Inc.^(d)		46
	23	AdvanSix, Inc.^(b)		778
	17	AgroFresh Solutions, Inc.^(b)		113
	240	AK Steel Holding Corp.^(b)		1,066
	144	Alcoa Corp.^(b)		6,432
	97	Allegheny Technologies, Inc.^(b)		2,622
	20	American Vanguard Corp.		438
	48	AptarGroup, Inc.		5,026
	48	Ashland Global Holdings, Inc.		4,042
	25	Balchem Corp.		2,772
	70	Bemis Co., Inc.		3,450
	102	Berry Global Group, Inc.^(b)		4,868
	29	Boise Cascade Co.		1,267
	48	Cabot Corp.		3,116
	36	Carpenter Technology Corp.		2,148
	40	Century Aluminum Co.^(b)		505
	6	Chase Corp.		744
	13	Clearwater Paper Corp.^(b)		378
	214	Cleveland-Cliffs, Inc.^(b)		2,151
	138	Coeur Mining, Inc.^(b)		784
	93	Commercial Metals Co.		2,009
	26	Compass Minerals International, Inc.		1,626
	48	Domtar Corp.		2,443
	38	Eagle Materials, Inc.		3,509
	60	Ferro Corp.^(b)		1,317
	15	Forterra, Inc.^(b)		127
	20	FutureFuel Corp.		297
	53	GCP Applied Technologies, Inc.^(b)		1,336
	247	Graphic Packaging Holding Co.		3,512
	20	Greif, Inc., Class A		1,104
	4	Greif, Inc., Class B		227
	39	H.B. Fuller Co.		2,223
	7	Hawkins, Inc.		289
	9	Haynes International, Inc.		355
	391	Hecla Mining Co.		1,110
	169	Huntsman Corp.		5,153
	34	Ingevity Corp.^(b)		3,434
	15	Innophos Holdings, Inc.		656
	19	Innospec, Inc.		1,474
	76	Intrepid Potash, Inc.^(b)		258
	13	Kaiser Aluminum Corp.		1,425
	71	KapStone Paper and Packaging Corp.		2,439
	10	KMG Chemicals, Inc.		775
	16	Koppers Holdings, Inc.^(b)		567
	24	Kraton Corp.^(b)		1,129
	18	Kronos Worldwide, Inc.		362
	116	Louisiana-Pacific Corp.		3,383
	15	Materion Corp.		957

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


		30

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	200	McEwen Mining, Inc.	$	394
	35	Mercer International, Inc. (Canada)		619
	27	Minerals Technologies, Inc.		1,813
	18	Myers Industries, Inc.		401
	13	Neenah, Inc.		1,186
	7	NewMarket Corp.		2,807
	133	Olin Corp.		4,087
	34	OMNOVA Solutions, Inc.^(b)		308	��
	124	Owens-Illinois, Inc.^(b)		2,191
	33	P.H. Glatfelter Co.		635
	186	Platform Specialty Products Corp.^(b)		2,466
	63	PolyOne Corp.		2,662
	31	PQ Group Holdings, Inc.^(b)		552
	11	Quaker Chemical Corp.		1,982
	45	Rayonier Advanced Materials, Inc.		941
	57	Reliance Steel & Aluminum Co.		5,010
	44	Resolute Forest Products, Inc.^(b)		605
	52	Royal Gold, Inc.		3,966
	104	RPM International, Inc.		7,020
	13	Ryerson Holding Corp.^(b)		135
	20	Schnitzer Steel Industries, Inc., Class A		527
	23	Schweitzer-Mauduit International, Inc.		936
	34	Scotts Miracle-Gro Co. (The)		2,540
	34	Sensient Technologies Corp.		2,415
	59	Silgan Holdings, Inc.		1,608
	79	Sonoco Products Co.		4,427
	16	Stepan Co.		1,427
	85	Summit Materials, Inc., Class A^(b)		1,808
	44	SunCoke Energy, Inc.^(b)		491
	29	TimkenSteel Corp.^(b)		406
	19	Tredegar Corp.		417
	34	Trinseo SA		2,623
	81	Tronox Ltd., Class A		1,311
	2	United States Lime & Minerals, Inc.		152
	138	United States Steel Corp.		4,096
	12	US Concrete, Inc.^(b)		578
	156	Valvoline, Inc.		3,357
	43	Venator Materials PLC^(b)		519
	27	Verso Corp., Class A^(b)		848
	52	W.R. Grace & Co.		3,674
	27	Warrior Met Coal, Inc.		649
	37	Worthington Industries, Inc.		1,723

				162,554

		Real Estate—10.0%
	65	Acadia Realty Trust REIT		1,854
	24	Agree Realty Corp. REIT		1,370
	51	Alexander & Baldwin, Inc. REIT		1,197
	2	Alexander’s, Inc. REIT		722
	10	Altisource Portfolio Solutions SA^(b)		362
	27	American Assets Trust, Inc. REIT		1,066
	106	American Campus Communities, Inc. REIT		4,445
	208	American Homes 4 Rent, Class A REIT		4,826
	44	Americold Realty Trust REIT		1,096
	122	Apartment Investment & Management Co., Class A REIT		5,344
	169	Apple Hospitality REIT, Inc. REIT		2,983


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	34	Armada Hoffler Properties, Inc. REIT	$	530
	74	Ashford Hospitality Trust, Inc. REIT		480
	19	Braemar Hotels & Resorts, Inc. REIT		219
	141	Brandywine Realty Trust REIT		2,363
	236	Brixmor Property Group, Inc. REIT		4,300
	65	CareTrust REIT, Inc. REIT		1,199
	43	CatchMark Timber Trust, Inc., Class A REIT		539
	130	CBL & Associates Properties, Inc. REIT		580
	65	Cedar Realty Trust, Inc. REIT		291
	35	Chatham Lodging Trust REIT		751
	46	Chesapeake Lodging Trust REIT		1,514
	378	Colony Capital, Inc. REIT		2,317
	93	Columbia Property Trust, Inc. REIT		2,239
	13	Community Healthcare Trust, Inc. REIT		403
	90	CoreCivic, Inc. REIT		2,330
	31	CorePoint Lodging, Inc. REIT		646
	27	CoreSite Realty Corp. REIT		3,145
	82	Corporate Office Properties Trust REIT		2,524
	326	Cousins Properties, Inc. REIT		3,048
	143	CubeSmart REIT		4,369
	78	CyrusOne, Inc. REIT		5,223
	119	DDR Corp. REIT		1,665
	152	DiamondRock Hospitality Co. REIT		1,818
	127	Douglas Emmett, Inc. REIT		4,961
	51	Easterly Government Properties, Inc. REIT		1,033
	28	EastGroup Properties, Inc. REIT		2,724
	60	Education Realty Trust, Inc. REIT		2,483
	111	Empire State Realty Trust, Inc., Class A REIT		1,952
	57	EPR Properties REIT		4,000
	94	Equity Commonwealth REIT^(b)		3,014
	66	Equity LifeStyle Properties, Inc. REIT		6,394
	95	First Industrial Realty Trust, Inc. REIT		3,084
	44	Five Point Holdings LLC, Class A^(b)		481
	181	Forest City Realty Trust, Inc., Class A REIT		4,552
	8	Forestar Group, Inc.^(b)		206
	46	Four Corners Property Trust, Inc. REIT		1,239
	77	Franklin Street Properties Corp. REIT		660
	39	Front Yard Residential Corp. REIT		477
	5	FRP Holdings, Inc.^(b)		326
	157	Gaming and Leisure Properties, Inc. REIT		5,619
	95	GEO Group, Inc. (The) REIT		2,410
	25	Getty Realty Corp. REIT		728
	19	Gladstone Commercial Corp. REIT		378
	50	Global NET Lease, Inc. REIT		1,084
	82	Government Properties Income Trust REIT		1,387
	99	Healthcare Realty Trust, Inc. REIT		3,065
	163	Healthcare Trust of America, Inc., Class A REIT		4,657
	32	Hersha Hospitality Trust REIT		755
	28	HFF, Inc., Class A		1,271
	80	Highwoods Properties, Inc. REIT		3,979
	131	Hospitality Properties Trust REIT		3,798
	32	Howard Hughes Corp. (The)^(b)		4,172
	124	Hudson Pacific Properties, Inc. REIT		4,196
	62	Independence Realty Trust, Inc. REIT		640
	18	Industrial Logistics Properties Trust REIT		433
	33	InfraREIT, Inc. REIT^(b)		689

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


		31

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	92	Investors Real Estate Trust REIT	$	501
	49	iStar, Inc. REIT		548
	87	JBG SMITH Properties REIT		3,259
	104	Kennedy-Wilson Holdings, Inc.		2,231
	77	Kilroy Realty Corp. REIT		5,632
	63	Kite Realty Group Trust REIT		1,101
	65	Lamar Advertising Co., Class A REIT		5,008
	85	LaSalle Hotel Properties REIT		2,984
	165	Lexington Realty Trust REIT		1,541
	36	Life Storage, Inc. REIT		3,514
	30	LTC Properties, Inc. REIT		1,393
	69	Mack-Cali Realty Corp. REIT		1,507
	13	Marcus & Millichap, Inc.^(b)		473
	289	Medical Properties Trust, Inc. REIT		4,349
	58	MGM Growth Properties LLC, Class A REIT		1,782
	62	Monmouth Real Estate Investment Corp. REIT		1,078
	32	National Health Investors, Inc. REIT		2,536
	43	National Storage Affiliates Trust REIT		1,219
	62	New Senior Investment Group, Inc. REIT		393
	12	New York REIT, Inc. REIT		224
	12	NexPoint Residential Trust, Inc. REIT		388
	40	NorthStar Realty Europe Corp. REIT		549
	153	Omega Healthcare Investors, Inc. REIT		5,057
	10	One Liberty Properties, Inc. REIT		288
	106	Outfront Media, Inc. REIT		2,106
	168	Paramount Group, Inc. REIT		2,668
	157	Park Hotels & Resorts, Inc. REIT		5,252
	53	Pebblebrook Hotel Trust REIT		2,046
	53	Pennsylvania Real Estate Investment Trust REIT		541
	144	Physicians Realty Trust REIT		2,519
	99	Piedmont Office Realty Trust, Inc., Class A REIT		1,964
	47	PotlatchDeltic Corp. REIT		2,270
	37	Preferred Apartment Communities, Inc., Class A REIT		659
	16	PS Business Parks, Inc. REIT		2,087
	41	QTS Realty Trust, Inc., Class A REIT		1,875
	60	Ramco-Gershenson Properties Trust REIT		838
	103	Rayonier, Inc. REIT		3,587
	14	RE/MAX Holdings, Inc., Class A		690
	105	Realogy Holdings Corp.		2,246
	35	Redfin Corp.^(b)		693
	92	Retail Opportunity Investments Corp. REIT		1,816
	169	Retail Properties of America, Inc., Class A REIT		2,151
	11	Retail Value, Inc. REIT^(b)		393
	65	Rexford Industrial Realty, Inc. REIT		2,113
	135	RLJ Lodging Trust REIT		2,958
	5	RMR Group, Inc. (The), Class A		472
	37	Ryman Hospitality Properties, Inc. REIT		3,283
	138	Sabra Health Care REIT, Inc. REIT		3,254
	10	Saul Centers, Inc. REIT		600
	51	Select Income REIT		1,048
	189	Senior Housing Properties Trust REIT		3,612
	25	Seritage Growth Properties, Class A REIT		1,287
	36	Spirit MTA REIT^(b)		386
	335	Spirit Realty Capital, Inc. REIT		2,804
	31	St. Joe Co. (The)^(b)		533


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	80	STAG Industrial, Inc., Class A REIT	$	2,310
	136	STORE Capital Corp. REIT		3,918
	79	Summit Hotel Properties, Inc. REIT		1,085
	63	Sun Communities, Inc. REIT		6,500
	181	Sunstone Hotel Investors, Inc. REIT		3,037
	73	Tanger Factory Outlet Centers, Inc. REIT		1,756
	49	Taubman Centers, Inc. REIT		3,166
	16	Tejon Ranch Co.^(b)		356
	42	Terreno Realty Corp. REIT		1,613
	36	Tier REIT, Inc. REIT		858
	23	UMH Properties, Inc. REIT		367
	134	Uniti Group, Inc. REIT^(b)		2,790
	10	Universal Health Realty Income Trust REIT		763
	87	Urban Edge Properties REIT		1,989
	23	Urstadt Biddle Properties, Inc., Class A REIT		523
	215	VICI Properties, Inc. REIT		4,496
	141	Washington Prime Group, Inc. REIT		1,091
	64	Washington Real Estate Investment Trust REIT		2,020
	98	Weingarten Realty Investors REIT		3,031
	29	Whitestone REIT		396
	84	WP Carey, Inc. REIT		5,593
	81	Xenia Hotels & Resorts, Inc. REIT		1,965

				300,534

		Telecommunication Services—0.5%
	9	ATN International, Inc.		659
	36	Boingo Wireless, Inc.^(b)		1,191
	29	Cincinnati Bell, Inc.^(b)		377
	33	Cogent Communications Holdings, Inc.		1,805
	52	Consolidated Communications Holdings, Inc.		614
	60	Frontier Communications Corp.		312
	623	Globalstar, Inc.^(b)		318
	75	Iridium Communications, Inc.^(b)		1,519
	52	ORBCOMM, Inc.^(b)		561
	7	pdvWireless, Inc.^(b)		210
	36	Shenandoah Telecommunications Co.		1,373
	16	Spok Holdings, Inc.		246
	75	Telephone & Data Systems, Inc.		2,253
	10	United States Cellular Corp.^(b)		428
	175	Vonage Holdings Corp.^(b)		2,481
	29	Windstream Holdings, Inc.^(b)		137

				14,484

		Utilities—2.8%
	41	ALLETE, Inc.		3,078
	28	American States Water Co.		1,692
	141	Aqua America, Inc.		5,242
	12	AquaVenture Holdings Ltd.^(b)		218
	51	Avista Corp.		2,617
	41	Black Hills Corp.		2,413
	37	California Water Service Group		1,523
	12	Chesapeake Utilities Corp.		1,032
	9	Connecticut Water Service, Inc.		617
	31	El Paso Electric Co.		1,900
	87	Hawaiian Electric Industries, Inc.		3,069
	39	IDACORP, Inc.		3,816
	148	MDU Resources Group, Inc.		4,128

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


		32

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	27	MGE Energy, Inc.	$	1,767
	12	Middlesex Water Co.		550
	62	National Fuel Gas Co.		3,443
	70	New Jersey Resources Corp.		3,192
	44	NextEra Energy Partners LP		2,134
	22	Northwest Natural Gas Co.		1,428
	40	NorthWestern Corp.		2,398
	234	NRG Energy, Inc.		8,281
	26	NRG Yield, Inc., Class A		512
	48	NRG Yield, Inc., Class C		953
	42	ONE Gas, Inc.		3,298
	29	Ormat Technologies, Inc.		1,527
	27	Otter Tail Corp.		1,293
	62	Pattern Energy Group, Inc., Class A		1,264
	61	PNM Resources, Inc.		2,376
	71	Portland General Electric Co.		3,294
	12	SJW Corp.		695
	67	South Jersey Industries, Inc.		2,223
	37	Southwest Gas Holdings, Inc.		2,861
	9	Spark Energy, Inc., Class A		79
	40	Spire, Inc.		2,982
	52	TerraForm Power, Inc., Class A		581
	11	Unitil Corp.		556
	66	Vectren Corp.		4,699
	10	York Water Co. (The)		301

				84,032

		Total Investments in Securities (Cost $2,585,017)-100.0%		3,011,203
		Other assets less liabilities—0.0%		94

		Net Assets—100.0%	$	3,011,297

Investment Abbreviations:

REIT—Real Estate Investment Trust

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)	Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 5.

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


		33

Schedule of Investments

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

August 31, 2018


Principal Amount				Interest Rate			Maturity Date		Value
			U.S. Treasury Securities—39.3%
			U.S. Treasury Bonds—11.5%
$	200,000		U.S. Treasury Bonds		7.625	%		11/15/2022	$	238,715
	200,000		U.S. Treasury Bonds		6.250			08/15/2023		232,441
	100,000		U.S. Treasury Bonds		7.500			11/15/2024		126,828
	200,000		U.S. Treasury Bonds		6.625			02/15/2027		257,141
	100,000	��	U.S. Treasury Bonds		5.250			11/15/2028		121,021
	50,000		U.S. Treasury Bonds		4.500			02/15/2036		60,960
	200,000		U.S. Treasury Bonds		4.250			05/15/2039		240,188
	100,000		U.S. Treasury Bonds		4.500			08/15/2039		124,068
	100,000		U.S. Treasury Bonds		4.375			11/15/2039		122,291
	100,000		U.S. Treasury Bonds		4.750			02/15/2041		128,932
	200,000		U.S. Treasury Bonds		2.750			08/15/2042		191,496
	100,000		U.S. Treasury Bonds		2.875			05/15/2043		97,762
	50,000		U.S. Treasury Bonds		3.750			11/15/2043		56,566
	200,000		U.S. Treasury Bonds		3.625			02/15/2044		222,039
	200,000		U.S. Treasury Bonds		2.875			08/15/2045		195,070
	200,000		U.S. Treasury Bonds		2.250			08/15/2046		171,375
	200,000		U.S. Treasury Bonds		3.000			05/15/2047		199,680

										2,786,573

			U.S. Treasury Notes—27.8%
	200,000		U.S. Treasury Notes		1.625			08/31/2019		198,340
	200,000		U.S. Treasury Notes		0.875			09/15/2019		196,734
	200,000		U.S. Treasury Notes		3.375			11/15/2019		201,969
	200,000		U.S. Treasury Notes		1.625			12/31/2019		197,598
	200,000		U.S. Treasury Notes		1.250			02/29/2020		196,176
	200,000		U.S. Treasury Notes		1.375			04/30/2020		196,055
	200,000		U.S. Treasury Notes		3.500			05/15/2020		202,926
	200,000		U.S. Treasury Notes		1.500			06/15/2020		196,156
	200,000		U.S. Treasury Notes		2.625			08/15/2020		200,000
	200,000		U.S. Treasury Notes		1.375			10/31/2020		194,703
	100,000		U.S. Treasury Notes		2.625			11/15/2020		99,924
	250,000		U.S. Treasury Notes		1.625			11/30/2020		244,448
	100,000		U.S. Treasury Notes		1.750			12/31/2020		97,971
	200,000		U.S. Treasury Notes		1.250			03/31/2021		192,988
	200,000		U.S. Treasury Notes		3.125			05/15/2021		202,301
	200,000		U.S. Treasury Notes		1.125			06/30/2021		191,578
	200,000		U.S. Treasury Notes		1.125			09/30/2021		190,750
	200,000		U.S. Treasury Notes		1.750			11/30/2021		194,098
	200,000		U.S. Treasury Notes		1.875			11/30/2021		194,863
	200,000		U.S. Treasury Notes		2.000			02/15/2022		195,328
	200,000		U.S. Treasury Notes		1.875			03/31/2022		194,281
	200,000		U.S. Treasury Notes		1.750			05/15/2022		193,195
	200,000		U.S. Treasury Notes		2.125			06/30/2022		195,680
	100,000		U.S. Treasury Notes		2.000			02/15/2023		96,955
	200,000		U.S. Treasury Notes		1.500			02/28/2023		189,633
	100,000		U.S. Treasury Notes		1.750			05/15/2023		95,689
	100,000		U.S. Treasury Notes		2.500			08/15/2023		98,904
	200,000		U.S. Treasury Notes		2.750			11/15/2023		200,043
	200,000		U.S. Treasury Notes		2.250			01/31/2024		194,902
	200,000		U.S. Treasury Notes		2.000			06/30/2024		191,727
	200,000		U.S. Treasury Notes		2.375			08/15/2024		195,543
	150,000		U.S. Treasury Notes		2.250			11/15/2024		145,418
	200,000		U.S. Treasury Notes		2.000			02/15/2025		190,605
	200,000		U.S. Treasury Notes		2.250			11/15/2025		192,719
	50,000		U.S. Treasury Notes		1.625			05/15/2026		45,887
	100,000		U.S. Treasury Notes		1.500			08/15/2026		90,602
	200,000		U.S. Treasury Notes		2.000			11/15/2026		187,871
	150,000		U.S. Treasury Notes		2.250			08/15/2027		142,925

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


		34

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		U.S. Treasury Securities (continued)
		U.S. Treasury Notes (continued)
$	100,000	U.S. Treasury Notes		2.750	%		02/15/2028	$	99,121

									6,726,606

		Total U.S. Treasury Securities (Cost $9,743,084)							9,513,179

		Corporate Bonds and Notes—28.6%
		Aerospace/Defense—0.4%
	100,000	United Technologies Corp.		4.500			06/01/2042		99,520

		Agriculture—0.4%
	100,000	Philip Morris International, Inc.		4.125			03/04/2043		94,757

		Airlines—0.4%
	100,000	Delta Air Lines, Inc.		2.875			03/13/2020		99,289

		Auto Manufacturers—0.4%
	100,000	General Motors Financial Co., Inc.		3.200			07/06/2021		98,749

		Banks—6.7%
	100,000	Bank of America Corp., MTN		3.875			08/01/2025		100,126
	100,000	Bank of New York Mellon Corp. (The), MTN		2.200			08/16/2023		94,549
	200,000	Barclays PLC (United Kingdom)		3.250			01/12/2021		198,014
	100,000	Citigroup, Inc.		8.125			07/15/2039		144,341
	100,000	Goldman Sachs Group, Inc. (The)		2.875			02/25/2021		99,251
	200,000	HSBC Holdings PLC (United Kingdom)		3.900			05/25/2026		197,093
	100,000	JPMorgan Chase & Co.		2.250			01/23/2020		99,015
	100,000	JPMorgan Chase & Co.		3.964			11/15/2048		92,715
	100,000	Kreditanstalt Fuer Wiederaufbau (Germany)		1.625			05/29/2020		98,117
	100,000	Morgan Stanley, Series F, GMTN		3.875			04/29/2024		100,635
	100,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.934			03/09/2021		99,028
	100,000	Toronto-Dominion Bank (The) (Canada)		3.625			09/15/2031		95,042
	100,000	Wells Fargo & Co.		3.069			01/24/2023		97,929
	100,000	Westpac Banking Corp. (Australia)		1.600			08/19/2019		98,976

									1,614,831

		Beverages—0.8%
	100,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		3.650			02/01/2026		98,024
	100,000	PepsiCo, Inc.		2.150			10/14/2020		98,622

									196,646

		Biotechnology—0.8%
	100,000	Amgen, Inc.		4.663			06/15/2051		100,400
	100,000	Gilead Sciences, Inc.		2.550			09/01/2020		99,141

									199,541

		Chemicals—0.4%
	100,000	Dow Chemical Co. (The)		4.375			11/15/2042		95,051

		Computers—0.5%
	100,000	International Business Machines Corp.		6.500			01/15/2028		121,029

		Diversified Financial Services—0.8%
	100,000	Air Lease Corp.		3.625			04/01/2027		93,969
	100,000	American Express Credit Corp., MTN		2.200			03/03/2020		98,805

									192,774

		Electric—2.1%
	100,000	Dominion Energy, Inc.		3.625			12/01/2024		98,457
	100,000	Duke Energy Corp.		3.750			09/01/2046		90,070
	100,000	Exelon Corp.		2.850			06/15/2020		99,384
	100,000	Georgia Power Co.		4.300			03/15/2043		96,972

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


		35

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Electric (continued)
$	100,000	Pacific Gas & Electric Co.		6.050	%		03/01/2034	$	112,660

									497,543

		Environmental Control—0.4%
	100,000	Waste Management, Inc.		3.900			03/01/2035		98,412

		Food—0.4%
	100,000	Kraft Heinz Foods Co.		5.200			07/15/2045		97,772

		Healthcare-Products—0.4%
	100,000	Abbott Laboratories		4.900			11/30/2046		109,362

		Healthcare-Services—0.4%
	100,000	UnitedHealth Group, Inc.		2.125			03/15/2021		97,750

		Housewares—0.4%
	100,000	Newell Brands, Inc.		2.875			12/01/2019		99,603

		Insurance—1.3%
	100,000	Berkshire Hathaway Finance Corp.		2.900			10/15/2020		100,272
	100,000	Chubb INA Holdings, Inc.		2.300			11/03/2020		98,483
	100,000	MetLife, Inc.		6.400			12/15/2036		107,625

									306,380

		Internet—0.4%
	100,000	Amazon.com, Inc.		2.500			11/29/2022		97,744

		Iron/Steel—0.5%
	100,000	Vale Overseas Ltd. (Brazil)		6.250			08/10/2026		110,138

		Machinery-Diversified—0.4%
	100,000	John Deere Capital Corp., MTN		1.250			10/09/2019		98,338

		Media—0.8%
	100,000	Comcast Corp.		2.750			03/01/2023		97,562
	100,000	Warner Media LLC		4.875			03/15/2020		102,510

									200,072

		Miscellaneous Manufacturing—0.5%
	100,000	General Electric Co., Series A, GMTN		6.750			03/15/2032		124,160

		Multi-National—1.2%
	100,000	African Development Bank (Supranational)		1.125			09/20/2019		98,506
	100,000	Asian Development Bank (Supranational)		1.875			10/23/2018		99,956
	100,000	Asian Development Bank, GMTN (Supranational)		1.750			01/10/2020		98,820

									297,282

		Oil & Gas—1.6%
	100,000	Anadarko Petroleum Corp.		3.450			07/15/2024		97,140
	100,000	BP Capital Markets PLC (United Kingdom)		3.119			05/04/2026		96,490
	100,000	Exxon Mobil Corp.		2.726			03/01/2023		98,488
	100,000	Valero Energy Corp.		3.400			09/15/2026		95,517

									387,635

		Pharmaceuticals—1.2%
	100,000	AbbVie, Inc.		3.600			05/14/2025		97,826
	100,000	Bayer US Finance II LLC (Germany)^(a)		2.750			07/15/2021		97,457
	100,000	CVS Health Corp.		2.875			06/01/2026		92,028

									287,311

		Pipelines—1.3%
	100,000	Energy Transfer Partners LP		6.125			12/15/2045		106,289
	100,000	Kinder Morgan Energy Partners LP		3.950			09/01/2022		101,183

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


		36

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds and Notes (continued)
		Pipelines (continued)
$	100,000	TransCanada PipeLines Ltd. (Canada)		4.625	%		03/01/2034	$	101,659

									309,131

		REITs—0.8%
	100,000	American Tower Corp.		3.500			01/31/2023		98,745
	100,000	Boston Properties LP		3.800			02/01/2024		100,217

									198,962

		Retail—0.5%
	100,000	Home Depot, Inc. (The)		5.875			12/16/2036		123,246

		Semiconductors—0.4%
	100,000	Intel Corp.		2.700			12/15/2022		98,556

		Software—0.8%
	100,000	Microsoft Corp.		3.700			08/08/2046		96,876
	100,000	Oracle Corp.		1.900			09/15/2021		96,841

									193,717

		Telecommunications—0.8%
	100,000	AT&T, Inc.		3.400			05/15/2025		95,216
	100,000	Verizon Communications, Inc.		5.012			04/15/2049		100,949

									196,165

		Transportation—0.4%
	100,000	Burlington Northern Santa Fe LLC		3.050			09/01/2022		99,399

		Total Corporate Bonds and Notes (Cost $7,177,111)							6,940,865

		U.S. Government Sponsored Agency Mortgage-Backed Securities—23.3%
		Collateralized Mortgage Obligations—23.3%
	216,016	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			11/01/2028		215,955
	104,249	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			02/01/2043		104,518
	205,507	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			05/01/2045		205,292
	72,170	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			03/01/2046		72,195
	414,910	Federal Home Loan Mortgage Corp. (FHLMC)		3.000			06/01/2046		402,309
	222,911	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			08/01/2047		227,395
	236,243	Federal Home Loan Mortgage Corp. (FHLMC)		3.500			10/01/2047		235,217
	150,000	Federal Home Loan Mortgage Corp. (FHLMC)		4.000			09/01/2048		152,947
	88,904	Federal National Mortgage Association (FNMA)		3.500			12/01/2028		90,253
	205,298	Federal National Mortgage Association (FNMA)		3.500			10/01/2042		205,880
	348,234	Federal National Mortgage Association (FNMA)		3.500			08/01/2045		347,226
	342,155	Federal National Mortgage Association (FNMA)		3.000			09/01/2046		331,583
	176,389	Federal National Mortgage Association (FNMA)		3.000			12/01/2046		170,910
	310,224	Federal National Mortgage Association (FNMA)		3.000			12/01/2046		301,889
	225,947	Federal National Mortgage Association (FNMA)		3.500			08/01/2047		224,908
	271,756	Federal National Mortgage Association (FNMA)		4.000			09/01/2047		276,949
	362,933	Federal National Mortgage Association (FNMA)		4.000			10/01/2047		369,863
	93,777	Federal National Mortgage Association (FNMA)		4.000			12/01/2047		95,651
	75,565	Government National Mortgage Association (GNMA)		3.500			04/20/2042		76,483
	90,735	Government National Mortgage Association (GNMA)		4.000			11/15/2046		93,247
	464,744	Government National Mortgage Association (GNMA)		3.000			11/20/2046		455,025
	189,333	Government National Mortgage Association (GNMA)		4.000			05/20/2047		194,692
	463,777	Government National Mortgage Association (GNMA)		3.500			08/20/2047		466,046
	328,643	Government National Mortgage Association (GNMA)		3.500			09/20/2047		330,251

		Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $5,826,954)							5,646,684

		Sovereign Debt Obligations—3.1%
		Canada—0.4%
	100,000	Province of Alberta Canada		2.200			07/26/2022		96,646

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


		37

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations (continued)
		Hungary—0.9%
$	200,000	Hungary Government International Bond		5.375	%		02/21/2023	$	213,395

		Indonesia—0.6%
	100,000	Indonesia Government International Bond^(a)		8.500			10/12/2035		139,552

		Japan—0.8%
	200,000	Japan Bank For International Cooperation		2.875			06/01/2027		194,250

		Mexico—0.4%
	100,000	Mexico Government International Bond, GMTN		4.750			03/08/2044		95,800

		Total Sovereign Debt Obligations (Cost $773,510)							739,643

		Commercial Mortgage-Backed Securities—1.8%
	100,000	COMM Mortgage Trust, Class A5, Ser. 2015-CR22		3.309			03/10/2048		99,182
	200,000	Wells Fargo Commercial Mortgage Trust, Class A4, Ser. 2015-NXS2		3.498			07/15/2058		200,406
	100,000	Wells Fargo Commercial Mortgage Trust, Class B, Series 2015-LC20		3.719			04/15/2050		97,988
	50,000	WFRBS Commercial Mortgage Trust, Class C, Series 2012-C9		4.543			11/15/2045		50,029

		Total Commercial Mortgage-Backed Securities (Cost $460,792)							447,605

		U.S. Government Sponsored Agency Securities—1.7%
	100,000	Federal Home Loan Banks (FHLB)		2.625			05/28/2020		100,005
	100,000	Federal Home Loan Mortgage Corp. (FHLMC)		2.375			01/13/2022		98,815
	100,000	Federal National Mortgage Association (FNMA)		2.625			09/06/2024		98,633
	100,000	Resolution Funding Corp., Series A		8.625			01/15/2021		113,300

		Total U.S. Government Sponsored Agency Securities (Cost $415,878)							410,753

		Asset-Backed Securities—1.2%
	200,000	Capital One Multi-Asset Execution Trust, Class A4, Ser. 2016-A4		1.330			06/15/2022		197,485
	100,000	Ford Credit Auto Owner Trust 2018-Rev1, Class A, Series 2018-1^(a)		3.190			07/15/2031		98,477

		Total Asset-Backed Securities (Cost $297,087)							295,962

		Municipal Bonds—0.6%
		Ad Valorem Property Tax—0.6%
	100,000	California State Various Purpose Ser. 09		7.550			04/01/2039
		(Cost $152,621)							148,667



Number of Shares
		Money Market Fund—0.6%
	147,058	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(b) (Cost $147,058)							147,058

		Total Investments in Securities (Cost $24,994,095)—100.2%							24,290,416
		Other assets less liabilities—(0.2)%							(57,224	)

		Net Assets—100.0%						$	24,233,192

Investment Abbreviations:

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

REIT—Real Estate Investment Trust

Ser.—Series

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


		38

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)

August 31, 2018

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 August 31, 2018 was $335,486, which represented 1.38% of the Fund’s Net Assets.

^(b)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		39

Statements of Assets and Liabilities

August 31, 2018


	Invesco PureBeta^SM MSCI USA ETF (PBUS)		Invesco PureBeta^SMMSCI USA Small Cap ETF (PBSM)		Invesco PureBeta^SM US Aggregate Bond ETF (PBND)
Assets:
Unaffiliated investments in securities, at value	$	2,902,460	$	3,009,823	$	24,143,358
Affiliated investments in securities, at value		1,085		1,380		147,058
Receivables:
Dividends and interest		5,237		2,269		147,367
Investments sold		5,028		14,341		789,249

Total Assets		2,913,810		3,027,813		25,227,032


Liabilities:
Due to custodian		1,400		1,209		—
Payables:
Investments purchased		3,312		15,157		992,831
Accrued unitary management fees		97		150		1,009

Total Liabilities		4,809		16,516		993,840

Net Assets	$	2,909,001	$	3,011,297	$	24,233,192


Net Assets Consist of:
Shares of beneficial interest	$	2,500,025	$	2,500,025	$	24,991,283
Undistributed net investment income		11,137		8,416		—
Undistributed net realized gain (loss)		4,050		76,670		(54,412	)
Net unrealized appreciation (depreciation)		393,789		426,186		(703,679	)

Net Assets	$	2,909,001	$	3,011,297	$	24,233,192

Shares outstanding (unlimited amount authorized, $0.01 par value)		100,001		100,001		1,000,001
Net asset value	$	29.09	$	30.11	$	24.23

Market price	$	29.09	$	30.11	$	24.25

Unaffiliated investments in securities, at cost	$	2,508,248	$	2,583,561	$	24,847,037

Affiliated investments in securities, at cost	$	1,508	$	1,456	$	147,058

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


		40

(This Page Intentionally Left Blank)


		41

Statements of Operations

For the period November 1, 2017 through August 31, 2018 and period ended October 31, 2017


	Invesco PureBeta^SM MSCI USA ETF (PBUS)						Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)
	Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)
Investment Income:
Unaffiliated dividend income	$	44,082		$	3,754		$	31,181		$	3,558
Affiliated dividend income		68			—			125			35
Non-cash dividend income		—			—			2,005			—
Unaffiliated interest income		—			—			—			—
Foreign withholding tax		(3	)		(5	)		(19	)		—

Total Income		44,147			3,749			33,292			3,593

Expenses:
Unitary management fees		906			111			1,377			170

Less: Waivers		(2	)		—			(2	)		—

Net Expenses		904			111			1,375			170

Net Investment Income		43,243			3,638			31,917			3,423


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investment securities		4,577			(620	)		76,656			(99	)

Net realized gain (loss)		4,577			(620	)		76,656			(99	)

Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		327,595			66,618			323,121			103,141
Affiliated investment securities		(526	)		102			(84	)		8

Net change in unrealized appreciation (depreciation)		327,069			66,720			323,037			103,149

Net realized and unrealized gain (loss)		331,646			66,100			399,693			103,050

Net increase (decrease) in net assets resulting from operations	$	374,889		$	69,738		$	431,610		$	106,473

^(a)	For the period September 19, 2017 (commencement of investment operations) through October 31, 2017.

^(b)	For the period September 27, 2017 (commencement of investment operations) through October 31, 2017.

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


		42


Invesco PureBeta^SM US Aggregate Bond ETF (PBND)
Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(b)

$	1		$	—
	1,614			588
	—			—
	527,944			55,450
	(140	)		—

	529,419			56,038


	10,173			1,130

	(218	)		(159	)

	9,955			971

	519,464			55,067




	(35,744	)		—

	(35,744	)		—


	(665,580	)		(38,099	)
	—			—

	(665,580	)		(38,099	)

	(701,324	)		(38,099	)

$	(181,860	)	$	16,968


		43

Statements of Changes in Net Assets

For the period November 1, 2017 through August 31, 2018 and the period ended October 31, 2017


	Invesco PureBeta^SM MSCI USA ETF (PBUS)						Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)
	Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)			Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(a)
Operations:
Net investment income	$	43,243		$	3,638		$	31,917		$	3,423
Net realized gain (loss)		4,577			(620	)		76,656			(99	)
Net change in unrealized appreciation (depreciation)		327,069			66,720			323,037			103,149

Net increase (decrease) in net assets resulting from operations		374,889			69,738			431,610			106,473


Distributions to Shareholders from:
Net investment income		(35,651	)		—			(26,811	)		—
Return of capital		—			—			—			—

Total distributions to shareholders		(35,651	)		—			(26,811	)		—


Shareholder Transactions:
Proceeds from shares sold		—			2,500,025			—			2,500,025

Net increase in net assets resulting from shares transactions		—			2,500,025			—			2,500,025

Increase (Decrease) in Net Assets		339,238			2,569,763			404,799			2,606,498


Net Assets:
Beginning of period		2,569,763			—			2,606,498			—

End of period	$	2,909,001		$	2,569,763		$	3,011,297		$	2,606,498

Undistributed net investment income at end of period	$	11,137		$	3,638		$	8,416		$	3,423


Changes in Shares Outstanding:
Shares sold		—			100,001			—			100,001
Shares repurchased		—			—			—			—
Shares outstanding, beginning of period		100,001			—			100,001			—

Shares outstanding, end of period		100,001			100,001			100,001			100,001

^(a)	For the period September 19, 2017 (commencement of investment operations) through October 31, 2017.

^(b)	For the period September 27, 2017 (commencement of investment operations) through October 31, 2017.

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


		44


Invesco PureBeta^SM US Aggregate Bond ETF (PBND)
Ten Months Ended August 31, 2018			Period Ended October 31, 2017^(b)

$	519,464		$	55,067
	(35,744	)		—
	(665,580	)		(38,099	)

	(181,860	)		16,968



	(540,479	)		(52,720	)
	(8,742	)		—

	(549,221	)		(52,720	)



	—			25,000,025

	—			25,000,025

	(731,081	)		24,964,273



	24,964,273			—

$	24,233,192		$	24,964,273

$	—		$	3,370



	—			1,000,001
	—			—
	1,000,001			—

	1,000,001			1,000,001


		45

Financial Highlights

Invesco PureBeta^SM MSCI USA ETF (PBUS)


	Ten Months Ended August 31, 2018			For the Period September 19, 2017^(a) Through October 31, 2017
	Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	25.70		$	25.00
Net investment income^(b)		0.43			0.04
Net realized and unrealized gain on investments		3.32			0.66
Total from investment operations		3.75			0.70
Distributions to shareholders from:
Net investment income		(0.36	)		—
Net asset value at end of period	$	29.09		$	25.70
Market price at end of period^(c)	$	29.09		$	25.70
Net Asset Value Total Return^(d)		14.68	%		2.80	%^(e)
Market Price Total Return^(d)		14.68	%		2.80	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,909		$	2,570
Ratio to average net assets of:
Expenses		0.04	%^(f)		0.04	%^(f)
Net investment income		1.91	%^(f)		1.31	%^(f)
Portfolio turnover rate^(g)		4	%		0	%^(h)

^(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 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 the 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 2.96%. The market price total return from Fund Inception to October 31, 2017 was 3.09%.

^(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.

^(h)	Amount represents less than 0.5%.

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)


	Ten Months Ended August 31, 2018			For the Period September 19, 2017^(a) Through October 31, 2017
	Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	26.06		$	25.00
Net investment income^(b)		0.32			0.04
Net realized and unrealized gain on investments		4.00			1.02
Total from investment operations		4.32			1.06
Distributions to shareholders from:
Net investment income		(0.27	)		—
Net asset value at end of period	$	30.11		$	26.06
Market price at end of period^(c)	$	30.11		$	26.08
Net Asset Value Total Return^(d)		16.66	%		4.24	%^(e)
Market Price Total Return^(d)		16.57	%		4.32	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	3,011		$	2,606
Ratio to average net assets of:
Expenses		0.06	%^(f)		0.06	%^(f)
Net investment income		1.39	%^(f)		1.21	%^(f)
Portfolio turnover rate^(g)		15	%		1	%

^(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 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 the 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 3.66%. The market price total return from Fund Inception to October 31, 2017 was 3.66%.

^(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.


		46

Financial Highlights (continued)

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)


	Ten Months Ended August 31, 2018			For the Period September 27, 2017^(a) Through October 31, 2017
	Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period	$	24.96		$	25.00
Net investment income^(b)		0.52			0.06
Net realized and unrealized gain (loss) on investments		(0.70	)		(0.05	)
Total from investment operations		(0.18	)		0.01
Distributions to shareholders from:
Net investment income		(0.54	)		(0.05	)
Return of capital		(0.01	)		—
Total distributions to shareholders		(0.55	)		(0.05	)
Net asset value at end of period	$	24.23		$	24.96
Market price at end of period^(c)	$	24.25		$	24.96
Net Asset Value Total Return^(d)		(0.72	)%		0.05	%^(e)
Market Price Total Return^(d)		(0.64	)%		0.05	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	24,233		$	24,964
Ratio to average net assets of:
Expenses, after Waivers		0.05	%^(f)		0.04	%^(f)
Expenses, prior to Waivers		0.05	%^(f)		0.05	%^(f)
Net investment income, after Waivers		2.55	%^(f)		2.44	%^(f)
Portfolio turnover rate^(g)		20	%		0	%^(h)

^(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 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 the 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 29, 2017, the first day of trading on the exchange) to October 31, 2017 was 0.01%. The market price total return from Fund Inception to October 31, 2017 was 0.29%.

^(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.

^(h)	Amount represents less than 0.5%

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


		47

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2018

Note 1. Organization


Full Name		Short Name
Invesco PureBeta^SM MSCI USA ETF (PBUS)		“PureBeta^SM MSCI USA ETF”
Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)		“PureBeta^SM MSCI USA Small Cap ETF”
Invesco PureBeta^SM US Aggregate Bond ETF (PBND)		“PureBeta^SM US Aggregate Bond ETF”

Effective August 31, 2018, each Fund’s fiscal year-end changed from October 31 to August 31.

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^SM MSCI USA ETF		MSCI USA Index
PureBeta^SM MSCI USA Small Cap ETF		MSCI USA Small Cap Index
PureBeta^SM US Aggregate Bond ETF		ICE BofAML US Broad Market Index^SM

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:

A security listed or traded on an exchange (except convertible securities) 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 NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments companies are valued using such company’s NAV per share, unless the shares are exchanged-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.


		48

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”), formerly Invesco PowerShares Capital Management LLC, 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, 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.

B. Other Risks


		49

Equity Risk. Equity risk is the risk that the value of the securities that each Fund (except PureBeta^SM US Aggregate Bond ETF) holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.

Industry or Geographic Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, each Fund faces more risks than if it were diversified broadly over numerous industries or sectors. 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 sector may be out of favor and underperform other industries or the market as a whole.

Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. 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 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.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Portfolio Turnover Risk. PureBeta^SM US Aggregate Bond ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism (described below) to minimize realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. For each Fund (except PureBeta^SM US Aggregate Bond ETF), 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.

Sampling Risk. For PureBeta^SM US Aggregate Bond ETF, the use of a representative sampling approach will result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development 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 their Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Liquidity Risk. For PureBeta^SM US Aggregate Bond ETF, liquidity risk exists when a particular investment is difficult to purchase or sell. If the 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.

U.S. Government Obligations Risk. PureBeta^SM US Aggregate Bond ETF 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.


		50

Call Risk. For PureBeta^SM US Aggregate Bond ETF, 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 exercised such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund’s net investment income could fall.

Mortgage-Backed and Asset-Backed Securities Risk. For PureBeta^SM US Aggregate Bond ETF, investments in mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities may be prepaid at a price less than the original purchase value. In addition, TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction and counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns.

C. Federal Income Taxes

D. Investment Transactions and Investment Income

E. Country Determination


		51

F. 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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

G. Dividends and Distributions to Shareholders

Each Fund (except for PureBeta^SM US Aggregate Bond ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. PureBeta^SM US Aggregate Bond ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.

H. Accounting Estimates

I. Foreign Currency Translations

Note 3. Investment Advisory Agreement and Other Agreements

As compensation for its services, 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 advisory fees, distribution fees, if any, brokerage


		52

expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


	% of Average Daily Net Assets
PureBeta^SM MSCI USA ETF		0.04	%
PureBeta^SM MSCI USA Small Cap ETF		0.06	%
PureBeta^SM US Aggregate Bond ETF		0.05	%

For the period November 1, 2017 to August 31, 2018 and the fiscal period ended October 31, 2017, the Adviser waived fees for each Fund in the following amounts:


	Ten Months Ended August 31, 2018		Period Ended October 31, 2017
Invesco PureBeta^SM MSCI USA ETF		2		—
Invesco PureBeta^SM MSCI USA Small Cap ETF		2		—
Invesco PureBeta^SM US Aggregate Bond ETF		218		159

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


Fund		Licensor
PureBeta^SM MSCI USA ETF		MSCI Inc.
PureBeta^SM MSCI USA Small Cap ETF		MSCI Inc.
PureBeta^SM US Aggregate Bond ETF		ICE Data Indices, LLC

Note 4. Investments in Affiliates

PureBeta^SM MSCI USA ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2018		Dividend Income
Invesco Ltd.	$	1,611	$	—	$	—	$	(526	)	$	—	$	1,085	$	53

PureBeta^SM MSCI USA Small Cap ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2018		Dividend Income
Invesco Mortgage Capital, Inc. REIT	$	1,464	$	—	$	—	$	(84	)	$	—	$	1,380	$	107


		53

Note 5. Additional Valuation Information

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.

Level 2 —

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
Invesco PureBeta^SM MSCI USA Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	3,011,157	$	—	$	46	$	3,011,203

Invesco PureBeta^SM US Aggregate Bond ETF
Investments in Securities
U.S. Treasury Securities	$	—	$	9,513,179	$	—	$	9,513,179
Corporate Bonds and Notes		—		6,940,865		—		6,940,865
U.S. Government Sponsored Agency Mortage-Backed Securities		—		5,646,684		—		5,646,684
Sovereign Debt Obligations		—		739,643		—		739,643
Commercial Mortgage-Backed Securities		—		447,605		—		447,605
U.S. Government Sponsored Agency Securities		—		410,753		—		410,753
Asset-Backed Securities		—		295,962		—		295,962
Municipal Bonds		—		148,667		—		148,667
Money Market Fund		147,058		—		—		147,058

Total Investments	$	147,058	$	24,143,358	$	—	$	24,290,416

Note 6. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period November 1, 2017 to August 31, 2018 and Period Ended October 31, 2017:


	August 31, 2018				October 31, 2017
	Ordinary Income		Return of Capital		Ordinary Income
Invesco PureBeta^SM MSCI USA ETF	$	35,651	$	—	$	—
Invesco PureBeta^SM MSCI USA Small Cap ETF		26,811		—		—
Invesco PureBeta^SM US Aggregate Bond ETF		540,479		8,742		52,720


		54

Tax Components of Net Assets at Fiscal Period-End:


	Undistributed Ordinary Income		Undistributed Capital Gains		Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
Invesco PureBeta^SM MSCI USA ETF	$	15,016	$	405	$	393,555		$	—		$	2,500,025	$	2,909,001
Invesco PureBeta^SM MSCI USA Small Cap ETF		85,023		1,290		424,959			—			2,500,025		3,011,297
Invesco PureBeta^SM US Aggregate Bond ETF		—		—		(703,679	)		(54,412	)		24,991,283		24,233,192

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

The following table presents available capital loss carryforwards and expiration dates for each Fund as of August 31, 2018:


	Post-effective/ no expiration				Total*
	Short-term		Long-Term		Total*
Invesco PureBeta^SM MSCI USA ETF	$	—	$	—	$	—
Invesco PureBeta^SM MSCI USA Small Cap ETF		—		—		—
Invesco PureBeta^SM US Aggregate Bond ETF		54,412		—		54,412

Note 7. Investment Transactions


	Purchases		Sales
PureBeta^SM MSCI USA ETF	$	100,442	$	96,989
PureBeta^SM MSCI USA Small Cap ETF		419,989		408,377
PureBeta^SM US Aggregate Bond ETF		5,322,480		4,868,584

For the period November 1, 2017 to August 31, 2018, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for PureBeta^SMUS Aggregate Bond ETF amounted to $2,422,830 and $2,447,661.


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Invesco PureBeta^SM MSCI USA ETF	$	471,863	$	(78,308	)	$	393,555		$	2,509,990
Invesco PureBeta^SM MSCI USA Small Cap ETF		544,219		(119,260	)		424,959			2,586,244
Invesco PureBeta^SM US Aggregate Bond ETF		5,294		(708,973	)		(703,679	)		24,994,095

Note 8. Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the period November 1, 2017 to August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Invesco PureBeta^SM MSCI USA ETF	$	(93	)	$	93		$	—
Invesco PureBeta^SM MSCI USA Small Cap ETF		(113	)		113			—
Invesco PureBeta^SM US Aggregate Bond ETF		17,645			(17,645	)		—


		55

Note 9. Trustees’ and Officer’s Fees

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 10. Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for PureBeta^SM US Aggregate Bond ETF). 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 of the Trust 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.

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.

Note 11. Indemnifications


		56

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco PureBeta^SM MSCI USA ETF, Invesco PureBeta^SM MSCI USA Small Cap ETF and Invesco PureBeta^SM US Aggregate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco PureBeta^SM MSCI USA ETF, Invesco PureBeta^SM MSCI USA Small Cap ETF and Invesco PureBeta^SM US Aggregate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the periods November 1, 2017 through August 31, 2018 and September 19, 2017 (commencement of investment operations) through October 31, 2017 (or for Invesco PureBeta^SM US Aggregate Bond ETF, for the periods November 1, 2017 through August 31, 2018 and September 27, 2017 (commencement of investment operations) through October 31, 2017) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for the periods November 1, 2017 through August 31, 2018 and September 19, 2017 (commencement of investment operations) through October 31, 2017 (or for Invesco PureBeta^SM US Aggregate Bond ETF, for the periods November 1, 2017 through August 31, 2018 and September 27, 2017 (commencement of investment operations) through October 31, 2017), in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


		57

Fees and Expenses

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 August 31, 2018.

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, 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.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco PureBeta^SM MSCI USA ETF (PBUS)
Actual	$	1,000.00	$	1,089.00		0.04	%	$	0.21
Hypothetical (5% return before expenses)		1,000.00		1,025.00		0.04			0.20
Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)
Actual		1,000.00		1,135.80		0.06			0.32
Hypothetical (5% return before expenses)		1,000.00		1,024.90		0.06			0.31
Invesco PureBeta^SM MSCI US Aggregate Bond ETF (PBND)
Actual		1,000.00		1,011.90		0.05			0.25
Hypothetical (5% return before expenses)		1,000.00		1,024.95		0.05			0.26

⁽¹⁾


		58

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers. The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended August 31, 2018:


	Qualified Dividend Income*			Dividends-Received Deduction*			Qualified Interest Income*
Invesco PureBeta^SM MSCI USA ETF		93	%		89	%		0	%
Invesco PureBeta^SM MSCI USA Small Cap ETF		33	%		32	%		0	%
Invesco PureBeta^SM US Aggregate Bond ETF		0	%		0	%		88	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period.


		59

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		60

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		61

Trustees and Officers (continued)

Name, Address and Year of Birth
of Unaffiliated Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Unaffiliated
Trustee

Other
Directorships
Held by
Unaffiliated
Trustee During
the Past 5 Years

Philip M. Nussbaum***—1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Trustee

Since 2007

Chairman, Performance Trust Capital Partners (2004-Present).

221

None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		62

Trustees and Officers (continued)

Name, Address and Year of Birth
of Interested Trustee

Position(s)
Held
with Trust

Term of
Office
and
Length of
Time
Served*

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex**
Overseen by
Interested
Trustee

Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Kevin M. Carome—1956

Invesco Ltd.

Two Peachtree Pointe,

1555 Peachtree St., N.E.,

Suite 1800

Atlanta, GA 30309

Trustee

Since 2010

Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008– Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012– Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014 – Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.

221

None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		63

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		64

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		65

(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-PBETA-AR-2

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


BKLN		Invesco Senior Loan ETF

Table of Contents



The Market Environment			3

Manager’s Analysis			4

Schedule of Investments			7

Statement of Assets and Liabilities			11

Statement of Operations			12

Statement of Changes in Net Assets			13

Statement of Cash Flows			14

Financial Highlights			15

Notes to Financial Statements			16

Report of Independent Registered Public Accounting Firm			25

Fees and Expenses			26

Tax Information			27

Trustees and Officers			28


		2

The Market Environment

Bank Loans

The senior loan market was characterized by solid returns throughout the reporting period. In the latter part of 2017, loans delivered solid returns as fundamentals remained strong and a supportive technical environment remained in place. Loans provided investors a safe haven from the volatility caused by rising interest rates and mounting trade tension concerns. Loans continued to generate steady returns through the end of the reporting period.

Loan fundamentals remained supportive with a trailing 12-month default rate of 1.99%¹ and slow but positive growth in the US economy could continue to support fundamentals. During the reporting period, corporate revenue and earnings growth remained robust.

During the latter part of 2017, strong technicals pushed loan prices higher as demand from institutional investors remained robust, outstripping supply. However, in 2018, particularly near the end of the reporting period, an influx in net new supply in the primary market reversed this trend, weighing on loan prices in the secondary market. This influx in net new supply was a positive development as it loosened a very tight technical dynamic in loans, alleviated the downward pressure on spreads, slowed the repricing and refinancing activity that was prevalent during 2017 and allowed for investors to better negotiate deal pricing and documentation.

The average price in the senior loan market was $98.32² as of August 31, 2018, with 47.8%² of the market trading at or above par. Given the price of senior loans at the end of the Fund’s fiscal period, they were providing a 6.70% yield.³

¹	Source: S&P LCD

²	Source: J.P. Morgan

³	Source: S&P LCD and Invesco. Yield incorporates forward LIBOR curve.

Fixed Income

European Central Bank maintained their negative interest rates in a continued attempt to stimulate growth and inflation by encouraging investors to spend rather than save. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.

¹	Bureau of Labor Statistics

²	US Federal Reserve

³	US Treasury Department


		3


BKLN		Manager’s Analysis
BKLN		Invesco Senior Loan ETF (BKLN)

As an index fund, the Invesco Senior Loan ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P/LSTA U.S. Leveraged Loan 100 Index (the “Index”). The Fund generally will invest at least 80% of its net assets (plus any borrowings for investment purposes) in senior loans that comprise the Index. The Fund’s adviser, Invesco Capital Management LLC (the “Adviser”) and the Fund’s sub-adviser, Invesco Senior Secured Management, Inc., define senior loans to include leveraged loans, bank loans and/or floating rate loans. Banks and other lending institutions generally issue senior loans to corporations, partnerships or other entities (“borrowers”). These borrowers operate in a variety of industries and geographic regions, including foreign countries.

S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which tracks the market weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest payments. A leveraged loan is rated below investment grade quality or is unrated but deemed to be of comparable quality. The Fund will invest in loans that are expected to be below investment grade quality and to bear interest at a floating rate that periodically resets. The Index may include, and the Fund may acquire and retain, loans of borrowers that have filed for bankruptcy protection. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 2.93%. On a net asset value (“NAV”) basis, the Fund returned 2.98%. During the same time period, the Index returned 3.66%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to friction costs from rebalancing positions within the Fund and as a result of the Fund’s sampling methodology. Additionally, the Fund maintains a cash balance, which has been set aside as a liquidity tool, which further caused a reduction in performance. While those were the two largest drivers of return differential, other factors include fees and operating expenses incurred by the Fund during the period.

During this same time period, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark Index”) returned (0.63)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 10,133 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S investment-grade, fixed-rate bond market.

Relative to the Benchmark Index, the majority of the Fund’s outperformance relative to the Benchmark Index during

the period can be attributed to the Fund’s concentration in the bank loan sector in general, coupled with the Benchmark Index’s investment grade focus versus the Fund’s below investment grade focus.

For the fiscal period ended August 31, 2018, the retail industry contributed most significantly to the Fund’s return, followed by the electronics and business equipment & services industries. The home furnishings industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Seadrill Operating LP, Term Loan (United Kingdom), an oil & gas company (portfolio average weight of 0.84%), and Neiman Marcus Group, Inc., Term Loan, a retail company (portfolio average weight of 0.86%). Positions that detracted most significantly from the Fund’s return included Acosta, Inc., Term Loan B-1, an advertising company (portfolio average weight 0.57%), and Petco Animal Supplies, Inc., Term Loan, a retail company (portfolio average weight of 0.64%).


Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of August 31, 2018
Baa2			2.5
Baa3			7.0
Ba1			9.2
Ba2			13.8
Ba3			24.2
B1			17.1
B2			12.7
B3			3.4
Caa1			1.4
Caa2			0.9
NR			1.3
Money Market Fund Plus Other Assets Less Liabilities			6.5

Source: Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage.


		4

Invesco Senior Loan ETF (BKLN) (continued)


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
CenturyLink, Inc., Term Loan B, 4.826%, 01/31/2025			1.8
Charter Communications Operating LLC, Term Loan B, 4.080%, 04/30/2025			1.8
New Red Finance, Inc., Term Loan B-3, 4.326%, 02/16/2024			1.8
Grifols Worldwide Operations USA, Inc., Term Loan B, 4.207%, 01/31/2025			1.7
Change Healthcare Holdings, Inc., Term Loan, 4.826%, 03/01/2024			1.6
Avolon TLB Borrower 1 US LLC, Term Loan B-3, 4.077%, 01/15/2025			1.5
Valeant Pharmaceuticals International, Inc., Term Loan, 5.081%, 06/01/2025			1.5
Caesars Resort Collection LLC, Term Loan B, 4.826%, 12/23/2024			1.5
Level 3 Financing, Inc., Term Loan B, 4.317%, 02/22/2024			1.4
Western Digital Corp., Term Loan A-1, 3.577%, 02/27/2023			1.4
Total			16.0

*	Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P/LSTA U.S. Leveraged Loan 100 Index		4.59	%		4.62	%		14.50	%		3.45	%		18.47	%		3.81	%		32.37	%
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.76			5.37			2.49			13.06			2.89			23.82
Fund
NAV Return		3.69			3.58			11.14			2.68			14.16			3.20			26.64
Market Price Return		3.43			3.61			11.23			2.63			13.88			3.10			25.67


		5

Invesco Senior Loan ETF (BKLN) (continued)

Fund Inception: March 3, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2019. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.67% (0.65% after fee waiver) includes the unitary management fee of 0.65% and acquired fund fees and expenses of 0.02%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		6

Schedule of Investments

Invesco Senior Loan ETF (BKLN)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Variable Rate Senior Loan Interests—90.3%^(a)(b)
		Advertising—0.8%
$	50,425,492	Acosta, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		5.326	%		09/26/2021	$	39,277,928
	18,744,522	Red Ventures LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		6.076			11/08/2024		18,971,050

									58,248,978

		Aerospace/Defense—1.9%
		TransDigm, Inc.
	39,484,433	Term Loan E (1 mo. USD LIBOR + 2.50%)		4.576			05/30/2025		39,441,395
	103,298,843	Term Loan F (1 mo. USD LIBOR + 2.50%)		4.576			06/09/2023		103,216,720

									142,658,115

		Building Materials—0.8%
	60,323,466	Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		4.826			11/15/2023		60,345,484

		Chemicals—1.7%
	36,790,775	Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		4.084			06/01/2024		36,864,357
	35,000,000	GrafTech Finance, Inc., Term Loan (1 mo. USD LIBOR + 3.50%)		5.576			02/15/2025		35,262,500
	51,088,183	H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.00%)		4.077			10/20/2024		51,120,114

									123,246,971

		Commercial Services—3.6%
	49,754,724	Allied Universal Holdco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.826			07/28/2022		49,158,662
	45,489,322	PAREXEL International Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		4.826			09/27/2024		45,529,125
	83,334,841	Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		4.826			05/02/2022		83,652,346
	64,428,952	Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.826			02/06/2024		61,825,056
	25,465,348	Verscend Holding Corp., Term Loan B (3 mo. USD LIBOR + 4.50%)		6.706			08/27/2025		25,672,382

									265,837,571

		Computers—7.1%
		Dell International LLC
	102,962,108	Term Loan A-2 (1 mo. USD LIBOR + 1.75%)		3.830			09/07/2021		103,019,253
	96,465,973	Term Loan B (1 mo. USD LIBOR + 2.00%)		4.080			09/07/2023		96,546,039
	66,739,067	McAfee LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		6.573			09/30/2024		67,373,088
	68,824,399	Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		5.076			05/01/2024		69,064,252
		Western Digital Corp.
	104,536,751	Term Loan A-1 (1 mo. USD LIBOR + 1.50%)		3.577			02/27/2023		104,896,357
	79,210,568	Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		3.816			04/29/2023		79,345,227

									520,244,216

		Electric—1.6%
		Vistra Operations Co. LLC
	65,045,230	Term Loan (1 mo. USD LIBOR + 2.00%)		4.706			08/04/2023		65,018,237
	49,580,427	Term Loan (1 mo. USD LIBOR + 2.00%)		4.060			12/31/2025		49,535,309

									114,553,546

		Engineering & Construction—0.9%
	64,687,651	Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		6.600			06/21/2024		65,098,741

		Entertainment—4.9%
	70,170,051	Alpha Topco Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%)		4.576			02/01/2024		69,749,031
	47,268,636	Aristocrat Technologies, Inc., Term Loan B-3 (Australia) (2 mo. USD LIBOR + 1.75%)		4.098			10/19/2024		47,219,476
	53,967,500	Crown Finance US, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.576			02/28/2025		53,859,565
	97,843,097	Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		4.826			08/14/2024		97,694,376
	27,207,784	Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		5.831			07/10/2025		27,456,191
	64,745,027	William Morris Endeavor Entertainment LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		4.830			05/18/2025		64,522,628

									360,501,267

		Food—3.3%
	67,640,397	Albertson’s LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		4.826			08/25/2021		67,594,740
	76,324,103	JBS USA Lux SA, Term Loan (3 mo. USD LIBOR + 2.50%)		4.834			10/30/2022		76,387,834
	51,375,898	Post Holdings, Inc., Series A, Term Loan (1 mo. USD LIBOR + 2.00%)		4.070			05/24/2024		51,409,035
	46,919,959	US Foods, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		4.076			06/27/2023		46,917,612

									242,309,221

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


		7

Invesco Senior Loan ETF (BKLN) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Variable Rate Senior Loan Interests (continued)
		Healthcare-Products—0.8%
$	56,238,469	Ortho-Clinical Diagnostics SA, Term Loan (Luxembourg) (1 mo. USD LIBOR + 3.25%)		5.316	%		06/30/2025	$	56,303,705

		Healthcare-Services—3.7%
	76,419,845	DaVita HealthCare Partners, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.826			06/24/2021		76,883,713
	54,161,664	Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.00%)		5.080			12/01/2023		54,217,992
	67,618,912	MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		5.084			06/07/2023		67,647,312
	76,834,862	Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.576			08/18/2022		76,874,432

									275,623,449

		Insurance—5.2%
	7,293,335	Alliant Holdings Intermediate LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		5.067			05/09/2025		7,301,686
		Asurion LLC
	28,039,439	Term Loan B-2 (1 mo. USD LIBOR + 6.50%)		8.576			08/04/2025		28,903,895
	76,682,297	Term Loan B-4 (1 mo. USD LIBOR + 3.00%)		5.076			08/04/2022		77,145,458
	84,885,779	Term Loan B-6 (1 mo. USD LIBOR + 3.00%)		5.076			11/03/2023		85,242,299
	47,015,816	Term Loan B-7 (1 mo. USD LIBOR + 3.00%)		5.076			11/03/2024		47,192,126
	77,186,934	HUB International Ltd., Term Loan (2 mo. USD LIBOR + 3.00%)		5.330			04/25/2025		77,191,951
	61,815,063	USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		5.334			05/16/2024		61,744,285

									384,721,700

		Internet—0.8%
	58,749,704	Go Daddy Operating Co. LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		4.326			02/15/2024		58,977,359

		Investment Companies—1.4%
	103,469,335	RPI Finance Trust, Term Loan B-6 (3 mo. USD LIBOR + 2.00%)		4.334			03/27/2023		103,857,345

		Lodging—4.3%
	108,818,099	Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		4.826			12/23/2024		109,285,473
	50,655,536	Golden Nugget, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.820			10/04/2023		50,877,154
	82,557,765	Hilton Worldwide Finance LLC, Series B-2 Term Loan (1 mo. USD LIBOR + 1.75%)		3.815			10/25/2023		82,906,159
	76,723,801	Las Vegas Sands LLC, Term Loan (1 mo. USD LIBOR + 1.75%)		3.826			03/27/2025		76,690,426

								319,759,212

		Machinery-Construction & Mining—0.9%
	21,093,573	Brookfield WEC Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		5.956			08/01/2025		21,241,228
	48,280,959	Cortes NP Acquisition Corp., Term Loan B (3 mo. USD LIBOR + 4.00%)		6.313			11/30/2023		48,361,347

									69,602,575

		Media—8.7%
	135,059,700	Charter Communications Operating LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		4.080			04/30/2025		135,228,525
	67,014,491	CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		4.314			07/17/2025		66,883,142
	102,174,940	iHeartCommunications, Inc., Term Loan D (1 mo. USD LIBOR + 6.75%)^(c)(d)		8.956			01/30/2019		76,645,509
	49,014,571	Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%)		4.071			10/04/2023		48,844,490
		Numericable-SFR SA
	43,952,162	Term Loan B-12 (France) (1 mo. USD LIBOR + 3.00%)		5.751			01/31/2026		42,404,606
	17,594,476	Term Loan B-13 (3 mo. USD LIBOR + 3.00%)		6.206			01/31/2026		17,159,277
	68,438,733	Radiate Holdco LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		5.076			02/01/2024		68,130,759
	48,580,912	Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		4.826			03/15/2024		46,746,983
	45,328,193	Virgin Media Bristol LLC, Term Loan K (1 mo. USD LIBOR + 2.50%)		4.563			01/15/2026		45,356,523
	55,076,255	WideOpenWest Finance LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		5.310			08/18/2023		53,837,039
	41,900,818	Ziggo Secured Finance Partnership, Term Loan E (Netherlands) (1 mo. USD LIBOR + 2.50%)		4.563			04/15/2025		41,252,612

									642,489,465

		Oil & Gas—0.9%
	69,684,250	Seadrill Operating LP, Term Loan (United Kingdom) (3 mo. USD LIBOR + 6.00%)		8.334			02/21/2021		65,280,554

		Oil & Gas Services—0.8%
	55,168,617	McDermott Technology (Americas), Inc., Term Loan B (1 mo. USD LIBOR + 5.00%)		7.076			05/12/2025		55,819,331

		Packaging & Containers—0.6%
	46,667,653	Reynolds Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.826			02/05/2023		46,871,824

		Pharmaceuticals—6.8%
	63,980,350	Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		5.625			05/04/2025		64,526,742
	119,283,834	Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.826			03/01/2024		119,483,038

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


		8

Invesco Senior Loan ETF (BKLN) (continued)

August 31, 2018


Principal Amount				Interest Rate			Maturity Date		Value
			Variable Rate Senior Loan Interests (continued)
			Pharmaceuticals (continued)
$	79,582,011		Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%)		6.375	%		04/29/2024	$	80,178,876
	124,995,588		Grifols Worldwide Operations USA, Inc., Term Loan B (Spain) (1 mo. USD LIBOR + 2.25%)		4.207			01/31/2025		125,634,940
	108,985,535		Valeant Pharmaceuticals International, Inc., Term Loan (Canada) (1 mo. USD LIBOR + 3.00%)		5.081			06/01/2025		109,509,756

									499,333,352

			Real Estate—1.1%
	20,000,000		Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		4.706			05/07/2025		19,895,900
	64,421,913		DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		5.319			08/21/2025		64,281,152

										84,177,052

			REITs—0.7%
	50,966,507		Communications Sales & Leasing, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		5.076			10/24/2022		48,889,622
	2,500,000		VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		4.067			12/20/2024		2,502,187

										51,391,809

			Retail—7.8%
	70,762,387		Bass Pro Group LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		7.076			09/25/2024		71,558,464
	51,480,076		Harbor Freight Tools USA, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.576			08/18/2023		51,483,679
	55,072,894		Michaels Stores, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.566			01/30/2023		54,976,516
	70,097,863		Neiman Marcus Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		5.330			10/25/2020		65,278,635
	132,724,524		New Red Finance, Inc., Term Loan B-3 (Canada) (1 mo. USD LIBOR + 2.25%)		4.326			02/16/2024		132,828,713
	59,764,526		Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		5.592			01/26/2023		44,028,526
	101,248,236		PetSmart, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.00%)		5.090			03/11/2022		87,495,182
	70,558,083		Staples, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		6.343			09/12/2024		70,482,586

										578,132,301

			Semiconductors—0.4%
	30,307,941		Microchip Technology, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		4.080			05/29/2025		30,301,728

			Software—9.0%
	81,746,369		Almonde, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.706			06/13/2024		81,495,407
			Boxer Parent Co., Inc.
	54,569,767		Term Loan (1 mo. USD LIBOR + 3.25%)		6.456			06/28/2025		54,689,275
	37,912,193		Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		5.326			09/10/2022		37,992,187
			First Data Corp.
	54,854,308		Term Loan (1 mo. USD LIBOR + 2.00%)		4.066			07/08/2022		54,891,884
	75,382,557		Term Loan (1 mo. USD LIBOR + 2.00%)		4.066			04/26/2024		75,358,811
	49,901,103		Infor (US), Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.75%)		4.826			02/01/2022		49,998,909
	54,407,847		Kronos, Inc., First Lien Term Loan (2 mo. USD LIBOR + 3.00%)		5.340			11/01/2023		54,618,678
	2,630,116		MA Finance Co. LLC, Term Loan B-3 (United Kingdom) (1 mo. USD LIBOR + 2.50%)		4.576			06/21/2024		2,630,116
	60,724,461		Micro Holding LP, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.827			09/13/2024		61,066,036
	67,406,767		Rackspace Hosting, Inc., Term Loan B (2 mo. USD LIBOR + 3.00%)		5.350			11/03/2023		67,112,199
	17,760,079		Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.576			06/21/2024		17,760,079
			SS&C Technologies, Inc.
	76,713,818		Term Loan B-3 (1 mo. USD LIBOR + 2.25%)		4.326			04/16/2025		76,857,656
	29,725,504		Term Loan B-4 (1 mo. USD LIBOR + 2.25%)		4.326			04/16/2025		29,781,239

										664,252,476

			Telecommunications—8.3%
	68,341,250	��	Avaya, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		6.313			12/15/2024		68,883,880
	137,782,300		CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.826			01/31/2025		136,352,809
	22,000,000		Intelsat Jackson Holdings SA, Term Loan B-3 (Luxembourg) (1 mo. USD LIBOR + 3.75%)		5.815			11/27/2023		22,132,990
	105,604,855		Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		4.317			02/22/2024		105,854,082
	40,138,820		Maxar Technologies Ltd., Term Loan B (Canada) (1 mo. USD LIBOR + 2.75%)		4.956			10/04/2024		39,328,819
	49,776,820		SBA Senior Finance II LLC, Term Loan (1 mo. USD LIBOR + 2.00%)		4.080			04/11/2025		49,683,488
	90,599,714		Sprint Communications, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.625			02/02/2024		90,750,562
	42,208,870		Telesat LLC, Term Loan B-4 (Canada) (3 mo. USD LIBOR + 2.50%)		4.840			11/17/2023		42,340,983
	58,234,679		West Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)		6.076			10/10/2024		58,098,119

										613,425,732

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


		9

Invesco Senior Loan ETF (BKLN) (continued)

August 31, 2018


Principal Amount			Interest Rate			Maturity Date		Value
		Variable Rate Senior Loan Interests (continued)
		Trucking & Leasing—1.5%
$	112,458,783	Avolon TLB Borrower 1 US LLC, Term Loan B-3 (Ireland) (1 mo. USD LIBOR + 2.00%)		4.077	%		01/15/2025	$	112,508,264

		Total Variable Rate Senior Loan Interests (Cost $6,700,709,709)							6,665,873,343



		Corporate Bonds—3.2%
		Computers—0.4%
	24,793,000	Dell International LLC^(e)		5.450			06/15/2023		26,060,418

		Media—1.7%
	24,174,000	iHeartCommunications, Inc.^(c)(d)		9.000			12/15/2019		17,949,195
	1,874,000	Univision Communications, Inc.^(e)		6.750			09/15/2022		1,918,508
	57,098,000	Univision Communications, Inc.^(e)		5.125			05/15/2023		54,385,845
	30,600,000	Virgin Media Secured Finance PLC (United Kingdom)^(e)		5.250			01/15/2026		29,879,370
	5,000,000	Virgin Media Secured Finance PLC (United Kingdom)^(e)		5.500			08/15/2026		4,925,000
	20,650,000	Ziggo BV (Netherlands)^(e)		5.500			01/15/2027		19,501,447

									128,559,365

		Packaging & Containers—0.5%
	5,000,000	Reynolds Group Holdings, Inc. (3 mo. USD LIBOR + 3.50%)^(e)(f)		5.839			07/15/2021		5,068,750
	28,588,678	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu		5.750			10/15/2020		28,660,149

									33,728,899

		Software—0.6%
	46,000,000	First Data Corp.^(e)		5.000			01/15/2024		46,266,800

		Total Corporate Bonds (Cost $243,924,220)							234,615,482

Number of Shares
		Money Market Fund—7.3%
	538,422,513	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(g) (Cost $538,422,513)							538,422,513

		Total Investments in Securities (Cost $7,483,056,442)—100.8%							7,438,911,338
		Other assets less liabilities—(0.8)%							(60,684,777	)

		Net Assets—100.0%						$	7,378,226,561

Investment Abbreviations:

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

USD—U.S. Dollar

Notes to Schedule of Investments:

^(a)

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.

^(b)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (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.

^(c)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at August 31, 2018 was $94,594,704, which represented 1.28% of the Fund’s Net Assets.

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

^(e)

Security purchased or received in a transaction exempt from registration under 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 August 31, 2018 was $188,006,138, which represented 2.55% of the Fund’s Net Assets.

^(f)	Interest and dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2018.

^(g)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

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


		10

Statement of Assets and Liabilities

August 31, 2018


	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	6,900,488,825
Affiliated investments in securities, at value		538,422,513
Cash		8,515,006
Receivables:
Investments sold		123,737,854
Interest		16,886,127

Total Assets		7,588,050,325


Liabilities:
Payables:
Investments purchased		205,750,775
Accrued unitary management fees		4,072,989

Total Liabilities		209,823,764

Net Assets	$	7,378,226,561


Net Assets Consist of:
Shares of beneficial interest	$	7,874,794,608
Undistributed net investment income		13,033,080
Undistributed net realized gain (loss)		(465,456,023	)
Net unrealized appreciation (depreciation)		(44,145,104	)

Net Assets	$	7,378,226,561

Shares outstanding (unlimited amount authorized, $0.01 par value)		319,200,000
Net asset value	$	23.11

Market price	$	23.05

Unaffiliated investments in securities, at cost	$	6,944,633,929

Affiliated investments in securities, at cost	$	538,422,513

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


		11

Statement of Operations

For the period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017


	Invesco Senior Loan ETF (BKLN)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Interest income	$	299,734,430		$	344,611,907
Affiliated dividend income		8,244,286			6,201,467
Other Income		1,014,515			5,405,741

Total Income		308,993,231			356,219,115


Expenses:
Unitary management fees		43,391,848			55,771,970
Tax expenses		4,140			—

Total Expenses		43,395,988			55,771,970

Less: Waivers		(1,039,450	)		(1,548,362	)

Net Expenses		42,356,538			54,223,608

Net Investment Income		266,636,693			301,995,507


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from Investment securities		(36,002,170	)		2,445,393
Net change in unrealized appreciation (depreciation) on investment securities		3,991,124			(26,652,918	)

Net realized and unrealized gain (loss)		(32,011,046	)		(24,207,525	)

Net increase in net assets resulting from operations	$	234,625,647		$	277,787,982

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


		12

Statement of Changes in Net Assets

For the period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017 and 2016


	Invesco Senior Loan ETF (BKLN)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	266,636,693		$	301,995,507		$	193,910,528
Net realized gain (loss)		(36,002,170	)		2,445,393			(333,584,745	)
Net change in unrealized appreciation (depreciation)		3,991,124			(26,652,918	)		344,726,561

Net increase in net assets resulting from operations		234,625,647			277,787,982			205,052,344


Distributions to Shareholders from:
Net investment income		(254,162,486	)		(301,436,634	)		(193,910,528	)
Return of capital		—			—			(16,890,704	)

Total distributions to shareholders		(254,162,486	)		(301,436,634	)		(210,801,232	)


Shareholder Transactions:
Proceeds from shares sold		1,435,514,951			3,177,332,078			3,101,232,402
Value of shares repurchased		(2,804,958,662	)		(852,914,348	)		(1,453,713,841	)
Transaction fees		3,376,366			4,314,451			7,999,052

Net increase (decrease) in net assets resulting from shares transactions		(1,366,067,345	)		2,328,732,181			1,655,517,613

Increase (Decrease) in Net Assets		(1,385,604,184	)		2,305,083,529			1,649,768,725


Net Assets:
Beginning of period		8,763,830,745			6,458,747,216			4,808,978,491

End of period	$	7,378,226,561		$	8,763,830,745		$	6,458,747,216

Undistributed net investment income at end of period	$	13,033,080		$	558,873		$	—


Changes in Shares Outstanding:
Shares sold		62,100,000			136,500,000			134,900,000
Shares repurchased		(121,500,000	)		(36,800,000	)		(64,600,000	)
Shares outstanding, beginning of period		378,600,000			278,900,000			208,600,000

Shares outstanding, end of period		319,200,000			378,600,000			278,900,000

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


		13

Statement of Cash Flows

For the period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017


	Invesco Senior Loan ETF (BKLN)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Cash Provided By (Used In) Operating Activities:
Net increase in net assets resulting from operations	$	234,625,647		$	277,787,982


Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By (Used In) Operating Activities:
Purchases of investments		(5,549,166,229	)		(7,857,998,115	)
Proceeds from disposition of investments sold		6,753,791,830			5,588,734,212
Amortization of premiums and accretion of discounts on investments		(5,561,467	)		(11,745,773	)
Net cash paid for purchases, sales, and maturities of short-term investments		(8,039,575	)		88,265,829
(Increase) in receivable for investments sold		(6,797,594	)		(2,975,067	)
(Increase) Decrease in interest receivable		3,154,730			(1,234,507	)
Increase (Decrease) in payable for investments purchased		1,896,336			(643,573,934	)
Increase (Decrease) in payable for accrued expenses		(665,261	)		1,560,301
Net realized (gain) loss on investments		36,002,170			(2,445,393	)
Net change in unrealized (appreciation) depreciation on investments		(3,991,124	)		26,652,918

Net cash provided by (used in) operating activities		1,220,623,816			(2,814,759,529	)

Cash Provided By (Used In) Financing Activities:
Distributions paid to shareholders		(254,162,486	)		(301,436,634	)
Proceeds from shares of beneficial interest sold		1,435,514,951			3,200,522,497
Disbursements for shares of beneficial interest repurchased		(2,804,958,662	)		(852,914,348	)
Net proceeds from transaction fees		3,376,366			4,314,451

Net cash provided by (used in) financing activities		(1,620,229,831	)		2,050,485,966

Net decrease in cash and cash equivalents		(164,980,368	)		(486,485,581	)

Cash and cash equivalents at beginning of period		711,917,887			1,198,403,468

Cash and cash equivalents at end of period	$	546,937,519		$	711,917,887

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


		14

Financial Highlights

Invesco Senior Loan ETF (BKLN)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	23.15		$	23.16		$	23.05		$	24.43		$	24.78		$	24.76
Net investment income^(a)		0.77			0.82			0.99			0.92			1.00			1.06
Net realized and unrealized gain (loss) on investments		(0.08	)		(0.02	)		0.15			(1.39	)		(0.36	)		0.04
Total from investment operations		0.69			0.80			1.14			(0.47	)		0.64			1.10
Distributions to shareholders from:
Net investment income		(0.74	)		(0.82	)		(0.99	)		(0.92	)		(1.00	)		(1.10	)
Return of capital		—			—			(0.08	)		(0.00	)^(b)		(0.00	)^(b)		(0.02	)
Total distributions		(0.74	)		(0.82	)		(1.07	)		(0.92	)		(1.00	)		(1.12	)
Transaction fees^(a)		0.01			0.01			0.04			0.01			0.01			0.04
Net asset value at end of period	$	23.11		$	23.15		$	23.16		$	23.05		$	24.43		$	24.78
Market price at end of period^(c)	$	23.05		$	23.12		$	23.19		$	23.01		$	24.37		$	24.83
Net Asset Value Total Return^(d)		3.07	%		3.54	%		5.32	%		(1.96	)%		2.66	%		4.70	%
Market Price Total Return^(d)		2.93	%		3.27	%		5.64	%		(1.89	)%		2.21	%		4.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	7,378,227		$	8,763,831		$	6,458,747		$	4,808,978		$	6,270,919		$	6,064,711
Ratio to average net assets of:
Expenses, after Waivers		0.63	%^(e)(f)		0.63	%^(f)		0.64	%		0.65	%^(f)		0.64	%		0.65	%^(f)
Expenses, prior to Waivers		0.65	%^(e)(f)		0.65	%^(f)		0.65	%		0.65	%^(f)		0.65	%		0.65	%^(f)
Net investment income, after Waivers and Interest Expenses		3.99	%^(e)		3.52	%		4.33	%		3.82	%		4.03	%		4.30	%
Portfolio turnover rate^(g)		74	%		71	%		81	%		43	%		61	%		47	%

^(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.


		15

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2018

Note 1. Organization


Full Name		Short Name
Invesco Senior Loan ETF (BKLN)		“Senior Loan ETF”

The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.

Effective June 4, 2018, the Fund’s name changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.

Effective August 31, 2018, the Fund’s fiscal year-end changed from October 31 to August 31.

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the 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 cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the S&P/LSTA U.S. Leveraged Loan 100 Index (the “Underlying Index”).

Note 2. Significant Accounting Policies

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

The 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:

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) 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 NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).


		16

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.

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”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the 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, 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.

The 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the 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.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying the 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 the 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, which may be more likely to trade at a premium or discount to the Fund’s net asset value (“NAV”) and to face trading halts and/or delisting.

Industry Concentration Risk. The Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the


		17

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 sector may be out of favor and underperform other industries or the market as a whole.

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 adversely affect the value of the security.

Changing Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s raising of the target range for the Federal Funds Rate (and possible continued fluctuations in equivalent foreign rates) may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may persist in the future, potentially leading to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. In addition, because of changing central bank policies, the Fund may experience higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs and potentially lower the Fund’s returns.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to its 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 Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units principally in-kind. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Liquidity Risk. A majority of the Fund’s assets are likely to be invested in loans that are less liquid than securities traded on national exchanges. Loans with reduced liquidity involve greater risk than securities with more liquid markets. Available market quotations for such loans may vary over time, and if the credit quality of a loan unexpectedly declines, secondary trading of that loan may decline for a period of time. In the event that the Fund voluntarily or involuntarily liquidates portfolio assets during periods of infrequent trading, it may not receive full value for those assets.

Sampling Risk. The Fund’s use of a representative sampling approach will result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development respecting 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.

Cash Transaction Risk. Most ETFs generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

Non-Investment Grade Securities Risk. All or a significant portion of the loans in which the Fund will invest may be determined to be non-investment grade loans that are considered speculative. The Fund also may invest in junk bonds. Non-investment grade loans and bonds, and unrated loans and bonds of comparable credit quality are subject to the increased risk of a borrower’s or 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 borrower of lower-rated loans or issuer of lower-rated bonds defaults, the Fund may incur additional expenses to seek recovery.

Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a loan resulting from changes in the general level of interest rates. Credit risk refers to the possibility that the borrower of a


		18

loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a loan will result in a reduction in the value of the loan and consequently a reduction in the value of the Fund’s investments and a potential decrease in the NAV of the Fund. Although the loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency loans and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.

There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/asked spreads, decreased liquidity and extended trade settlement periods. Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission (the “SEC”) or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.

Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.

Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

C. Cash and Cash Equivalents

For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

D. Securities Purchased on a When-Issued and Delayed Delivery Basis

The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at


		19

delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

E. Federal Income Taxes

The 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 Fund 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.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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 accounting principles generally accepted in the United States of America (“GAAP”). These differences are primarily due to differing book and tax treatments for losses deferred due to wash sales and passive foreign investment company adjustments, if any.

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

F. 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of a loan or note.

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 Statement of Operations and the Statement 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 the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 the Fund and the Adviser.

G. Country Determination

For the purposes of presentation in the Schedule 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 the 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.

H. Expenses

The 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 Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.


		20

Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and that are not readily identifiable to the 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 the Fund.

To the extent the 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.

I. Dividends and Distributions to Shareholders

The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end.

J. 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 Fund monitors 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.

Note 3. Investment Advisory Agreement and Other Agreements

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

As compensation for its services, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including payments to the Sub-Adviser, set-up fees and commitment fees associated with the Fund’s line of credit and the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

The Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund. Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.

For the period November 1, 2017 to August 31, 2018 and the fiscal year ended October 31, 2017, the Adviser waived fees of $1,039,450 and $1,548,362, respectively.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is 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 the Fund with S&P Dow Jones Indices LLC (the “Licensor”). The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

Note 4. Additional Valuation Information


		21

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 —

Level 3 —

The following is a summary of the tiered valuation input levels, as of August 31, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the period November 1, 2017 to August 31, 2018, there were no transfers between valuation levels.


	Investments in Securities
	Level 1		Level 2		Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	—	$	6,665,873,343	$	—	$	6,665,873,343
Corporate Bonds		—		234,615,482		—		234,615,482
Money Market Fund		538,422,513		—		—		538,422,513

Total Investments	$	538,422,513	$	6,900,488,825	$	—	$	7,438,911,338

Note 5. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period November 1, 2017 to August 31, 2018, Fiscal Year Ended October 31, 2017 and Fiscal Year Ended October 31, 2016:


	August 31, 2018		October 31, 2017		October 31, 2016
Ordinary Income	$	254,162,486	$	301,436,634	$	193,910,528
Return of Capital		—		—		16,890,704

Tax Components of Net Assets at Fiscal Period-End:


Undistributed Ordinary Income	$	13,033,080
Net Unrealized Appreciation (Depreciation) Investments		(44,145,104	)
Capital Loss Carryforward		(465,456,023	)
Shares of Beneficial Interest		7,874,794,608

Total Net Assets	$	7,378,226,561

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 Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for the Fund as of August 31, 2018:


Post-effective/no expiration
Short-Term		Long-Term		Total*
$	102,383,972	$	363,072,051	$	465,456,023


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Note 6. Investment Transactions

For the period November 1, 2017 to August 31, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) were $5,549,166,229 and $6,753,791,830, respectively.


Aggregate unrealized appreciation of investments	$	33,313,209
Aggregate unrealized depreciation of investments		(77,458,313	)

Net unrealized appreciation (depreciation) of investments	$	(44,145,104	)

Cost of investments for tax and financial reporting purposes is the same.

Note 7. Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Fund to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation. 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 or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 Fund.

Note 8. Senior Loan Participation Commitments

The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

During the period November 1, 2017 to August 31, 2018, there were no interests in senior loans purchased by the Fund on a participation basis.

Note 9. Borrowing

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company. The Fund may borrow up to the lesser of (1) $750,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the period November 1, 2017 to August 31, 2018, there were no outstanding borrowings from the line of credit.

Note 10. Capital

Shares are created and redeemed by the Fund only in Creation Units of 100,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Unlike most ETFs, the Fund currently effects creations and redemptions principally in exchange for the deposit or delivery of cash, rather than principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”) because of the nature of the Fund’s investments.

To the extent that the Fund permits transactions in exchange for Deposit Securities, the 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 Fund for creations and redemptions, which are treated as increases in capital.

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


		23

Note 11. Indemnifications


		24

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Senior Loan ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Loan ETF (one of the funds constituting Invesco Exchange-Traded Fund Trust II, referred to hereafter as the “Fund”) as of August 31, 2018, the related statements of operations and cash flows for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017, the statement of changes in net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations and its cash flows for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017, the changes in its net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017 and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


		25

Fees and Expenses

As a shareholder of the Invesco Senior Loan ETF (the “Fund”), a series 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 (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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 through the six-month period ended August 31, 2018.

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. The amount of fees and expenses incurred indirectly by the Fund will vary because the investment companies have varied expenses and fee levels and the Fund may own different proportions of the investment companies at different times. 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.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the 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 Fund 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 fund. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Senior Loan ETF (BKLN)
Actual	$	1,000.00	$	1,019.30		0.63	%	$	3.21
Hypothetical (5% return before expenses)		1,000.00		1,022.03		0.63			3.21

⁽¹⁾


		26

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for the fiscal period ended August 31, 2018:


Qualified Dividend Income*	0	%
Corporate Dividends Received Deduction*	0	%
Qualified Interest Income*	100	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period.


		27

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		28

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		29

Trustees and Officers (continued)


Name, Address and Year of Birth of Unaffiliated Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Unaffiliated Trustee	Other Directorships Held by Unaffiliated Trustee During the Past 5 Years
Philip M. Nussbaum***—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2007	Chairman, Performance Trust Capital Partners (2004-Present).	221	None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		30

Trustees and Officers (continued)


Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008- Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	221	None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		31

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		32

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is

available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		33

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses 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 (“Commission”) website at www.sec.gov.

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also 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 Fund with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of the 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-BKLN-AR-1

invesco.com/ETFs

LOGO

Invesco Annual Report to Shareholders

August 31, 2018


DWLV		Invesco DWA Momentum & Low Volatility Rotation ETF
DWAS		Invesco DWA SmallCap Momentum ETF
DWIN		Invesco DWA Tactical Multi-Asset Income ETF
DWTR		Invesco DWA Tactical Sector Rotation ETF
PSCD		Invesco S&P SmallCap Consumer Discretionary ETF
PSCC		Invesco S&P SmallCap Consumer Staples ETF
PSCE		Invesco S&P SmallCap Energy ETF
PSCF		Invesco S&P SmallCap Financials ETF
PSCH		Invesco S&P SmallCap Health Care ETF
PSCI		Invesco S&P SmallCap Industrials ETF
PSCT		Invesco S&P SmallCap Information Technology ETF
PSCM		Invesco S&P SmallCap Materials ETF
PSCU		Invesco S&P SmallCap Utilities & Communication Services ETF
		(Effective as of the open of markets on September 24, 2018, after the close of the reporting period, Invesco S&P SmallCap Utilities ETF was renamed Invesco S&P SmallCap Utilities & Communication Services ETF)

Table of Contents



The Market Environment			3

Manager’s Analysis			4

SmallCap Sector Portfolios

Schedules of Investments

Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)			30

Invesco DWA SmallCap Momentum ETF (DWAS)			31

Invesco DWA Tactical Multi-Asset Income ETF (DWIN)			34

Invesco DWA Tactical Sector Rotation ETF (DWTR)			35

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)			36

Invesco S&P SmallCap Consumer Staples ETF (PSCC)			38

Invesco S&P SmallCap Energy ETF (PSCE)			39

Invesco S&P SmallCap Financials ETF (PSCF)			40

Invesco S&P SmallCap Health Care ETF (PSCH)			42

Invesco S&P SmallCap Industrials ETF (PSCI)			44

Invesco S&P SmallCap Information Technology ETF (PSCT)			46

Invesco S&P SmallCap Materials ETF (PSCM)			48

Invesco S&P SmallCap Utilities ETF (PSCU)			49

Statements of Assets and Liabilities			50

Statements of Operations			52

Statements of Changes in Net Assets			56

Financial Highlights			62

Notes to Financial Statements			72

Report of Independent Registered Public Accounting Firm			85

Fees and Expenses			87

Tax Information			89

Trustees and Officers			90


		2

The Market Environment

Domestic Equity

¹	Source: US Treasury

²	Source: US Federal Reserve


		3


DWLV		Manager’s Analysis
DWLV		Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)

As an index fund, the Invesco DWA Momentum & Low Volatility Rotation ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Multi- Factor Global Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index. The Fund is a “fund of funds,” meaning that it invests its assets in the shares of other exchange-traded funds (“ETFs”), rather than in securities of individual companies. The Index includes other ETFs that are advised by the Fund’s adviser or its affiliates (the “Invesco ETFs”), as well as 1- to 6-month U.S. Treasury Bills. The Fund and the Invesco ETFs are part of the same group of investment companies.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles, maintains and calculates the Index, which, at any given time, is composed of up to eight Invesco ETFs that invest in either domestic or international equity securities, and that employ either a “momentum” or a “low volatility” investment strategy. A “momentum” investment style emphasizes investing in securities that recently have had better relative performance compared to other securities. A low volatility investment style emphasizes investing in securities with the least asset price fluctuations (i.e., increases or decreases in a stock’s price) over time. The Fund generally invests in all of the components of the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 13.01%. On a net asset value (“NAV”) basis, the Fund returned 13.12%. During the same time period, the Index returned 12.95%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, offset by performance associated with rebalance activity.

During this same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned 7.08%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,700 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall stock market.

The performance of the Fund differed from the Benchmark Index primarily due to the Fund’s thematic objective and weighting methodology across the underlying Invesco ETFs.

The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s weighting methodology and thematic objective which placed a heavier weight on small-capitalization companies included in the Invesco DWA SmallCap Momentum ETF. During the same period, the Benchmark Index placed a heavier weight on large-cap holdings.

For the fiscal period ended August 31, 2018, the Invesco DWA SmallCap Momentum ETF (portfolio average weight of 25.23%), contributed most significantly to the Fund’s return, followed by the Invesco DWA Momentum ETF (portfolio average weight of 25.02%), and the Invesco DWA Emerging Markets Momentum ETF (portfolio average weight of 11.28%), respectively. There were no detracting portfolios.


Market Capitalization & Style Allocation* as of August 31, 2018
Large-Cap Value			5.7
Large-Cap Blend			10.6
Large-Cap Growth			20.1
Mid-Cap Value			4.9
Mid-Cap Blend			5.8
Mid-Cap Growth			22.1
Small-Cap Value			5.4
Small-Cap Blend			9.7
Small-Cap Growth			15.7

*	Source: Morningstar. Reflects exposure achieved through investments in underlying funds.


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Invesco DWA SmallCap Momentum ETF			27.2
Invesco DWA Momentum ETF			25.9
Invesco DWA Developed Markets Momentum ETF			10.2
Invesco DWA Emerging Markets Momentum ETF			9.7
Invesco S&P SmallCap Low Volatility ETF			9.6
Invesco S&P 500 Low Volatility ETF			9.6
Invesco S&P Emerging Markets Low Volatility ETF			3.9
Invesco S&P International Developed Low Volatility ETF			3.8
Total			99.9

*	Excluding money market fund holdings.


		4

Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Dorsey Wright^® Multi-Factor Global Equity Index		18.61	%		15.86	%		36.81	%
MSCI All Country World Index (Net)		11.41			14.08			32.36
Fund
NAV Return		18.74			15.84			36.76
Market Price Return		18.87			15.83			36.72

Fund Inception: July 14, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.68% includes the unitary management fee of 0.15% and acquired fund fees and expenses of 0.53%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

-	Net returns reflect reinvested dividends net of withholding taxes.


		5


DWAS		Manager’s Analysis
DWAS		Invesco DWA SmallCap Momentum ETF (DWAS)

As an index fund, the Invesco DWA SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® SmallCap Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in equity securities of small capitalization companies that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates (“Dorsey Wright” or the “Index Provider”) selects securities for inclusion in the Index pursuant to a proprietary selection methodology which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index Provider selects securities for inclusion in the Index from an eligible universe of the smallest 2,000 constituents by market capitalization that trade on a U.S. exchange and that are included within the NASDAQ US Benchmark Index. The Index Provider assigns a relative strength score to each eligible security and selects approximately 200 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 23.51%. On a net asset value (“NAV”) basis, the Fund returned 23.60%. During the same time period, the Index returned 24.24%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 2000^® Index (the “Benchmark Index”) returned 17.08%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the real estate sector during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark

Index during the period can be attributed to the Fund being overweight in the health care sector.

For the fiscal period ended August 31, 2018, the health care sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively. The utilities, energy and materials sectors detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included AxoGen, Inc., a health care company (portfolio average weight of 1.58%), and Inogen, Inc., a health care company (portfolio average weight of 1.17%). Positions that detracted most significantly from the Fund’s return included KEMET Corp., an electronic manufacturing services company (no longer held at fiscal period-end), and Calithera Biosciences, Inc., a biotechnology company (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Health Care			35.7
Information Technology			14.8
Financials			14.6
Industrials			13.0
Consumer Discretionary			12.1
Consumer Staples			3.0
Materials			2.9
Energy			2.9
Real Estate			0.6
Telecommunication Services			0.4
Money Market Funds Plus Other Assets Less Liabilities			(0.0)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
CareDx, Inc.			2.3
Endocyte, Inc.			1.6
Inogen, Inc.			1.6
Mirati Therapeutics, Inc.			1.5
ePlus, Inc.			1.4
Neogen Corp.			1.4
Heska Corp.			1.3
AxoGen, Inc.			1.3
Arrowhead Pharmaceuticals, Inc.			1.2
MGP Ingredients, Inc.			1.2
Total			14.8

*	Excluding money market fund holdings.


		6

Invesco DWA SmallCap Momentum ETF (DWAS) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
Dorsey Wright^® SmallCap Technical Leaders Index		35.29	%		15.30	%		53.28	%		12.19	%		77.73	%		16.25	%		151.18	%
Russell 2000^® Index		25.45			16.11			56.54			13.00			84.28			15.07			135.93
Fund
NAV Return		34.48			14.65			50.69			11.57			72.86			15.57			142.33
Market Price Return		34.56			14.68			50.81			11.58			72.92			15.56			142.12

Fund Inception: July 19, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.60% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		7


DWIN		Manager’s Analysis
DWIN		Invesco DWA Tactical Multi-Asset Income ETF (DWIN)

As an index fund, the Invesco DWA Tactical Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Multi-Asset Income Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index. The Fund is a “fund of funds,” meaning that it invests substantially all of its assets in the shares of other exchange-traded funds (“ETFs”) eligible for inclusion in the Index, rather than in securities of individual companies. The Index is composed exclusively of other ETFs (the “Underlying ETFs”) and, under normal circumstances, most of the Underlying ETFs will be ETFs advised by the Fund’s adviser or its affiliates (the “Invesco ETFs”). The Fund and the Invesco ETFs are part of the same group of investment companies.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles, maintains and calculates the Index, which, at any given time, is composed of one to five Underlying ETFs selected from a universe of income-producing ETFs (the “Eligible ETFs”), each of which generally is designed to seek to provide high levels of current income. This universe, which the Index Provider may change from time to time, consists mostly of Invesco ETFs that employ income-oriented strategies. The Eligible ETFs invest their assets in different segments of the securities markets, such as: U.S. Treasuries, domestic and international bonds, dividend paying equities, preferred stock, real estate investment trusts (“REITs”) and master-limited partnerships (“MLPs”). The various Eligible ETFs may hold fixed income securities of any duration, maturity or quality, and certain Eligible ETFs may invest primarily in high-yield (or “junk”) bonds. The Fund generally invests in each Underlying ETF in proportion to its weighting in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned (1.87)%. On a net asset value (“NAV”) basis, the Fund returned (1.79)%. During the same time period, the Index returned (1.65)%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Barclays U.S. Aggregate Bond Index returned (0.63)% and the S&P 500^® Index returned 14.38% (each a “Benchmark Index” and together, the “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 9,980 securities and 500 securities, respectively. The Benchmark Indices were selected for their recognition in the marketplace and their performance comparison is a useful measure for investors as a broad representation of the U.S. fixed income and equity markets, respectively.

Relative to the Bloomberg Barclays U.S. Aggregate Bond Index, the Fund was most overweight in REITs and preferred securities and most underweight in U.S. Treasuries during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to this Benchmark Index during the period can be attributed to the Fund’s thematic objective and weighting methodology across the Underlying ETFs.

Relative to the S&P 500^® Index, the Fund was most overweight in the REIT sector and most underweight in the information technology and financials sectors during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to this Benchmark Index during the period can be attributed to the Fund being overweight in the energy sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included the Invesco KBW Premium Yield Equity REIT ETF, an Invesco ETF holding positions in small- and mid-cap equity REITs (portfolio average weight of 21.58%), the Invesco Preferred ETF, an Invesco ETF holding positions in fixed rate U.S. dollar-denominated preferred securities (portfolio average weight of 20.71%) and Invesco Global Short Term High Yield Bond ETF, an Invesco ETF holding positions in U.S. and foreign short-term, non-investment grade bonds (portfolio average weight of 19.47%), respectively. The position that detracted most significantly from the Fund’s return was the Alerian MLP ETF, an ETF invested in MLPs (no longer held at fiscal period-end).


Market Segment Breakdown (% of the Fund’s Net Assets)* as of August 31, 2018
International Bond			37.4
Real Estate			23.1
Preferreds			20.9
Domestic Fixed Income			18.5
Money Market Funds Plus Other Assets Less Liabilities			0.1

*	Reflects exposure achieved through investments in underlying funds.


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Invesco KBW Premium Yield Equity REIT ETF			23.1
Invesco Preferred ETF			20.9
Invesco Global Short Term High Yield Bond ETF			19.3
Invesco Taxable Municipal Bond ETF			18.5
Invesco Emerging Markets Sovereign Debt ETF			18.1
Total			99.9

*	Excluding money market fund holdings.


		8

Invesco DWA Tactical Multi-Asset Income ETF (DWIN) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Dorsey Wright^® Multi-Asset Income Index		(2.04	)%		5.80	%		14.96	%
Bloomberg Barclays U.S. Aggregate Bond Index		(1.05	)		1.38			3.46
S&P 500^® Index		19.66			18.86			53.32
Fund
NAV Return		(2.20	)		5.52			14.20
Market Price Return		(2.27	)		5.50			14.15

Fund Inception: March 10, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.58% includes the unitary management fee of 0.25% and acquired fund fees and expenses of 0.33%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indices performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indices returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indices do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indices are based on the inception date of the Fund.


		9


DWTR		Manager’s Analysis
DWTR		Invesco DWA Tactical Sector Rotation ETF (DWTR)

As an index fund, the Invesco DWA Tactical Sector Rotation ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Sector 4 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index. The Fund is a “fund of funds,” meaning that it invests its assets in the shares of other exchange-traded funds (“ETFs”) eligible for inclusion in the Index, rather than in securities of individual companies. The Fund also may invest in 1 to 6-month U.S. Treasury Bills included in the Index. The underlying funds included in the Index are ETFs advised by the Fund’s adviser or its affiliates (the “Invesco ETFs”). The Fund and the Invesco ETFs are part of the same group of investment companies.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) compiles, maintains and calculates the Index which, at any given time, is composed of up to four Invesco ETFs from an eligible universe of nine Invesco ETFs, each of which is designed to seek to track separate sector-specific underlying indexes. Each Invesco ETF’s underlying index also is compiled and maintained by the Index Provider. The Index seeks to gain exposure to the sectors of the U.S. equity markets that display the strongest relative strength, as evaluated on a monthly basis. “Relative Strength” is the measurement of a security’s performance in a given universe as compared to the performance of all other securities in that universe. Therefore, at any given time, the components of the Index are those Invesco ETFs that the Index Provider believes offer the greatest potential to outperform each of the other eligible Invesco ETFs. The Fund generally invests in each constituent Invesco ETF comprising the Index in proportion to its weighting in the Index.

During this same time period, the Russell 3000^® Index (the “Benchmark Index”) returned 14.88%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index primarily due to the Fund’s thematic objective and weighting methodology across the underlying Invesco ETFs.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the health care sector during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the health care sector, as well as stock selection within the financials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included the Invesco DWA Technology Momentum ETF, an Invesco ETF holding positions in common stock of technology sector companies (portfolio average weight of 26.34%), the Invesco DWA Consumer Cyclicals Momentum ETF, an Invesco ETF holding positions in common stock of consumer cyclicals sector companies (portfolio average weight of 16.29%), and Invesco DWA Industrials Momentum ETF, an Invesco ETF holding positions in common stock of industrials sector companies (portfolio average weight of 30.52%), respectively. The position that detracted most significantly from the Fund’s return was the Invesco DWA Healthcare Momentum ETF, an Invesco ETF holding positions in common stock of health care sector companies (no longer held at fiscal period-end).


Sector Breakdown (% of the Fund’s Net Assets)* as of August 31, 2018
Industrials			29.7
Information Technology			28.3
Consumer Discretionary			22.7
Energy			19.3
Money Market Funds Plus Other Assets Less Liabilities			0.0

*	Reflects exposure achieved through investments in underlying funds.


Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Invesco DWA Industrials Momentum ETF			29.7
Invesco DWA Technology Momentum ETF			28.3
Invesco DWA Consumer Cyclicals Momentum ETF			22.7
Invesco DWA Energy Momentum ETF			19.3
Total			100.0

*	Excluding money market fund holdings.


		10

Invesco DWA Tactical Sector Rotation ETF (DWTR) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Dorsey Wright^® Sector 4 Index		23.47	%		9.28	%		29.28	%
Russell 3000^® Index		20.25			15.69			52.43
Fund
NAV Return		23.03			9.13			28.74
Market Price Return		23.38			9.16			28.86

Fund Inception: October 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% includes the unitary management fee of 0.15% and acquired fund fees and expenses of 0.60%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		11


PSCD		Manager’s Analysis
PSCD		Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

As an index fund, the Invesco S&P SmallCap Consumer Discretionary ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. consumer discretionary companies that comprise the Index. These companies are principally engaged in the business of providing consumer goods and services that are cyclical in nature, including, but not limited to, household durables, leisure products and services, apparel and luxury goods, computers and electronics, automobiles and auto components, hotel and restaurant services and television and other entertainment goods and services.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 29.43%. On a net asset value (“NAV”) basis, the Fund returned 29.58%. During the same time period, the Index returned 29.72%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned 21.83%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the specialty retail industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation in the specialty retail industry.

For the fiscal period ended August 31, 2018, the specialty retail industry contributed most significantly to the Fund’s return, followed by the textiles, apparel & luxury goods and hotels,

restaurants & leisure industries, respectively. The automobiles industry was the only detracting industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included World Wrestling Entertainment, Inc., Class A, a movies & entertainment company (no longer held at fiscal period-end), and Ollie’s Bargain Outlet Holdings Inc., a general merchandise stores company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return included LCI Industries, an auto components company (portfolio average weight of 2.24%), and Installed Building Products, Inc., a household durable company (portfolio average weight of 1.11%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Specialty Retail			29.1
Hotels, Restaurants & Leisure			14.1
Household Durables			13.4
Auto Components			13.4
Textiles, Apparel & Luxury Goods			11.7
Diversified Consumer Services			4.3
Media			3.9
Leisure Products			3.9
Internet & Direct Marketing Retail			3.6
Distributors			1.3
Automobiles			0.9
Multi-line Retail			0.5
Money Market Funds Plus Other Assets Less Liabilities			(0.1)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Wolverine World Wide, Inc.			3.0
iRobot Corp.			2.5
Steven Madden Ltd.			2.5
RH			2.5
Penn National Gaming, Inc.			2.4
Strategic Education, Inc.			2.3
Shutterfly, Inc.			2.1
Fox Factory Holding Corp.			2.0
DSW, Inc., Class A			1.9
Dorman Products, Inc.			1.9
Total			23.1

* Excluding money market fund holdings.


		12

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Consumer Discretionary Index		38.99	%		13.30	%		45.46	%		12.61	%		81.08	%		14.02	%		200.85	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		38.82			13.14			44.83			12.42			79.54			13.76			195.31
Market Price Return		38.93			13.13			44.79			12.44			79.74			13.77			195.52

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		13


PSCC		Manager’s Analysis
PSCC		Invesco S&P SmallCap Consumer Staples ETF (PSCC)

As an index fund, the Invesco S&P SmallCap Consumer Staples ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. consumer staples companies that comprise the Index. These companies are principally engaged in the business of providing consumer goods and services that have noncyclical characteristics, including, but not limited to, tobacco, food and beverage, and non-discretionary retail.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 18.49%. On a net asset value (“NAV”) basis, the Fund returned 18.70%. During the same time period, the Index returned 18.91%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation in the food products industry.

For the fiscal period ended August 31, 2018, the personal products industry contributed most significantly to the Fund’s return, followed by the food products and household products industries, respectively. The beverages industry was the only detracting industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Medifast, Inc., a personal products company (portfolio average weight of 5.09%), and WD-40 Co., a household products company (portfolio average weight of 6.83%). Positions that detracted most significantly from the Fund’s return included Avon Products, Inc. (United Kingdom), a personal products company (portfolio average weight of 2.01%), and Seneca Foods Corp., Class A, a food product company (portfolio average weight of 2.31%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Food Products			43.7
Household Products			15.8
Personal Products			13.5
Food & Staples Retailing			12.9
Beverages			7.0
Tobacco			3.8
Money Market Funds Plus Other Assets Less Liabilities			3.3

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Darling Ingredients, Inc.			11.9
WD-40 Co.			9.0
J & J Snack Foods Corp.			8.0
B&G Foods, Inc.			7.8
Central Garden & Pet Co., Class A			5.3
Inter Parfums, Inc.			4.8
Calavo Growers, Inc.			4.7
SUPERVALU, Inc.			4.7
Medifast, Inc.			4.7
Andersons, Inc. (The)			4.7
Total			65.6

*	Excluding money market fund holdings.


		14

Invesco S&P SmallCap Consumer Staples ETF (PSCC) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Consumer Staples Index		27.05	%		18.13	%		64.84	%		15.74	%		107.71	%		17.04	%		274.94	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		26.82			17.71			63.09			15.39			104.60			16.76			267.36
Market Price Return		26.94			17.68			62.98			15.41			104.75			16.75			266.97

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		15


PSCE		Manager’s Analysis
PSCE		Invesco S&P SmallCap Energy ETF (PSCE)

As an index fund, the Invesco S&P SmallCap Energy ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. energy companies that comprise the Index. These companies are principally engaged in the business of producing, distributing or servicing energy related products, including, but not limited to, oil and gas exploration and production, refining, oil services and pipelines.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 14.25%. On a net asset value (“NAV”) basis, the Fund returned 14.64%. During the same time period, the Index returned 14.94%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

Relative to the Benchmark Index, the Fund was most overweight in the energy equipment & services industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s single sector allocation.

For the fiscal period ended August 31, 2018, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the energy equipment & services industry. There were no detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Denbury Resources, Inc., an oil, gas & consumable fuels company (portfolio average weight of 4.01%), and Carrizo Oil & Gas, Inc., an oil, gas & consumable fuels company (portfolio average weight of 5.29%). Positions that detracted most significantly from the Fund’s return included ProPetro Holding Corp., an energy equipment & services company (portfolio average weight of 1.58%), and C&J Energy Services, Inc., an energy equipment & services company (portfolio average weight of 2.47%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Energy Equipment & Services			50.9
Oil, Gas & Consumable Fuels			49.1
Money Market Funds Plus Other Assets Less Liabilities			0.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
PDC Energy, Inc.			10.2
SRC Energy, Inc.			6.6
Carrizo Oil & Gas, Inc.			6.2
Oil States International, Inc.			6.0
Denbury Resources, Inc.			5.6
US Silica Holdings, Inc.			4.8
Archrock, Inc.			4.8
Noble Corp. PLC			4.5
Unit Corp.			4.3
Helix Energy Solutions Group, Inc.			3.9
Total			56.9

*	Excluding money market fund holdings.


		16

Invesco S&P SmallCap Energy ETF (PSCE) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Energy Index		35.74	%		(6.00	)%		(16.93	)%		(16.73	)%		(59.96	)%		(4.56	)%		(32.45	)%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		35.33			(6.17	)		(17.40	)		(16.92	)		(60.42	)		(4.82	)		(33.97	)
Market Price Return		35.13			(6.14	)		(17.32	)		(16.92	)		(60.41	)		(4.81	)		(33.91	)

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		17


PSCF		Manager’s Analysis
PSCF		Invesco S&P SmallCap Financials ETF (PSCF)

As an index fund, the Invesco S&P SmallCap Financials ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Financials & Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. financial service companies that comprise the Index. These companies are principally engaged in the business of providing financial services and products, including, but not limited to, banking, investment services, insurance and real estate finance services.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 12.41%. On a net asset value (“NAV”) basis, the Fund returned 12.44%. During the same time period, the Index returned 12.63%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the machinery industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to fees and operating expenses that the Fund incurred as well as the Fund’s single sector allocation. For the fiscal period ended August 31, 2018, the banks industry contributed most significantly to the Fund’s return, followed by the consumer finance and insurance industries, respectively. The real estate management & development industry was the only detracting industry.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Green Dot Corp., Class A, a consumer finance company (portfolio average weight of 1.74%), and FirstCash, Inc., a consumer finance company (portfolio average weight of 2.06%). Positions that detracted most significantly from the Fund’s return included RE/MAX Holdings, Inc., Class A, a real estate management & development company (portfolio average weight of 0.53%), and Third Point Reinsurance Ltd. (Bermuda), an insurance company (portfolio average weight of 0.66%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Banks			37.4
Equity REITs			24.3
Insurance			14.4
Consumer Finance			6.4
Thrifts & Mortgage Finance			6.4
Mortgage REITs			5.1
Capital Markets			4.6
Real Estate Management & Development			1.3
Money Market Funds Plus Other Assets Less Liabilities			0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
First Financial Bankshares, Inc.			2.0
Green Dot Corp., Class A			2.0
Selective Insurance Group, Inc.			1.9
FirstCash, Inc.			1.9
Glacier Bancorp, Inc.			1.8
EastGroup Properties, Inc.			1.7
Community Bank System, Inc.			1.7
American Equity Investment Life Holding Co.			1.7
Columbia Banking System, Inc.			1.6
First Financial Bancorp			1.5
Total			17.8

*	Excluding money market fund holdings.


		18

Invesco S&P SmallCap Financials ETF (PSCF) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Financials & Real Estate Index		22.07	%		17.64	%		62.80	%		14.17	%		93.99	%		13.48	%		189.23	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		21.80			17.35			61.60			13.88			91.50			13.17			182.54
Market Price Return		21.95			17.36			61.64			13.87			91.47			13.17			182.65

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		19


PSCH		Manager’s Analysis
PSCH		Invesco S&P SmallCap Health Care ETF (PSCH)

As an index fund, the Invesco S&P SmallCap Health Care ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. health care companies that comprise the Index. These companies are principally engaged in the business of providing health care-related products, facilities and services including, but not limited to, biotechnology, pharmaceuticals, medical technology and supplies.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 58.31%. On a net asset value (“NAV”) basis, the Fund returned 58.32%. During the same time period, the Index returned 58.57%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipment & supplies industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocations in the health care equipment & supplies and pharmaceuticals industries, respectively.

For the fiscal period ended August 31, 2018, the pharmaceuticals industry contributed most significantly to the Fund’s return, followed by the health care equipment & supplies and health care providers & services industries, respectively. There were no detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Nektar Therapeutics, a life sciences tools & services company (no longer held at fiscal period-end), and Inogen, Inc., a health care equipment & supplies company (portfolio average weight of 2.56%). Positions that detracted most significantly from the Fund’s return included MiMedx Group, Inc., a biotechnology company (portfolio average weight of 0.86%), and Tivity Health, Inc., a health care providers & services company (portfolio average weight of 1.21%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Health Care Equipment & Supplies			26.9
Health Care Providers & Services			26.7
Biotechnology			23.0
Pharmaceuticals			12.3
Health Care Technology			8.0
Life Sciences Tools & Services			3.1
Money Market Funds Plus Other Assets Less Liabilities			(0.0)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Ligand Pharmaceuticals, Inc.			5.1
HealthEquity, Inc.			4.5
Neogen Corp.			4.4
Inogen, Inc.			4.2
Amedisys, Inc.			3.3
Myriad Genetics, Inc.			3.2
Endo International PLC			3.2
Merit Medical Systems, Inc.			2.9
LHC Group, Inc.			2.6
AMN Healthcare Services, Inc.			2.6
Total			36.0

*	Excluding money market fund holdings.


		20

Invesco S&P SmallCap Health Care ETF (PSCH) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Health Care Index		64.70	%		27.44	%		106.97	%		26.42	%		222.93	%		24.17	%		515.88	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		64.37			27.15			105.59			26.10			218.80			23.83			501.97
Market Price Return		64.65			27.24			106.02			26.12			219.15			23.87			503.42

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		21


PSCI		Manager’s Analysis
PSCI		Invesco S&P SmallCap Industrials ETF (PSCI)

As an index fund, the Invesco S&P SmallCap Industrials ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. industrial companies that comprise the Index. These companies are principally engaged in the business of providing industrial products and services including, but not limited to, engineering, heavy machinery, construction, electrical equipment, aerospace and defense, and general manufacturing.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 21.59%. On a net asset value (“NAV”) basis, the Fund returned 21.69%. During the same time period, the Index returned 21.98%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s slight underperformance relative to the Benchmark Index during the period can be attributed to fees and operating expenses that the Fund incurred during the period.

For the fiscal period ended August 31, 2018, the professional services industry contributed most significantly to the Fund’s return, followed by the machinery and aerospace & defense industries, respectively. There were no detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Insperity, Inc., a professional services company (portfolio average weight of 1.87%), and Axon Enterprise, Inc., an aerospace & defense company (portfolio average weight of 1.58%). Positions that detracted most significantly from the Fund’s return included ABM Industries, Inc., a commercial services & supplies company (portfolio average weight of 1.36%), and Matthews International Corp., Class A, a commercial services & supplies company (portfolio average weight of 1.15%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Machinery			28.3
Professional Services			14.9
Commercial Services & Supplies			12.6
Building Products			12.1
Aerospace & Defense			11.3
Airlines			4.2
Air Freight & Logistics			3.6
Trading Companies & Distributors			3.6
Road & Rail			3.0
Electrical Equipment			2.2
Construction & Engineering			2.2
Industrial Conglomerates			1.0
Marine			1.0
Money Market Funds Plus Other Assets Less Liabilities			0.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Trex Co., Inc.			2.9
ASGN, Inc.			2.7
Insperity, Inc.			2.6
Axon Enterprise, Inc.			2.3
Proto Labs, Inc.			2.3
Tetra Tech, Inc.			2.3
Korn/Ferry International			2.2
John Bean Technologies Corp.			2.2
SkyWest, Inc.			2.0
Barnes Group, Inc.			1.9
Total			23.4

*	Excluding money market fund holdings.


		22

Invesco S&P SmallCap Industrials ETF (PSCI) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Industrials Index		37.90	%		20.70	%		75.83	%		16.04	%		110.36	%		15.18	%		227.56	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		37.50			20.43			74.65			15.75			107.78			14.86			219.96
Market Price Return		37.66			20.48			74.88			15.74			107.69			14.87			220.22

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		23


PSCT		Manager’s Analysis
PSCT		Invesco S&P SmallCap Information Technology ETF (PSCT)

As an index fund, the Invesco S&P SmallCap Information Technology ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. information technology companies that comprise the Index. These companies are principally engaged in the business of providing information technology-related products and services including, but not limited to, computer hardware and software, internet, electronics and semiconductors, and communication technologies.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 10.85%. On a net asset value (“NAV”) basis, the Fund returned 11.09%. During the same time period, the Index returned 11.23%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

Relative to the Benchmark Index, the Fund was most overweight in the electronic equipment instruments & components industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s single sector allocation. For the fiscal period ended August 31, 2018, the IT services industry contributed most significantly to the Fund’s return, followed by the internet software & services and software industries, respectively. There were no detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included CACI International, Inc., Class A, an IT services company (portfolio average weight of 3.19%), and Qualys, Inc., a software company (portfolio average weight of 2.01%). Positions that detracted most significantly from the Fund’s return included Extreme Networks, Inc., a communications equipment company (portfolio average weight of 0.66%), and Diebold Nixdorf, Inc., a technology hardware, storage & peripherals company (portfolio average weight of 0.23%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Electronic Equipment, Instruments & Components			26.8
Semiconductors & Semiconductor Equipment			23.0
IT Services			16.1
Software			11.8
Communications Equipment			10.1
Internet Software & Services			8.4
Technology Hardware, Storage & Peripherals			3.8
Money Market Fund Plus Other Assets Less Liabilities			(0.0)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
CACI International, Inc., Class A			3.6
Stamps.com, Inc.			3.1
Semtech Corp.			2.9
Qualys, Inc.			2.2
Cabot Microelectronics Corp.			2.2
Brooks Automation, Inc.			2.1
II-VI, Inc.			2.0
Rogers Corp.			1.9
Viavi Solutions, Inc.			1.9
Advanced Energy Industries, Inc.			1.7
Total			23.6

*	Excluding money market fund holdings.


		24

Invesco S&P SmallCap Information Technology ETF (PSCT) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Information Technology Index		21.32	%		23.01	%		86.11	%		19.26	%		141.28	%		16.80	%		268.45	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		21.16			22.74			84.91			18.97			138.30			16.48			260.06
Market Price Return		21.18			22.66			84.57			18.95			138.13			16.47			259.84

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		25


PSCM		Manager’s Analysis
PSCM		Invesco S&P SmallCap Materials ETF (PSCM)

As an index fund, the Invesco S&P SmallCap Materials ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. basic materials companies that comprise the Index. These companies are principally engaged in the business of producing raw materials, including, but not limited to, paper or wood products, chemicals, construction materials, and mining and metals.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 9.65%. On a net asset value (“NAV”) basis, the Fund returned 9.73%. During the same time period, the Index returned 9.86%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s single sector allocation.

For the fiscal period ended August 31, 2018, the chemicals industry contributed most significantly to the Fund’s return, followed by the paper & forest products and metals & mining industries, respectively. There were no detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Ingevity Corp., a chemicals company (portfolio average weight of 8.15%), and KapStone Paper and Packaging Corp., a paper & forest products company (portfolio average weight of 6.63%). Positions that detracted most significantly from the Fund’s return included U.S. Concrete, Inc., a construction materials company (portfolio average weight of 2.48%), and Clearwater Paper Corp., a paper & forest products company (portfolio average weight of 1.38%).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Chemicals			58.2
Paper & Forest Products			21.2
Metals & Mining			17.1
Construction Materials			1.8
Containers & Packaging			1.5
Specialty Chemicals			0.1
Money Market Fund Plus Other Assets Less Liabilities			0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Ingevity Corp.			10.2
Balchem Corp.			8.5
KapStone Paper and Packaging Corp.			7.3
H.B. Fuller Co.			6.9
Quaker Chemical Corp.			5.8
Innospec, Inc.			4.5
Kaiser Aluminum Corp.			4.4
Stepan Co.			4.3
Boise Cascade Co.			4.1
Neenah, Inc.			3.7
Total			59.7

*	Excluding money market fund holdings.


		26

Invesco S&P SmallCap Materials ETF (PSCM) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Materials Index		22.97	%		18.26	%		65.37	%		10.26	%		62.95	%		10.84	%		137.27	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		22.77			17.96			64.14			9.96			60.77			10.53			131.79
Market Price Return		23.09			17.99			64.28			9.97			60.81			10.53			131.80

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		27


PSCU		Manager’s Analysis
PSCU		Invesco S&P SmallCap Utilities ETF (PSCU)

As an index fund, the Invesco S&P SmallCap Utilities ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Utilities & Telecommunication Services Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of small capitalization U.S. utility companies that comprise the Index. These companies are principally engaged in providing either energy, water, electric or natural gas utilities or providing telecommunications services. These companies may include, but are not limited to, companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater; and provide land line or wireless telephone services.

The Board of Trustees approved a change in the fiscal year end for the Fund from October 31 to August 31. For the fiscal period from November 1, 2017 to August 31, 2018, on a market price basis, the Fund returned 2.54%. On a net asset value (“NAV”) basis, the Fund returned 2.55%. During the same time period, the Index returned 2.39%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

Relative to the Benchmark Index, the Fund was most overweight in the diversified telecommunication services industry and most underweight in the banks industry during the fiscal period ended August 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s single sector allocation.

For the fiscal period ended August 31, 2018, the diversified telecommunication services industry contributed most significantly

to the Fund’s return, followed by the water utilities and gas utilities industries, respectively. There were no detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2018, included Vonage Holdings Corp., a diversified telecommunications services company (portfolio average weight of 7.11%), and Iridium Communications, Inc., a diversified telecommunications services company (portfolio average weight of 4.90%). Positions that detracted most significantly from the Fund’s return included Frontier Communications Corp., a diversified telecommunications services company (portfolio average weight of 3.48%), and ALLETE, Inc., an electric utilities company (no longer held at fiscal period-end).


Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2018
Gas Utilities			34.5
Diversified Telecommunication Services			30.3
Multi-Utilities			15.3
Water Utilities			8.9
Electric Utilities			4.6
Wireless Telecommunication Services			4.2
Money Market Fund Plus Other Assets Less Liabilities			2.2

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2018
Security
Spire, Inc.			17.0
Avista Corp.			15.3
South Jersey Industries, Inc.			12.9
Vonage Holdings Corp.			4.7
Cincinnati Bell, Inc.			4.7
Iridium Communications, Inc.			4.7
ATN International, Inc.			4.7
Northwest Natural Gas Co.			4.7
American States Water Co.			4.6
El Paso Electric Co.			4.6
Total			77.9

*	Excluding money market fund holdings.


		28

Invesco S&P SmallCap Utilities ETF (PSCU) (continued)

Growth of a $10,000 Investment Since Inception

LOGO

Fund Performance History as of August 31, 2018


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600^® Capped Utilities & Telecommunication Services Index		4.89	%		19.46	%		70.50	%		15.93	%		109.41	%		13.75	%		194.98	%
S&P SmallCap 600^® Index		32.47			19.28			69.70			15.45			105.06			15.25			229.41
Fund
NAV Return		5.00			19.30			69.79			15.70			107.31			13.47			189.01
Market Price Return		5.03			19.32			69.89			15.73			107.59			13.48			189.13

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.


		29

Schedule of Investments

Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)

August 31, 2018


Number of Shares			Value
		Exchange-Traded Funds—99.9%^(a)
	166,134	Invesco DWA Developed Markets Momentum ETF	$	4,696,608
	236,663	Invesco DWA Emerging Markets Momentum ETF		4,508,430
	200,032	Invesco DWA Momentum ETF		11,967,915
	211,980	Invesco DWA SmallCap Momentum ETF^(b)(c)		12,591,612
	89,131	Invesco S&P 500^® Low Volatility ETF		4,436,941
	72,770	Invesco S&P Emerging Markets Low Volatility ETF		1,813,428
	53,813	Invesco S&P International Developed Low Volatility ETF		1,759,685
	87,352	Invesco S&P SmallCap Low Volatility ETF		4,464,561

		Total Exchange-Traded Funds (Cost $42,425,588)		46,239,180



		Money Market Fund—0.1%
	42,612	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $42,612)		42,612

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $42,468,200)—100.0%		46,281,792



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—1.1%
	510,000	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $510,000)		510,000

		Total Investments in Securities (Cost $42,978,200)—101.1%		46,791,792
		Other assets less liabilities—(1.1)%		(513,447	)

		Net Assets—100.0%	$	46,278,345

Investment Abbreviations:

ETF—Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Affiliated Company. The security and the Fund are affiliated by having the same investment adviser. See Note 4.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		30

Schedule of Investments^(a)

Invesco DWA SmallCap Momentum ETF (DWAS)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.0%
		Consumer Discretionary—12.1%
	32,790	Adtalem Global Education, Inc.^(b)	$	1,569,002
	74,005	Boot Barn Holdings, Inc.^(b)		2,214,970
	117,595	Career Education Corp.^(b)		1,875,640
	41,948	Carvana Co., Class A^(b)(c)		2,715,714
	7,786	Cavco Industries, Inc.^(b)		1,910,684
	94,088	Chegg, Inc.^(b)		3,046,569
	49,283	Conn’s, Inc.^(b)(c)		2,020,603
	84,802	Crocs, Inc.^(b)		1,752,009
	13,280	Deckers Outdoor Corp.^(b)		1,618,035
	204,448	Drive Shack, Inc.^(b)		1,267,578
	102,509	Eldorado Resorts, Inc.^(b)		4,925,557
	16,572	Five Below, Inc.^(b)		1,930,141
	75,469	Fossil Group, Inc.^(b)		1,710,882
	19,729	Johnson Outdoors, Inc., Class A		1,998,153
	36,376	Malibu Boats, Inc., Class A^(b)		1,753,687
	54,100	MCBC Holdings, Inc.^(b)		1,491,537
	34,753	Monarch Casino & Resort, Inc.^(b)		1,635,129
	16,726	Nathan’s Famous, Inc.		1,483,596
	144,024	Noodles & Co., Class A^(b)(c)		1,771,495
	22,959	Ollie’s Bargain Outlet Holdings, Inc.^(b)		1,999,729
	47,688	Penn National Gaming, Inc.^(b)		1,643,328
	34,624	Planet Fitness, Inc., Class A^(b)		1,778,635
	18,653	RH^(b)(c)		2,965,827
	51,599	Stoneridge, Inc.^(b)		1,544,358
	19,601	TopBuild Corp.^(b)		1,220,750
	168,954	Town Sports International Holdings, Inc.^(b)(c)		1,545,929
	24,289	World Wrestling Entertainment, Inc., Class A		2,123,102
	88,868	ZAGG, Inc.^(b)		1,439,662

				54,952,301

		Consumer Staples—3.0%
	17,593	Medifast, Inc.		4,024,399
	68,564	MGP Ingredients, Inc.^(c)		5,286,970
	131,725	Natural Grocers by Vitamin Cottage, Inc.^(b)(c)		2,556,782
	50,945	Turning Point Brands, Inc.		1,714,809

				13,582,960

		Energy—2.9%
	66,363	California Resources Corp.^(b)		2,756,719
	156,084	Comstock Resources, Inc.^(b)		1,510,893
	32,022	Delek US Holdings, Inc.		1,745,199
	40,991	Mammoth Energy Services, Inc.		1,126,433
	44,970	Penn Virginia Corp.^(b)		3,999,632
	70,402	Unit Corp.^(b)		1,850,868

				12,989,744

		Financials—14.6%
	29,487	Ameris Bancorp		1,464,030
	114,127	B. Riley Financial, Inc.		2,613,508
	84,704	Blucora, Inc.^(b)		3,066,285
	55,133	Carolina Financial Corp.		2,268,723
	37,487	Cathay General Bancorp		1,585,700
	51,751	CenterState Bank Corp.		1,584,616
	28,020	Eagle Bancorp, Inc.^(b)		1,508,877
	70,276	eHealth, Inc.^(b)		2,051,356
	57,046	Enova International, Inc.^(b)		1,893,927
	28,977	Enterprise Financial Services Corp.		1,631,405
	17,185	Federal Agricultural Mortgage Corp., Class C		1,324,448
	201,491	First BanCorp/Puerto Rico^(b)		1,763,046


Number of Shares			Value
		Common Stocks (continued)
		Financials (continued)
	37,926	First Bancorp/Southern Pines NC	$	1,582,273
	45,553	First Bancshares, Inc. (The)		1,869,951
	50,265	First Defiance Financial Corp.		1,607,977
	46,111	First Financial Bankshares, Inc.		2,785,104
	36,576	First Merchants Corp.		1,760,037
	70,177	Green Bancorp, Inc.		1,684,248
	23,850	Green Dot Corp., Class A^(b)		2,043,230
	35,082	Hamilton Lane, Inc., Class A		1,711,300
	75,169	Horizon Bancorp, Inc.		1,535,703
	178,375	Independent Bank Corp./MI		4,450,456
	30,865	Kinsale Capital Group, Inc.		1,875,666
	81,531	Meridian Bancorp, Inc.		1,459,405
	27,861	Nicolet Bankshares, Inc.^(b)		1,542,385
	92,575	NMI Holdings, Inc., Class A^(b)		1,999,620
	46,630	Old Line Bancshares, Inc.		1,594,746
	32,879	Preferred Bank		2,012,524
	43,641	Regional Management Corp.^(b)		1,454,555
	48,904	Seacoast Banking Corp. of Florida^(b)		1,546,344
	37,834	Triumph Bancorp, Inc.^(b)		1,606,053
	48,460	United Community Banks, Inc.		1,470,276
	140,639	United Community Financial Corp.		1,455,614
	27,536	Walker & Dunlop, Inc.		1,500,712
	13,507	World Acceptance Corp.^(b)		1,602,065
	28,725	WSFS Financial Corp.		1,401,780

				66,307,945

		Health Care—35.7%
	27,856	Addus HomeCare Corp.^(b)		1,807,854
	35,615	Arena Pharmaceuticals, Inc.^(b)		1,383,287
	130,228	Array BioPharma, Inc.^(b)		2,027,650
	368,172	Arrowhead Pharmaceuticals, Inc.^(b)		5,434,219
	37,759	Audentes Therapeutics, Inc.^(b)		1,374,428
	133,204	AxoGen, Inc.^(b)		5,840,995
	49,523	BioTelemetry, Inc.^(b)		3,060,521
	438,810	CareDx, Inc.^(b)		10,667,471
	226,321	Cerus Corp.^(b)		1,760,777
	304,183	Codexis, Inc.^(b)		5,231,948
	57,795	CryoLife, Inc.^(b)		2,005,487
	294,626	CryoPort, Inc.^(b)(c)		4,183,689
	39,601	Cutera, Inc.^(b)		1,346,434
	294,628	Cymabay Therapeutics, Inc.^(b)		4,015,780
	149,490	CytoSorbents Corp.^(b)		2,190,029
	36,406	Deciphera Pharmaceuticals, Inc.^(b)		1,346,658
	16,374	Enanta Pharmaceuticals, Inc.^(b)		1,488,888
	366,802	Endocyte, Inc.^(b)		7,233,335
	179,502	Fate Therapeutics, Inc.^(b)		2,313,781
	34,260	G1 Therapeutics, Inc.^(b)		2,078,897
	202,893	Galectin Therapeutics, Inc.^(b)(c)		1,312,718
	29,642	Globus Medical, Inc., Class A^(b)		1,579,029
	17,581	Haemonetics Corp.^(b)		1,962,743
	20,709	HealthEquity, Inc.^(b)		1,950,995
	54,721	Heska Corp.^(b)		5,855,147
	63,842	Immunomedics, Inc.^(b)		1,708,412
	26,923	Inogen, Inc.^(b)		7,132,172
	24,688	Integer Holdings Corp.^(b)		1,972,571
	44,930	Intersect ENT, Inc.^(b)		1,316,449
	20,092	iRhythm Technologies, Inc.^(b)		1,870,364
	153,736	Kindred Biosciences, Inc.^(b)		2,290,666

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


		31

Invesco DWA SmallCap Momentum ETF (DWAS) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks (continued)
		Health Care (continued)
	8,276	Ligand Pharmaceuticals, Inc.^(b)	$	2,149,194
	32,302	Merit Medical Systems, Inc.^(b)		1,900,973
	120,889	Mirati Therapeutics, Inc.^(b)		6,836,273
	66,586	Neogen Corp.^(b)		6,221,796
	62,169	Novocure Ltd.^(b)		2,800,713
	10,515	Penumbra, Inc.^(b)		1,460,008
	23,845	Quidel Corp.^(b)		1,833,204
	232,353	R1 RCM, Inc.^(b)		2,316,559
	24,194	REGENXBIO, Inc.^(b)		1,704,467
	137,216	Rocket Pharmaceuticals, Inc.^(b)		3,272,602
	117,335	Savara, Inc.^(b)		1,379,860
	107,695	Sientra, Inc.^(b)		2,705,298
	72,062	Simulations Plus, Inc.		1,502,493
	271,467	Sorrento Therapeutics, Inc.^(b)(c)		1,506,642
	61,470	STAAR Surgical Co.^(b)		2,932,119
	91,522	Stemline Therapeutics, Inc.^(b)		1,565,026
	30,109	Supernus Pharmaceuticals, Inc.^(b)		1,333,829
	199,307	T2 Biosystems, Inc.^(b)		1,301,475
	35,932	Tabula Rasa HealthCare, Inc.^(b)		3,150,158
	33,024	Tactile Systems Technology, Inc.^(b)		2,234,734
	33,212	Teladoc Health, Inc.^(b)		2,575,591
	43,109	Tenet Healthcare Corp.^(b)		1,453,635
	38,724	Triple-S Management Corp., Class B^(b)		843,021
	88,689	uniQure N.V. (Netherlands)^(b)(c)		3,763,074
	16,228	US Physical Therapy, Inc.		2,032,557
	13,928	Utah Medical Products, Inc.		1,265,359
	192,292	Verastem, Inc.^(b)		1,915,228
	53,050	Zogenix, Inc.^(b)		2,562,315

				162,261,597

		Industrials—13.0%
	33,979	ArcBest Corp.		1,634,390
	23,856	Axon Enterprise, Inc.^(b)		1,628,411
	18,189	Barrett Business Services, Inc.		1,364,721
	69,142	CAI International, Inc.^(b)		1,866,143
	104,553	Casella Waste Systems, Inc., Class A^(b)		2,967,214
	69,874	CBIZ, Inc.^(b)		1,669,989
	25,650	Chart Industries, Inc.^(b)		1,937,857
	33,972	Comfort Systems USA, Inc.		1,949,993
	70,400	DMC Global, Inc.		2,763,200
	33,078	Douglas Dynamics, Inc.		1,514,972
	646,280	Enphase Energy, Inc.^(b)(c)		3,160,309
	78,532	Harsco Corp.^(b)		2,218,529
	29,382	Insperity, Inc.		3,521,433
	24,841	Korn/Ferry International		1,667,576
	49,227	NV5 Global, Inc.^(b)		4,354,128
	24,824	Omega Flex, Inc.		2,203,130
	12,298	RBC Bearings, Inc.^(b)		1,842,363
	19,684	Saia, Inc.^(b)		1,559,957
	17,115	SiteOne Landscape Supply, Inc.^(b)		1,546,683
	55,338	SkyWest, Inc.		3,613,571
	116,636	Sunrun, Inc.^(b)		1,530,264
	54,454	Systemax, Inc.		1,987,571
	58,487	Trex Co., Inc.^(b)		4,953,849
	28,767	TriNet Group, Inc.^(b)		1,699,267
	42,473	Universal Forest Products, Inc.		1,591,039
	39,512	Vicor Corp.^(b)		2,467,524

				59,214,083


Number of Shares			Value
		Common Stocks (continued)
		Information Technology—14.8%
	27,287	AppFolio, Inc., Class A^(b)	$	2,330,310
	46,467	Brooks Automation, Inc.		1,831,264
	14,593	Cabot Microelectronics Corp.		1,645,069
	74,066	Care.com, Inc.^(b)		1,439,102
	25,093	Coupa Software, Inc.^(b)		1,799,419
	48,382	CTS Corp.		1,787,715
	61,309	ePlus, Inc.^(b)		6,354,678
	32,391	Everbridge, Inc.^(b)		1,950,262
	286,661	Everi Holdings, Inc.^(b)		2,485,351
	105,889	Five9, Inc.^(b)		5,087,966
	11,808	HubSpot, Inc.^(b)		1,696,810
	99,088	Immersion Corp.^(b)		1,151,403
	71,616	LivePerson, Inc.^(b)		1,926,470
	15,318	New Relic, Inc.^(b)		1,574,078
	42,499	PROS Holdings, Inc.^(b)		1,567,363
	30,760	Q2 Holdings, Inc.^(b)		1,916,348
	30,632	QAD, Inc., Class A		1,857,831
	17,416	Qualys, Inc.^(b)		1,585,727
	139,975	QuinStreet, Inc.^(b)		2,123,421
	49,225	Rapid7, Inc.^(b)		1,877,934
	30,352	RingCentral, Inc., Class A^(b)		2,827,289
	50,320	Rudolph Technologies, Inc.^(b)		1,398,896
	32,228	Semtech Corp.^(b)		1,925,623
	13,365	Stamps.com, Inc.^(b)		3,320,534
	54,815	TechTarget, Inc.^(b)		1,315,012
	83,368	TTM Technologies, Inc.^(b)		1,558,982
	57,679	Upland Software, Inc.^(b)		2,146,812
	117,225	USA Technologies, Inc.^(b)		1,904,906
	21,787	Varonis Systems, Inc.^(b)		1,610,059
	32,390	Virtusa Corp.^(b)		1,887,041
	42,936	Vishay Precision Group, Inc.^(b)		1,859,129
	47,762	XO Group, Inc.^(b)		1,435,726

				67,178,530

		Materials—2.9%
	57,714	Allegheny Technologies, Inc.^(b)		1,560,009
	24,731	Chase Corp.		3,065,407
	158,714	Forterra, Inc.^(b)(c)		1,342,720
	19,473	Ingevity Corp.^(b)		1,966,968
	23,251	KMG Chemicals, Inc.		1,801,488
	10,611	Quaker Chemical Corp.		1,911,466
	128,640	SunCoke Energy, Inc.^(b)		1,435,622

				13,083,680

		Real Estate—0.6%
	26,675	RMR Group, Inc. (The), Class A		2,519,454

		Telecommunication Services—0.4%
	139,416	Vonage Holdings Corp.^(b)		1,976,919

		Total Common Stocks (Cost $366,921,798)		454,067,213

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


		32

Invesco DWA SmallCap Momentum ETF (DWAS) (continued)

August 31, 2018


Number of Shares			Value
		Money Market Fund—0.0%
	35,680	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $35,680)	$	35,680

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $366,957,478)—100.0%		454,102,893



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—4.2%
	18,771,075	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $18,771,075)		18,771,075

		Total Investments in Securities (Cost $385,728,553)—104.2%		472,873,968
		Other assets less liabilities—(4.2)%		(18,902,203	)

		Net Assets—100.0%	$	453,971,765

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		33

Schedule of Investments

Invesco DWA Tactical Multi-Asset Income ETF (DWIN)

August 31, 2018


Number of Shares			Value
		Exchange-Traded Funds—99.9%^(a)
	426,079	Invesco Emerging Markets Sovereign Debt ETF^(b)	$	11,346,484
	518,618	Invesco Global Short Term High Yield Bond ETF		12,086,392
	402,672	Invesco KBW Premium Yield Equity REIT ETF^(b)		14,419,684
	894,505	Invesco Preferred ETF		13,077,663
	392,142	Invesco Taxable Municipal Bond ETF		11,568,189

		Total Exchange-Traded Funds (Cost $65,343,991)		62,498,412



		Money Market Fund—0.1%
	55,619	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $55,619)		55,619

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $65,399,610)-100.0%		62,554,031



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—15.4%
	9,611,799	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)(d) (Cost $9,611,799)		9,611,799

		Total Investments in Securities (Cost $75,011,409)—115.4%		72,165,830
		Other assets less liabilities—(15.4)%		(9,616,877	)

		Net Assets—100.0%	$	62,548,953

Investment Abbreviations:

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Affiliated Company. The security and the Fund are affiliated by having the same investment adviser. See Note 4.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 2I.

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


		34

Schedule of Investments

Invesco DWA Tactical Sector Rotation ETF (DWTR)

August 31, 2018


Number of Shares			Value
		Exchange-Traded Funds—100.0%^(a)
	334,063	Invesco DWA Consumer Cyclicals Momentum ETF	$	20,023,736
	390,388	Invesco DWA Energy Momentum ETF^(b)		17,083,379
	404,856	Invesco DWA Industrials Momentum ETF		26,214,426
	367,247	Invesco DWA Technology Momentum ETF		24,983,814

		Total Exchange-Traded Funds (Cost $72,855,683)		88,305,355



		Money Market Fund—0.0%
	23,985	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(c) (Cost $23,985)		23,985

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $72,879,668)—100.0%		88,329,340



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—0.1%
	120,825	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(c)(d) (Cost $120,825)		120,825

		Total Investments in Securities (Cost $73,000,493)—100.1%		88,450,165
		Other assets less liabilities—(0.1)%		(131,468	)

		Net Assets—100.0%	$	88,318,697

Investment Abbreviations:

ETF—Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Affiliated Company. The security and the Fund are affiliated by having the same investment adviser. See Note 4.

^(b)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 2I.

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


		35

Schedule of Investments^(a)

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.1%
		Auto Components—13.4%
	74,509	American Axle & Manufacturing Holdings, Inc.^(b)	$	1,319,554
	37,904	Cooper Tire & Rubber Co.		1,093,531
	12,191	Cooper-Standard Holdings, Inc.^(b)		1,687,600
	22,242	Dorman Products, Inc.^(b)		1,801,157
	28,246	Fox Factory Holding Corp.^(b)		1,865,648
	27,587	Gentherm, Inc.^(b)		1,357,280
	18,904	LCI Industries		1,757,127
	14,301	Motorcar Parts of America, Inc.^(b)		379,549
	15,171	Standard Motor Products, Inc.		770,232
	17,436	Superior Industries International, Inc.		378,361

				12,410,039

		Automobiles—0.9%
	21,601	Winnebago Industries, Inc.		798,157

		Distributors—1.3%
	34,605	Core-Mark Holding Co., Inc.		1,237,821

		Diversified Consumer Services—4.3%
	12,295	American Public Education, Inc.^(b)		427,251
	49,583	Career Education Corp.^(b)		790,849
	25,939	Regis Corp.^(b)		554,835
	15,643	Strategic Education, Inc.		2,170,779

				3,943,714

		Hotels, Restaurants & Leisure—14.1%
	62,954	Belmond Ltd., Class A (United Kingdom)^(b)		1,054,479
	13,557	BJ’s Restaurants, Inc.		1,026,265
	12,691	Chuy’s Holdings, Inc.^(b)		367,404
	29,722	Dave & Buster’s Entertainment, Inc.^(b)		1,728,929
	13,369	Dine Brands Global, Inc.		1,115,242
	16,222	El Pollo Loco Holdings, Inc.^(b)		193,042
	20,433	Fiesta Restaurant Group, Inc.^(b)		587,449
	8,538	Monarch Casino & Resort, Inc.^(b)		401,713
	63,363	Penn National Gaming, Inc.^(b)		2,183,489
	9,736	Red Robin Gourmet Burgers, Inc.^(b)		402,097
	21,573	Ruth’s Hospitality Group, Inc.		664,448
	15,333	Shake Shack, Inc., Class A^(b)		926,880
	27,858	Sonic Corp.		998,988
	21,899	Wingstop, Inc.		1,466,138

				13,116,563

		Household Durables—13.4%
	6,375	Cavco Industries, Inc.^(b)		1,564,425
	18,755	Ethan Allen Interiors, Inc.		417,299
	15,638	Installed Building Products, Inc.^(b)		727,949
	20,847	iRobot Corp.^(b)(c)		2,366,134
	35,290	La-Z-Boy, Inc.		1,173,392
	13,565	LGI Homes, Inc.^(b)(c)		781,344
	21,422	M/I Homes, Inc.^(b)		555,044
	33,724	MDC Holdings, Inc.		1,069,051
	28,645	Meritage Homes Corp.^(b)		1,236,032
	26,734	TopBuild Corp.^(b)		1,664,994
	10,591	Universal Electronics, Inc.^(b)		457,531
	20,911	William Lyon Homes, Class A^(b)		409,228

				12,422,423


Number of Shares			Value
		Common Stocks (continued)
		Internet & Direct Marketing Retail—3.6%
	12,696	FTD Cos., Inc.^(b)	$	45,452
	22,275	Nutrisystem, Inc.		824,175
	15,446	PetMed Express, Inc.^(c)		566,714
	24,862	Shutterfly, Inc.^(b)		1,931,280

				3,367,621

		Leisure Products—3.9%
	70,794	Callaway Golf Co.		1,614,811
	22,804	Nautilus, Inc.^(b)		334,079
	13,080	Sturm Ruger & Co., Inc.^(c)		856,086
	43,072	Vista Outdoor, Inc.^(b)		795,540

				3,600,516

		Media—3.9%
	41,317	E.W. Scripps Co. (The), Class A		606,120
	84,672	Gannett Co., Inc.		870,428
	14,596	Marcus Corp. (The)		592,598
	45,205	New Media Investment Group, Inc.		718,760
	20,585	Scholastic Corp.		865,393

				3,653,299

		Multi-line Retail—0.5%
	235,646	J.C. Penney Co., Inc.^(b)(c)		417,093

		Specialty Retail—29.1%
	50,888	Abercrombie & Fitch Co., Class A		1,102,743
	13,767	Asbury Automotive Group, Inc.^(b)		1,025,641
	127,978	Ascena Retail Group, Inc.^(b)		586,139
	28,140	Barnes & Noble Education, Inc.^(b)		168,277
	42,571	Barnes & Noble, Inc.		223,498
	15,094	Big 5 Sporting Goods Corp.^(c)		86,036
	21,328	Buckle, Inc. (The)^(c)		549,196
	32,383	Caleres, Inc.		1,310,864
	17,280	Cato Corp. (The), Class A		370,656
	96,843	Chico’s FAS, Inc.		883,208
	12,476	Children’s Place, Inc. (The)		1,755,997
	54,337	DSW, Inc., Class A		1,807,249
	56,485	Express, Inc.^(b)		633,762
	26,019	Francesca’s Holdings Corp.^(b)		163,399
	76,380	GameStop Corp., Class A^(c)		1,013,563
	14,932	Genesco, Inc.^(b)		759,292
	14,750	Group 1 Automotive, Inc.		1,137,078
	43,702	Guess?, Inc.		1,070,699
	14,478	Haverty Furniture Cos., Inc.		319,964
	14,238	Hibbett Sports, Inc.^(b)		292,591
	11,813	Kirkland’s, Inc.^(b)		107,380
	17,953	Lithia Motors, Inc., Class A		1,551,139
	21,400	Lumber Liquidators Holdings, Inc.^(b)		373,002
	16,667	MarineMax, Inc.^(b)		375,008
	24,638	Monro, Inc.		1,748,066
	384,797	Office Depot, Inc.		1,289,070
	40,049	Rent-A-Center, Inc.^(b)		590,322
	14,360	RH^(b)(c)		2,283,240
	8,077	Shoe Carnival, Inc.		359,103
	26,162	Sleep Number Corp.^(b)		881,659
	18,150	Sonic Automotive, Inc., Class A		390,225
	37,288	Tailored Brands, Inc.		877,760
	25,973	Tile Shop Holdings, Inc.		198,693
	18,168	Vitamin Shoppe, Inc.^(b)		232,550

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


		36

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks (continued)
		Specialty Retail (continued)
	13,732	Zumiez, Inc.^(b)	$	427,752

				26,944,821

		Textiles, Apparel & Luxury Goods—11.7%
	51,194	Crocs, Inc.^(b)		1,057,668
	32,857	Fossil Group, Inc.^(b)		744,868
	31,321	G-III Apparel Group Ltd.^(b)		1,424,479
	11,731	Movado Group, Inc.		499,741
	12,699	Oxford Industries, Inc.		1,182,150
	9,515	Perry Ellis International, Inc.^(b)		261,948
	39,452	Steven Madden Ltd.		2,294,134
	12,785	Unifi, Inc.^(b)		406,691
	14,161	Vera Bradley, Inc.^(b)		207,600
	71,046	Wolverine World Wide, Inc.		2,783,582

				10,862,861

		Total Common Stocks (Cost $84,181,890)		92,774,928



		Money Market Fund—0.0%
	8,202	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $8,202)		8,202

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $84,190,092)—100.1%		92,783,130



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—9.4%
	8,720,132	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $8,720,132)		8,720,132

		Total Investments in Securities (Cost $92,910,224)—109.5%		101,503,262
		Other assets less liabilities—(9.5)%		(8,785,341	)

		Net Assets—100.0%	$	92,717,921

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		37

Schedule of Investments^(a)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

August 31, 2018


Number of Shares			Value
		Common Stocks—96.7%
		Beverages—7.0%
	19,190	Coca-Cola Bottling Co. Consolidated	$	3,253,856
	38,822	MGP Ingredients, Inc.		2,993,565

				6,247,421

		Food & Staples Retailing—12.9%
	103,460	Andersons, Inc. (The)		4,226,341
	145,392	SpartanNash Co.		3,104,119
	131,291	SUPERVALU, Inc.^(b)		4,239,387

				11,569,847

		Food Products—43.7%
	218,430	B&G Foods, Inc.^(c)		6,978,838
	40,235	Calavo Growers, Inc.^(c)		4,258,875
	74,214	Cal-Maine Foods, Inc.		3,669,882
	540,073	Darling Ingredients, Inc.^(b)		10,682,644
	377,182	Dean Foods Co.		2,874,127
	49,075	J & J Snack Foods Corp.		7,140,412
	36,165	John B. Sanfilippo & Son, Inc.		2,642,577
	27,924	Seneca Foods Corp., Class A^(b)		901,945

				39,149,300

		Household Products—15.8%
	33,860	Central Garden & Pet Co., Class A^(b)(c)		1,344,242
	130,449	Central Garden & Pet Co., Class A^(b)		4,739,212
	45,633	WD-40 Co.		8,097,576

				14,181,030

		Personal Products—13.5%
	1,825,969	Avon Products, Inc. (United Kingdom)^(b)		3,651,938
	65,301	Inter Parfums, Inc.		4,264,155
	18,525	Medifast, Inc.		4,237,594

				12,153,687

		Tobacco—3.8%
	57,002	Universal Corp.		3,408,720

		Total Common Stocks
		(Cost $78,046,150)		86,710,005



		Money Market Fund—0.0%
	44,310	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $44,310)		44,310

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $78,090,460)—96.7%		86,754,315



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—11.0%
	9,842,090	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $9,842,090)		9,842,090

		Total Investments in Securities (Cost $87,932,550)—107.7%		96,596,405
		Other assets less liabilities—(7.7)%		(6,915,813	)

		Net Assets—100.0%	$	89,680,592

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		38

Schedule of Investments^(a)

Invesco S&P SmallCap Energy ETF (PSCE)

August 31, 2018


Number of Shares			Value

		Common Stocks—100.0%
		Energy Equipment & Services—50.9%
	231,180	Archrock, Inc.	$	2,924,427
	58,763	Bristow Group, Inc.^(b)		644,042
	104,998	C&J Energy Services, Inc.^(b)		2,199,708
	40,361	CARBO Ceramics, Inc.^(b)(c)		349,123
	37,450	Era Group, Inc.^(b)		447,153
	58,453	Exterran Corp.^(b)		1,601,028
	24,679	Geospace Technologies Corp.^(b)		348,714
	24,883	Gulf Island Fabrication, Inc.^(b)		235,144
	253,024	Helix Energy Solutions Group, Inc.^(b)		2,368,305
	48,753	Matrix Service Co.^(b)		1,018,938
	162,331	Newpark Resources, Inc.^(b)		1,704,476
	448,553	Noble Corp. PLC^(b)		2,736,173
	106,378	Oil States International, Inc.^(b)		3,600,895
	142,013	Pioneer Energy Services Corp.^(b)		454,442
	130,386	ProPetro Holding Corp.^(b)		1,984,475
	31,052	SEACOR Holdings, Inc.^(b)		1,597,625
	228,240	TETRA Technologies, Inc.^(b)		1,047,622
	98,235	Unit Corp.^(b)		2,582,598
	138,280	US Silica Holdings, Inc.^(c)		2,930,153

				30,775,041

		Oil, Gas & Consumable Fuels—49.1%
	37,258	Bonanza Creek Energy, Inc.^(b)		1,154,998
	154,341	Carrizo Oil & Gas, Inc.^(b)		3,738,139
	137,725	Cloud Peak Energy, Inc.^(b)		325,031
	45,850	CONSOL Energy, Inc.^(b)		1,966,965
	602,963	Denbury Resources, Inc.^(b)		3,358,504
	70,707	Green Plains, Inc.		1,255,049
	181,115	HighPoint Resources Corp.^(b)		997,943
	45,867	Par Pacific Holdings, Inc.^(b)		931,559
	117,219	PDC Energy, Inc.^(b)		6,176,269
	24,632	Penn Virginia Corp.^(b)		2,190,770
	59,686	Renewable Energy Group, Inc.^(b)		1,608,538
	10,303	REX American Resources Corp.^(b)		830,216
	98,786	Ring Energy, Inc.^(b)		1,165,675
	429,471	SRC Energy, Inc.^(b)		3,998,375

				29,698,031

		Total Common Stocks (Cost $60,150,136)		60,473,072



		Money Market Fund—0.0%
	8,140	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $8,140)		8,140

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $60,158,276)—100.0%		60,481,212


Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—5.1%
	3,054,500	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $3,054,500)	$	3,054,500

		Total Investments in Securities (Cost $63,212,776)—105.1%		63,535,712
		Other assets less liabilities—(5.1)%		(3,060,333	)

		Net Assets—100.0%	$	60,475,379

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		39

Schedule of Investments^(a)

Invesco S&P SmallCap Financials ETF (PSCF)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Banks—37.4%
	53,608	Ameris Bancorp	$	2,661,637
	57,104	Banc of California, Inc.		1,150,646
	43,450	Banner Corp.		2,795,139
	49,423	Berkshire Hills Bancorp, Inc.		2,088,122
	113,127	Boston Private Financial Holdings, Inc.		1,634,685
	107,886	Brookline Bancorp, Inc.		1,958,131
	39,760	Central Pacific Financial Corp.		1,126,401
	20,733	City Holding Co.		1,681,032
	98,378	Columbia Banking System, Inc.		4,156,471
	68,472	Community Bank System, Inc.		4,528,053
	39,771	Customers Bancorp, Inc.^(b)		982,344
	137,535	CVB Financial Corp.		3,307,717
	29,780	Fidelity Southern Corp.		723,654
	244,177	First BanCorp/Puerto Rico^(b)		2,136,549
	134,811	First Commonwealth Financial Corp.		2,258,084
	131,384	First Financial Bancorp		4,125,458
	90,834	First Financial Bankshares, Inc.		5,486,374
	138,469	First Midwest Bancorp, Inc.		3,763,587
	16,219	Franklin Financial Network, Inc.^(b)		626,864
	106,708	Glacier Bancorp, Inc.		4,874,421
	79,112	Great Western Bancorp, Inc.		3,444,536
	35,548	Green Bancorp, Inc.		853,152
	43,650	Hanmi Financial Corp.		1,139,265
	39,133	Heritage Financial Corp.		1,420,528
	172,931	Hope Bancorp, Inc.		3,028,022
	37,045	Independent Bank Corp./MA		3,374,800
	57,052	LegacyTexas Financial Group, Inc.		2,639,796
	36,500	National Bank Holdings Corp., Class A		1,465,475
	58,609	NBT Bancorp, Inc.		2,372,492
	59,060	OFG Bancorp		956,772
	179,876	Old National Bancorp		3,651,483
	23,215	Opus Bank		658,145
	51,873	Pacific Premier Bancorp, Inc.^(b)		2,051,577
	18,519	Preferred Bank		1,133,548
	47,015	S&T Bancorp, Inc.		2,193,720
	63,110	Seacoast Banking Corp. of Florida^(b)		1,995,538
	60,681	ServisFirst Bancshares, Inc.		2,615,351
	105,319	Simmons First National Corp., Class A		3,328,080
	37,197	Southside Bancshares, Inc.		1,324,213
	16,632	Tompkins Financial Corp.		1,461,454
	31,020	Triumph Bancorp, Inc.^(b)		1,316,799
	98,845	United Community Banks, Inc.		2,998,957
	35,767	Westamerica Bancorporation		2,290,161

				99,779,233

		Capital Markets—4.6%
	63,107	Blucora, Inc.^(b)		2,284,473
	45,536	Donnelley Financial Solutions, Inc.^(b)		951,247
	29,524	Greenhill & Co., Inc.		811,910
	21,048	INTL. FCStone, Inc.^(b)		1,173,636
	44,362	Investment Technology Group, Inc.		970,641
	19,190	Piper Jaffray Cos.		1,477,630
	9,694	Virtus Investment Partners, Inc.		1,250,526
	110,193	Waddell & Reed Financial, Inc., Class A		2,206,064
	156,299	WisdomTree Investments, Inc.		1,284,778

				12,410,905


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Finance—6.4%
	34,364	Encore Capital Group, Inc.^(b)	$	1,331,605
	45,505	Enova International, Inc.^(b)		1,510,766
	69,169	EZCORP, Inc., Class A^(b)		767,776
	61,004	FirstCash, Inc.		4,959,625
	62,773	Green Dot Corp., Class A^(b)		5,377,763
	60,816	PRA Group, Inc.^(b)		2,222,825
	8,173	World Acceptance Corp.^(b)		969,399

				17,139,759

		Equity REITs—24.3%
	109,596	Acadia Realty Trust REIT		3,125,678
	41,685	Agree Realty Corp. REIT		2,378,963
	55,797	American Assets Trust, Inc. REIT		2,203,981
	65,674	Armada Hoffler Properties, Inc. REIT		1,023,858
	108,778	CareTrust REIT, Inc. REIT		2,006,954
	231,929	CBL & Associates Properties, Inc. REIT^(c)		1,034,403
	105,600	Cedar Realty Trust, Inc. REIT		472,032
	61,616	Chatham Lodging Trust REIT		1,321,663
	81,107	Chesapeake Lodging Trust REIT		2,669,231
	23,199	Community Healthcare Trust, Inc. REIT		719,865
	269,406	DiamondRock Hospitality Co. REIT		3,222,096
	81,100	Easterly Government Properties, Inc. REIT		1,642,275
	46,938	EastGroup Properties, Inc. REIT		4,565,659
	87,165	Four Corners Property Trust, Inc. REIT		2,348,225
	144,038	Franklin Street Properties Corp. REIT		1,234,406
	44,363	Getty Realty Corp. REIT		1,291,407
	95,822	Global NET Lease, Inc. REIT		2,078,379
	133,180	Government Properties Income Trust REIT		2,252,074
	49,661	Hersha Hospitality Trust REIT		1,172,000
	116,826	Independence Realty Trust, Inc. REIT		1,206,812
	91,208	iStar, Inc. REIT		1,020,617
	112,395	Kite Realty Group Trust REIT		1,964,665
	290,121	Lexington Realty Trust REIT		2,709,730
	53,232	LTC Properties, Inc. REIT		2,472,626
	75,797	National Storage Affiliates Trust REIT		2,149,603
	94,503	Pennsylvania Real Estate Investment Trust REIT^(c)		963,931
	26,786	PS Business Parks, Inc. REIT		3,493,698
	107,500	Ramco-Gershenson Properties Trust REIT		1,500,700
	151,411	Retail Opportunity Investments Corp. REIT		2,988,853
	16,327	Saul Centers, Inc. REIT		979,620
	140,642	Summit Hotel Properties, Inc. REIT		1,931,015
	16,975	Universal Health Realty Income Trust REIT		1,294,344
	40,045	Urstadt Biddle Properties, Inc., Class A REIT		911,024
	249,832	Washington Prime Group, Inc. REIT		1,933,700
	53,455	Whitestone REIT		729,126

				65,013,213

		Insurance—14.4%
	60,892	Ambac Financial Group, Inc.^(b)		1,286,648
	121,021	American Equity Investment Life Holding Co.		4,488,669
	25,872	AMERISAFE, Inc.		1,650,633
	22,451	eHealth, Inc.^(b)		655,345
	44,002	Employers Holdings, Inc.		2,017,492
	10,161	HCI Group, Inc.		411,520
	54,931	Horace Mann Educators Corp.		2,543,305
	40,119	James River Group Holdings Ltd.		1,642,873

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


		40

Invesco S&P SmallCap Financials ETF (PSCF) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Insurance (continued)
	91,551	Maiden Holdings Ltd.	$	347,894
	30,342	Navigators Group, Inc. (The)		2,123,940
	71,990	ProAssurance Corp.		3,480,716
	52,355	RLI Corp.		4,029,764
	20,534	Safety Insurance Group, Inc.		1,985,638
	78,913	Selective Insurance Group, Inc.		5,066,215
	31,878	Stewart Information Services Corp.		1,427,497
	111,245	Third Point Reinsurance Ltd. (Bermuda)^(b)		1,490,683
	28,461	United Fire Group, Inc.		1,409,673
	27,561	United Insurance Holdings Corp.		574,096
	43,801	Universal Insurance Holdings, Inc.		1,953,525

				38,586,126

		Mortgage REITs—5.1%
	150,374	Apollo Commercial Real Estate Finance, Inc. REIT		2,921,767
	56,286	ARMOUR Residential REIT, Inc. REIT		1,323,847
	124,178	Capstead Mortgage Corp. REIT		1,043,095
	58,347	Granite Point Mortgage Trust, Inc. REIT		1,116,761
	149,956	Invesco Mortgage Capital, Inc. REIT^(d)		2,433,786
	183,774	New York Mortgage Trust, Inc. REIT^(c)		1,176,154
	81,781	PennyMac Mortgage Investment Trust REIT		1,633,984
	111,396	Redwood Trust, Inc. REIT		1,891,504

				13,540,898

		Real Estate Management & Development—1.3%
	49,908	HFF, Inc., Class A		2,266,323
	23,837	RE/MAX Holdings, Inc., Class A		1,173,972

				3,440,295

		Thrifts & Mortgage Finance—6.4%
	73,941	BofI Holding, Inc.^(b)		2,753,563
	41,383	Dime Community Bancshares, Inc.		751,101
	36,237	HomeStreet, Inc.^(b)		1,067,180
	12,280	Meta Financial Group, Inc.		1,063,448
	78,392	NMI Holdings, Inc., Class A^(b)		1,693,267
	62,697	Northfield Bancorp, Inc.		1,020,707
	137,823	Northwest Bancshares, Inc.		2,511,135
	53,225	Oritani Financial Corp.		862,245
	81,912	Provident Financial Services, Inc.		2,066,640
	129,528	TrustCo Bank Corp. NY		1,198,134
	37,930	Walker & Dunlop, Inc.		2,067,185

				17,054,605

		Total Common Stocks & Other Equity Interests (Cost $222,621,664)		266,965,034



		Money Market Fund—0.0%
	8,077	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(e) (Cost $8,077)		8,077

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $222,629,741)-99.9%		266,973,111


Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—1.2%
	3,214,774	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(e)(f) (Cost $3,214,774)	$	3,214,774

		Total Investments in Securities (Cost $225,844,515)—101.1%		270,187,885
		Other assets less liabilities—(1.1)%		(3,018,697	)

		Net Assets—100.0%	$	267,169,188

Investment Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4.

^(e)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 2I.

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


		41

Schedule of Investments^(a)

Invesco S&P SmallCap Health Care ETF (PSCH)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.0%
		Biotechnology—23.0%
	505,282	Acorda Therapeutics, Inc.^(b)	$	14,552,122
	368,673	AMAG Pharmaceuticals, Inc.^(b)		8,995,621
	548,372	Cytokinetics, Inc.^(b)		4,332,139
	89,314	Eagle Pharmaceuticals, Inc.^(b)		6,174,277
	379,779	Emergent BioSolutions, Inc.^(b)		23,546,298
	155,168	Enanta Pharmaceuticals, Inc.^(b)		14,109,426
	228,897	Ligand Pharmaceuticals, Inc.^(b)		59,442,262
	1,099,537	MiMedx Group, Inc.^(b)(c)		5,827,546
	833,106	Momenta Pharmaceuticals, Inc.^(b)		22,077,309
	750,475	Myriad Genetics, Inc.^(b)		37,366,150
	889,819	Progenics Pharmaceuticals, Inc.^(b)(c)		6,967,283
	312,463	REGENXBIO, Inc.^(b)		22,013,019
	403,381	Repligen Corp.^(b)		22,137,549
	1,005,593	Spectrum Pharmaceuticals, Inc.^(b)		21,650,417

				269,191,418

		Health Care Equipment & Supplies—26.9%
	395,167	AngioDynamics, Inc.^(b)		8,859,644
	158,209	Anika Therapeutics, Inc.^(b)		6,548,271
	267,932	CONMED Corp.		21,549,771
	361,674	CryoLife, Inc.^(b)		12,550,088
	146,755	Cutera, Inc.^(b)		4,989,670
	72,047	Heska Corp.^(b)		7,709,029
	186,831	Inogen, Inc.^(b)		49,493,400
	305,920	Integer Holdings Corp.^(b)		24,443,008
	356,903	Invacare Corp.		5,424,926
	325,511	Lantheus Holdings, Inc.^(b)		5,240,727
	164,223	LeMaitre Vascular, Inc.		6,160,005
	454,375	Meridian Bioscience, Inc.		7,133,687
	578,760	Merit Medical Systems, Inc.^(b)		34,060,026
	359,243	Natus Medical, Inc.^(b)		13,399,764
	553,860	Neogen Corp.^(b)		51,752,678
	655,130	OraSure Technologies, Inc.^(b)		10,488,631
	202,372	Orthofix Medical, Inc.^(b)		10,839,044
	142,406	SurModics, Inc.^(b)		11,214,473
	159,151	Tactile Systems Technology, Inc.^(b)		10,769,748
	407,256	Varex Imaging Corp.^(b)		12,787,838

				315,414,428

		Health Care Providers & Services—26.7%
	331,401	Aceto Corp.		1,100,251
	311,075	Amedisys, Inc.^(b)		38,887,486
	513,594	AMN Healthcare Services, Inc.^(b)		29,942,530
	334,412	BioTelemetry, Inc.^(b)		20,666,661
	1,251,792	Community Health Systems, Inc.^(b)(c)		4,856,953
	103,646	CorVel Corp.^(b)		6,161,755
	391,810	Cross Country Healthcare, Inc.^(b)		3,922,018
	517,557	Diplomat Pharmacy, Inc.^(b)		10,692,728
	522,590	Ensign Group, Inc. (The)		20,417,591
	563,923	HealthEquity, Inc.^(b)		53,127,186
	313,625	LHC Group, Inc.^(b)		31,026,921
	264,366	Magellan Health, Inc.^(b)		19,430,901
	663,612	Owens & Minor, Inc.		11,268,132
	117,429	Providence Service Corp. (The)^(b)		7,884,183
	304,128	Quorum Health Corp.^(b)		1,383,782
	1,151,607	Select Medical Holdings Corp.^(b)		22,801,819
	368,062	Tivity Health, Inc.^(b)		12,661,333


Number of Shares			Value
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	135,911	US Physical Therapy, Inc.	$	17,022,853

				313,255,083

		Health Care Technology—8.0%
	122,809	Computer Programs & Systems, Inc.^(c)		3,352,686
	277,466	HealthStream, Inc.		8,803,996
	893,479	HMS Holdings Corp.^(b)		28,636,002
	417,369	Omnicell, Inc.^(b)		28,694,119
	506,922	Quality Systems, Inc.^(b)		11,603,444
	146,116	Tabula Rasa HealthCare, Inc.^(b)		12,809,990

				93,900,237

		Life Sciences Tools & Services—3.1%
	353,898	Cambrex Corp.^(b)		23,852,725
	443,609	Luminex Corp.		12,514,210

				36,366,935

		Pharmaceuticals—12.3%
	385,118	Amphastar Pharmaceuticals, Inc.^(b)		7,309,540
	97,684	ANI Pharmaceuticals, Inc.^(b)		5,685,209
	684,437	Assertio Therapeutics, Inc.^(b)		4,366,708
	1,026,766	Corcept Therapeutics, Inc.^(b)		15,422,025
	2,162,325	Endo International PLC^(b)		37,083,874
	741,167	Innoviva, Inc.^(b)		10,761,745
	327,346	Lannett Co., Inc.^(b)(c)		1,751,301
	695,489	Medicines Co. (The)^(b)(c)		27,548,319
	212,797	Phibro Animal Health Corp., Class A		10,044,018
	556,109	Supernus Pharmaceuticals, Inc.^(b)		24,635,629

				144,608,368

		Total Common Stocks (Cost $967,304,132)		1,172,736,469



		Money Market Fund—0.0%
	2,361	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $2,361)		2,361

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $967,306,493)—100.0%		1,172,738,830



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—1.4%
	16,378,198	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $16,378,198)		16,378,198

		Total Investments in Securities (Cost $983,684,691)—101.4%		1,189,117,028
		Other assets less liabilities—(1.4)%		(16,547,751	)

		Net Assets—100.0%	$	1,172,569,277

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


		42

Invesco S&P SmallCap Health Care ETF (PSCH) (continued)

August 31, 2018

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		43

Schedule of Investments^(a)

Invesco S&P SmallCap Industrials ETF (PSCI)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.0%
		Aerospace & Defense—11.3%
	29,100	AAR Corp.	$	1,358,097
	68,049	Aerojet Rocketdyne Holdings, Inc.^(b)		2,389,200
	19,220	Aerovironment, Inc.^(b)		1,690,591
	51,821	Axon Enterprise, Inc.^(b)		3,537,302
	22,628	Cubic Corp.		1,712,940
	16,024	Engility Holdings, Inc.^(b)		556,193
	43,488	Mercury Systems, Inc.^(b)		2,370,531
	29,277	Moog, Inc., Class A		2,310,248
	4,540	National Presto Industries, Inc.^(c)		602,004
	44,908	Triumph Group, Inc.		934,086

				17,461,192

		Air Freight & Logistics—3.6%
	23,089	Atlas Air Worldwide Holdings, Inc.^(b)		1,406,120
	24,092	Echo Global Logistics, Inc.^(b)		799,855
	26,570	Forward Air Corp.		1,707,388
	30,438	Hub Group, Inc., Class A^(b)		1,608,648

				5,522,011

		Airlines—4.2%
	11,365	Allegiant Travel Co.		1,548,481
	45,811	Hawaiian Holdings, Inc.		1,901,156
	46,909	SkyWest, Inc.		3,063,158

				6,512,795

		Building Products—12.1%
	36,417	AAON, Inc.		1,471,247
	12,804	American Woodmark Corp.^(b)		1,087,700
	25,492	Apogee Enterprises, Inc.		1,254,716
	28,690	Gibraltar Industries, Inc.^(b)		1,302,526
	30,383	Griffon Corp.		554,490
	16,358	Insteel Industries, Inc.		627,329
	21,263	Patrick Industries, Inc.^(b)		1,360,832
	45,143	PGT Innovations, Inc.^(b)		1,096,975
	31,685	Quanex Building Products Corp.		519,634
	37,160	Simpson Manufacturing Co., Inc.		2,852,773
	53,088	Trex Co., Inc.^(b)		4,496,554
	55,531	Universal Forest Products, Inc.		2,080,191

				18,704,967

		Commercial Services & Supplies—12.6%
	59,343	ABM Industries, Inc.		1,882,360
	43,539	Brady Corp., Class A		1,761,152
	34,016	Essendant, Inc.		490,851
	53,741	Interface, Inc.		1,265,601
	30,151	LSC Communications, Inc.		368,747
	29,026	Matthews International Corp., Class A		1,506,449
	40,303	Mobile Mini, Inc.		1,728,999
	12,561	Multi-Color Corp.		775,642
	63,502	RR Donnelley & Sons Co.		321,320
	27,089	Team, Inc.^(b)(c)		631,174
	50,139	Tetra Tech, Inc.		3,499,702
	13,901	UniFirst Corp.		2,574,465
	19,809	US Ecology, Inc.		1,441,105
	18,497	Viad Corp.		1,139,415

				19,386,982

		Construction & Engineering—2.2%
	29,267	Aegion Corp.^(b)		730,505
	33,483	Comfort Systems USA, Inc.		1,921,924


Number of Shares			Value
		Common Stocks (continued)
		Construction & Engineering (continued)
	14,899	MYR Group, Inc.^(b)	$	518,038
	25,574	Orion Group Holdings, Inc.^(b)		220,448

				3,390,915

		Electrical Equipment—2.2%
	23,505	AZZ, Inc.		1,263,394
	18,827	Encore Wire Corp.		946,057
	7,871	Powell Industries, Inc.		308,149
	14,802	Vicor Corp.^(b)		924,385

				3,441,985

		Industrial Conglomerates—1.0%
	32,417	Raven Industries, Inc.		1,568,983

		Machinery—28.3%
	54,817	Actuant Corp., Class A		1,614,361
	8,635	Alamo Group, Inc.		822,916
	26,167	Albany International Corp., Class A		2,018,784
	17,308	Astec Industries, Inc.		842,034
	43,609	Barnes Group, Inc.		2,968,029
	38,539	Briggs & Stratton Corp.		776,946
	27,976	Chart Industries, Inc.^(b)		2,113,587
	17,839	CIRCOR International, Inc.		809,177
	18,976	EnPro Industries, Inc.		1,424,528
	23,403	ESCO Technologies, Inc.		1,583,213
	54,201	Federal Signal Corp.		1,410,852
	34,878	Franklin Electric Co., Inc.		1,705,534
	25,556	Greenbrier Cos., Inc. (The)		1,482,248
	72,698	Harsco Corp.^(b)		2,053,719
	56,344	Hillenbrand, Inc.		2,881,996
	28,607	John Bean Technologies Corp.		3,384,208
	9,717	Lindsay Corp.		930,597
	15,695	Lydall, Inc.^(b)		671,746
	51,996	Mueller Industries, Inc.		1,662,312
	22,581	Proto Labs, Inc.^(b)		3,510,216
	38,817	SPX Corp.^(b)		1,319,390
	38,363	SPX FLOW, Inc.^(b)		1,839,122
	11,593	Standex International Corp.		1,250,885
	16,242	Tennant Co.		1,243,325
	44,851	Titan International, Inc.		335,485
	52,429	Wabash National Corp.		956,305
	25,103	Watts Water Technologies, Inc., Class A		2,069,742

				43,681,257

		Marine—1.0%
	38,530	Matson, Inc.		1,439,481

		Professional Services—14.9%
	44,333	ASGN, Inc.^(b)		4,104,792
	46,874	Exponent, Inc.		2,453,854
	8,935	Forrester Research, Inc.		439,602
	34,046	FTI Consulting, Inc.^(b)		2,594,986
	17,093	Heidrick & Struggles International, Inc.		755,511
	33,710	Insperity, Inc.		4,040,143
	27,783	Kelly Services, Inc., Class A		700,409
	50,961	Korn/Ferry International		3,421,012
	40,820	Navigant Consulting, Inc.^(b)		975,190
	26,761	Resources Connection, Inc.		442,895
	36,609	TrueBlue, Inc.^(b)		1,072,644

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


		44

Invesco S&P SmallCap Industrials ETF (PSCI) (continued)

August 31, 2018


Number of Shares			Value
		Common Stocks (continued)
		Professional Services (continued)
	35,802	WageWorks, Inc.^(b)	$	1,915,407

				22,916,445

		Road & Rail—3.0%
	23,162	ArcBest Corp.		1,114,092
	44,610	Heartland Express, Inc.		912,274
	35,012	Marten Transport Ltd.		772,015
	23,169	Saia, Inc.^(b)		1,836,143

				4,634,524

		Trading Companies & Distributors—3.6%
	34,874	Applied Industrial Technologies, Inc.		2,687,042
	14,268	DXP Enterprises, Inc.^(b)		654,759
	25,215	Kaman Corp.		1,644,270
	10,159	Veritiv Corp.^(b)		485,092

				5,471,163

		Total Common Stocks (Cost $119,927,213)		154,132,700



		Money Market Fund—0.0%
	47,996	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.83%^(d) (Cost $47,996)		47,996

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $119,975,209)—100.0%		154,180,696



		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—0.6%
	906,942	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $906,942)		906,942

		Total Investments in Securities (Cost $120,882,151)—100.6%		155,087,638
		Other assets less liabilities—(0.6)%		(882,955	)

		Net Assets—100.0%	$	154,204,683

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		45

Schedule of Investments^(a)

Invesco S&P SmallCap Information Technology ETF (PSCT)

August 31, 2018


Number of Shares			Value
		Common Stocks—100.0%
		Communications Equipment—10.1%
	169,711	ADTRAN, Inc.	$	2,919,029
	69,349	Applied Optoelectronics, Inc.^(b)(c)		2,868,275
	126,662	CalAmp Corp.^(c)		2,976,557
	83,662	Comtech Telecommunications Corp.		2,999,283
	96,169	Digi International, Inc.^(c)		1,293,473
	410,492	Extreme Networks, Inc.^(c)		2,573,785
	406,249	Finisar Corp.^(c)		8,287,480
	301,834	Harmonic, Inc.^(c)		1,644,995
	111,753	NETGEAR, Inc.^(c)		7,917,700
	604,476	Oclaro, Inc.^(c)		5,766,701
	801,606	Viavi Solutions, Inc.^(c)		8,977,987

				48,225,265

		Electronic Equipment, Instruments & Components—26.8%
	103,031	Anixter International, Inc.^(c)		7,428,535
	103,122	Badger Meter, Inc.		5,666,554
	34,878	Bel Fuse, Inc., Class B		999,255
	168,181	Benchmark Electronics, Inc.		4,347,479
	71,856	Control4 Corp.^(c)		2,328,853
	116,949	CTS Corp.		4,321,266
	138,623	Daktronics, Inc.		1,124,233
	121,798	Electro Scientific Industries, Inc.^(c)		2,673,466
	48,522	ePlus, Inc.^(c)		5,029,305
	130,707	Fabrinet (Thailand)^(c)		6,256,944
	60,058	FARO Technologies, Inc.^(c)		4,095,956
	194,950	II-VI, Inc.^(c)		9,698,762
	125,514	Insight Enterprises, Inc.^(c)		6,920,842
	122,191	Itron, Inc.^(c)		8,113,482
	175,475	KEMET Corp.^(c)		4,534,274
	318,623	Knowles Corp.^(c)		5,776,635
	130,512	Methode Electronics, Inc.		5,174,801
	63,150	MTS Systems Corp.		3,416,415
	60,174	OSI Systems, Inc.^(c)		4,686,953
	67,395	Park Electrochemical Corp.		1,440,905
	116,808	Plexus Corp.^(c)		7,392,778
	65,052	Rogers Corp.^(c)		8,981,730
	242,988	Sanmina Corp.^(c)		7,484,030
	90,576	ScanSource, Inc.^(c)		3,681,914
	329,761	TTM Technologies, Inc.^(c)		6,166,531

				127,741,898

		Internet Software & Services—8.4%
	88,783	Alarm.com Holdings, Inc.^(c)		4,997,595
	92,101	Liquidity Services, Inc.^(c)		663,127
	197,858	LivePerson, Inc.^(c)		5,322,380
	130,220	QuinStreet, Inc.^(c)		1,975,438
	65,452	Shutterstock, Inc.		3,602,478
	61,500	SPS Commerce, Inc.^(c)		6,043,605
	59,043	Stamps.com, Inc.^(c)		14,669,233
	86,243	XO Group, Inc.^(c)		2,592,465

				39,866,321

		IT Services—16.1%
	87,477	CACI International, Inc., Class A^(c)		17,058,015
	162,662	Cardtronics PLC, Class A^(c)		5,707,809
	119,199	CSG Systems International, Inc.		4,452,083
	213,495	EVERTEC, Inc.		5,134,555
	121,830	ExlService Holdings, Inc.^(c)		7,806,866
	93,339	ManTech International Corp., Class A		6,190,242


Number of Shares			Value
		Common Stocks (continued)
		IT Services (continued)
	235,592	NIC, Inc.	$	3,957,946
	124,175	Perficient, Inc.^(c)		3,567,548
	140,982	Sykes Enterprises, Inc.^(c)		4,263,296
	446,404	Travelport Worldwide Ltd.		8,289,722
	50,516	TTEC Holdings, Inc.		1,323,519
	180,518	Unisys Corp.^(c)		3,357,635
	97,774	Virtusa Corp.^(c)		5,696,313

				76,805,549

		Semiconductors & Semiconductor Equipment—23.0%
	139,303	Advanced Energy Industries, Inc.^(c)		8,299,673
	113,861	Axcelis Technologies, Inc.^(c)		2,299,992
	249,852	Brooks Automation, Inc.		9,846,667
	90,969	Cabot Microelectronics Corp.		10,254,935
	78,707	CEVA, Inc.^(c)		2,408,434
	102,002	Cohu, Inc.		2,690,813
	137,005	Diodes, Inc.^(c)		5,195,230
	80,318	DSP Group, Inc.^(c)		1,032,086
	258,679	FormFactor, Inc.^(c)		3,996,590
	86,276	Ichor Holdings Ltd.^(b)(c)		2,237,137
	219,566	Kopin Corp.^(c)		509,393
	244,780	Kulicke & Soffa Industries, Inc. (Singapore)		6,312,876
	219,568	MaxLinear, Inc., Class A^(c)		4,233,271
	84,622	Nanometrics, Inc.^(c)		3,707,290
	97,402	PDF Solutions, Inc.^(c)		849,345
	247,511	Photronics, Inc.^(c)		2,648,368
	104,776	Power Integrations, Inc.		7,685,320
	380,711	Rambus, Inc.^(c)		4,652,288
	112,657	Rudolph Technologies, Inc.^(c)		3,131,865
	234,427	Semtech Corp.^(c)		14,007,013
	133,920	SolarEdge Technologies, Inc.^(c)		6,421,464
	137,160	Ultra Clean Holdings, Inc.^(c)		2,093,062
	172,467	Veeco Instruments, Inc.^(c)		2,069,604
	173,667	Xperi Corp.		2,726,572

				109,309,288

		Software—11.8%
	329,423	8x8, Inc.^(c)		7,477,902
	54,317	Agilysys, Inc.^(c)		872,874
	124,044	Bottomline Technologies (DE), Inc.^(c)		8,183,183
	78,022	Ebix, Inc.^(b)		6,214,452
	33,337	MicroStrategy, Inc., Class A^(c)		4,967,213
	149,380	Monotype Imaging Holdings, Inc.		3,077,228
	107,089	OneSpan, Inc.^(c)		2,007,919
	161,026	Progress Software Corp.		6,590,794
	115,973	Qualys, Inc.^(c)		10,559,342
	435,534	TiVo Corp.		5,945,039

				55,895,946

		Technology Hardware, Storage & Peripherals—3.8%
	403,121	3D Systems Corp.^(b)(c)		8,203,512
	143,978	Cray, Inc.^(c)		3,124,323
	269,043	Diebold Nixdorf, Inc.		1,277,954
	158,401	Electronics For Imaging, Inc.^(c)		5,510,771

				18,116,560

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $381,896,085)-100.0%		475,960,827

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


		46

Invesco S&P SmallCap Information Technology ETF (PSCT) (continued)

August 31, 2018


Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—2.9%
	13,662,258	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $13,662,258)	$	13,662,258

		Total Investments in Securities (Cost $395,558,343)—102.9%		489,623,085
		Other assets less liabilities—(2.9)%		(13,664,703	)

		Net Assets—100.0%	$	475,958,382

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)	All or a portion of this security was out on loan at August 31, 2018.

^(c)	Non-income producing security.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		47

Schedule of Investments^(a)

Invesco S&P SmallCap Materials ETF (PSCM)

August 31, 2018


Number of Shares				Value
		Common Stocks—99.9%
		Chemicals—58.2%
	22,404	AdvanSix, Inc.^(b)		$	758,151
	19,306	American Vanguard Corp.			422,801
	23,586	Balchem Corp.			2,615,452
	41,771	Flotek Industries, Inc.^(b)			104,010
	18,637	FutureFuel Corp.			276,387
	37,135	H.B. Fuller Co.			2,116,324
	6,985	Hawkins, Inc.			288,481
	30,919	Ingevity Corp.^(b)			3,123,128
	14,355	Innophos Holdings, Inc.			627,457
	17,926	Innospec, Inc.			1,391,058
	15,512	Koppers Holdings, Inc.^(b)			549,900
	23,434	Kraton Corp.^(b)			1,102,101
	14,924	LSB Industries, Inc.^(b)			130,137
	9,787	Quaker Chemical Corp.			1,763,030
	38,101	Rayonier Advanced Materials, Inc.			796,311
	14,638	Stepan Co.			1,305,856
	18,734	Tredegar Corp.			411,211

					17,781,795

		Construction Materials—1.8%
	11,607	US Concrete, Inc.^(b)(c)			559,457
			��
		Containers & Packaging—1.5%
	19,818	Myers Industries, Inc.			440,950

		Metals & Mining—17.1%
	231,618	AK Steel Holding Corp.^(b)(c)			1,028,384
	36,669	Century Aluminum Co.^(b)			462,763
	9,197	Haynes International, Inc.			362,362
	12,312	Kaiser Aluminum Corp.			1,349,272
	14,832	Materion Corp.			946,281
	6,706	Olympic Steel, Inc.			147,800
	47,498	SunCoke Energy, Inc.^(b)			530,078
	28,785	TimkenSteel Corp.^(b)			403,278

					5,230,218

		Paper & Forest Products—21.2%
	28,556	Boise Cascade Co.			1,247,897
	12,092	Clearwater Paper Corp.^(b)			351,273
	64,652	KapStone Paper and Packaging Corp.			2,220,796
	12,351	Neenah, Inc.			1,127,029
	32,100	P.H. Glatfelter Co.			617,283
	22,591	Schweitzer-Mauduit International, Inc.			919,228

					6,483,506

		Specialty Chemicals—0.1%
	21,045	A. Schulman, Inc.^(b)(d)			42,090

		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $30,108,496)-99.9%			30,538,016


Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan


		Money Market Fund—2.9%
	886,286	Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(e)(f) (Cost $886,286)	$	886,286

		Total Investments in Securities (Cost $30,994,782)—102.8%		31,424,302
		Other assets less liabilities—(2.8)%		(858,559	)

		Net Assets—100.0%	$	30,565,743

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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 2I.

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


		48

Schedule of Investments^(a)

Invesco S&P SmallCap Utilities ETF (PSCU)

August 31, 2018


Number of Shares				Value
			Common Stocks—97.8%
			Diversified Telecommunication Services—30.3%
	39,438	��	ATN International, Inc.	$	2,888,045
	223,676		Cincinnati Bell, Inc.^(b)		2,907,788
	49,378		Cogent Communications Holdings, Inc.		2,700,977
	211,007		Consolidated Communications Holdings, Inc.^(c)		2,491,993
	345,637		Frontier Communications Corp.^(c)		1,797,312
	142,889		Iridium Communications, Inc.^(b)		2,893,502
	205,135		Vonage Holdings Corp.^(b)		2,908,814

					18,588,431

			Electric Utilities—4.6%
	45,671		El Paso Electric Co.		2,799,632

			Gas Utilities—34.5%
	44,133		Northwest Natural Gas Co.		2,864,232
	238,014		South Jersey Industries, Inc.		7,897,304
	140,173		Spire, Inc.		10,449,897

					21,211,433

			Multi-Utilities—15.3%
	182,802		Avista Corp.		9,379,571

			Water Utilities—8.9%
	46,342		American States Water Co.		2,800,447
	65,437		California Water Service Group		2,692,733

					5,493,180

			Wireless Telecommunication Services—4.2%
	168,667		Spok Holdings, Inc.		2,589,038

			Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $55,864,903)—97.8%		60,061,285



			Investments Purchased with Cash Collateral from Securities on Loan


			Money Market Fund—5.2%
	3,166,088		Invesco Government & Agency Portfolio—Institutional Class, 1.85%^(d)(e) (Cost $3,166,088)		3,166,088

			Total Investments in Securities (Cost $59,030,991)—103.0%		63,227,373
			Other assets less liabilities—(3.0)%		(1,846,422	)

			Net Assets—100.0%	$	61,380,951

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2018.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2018.

^(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.


		49

Statements of Assets and Liabilities

August 31, 2018


	Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)			Invesco DWA SmallCap Momentum ETF (DWAS)			Invesco DWA Tactical Multi-Asset Income ETF (DWIN)			Invesco DWA Tactical Sector Rotation ETF (DWTR)			Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Assets:
Unaffiliated investments in securities, at value^(a)	$	—		$	454,067,213		$	—		$	—		$	92,774,928
Affiliated investments in securities, at value^(a)		46,791,792			18,806,755			72,165,830			88,450,165			8,728,334
Receivables:
Securities lending		2,077			50,140			9,908			158			13,937
Dividends		47			34,216			92			46			61,903
Investments sold		—			—			—			—			2,059,744
Shares sold		—			—			—			—			—

Total Assets		46,793,916			472,958,324			72,175,830			88,450,369			103,638,846


Liabilities:
Due to custodian		—			46			—			—			—
Payables:
Collateral upon return of securities loaned		510,000			18,771,075			9,611,799			120,825			8,720,132
Shares repurchased		—			—			1,034			—			—
Investments purchased		—			—			—			—			2,176,919
Accrued unitary management fees		5,571			215,438			14,044			10,847			23,874

Total Liabilities		515,571			18,986,559			9,626,877			131,672			10,920,925

Net Assets	$	46,278,345		$	453,971,765		$	62,548,953		$	88,318,697		$	92,717,921


Net Assets Consist of:
Shares of beneficial interest	$	42,376,197		$	536,379,001		$	67,847,139		$	90,807,047		$	90,449,221
Undistributed net investment income (loss)		161,592			(71,703	)		400,654			—			224,967
Undistributed net realized gain (loss)		(73,036	)		(169,480,948	)		(2,853,261	)		(17,938,022	)		(6,549,305	)
Net unrealized appreciation (depreciation)		3,813,592			87,145,415			(2,845,579	)		15,449,672			8,593,038

Net Assets	$	46,278,345		$	453,971,765		$	62,548,953		$	88,318,697		$	92,717,921

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,350,001			7,650,000			2,450,001			2,750,001			1,300,000
Net asset value	$	34.28		$	59.34		$	25.53		$	32.12		$	71.32

Market price	$	34.27		$	59.36		$	25.51		$	32.15		$	71.31

Unaffiliated investments in securities, at cost	$	—		$	366,921,798		$	—		$	—		$	84,181,890

Affiliated investments in securities, at cost	$	42,978,200		$	18,806,755		$	75,011,409		$	73,000,493		$	8,728,334

^(a) Includes securities on loan with an aggregate value of:	$	504,815		$	18,814,911		$	9,313,275		$	117,585		$	8,554,591

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


		50


Invesco S&P SmallCap Consumer Staples ETF (PSCC)			Invesco S&P SmallCap Energy ETF (PSCE)			Invesco S&P SmallCap Financials ETF (PSCF)			Invesco S&P SmallCap Health Care ETF (PSCH)			Invesco S&P SmallCap Industrials ETF (PSCI)			Invesco S&P SmallCap Information Technology ETF (PSCT)			Invesco S&P SmallCap Materials ETF (PSCM)			Invesco S&P SmallCap Utilities ETF (PSCU)

$	86,710,005		$	60,473,072		$	264,531,248		$	1,172,736,469		$	154,132,700		$	475,960,827		$	30,538,016		$	60,061,285
	9,886,400			3,062,640			5,656,637			16,380,559			954,938			13,662,258			886,286			3,166,088

	15,992			1,461			594			43,298			325			21,052			229			4,058
	46			8,640			260,400			43,710			59,108			111,416			61,866			89,098
	2,929,516			—			—			—			—			3,612,904			—			1,320,361
	—			—			—			14,475,913			—			—			—			—

	99,541,959			63,545,813			270,448,879			1,203,679,949			155,147,071			493,368,457			31,486,397			64,640,890



	—			—			—			2,860			—			278,774			26,090			17,190

	9,842,090			3,054,500			3,214,774			16,378,198			906,942			13,662,258			886,286			3,166,088
	—			—			—			—			—			—			—			—
	—			—			—			14,478,264			—			3,357,274			917			61,935
	19,277			15,934			64,917			251,350			35,446			111,769			7,361			14,726

	9,861,367			3,070,434			3,279,691			31,110,672			942,388			17,410,075			920,654			3,259,939

$	89,680,592		$	60,475,379		$	267,169,188		$	1,172,569,277		$	154,204,683		$	475,958,382		$	30,565,743		$	61,380,951



$	85,831,146		$	105,517,086		$	224,691,824		$	979,735,127		$	123,144,161		$	401,476,817		$	30,627,728		$	59,699,427
	245,675			63,924			2,275,159			(194,985	)		132,201			313,306			82,972			337,301
	(5,060,084	)		(45,428,567	)		(4,141,165	)		(12,403,202	)		(3,277,166	)		(19,896,483	)		(574,477	)		(2,852,159	)
	8,663,855			322,936			44,343,370			205,432,337			34,205,487			94,064,742			429,520			4,196,382

$	89,680,592		$	60,475,379		$	267,169,188		$	1,172,569,277		$	154,204,683		$	475,958,382		$	30,565,743		$	61,380,951

	1,050,000			3,700,000			4,450,000			8,100,000			2,050,000			5,300,000			550,000			1,100,000
$	85.41		$	16.34		$	60.04		$	144.76		$	75.22		$	89.80		$	55.57		$	55.80

$	85.34		$	16.33		$	60.09		$	144.99		$	75.25		$	89.71		$	55.57		$	55.82

$	78,046,150		$	60,150,136		$	219,938,444		$	967,304,132		$	119,927,213		$	381,896,085		$	30,108,496		$	55,864,903

$	9,886,400		$	3,062,640		$	5,906,071		$	16,380,559		$	954,938		$	13,662,258		$	886,286		$	3,166,088

$	9,831,229		$	2,941,381		$	3,098,857		$	16,109,208		$	887,652		$	13,082,909		$	871,660		$	3,012,306


		51

Statements of Operations

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)						Invesco DWA SmallCap Momentum ETF (DWAS)						Invesco DWA Tactical Multi-Asset Income ETF (DWIN)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated dividend income	$	—		$	—		$	1,127,829		$	1,319,218		$	(989,574	)	$	1,366,477
Affiliated dividend income		182,608			83,187			732			419			3,478,690			5,392,179
Non-cash dividend income		—			—			—			—			—			—
Securities lending income		61,688			—			263,508			437,587			67,689			176,130
Foreign withholding tax		—			—			—			(159	)		—			—

Total Income		244,296			83,187			1,392,069			1,757,065			2,556,805			6,934,786


Expenses:
Unitary management fees		28,013			7,878			1,446,692			1,121,338			177,002			292,560

Less: Waivers		(10	)		(2	)		(96	)		(137	)		(67	)		(59	)

Net Expenses		28,003			7,876			1,446,596			1,121,201			176,935			292,501

Net Investment Income (Loss)		216,293			75,311			(54,527	)		635,864			2,379,870			6,642,285


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Unaffiliated investment securities		—			—			(23,421,496	)		(21,092,000	)		(2,452,746	)		(24,263	)
Affiliated investment securities		—			(25,240	)		—			—			(69,062	)		(265,833	)
Unaffiliated in-kind redemptions		—			—			41,433,230			44,368,016			(488,490	)		548,102
Affiliated in-kind redemptions		282,345			7,070			—			—			(383,560	)		897,708

Net realized gain (loss)		282,345			(18,170	)		18,011,734			23,276,016			(3,393,858	)		1,155,714

Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		—			—			50,876,372			31,038,733			2,435,123			(3,323,105	)
Affiliated investment securities		3,097,196			1,186,501			—			—			(4,159,009	)		804,747

Net change in unrealized appreciation (depreciation)		3,097,196			1,186,501			50,876,372			31,038,733			(1,723,886	)		(2,518,358	)

Net realized and unrealized gain (loss)		3,379,541			1,168,331			68,888,106			54,314,749			(5,117,744	)		(1,362,644	)

Net increase (decrease) in net assets resulting from operations	$	3,595,834		$	1,243,642		$	68,833,579		$	54,950,613		$	(2,737,874	)	$	5,279,641

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


		52


Invesco DWA Tactical Sector Rotation ETF (DWTR)						Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)						Invesco S&P SmallCap Consumer Staples ETF (PSCC)						Invesco S&P SmallCap Energy ETF (PSCE)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017

$	—		$	—		$	798,500		$	863,642		$	424,751		$	878,782		$	94,014		$	120,730
	208,482			1,031,893			296			191			456			243			146			35
	—			—			—			—			—			—			55,822			—
	15,438			36,454			107,414			134,515			98,427			145,045			20,650			14,114
	—			—			—			—			—			—			—			—

	223,920			1,068,347			906,210			998,348			523,634			1,024,070			170,632			134,879



	86,749			172,416			193,109			188,421			128,396			178,041			150,930			164,603

	(43	)		(55	)		(40	)		(63	)		(81	)		(102	)		(17	)		(18	)

	86,706			172,361			193,069			188,358			128,315			177,939			150,913			164,585

	137,214			895,986			713,141			809,990			395,319			846,131			19,719			(29,706	)




	—			—			(2,004,715	)		(3,135,343	)		(3,456,871	)		(1,943,369	)		(7,821,454	)		(13,639,731	)
	101,650			(8,922,790	)		—			—			—			—			—			—
	—			—			16,462,349			6,179,920			3,360,063			7,320,055			4,463,182			6,423,044
	6,140,676			13,228,447			—			—			—			—			—			—

	6,242,326			4,305,657			14,457,634			3,044,577			(96,808	)		5,376,686			(3,358,272	)		(7,216,687	)


	—			—			4,541,379			10,549,959			8,564,790			3,992,825			8,803,738			(3,055,667	)
	3,661,769			9,481,303			—			—			—			—			—			—

	3,661,769			9,481,303			4,541,379			10,549,959			8,564,790			3,992,825			8,803,738			(3,055,667	)

	9,904,095			13,786,960			18,999,013			13,594,536			8,467,982			9,369,511			5,445,466			(10,272,354	)

$	10,041,309		$	14,682,946		$	19,712,154		$	14,404,526		$	8,863,301		$	10,215,642		$	5,465,185		$	(10,302,060	)


		53

Statements of Operations (continued)

For the period November 1, 2017 through August 31, 2018 and year ended October 31, 2017


	Invesco S&P SmallCap Financials ETF (PSCF)						Invesco S&P SmallCap Health Care ETF (PSCH)						Invesco S&P SmallCap Industrials ETF (PSCI)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017
Investment Income:
Unaffiliated dividend income	$	4,796,697		$	6,493,550		$	672,377		$	381,803		$	891,501		$	896,382
Affiliated dividend income		185,047			709			5,368			1,056			345			301
Non-cash dividend income		—			—			—			—			—			176,550
Securities lending income		25,549			81,406			381,498			129,179			5,577			7,134
Foreign withholding tax		(1,024	)		(1,501	)		—			—			—			—

Total Income		5,006,269			6,574,164			1,059,243			512,038			897,423			1,080,367


Expenses:
Unitary management fees		568,489			698,802			1,232,585			592,255			275,190			254,919

Less: Waivers		(272	)		(263	)		(658	)		(283	)		(48	)		(87	)

Net Expenses		568,217			698,539			1,231,927			591,972			275,142			254,832

Net Investment Income (Loss)		4,438,052			5,875,625			(172,684	)		(79,934	)		622,281			825,535


Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Unaffiliated investment securities		324,358			(3,478,375	)		(5,531,592	)		(4,374,053	)		(348,637	)		(631,246	)
Affiliated investment securities		(25,418	)		—			—			—			—			—
Unaffiliated in-kind redemptions		20,007,864			34,763,822			75,949,086			17,588,661			6,881,244			5,599,669
Affiliated in-kind redemptions		32			—			—			—			—			—

Net realized gain		20,306,836			31,285,447			70,417,494			13,214,608			6,532,607			4,968,423

Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		3,219,770			16,593,709			174,671,274			47,344,189			16,602,277			15,266,745
Affiliated investment securities		(249,434	)		—			—			—			—			—

Net change in unrealized appreciation (depreciation)		2,970,336			16,593,709			174,671,274			47,344,189			16,602,277			15,266,745

Net realized and unrealized gain (loss)		23,277,172			47,879,156			245,088,768			60,558,797			23,134,884			20,235,168

Net increase in net assets resulting from operations	$	27,715,224		$	53,754,781		$	244,916,084		$	60,478,863		$	23,757,165		$	21,060,703

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


		54


Invesco S&P SmallCap Information Technology ETF (PSCT)						Invesco S&P SmallCap Materials ETF (PSCM)						Invesco S&P SmallCap Utilities ETF (PSCU)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Ten Months Ended August 31, 2018			Year Ended October 31, 2017

$	1,963,484		$	2,491,400		$	384,821		$	706,382		$	1,036,122		$	948,396
	2,729			1,360			572			342			853			272
	—			—			—			—			—			—
	600,316			489,991			3,647			7,821			186,238			14,376
	(1,064	)		—			—			—			—			—

	2,565,465			2,982,751			389,040			714,545			1,223,213			963,044



	1,084,315			1,584,606			94,382			178,297			123,452			138,428

	(347	)		(567	)		(67	)		(124	)		(154	)		(207	)

	1,083,968			1,584,039			94,315			178,173			123,298			138,221

	1,481,497			1,398,712			294,725			536,372			1,099,915			824,823




	(16,664,151	)		(4,203,312	)		280,618			328,573			(2,435,816	)		(496,422	)
	—			—			—			—			—			—
	71,223,114			98,632,813			2,563,150			7,187,172			2,674,919			5,028,692
	—			—			—			—			—			—

	54,558,963			94,429,501			2,843,768			7,515,745			239,103			4,532,270


	(15,469,273	)		60,462,587			442,622			613,006			(318,630	)		6,345,264
	—			—			—			—			—			—

	(15,469,273	)		60,462,587			442,622			613,006			(318,630	)		6,345,264

	39,089,690			154,892,088			3,286,390			8,128,751			(79,527	)		10,877,534

$	40,571,187		$	156,290,800		$	3,581,115		$	8,665,123		$	1,020,388		$	11,702,357


		55

Statements of Changes in Net Assets

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)									Invesco DWA SmallCap Momentum ETF (DWAS)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016^(a)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income (loss)	$	216,293		$	75,311		$	20,112		$	(54,527	)	$	635,864		$	960,807
Net realized gain (loss)		282,345			(18,170	)		37,835			18,011,734			23,276,016			(22,396,154	)
Net change in unrealized appreciation (depreciation)		3,097,196			1,186,501			(470,105	)		50,876,372			31,038,733			(23,056,492	)

Net increase (decrease) in net assets resulting from operations		3,595,834			1,243,642			(412,158	)		68,833,579			54,950,613			(44,491,839	)


Distributions to Shareholders from:
Net investment income		(69,512	)		(75,347	)		(5,265	)		(495,961	)		(705,632	)		(825,119	)
Return of capital		—			—			—			—			—			—

Total distributions to shareholders		(69,512	)		(75,347	)		(5,265	)		(495,961	)		(705,632	)		(825,119	)


Shareholder Transactions:
Proceeds from shares sold		39,738,065			—			14,037,994			340,693,590			222,389,150			67,039,578
Value of shares repurchased		(1,562,899	)		(7,643,283	)		(2,568,726	)		(183,576,402	)		(203,974,345	)		(282,181,365	)

Net increase (decrease) in net assets resulting from shares transactions		38,175,166			(7,643,283	)		11,469,268			157,117,188			18,414,805			(215,141,787	)

Increase (Decrease) in Net Assets		41,701,488			(6,474,988	)		11,051,845			225,454,806			72,659,786			(260,458,745	)


Net Assets:
Beginning of period		4,576,857			11,051,845			—			228,516,959			155,857,173			416,315,918

End of period	$	46,278,345		$	4,576,857		$	11,051,845		$	453,971,765		$	228,516,959		$	155,857,173

Undistributed net investment income (loss) at end of period	$	161,592		$	14,811		$	14,847		$	(71,703	)	$	398,919		$	292,417


Changes in Shares Outstanding:
Shares sold		1,250,000			—			550,001			6,500,000			5,150,000			1,750,000
Shares repurchased		(50,000	)		(300,000	)		(100,000	)		(3,600,000	)		(4,800,000	)		(8,250,000	)
Shares outstanding, beginning of period		150,001			450,001			—			4,750,000			4,400,000			10,900,000

Shares outstanding, end of period		1,350,001			150,001			450,001			7,650,000			4,750,000			4,400,000

^(a)	For the period July 11, 2016 (commencement of investment operations) through October 31, 2016.

^(b)	For the period March 7, 2016 (commencement of investment operations) through October 31, 2016.

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


		56


Invesco DWA Tactical Multi-Asset Income ETF (DWIN)									Invesco DWA Tactical Sector Rotation ETF (DWTR)										Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016^(b)			Ten Months Ended August 31, 2018			Year Ended October 31, 2017				Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	2,379,870		$	6,642,285		$	2,389,050		$	137,214		$	895,986			$	1,084,164		$	713,141		$	809,990		$	734,362
	(3,393,858	)		1,155,714			191,509			6,242,326			4,305,657				(9,869,144	)		14,457,634			3,044,577			1,510,289

	(1,723,886	)		(2,518,358	)		1,396,665			3,661,769			9,481,303				1,527,655			4,541,379			10,549,959			(10,046,153	)


	(2,737,874	)		5,279,641			3,977,224			10,041,309			14,682,946				(7,257,325	)		19,712,154			14,404,526			(7,801,502	)



	(3,343,498	)		(5,282,805	)		(2,392,101	)		(179,329	)		(891,782	)			(1,081,384	)		(569,275	)		(893,766	)		(707,191	)
	—			—			—			—			—				(2,439	)		—			—			—

	(3,343,498	)		(5,282,805	)		(2,392,101	)		(179,329	)		(891,782	)			(1,083,823	)		(569,275	)		(893,766	)		(707,191	)



	—			16,651,048			130,144,242			63,575,125			111,684,930				166,921,314			55,796,510			10,583,736			18,192,524
	(43,717,814	)		(23,145,887	)		(12,883,223	)		(53,014,995	)		(229,700,916	)			(29,062,791	)		(48,764,104	)		(31,787,168	)		(51,422,549	)


	(43,717,814	)		(6,494,839	)		117,261,019			10,560,130			(118,015,986	)			137,858,523			7,032,406			(21,203,432	)		(33,230,025	)

	(49,799,186	)		(6,498,003	)		118,846,142			20,422,110			(104,224,822	)			129,517,375			26,175,285			(7,692,672	)		(41,738,718	)



	112,348,139			118,846,142			—			67,896,587			172,121,409				42,604,034			66,542,636			74,235,308			115,974,026

$	62,548,953		$	112,348,139		$	118,846,142		$	88,318,697		$	67,896,587			$	172,121,409		$	92,717,921		$	66,542,636		$	74,235,308


$	400,654		$	1,361,509		$	—		$	—		$	4,204			$	—		$	224,967		$	81,101		$	164,877
															��


	—			600,000			4,900,001			2,150,000			4,550,000				6,700,000			850,000			200,000			400,000
	(1,700,000	)		(850,000	)		(500,000	)		(1,800,000	)		(9,250,000	)			(1,250,000	)		(750,000	)		(600,000	)		(1,150,000	)
	4,150,001			4,400,001			—			2,400,001			7,100,001				1,650,001			1,200,000			1,600,000			2,350,000

	2,450,001			4,150,001			4,400,001			2,750,001			2,400,001				7,100,001			1,300,000			1,200,000			1,600,000


		57

Statements of Changes in Net Assets (continued)

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco S&P SmallCap Consumer Staples ETF (PSCC)									Invesco S&P SmallCap Energy ETF (PSCE)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income (loss)	$	395,319		$	846,131		$	914,426		$	19,719		$	(29,706	)	$	160,631
Net realized gain (loss)		(96,808	)		5,376,686			8,052,288			(3,358,272	)		(7,216,687	)		(14,394,415	)
Net change in unrealized appreciation (depreciation)		8,564,790			3,992,825			(4,262,072	)		8,803,738			(3,055,667	)		13,547,987

Net increase (decrease) in net assets resulting from operations		8,863,301			10,215,642			4,704,642			5,465,185			(10,302,060	)		(685,797	)


Distributions to Shareholders from:
Net investment income		(399,525	)		(1,101,515	)		(700,261	)		(24,419	)		(33,355	)		(204,998	)
Net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			(44,284	)		—

Total distributions to shareholders		(399,525	)		(1,101,515	)		(700,261	)		(24,419	)		(77,639	)		(204,998	)


Shareholder Transactions:
Proceeds from shares sold		45,218,752			30,925,031			129,860,817			38,175,819			46,799,797			30,659,258
Value of shares repurchased		(18,351,655	)		(55,049,184	)		(95,999,049	)		(31,618,448	)		(40,629,050	)		(14,231,177	)

Net increase (decrease) in net assets resulting from shares transactions		26,867,097			(24,124,153	)		33,861,768			6,557,371			6,170,747			16,428,081

Increase (Decrease) in Net Assets		35,330,873			(15,010,026	)		37,866,149			11,998,137			(4,208,952	)		15,537,286


Net Assets:
Beginning of period		54,349,719			69,359,745			31,493,596			48,477,242			52,686,194			37,148,908

End of period	$	89,680,592		$	54,349,719		$	69,359,745		$	60,475,379		$	48,477,242		$	52,686,194

Undistributed net investment income (loss) at end of period	$	245,675		$	198,665		$	454,049		$	63,924		$	—		$	12,073


Changes in Shares Outstanding:
Shares sold		550,000			450,000			2,100,000			2,350,000			2,700,000			2,000,000
Shares repurchased		(250,000	)		(800,000	)		(1,550,000	)		(2,050,000	)		(2,450,000	)		(900,000	)
Shares outstanding, beginning of period		750,000			1,100,000			550,000			3,400,000			3,150,000			2,050,000

Shares outstanding, end of period		1,050,000			750,000			1,100,000			3,700,000			3,400,000			3,150,000

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


		58


Invesco S&P SmallCap Financials ETF (PSCF)									Invesco S&P SmallCap Health Care ETF (PSCH)									Invesco S&P SmallCap Industrials ETF (PSCI)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	4,438,052		$	5,875,625		$	5,111,044		$	(172,684	)	$	(79,934	)	$	13,771		$	622,281		$	825,535		$	460,257
	20,306,836			31,285,447			10,100,019			70,417,494			13,214,608			21,546,356			6,532,607			4,968,423			3,950,099

	2,970,336			16,593,709			(2,235,856	)		174,671,274			47,344,189			(26,442,732	)		16,602,277			15,266,745			(1,722,069	)


	27,715,224			53,754,781			12,975,207			244,916,084			60,478,863			(4,882,605	)		23,757,165			21,060,703			2,688,287



	(3,619,319	)		(4,963,250	)		(5,304,095	)		—			(47,751	)		—			(571,956	)		(823,198	)		(476,137	)
	—			(967,831	)		(338,778	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—

	(3,619,319	)		(5,931,081	)		(5,642,873	)		—			(47,751	)		—			(571,956	)		(823,198	)		(476,137	)



	52,796,123			116,031,160			61,415,237			870,054,108			62,939,784			80,367,486			51,182,877			41,702,200			24,256,729
	(64,697,993	)		(105,676,237	)		(54,297,695	)		(180,118,071	)		(53,239,975	)		(138,402,774	)		(19,577,737	)		(19,531,894	)		(40,070,787	)


	(11,901,870	)		10,354,923			7,117,542			689,936,037			9,699,809			(58,035,288	)		31,605,140			22,170,306			(15,814,058	)

	12,194,035			58,178,623			14,449,876			934,852,121			70,130,921			(62,917,893	)		54,790,349			42,407,811			(13,601,908	)



	254,975,153			196,796,530			182,346,654			237,717,156			167,586,235			230,504,128			99,414,334			57,006,523			70,608,431

$	267,169,188		$	254,975,153		$	196,796,530		$	1,172,569,277		$	237,717,156		$	167,586,235		$	154,204,683		$	99,414,334		$	57,006,523


$	2,275,159		$	1,456,426		$	545,760		$	(194,985	)	$	(110,134	)	$	(38,835	)	$	132,201		$	81,876		$	79,539



	950,000			2,250,000			1,500,000			7,000,000			750,000			1,150,000			750,000			750,000			550,000
	(1,200,000	)		(2,050,000	)		(1,300,000	)		(1,500,000	)		(650,000	)		(2,100,000	)		(300,000	)		(350,000	)		(900,000	)
	4,700,000			4,500,000			4,300,000			2,600,000			2,500,000			3,450,000			1,600,000			1,200,000			1,550,000

	4,450,000			4,700,000			4,500,000			8,100,000			2,600,000			2,500,000			2,050,000			1,600,000			1,200,000


		59

Statements of Changes in Net Assets (continued)

For the period November 1, 2017 through August 31, 2018 and years ended October 31, 2017 and 2016


	Invesco S&P SmallCap Information Technology ETF (PSCT)									Invesco S&P SmallCap Materials ETF (PSCM)
	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016			Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016
Operations:
Net investment income	$	1,481,497		$	1,398,712		$	731,130		$	294,725		$	536,372		$	123,842
Net realized gain (loss)		54,558,963			94,429,501			46,002,125			2,843,768			7,515,745			(1,484,386	)
Net change in unrealized appreciation (depreciation)		(15,469,273	)		60,462,587			14,244,630			442,622			613,006			2,856,477

Net increase in net assets resulting from operations		40,571,187			156,290,800			60,977,885			3,581,115			8,665,123			1,495,933


Distributions to Shareholders from:
Net investment income		(1,663,745	)		(1,151,080	)		(880,007	)		(272,639	)		(499,363	)		(122,745	)
Net realized gains		—			—			—			—			—			—

Total distributions to shareholders		(1,663,745	)		(1,151,080	)		(880,007	)		(272,639	)		(499,363	)		(122,745	)


Shareholder Transactions:
Proceeds from shares sold		88,536,701			198,874,614			249,989,678			5,116,032			84,882,052			7,105,064
Value of shares repurchased		(227,481,333	)		(286,466,093	)		(191,955,428	)		(26,269,680	)		(62,051,032	)		(1,372,670	)

Net increase (decrease) in net assets resulting from shares transactions		(138,944,632	)		(87,591,479	)		58,034,250			(21,153,648	)		22,831,020			5,732,394

Increase (Decrease) in Net Assets		(100,037,190	)		67,548,241			118,132,128			(17,845,172	)		30,996,780			7,105,582


Net Assets:
Beginning of period		575,995,572			508,447,331			390,315,203			48,410,915			17,414,135			10,308,553

End of period	$	475,958,382		$	575,995,572		$	508,447,331		$	30,565,743		$	48,410,915		$	17,414,135

Undistributed net investment income at end of period	$	313,306		$	495,554		$	247,922		$	82,972		$	60,886		$	23,877


Changes in Shares Outstanding:
Shares sold		1,100,000			2,750,000			4,300,000			100,000			1,800,000			200,000
Shares repurchased		(2,900,000	)		(3,950,000	)		(3,550,000	)		(500,000	)		(1,300,000	)		(50,000	)
Shares outstanding, beginning of period		7,100,000			8,300,000			7,550,000			950,000			450,000			300,000

Shares outstanding, end of period		5,300,000			7,100,000			8,300,000			550,000			950,000			450,000

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


		60


Invesco S&P SmallCap Utilities ETF (PSCU)
Ten Months Ended August 31, 2018			Year Ended October 31, 2017			Year Ended October 31, 2016

$	1,099,915		$	824,823		$	2,295,765
	239,103			4,532,270			13,648,376

	(318,630	)		6,345,264			(4,788,469	)


	1,020,388			11,702,357			11,155,672



	(1,199,988	)		(855,529	)		(2,016,277	)
	—			(1,584,459	)		—

	(1,199,988	)		(2,439,988	)		(2,016,277	)



	31,729,169			33,867,163			130,908,237
	(23,055,601	)		(38,137,856	)		(132,039,699	)


	8,673,568			(4,270,693	)		(1,131,462	)

	8,493,968			4,991,676			8,007,933



	52,886,983			47,895,307			39,887,374

$	61,380,951		$	52,886,983		$	47,895,307


$	337,301		$	437,374		$	371,420



	600,000			650,000			3,000,000
	(450,000	)		(750,000	)		(2,900,000	)
	950,000			1,050,000			950,000

	1,100,000			950,000			1,050,000


		61

Financial Highlights

Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)


	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			For the Period July 11, 2016^(a) Through October 31, 2016
Per Share Operating Performance:
Net asset value at beginning of period	$	30.51		$	24.56		$	25.47
Net investment income^(b)		0.31			0.39			0.04
Net realized and unrealized gain (loss) on investments		3.67			5.88			(0.94	)
Total from investment operations		3.98			6.27			(0.90	)
Distributions to shareholders from:
Net investment income		(0.21	)		(0.32	)		(0.01	)
Net asset value at end of period	$	34.28		$	30.51		$	24.56
Market price at end of period^(c)	$	34.27		$	30.53		$	24.57
Net Asset Value Total Return^(d)		13.12	%		25.73	%		(3.53	)%^(e)
Market Price Total Return^(d)		13.01	%		25.76	%		(3.49	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	46,278		$	4,577		$	11,052
Ratio to average net assets of:
Expenses^(f)		0.15	%^(g)		0.15	%		0.15	%^(g)
Net investment income		1.16	%^(g)		1.43	%		0.53	%^(g)
Portfolio turnover rate^(h)		0	%		10	%		27	%

^(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 the redemption 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 (July 14, 2016, the first day of trading on the Exchange) to October 31, 2016 was (3.84)%. The market price total return from Fund Inception to October 31, 2016 was (3.80)%.

^(f)

^(g)	Annualized.

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

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


		62

Financial Highlights (continued)

Invesco DWA SmallCap Momentum ETF (DWAS)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	48.11		$	35.42		$	38.19		$	38.24		$	37.14		$	25.87
Net investment income (loss)^(a)		(0.01	)		0.14			0.15			0.02			0.01			0.04
Net realized and unrealized gain (loss) on investments		11.34			12.71			(2.81	)		(0.04	)		1.11			11.50
Total from investment operations		11.33			12.85			(2.66	)		(0.02	)		1.12			11.54
Distributions to shareholders from:
Net investment income		(0.10	)		(0.16	)		(0.11	)		(0.03	)		(0.01	)		(0.27	)
Return of capital		—			—			—			—			(0.01	)		—
Total distributions		(0.10	)		(0.16	)		(0.11	)		(0.03	)		(0.02	)		(0.27	)
Net asset value at end of period	$	59.34		$	48.11		$	35.42		$	38.19		$	38.24		$	37.14
Market price at end of period^(b)	$	59.36		$	48.16		$	35.40		$	38.18		$	38.24		$	37.22
Net Asset Value Total Return^(c)		23.60	%		36.38	%		(6.97	)%		(0.05	)%		3.03	%		44.98	%
Market Price Total Return^(c)		23.51	%		36.60	%		(7.00	)%		(0.08	)%		2.80	%		45.69	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	453,972		$	228,517		$	155,857		$	416,316		$	292,517		$	505,046
Ratio to average net assets of:
Expenses		0.60	%^(e)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net investment income (loss)		(0.02	)%^(e)		0.34	%		0.41	%		0.06	%		0.04	%		0.10	%
Portfolio turnover rate^(f)		100	%		131	%		169	%		141	%		168	%		145	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.


		63

Financial Highlights (continued)

Invesco DWA Tactical Multi-Asset Income ETF (DWIN)


	Ten Months Ended August 31, 2018			Year Ended October 31, 2017			For the Period March 7, 2016^(a) Through October 31, 2016
Per Share Operating Performance:
Net asset value at beginning of period	$	27.07		$	27.01		$	25.09
Net investment income^(b)		0.73	^(c)		1.56			0.84
Net realized and unrealized gain (loss) on investments		(1.23	)		(0.25	)		1.86
Total from investment operations		(0.50	)		1.31			2.70
Distributions to shareholders from:
Net investment income		(1.04	)		(1.25	)		(0.78	)
Net asset value at end of period	$	25.53		$	27.07		$	27.01
Market price at end of period^(d)	$	25.51		$	27.07		$	27.04
Net Asset Value Total Return^(e)		(1.79	)%		4.87	%		10.80	%^(f)
Market Price Total Return^(e)		(1.87	)%		4.74	%		10.92	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	62,549		$	112,348		$	118,846
Ratio to average net assets of:
Expenses^(g)		0.25	%^(h)		0.25	%		0.25	%^(h)
Net investment income		3.36	%^(c)(h)		5.68	%		4.71	%^(h)
Portfolio turnover rate⁽ⁱ⁾		17	%		3	%		21	%

^(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 return of capital adjustment recorded during the period. Had this adjustment not been recorded, net investment income per share and the ratio of net investment income to average net assets would have been $1.28 and 5.88%, respectively.

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

^(e)

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 the redemption 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.

^(f)	The net asset value total return from Fund Inception (March 10, 2016, the first day of trading on the Exchange) to October 31, 2016 was 10.88%. The market price total return from Fund Inception to October 31, 2016 was 11.05%.

^(g)

^(h)	Annualized.

⁽ⁱ⁾	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.


		64

Financial Highlights (continued)

Invesco DWA Tactical Sector Rotation ETF (DWTR)


	Ten Months Ended August 31, 2018			Year Ended October 31,						For the Period October 7, 2015^(a) Through October 31, 2015
	Ten Months Ended August 31, 2018			2017			2016			For the Period October 7, 2015^(a) Through October 31, 2015
Per Share Operating Performance:
Net asset value at beginning of period	$	28.29		$	24.24		$	25.82		$	25.17
Net investment income (loss)^(b)		0.06			0.20			0.18			(0.00	)^(c)
Net realized and unrealized gain (loss) on investments		3.85			4.02			(1.57	)		0.65
Total from investment operations		3.91			4.22			(1.39	)		0.65
Distributions to shareholders from:
Net investment income		(0.08	)		(0.17	)		(0.19	)		—
Return of capital		—			—			(0.00	)^(c)		—
Total distributions		(0.08	)		(0.17	)		(0.19	)		—
Net asset value at end of period	$	32.12		$	28.29		$	24.24		$	25.82
Market price at end of period^(d)	$	32.15		$	28.28		$	24.24		$	25.84
Net Asset Value Total Return^(e)		13.84	%		17.50	%		(5.40	)%		2.58	%^(f)
Market Price Total Return^(e)		13.99	%		17.46	%		(5.47	)%		2.66	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	88,319		$	67,897		$	172,121		$	42,604
Ratio to average net assets of:
Expenses^(g)		0.15	%^(h)		0.15	%		0.15	%		0.15	%^(h)
Net investment income (loss)		0.24	%^(h)		0.78	%		0.75	%		(0.15	)%^(h)
Portfolio turnover rate⁽ⁱ⁾		62	%		163	%		49	%		0	%^(j)

^(a)	Commencement of investment operations

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $(0.005).

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

^(e)

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 the redemption 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.

^(f)	The net asset value total return from Fund Inception (October 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 1.73%. The market price total return from Fund Inception to October 31, 2015 was 1.81%.

^(g)

^(h)	Annualized.

⁽ⁱ⁾	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.

^(j)	Amount represents less than 0.5%.

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


		65

Financial Highlights (continued)

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	55.45		$	46.40		$	49.35		$	47.26		$	45.42		$	32.18
Net investment income^(a)		0.56			0.66			0.41			0.50			0.32			0.40
Net realized and unrealized gain (loss) on investments		15.78			9.12			(2.99	)		2.10			1.80			13.25
Total from investment operations		16.34			9.78			(2.58	)		2.60			2.12			13.65
Distributions to shareholders from:
Net investment income		(0.47	)		(0.73	)		(0.37	)		(0.51	)		(0.28	)		(0.41	)
Net asset value at end of period	$	71.32		$	55.45		$	46.40		$	49.35		$	47.26		$	45.42
Market price at end of period^(b)	$	71.31		$	55.51		$	46.41		$	49.37		$	47.27		$	45.52
Net Asset Value Total Return^(c)		29.58	%		21.15	%		(5.23	)%		5.43	%		4.66	%		42.81	%
Market Price Total Return^(c)		29.43	%		21.26	%		(5.24	)%		5.45	%		4.45	%		43.13	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	92,718		$	66,543		$	74,235		$	115,974		$	92,148		$	102,198
Ratio to average net assets of:
Expenses		0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%
Net investment income		1.07	%^(d)		1.25	%		0.86	%		0.96	%		0.69	%		1.04	%
Portfolio turnover rate^(e)		9	%		19	%		33	%		19	%		13	%		10	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.

Invesco S&P SmallCap Consumer Staples ETF (PSCC)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	72.47		$	63.05		$	57.26		$	53.83		$	48.58		$	34.23
Net investment income^(a)		0.56			0.94			0.90			0.61			0.28			0.28
Net realized and unrealized gain on investments		12.91			9.64			5.75			3.88			5.21			14.31
Total from investment operations		13.47			10.58			6.65			4.49			5.49			14.59
Distributions to shareholders from:
Net investment income		(0.53	)		(1.16	)		(0.86	)		(0.36	)		(0.24	)		(0.24	)
Net realized gains		—			—			—			(0.70	)		—			—
Total distributions		(0.53	)		(1.16	)		(0.86	)		(1.06	)		(0.24	)		(0.24	)
Net asset value at end of period	$	85.41		$	72.47		$	63.05		$	57.26		$	53.83		$	48.58
Market price at end of period^(b)	$	85.34		$	72.54		$	62.99		$	57.31		$	53.82		$	48.68
Net Asset Value Total Return^(c)		18.70	%		16.88	%		11.79	%		8.43	%		11.34	%		42.83	%
Market Price Total Return^(c)		18.49	%		17.11	%		11.59	%		8.54	%		11.08	%		43.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	89,681		$	54,350		$	69,360		$	31,494		$	32,295		$	46,151
Ratio to average net assets of:
Expenses		0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%
Net investment income		0.89	%^(d)		1.38	%		1.46	%		1.11	%		0.57	%		0.69	%
Portfolio turnover rate^(e)		42	%		62	%		68	%		39	%		33	%		23	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.


		66

Financial Highlights (continued)

Invesco S&P SmallCap Energy ETF (PSCE)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	14.26		$	16.73		$	18.12		$	37.85		$	48.28		$	32.77
Net investment income (loss)^(a)		0.00	^(b)		(0.01	)		0.06			0.14			0.04			0.29
Net realized and unrealized gain (loss) on investments		2.09			(2.44	)		(1.36	)		(19.74	)		(10.45	)		15.47
Total from investment operations		2.09			(2.45	)		(1.30	)		(19.60	)		(10.41	)		15.76
Distributions to shareholders from:
Net investment income		(0.01	)		(0.01	)		(0.09	)		(0.13	)		(0.02	)		(0.25	)
Return of capital		—			(0.01	)		—			—			(0.00	)^(b)		—
Total distributions		(0.01	)		(0.02	)		(0.09	)		(0.13	)		(0.02	)		(0.25	)
Net asset value at end of period	$	16.34		$	14.26		$	16.73		$	18.12		$	37.85		$	48.28
Market price at end of period^(c)	$	16.33		$	14.30		$	16.75		$	18.13		$	37.84		$	48.42
Net Asset Value Total Return^(d)		14.64	%		(14.69	)%		(7.11	)%		(51.89	)%		(21.57	)%		48.41	%
Market Price Total Return^(d)		14.25	%		(14.55	)%		(7.05	)%		(51.85	)%		(21.82	)%		49.07	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	60,475		$	48,477		$	52,686		$	37,149		$	30,281		$	48,279
Ratio to average net assets of:
Expenses		0.29	%^(e)		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income (loss)		0.04	%^(e)		(0.05	)%		0.38	%		0.57	%		0.07	%		0.74	%
Portfolio turnover rate^(f)		40	%		39	%		21	%		38	%		27	%		38	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(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 the redemption 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)	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.


		67

Financial Highlights (continued)

Invesco S&P SmallCap Financials ETF (PSCF)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	54.25		$	43.73		$	42.41		$	40.98		$	38.42		$	30.41
Net investment income^(a)		1.05			1.25			1.14			0.98			0.89			0.88
Net realized and unrealized gain on investments		5.63			10.58			1.44			1.32			2.67			8.14
Total from investment operations		6.68			11.83			2.58			2.30			3.56			9.02
Distributions to shareholders from:
Net investment income		(0.89	)		(1.09	)		(1.18	)		(0.87	)		(0.97	)		(1.01	)
Net realized gains		—			(0.22	)		(0.08	)		—			(0.03	)		—
Total distributions		(0.89	)		(1.31	)		(1.26	)		(0.87	)		(1.00	)		(1.01	)
Net asset value at end of period	$	60.04		$	54.25		$	43.73		$	42.41		$	40.98		$	38.42
Market price at end of period^(b)	$	60.09		$	54.31		$	43.73		$	42.45		$	40.97		$	38.50
Net Asset Value Total Return^(c)		12.44	%		27.23	%		6.29	%		5.68	%		9.40	%		30.26	%
Market Price Total Return^(c)		12.41	%		27.37	%		6.19	%		5.80	%		9.14	%		30.62	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	267,169		$	254,975		$	196,797		$	182,347		$	114,753		$	97,969
Ratio to average net assets of:
Expenses		0.29	%^(e)		0.29	%		0.29	%		0.29	%^(d)		0.29	%^(d)		0.30	%^(d)
Net investment income		2.26	%^(e)		2.44	%		2.73	%		2.38	%		2.31	%		2.56	%
Portfolio turnover rate^(f)		17	%		21	%		16	%		16	%		16	%		24	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.


		68

Financial Highlights (continued)

Invesco S&P SmallCap Health Care ETF (PSCH)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014				2013
Per Share Operating Performance:
Net asset value at beginning of period	$	91.43		$	67.03		$	66.81		$	60.07		$	50.90			$	34.33
Net investment income (loss)^(a)		(0.04	)		(0.03	)		0.00	^(b)		(0.01	)		0.04				0.15
Net realized and unrealized gain on investments		53.37			24.45			0.22			8.22			9.17				16.56
Total from investment operations		53.33			24.42			0.22			8.21			9.21				16.71
Distributions to shareholders from:
Net investment income		—			(0.02	)		—			(0.03	)		(0.04	)			(0.14	)
Net realized gains		—			—			—			(1.44	)		—				—
Total distributions		—			(0.02	)		—			(1.47	)		(0.04	)			(0.14	)
Net asset value at end of period	$	144.76		$	91.43		$	67.03		$	66.81		$	60.07			$	50.90
Market price at end of period^(c)	$	144.99		$	91.58		$	67.00		$	66.86		$	60.03			$	50.99
Net Asset Value Total Return^(d)		58.32	%		36.44	%		0.33	%		13.96	%		18.10	%			48.85	%
Market Price Total Return^(d)		58.31	%		36.72	%		0.21	%		14.12	%		17.81	%			49.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,172,569		$	237,717		$	167,586		$	230,504		$	165,200		��	$	178,164
Ratio to average net assets of:
Expenses		0.29	%^(e)		0.29	%		0.29	%		0.29	%		0.29	%			0.30	%
Net investment income (loss)		(0.04	)%^(e)		(0.04	)%		0.01	%		(0.02	)%		0.08	%			0.35	%
Portfolio turnover rate^(f)		20	%		19	%		23	%		22	%		27	%			16	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(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 the redemption 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)	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.

Invesco S&P SmallCap Industrials ETF (PSCI)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	62.13		$	47.51		$	45.55		$	44.89		$	42.30		$	30.61
Net investment income^(a)		0.36			0.53			0.34			0.45			0.34			0.32
Net realized and unrealized gain on investments		13.07			14.62			1.96			0.68			2.57			11.97
Total from investment operations		13.43			15.15			2.30			1.13			2.91			12.29
Distributions to shareholders from:
Net investment income		(0.34	)		(0.53	)		(0.34	)		(0.47	)		(0.32	)		(0.60	)
Net asset value at end of period	$	75.22		$	62.13		$	47.51		$	45.55		$	44.89		$	42.30
Market price at end of period^(b)	$	75.25		$	62.21		$	47.42		$	45.57		$	44.83		$	42.38
Net Asset Value Total Return^(c)		21.69	%		32.00	%		5.10	%		2.51	%		6.87	%		40.72	%
Market Price Total Return^(c)		21.59	%		32.42	%		4.86	%		2.69	%		6.53	%		41.27	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	154,205		$	99,414		$	57,007		$	70,608		$	100,998		$	74,027
Ratio to average net assets of:
Expenses		0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%
Net investment income		0.66	%^(d)		0.94	%		0.75	%		0.98	%		0.78	%		0.88	%
Portfolio turnover rate^(e)		2	%		7	%		16	%		11	%		15	%		30	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.


		69

Financial Highlights (continued)

Invesco S&P SmallCap Information Technology ETF (PSCT)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	81.13		$	61.26		$	51.70		$	48.02		$	41.59		$	29.62
Net investment income^(a)		0.27			0.19			0.10			0.08			0.09			0.08
Net realized and unrealized gain on investments		8.69			19.83			9.58			3.64			6.43			12.21
Total from investment operations		8.96			20.02			9.68			3.72			6.52			12.29
Distributions to shareholders from:
Net investment income		(0.29	)		(0.15	)		(0.12	)		(0.04	)		(0.09	)		(0.32	)
Net asset value at end of period	$	89.80		$	81.13		$	61.26		$	51.70		$	48.02		$	41.59
Market price at end of period^(b)	$	89.71		$	81.23		$	61.28		$	51.77		$	48.01		$	41.67
Net Asset Value Total Return^(c)		11.09	%		32.71	%		18.75	%		7.75	%		15.69	%		41.86	%
Market Price Total Return^(c)		10.85	%		32.84	%		18.63	%		7.92	%		15.44	%		42.28	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	475,958		$	575,996		$	508,447		$	390,315		$	225,700		$	210,018
Ratio to average net assets of:
Expenses		0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income		0.40	%^(d)		0.26	%		0.18	%		0.16	%		0.21	%		0.23	%
Portfolio turnover rate^(e)		15	%		16	%		15	%		15	%		10	%		17	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.

Invesco S&P SmallCap Materials ETF (PSCM)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	50.96		$	38.70		$	34.36		$	43.97		$	40.34		$	30.23
Net investment income^(a)		0.40			0.41			0.35			0.35			0.28			0.32
Net realized and unrealized gain (loss) on investments		4.54			12.19			4.36			(9.50	)		3.58			10.18
Total from investment operations		4.94			12.60			4.71			(9.15	)		3.86			10.50
Distributions to shareholders from:
Net investment income		(0.33	)		(0.34	)		(0.37	)		(0.46	)		(0.23	)		(0.39	)
Net asset value at end of period	$	55.57		$	50.96		$	38.70		$	34.36		$	43.97		$	40.34
Market price at end of period^(b)	$	55.57		$	51.00		$	38.77		$	34.37		$	43.95		$	40.42
Net Asset Value Total Return^(c)		9.73	%		32.62	%		13.89	%		(20.94	)%		9.56	%		35.00	%
Market Price Total Return^(c)		9.65	%		32.48	%		14.07	%		(20.88	)%		9.30	%		35.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	30,566		$	48,411		$	17,414		$	10,309		$	50,564		$	18,154
Ratio to average net assets of:
Expenses		0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%
Net investment income		0.91	%^(d)		0.87	%		1.01	%		0.87	%		0.63	%		0.91	%
Portfolio turnover rate^(e)		9	%		21	%		16	%		17	%		12	%		15	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.


		70

Financial Highlights (continued)

Invesco S&P SmallCap Utilities ETF (PSCU)


	Ten Months Ended August 31, 2018			Year Ended October 31,
	Ten Months Ended August 31, 2018			2017			2016			2015			2014			2013
Per Share Operating Performance:
Net asset value at beginning of period	$	55.67		$	45.61		$	41.99		$	38.34		$	34.29		$	31.10
Net investment income^(a)		1.14			0.87			1.06			1.02			1.00			1.00
Net realized and unrealized gain on investments		0.23			11.81			3.67			3.96			4.01			3.53
Total from investment operations		1.37			12.68			4.73			4.98			5.01			4.53
Distributions to shareholders from:
Net investment income		(1.24	)		(0.86	)		(1.11	)		(1.33	)		(0.96	)		(1.34	)
Net realized gains		—			(1.76	)		—			—			—			—
Total distributions		(1.24	)		(2.62	)		(1.11	)		(1.33	)		(0.96	)		(1.34	)
Net asset value at end of period	$	55.80		$	55.67		$	45.61		$	41.99		$	38.34		$	34.29
Market price at end of period^(b)	$	55.82		$	55.70		$	45.57		$	42.01		$	38.33		$	34.34
Net Asset Value Total Return^(c)		2.55	%		28.66	%		11.38	%		13.43	%		14.87	%		15.06	%
Market Price Total Return^(c)		2.54	%		28.83	%		11.23	%		13.52	%		14.68	%		15.34	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	61,381		$	52,887		$	47,895		$	39,887		$	40,259		$	32,573
Ratio to average net assets of:
Expenses		0.29	%^(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%
Net investment income		2.58	%^(d)		1.73	%		2.35	%		2.63	%		2.86	%		3.10	%
Portfolio turnover rate^(e)		48	%		48	%		69	%		18	%		34	%		17	%

^(a)	Based on average shares outstanding.

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

^(c)

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 the redemption 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.

^(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.


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2018

Note 1. Organization


Full Name		Short Name
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)		“DWA Momentum & Low Volatility Rotation ETF”
Invesco DWA SmallCap Momentum ETF (DWAS)		“DWA SmallCap Momentum ETF”
Invesco DWA Tactical Multi-Asset Income ETF (DWIN)		“DWA Tactical Multi-Asset Income ETF”
Invesco DWA Tactical Sector Rotation ETF (DWTR)		“DWA Tactical Sector Rotation ETF”
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)		“S&P SmallCap Consumer Discretionary ETF”
Invesco S&P SmallCap Consumer Staples ETF (PSCC)		“S&P SmallCap Consumer Staples ETF”
Invesco S&P SmallCap Energy ETF (PSCE)		“S&P SmallCap Energy ETF”
Invesco S&P SmallCap Financials ETF (PSCF)		“S&P SmallCap Financials ETF”
Invesco S&P SmallCap Health Care ETF (PSCH)		“S&P SmallCap Health Care ETF”
Invesco S&P SmallCap Industrials ETF (PSCI)		“S&P SmallCap Industrials ETF”
Invesco S&P SmallCap Information Technology ETF (PSCT)		“S&P SmallCap Information Technology ETF”
Invesco S&P SmallCap Materials ETF (PSCM)		“S&P SmallCap Materials ETF”
Invesco S&P SmallCap Utilities ETF (PSCU)		“S&P SmallCap Utilities ETF”

Effective August 31, 2018, each Fund’s fiscal year-end changed from October 31 to August 31.

DWA Momentum & Low Volatility Rotation ETF, DWA Tactical Multi-Asset Income ETF and DWA Tactical Sector Rotation ETF are each a “fund of funds,” in that each invests in other exchange-traded funds (“Underlying Funds”) advised by Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, or other unaffiliated advisers. Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.

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
DWA Momentum & Low Volatility Rotation ETF		Dorsey Wright^® Multi-Factor Global Equity Index
DWA SmallCap Momentum ETF		Dorsey Wright^® SmallCap Technical Leaders Index
DWA Tactical Multi-Asset Income ETF		Dorsey Wright^® Multi-Asset Income Index
DWA Tactical Sector Rotation ETF		Dorsey Wright^® Sector 4 Index
S&P SmallCap Consumer Discretionary ETF		S&P SmallCap 600^® Capped Consumer Discretionary Index
S&P SmallCap Consumer Staples ETF		S&P SmallCap 600^® Capped Consumer Staples Index
S&P SmallCap Energy ETF		S&P SmallCap 600^® Capped Energy Index
S&P SmallCap Financials ETF		S&P SmallCap 600^® Capped Financials & Real Estate Index


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Fund		Underlying Index
S&P SmallCap Health Care ETF		S&P SmallCap 600^® Capped Health Care Index
S&P SmallCap Industrials ETF		S&P SmallCap 600^® Capped Industrials Index
S&P SmallCap Information Technology ETF		S&P SmallCap 600^® Capped Information Technology Index
S&P SmallCap Materials ETF		S&P SmallCap 600^® Capped Materials Index
S&P SmallCap Utilities ETF		S&P SmallCap 600^® Capped Utilities & Telecommunication Services 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:

A security listed or traded on an exchange (except convertible securities) 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 NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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 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, 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.


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B. 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting.

Non-Diversified Fund Risk. Each Fund (except DWA SmallCap Momentum ETF, S&P SmallCap Consumer Discretionary ETF, S&P SmallCap Financials ETF, S&P SmallCap Health Care ETF, S&P SmallCap Industrials ETF and S&P SmallCap Information Technology ETF) is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. 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 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.


		74

each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Portfolio Turnover Risk. Each of DWA Momentum & Low Volatility Rotation ETF, DWA SmallCap Momentum ETF and DWA Tactical Sector Rotation ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its 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. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, the Funds will seek to utilize an in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

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.

Fund of Funds Risk. Because DWA Momentum & Low Volatility Rotation ETF, DWA Tactical Multi-Asset Income ETF and DWA Tactical Sector Rotation ETF invest primarily in other funds, each Fund’s investment performance largely depends on the investment performance of those Underlying Funds. An investment in each Fund is subject to the risks associated with the Underlying Funds that comprise each Underlying Index. There is a risk that each index provider’s evaluations and assumptions regarding the asset classes represented by the Underlying Funds in each Underlying Index at any given time may be incorrect based on actual market conditions. In addition, at times, certain of the segments of the market represented by constituent Underlying Funds in each Underlying Index may be out of favor and underperform other segments. Each Fund indirectly pays a proportional share of the expense of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it already pays to the Adviser.

C. Federal Income Taxes

D. 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 the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.


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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.

E. Country Determination

F. 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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

G. Dividends and Distributions to Shareholders

Each Fund (except DWA Tactical Multi-Asset Income ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. DWA Tactical Multi-Asset Income ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.

H. Accounting Estimates

I. Securities Lending

During the period November 1, 2017 to August 31, 2018, each Fund participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation


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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.

Note 3. Investment Advisory Agreement and Other Agreements

As compensation for its services, 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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


	% of Average Daily Net Assets
DWA Momentum & Low Volatility Rotation ETF		0.15	%
DWA SmallCap Momentum ETF		0.60	%
DWA Tactical Multi-Asset Income ETF		0.25	%
DWA Tactical Sector Rotation ETF		0.15	%
S&P SmallCap Consumer Discretionary ETF		0.29	%
S&P SmallCap Consumer Staples ETF		0.29	%
S&P SmallCap Energy ETF		0.29	%
S&P SmallCap Financials ETF		0.29	%
S&P SmallCap Health Care ETF		0.29	%
S&P SmallCap Industrials ETF		0.29	%
S&P SmallCap Information Technology ETF		0.29	%
S&P SmallCap Materials ETF		0.29	%
S&P SmallCap Utilities ETF		0.29	%


	November 1, 2017 to August 31, 2018		Year Ended October 31, 2017
DWA Momentum & Low Volatility Rotation ETF	$	10	$	2
DWA SmallCap Momentum ETF		96		137
DWA Tactical Multi-Asset Income ETF		67		59
DWA Tactical Sector Rotation ETF		43		55
S&P SmallCap Consumer Discretionary ETF		40		63
S&P SmallCap Consumer Staples ETF		81		102
S&P SmallCap Energy ETF		17		18
S&P SmallCap Financials ETF		272		263
S&P SmallCap Health Care ETF		658		283
S&P SmallCap Industrials ETF		48		87
S&P SmallCap Information Technology ETF		347		567
S&P SmallCap Materials ETF		67		124
S&P SmallCap Utilities ETF		154		207


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


Fund		Licensor
DWA Momentum & Low Volatility Rotation ETF		Dorsey Wright & Associates, LLC
DWA SmallCap Momentum ETF		Dorsey Wright & Associates, LLC
DWA Tactical Multi-Asset Income ETF		Dorsey Wright & Associates, LLC
DWA Tactical Sector Rotation ETF		Dorsey Wright & Associates, LLC
S&P SmallCap Consumer Discretionary ETF		S&P Dow Jones Indices LLC
S&P SmallCap Consumer Staples ETF		S&P Dow Jones Indices LLC
S&P SmallCap Energy ETF		S&P Dow Jones Indices LLC
S&P SmallCap Financials ETF		S&P Dow Jones Indices LLC
S&P SmallCap Health Care ETF		S&P Dow Jones Indices LLC
S&P SmallCap Industrials ETF		S&P Dow Jones Indices LLC
S&P SmallCap Information Technology ETF		S&P Dow Jones Indices LLC
S&P SmallCap Materials ETF		S&P Dow Jones Indices LLC
S&P SmallCap Utilities ETF		S&P Dow Jones Indices LLC

Note 4. Investments in Affiliates

The Adviser also serves as the adviser for each Underlying Fund listed within the tables below, and therefore the following Underlying Funds are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the period November 1, 2017 to August 31, 2018.

DWA Momentum & Low Volatility Rotation ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2018		Dividend Income
Invesco DWA Developed Markets Momentum ETF	$	503,036	$	4,326,634	$	(168,651	)	$	4,607		$	30,982	$	4,696,608	$	33,157
Invesco DWA Emerging Markets Momentum ETF		512,319		4,584,063		(182,229	)		(450,210	)		44,487		4,508,430		29,905
Invesco DWA Momentum ETF		1,124,449		9,933,518		(387,670	)		1,227,146			70,472		11,967,915		6,239
Invesco DWA SmallCap Momentum ETF		1,129,159		9,948,542		(387,877	)		1,815,758			86,030		12,591,612		3,791
Invesco S&P 500^® Low Volatility ETF		459,484		3,900,706		(152,683	)		218,732			10,702		4,436,941		40,088
Invesco S&P Emerging Markets Low Volatility ETF		198,325		1,748,420		(70,104	)		(72,758	)		9,545		1,813,428		13,100
Invesco S&P International Developed Low Volatility ETF		198,475		1,665,328		(66,048	)		(43,680	)		5,610		1,759,685		28,156
Invesco S&P SmallCap Low Volatility ETF		449,543		3,740,393		(147,493	)		397,601			24,517		4,464,561		28,083

Total Investments in Affiliates	$	4,574,790	$	39,847,604	$	(1,562,755	)	$	3,097,196		$	282,345	$	46,239,180	$	182,519


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DWA Tactical Multi-Asset Income ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Emerging Markets Sovereign Debt ETF	$	21,422,161	$	154,156	$	(8,507,880	)	$	(1,607,687	)	$	(114,266	)	$	11,346,484	$	581,560
Invesco Global Short Term High Yield Bond ETF		21,277,359		155,244		(8,712,220	)		(671,469	)		37,478			12,086,392		715,101
Invesco KBW Premium Yield Equity REIT ETF		25,071,257		170,787		(9,388,999	)		(1,307,487	)		(125,874	)		14,419,684		1,140,825
Invesco Preferred ETF		22,714,681		164,290		(9,274,144	)		(324,180	)		(202,984	)		13,077,663		813,168
Invesco Taxable Municipal Bond ETF		—		14,710,430		(2,847,079	)		(248,186	)		(46,976	)		11,568,189		227,407

Total Investments in Affiliates	$	90,485,458	$	15,354,907	$	(38,730,322	)	$	(4,159,009	)	$	(452,622	)	$	62,498,412	$	3,478,061

DWA Tactical Sector Rotation ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco DWA Consumer Cyclicals Momentum ETF	$	—	$	35,519,423	$	(18,744,952	)	$	1,576,496		$	1,672,769		$	20,023,736	$	16,592
Invesco DWA Energy Momentum ETF		—		20,432,669		(3,640,894	)		346,856			(55,252	)		17,083,379		46,841
Invesco DWA Financial Momentum ETF*		15,672,930		11,862,073		(27,903,468	)		(1,421,346	)		1,789,811			—		114,456
Invesco DWA Healthcare Momentum ETF*		13,521,469		2,734,525		(15,839,118	)		(1,502,696	)		1,085,820			—		—
Invesco DWA Industrials Momentum ETF		21,456,310		19,211,212		(16,192,605	)		910,610			828,899			26,214,426		18,341
Invesco DWA Technology Momentum ETF		17,230,598		17,175,084		(14,093,996	)		3,751,849			920,279			24,983,814		11,880

Total Investments in Affiliates	$	67,881,307	$	106,934,986	$	(96,415,033	)	$	3,661,769		$	6,242,326		$	88,305,355	$	208,110

*	At August 31, 2018, this security was no longer held.

The Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. REIT is considered to be affiliated with the Funds. The table below shows S&P SmallCap Financials ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the period November 1, 2017 to August 31, 2018.

S&P SmallCap Financials ETF


	Value October 31, 2017		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2018		Dividend Income
Invesco Mortgage Capital, Inc. REIT	$	—	$	3,135,961	$	(427,355	)	$	(249,434	)	$	(25,386	)	$	2,433,786	$	182,694

Note 5. Additional Valuation Information

Level 1 —

Prices are determined using quoted prices in an active market for identical assets.


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Level 2 —

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.

Except for the Fund listed below, as of August 31, 2018, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
S&P SmallCap Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	30,495,926	$	—	$	42,090	$	30,538,016
Money Market Funds		886,286		—		—		886,286

Total Investments	$	31,382,212	$	—	$	42,090	$	31,424,302

Note 6. Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Period November 1, 2017 to August 31, 2018, Year Ended October 31, 2017 and Year Ended October 31, 2016:


	August 31, 2018						October 31, 2017						October 31, 2016
	Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
DWA Momentum & Low Volatility Rotation ETF	$	69,512	$	—	$	—	$	75,347	$	—	$	—	$	5,265	$	—	$	—
DWA SmallCap Momentum ETF		495,961		—		—		705,632		—		—		825,119		—		—
DWA Tactical Multi-Asset Income ETF		3,343,498		—		—		5,282,805		—		—		2,392,101		—
DWA Tactical Sector Rotation ETF		179,329		—		—		891,782		—		—		1,081,384		—		2,439
S&P SmallCap Consumer Discretionary ETF		569,275		—		—		893,766		—		—		707,191		—		—
S&P SmallCap Consumer Staples ETF⁽¹⁾		399,525		—		—		1,101,515		—		—		700,261		—		—
S&P SmallCap Energy ETF		24,419		—		—		33,355		—		44,284		204,998		—		—
S&P SmallCap Financials ETF		3,619,319		—		—		5,205,722		725,359		—		5,473,136		169,737		—
S&P SmallCap Health Care ETF		—		—		—		47,751		—		—		—		—		—
S&P SmallCap Industrials ETF		571,956		—		—		823,198		—		—		476,137		—		—
S&P SmallCap Information Technology ETF		1,663,745		—		—		1,151,080		—		—		880,007		—		—
S&P SmallCap Materials ETF		272,639		—		—		499,363		—		—		122,745		—		—
S&P SmallCap Utilities ETF⁽¹⁾		1,199,988		—		—		2,439,988		—		—		2,016,277		—		—

⁽¹⁾	The tax year-end is October 31. The amounts presented reflect the character of distributions as of August 31, 2018.

Tax Components of Net Assets at Fiscal Period-End:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Late-year Ordinary Deferrals			Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
DWA Momentum & Low Volatility Rotation ETF	$	161,592	$	—	$	—		$	3,813,592		$	(73,036	)	$	42,376,197	$	46,278,345
DWA SmallCap Momentum ETF		—		—		(71,703	)		85,598,931			(167,934,464	)		536,379,001		453,971,765
DWA Tactical Multi-Asset Income ETF		400,654		—		—			(3,112,903	)		(2,585,937	)		67,847,139		62,548,953


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	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Late-year Ordinary Deferrals			Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
DWA Tactical Sector Rotation ETF	$	—	$	—	$	—		$	15,349,294		$	(17,837,644	)	$	90,807,047	$	88,318,697
S&P SmallCap Consumer Discretionary ETF		224,967		—		—			6,561,007			(4,517,274	)		90,449,221		92,717,921
S&P SmallCap Consumer Staples ETF⁽¹⁾		245,675		—		—			6,852,924			(3,249,153	)		85,831,146		89,680,592
S&P SmallCap Energy ETF		63,924		—		—			(5,365,114	)		(39,740,517	)		105,517,086		60,475,379
S&P SmallCap Financials ETF		2,923,144		1,287,487		—			38,266,733			—			224,691,824		267,169,188
S&P SmallCap Health Care ETF		—		—		(194,985	)		197,385,881			(4,356,746	)		979,735,127		1,172,569,277
S&P SmallCap Industrials ETF		132,201		—		—			32,975,897			(2,047,576	)		123,144,161		154,204,683
S&P SmallCap Information Technology ETF		313,306		—		—			86,064,649			(11,896,390	)		401,476,817		475,958,382
S&P SmallCap Materials ETF		82,972		—		—			358,992			(503,949	)		30,627,728		30,565,743
S&P SmallCap Utilities ETF⁽¹⁾		337,301		—		—			1,879,298			(535,075	)		59,699,427		61,380,951

⁽¹⁾	The tax year-end is October 31. The tax components of net assets presented are estimates as of August 31, 2018.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards and expiration dates for each Fund as of August 31, 2018:


			Post-effective no expiration
	2019		Short-Term		Long-Term		Total*
DWA Momentum & Low Volatility Rotation ETF	$	—	$	73,036	$	—	$	73,036
DWA SmallCap Momentum ETF		—		167,879,309		55,155		167,934,464
DWA Tactical Multi-Asset Income ETF		—		605,056		1,980,881		2,585,937
DWA Tactical Sector Rotation ETF		—		16,811,174		1,026,470		17,837,644
S&P SmallCap Consumer Discretionary ETF		8,689		—		4,508,585		4,517,274
S&P SmallCap Consumer Staples ETF⁽¹⁾		—		421,775		2,827,378		3,249,153
S&P SmallCap Energy ETF		2,406,357		8,440,797		28,893,363		39,740,517
S&P SmallCap Financials ETF		—		—		—		—
S&P SmallCap Health Care ETF		—		—		4,356,746		4,356,746
S&P SmallCap Industrials ETF		74,295		763,705		1,209,576		2,047,576
S&P SmallCap Information Technology ETF		567,102		243,015		11,086,273		11,896,390
S&P SmallCap Materials ETF		82,457		—		421,492		503,949
S&P SmallCap Utilities ETF⁽¹⁾		—		445,416		89,659		535,075

⁽¹⁾	Tax year-end and carryforward expiration is October 31.

Note 7. Investment Transactions


	Purchases		Sales
DWA Momentum & Low Volatility Rotation ETF	$	116,537	$	—
DWA SmallCap Momentum ETF		304,705,796		305,011,912
DWA Tactical Multi-Asset Income ETF		15,517,102		14,754,515
DWA Tactical Sector Rotation ETF		43,373,703		43,626,330
S&P SmallCap Consumer Discretionary ETF		7,099,432		11,015,975


		81


	Purchases		Sales
S&P SmallCap Consumer Staples ETF	$	22,541,231	$	26,815,439
S&P SmallCap Energy ETF		24,677,587		24,797,605
S&P SmallCap Financials ETF		41,522,812		40,078,287
S&P SmallCap Health Care ETF		103,559,016		107,603,344
S&P SmallCap Industrials ETF		2,562,964		2,867,514
S&P SmallCap Information Technology ETF		66,121,774		66,832,648
S&P SmallCap Materials ETF		3,650,124		3,626,600
S&P SmallCap Utilities ETF		24,918,441		26,675,881

For the period November 1, 2017 to August 31, 2018, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
DWA Momentum & Low Volatility Rotation ETF	$	39,731,062	$	1,562,755
DWA SmallCap Momentum ETF		340,621,513		183,622,233
DWA Tactical Multi-Asset Income ETF		—		43,700,827
DWA Tactical Sector Rotation ETF		63,561,283		52,788,703
S&P SmallCap Consumer Discretionary ETF		55,696,102		44,521,192
S&P SmallCap Consumer Staples ETF		44,919,829		14,901,973
S&P SmallCap Energy ETF		38,150,253		31,396,166
S&P SmallCap Financials ETF		52,410,347		63,668,700
S&P SmallCap Health Care ETF		869,574,640		175,628,418
S&P SmallCap Industrials ETF		51,161,475		19,271,414
S&P SmallCap Information Technology ETF		88,533,240		226,979,792
S&P SmallCap Materials ETF		5,113,629		26,258,995
S&P SmallCap Utilities ETF		31,424,256		21,898,199

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
DWA Momentum & Low Volatility Rotation ETF	$	4,254,102	$	(440,510	)	$	3,813,592		$	42,978,200
DWA SmallCap Momentum ETF		93,784,500		(8,185,569	)		85,598,931			387,275,037
DWA Tactical Multi-Asset Income ETF		—		(3,112,903	)		(3,112,903	)		75,278,733
DWA Tactical Sector Rotation ETF		15,349,294		—			15,349,294			73,100,871
S&P SmallCap Consumer Discretionary ETF		13,752,269		(7,191,262	)		6,561,007			94,942,255
S&P SmallCap Consumer Staples ETF⁽¹⁾		8,813,050		(1,960,126	)		6,852,924			89,743,481
S&P SmallCap Energy ETF		4,954,765		(10,319,879	)		(5,365,114	)		68,900,826
S&P SmallCap Financials ETF		44,410,273		(6,143,540	)		38,266,733			231,921,152
S&P SmallCap Health Care ETF		229,177,713		(31,791,832	)		197,385,881			991,731,147
S&P SmallCap Industrials ETF		37,203,875		(4,227,978	)		32,975,897			122,111,741
S&P SmallCap Information Technology ETF		119,681,766		(33,617,117	)		86,064,649			403,558,436
S&P SmallCap Materials ETF		4,501,957		(4,142,965	)		358,992			31,065,310
S&P SmallCap Utilities ETF⁽¹⁾		5,163,173		(3,283,875	)		1,879,298			61,348,075

⁽¹⁾	Tax year-end is October 31.


		82

Note 8. Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the period November 1, 2017 to August 31, 2018, the reclassifications were as follows:


	Undistributed Net Investment Income (Loss)		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
DWA Momentum & Low Volatility Rotation ETF	$	—	$	(282,345	)	$	282,345
DWA SmallCap Momentum ETF		79,866		(38,850,395	)		38,770,529
DWA Tactical Multi-Asset Income ETF		2,773		920,153			(922,926	)
DWA Tactical Sector Rotation ETF		37,911		(6,084,181	)		6,046,270
S&P SmallCap Consumer Discretionary ETF		—		(14,843,402	)		14,843,402
S&P SmallCap Consumer Staples ETF⁽¹⁾		51,216		(2,377,809	)		2,326,593
S&P SmallCap Energy ETF		68,624		273,208			(341,832	)
S&P SmallCap Financials ETF		—		(18,067,265	)		18,067,265
S&P SmallCap Health Care ETF		87,833		(74,218,622	)		74,130,789
S&P SmallCap Industrials ETF		—		(6,702,404	)		6,702,404
S&P SmallCap Information Technology ETF		—		(61,642,537	)		61,642,537
S&P SmallCap Materials ETF		—		(2,417,498	)		2,417,498
S&P SmallCap Utilities ETF⁽¹⁾		—		(2,366,489	)		2,366,489

⁽¹⁾	The tax year-end is October 31. The reclassifications presented are estimates as of August 31, 2018.

Note 9. Trustees’ and Officer’s Fees

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 10. 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.


		83

Note 11. Indemnifications

Note 12. Subsequent Event

Effective as of the open of markets on September 24, 2018, Invesco S&P SmallCap Utilities ETF changed its name, underlying index, investment objective and principal investment strategy. The new name and underlying index are Invesco S&P SmallCap Utilities & Communication Services ETF and S&P SmallCap 600^® Capped Utilities & Communication Services Index, respectively.


		84

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco DWA Momentum & Low Volatility Rotation ETF, Invesco DWA SmallCap Momentum ETF, Invesco DWA Tactical Multi-Asset Income ETF, Invesco DWA Tactical Sector Rotation 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 and Invesco S&P SmallCap Utilities & Communication Services ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Invesco DWA Momentum & Low Volatility Rotation ETF⁽¹⁾

Invesco DWA SmallCap Momentum ETF⁽²⁾

Invesco DWA Tactical Multi-Asset Income ETF⁽³⁾

Invesco DWA Tactical Sector Rotation ETF⁽²⁾

Invesco S&P SmallCap Consumer Discretionary ETF⁽²⁾

Invesco S&P SmallCap Consumer Staples ETF⁽²⁾

Invesco S&P SmallCap Energy ETF⁽²⁾

Invesco S&P SmallCap Financials ETF⁽²⁾

Invesco S&P SmallCap Health Care ETF⁽²⁾

Invesco S&P SmallCap Industrials ETF⁽²⁾

Invesco S&P SmallCap Information Technology ETF⁽²⁾

Invesco S&P SmallCap Materials ETF⁽²⁾

Invesco S&P SmallCap Utilities ETF⁽²⁾

⁽¹⁾

Statement of operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017 and statement of changes in net assets for the period November 1, 2017 through August 31, 2018, for the year ended October 31, 2017, and for the period July 11, 2016 (commencement of investment operations) through October 31, 2016

⁽²⁾	Statement of operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017 and statement of changes in net assets for the period November 1, 2017 through August 31, 2018 and for each of the two years in the period ended October 31, 2017

⁽³⁾

Statement of operations for the period November 1, 2017 through August 31, 2018 and for the year ended October 31, 2017 and statement of changes in net assets for the period November 1, 2017 through August 31, 2018, for the year ended October 31, 2017, and for the period March 7, 2016 (commencement of investment operations) through October 31, 2016

Basis for Opinions


		85

Report of Independent Registered Public Accounting Firm (continued)

procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

October 26, 2018


		86

Fees and Expenses

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 August 31, 2018.

In addition to the fees and expenses which the Invesco DWA Momentum & Low Volatility Rotation ETF, Invesco DWA Tactical Multi-Asset Income ETF and Invesco DWA Tactical Sector Rotation ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

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, 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.


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)
Actual	$	1,000.00	$	1,093.90		0.15	%	$	0.79
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.15			0.77
Invesco DWA SmallCap Momentum ETF (DWAS)
Actual		1,000.00		1,176.20		0.60			3.29
Hypothetical (5% return before expenses)		1,000.00		1,022.18		0.60			3.06
Invesco DWA Tactical Multi-Asset Income ETF (DWIN)
Actual		1,000.00		1,025.30		0.25			1.28
Hypothetical (5% return before expenses)		1,000.00		1,023.95		0.25			1.28
Invesco DWA Tactical Sector Rotation ETF (DWTR)
Actual		1,000.00		1,129.00		0.15			0.80
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.15			0.77


		87

Fees and Expenses (continued)


	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Actual	$	1,000.00	$	1,227.60		0.29	%	$	1.63
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
Actual		1,000.00		1,251.90		0.29			1.65
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Energy ETF (PSCE)
Actual		1,000.00		1,171.30		0.29			1.59
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Financials ETF (PSCF)
Actual		1,000.00		1,148.00		0.29			1.57
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Health Care ETF (PSCH)
Actual		1,000.00		1,358.00		0.29			1.72
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Industrials ETF (PSCI)
Actual		1,000.00		1,194.30		0.29			1.60
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Information Technology ETF (PSCT)
Actual		1,000.00		1,169.60		0.29			1.59
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Materials ETF (PSCM)
Actual		1,000.00		1,088.80		0.29			1.53
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48
Invesco S&P SmallCap Utilities ETF (PSCU)
Actual		1,000.00		1,149.50		0.29			1.57
Hypothetical (5% return before expenses)		1,000.00		1,023.74		0.29			1.48

⁽¹⁾


		88

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended August 31, 2018:


	Qualified Dividend Income*			Dividends- Received Deduction*
Invesco DWA Momentum & Low Volatility Rotation ETF		76	%		48	%
Invesco DWA SmallCap Momentum ETF		100	%		100	%
Invesco DWA Tactical Multi-Asset Income ETF		12	%		9	%
Invesco DWA Tactical Sector Rotation ETF		100	%		100	%
Invesco S&P SmallCap Consumer Discretionary ETF		87	%		87	%
Invesco S&P SmallCap Consumer Staples ETF		64	%		64	%
Invesco S&P SmallCap Energy ETF		100	%		100	%
Invesco S&P SmallCap Financials ETF		75	%		74	%
Invesco S&P SmallCap Health Care ETF		0	%		0	%
Invesco S&P SmallCap Industrials ETF		100	%		100	%
Invesco S&P SmallCap Information Technology ETF		100	%		100	%
Invesco S&P SmallCap Materials ETF		100	%		100	%
Invesco S&P SmallCap Utilities ETF		77	%		77	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period.


		89

Trustees and Officers


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Nominating and Governance Committee and Trustee	Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	221	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present)

Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	221	None

Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		90

Trustees and Officers (continued)


Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years

Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	221	None

Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider).	221	None

Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	221	None

*	This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		91

Trustees and Officers (continued)


Name, Address and Year of Birth of Unaffiliated Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Unaffiliated Trustee	Other Directorships Held by Unaffiliated Trustee During the Past 5 Years
Philip M. Nussbaum***—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2007	Chairman, Performance Trust Capital Partners (2004-Present).	221	None

*	This is the date the Unaffiliated Trustee began serving the Trust. The Unaffiliated Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

***	Effective September 19, 2018, Mr. Nussbaum resigned from the Board of Trustees of the Trust.


		92

Trustees and Officers (continued)


Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	221	None

*	This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**	Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.


		93

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).

Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		94

Trustees and Officers (continued)


Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).

Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

*	This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.


		95

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Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SCS-AR-1

invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2018.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has three “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Mr. Gary R. Wicker, and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the RegistrantPricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the series of the Registrant with a fiscal year end of August 31, 2018 aggregate fees for pre-approved services rendered to these series as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


		Fees Billed by PwC for Services Rendered to the Registrant for fiscal Year End 2018

Audit Fees		$ 811,670
Audit-Related Fees		$ 0
Tax Fees⁽¹⁾		$ 373,580
All Other Fees		$ 0
Total Fees		$ 1,185,250

(1) Tax fees for the fiscal year ended August 31, 2018 includes fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations and the 2017 State Source Income Analysis.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last fiscal year as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.


		Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2018 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾		$ 662,000
Tax Fees		$ 0
All Other Fees		$ 0
Total Fees		$ 662,000

(1) Audit-Related fees for the fiscal year end 2018 include fees billed related to reviewing controls at a service organization.

(e)(1) Audit Committee Pre Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs

Applicable to

Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)

Risk Addressed by Policy

Approval of Audit and Non-Audit Services


Relevant Law and Other Sources		Sarbanes-Oxley Act of 2002; Regulation S-X.
Last Reviewed by Compliance for Accuracy		June 15, 2018
Approved/Adopted Date		June 2009

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or

fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Adopted: June 26, 2009

Amended: June 15, 2018

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

•

Management functions

•

Human resources

•

Broker-dealer, investment adviser, or investment banking services

•

Legal services

•

Expert services unrelated to the audit

•

Any service or product provided for a contingent fee or a commission

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

•

Tax services for persons in financial reporting oversight roles at the Fund

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2)

There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

PwC billed Invesco and Affiliates additional aggregate fees of $2,211,000 for the fiscal year ended August 31, 2018 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $3,247,000 for the fiscal year ended August 31, 2018.

(h)

With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule#2-01(f)(14) of Regulation S-X, of approximately $25 million and non-audit services of approximately $16 million for the fiscal year ended 2018. The Audit Committee considered this information in evaluating PwC’s independence.

PwC informed the Audit Committee of the Board of the Trust (the “Audit Committee”) that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PwC informed the Audit Committee it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances.

In an August 18, 2016 letter, and in subsequent communications, PwC affirmed to the Audit Committee that, as of the date of the letter and the subsequent communications, respectively, PwC is an independent accountant with respect to the Trust, within the meaning of PCAOB Rule 3520. In its letter and in its subsequent communications , PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Trust’s registered public accounting firm. PWC has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over any Fund, or other entity within the Invesco Fund Complex, or its investment adviser; (2) none of the officers or trustees of the Invesco Fund Complex whose shares are owned by PwC lenders are associated with those lenders; (3) PwC understands that the shares held by PwC lenders are held for the benefit of and on behalf of its policy owners/end investors; (4) investments in funds such as the Invesco Fund Complex funds are passive; (5) the PwC lenders are part of various syndicates of unrelated lenders; (6) there have been no changes to the loans in question since the origination of each respective note; (7) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (8) the debt balances with each lender are immaterial to PwC and to each lender; and (9) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team. In addition, PwC has communicated that the lending relationships appear to be consistent with the lending relationships described in the no-action letter and that they are not aware of other relationships that would be implicated by the Loan Rule. In addition to relying on PwC’s August 18, 2016 letter and subsequent communications regarding its independence, the Trust intends to rely upon the no-action letter.

If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund may need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

PwC advised the Registrant’s Audit Committee that PwC had identified two matters for consideration under the SEC’s auditor independence rules. PwC stated that a PwC manager and a PwC Senior Manager each held financial interests in investment companies within the Invesco Fund complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X.

PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant. In reaching this conclusion, PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, neither individual was in the chain of command of the audit or the audit partners of Invesco or the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant and the investments were not material to the net worth of either individual or their immediate family members.

Item 5. Audit Committee of Listed Registrants.

(a)

The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Gary R. Wicker, and Donald H. Wilson.

(b)

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 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter 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)		Code of Ethics is attached as Exhibit 99.CODEETH.

(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)		Change in Registrant’s Independent Public Accountant -attached as Exhibit 99.ACCT

(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/ Daniel E. Draper

Name: Daniel E. Draper

Title: President

Date: 11/07/2018

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/ Daniel E. Draper

Name: Daniel E. Draper

Title: President

Date: 11/07/2018

By: /s/ Kelli Gallegos

Name: Kelli Gallegos

Title: Treasurer

Date: 11/07/2018

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