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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-21977

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: June 30

Date of reporting period: June 30, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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 Rule30e-1 under the Investment Company Act of 1940 is as follows:

Invesco Annual Report to Shareholders

June 30, 2019

OMOM	Invesco Russell 1000® Momentum Factor ETF
OVLU	Invesco Russell 1000® Value Factor ETF
OVOL	Invesco Russell 1000® Low Volatility Factor ETF
OSIZ	Invesco Russell 1000® Size Factor ETF
OQAL	Invesco Russell 1000® Quality Factor ETF
OYLD	Invesco Russell 1000® Yield Factor ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Schedules of Investments
Invesco Russell 1000® Momentum Factor ETF (OMOM)	22
Invesco Russell 1000® Value Factor ETF (OVLU)	28
Invesco Russell 1000® Low Volatility Factor ETF (OVOL)	35
Invesco Russell 1000® Size Factor ETF (OSIZ)	39
Invesco Russell 1000® Quality Factor ETF (OQAL)	46
Invesco Russell 1000® Yield Factor ETF (OYLD)	51
Statements of Assets and Liabilities	54
Statements of Operations	56
Statements of Changes in Net Assets	58
Financial Highlights	60
Notes to Financial Statements	63
Report of Independent Registered Public Accounting Firm	72
Independent Registered Public Accounting Firm	73
Fund Expenses	74
Tax Information	75
Proxy Results	76
Trustees and Officers	78
Board Considerations Regarding Approval of Investment Advisory Agreement	87

2

The Market Environment

Domestic Equity

Though the S&P 500 Index posted a modest gain of 4.30% for the second quarter, the US stock market experienced increased volatility. After four consecutive months of rising prices, stocks sold off in May, with the S&P 500 Index falling 6.58%. Bond yields and oil prices also fell as investors weighed the impact of the ongoing US/China trade war and the potential for new tariffs on Mexican imports. Additionally, data showed slowing in the US and global economies. Equity markets recovered in June as the S&P 500 Index returned 7.05%, its best June performance since 1955. The Federal Reserve left interest rates unchanged at its June Federal Open Market Committee meeting, but signaled a less restrictive stance, leading some investors to anticipate a future rate cut. US large andmid-cap stocks outperformedsmall-cap stocks and growth outperformed value for the quarter.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. These Funds were included in that acquisition and as of that date, became part of the Invesco family of funds.

3

OMOM	Manager’s Analysis
	Invesco Russell 1000® Momentum Factor ETF (OMOM)

As an index fund, the Invesco Russell 1000^® Momentum Factor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000^® Momentum Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects a subset of the equity securities from the Russell 1000 Index (the “Parent Index” or “Benchmark Index”), which is comprised of the 1,000 largest-capitalization companies in the United States. A company’s momentum factor score is based on historical total return over the 11 months ending on the last business day of the prior month. An initial weight for each security is determined from the product of the security’s factor score and its weight in the Parent Index. These weights are adjusted to ensure that each constituent and the Index as a whole satisfy certain constraints with respect to industry exposure, maximum security and minimum security weights, as compared to the Parent Index. Securities in the Parent Index are excluded from the Index if their relevant factor characteristics fall below an algorithmically determined threshold, or if their adjusted weights fall below a certain de minimis amount. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 7.85%. On a net asset value (“NAV”) basis, the Fund returned 8.09%. During the same time period, the Index returned 8.29%. During the fiscal year, 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.

During this same time period, (the Benchmark Index) returned 10.02%. 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 a factor weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the consumer staples sector during the fiscal year ended June 30, 2019. 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 financial sector.

For the fiscal year ended June 30, 2019, the information technology sector contributed most significantly from the Fund’s return, followed by the healthcare and consumer discretionary sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the communication services and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Microsoft Corp., an information technology company (portfolio average weight of 5.10%) and Visa Inc. Class A, an information technology company (portfolio average weight of 1.51%). Positions that detracted most significantly from the Fund’s return during this period included Facebook, Inc. Class A, a communications services company (portfolio average weight of 1.02%) and NIVIDIA Corporation, an information technology company (portfolio average weight of 0.54%).

4

Invesco Russell 1000^® Momentum Factor ETF (OMOM)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Software & Services	17.1
Pharmaceuticals, Biotechnology & Life Sciences	8.3
Media & Entertainment	7.1
Retailing	6.1
Capital Goods	5.8
Health Care Equipment & Services	5.7
Technology Hardware & Equipment	5.2
Real Estate	4.6
Utilities	4.5
Diversified Financials	4.2
Food, Beverage & Tobacco	4.0
Banks	3.6
Insurance	3.0
Energy	2.9
Semiconductors & Semiconductor Equipment	2.7
Consumer Services	2.6
Household & Personal Products	2.6
Materials	2.2
Telecommunication Services	2.2
Transportation	1.8
Food & Staples Retailing	1.7
Commercial & Professional Services	1.0
Consumer Durables & Apparel	1.0
Money Market Fund	0.4
Automobiles & Components	0.2
Liabilities in Excess of Other Assets	(0.5)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Microsoft Corp.	5.77
Amazon.com, Inc.	3.06
Apple, Inc.	2.88
Procter & Gamble Co. (The)	1.70
Johnson & Johnson	1.69
Visa, Inc., Class A	1.56
Berkshire Hathaway, Inc., Class B	1.51
Cisco Systems, Inc.	1.39
Walt Disney Co. (The)	1.33
Mastercard, Inc., Class A	1.31

* Excluding money market fund holdings.

5

Invesco Russell 1000^® Momentum Factor ETF (OMOM)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000® Momentum Factor Index		8.29	%		9.98	%		16.93	%
Russell 1000® Index		10.02			10.06			17.08
Fund
NAV Return		8.09			9.75			16.54
Market Price Return		7.85			9.68			16.41

Oppenheimer Russell 1000^® Momentum Factor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.19% 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 recentmonth-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:

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

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

6

OVLU	Manager’s Analysis
	Invesco Russell 1000® Value Factor ETF (OVLU)

As an index fund, the Invesco Russell 1000^® Value Factor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000^® Value Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects a subset of the equity securities from the Russell 1000 Index (the “Parent Index” or “Benchmark Index”), which is comprised of the 1,000 largest-capitalization companies in the United States. To construct the Index, each constituent in the Parent Index is assigned a factor score based on the extent to which the constituent exhibits greater value characteristics relative to the other constituents in the Parent Index. A company’s value factor score is based on an equally-weighted composite of cash flow yield, earnings yield, and sales to price ratio, calculated based on the company’s total market capitalization and information reported in the company’s most recent annual financial statement as of the last business day of the prior month. An initial weight for each security is determined from the product of the security’s factor score and its weight in the Parent Index. These weights are adjusted to ensure that each constituent and the Index as a whole satisfy certain constraints with respect to factor exposure, diversification, liquidity, industry exposure, maximum security and minimum security weights, as compared to the Parent Index. Securities in the Parent Index are excluded from the Index if their relevant factor characteristics fall below an algorithmically-determined threshold, or if their adjusted weights fall below a certain de minimis amount. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 6.27%. On a net asset value (“NAV”) basis, the Fund returned 6.15%. During the same time period, the Index returned 6.35%. During the fiscal year, 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.

During this same time period, (the Benchmark Index) returned 10.02%. 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 a factor weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the information technology sector during the fiscal year ended June 30, 2019. 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.

For the fiscal year ended June 30, 2019, the communications services sector contributed most significantly from the Fund’s return, followed by the consumer staples and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Proctor & Gamble Company., a consumer staples company (portfolio average weight of 1.99%) and Comcast Corporation Class A, a communications services company (portfolio average weight of 1.96%). Positions that detracted most significantly from the Fund’s return during this period included Micron Technology, Inc., an information technology company (portfolio average weight of 0.76%) and Wells Fargo & Company, a financials company (portfolio average weight of 1.74%).

7

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Energy	11.0
Banks	10.2
Technology Hardware & Equipment	8.1
Capital Goods	6.9
Diversified Financials	6.2
Health Care Equipment & Services	6.1
Insurance	5.0
Telecommunication Services	5.0
Materials	4.2
Utilities	4.2
Semiconductors & Semiconductor Equipment	3.8
Food & Staples Retailing	3.5
Retailing	3.5
Pharmaceuticals, Biotechnology & Life Sciences	3.3
Media & Entertainment	3.2
Software & Services	3.0
Transportation	3.0
Food, Beverage & Tobacco	2.2
Consumer Services	2.1
Automobiles & Components	1.7
Real Estate	1.7
Consumer Durables & Apparel	1.5
Commercial & Professional Services	0.5
Money Market Fund	0.3
Household & Personal Products	0.2
Liabilities in Excess of Other Assets	(0.4)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Apple, Inc.	6.07
Exxon Mobil Corp.	2.91
AT&T, Inc.	2.58
Bank of America Corp.	2.41
Chevron Corp.	2.10
Verizon Communications, Inc.	2.06
Intel Corp.	1.99
Wells Fargo & Co.	1.97
Citigroup, Inc.	1.91
UnitedHealth Group, Inc.	1.64

* Excluding money market fund holdings.

8

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000® Value Factor Index		6.35	%		6.99	%		11.75	%
Russell 1000® Index		10.02			10.06			17.08
Fund
NAV Return		6.15			6.77			11.37
Market Price Return		6.27			6.77			11.37

Oppenheimer Russell 1000^® Value Factor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.19% 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 recentmonth-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:

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

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

9

OVOL	Manager’s Analysis
	Invesco Russell 1000®Low Volatility Factor ETF (OVOL)

As an index fund, the Invesco Russell 1000^® Low Volatility Factor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000^® Volatility Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects a subset of the equity securities from the Russell 1000 Index (the “Parent Index” or “Benchmark Index”), which is comprised of the 1,000 largest-capitalization companies in the United States. To construct the Index, each constituent in the Parent Index is assigned a factor score based on the extent to which the constituent exhibits lower volatility characteristics relative to the other constituents in the Parent Index. A company’s volatility factor score is based on the standard deviation of weekly total returns to a company’s stock price over the trailing five years ending on the last business day of the prior month. An initial weight for each security is determined from the product of the security’s factor score and its weight in the Parent Index. These weights are adjusted to ensure that each constituent and the Index as a whole satisfy certain constraints with respect to factor exposure, diversification, liquidity, industry exposure, maximum security and minimum security weights, as compared to the Parent Index. Securities in the Parent Index are excluded from the Index if their relevant factor characteristics fall below an algorithmically-determined threshold, or if their adjusted weights fall below a certain de minimis amount. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 15.05%. On a net asset value (“NAV”) basis, the Fund returned 14.98%. During the same time period, the Index returned 15.25%. During the fiscal year, 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 as well as trading costs associated with portfolio rebalances during the period.

During this same time period, (the Benchmark Index) returned 10.02%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1000 securities. The Benchmark Index was selected for its recognition in the market place, and because 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 selects stocks based upon the factor scores and their weights in the Parent index as computed by the Index Provider, whereas the

Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended June 30, 2019. The majority of the Fund’s overperformed relative to the Benchmark Index during that period can be attributed to overweight exposure to and security selection in the health care sector and underweight exposure to and security selection in the energy sector.

For the fiscal year ended June 30, 2019, the information technology sector contributed most significantly from the Fund’s return, followed by the health care and consumer staples sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials and real estate sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Microsoft Corporation, an information technology company (portfolio average weight of 4.33%) and Procter & Gamble Company, a consumer staples company (portfolio average weight of 1.60%). Positions that detracted most significantly from the Fund’s return during this period included Schlumberger NV, an energy company (no longer held at year-end)) and Wells Fargo & Company, a financials company (portfolio average weight of 1.26%).

10

Invesco Russell 1000^®Low Volatility Factor ETF (OVOL)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Software & Services	13.2
Pharmaceuticals, Biotechnology & Life Sciences	8.2
Capital Goods	6.8
Health Care Equipment & Services	6.4
Diversified Financials	6.2
Technology Hardware & Equipment	6.2
Banks	6.1
Media & Entertainment	5.7
Food, Beverage & Tobacco	5.3
Utilities	5.0
Real Estate	4.4
Insurance	3.9
Energy	3.3
Household & Personal Products	2.9
Telecommunication Services	2.9
Retailing	2.8
Consumer Services	2.2
Food & Staples Retailing	2.0
Materials	2.0
Semiconductors & Semiconductor Equipment	1.6
Transportation	1.6
Commercial & Professional Services	0.8
Consumer Durables & Apparel	0.5
Money Market Fund	0.1
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Microsoft Corp.	5.24
Apple, Inc.	4.64
Berkshire Hathaway, Inc., Class B	2.68
Johnson & Johnson	2.37
JPMorgan Chase & Co.	1.98
Exxon Mobil Corp.	1.94
Procter & Gamble Co. (The)	1.77
Visa, Inc., Class A	1.73
Alphabet, Inc., Class C	1.60
Alphabet, Inc., Class A	1.56

* Excluding money market fund holdings.

11

Invesco Russell 1000^®Low Volatility Factor ETF (OVOL)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000® Volatility Factor Index		15.25	%		11.55	%		19.69	%
Russell 1000® Index		10.02			10.06			17.08
Fund
NAV Return		14.98			11.30			19.24
Market Price Return		15.05			11.39			19.41

Oppenheimer Russell 1000^® Low Volatility Factor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.19% 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 recentmonth-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:

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

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

12

OSIZ	Manager’s Analysis
	Invesco Russell 1000® Size Factor ETF (OSIZ)

As an index fund, the Invesco Russell 1000^® Size Factor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000 Size Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects a subset of the equity securities from the Russell 1000 Index (the “Parent Index” or “Benchmark Index”), which is comprised of the 1,000 largest-capitalization companies in the United States. To construct the Index, each constituent in the Parent Index is assigned a factor score based on the extent to which the constituent exhibits characteristics of smaller-capitalization companies relative to the other constituents in the Parent Index. A company’s size factor score is based on total market capitalization as of the last business day of the prior month. An initial weight for each security is determined from the product of the security’s factor score and its weight in the Parent Index. These weights are adjusted to ensure that each constituent and the Index as a whole satisfy certain constraints with respect to factor exposure, diversification, liquidity, industry exposure, maximum security and minimum security weights, as compared to the Parent Index. Securities in the Parent Index are excluded from the Index if their relevant factor characteristics fall below an algorithmically-determined threshold, or if their adjusted weights fall below a certain de minimis amount. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 6.31%. On a net asset value (“NAV”) basis, the Fund returned 6.42%. During the same time period, the Index returned 6.58%. During the fiscal year, 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 partial offset by securities lending revenue during the period.

During this same time period, (the Benchmark Index) returned 10.02%. 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 a factor weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the communication services sector during the fiscal year ended June 30, 2019. 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 consumer discretionary sector.

For the fiscal year ended June 30, 2019, the information technology sector contributed most significantly from the Fund’s return, followed by the healthcare and industrials sectors, respectively. The energy detracted most significantly from the Fund’s return, followed by the consumer discretionary and materials sectors, respectively

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Veeva Systems Inc. Class A, a healthcare company (portfolio average weight of 0.34%) and Advanced Micro Devices, Inc. an information technology company (portfolio average weight of 0.43%). Positions that detracted most significantly from the Fund’s return during this period included Apache Corporation, an energy company (portfolio average weight of 0.21%) and Antero Resources Corporation, an energy company (portfolio average weight of 0.08%).

13

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Software & Services	10.2
Capital Goods	9.9
Real Estate	9.6
Materials	6.6
Health Care Equipment & Services	5.4
Diversified Financials	5.0
Pharmaceuticals, Biotechnology & Life Sciences	5.0
Banks	4.9
Insurance	4.6
Technology Hardware & Equipment	4.5
Media & Entertainment	4.4
Consumer Services	4.2
Retailing	4.0
Consumer Durables & Apparel	3.7
Energy	3.6
Utilities	3.3
Transportation	2.7
Semiconductors & Semiconductor Equipment	2.6
Food, Beverage & Tobacco	1.9
Commercial & Professional Services	1.5
Automobiles & Components	1.0
Money Market Fund	1.0
Telecommunication Services	0.6
Food & Staples Retailing	0.4
Household & Personal Products	0.4
Liabilities in Excess of Other Assets	(1.0)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Tableau Software, Inc., Class A	0.28
Western Digital Corp.	0.26
Keysight Technologies, Inc.	0.26
Freeport-McMoRan, Inc.	0.26
PG&E Corp.	0.26
DexCom, Inc.	0.26
Nucor Corp.	0.25
DXC Technology Co.	0.25
Maxim Integrated Products, Inc.	0.25
Equifax, Inc.	0.25

* Excluding money market fund holdings.

14

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000® Size Factor Index		6.58	%		9.46	%		16.02	%
Russell 1000® Index		10.02			10.06			17.08
Fund
NAV Return		6.42			9.25			15.65
Market Price Return		6.31			9.20			15.57

Oppenheimer Russell 1000^® Size Factor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.19% 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 recentmonth-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:

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

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

15

OQAL	Manager’s Analysis
	Invesco Russell 1000® Quality Factor ETF (OQAL)

As an index fund, the Invesco Russell 1000^® Quality Factor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000^® Quality Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects a subset of the equity securities from the Russell 1000 Index (the “Parent Index” or “Benchmark Index”), which is comprised of the 1,000 largest-capitalization companies in the United States. To construct the Index, each constituent in the Parent Index is assigned a factor score based on the extent to which the constituent exhibits greater quality characteristics relative to the other constituents in the Parent Index. A company’s quality factor score is based on an equally-weighted composite of return on assets, change in asset turnover, accruals, and leverage, calculated based on information reported in the company’s most recent annual financial statement as of the last business day of the prior month. An initial weight for each security is determined from the product of the security’s factor score and its weight in the Parent Index. These weights are adjusted to ensure that each constituent and the Index as a whole satisfy certain constraints with respect to factor exposure, diversification, liquidity, industry exposure, maximum security and minimum security weights, as compared to the Parent Index. Securities in the Parent Index are excluded from the Index if their relevant factor characteristics fall below an algorithmically-determined threshold, or if their adjusted weights fall below a certain de minimis amount. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 8.07%. On a net asset value (“NAV”) basis, the Fund returned 8.76%. During the same time period, the Index returned 8.97%. During the fiscal year, 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 as well as trading costs associated with portfolio rebalances during the period.

During this same time period, (the Benchmark Index) returned 10.02%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1000 securities. The Benchmark Index was selected for its recognition in the market place, and because 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 selects

stocks based upon quality scores and their weights in the Parent Index as computed by the Index Provider, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal year ended June 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to an overweight to and security selection in communication services and security selection in the information technology sector.

For the fiscal year ended June 30, 2019, the information technology sector contributed most significantly from the Fund’s return, followed by the health care and consumer discretionary

sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials and communication services sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Visa Inc. Class A, an information technology company (portfolio average weight of 3.05%) and Mastercard, Inc., Class A, an information technology company (portfolio average weight of 2.48%). Positions that detracted most significantly from the Fund’s return during this period included NVIDIA Corporation, an information technology company (portfolio average weight of 0.99%) and Schlumberger NV, an energy company (no longer held atyear-end).

16

Invesco Russell 1000^® Quality Factor ETF (OQAL)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Software & Services	17.1
Retailing	9.9
Media & Entertainment	9.8
Pharmaceuticals, Biotechnology & Life Sciences	9.4
Technology Hardware & Equipment	8.5
Capital Goods	6.7
Energy	6.1
Semiconductors & Semiconductor Equipment	4.9
Health Care Equipment & Services	4.7
Consumer Services	2.7
Household & Personal Products	2.6
Transportation	2.5
Food, Beverage & Tobacco	2.4
Materials	2.1
Diversified Financials	2.0
Real Estate	2.0
Consumer Durables & Apparel	1.7
Food & Staples Retailing	1.6
Telecommunication Services	0.9
Commercial & Professional Services	0.8
Insurance	0.8
Automobiles & Components	0.4
Money Market Fund	0.2
Utilities	0.2
Banks	0.1
Liabilities in Excess of Other Assets	(0.1)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Apple, Inc.	6.17
Microsoft Corp.	4.98
Amazon.com, Inc.	4.37
Facebook, Inc., Class A	3.32
Visa, Inc., Class A	2.91
Johnson & Johnson	2.39
Mastercard, Inc., Class A	2.36
Exxon Mobil Corp.	2.23
Alphabet, Inc., Class C	2.12
Alphabet, Inc., Class A	2.11

* Excluding money market fund holdings.

17

Invesco Russell 1000^® Quality Factor ETF (OQAL)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000® Quality Factor Index		8.97	%		10.86	%		18.48	%
Russell 1000® Index		10.02			10.06			17.08
Fund
NAV Return		8.76			10.63			18.07
Market Price Return		8.07			10.28			17.46

Oppenheimer Russell 1000^® Quality Factor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.19% 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 recentmonth-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:

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

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

18

OYLD	Manager’s Analysis
	Invesco Russell 1000® Yield Factor ETF (OYLD)

As an index fund, the Invesco Russell 1000^® Yield Factor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000 Yield Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects a subset of the equity securities from the Russell 1000 Index (the “Parent Index” or “Benchmark Index”), which is comprised of the 1,000 largest-capitalization companies in the United States. To construct the Index, each constituent in the Parent Index is assigned a factor score based on the extent to which the constituent exhibits greater yield characteristics relative to the other constituents in the Parent Index. A company’s yield factor score is based on the12-month trailing dividend yield as of the last business day of the prior month. An initial weight for each security is determined from the product of the security’s factor score and its weight in the Parent Index. These weights are adjusted to ensure that each constituent and the Index as a whole satisfy certain constraints with respect to factor exposure, diversification, liquidity, industry exposure, maximum security and minimum security weights, as compared to the Parent Index. Securities in the Parent Index are excluded from the Index if their relevant factor characteristics fall below an algorithmically-determined threshold, or if their adjusted weights fall below a certain de minimis amount. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 9.79%. On a net asset value (“NAV”) basis, the Fund returned 10.10%. During the same time period, the Index returned 10.32%. During the fiscal year, 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 as well as trading costs associated with portfolio rebalances during the period.

During this same time period, (the Benchmark Index) returned 10.02%. 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 market place, and because 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 selects stocks based upon yield and their weights in the Parent index as computed by the Index Provider, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the information technology sector during the fiscal year ended June 30, 2019. The majority of the Fund’s outperformance (on a NAV bases) relative to the Benchmark Index during that period can be attributed to the Fund’s underweight exposure to and security selection in the communication services and consumer staples sectors.

For the fiscal year ended June 30, 2019, the consumer staples sector contributed most significantly from the Fund’s return, followed by the health care and information technology sectors, respectively. The energy sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Procter & Gamble Company, a consumer staples company (portfolio average weight of 2.51%) and Cisco Systems, Inc., an information technology company (portfolio average weight of 2.89%). Positions that detracted most significantly from the Fund’s return during this period included Schlumberger NV, an energy company (portfolio average weight of 0.65%) and General Electric Company, an industrials company (portfolio average weight of 1.05%).

19

Invesco Russell 1000^® Yield Factor ETF (OYLD)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Pharmaceuticals, Biotechnology & Life Sciences	11.4
Banks	11.0
Energy	10.1
Capital Goods	7.7
Food, Beverage & Tobacco	7.2
Real Estate	7.2
Utilities	7.1
Semiconductors & Semiconductor Equipment	6.6
Telecommunication Services	5.6
Technology Hardware & Equipment	3.8
Household & Personal Products	3.3
Diversified Financials	3.2
Retailing	2.7
Insurance	2.0
Software & Services	2.0
Consumer Services	1.9
Health Care Equipment & Services	1.8
Materials	1.7
Automobiles & Components	1.1
Transportation	1.1
Consumer Durables & Apparel	0.8
Food & Staples Retailing	0.4
Media & Entertainment	0.3
Commercial & Professional Services	0.1
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Exxon Mobil Corp.	3.54
Johnson & Johnson	3.09
JPMorgan Chase & Co.	3.05
AT&T, Inc.	2.93
Verizon Communications, Inc.	2.54
Cisco Systems, Inc.	2.46
Chevron Corp.	2.45
Intel Corp.	2.31
Procter & Gamble Co. (The)	2.29
Pfizer, Inc.	2.27

* Excluding money market fund holdings.

20

Invesco Russell 1000^® Yield Factor ETF (OYLD)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Russell 1000® Yield Factor Index		10.32	%		7.92	%		13.35	%
Russell 1000® Index		10.02			10.06			17.08
Fund
NAV Return		10.10			7.69			12.96
Market Price Return		9.79			7.68			12.94

Oppenheimer Russell 1000^® Yield Factor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.19% 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 recentmonth-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:

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

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

21

Schedule of Investments

Invesco Russell 1000^® Momentum Factor ETF (OMOM)

June 30, 2019

Shares			Value
		Common Stocks—100.1%
		Automobiles & Components—0.2%
	492	Ford Motor Co.	$	5,033
	121	General Motors Co.		4,662
		Total Automobiles & Components		9,695
		Banks—3.6%
	1,387	Bank of America Corp.		40,223
	105	BB&T Corp.		5,159
	403	Citigroup, Inc.		28,222
	43	Citizens Financial Group, Inc.		1,520
	90	Fifth Third Bancorp		2,511
	29	First Republic Bank		2,832
	112	Huntington Bancshares, Inc.		1,548
	657	JPMorgan Chase & Co.		73,453
	86	KeyCorp		1,526
	19	M&T Bank Corp.		3,231
	107	MGIC Investment Corp.1		1,406
	59	PNC Financial Services Group, Inc. (The)		8,100
	27	Popular, Inc.		1,464
	55	SunTrust Banks, Inc.		3,457
	274	U.S. Bancorp		14,358
	376	Wells Fargo & Co.		17,792
		Total Banks		206,802
		Capital Goods—5.8%
	47	3M Co.		8,147
	9	Acuity Brands, Inc.		1,241
	28	Allegion PLC		3,095
	59	AMETEK, Inc.		5,360
	124	Arconic, Inc.		3,202
	17	Armstrong World Industries, Inc.		1,652
	94	Boeing Co. (The)		34,217
	18	Carlisle Cos., Inc.		2,527
	46	Caterpillar, Inc.		6,269
	39	Cummins, Inc.		6,682
	40	Deere & Co.		6,628
	25	Donaldson Co., Inc.		1,272
	44	Dover Corp.		4,409
	79	Eaton Corp. PLC		6,579
	77	Emerson Electric Co.		5,137
	175	Fastenal Co.		5,703
	39	Flowserve Corp.		2,055
	49	Fortive Corp.		3,995
	25	General Dynamics Corp.		4,546
	549	General Electric Co.		5,765
	33	Graco, Inc.		1,656
	45	Harris Corp.1		8,511
	14	HEICO Corp.2		1,873
	27	HEICO Corp., Class A		2,791
	206	Honeywell International, Inc.		35,966
	12	Hubbell, Inc.		1,565
	6	Huntington Ingalls Industries, Inc.		1,348
	16	IDEX Corp.		2,754
	63	Illinois Tool Works, Inc.		9,501
	80	Ingersoll-Rand PLC		10,134
	21	ITT, Inc.		1,375
	37	Jacobs Engineering Group, Inc.		3,122
	229	Johnson Controls International PLC		9,460
	16	L3 Technologies, Inc.		3,923
	12	Lennox International, Inc.		3,300

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	59	Lockheed Martin Corp.	$	21,449
	49	Masco Corp.		1,923
	18	Middleby Corp. (The)1		2,443
	11	Nordson Corp.		1,554
	24	Northrop Grumman Corp.		7,755
	86	PACCAR, Inc.		6,163
	20	Parker-Hannifin Corp.		3,400
	31	Raytheon Co.		5,390
	15	Rockwell Automation, Inc.		2,457
	32	Roper Technologies, Inc.		11,720
	10	Snap-on, Inc.		1,656
	14	Spirit AeroSystems Holdings, Inc., Class A		1,139
	23	Stanley Black & Decker, Inc.		3,326
	10	Teledyne Technologies, Inc.1		2,739
	28	Toro Co. (The)		1,873
	17	TransDigm Group, Inc.1		8,225
	176	United Technologies Corp.		22,915
	11	WABCO Holdings, Inc.1		1,459
	19	Woodward, Inc.		2,150
	37	Xylem, Inc.		3,095
		Total Capital Goods		328,591
		Commercial & Professional Services—1.0%
	24	Cintas Corp.		5,695
	48	Copart, Inc.1		3,587
	11	CoStar Group, Inc.1		6,095
	19	Equifax, Inc.		2,570
	25	IAA, Inc.1		969
	98	IHS Markit Ltd.1		6,245
	25	KAR Auction Services, Inc.		625
	64	Republic Services, Inc.		5,545
	22	TransUnion		1,617
	51	Verisk Analytics, Inc.		7,469
	138	Waste Management, Inc.		15,921
		Total Commercial & Professional Services		56,338
		Consumer Durables & Apparel—1.0%
	69	D.R. Horton, Inc.		2,976
	47	Garmin Ltd.		3,751
	26	Hasbro, Inc.		2,748
	49	Lennar Corp., Class A		2,375
	40	Lululemon Athletica, Inc.1		7,208
	300	NIKE, Inc., Class B		25,185
	1	NVR, Inc.1		3,370
	56	PulteGroup, Inc.		1,771
	31	Roku, Inc.1		2,808
	70	VF Corp.		6,114
		Total Consumer Durables & Apparel		58,306
		Consumer Services—2.6%
	18	Bright Horizons Family Solutions, Inc.1		2,716
	34	Carnival Corp.		1,583
	9	Chipotle Mexican Grill, Inc.1		6,596
	40	Darden Restaurants, Inc.		4,869
	7	Domino’s Pizza, Inc.		1,948
	20	Dunkin’ Brands Group, Inc.		1,593
	56	H&R Block, Inc.		1,641
	69	Hilton Worldwide Holdings, Inc.		6,744
	21	Las Vegas Sands Corp.		1,241
	39	Marriott International, Inc., Class A		5,471

The accompanying notes are an integral part of these financial statements.

22

Invesco Russell 1000^® Momentum Factor ETF (OMOM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	224	McDonald’s Corp.	$	46,516
	44	MGM Resorts International		1,257
	41	Norwegian Cruise Line Holdings Ltd.1		2,199
	32	Planet Fitness, Inc., Class A1		2,318
	40	Royal Caribbean Cruises Ltd.		4,848
	51	Service Corp. International		2,386
	47	ServiceMaster Global Holdings, Inc.1		2,448
	427	Starbucks Corp.		35,796
	67	Yum China Holdings, Inc.		3,095
	93	Yum! Brands, Inc.		10,292
		Total Consumer Services		145,557
		Diversified Financials—4.2%
	99	AGNC Investment Corp.		1,665
	100	Ally Financial, Inc.		3,099
	202	American Express Co.		24,935
	23	Ameriprise Financial, Inc.		3,339
	250	Annaly Capital Management, Inc.		2,283
	56	AXA Equitable Holdings, Inc.		1,170
	67	Bank of New York Mellon Corp. (The)		2,958
	403	Berkshire Hathaway, Inc., Class B1		85,908
	11	BlackRock, Inc.		5,162
	65	Capital One Financial Corp.		5,898
	21	Cboe Global Markets, Inc.		2,176
	71	Charles Schwab Corp. (The)		2,853
	83	CME Group, Inc.		16,111
	3	Credit Acceptance Corp.1		1,452
	65	Discover Financial Services		5,043
	12	FactSet Research Systems, Inc.		3,439
	49	Franklin Resources, Inc.		1,705
	31	Goldman Sachs Group, Inc. (The)		6,343
	129	Intercontinental Exchange, Inc.		11,086
	23	LPL Financial Holdings, Inc.		1,876
	13	MarketAxess Holdings, Inc.		4,178
	34	Moody’s Corp.		6,641
	124	Morgan Stanley		5,432
	27	MSCI, Inc.		6,447
	17	Nasdaq, Inc.		1,635
	78	New Residential Investment Corp.		1,200
	22	Northern Trust Corp.		1,980
	46	S&P Global, Inc.		10,478
	66	Starwood Property Trust, Inc.		1,500
	125	Synchrony Financial		4,334
	21	T. Rowe Price Group, Inc.		2,304
	31	TD Ameritrade Holding Corp.		1,548
	27	Voya Financial, Inc.		1,493
		Total Diversified Financials		237,671
		Energy—2.9%
	109	Anadarko Petroleum Corp.		7,691
	102	Cabot Oil & Gas Corp.		2,342
	46	Cheniere Energy, Inc.1		3,149
	336	Chevron Corp.		41,812
	22	Concho Resources, Inc.		2,270
	170	ConocoPhillips		10,370
	24	Diamondback Energy, Inc.		2,615
	44	EOG Resources, Inc.		4,099
	675	Exxon Mobil Corp.		51,725
	63	Hess Corp.		4,005

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	605	Kinder Morgan, Inc.	$	12,632
	28	Marathon Petroleum Corp.		1,565
	85	ONEOK, Inc.		5,849
	25	Phillips 66		2,339
	14	Pioneer Natural Resources Co.		2,154
	36	Targa Resources Corp.		1,413
	21	Valero Energy Corp.		1,798
	260	Williams Cos., Inc. (The)		7,290
		Total Energy		165,118
		Food & Staples Retailing—1.7%
	12	Casey’s General Stores, Inc.		1,872
	127	Costco Wholesale Corp.		33,561
	114	Kroger Co. (The)		2,475
	122	Sysco Corp.		8,628
	39	US Foods Holding Corp.1		1,395
	56	Walgreens Boots Alliance, Inc.		3,061
	418	Walmart, Inc.		46,185
		Total Food & Staples Retailing		97,177
		Food, Beverage & Tobacco—4.0%
	259	Altria Group, Inc.		12,264
	66	Archer-Daniels-Midland Co.		2,693
	28	Brown-Forman Corp., Class B		1,552
	38	Campbell Soup Co.		1,523
	975	Coca-Cola Co. (The)		49,647
	17	Constellation Brands, Inc., Class A		3,348
	171	General Mills, Inc.		8,981
	51	Hershey Co. (The)		6,836
	66	Hormel Foods Corp.2		2,676
	33	JM Smucker Co. (The)		3,801
	24	Kellogg Co.		1,286
	29	Lamb Weston Holdings, Inc.		1,837
	44	McCormick & Co., Inc.		6,820
	465	Mondelez International, Inc., Class A		25,063
	95	Monster Beverage Corp.1		6,064
	423	PepsiCo, Inc.		55,468
	377	Philip Morris International, Inc.		29,606
	21	Post Holdings, Inc.1		2,183
	77	Tyson Foods, Inc., Class A		6,217
		Total Food, Beverage & Tobacco		227,865
		Health Care Equipment & Services—5.7%
	510	Abbott Laboratories		42,891
	9	Align Technology, Inc.1		2,463
	58	Anthem, Inc.		16,368
	87	Baxter International, Inc.		7,125
	44	Becton Dickinson and Co.		11,088
	345	Boston Scientific Corp.1		14,828
	27	Cardinal Health, Inc.		1,272
	47	Centene Corp.1		2,465
	76	Cerner Corp.		5,571
	39	Cigna Corp.		6,145
	15	Cooper Cos., Inc. (The)		5,053
	76	CVS Health Corp.		4,141
	204	Danaher Corp.		29,156
	65	DENTSPLY SIRONA, Inc.		3,793
	25	DexCom, Inc.1		3,746
	52	Edwards Lifesciences Corp.1		9,607
	72	HCA Healthcare, Inc.		9,732

The accompanying notes are an integral part of these financial statements.

23

Invesco Russell 1000^® Momentum Factor ETF (OMOM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services (continued)
	41	Henry Schein, Inc.1	$	2,866
	14	Hill-Rom Holdings, Inc.		1,465
	63	Hologic, Inc.1		3,025
	10	Humana, Inc.		2,653
	19	IDEXX Laboratories, Inc.1		5,231
	12	Insulet Corp.1		1,433
	19	Intuitive Surgical, Inc.1		9,967
	9	Laboratory Corp. of America Holdings1		1,556
	16	Masimo Corp.1		2,381
	16	McKesson Corp.		2,150
	14	Medidata Solutions, Inc.1		1,267
	255	Medtronic PLC		24,834
	21	Molina Healthcare, Inc.1		3,006
	15	Quest Diagnostics, Inc.		1,527
	31	ResMed, Inc.		3,783
	26	STERIS PLC		3,871
	80	Stryker Corp.		16,446
	9	Teleflex, Inc.		2,980
	134	UnitedHealth Group, Inc.		32,697
	17	Universal Health Services, Inc., Class B		2,217
	19	Varian Medical Systems, Inc.1		2,587
	48	Veeva Systems, Inc., Class A1		7,781
	13	WellCare Health Plans, Inc.1		3,706
	19	West Pharmaceutical Services, Inc.		2,378
	39	Zimmer Biomet Holdings, Inc.		4,592
		Total Health Care Equipment & Services		321,843
		Household & Personal Products—2.6%
	89	Church & Dwight Co., Inc.		6,502
	34	Clorox Co. (The)		5,206
	213	Colgate-Palmolive Co.		15,266
	46	Estee Lauder Cos., Inc., (The), Class A		8,423
	108	Kimberly-Clark Corp.		14,394
	882	Procter & Gamble Co. (The)		96,711
		Total Household & Personal Products		146,502
		Insurance—3.0%
	194	Aflac, Inc.		10,633
	4	Alleghany Corp.1		2,725
	64	Allstate Corp. (The)		6,508
	132	American International Group, Inc.		7,033
	78	Aon PLC		15,052
	118	Arch Capital Group Ltd.1		4,375
	59	Arthur J. Gallagher & Co.		5,168
	59	Brown & Brown, Inc.		1,977
	113	Chubb Ltd.		16,644
	55	Cincinnati Financial Corp.		5,702
	9	Erie Indemnity Co., Class A		2,289
	10	Everest Re Group Ltd.		2,472
	54	Fidelity National Financial, Inc.		2,176
	24	First American Financial Corp.		1,289
	65	Hartford Financial Services Group, Inc. (The)		3,622
	16	Kemper Corp.		1,381
	31	Lincoln National Corp.		1,998
	51	Loews Corp.		2,788
	2	Markel Corp.1		2,179
	140	Marsh & McLennan Cos., Inc.		13,965
	166	MetLife, Inc.		8,245
	63	Old Republic International Corp.		1,410

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	12	Primerica, Inc.	$	1,439
	47	Principal Financial Group, Inc.		2,722
	188	Progressive Corp. (The)		15,027
	77	Prudential Financial, Inc.		7,777
	13	Reinsurance Group of America, Inc.		2,028
	15	RenaissanceRe Holdings Ltd.		2,670
	21	Torchmark Corp.		1,879
	69	Travelers Cos., Inc. (The)		10,317
	44	W.R. Berkley Corp.		2,901
	34	Willis Towers Watson PLC		6,512
		Total Insurance		172,903
		Materials—2.2%
	72	Air Products & Chemicals, Inc.		16,299
	18	AptarGroup, Inc.		2,238
	13	Avery Dennison Corp.		1,504
	124	Ball Corp.		8,679
	26	Berry Global Group, Inc.1		1,367
	13	Celanese Corp.		1,401
	35	CF Industries Holdings, Inc.		1,635
	141	Corteva, Inc.1		4,169
	43	Crown Holdings, Inc.1		2,627
	141	Dow, Inc.		6,953
	25	DuPont de Nemours, Inc.		1,877
	77	Ecolab, Inc.		15,203
	21	FMC Corp.		1,742
	25	International Flavors & Fragrances, Inc.		3,627
	33	International Paper Co.		1,430
	153	Linde PLC		30,722
	9	Martin Marietta Materials, Inc.		2,071
	67	Newmont Goldcorp Corp.		2,577
	51	PPG Industries, Inc.		5,952
	32	RPM International, Inc.		1,956
	19	Sherwin-Williams Co. (The)		8,708
	29	Sonoco Products Co.		1,895
	22	Vulcan Materials Co.		3,021
		Total Materials		127,653
		Media & Entertainment—7.1%
	52	Alphabet, Inc., Class A1		56,306
	53	Alphabet, Inc., Class C1		57,288
	114	Altice USA, Inc., Class A1		2,776
	2	Cable One, Inc.		2,342
	33	CBS Corp., Class B		1,647
	52	Charter Communications, Inc., Class A1		20,549
	1,479	Comcast Corp., Class A		62,532
	67	Discovery, Inc., Class C1		1,906
	41	DISH Network Corp., Class A1		1,575
	331	Facebook, Inc., Class A1		63,883
	66	Fox Corp., Class A		2,418
	33	GCI Liberty, Inc., Class A1		2,028
	27	IAC/InterActiveCorp1		5,873
	62	Interpublic Group of Cos., Inc. (The)		1,401
	35	Liberty Broadband Corp., Class C1		3,648
	45	Liberty Media Corp.-Liberty Formula One, Class C1		1,683
	44	Live Nation Entertainment, Inc.1		2,915
	4	Madison Square Garden Co. (The), Class A1		1,120
	21	Match Group, Inc.		1,413
	49	Netflix, Inc.1		17,999

The accompanying notes are an integral part of these financial statements.

24

Invesco Russell 1000^® Momentum Factor ETF (OMOM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Media & Entertainment (continued)
	55	New York Times Co., (The), Class A	$	1,794
	16	Nexstar Media Group, Inc., Class A		1,616
	48	Omnicom Group, Inc.		3,934
	11	Take-Two Interactive Software, Inc.1		1,249
	26	Tribune Media Co., Class A		1,202
	56	Twitter, Inc.1		1,954
	58	Viacom, Inc., Class B		1,732
	541	Walt Disney Co. (The)		75,545
	301	Zynga, Inc., Class A1		1,845
		Total Media & Entertainment		402,173
		Pharmaceuticals, Biotechnology & Life Sciences—8.3%
	121	AbbVie, Inc.		8,799
	64	Agilent Technologies, Inc.		4,779
	47	Alexion Pharmaceuticals, Inc.1		6,156
	25	Allergan PLC		4,186
	84	Amgen, Inc.		15,479
	10	Biogen, Inc.1		2,339
	21	BioMarin Pharmaceutical, Inc.1		1,799
	11	Bio-Techne Corp.		2,293
	170	Bristol-Myers Squibb Co.		7,709
	33	Bruker Corp.		1,648
	33	Catalent, Inc.1		1,789
	206	Celgene Corp.1		19,043
	11	Charles River Laboratories International, Inc.1		1,561
	69	Elanco Animal Health, Inc.1		2,332
	295	Eli Lilly & Co.		32,683
	45	Exact Sciences Corp.1		5,312
	194	Gilead Sciences, Inc.		13,107
	66	Horizon Therapeutics PLC1		1,588
	31	Illumina, Inc.1		11,413
	35	Incyte Corp.1		2,974
	46	Ionis Pharmaceuticals, Inc.1		2,956
	58	IQVIA Holdings, Inc.1		9,332
	689	Johnson & Johnson		95,964
	831	Merck & Co., Inc.		69,679
	7	Mettler-Toledo International, Inc.1		5,880
	26	PerkinElmer, Inc.		2,505
	1,520	Pfizer, Inc.		65,846
	37	QIAGEN NV1		1,500
	12	Regeneron Pharmaceuticals, Inc.1		3,756
	9	Sage Therapeutics, Inc.1		1,648
	20	Sarepta Therapeutics, Inc.1		3,039
	20	Seattle Genetics, Inc.1		1,384
	116	Thermo Fisher Scientific, Inc.		34,067
	57	Vertex Pharmaceuticals, Inc.1		10,453
	13	Waters Corp.1		2,798
	124	Zoetis, Inc.		14,073
		Total Pharmaceuticals, Biotechnology & Life Sciences		471,869
		Real Estate—4.6%
	30	Alexandria Real Estate Equities, Inc.		4,233
	34	American Campus Communities, Inc.		1,569
	66	American Homes 4 Rent, Class A		1,604
	160	American Tower Corp.		32,712
	70	Americold Realty Trust		2,269
	46	Apartment Investment & Management Co., Class A		2,305
	42	AvalonBay Communities, Inc.		8,534

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	40	Boston Properties, Inc.	$	5,160
	72	Brixmor Property Group, Inc.		1,287
	25	Camden Property Trust		2,610
	51	CBRE Group, Inc., Class A1		2,616
	134	Crown Castle International Corp.		17,467
	43	CubeSmart		1,438
	28	CyrusOne, Inc.		1,616
	52	Digital Realty Trust, Inc.		6,125
	36	Douglas Emmett, Inc.		1,434
	85	Duke Realty Corp.		2,687
	24	EPR Properties		1,790
	26	Equinix, Inc.		13,112
	28	Equity LifeStyle Properties, Inc.		3,397
	111	Equity Residential		8,427
	20	Essex Property Trust, Inc.		5,839
	30	Extra Space Storage, Inc.		3,183
	18	Federal Realty Investment Trust		2,318
	57	Gaming and Leisure Properties, Inc.		2,222
	166	HCP, Inc.		5,309
	54	Healthcare Trust of America, Inc., Class A		1,481
	100	Host Hotels & Resorts, Inc.		1,822
	110	Invitation Homes, Inc.		2,940
	51	Iron Mountain, Inc.		1,596
	19	Kilroy Realty Corp.		1,402
	109	Kimco Realty Corp.		2,014
	24	Lamar Advertising Co., Class A		1,937
	36	Liberty Property Trust		1,801
	134	Medical Properties Trust, Inc.		2,337
	34	Mid-America Apartment Communities, Inc.		4,004
	53	National Retail Properties, Inc.		2,810
	69	Omega Healthcare Investors, Inc.		2,536
	48	Outfront Media, Inc.		1,238
	44	Park Hotels & Resorts, Inc.		1,213
	185	Prologis, Inc.		14,818
	34	Public Storage		8,098
	107	Realty Income Corp.		7,380
	44	Regency Centers Corp.		2,937
	38	SBA Communications Corp.1		8,544
	72	Simon Property Group, Inc.		11,503
	69	STORE Capital Corp.		2,290
	28	Sun Communities, Inc.		3,589
	86	UDR, Inc.		3,861
	111	Ventas, Inc.		7,587
	307	VEREIT, Inc.		2,766
	109	VICI Properties, Inc.		2,402
	26	Vornado Realty Trust		1,667
	146	Welltower, Inc.		11,903
	53	WP Carey, Inc.		4,303
		Total Real Estate		264,042
		Retailing—6.1%
	18	Advance Auto Parts, Inc.		2,775
	92	Amazon.com, Inc.1		174,214
	9	AutoZone, Inc.1		9,895
	31	Best Buy Co., Inc.		2,162
	4	Booking Holdings, Inc.1		7,499
	14	Burlington Stores, Inc.1		2,382
	34	CarMax, Inc.1		2,952
	79	Dollar General Corp.		10,678

The accompanying notes are an integral part of these financial statements.

25

Invesco Russell 1000^® Momentum Factor ETF (OMOM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	60	Dollar Tree, Inc.1	$	6,443
	117	eBay, Inc.		4,621
	43	Etsy, Inc.1		2,639
	16	Expedia Group, Inc.		2,128
	17	Five Below, Inc.1		2,040
	28	Genuine Parts Co.		2,900
	173	Home Depot, Inc. (The)		35,979
	193	Lowe’s Cos., Inc.		19,476
	17	Ollie’s Bargain Outlet Holdings, Inc.1		1,481
	23	O’Reilly Automotive, Inc.1		8,494
	11	Pool Corp.		2,101
	93	Ross Stores, Inc.		9,218
	70	Target Corp.		6,063
	301	TJX Cos., Inc. (The)		15,917
	41	Tractor Supply Co.		4,461
	20	Ulta Beauty, Inc.1		6,938
	21	Wayfair, Inc., Class A1		3,066
		Total Retailing		346,522
		Semiconductors & Semiconductor Equipment—2.7%
	375	Advanced Micro Devices, Inc.1		11,389
	64	Analog Devices, Inc.		7,224
	97	Applied Materials, Inc.		4,356
	91	Broadcom, Inc.		26,195
	33	Cree, Inc.1		1,854
	21	First Solar, Inc.1		1,379
	365	Intel Corp.		17,472
	26	KLA-Tencor Corp.		3,073
	35	Lam Research Corp.		6,574
	129	Marvell Technology Group Ltd.		3,079
	29	Maxim Integrated Products, Inc.		1,735
	18	Microchip Technology, Inc.		1,561
	9	NVIDIA Corp.		1,478
	427	QUALCOMM, Inc.		32,482
	46	Teradyne, Inc.		2,204
	131	Texas Instruments, Inc.		15,034
	16	Universal Display Corp.		3,009
	35	Versum Materials, Inc.		1,805
	93	Xilinx, Inc.		10,967
		Total Semiconductors & Semiconductor Equipment		152,870
		Software & Services—17.1%
	150	Accenture PLC, Class A		27,715
	115	Adobe, Inc.1		33,885
	22	Akamai Technologies, Inc.1		1,763
	17	Alteryx, Inc., Class A1		1,855
	17	ANSYS, Inc.1		3,482
	19	Aspen Technology, Inc.1		2,361
	39	Atlassian Corp. PLC, Class A1		5,103
	68	Autodesk, Inc.1		11,077
	118	Automatic Data Processing, Inc.		19,509
	31	Black Knight, Inc.1		1,865
	47	Booz Allen Hamilton Holding Corp.		3,112
	25	Broadridge Financial Solutions, Inc.		3,192
	7	CACI International, Inc., Class A1		1,432
	102	Cadence Design Systems, Inc.1		7,223
	14	Citrix Systems, Inc.		1,374
	26	Cognizant Technology Solutions Corp., Class A		1,648
	23	Coupa Software, Inc.1		2,912

Shares			Value
		Common Stocks (continued)
		Software & Services (continued)
	18	EPAM Systems, Inc.1	$	3,116
	19	Euronet Worldwide, Inc.1		3,197
	10	Fair Isaac Corp.1		3,140
	77	Fidelity National Information Services, Inc.		9,446
	161	First Data Corp., Class A1		4,358
	99	Fiserv, Inc.1		9,025
	28	FleetCor Technologies, Inc.1		7,864
	45	Fortinet, Inc.1		3,457
	21	Gartner, Inc.1		3,380
	45	Genpact Ltd.		1,714
	49	Global Payments, Inc.		7,846
	32	GoDaddy, Inc., Class A1		2,245
	21	Guidewire Software, Inc.1		2,129
	14	HubSpot, Inc.1		2,387
	134	International Business Machines Corp.		18,479
	69	Intuit, Inc.		18,032
	15	Jack Henry & Associates, Inc.		2,009
	43	Leidos Holdings, Inc.		3,434
	21	Manhattan Associates, Inc.1		1,456
	282	Mastercard, Inc., Class A		74,597
	2,451	Microsoft Corp.		328,336
	9	MongoDB, Inc.1		1,369
	88	Nuance Communications, Inc.1		1,405
	38	Okta, Inc.1		4,693
	647	Oracle Corp.		36,860
	18	Palo Alto Networks, Inc.1		3,668
	101	Paychex, Inc.		8,311
	18	Paycom Software, Inc.1		4,081
	389	PayPal Holdings, Inc.1		44,525
	36	Red Hat, Inc.1		6,759
	26	RingCentral, Inc., Class A1		2,988
	176	salesforce.com, Inc.1		26,704
	66	ServiceNow, Inc.1		18,122
	29	Smartsheet, Inc., Class A1		1,404
	41	Splunk, Inc.1		5,156
	59	Square, Inc., Class A1		4,279
	52	SS&C Technologies Holdings, Inc.		2,996
	82	Symantec Corp.		1,784
	50	Synopsys, Inc.1		6,434
	21	Tableau Software, Inc., Class A1		3,486
	48	Total System Services, Inc.		6,157
	14	Trade Desk, Inc. (The), Class A1		3,189
	43	Twilio, Inc., Class A1		5,863
	36	VeriSign, Inc.1		7,530
	511	Visa, Inc., Class A		88,684
	29	VMware, Inc., Class A		4,849
	64	Western Union Co. (The)		1,273
	9	WEX, Inc.1		1,873
	60	Workday, Inc., Class A1		12,335
	109	Worldpay, Inc., Class A1		13,358
	39	Zendesk, Inc.1		3,472
	23	Zscaler, Inc.1		1,763
		Total Software & Services		974,525
		Technology Hardware & Equipment—5.2%
	51	Amphenol Corp., Class A		4,893
	828	Apple, Inc.		163,878
	6	Arista Networks, Inc.1		1,558
	43	CDW Corp.		4,773

The accompanying notes are an integral part of these financial statements.

26

Invesco Russell 1000^® Momentum Factor ETF (OMOM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Technology Hardware & Equipment (continued)
	54	Ciena Corp.1	$	2,221
	1,443	Cisco Systems, Inc.		78,975
	152	Corning, Inc.		5,051
	54	Dell Technologies, Inc., Class C1		2,743
	182	Hewlett Packard Enterprise Co.		2,721
	117	HP, Inc.		2,432
	46	Juniper Networks, Inc.		1,225
	63	Keysight Technologies, Inc.1		5,658
	53	Motorola Solutions, Inc.		8,837
	29	NetApp, Inc.		1,789
	62	Trimble, Inc.1		2,797
	19	ViaSat, Inc.1		1,536
	55	Xerox Corp.		1,947
	14	Zebra Technologies Corp., Class A1		2,933
		Total Technology Hardware & Equipment		295,967
		Telecommunication Services—2.2%
	1,337	AT&T, Inc.		44,803
	96	T-Mobile US, Inc.1		7,117
	1,284	Verizon Communications, Inc.		73,355
		Total Telecommunication Services		125,275
		Transportation—1.8%
	21	Alaska Air Group, Inc.		1,342
	17	C.H. Robinson Worldwide, Inc.		1,434
	214	CSX Corp.		16,557
	106	Delta Air Lines, Inc.		6,016
	27	Expeditors International of Washington, Inc.		2,048
	24	Kansas City Southern		2,924
	89	Norfolk Southern Corp.		17,740
	86	Southwest Airlines Co.		4,367
	34	Uber Technologies, Inc.1		1,577
	203	Union Pacific Corp.		34,329
	56	United Continental Holdings, Inc.1		4,903
	72	United Parcel Service, Inc., Class B		7,436
		Total Transportation		100,673
		Utilities—4.5%
	213	AES Corp.		3,570
	72	Alliant Energy Corp.		3,534
	82	Ameren Corp.		6,159
	169	American Electric Power Co., Inc.		14,874
	64	American Water Works Co., Inc.		7,424
	61	Aqua America, Inc.		2,524
	33	Atmos Energy Corp.		3,483
	141	CenterPoint Energy, Inc.		4,037
	93	CMS Energy Corp.		5,386
	96	Consolidated Edison, Inc.		8,417
	219	Dominion Energy, Inc.		16,933
	62	DTE Energy Co.		7,928
	215	Duke Energy Corp.		18,972
	60	Edison International		4,045
	62	Entergy Corp.		6,382
	61	Evergy, Inc.		3,669
	110	Eversource Energy		8,334
	282	Exelon Corp.		13,519
	167	FirstEnergy Corp.		7,149
	35	Hawaiian Electric Industries, Inc.		1,524
	14	IDACORP, Inc.		1,406
	150	NextEra Energy, Inc.		30,729

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	106	NiSource, Inc.	$	3,053
	56	NRG Energy, Inc.		1,967
	63	OGE Energy Corp.		2,681
	36	Pinnacle West Capital Corp.		3,387
	184	PPL Corp.		5,706
	138	Public Service Enterprise Group, Inc.		8,117
	78	Sempra Energy		10,720
	327	Southern Co. (The)		18,077
	40	UGI Corp.		2,136
	83	Vistra Energy Corp.		1,879
	109	WEC Energy Group, Inc.		9,087
	177	Xcel Energy, Inc.		10,530
		Total Utilities		257,338
		Total Common Stocks (Cost $4,779,238)		5,693,275
		Money Market Fund—0.1%
	8,502	Premier U.S. Government Money Portfolio, 2.26%3 (Cost $8,502)		8,502
		Investment of Cash Collateral for Securities Loaned—0.3%
	14,488	Invesco Government & Agency Portfolio—Institutional Class, 2.27%3,4		14,488
	4,212	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%3,4		4,213
		Total Investment of Cash Collateral for Securities Loaned (Cost $18,701)		18,701
		Total Investments—100.5% (Cost $4,806,441)		5,720,478
		Liabilities in Excess of Other Assets—(0.5)%		(30,169	)
		Net Assets—100.0%	$	5,690,309

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $2,417; total value of the collateral held by the Fund was $18,701.

³  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 June 30, 2019.

⁴  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.

The accompanying notes are an integral part of these financial statements.

27

Schedule of Investments

Invesco Russell 1000^® Value Factor ETF (OVLU)

June 30, 2019

Shares			Value
		Common Stocks—100.1%
		Automobiles & Components—1.7%
	113	Aptiv PLC	$	9,134
	131	BorgWarner, Inc.		5,499
	2,645	Ford Motor Co.		27,058
	839	General Motors Co.		32,327
	96	Gentex Corp.		2,363
	157	Goodyear Tire & Rubber Co. (The)		2,402
	101	Harley-Davidson, Inc.		3,619
	42	Lear Corp.		5,849
	36	Thor Industries, Inc.		2,104
		Total Automobiles & Components		90,355
		Banks—10.2%
	81	Associated Banc-Corp.		1,712
	4,472	Bank of America Corp.		129,688
	14	Bank of Hawaii Corp.		1,161
	67	Bank OZK		2,016
	59	BankUnited, Inc.		1,991
	322	BB&T Corp.		15,820
	57	CIT Group, Inc.		2,995
	1,468	Citigroup, Inc.		102,804
	226	Citizens Financial Group, Inc.		7,991
	79	Comerica, Inc.		5,739
	30	Commerce Bancshares, Inc.		1,790
	20	Cullen/Frost Bankers, Inc.		1,873
	72	East West Bancorp, Inc.		3,367
	170	F.N.B. Corp.		2,001
	369	Fifth Third Bancorp		10,295
	3	First Citizens BancShares, Inc., Class A		1,351
	49	First Hawaiian, Inc.		1,268
	138	First Horizon National Corp.		2,060
	39	First Republic Bank		3,808
	490	Huntington Bancshares, Inc.		6,772
	534	KeyCorp		9,479
	50	M&T Bank Corp.		8,504
	179	MGIC Investment Corp.1		2,352
	187	New York Community Bancorp, Inc.		1,866
	57	PacWest Bancorp		2,213
	138	People’s United Financial, Inc.		2,316
	30	Pinnacle Financial Partners, Inc.		1,724
	201	PNC Financial Services Group, Inc. (The)		27,593
	55	Popular, Inc.		2,983
	19	Prosperity Bancshares, Inc.		1,255
	557	Regions Financial Corp.		8,322
	20	Signature Bank		2,417
	89	Sterling Bancorp		1,894
	186	SunTrust Banks, Inc.		11,690
	19	SVB Financial Group1		4,267
	57	Synovus Financial Corp.		1,995
	85	TCF Financial Corp.		1,767
	621	U.S. Bancorp		32,540
	102	Umpqua Holdings Corp.		1,692
	37	Webster Financial Corp.		1,767
	2,243	Wells Fargo & Co.		106,139
	43	Western Alliance Bancorp1		1,923
	22	Wintrust Financial Corp.		1,610
	91	Zions Bancorp NA		4,184
		Total Banks		548,994

Shares			Value
		Common Stocks (continued)
		Capital Goods—6.9%
	52	A.O. Smith Corp.	$	2,452
	15	Acuity Brands, Inc.		2,069
	97	AECOM1		3,671
	36	AGCO Corp.		2,793
	68	Air Lease Corp.		2,811
	20	Allegion PLC		2,211
	59	Allison Transmission Holdings, Inc.		2,735
	46	AMETEK, Inc.		4,179
	175	Arconic, Inc.		4,518
	19	Carlisle Cos., Inc.		2,668
	259	Caterpillar, Inc.		35,299
	21	Crane Co.		1,752
	78	Cummins, Inc.		13,365
	13	Curtiss-Wright Corp.		1,653
	112	Deere & Co.		18,560
	26	Donaldson Co., Inc.		1,322
	39	Dover Corp.		3,908
	164	Eaton Corp. PLC		13,658
	188	Emerson Electric Co.		12,543
	111	Fastenal Co.		3,617
	25	Flowserve Corp.		1,317
	82	Fluor Corp.		2,763
	107	Fortive Corp.		8,723
	56	Fortune Brands Home & Security, Inc.		3,199
	99	General Dynamics Corp.		18,000
	32	Graco, Inc.		1,606
	66	HD Supply Holdings, Inc.1		2,658
	21	Hexcel Corp.		1,698
	20	Hubbell, Inc.		2,608
	21	Huntington Ingalls Industries, Inc.		4,720
	13	IDEX Corp.		2,238
	60	Ingersoll-Rand PLC		7,600
	29	ITT, Inc.		1,899
	54	Jacobs Engineering Group, Inc.		4,557
	365	Johnson Controls International PLC		15,078
	36	L3 Technologies, Inc.		8,826
	7	Lennox International, Inc.		1,925
	20	Lincoln Electric Holdings, Inc.		1,646
	129	Masco Corp.		5,062
	13	Middleby Corp. (The)1		1,764
	18	MSC Industrial Direct Co., Inc., Class A		1,337
	15	Nordson Corp.		2,120
	54	Northrop Grumman Corp.		17,448
	53	nVent Electric PLC		1,314
	40	Oshkosh Corp.		3,340
	66	Owens Corning		3,841
	188	PACCAR, Inc.		13,472
	52	Parker-Hannifin Corp.		8,841
	56	Pentair PLC		2,083
	83	Quanta Services, Inc.		3,170
	90	Raytheon Co.		15,649
	22	Regal Beloit Corp.		1,798
	76	Resideo Technologies, Inc.1		1,666
	35	Rockwell Automation, Inc.		5,734
	61	Sensata Technologies Holding PLC1		2,989
	21	Snap-on, Inc.		3,478
	45	Spirit AeroSystems Holdings, Inc., Class A		3,662
	46	Stanley Black & Decker, Inc.		6,652

The accompanying notes are an integral part of these financial statements.

28

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	8	Teledyne Technologies, Inc.1	$	2,191
	137	Textron, Inc.		7,266
	35	Timken Co. (The)		1,797
	25	Toro Co. (The)		1,672
	55	Trinity Industries, Inc.		1,141
	52	United Rentals, Inc.1		6,897
	97	Univar, Inc.1		2,138
	16	W.W. Grainger, Inc.		4,292
	17	WABCO Holdings, Inc.1		2,254
	25	Wabtec Corp.2		1,794
	8	Watsco, Inc.		1,308
	30	WESCO International, Inc.1		1,519
	10	Woodward, Inc.		1,132
	39	Xylem, Inc.		3,262
		Total Capital Goods		370,928
		Commercial & Professional Services—0.5%
	14	Cintas Corp.		3,322
	18	Clean Harbors, Inc.1		1,280
	26	Copart, Inc.1		1,943
	3	CoStar Group, Inc.1		1,662
	19	Equifax, Inc.		2,570
	43	IAA, Inc.1		1,668
	43	KAR Auction Services, Inc.		1,075
	39	ManpowerGroup, Inc.		3,767
	55	Republic Services, Inc.		4,765
	51	Robert Half International, Inc.		2,908
	28	TransUnion		2,058
		Total Commercial & Professional Services		27,018
		Consumer Durables & Apparel—1.5%
	46	Brunswick Corp.		2,111
	84	Capri Holdings Ltd.1		2,913
	20	Carter’s, Inc.		1,951
	149	D.R. Horton, Inc.		6,426
	33	Garmin Ltd.		2,633
	209	Hanesbrands, Inc.		3,599
	22	Hasbro, Inc.		2,325
	57	Leggett & Platt, Inc.		2,187
	163	Lennar Corp., Class A		7,899
	15	Lululemon Athletica, Inc.1		2,703
	32	Mohawk Industries, Inc.1		4,719
	76	Newell Brands, Inc.		1,172
	1	NVR, Inc.1		3,370
	29	Polaris Industries, Inc.		2,646
	161	PulteGroup, Inc.		5,091
	46	PVH Corp.		4,354
	21	Ralph Lauren Corp.		2,385
	66	Skechers U.S.A., Inc., Class A1		2,078
	129	Tapestry, Inc.		4,093
	85	Toll Brothers, Inc.		3,113
	71	VF Corp.		6,202
	36	Whirlpool Corp.		5,125
		Total Consumer Durables & Apparel		79,095
		Consumer Services—2.1%
	136	Aramark		4,904
	8	Bright Horizons Family Solutions, Inc.1		1,207
	291	Caesars Entertainment Corp.1		3,440
	195	Carnival Corp.		9,077

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	3	Chipotle Mexican Grill, Inc.1	$	2,199
	33	Darden Restaurants, Inc.		4,017
	7	Domino’s Pizza, Inc.		1,948
	15	Dunkin’ Brands Group, Inc.		1,195
	64	Extended Stay America, Inc.		1,081
	2	Graham Holdings Co., Class B		1,380
	113	H&R Block, Inc.		3,311
	115	Las Vegas Sands Corp.		6,795
	210	MGM Resorts International		6,000
	109	Norwegian Cruise Line Holdings Ltd.1		5,846
	71	Royal Caribbean Cruises Ltd.		8,606
	52	Service Corp. International		2,432
	27	Six Flags Entertainment Corp.		1,341
	410	Starbucks Corp.		34,370
	8	Vail Resorts, Inc.		1,785
	70	Wendy’s Co. (The)		1,371
	44	Wyndham Destinations, Inc.		1,932
	24	Wynn Resorts Ltd.		2,976
	114	Yum China Holdings, Inc.		5,267
		Total Consumer Services		112,480
		Diversified Financials—6.2%
	29	Affiliated Managers Group, Inc.		2,672
	124	AGNC Investment Corp.		2,086
	263	Ally Financial, Inc.		8,150
	241	American Express Co.		29,749
	74	Ameriprise Financial, Inc.		10,742
	436	Annaly Capital Management, Inc.		3,981
	168	AXA Equitable Holdings, Inc.		3,511
	424	Bank of New York Mellon Corp. (The)		18,720
	312	Capital One Financial Corp.		28,311
	20	Cboe Global Markets, Inc.		2,073
	575	Charles Schwab Corp. (The)		23,109
	79	Chimera Investment Corp.		1,491
	3	Credit Acceptance Corp.1		1,451
	192	Discover Financial Services		14,897
	114	E*TRADE Financial Corp.		5,084
	34	Eaton Vance Corp.		1,466
	26	Evercore, Inc., Class A		2,303
	5	FactSet Research Systems, Inc.		1,433
	138	Franklin Resources, Inc.		4,802
	219	Goldman Sachs Group, Inc. (The)		44,807
	44	Interactive Brokers Group, Inc., Class A		2,385
	191	Invesco Ltd.3		3,908
	92	Janus Henderson Group PLC		1,969
	133	Jefferies Financial Group, Inc.		2,557
	69	Lazard Ltd., Class A		2,373
	34	Legg Mason, Inc.		1,301
	33	LPL Financial Holdings, Inc.		2,692
	4	MarketAxess Holdings, Inc.		1,286
	642	Morgan Stanley		28,126
	11	MSCI, Inc.		2,627
	29	Nasdaq, Inc.		2,789
	142	Navient Corp.		1,938
	81	New Residential Investment Corp.		1,247
	74	Northern Trust Corp.		6,660
	43	OneMain Holdings, Inc.		1,454
	65	Raymond James Financial, Inc.		5,496
	70	Santander Consumer USA Holdings, Inc.		1,677

The accompanying notes are an integral part of these financial statements.

29

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Diversified Financials (continued)
	37	SEI Investments Co.	$	2,076
	85	Starwood Property Trust, Inc.		1,931
	245	State Street Corp.		13,735
	457	Synchrony Financial		15,844
	68	T. Rowe Price Group, Inc.		7,460
	65	TD Ameritrade Holding Corp.		3,245
	94	Voya Financial, Inc.		5,198
		Total Diversified Financials		330,812
		Energy—11.0%
	172	Anadarko Petroleum Corp.		12,136
	228	Apache Corp.		6,605
	153	Baker Hughes a GE Co.		3,768
	121	Cabot Oil & Gas Corp.		2,778
	74	Cheniere Energy, Inc.1		5,065
	880	Chesapeake Energy Corp.1,2		1,716
	907	Chevron Corp.		112,867
	64	Cimarex Energy Co.		3,797
	94	Concho Resources, Inc.		9,699
	628	ConocoPhillips		38,308
	49	Continental Resources, Inc.1		2,063
	278	Devon Energy Corp.		7,929
	44	Diamondback Energy, Inc.		4,795
	261	EOG Resources, Inc.		24,315
	104	EQT Corp.		1,644
	71	Equitrans Midstream Corp.		1,399
	2,039	Exxon Mobil Corp.		156,249
	524	Halliburton Co.		11,916
	23	Helmerich & Payne, Inc.		1,164
	49	Hess Corp.		3,115
	107	HollyFrontier Corp.		4,952
	546	Kinder Morgan, Inc.		11,401
	521	Marathon Oil Corp.		7,403
	440	Marathon Petroleum Corp.		24,587
	98	Murphy Oil Corp.		2,416
	101	National Oilwell Varco, Inc.		2,245
	166	Noble Energy, Inc.		3,718
	434	Occidental Petroleum Corp.		21,822
	120	ONEOK, Inc.		8,257
	131	Parsley Energy, Inc., Class A1		2,490
	80	PBF Energy, Inc., Class A		2,504
	307	Phillips 66		28,717
	58	Pioneer Natural Resources Co.		8,924
	533	Schlumberger Ltd.		21,182
	82	Targa Resources Corp.		3,219
	277	Valero Energy Corp.		23,714
	180	WPX Energy, Inc.1		2,072
		Total Energy		590,951
		Food & Staples Retailing—3.5%
	23	Casey’s General Stores, Inc.		3,588
	166	Costco Wholesale Corp.		43,867
	537	Kroger Co. (The)		11,658
	73	Sprouts Farmers Market, Inc.1		1,379
	220	Sysco Corp.		15,558
	133	US Foods Holding Corp.1		4,756
	518	Walgreens Boots Alliance, Inc.		28,319
	695	Walmart, Inc.		76,791
		Total Food & Staples Retailing		185,916

Shares			Value
		Common Stocks (continued)
		Food, Beverage & Tobacco—2.2%
	625	Altria Group, Inc.	$	29,594
	236	Archer-Daniels-Midland Co.		9,629
	26	Brown-Forman Corp., Class B		1,441
	41	Bunge Ltd.		2,284
	56	Campbell Soup Co.		2,244
	146	Conagra Brands, Inc.		3,872
	57	Constellation Brands, Inc., Class A		11,225
	58	Flowers Foods, Inc.		1,350
	207	General Mills, Inc.		10,872
	33	Hershey Co. (The)		4,423
	70	Hormel Foods Corp.2		2,838
	38	Ingredion, Inc.		3,134
	32	JM Smucker Co. (The)		3,686
	102	Kellogg Co.		5,464
	42	Kraft Heinz Co. (The)		1,304
	33	Lamb Weston Holdings, Inc.		2,091
	20	McCormick & Co., Inc.		3,100
	103	Molson Coors Brewing Co., Class B		5,768
	21	Post Holdings, Inc.1		2,183
	30	TreeHouse Foods, Inc.1		1,623
	158	Tyson Foods, Inc., Class A		12,757
		Total Food, Beverage & Tobacco		120,882
		Health Care Equipment & Services—6.1%
	5	ABIOMED, Inc.1		1,302
	95	AmerisourceBergen Corp.		8,100
	107	Anthem, Inc.		30,197
	178	Cardinal Health, Inc.		8,384
	233	Centene Corp.1		12,219
	61	Cerner Corp.		4,471
	3	Chemed Corp.		1,083
	129	Cigna Corp.		20,324
	7	Cooper Cos., Inc. (The)		2,358
	746	CVS Health Corp.		40,650
	75	DaVita, Inc.1		4,220
	41	Encompass Health Corp.		2,598
	154	HCA Healthcare, Inc.		20,816
	68	Henry Schein, Inc.1		4,753
	15	Hill-Rom Holdings, Inc.		1,569
	23	Hologic, Inc.1		1,104
	68	Humana, Inc.		18,040
	9	IDEXX Laboratories, Inc.1		2,478
	36	Laboratory Corp. of America Holdings1		6,224
	118	McKesson Corp.		15,858
	54	MEDNAX, Inc.1		1,362
	31	Molina Healthcare, Inc.1		4,437
	48	Quest Diagnostics, Inc.		4,887
	20	ResMed, Inc.		2,441
	14	STERIS PLC		2,084
	6	Teleflex, Inc.		1,987
	362	UnitedHealth Group, Inc.		88,332
	41	Universal Health Services, Inc., Class B		5,346
	15	Varian Medical Systems, Inc.1		2,042
	11	Veeva Systems, Inc., Class A1		1,783
	18	WellCare Health Plans, Inc.1		5,131
	11	West Pharmaceutical Services, Inc.		1,377
		Total Health Care Equipment & Services		327,957

The accompanying notes are an integral part of these financial statements.

30

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Household & Personal Products—0.2%
	41	Church & Dwight Co., Inc.	$	2,995
	27	Clorox Co. (The)		4,134
	43	Herbalife Nutrition Ltd.1		1,839
	22	Nu Skin Enterprises, Inc., Class A		1,085
	23	Spectrum Brands Holdings, Inc.		1,237
		Total Household & Personal Products		11,290
		Insurance—5.0%
	360	Aflac, Inc.		19,732
	3	Alleghany Corp.1		2,043
	188	Allstate Corp. (The)		19,118
	42	American Financial Group, Inc.		4,304
	129	Arch Capital Group Ltd.1		4,783
	42	Arthur J. Gallagher & Co.		3,679
	29	Assurant, Inc.		3,085
	47	Assured Guaranty Ltd.		1,978
	103	Athene Holding Ltd., Class A1		4,435
	78	Brighthouse Financial, Inc.1		2,862
	49	Brown & Brown, Inc.		1,641
	149	Chubb Ltd.		21,946
	30	Cincinnati Financial Corp.		3,110
	9	Everest Re Group Ltd.		2,225
	100	Fidelity National Financial, Inc.		4,030
	58	First American Financial Corp.		3,115
	20	Hanover Insurance Group, Inc. (The)		2,566
	207	Hartford Financial Services Group, Inc. (The)		11,534
	21	Kemper Corp.		1,812
	130	Lincoln National Corp.		8,378
	153	Loews Corp.		8,365
	2	Markel Corp.1		2,179
	536	MetLife, Inc.		26,623
	126	Old Republic International Corp.		2,820
	15	Primerica, Inc.		1,799
	183	Principal Financial Group, Inc.		10,599
	254	Progressive Corp. (The)		20,302
	273	Prudential Financial, Inc.		27,573
	37	Reinsurance Group of America, Inc.		5,773
	14	RenaissanceRe Holdings Ltd.		2,492
	47	Torchmark Corp.		4,205
	117	Travelers Cos., Inc. (The)		17,494
	138	Unum Group		4,630
	45	W.R. Berkley Corp.		2,967
	27	Willis Towers Watson PLC		5,172
		Total Insurance		269,369
		Materials—4.2%
	44	Albemarle Corp.		3,098
	118	Alcoa Corp.1		2,762
	12	AptarGroup, Inc.		1,492
	17	Ashland Global Holdings, Inc.		1,360
	28	Avery Dennison Corp.		3,239
	73	Axalta Coating Systems Ltd.1		2,173
	84	Ball Corp.		5,879
	74	Berry Global Group, Inc.1		3,892
	27	Cabot Corp.		1,288
	63	Celanese Corp.		6,791
	88	CF Industries Holdings, Inc.		4,111
	110	Chemours Co. (The)		2,640
	64	Crown Holdings, Inc.1		3,910

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	41	Domtar Corp.	$	1,826
	500	Dow, Inc.		24,655
	437	DuPont de Nemours, Inc.		32,806
	86	Eastman Chemical Co.		6,693
	33	FMC Corp.		2,737
	976	Freeport-McMoRan, Inc.		11,331
	151	Huntsman Corp.		3,087
	16	International Flavors & Fragrances, Inc.		2,321
	258	International Paper Co.		11,177
	194	LyondellBasell Industries NV, Class A		16,709
	13	Martin Marietta Materials, Inc.		2,991
	193	Mosaic Co. (The)		4,831
	203	Nucor Corp.		11,185
	111	Olin Corp.		2,432
	105	Owens-Illinois, Inc.		1,813
	49	Packaging Corp. of America		4,671
	72	PPG Industries, Inc.		8,403
	42	Reliance Steel & Aluminum Co.		3,974
	41	RPM International, Inc.		2,506
	53	Sealed Air Corp.		2,267
	45	Silgan Holdings, Inc.		1,377
	40	Sonoco Products Co.		2,614
	143	Steel Dynamics, Inc.		4,319
	116	United States Steel Corp.		1,776
	79	Valvoline, Inc.		1,543
	24	Vulcan Materials Co.		3,295
	23	Westlake Chemical Corp.		1,598
	170	WestRock Co.		6,200
		Total Materials		223,772
		Media & Entertainment—3.2%
	105	Altice USA, Inc., Class A1		2,557
	28	AMC Networks, Inc., Class A1		1,526
	154	CBS Corp., Class B		7,685
	51	Charter Communications, Inc., Class A1		20,154
	45	Cinemark Holdings, Inc.		1,624
	1,853	Comcast Corp., Class A		78,345
	74	Discovery, Inc., Class A1,2		2,272
	174	Discovery, Inc., Class C1		4,950
	120	DISH Network Corp., Class A1		4,609
	113	Fox Corp., Class A		4,140
	53	Fox Corp., Class B		1,936
	14	IAC/InterActiveCorp1		3,045
	180	Interpublic Group of Cos., Inc. (The)		4,066
	23	John Wiley & Sons, Inc., Class A		1,055
	35	Liberty Media Corp.-Liberty SiriusXM, Class A1		1,323
	70	Liberty Media Corp.-Liberty SiriusXM, Class C1		2,659
	31	Live Nation Entertainment, Inc.1		2,054
	23	Nexstar Media Group, Inc., Class A		2,323
	103	Omnicom Group, Inc.		8,441
	27	Sinclair Broadcast Group, Inc., Class A		1,448
	353	Sirius XM Holdings, Inc.2		1,970
	11	Spotify Technology S.A.1		1,608
	22	Take-Two Interactive Software, Inc.1		2,498
	40	Tribune Media Co., Class A		1,849
	221	Viacom, Inc., Class B		6,601
		Total Media & Entertainment		170,738

The accompanying notes are an integral part of these financial statements.

31

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Pharmaceuticals, Biotechnology & Life Sciences—3.3%
	482	AbbVie, Inc.	$	35,051
	63	Agilent Technologies, Inc.		4,704
	230	Amgen, Inc.		42,384
	94	Biogen, Inc.1		21,984
	4	Bio-Rad Laboratories, Inc., Class A1		1,250
	27	Catalent, Inc.1		1,464
	12	Charles River Laboratories International, Inc.1		1,703
	49	Elanco Animal Health, Inc.1		1,656
	113	Exelixis, Inc.1		2,415
	442	Gilead Sciences, Inc.		29,861
	17	Incyte Corp.1		1,444
	22	Ionis Pharmaceuticals, Inc.1		1,414
	18	Jazz Pharmaceuticals PLC1		2,566
	4	Mettler-Toledo International, Inc.1		3,360
	320	Mylan NV1		6,093
	83	Nektar Therapeutics1		2,953
	17	PerkinElmer, Inc.		1,638
	43	Perrigo Co. PLC		2,048
	13	PRA Health Sciences, Inc.1		1,289
	31	QIAGEN NV1		1,257
	23	Regeneron Pharmaceuticals, Inc.1		7,199
	27	United Therapeutics Corp.1		2,108
	13	Waters Corp.1		2,798
		Total Pharmaceuticals, Biotechnology & Life Sciences		178,639
		Real Estate—1.7%
	14	Alexandria Real Estate Equities, Inc.		1,975
	45	Apartment Investment & Management Co., Class A		2,255
	75	Apple Hospitality REIT, Inc.		1,190
	26	Boston Properties, Inc.		3,354
	105	Brixmor Property Group, Inc.		1,877
	64	Brookfield Property REIT, Inc., Class A		1,209
	12	Camden Property Trust		1,253
	168	CBRE Group, Inc., Class A1		8,618
	49	Cousins Properties, Inc.		1,772
	58	Duke Realty Corp.		1,833
	17	EPR Properties		1,268
	11	Equity LifeStyle Properties, Inc.		1,335
	9	Essex Property Trust, Inc.		2,627
	19	Extra Space Storage, Inc.		2,016
	11	Federal Realty Investment Trust		1,416
	43	Gaming and Leisure Properties, Inc.		1,676
	124	HCP, Inc.		3,966
	65	Hospitality Properties Trust		1,625
	283	Host Hotels & Resorts, Inc.		5,156
	44	Invitation Homes, Inc.		1,176
	92	Iron Mountain, Inc.		2,880
	30	Jones Lang LaSalle, Inc.		4,221
	17	Kilroy Realty Corp.		1,255
	83	Kimco Realty Corp.		1,534
	18	Lamar Advertising Co., Class A		1,453
	23	Liberty Property Trust		1,151
	173	Medical Properties Trust, Inc.		3,017
	16	Mid-America Apartment Communities, Inc.		1,884
	26	National Retail Properties, Inc.		1,378
	41	Omega Healthcare Investors, Inc.		1,507
	78	Park Hotels & Resorts, Inc.		2,150
	39	Realty Income Corp.		2,690
	25	Regency Centers Corp.		1,669

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	16	SL Green Realty Corp.	$	1,286
	9	Sun Communities, Inc.		1,154
	35	UDR, Inc.		1,571
	89	VICI Properties, Inc.		1,962
	32	Vornado Realty Trust		2,051
	41	Weingarten Realty Investors		1,124
	194	Weyerhaeuser Co.		5,110
	23	WP Carey, Inc.		1,867
		Total Real Estate		90,511
		Retailing—3.5%
	23	Advance Auto Parts, Inc.		3,545
	36	AutoNation, Inc.1		1,510
	7	AutoZone, Inc.1		7,696
	151	Best Buy Co., Inc.		10,529
	18	Burlington Stores, Inc.1		3,063
	67	CarMax, Inc.1		5,818
	46	Dick’s Sporting Goods, Inc.		1,593
	85	Dollar General Corp.		11,489
	265	eBay, Inc.		10,467
	39	Expedia Group, Inc.		5,188
	73	Foot Locker, Inc.		3,060
	146	Gap, Inc. (The)		2,624
	65	Genuine Parts Co.		6,733
	110	Kohl’s Corp.		5,230
	152	L Brands, Inc.		3,967
	159	LKQ Corp.1		4,231
	281	Lowe’s Cos., Inc.		28,356
	209	Macy’s, Inc.		4,485
	73	Nordstrom, Inc.2		2,326
	7	Pool Corp.		1,337
	266	Qurate Retail, Inc.1		3,296
	305	Target Corp.		26,416
	30	Tiffany & Co.		2,809
	379	TJX Cos., Inc. (The)		20,041
	34	Tractor Supply Co.		3,699
	11	Ulta Beauty, Inc.1		3,816
	48	Urban Outfitters, Inc.1		1,092
	42	Williams-Sonoma, Inc.		2,730
		Total Retailing		187,146
		Semiconductors & Semiconductor Equipment—3.8%
	463	Applied Materials, Inc.		20,793
	103	Cypress Semiconductor Corp.		2,291
	35	Entegris, Inc.		1,306
	2,239	Intel Corp.		107,181
	48	KLA-Tencor Corp.		5,674
	70	Lam Research Corp.		13,149
	62	Marvell Technology Group Ltd.		1,480
	59	Maxim Integrated Products, Inc.		3,529
	49	Microchip Technology, Inc.		4,248
	747	Micron Technology, Inc.1		28,827
	25	MKS Instruments, Inc.		1,947
	221	ON Semiconductor Corp.1		4,467
	31	Qorvo, Inc.1		2,065
	75	Skyworks Solutions, Inc.		5,795
	44	Teradyne, Inc.		2,108
	22	Versum Materials, Inc.		1,135
		Total Semiconductors & Semiconductor Equipment		205,995

The accompanying notes are an integral part of these financial statements.

32

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Software & Services—3.0%
	33	Akamai Technologies, Inc.1	$	2,645
	30	Alliance Data Systems Corp.		4,204
	37	Amdocs Ltd.		2,297
	11	ANSYS, Inc.1		2,253
	21	Black Knight, Inc.1		1,263
	41	Booz Allen Hamilton Holding Corp.		2,715
	21	Broadridge Financial Solutions, Inc.		2,681
	8	CACI International, Inc., Class A1		1,637
	35	Cadence Design Systems, Inc.1		2,478
	38	CDK Global, Inc.		1,879
	32	Citrix Systems, Inc.		3,140
	176	Cognizant Technology Solutions Corp., Class A		11,157
	27	CoreLogic, Inc.1		1,129
	166	DXC Technology Co.		9,155
	7	EPAM Systems, Inc.1		1,212
	9	Euronet Worldwide, Inc.1		1,514
	271	First Data Corp., Class A1		7,336
	24	Fortinet, Inc.1		1,844
	11	Gartner, Inc.1		1,770
	38	Genpact Ltd.		1,447
	21	GoDaddy, Inc., Class A1		1,473
	458	International Business Machines Corp.		63,158
	11	Jack Henry & Associates, Inc.		1,473
	52	Leidos Holdings, Inc.		4,152
	10	Palo Alto Networks, Inc.1		2,038
	117	Sabre Corp.		2,597
	10	Splunk, Inc.1		1,258
	26	Square, Inc., Class A1		1,886
	30	SS&C Technologies Holdings, Inc.		1,728
	141	Symantec Corp.		3,068
	21	Synopsys, Inc.1		2,703
	28	Total System Services, Inc.		3,592
	13	VeriSign, Inc.1		2,719
	13	VMware, Inc., Class A		2,174
	207	Western Union Co. (The)		4,117
	7	WEX, Inc.1		1,457
		Total Software & Services		163,349
		Technology Hardware & Equipment—8.1%
	1,648	Apple, Inc.		326,172
	7	Arista Networks, Inc.1		1,817
	55	Arrow Electronics, Inc.1		3,920
	47	Avnet, Inc.		2,128
	56	CDW Corp.		6,216
	32	Ciena Corp.1		1,316
	11	Coherent, Inc.1		1,500
	105	CommScope Holding Co., Inc.1		1,652
	287	Corning, Inc.		9,537
	64	Dell Technologies, Inc., Class C1		3,251
	19	F5 Networks, Inc.1		2,767
	29	FLIR Systems, Inc.		1,569
	876	Hewlett Packard Enterprise Co.		13,096
	1,003	HP, Inc.		20,852
	9	IPG Photonics Corp.1		1,388
	100	Jabil, Inc.		3,160
	132	Juniper Networks, Inc.		3,515
	20	Keysight Technologies, Inc.1		1,796
	7	Littelfuse, Inc.		1,238
	54	NCR Corp.1		1,680

Shares			Value
		Common Stocks (continued)
		Technology Hardware & Equipment (continued)
	93	NetApp, Inc.	$	5,738
	24	SYNNEX Corp.		2,362
	47	Trimble, Inc.1		2,120
	198	Western Digital Corp.		9,415
	109	Xerox Corp.		3,860
	16	Zebra Technologies Corp., Class A1		3,352
		Total Technology Hardware & Equipment		435,417
		Telecommunication Services—5.0%
	4,143	AT&T, Inc.		138,832
	616	CenturyLink, Inc.		7,244
	292	Sprint Corp.1		1,918
	65	Telephone & Data Systems, Inc.		1,976
	96	T-Mobile US, Inc.1		7,117
	1,938	Verizon Communications, Inc.		110,718
	61	Zayo Group Holdings, Inc.1		2,008
		Total Telecommunication Services		269,813
		Transportation—3.0%
	66	Alaska Air Group, Inc.		4,218
	3	AMERCO		1,136
	269	American Airlines Group, Inc.		8,772
	67	C.H. Robinson Worldwide, Inc.		5,651
	14	Copa Holdings SA, Class A		1,366
	377	Delta Air Lines, Inc.		21,395
	51	Expeditors International of Washington, Inc.		3,869
	139	FedEx Corp.		22,822
	17	Genesee & Wyoming, Inc., Class A1		1,700
	39	JB Hunt Transport Services, Inc.		3,565
	181	JetBlue Airways Corp.1		3,347
	27	Kansas City Southern		3,289
	15	Kirby Corp.1		1,185
	75	Knight-Swift Transportation Holdings, Inc.		2,463
	17	Landstar System, Inc.		1,836
	29	Macquarie Infrastructure Corp.		1,176
	20	Old Dominion Freight Line, Inc.		2,985
	35	Ryder System, Inc.		2,041
	286	Southwest Airlines Co.		14,523
	162	United Continental Holdings, Inc.1		14,183
	348	United Parcel Service, Inc., Class B		35,938
	61	XPO Logistics, Inc.1,2		3,526
		Total Transportation		160,986
		Utilities—4.2%
	417	AES Corp.		6,989
	51	Alliant Energy Corp.		2,503
	80	Ameren Corp.		6,009
	166	American Electric Power Co., Inc.		14,610
	34	American Water Works Co., Inc.		3,944
	30	Aqua America, Inc.		1,241
	30	Atmos Energy Corp.		3,167
	198	CenterPoint Energy, Inc.		5,669
	87	CMS Energy Corp.		5,038
	103	Consolidated Edison, Inc.		9,031
	70	DTE Energy Co.		8,952
	235	Duke Energy Corp.		20,736
	94	Edison International		6,337
	74	Entergy Corp.		7,617
	68	Evergy, Inc.		4,090
	83	Eversource Energy		6,288

The accompanying notes are an integral part of these financial statements.

33

Invesco Russell 1000^® Value Factor ETF (OVLU)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	474	Exelon Corp.	$	22,724
	124	FirstEnergy Corp.		5,309
	39	Hawaiian Electric Industries, Inc.		1,699
	14	IDACORP, Inc.		1,406
	84	MDU Resources Group, Inc.		2,167
	32	National Fuel Gas Co.		1,688
	56	NiSource, Inc.		1,613
	137	NRG Energy, Inc.		4,811
	63	OGE Energy Corp.		2,681
	287	PG&E Corp.1		6,578
	37	Pinnacle West Capital Corp.		3,481
	315	PPL Corp.		9,768
	150	Public Service Enterprise Group, Inc.		8,823
	348	Southern Co. (The)		19,237
	79	UGI Corp.		4,219
	129	Vistra Energy Corp.		2,921
	87	WEC Energy Group, Inc.		7,253
	158	Xcel Energy, Inc.		9,399
		Total Utilities		227,998
		Total Common Stocks (Cost $5,272,056)		5,380,411
		Money Market Fund—0.1%
	5,604	Premier U.S. Government Money Portfolio, 2.26%4 (Cost $5,604)		5,604
		Investment of Cash Collateral for Securities Loaned—0.2%
	9,195	Invesco Government & Agency Portfolio—Institutional Class, 2.27%4,5		9,195
	3,064	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%4,5		3,065
		Total Investment of Cash Collateral for Securities Loaned (Cost $12,260)		12,260
		Total Investments—100.4% (Cost $5,289,920)		5,398,275
		Liabilities in Excess of Other Assets—(0.4)%		(22,017	)
		Net Assets—100.0%	$	5,376,258

REIT—Real Estate Investment Trust

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $12,274; total value of the collateral held by the Fund was $12,260.

³  Affiliated security (Note 4).

⁴  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 June 30, 2019.

⁵  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.

The accompanying notes are an integral part of these financial statements.

34

Schedule of Investments

Invesco Russell 1000^® Low Volatility Factor ETF (OVOL)

June 30, 2019

Shares			Value
		Common Stocks—100.0%
		Banks—6.1%
	2,090	Bank of America Corp.	$	60,610
	247	BB&T Corp.		12,135
	589	Citigroup, Inc.		41,248
	1,021	JPMorgan Chase & Co.		114,148
	42	M&T Bank Corp.		7,143
	144	PNC Financial Services Group, Inc. (The)		19,768
	116	SunTrust Banks, Inc.		7,291
	506	U.S. Bancorp		26,514
	1,260	Wells Fargo & Co.		59,623
		Total Banks		348,480
		Capital Goods—6.8%
	184	3M Co.		31,895
	73	AMETEK, Inc.		6,631
	140	Boeing Co. (The)		50,961
	42	Cummins, Inc.		7,196
	85	Deere & Co.		14,085
	120	Eaton Corp. PLC		9,994
	181	Emerson Electric Co.		12,076
	97	Fortive Corp.		7,908
	85	General Dynamics Corp.		15,455
	34	Harris Corp.1		6,430
	262	Honeywell International, Inc.		45,743
	25	IDEX Corp.		4,304
	107	Illinois Tool Works, Inc.		16,137
	72	Ingersoll-Rand PLC		9,120
	261	Johnson Controls International PLC		10,782
	22	L3 Technologies, Inc.		5,394
	86	Lockheed Martin Corp.		31,264
	49	Northrop Grumman Corp.		15,832
	96	PACCAR, Inc.		6,879
	92	Raytheon Co.		15,997
	33	Rockwell Automation, Inc.		5,406
	35	Roper Technologies, Inc.		12,819
	46	Stanley Black & Decker, Inc.		6,652
	35	Toro Co. (The)		2,342
	278	United Technologies Corp.		36,196
	55	Xylem, Inc.		4,600
		Total Capital Goods		392,098
		Commercial & Professional Services—0.8%
	28	Cintas Corp.		6,644
	131	IHS Markit Ltd.1		8,347
	81	Republic Services, Inc.		7,018
	55	Verisk Analytics, Inc.		8,055
	159	Waste Management, Inc.		18,344
		Total Commercial & Professional Services		48,408
		Consumer Durables & Apparel—0.5%
	372	NIKE, Inc., Class B		31,229
		Consumer Services—2.2%
	20	Bright Horizons Family Solutions, Inc.1		3,017
	75	Hilton Worldwide Holdings, Inc.		7,331
	78	Marriott International, Inc., Class A		10,943
	282	McDonald’s Corp.		58,560
	58	Service Corp. International		2,713
	403	Starbucks Corp.		33,784
	96	Yum! Brands, Inc.		10,624
		Total Consumer Services		126,972

Shares			Value
		Common Stocks (continued)
		Diversified Financials—6.2%
	202	AGNC Investment Corp.	$	3,398
	217	American Express Co.		26,786
	545	Annaly Capital Management, Inc.		4,976
	264	Bank of New York Mellon Corp. (The)		11,656
	725	Berkshire Hathaway, Inc., Class B1		154,548
	35	BlackRock, Inc.		16,425
	130	Capital One Financial Corp.		11,796
	35	Cboe Global Markets, Inc.		3,627
	121	CME Group, Inc.		23,487
	100	Discover Financial Services		7,759
	12	FactSet Research Systems, Inc.		3,439
	89	Goldman Sachs Group, Inc. (The)		18,209
	189	Intercontinental Exchange, Inc.		16,243
	51	Moody’s Corp.		9,961
	25	MSCI, Inc.		5,970
	40	Nasdaq, Inc.		3,847
	58	Northern Trust Corp.		5,220
	79	S&P Global, Inc.		17,995
	102	Starwood Property Trust, Inc.		2,317
	70	T. Rowe Price Group, Inc.		7,680
		Total Diversified Financials		355,339
		Energy—3.3%
	560	Chevron Corp.		69,686
	1,463	Exxon Mobil Corp.		112,110
	189	Occidental Petroleum Corp.		9,503
		Total Energy		191,299
		Food & Staples Retailing—2.0%
	146	Costco Wholesale Corp.		38,582
	167	Sysco Corp.		11,810
	203	Walgreens Boots Alliance, Inc.		11,098
	483	Walmart, Inc.		53,367
		Total Food & Staples Retailing		114,857
		Food, Beverage & Tobacco—5.3%
	628	Altria Group, Inc.		29,736
	162	Archer-Daniels-Midland Co.		6,610
	56	Brown-Forman Corp., Class B		3,104
	1,444	Coca-Cola Co. (The)		73,528
	50	Constellation Brands, Inc., Class A		9,847
	202	General Mills, Inc.		10,609
	51	Hershey Co. (The)		6,836
	91	Hormel Foods Corp.		3,689
	36	JM Smucker Co. (The)		4,147
	85	Kellogg Co.		4,553
	47	Lamb Weston Holdings, Inc.		2,978
	42	McCormick & Co., Inc.		6,510
	497	Mondelez International, Inc., Class A		26,788
	531	PepsiCo, Inc.		69,630
	483	Philip Morris International, Inc.		37,930
	75	Tyson Foods, Inc., Class A		6,056
		Total Food, Beverage & Tobacco		302,551
		Health Care Equipment & Services—6.4%
	563	Abbott Laboratories		47,348
	70	Anthem, Inc.		19,755
	161	Baxter International, Inc.		13,186
	89	Becton Dickinson and Co.		22,429
	419	Boston Scientific Corp.1		18,009

The accompanying notes are an integral part of these financial statements.

35

Invesco Russell 1000^® Low Volatility Factor ETF (OVOL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services (continued)
	95	Cerner Corp.	$	6,963
	94	Cigna Corp.		14,810
	15	Cooper Cos., Inc. (The)		5,053
	362	CVS Health Corp.		19,725
	224	Danaher Corp.		32,014
	48	Henry Schein, Inc.1		3,355
	30	Laboratory Corp. of America Holdings1		5,187
	484	Medtronic PLC		47,137
	43	Quest Diagnostics, Inc.		4,378
	27	STERIS PLC		4,020
	118	Stryker Corp.		24,258
	289	UnitedHealth Group, Inc.		70,519
	29	Varian Medical Systems, Inc.1		3,948
	60	Zimmer Biomet Holdings, Inc.		7,064
		Total Health Care Equipment & Services		369,158
		Household & Personal Products—2.9%
	87	Church & Dwight Co., Inc.		6,356
	46	Clorox Co. (The)		7,043
	308	Colgate-Palmolive Co.		22,074
	68	Estee Lauder Cos., Inc., (The), Class A		12,452
	123	Kimberly-Clark Corp.		16,393
	930	Procter & Gamble Co. (The)		101,975
		Total Household & Personal Products		166,293
		Insurance—3.9%
	270	Aflac, Inc.		14,799
	5	Alleghany Corp.1		3,406
	120	Allstate Corp. (The)		12,203
	27	American Financial Group, Inc.		2,767
	277	American International Group, Inc.		14,759
	85	Aon PLC		16,403
	138	Arch Capital Group Ltd.1		5,117
	68	Arthur J. Gallagher & Co.		5,956
	88	Brown & Brown, Inc.		2,948
	168	Chubb Ltd.		24,745
	53	Cincinnati Financial Corp.		5,494
	9	Erie Indemnity Co., Class A		2,288
	14	Everest Re Group Ltd.		3,460
	84	Fidelity National Financial, Inc.		3,385
	128	Hartford Financial Services Group, Inc. (The)		7,132
	95	Loews Corp.		5,194
	5	Markel Corp.1		5,448
	187	Marsh & McLennan Cos., Inc.		18,653
	204	MetLife, Inc.		10,133
	204	Progressive Corp. (The)		16,306
	111	Prudential Financial, Inc.		11,211
	21	Reinsurance Group of America, Inc.		3,277
	15	RenaissanceRe Holdings Ltd.		2,670
	39	Torchmark Corp.		3,489
	94	Travelers Cos., Inc. (The)		14,055
	53	W.R. Berkley Corp.		3,494
	45	Willis Towers Watson PLC		8,619
		Total Insurance		227,411
		Materials—2.0%
	73	Air Products & Chemicals, Inc.		16,525
	23	AptarGroup, Inc.		2,860
	27	Avery Dennison Corp.		3,123
	104	Ball Corp.		7,279

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	91	Ecolab, Inc.	$	17,967
	35	International Flavors & Fragrances, Inc.2		5,078
	185	Linde PLC		37,148
	77	PPG Industries, Inc.		8,987
	27	Sherwin-Williams Co. (The)		12,374
	35	Sonoco Products Co.		2,287
		Total Materials		113,628
		Media & Entertainment—5.7%
	83	Alphabet, Inc., Class A1		89,873
	85	Alphabet, Inc., Class C1		91,877
	1,420	Comcast Corp., Class A		60,038
	73	Omnicom Group, Inc.		5,982
	589	Walt Disney Co. (The)		82,248
		Total Media & Entertainment		330,018
		Pharmaceuticals, Biotechnology & Life Sciences—8.2%
	90	Agilent Technologies, Inc.		6,720
	171	Amgen, Inc.		31,512
	398	Bristol-Myers Squibb Co.		18,049
	284	Eli Lilly & Co.		31,464
	294	Gilead Sciences, Inc.		19,863
	50	IQVIA Holdings, Inc.1		8,045
	980	Johnson & Johnson		136,495
	845	Merck & Co., Inc.		70,853
	8	Mettler-Toledo International, Inc.1		6,720
	1,981	Pfizer, Inc.		85,817
	127	Thermo Fisher Scientific, Inc.		37,297
	20	Waters Corp.1		4,305
	146	Zoetis, Inc.		16,570
		Total Pharmaceuticals, Biotechnology & Life Sciences		473,710
		Real Estate—4.4%
	37	Alexandria Real Estate Equities, Inc.		5,220
	152	American Tower Corp.		31,076
	49	Apartment Investment & Management Co., Class A		2,456
	50	AvalonBay Communities, Inc.		10,159
	52	Boston Properties, Inc.		6,708
	32	Camden Property Trust		3,340
	146	Crown Castle International Corp.		19,031
	63	Digital Realty Trust, Inc.		7,421
	121	Duke Realty Corp.		3,825
	25	Equinix, Inc.		12,607
	31	Equity LifeStyle Properties, Inc.		3,762
	129	Equity Residential		9,794
	23	Essex Property Trust, Inc.		6,714
	38	Extra Space Storage, Inc.		4,032
	26	Federal Realty Investment Trust		3,348
	72	Gaming and Leisure Properties, Inc.		2,807
	139	Invitation Homes, Inc.		3,715
	50	Liberty Property Trust		2,502
	38	Mid-America Apartment Communities, Inc.		4,475
	53	National Retail Properties, Inc.		2,809
	208	Prologis, Inc.		16,661
	51	Public Storage		12,147
	104	Realty Income Corp.		7,173
	56	Regency Centers Corp.		3,737
	33	SBA Communications Corp.1		7,420
	104	Simon Property Group, Inc.		16,615

The accompanying notes are an integral part of these financial statements.

36

Invesco Russell 1000^® Low Volatility Factor ETF (OVOL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	30	Sun Communities, Inc.	$	3,846
	97	UDR, Inc.		4,354
	107	Ventas, Inc.		7,313
	143	VICI Properties, Inc.		3,152
	57	Vornado Realty Trust		3,654
	126	Welltower, Inc.		10,273
	207	Weyerhaeuser Co.		5,452
	61	WP Carey, Inc.		4,952
		Total Real Estate		252,550
		Retailing—2.8%
	8	AutoZone, Inc.1		8,796
	70	Dollar General Corp.		9,461
	47	Genuine Parts Co.		4,868
	374	Home Depot, Inc. (The)		77,781
	229	Lowe’s Cos., Inc.		23,108
	21	O’Reilly Automotive, Inc.1		7,756
	99	Ross Stores, Inc.		9,813
	407	TJX Cos., Inc. (The)		21,522
		Total Retailing		163,105
		Semiconductors & Semiconductor Equipment—1.6%
	97	Analog Devices, Inc.		10,949
	1,098	Intel Corp.		52,561
	262	Texas Instruments, Inc.		30,067
		Total Semiconductors & Semiconductor Equipment		93,577
		Software & Services—13.2%
	217	Accenture PLC, Class A		40,095
	120	Adobe, Inc.1		35,358
	49	Amdocs Ltd.		3,042
	25	ANSYS, Inc.1		5,121
	147	Automatic Data Processing, Inc.		24,304
	38	Broadridge Financial Solutions, Inc.		4,852
	112	Fidelity National Information Services, Inc.		13,740
	138	Fiserv, Inc.1		12,580
	57	Genpact Ltd.		2,171
	288	International Business Machines Corp.		39,715
	68	Intuit, Inc.		17,770
	28	Jack Henry & Associates, Inc.		3,750
	290	Mastercard, Inc., Class A		76,714
	2,254	Microsoft Corp.		301,946
	728	Oracle Corp.		41,474
	113	Paychex, Inc.		9,299
	48	Synopsys, Inc.1		6,177
	48	Total System Services, Inc.		6,157
	31	VeriSign, Inc.1		6,484
	575	Visa, Inc., Class A		99,791
	139	Western Union Co. (The)		2,765
	82	Worldpay, Inc., Class A1		10,049
		Total Software & Services		763,354
		Technology Hardware & Equipment—6.2%
	100	Amphenol Corp., Class A		9,594
	1,351	Apple, Inc.		267,390
	1,309	Cisco Systems, Inc.		71,641
	49	Motorola Solutions, Inc.		8,170
		Total Technology Hardware & Equipment		356,795

Shares			Value
		Common Stocks (continued)
		Telecommunication Services—2.9%
	2,560	AT&T, Inc.	$	85,786
	1,427	Verizon Communications, Inc.		81,524
		Total Telecommunication Services		167,310
		Transportation—1.6%
	42	C.H. Robinson Worldwide, Inc.		3,543
	56	Expeditors International of Washington, Inc.		4,248
	65	FedEx Corp.		10,673
	67	Norfolk Southern Corp.		13,355
	203	Union Pacific Corp.		34,329
	226	United Parcel Service, Inc., Class B		23,339
		Total Transportation		89,487
		Utilities—5.0%
	85	Alliant Energy Corp.		4,172
	87	Ameren Corp.		6,535
	177	American Electric Power Co., Inc.		15,578
	66	American Water Works Co., Inc.		7,656
	75	Aqua America, Inc.		3,103
	42	Atmos Energy Corp.		4,433
	167	CenterPoint Energy, Inc.		4,781
	101	CMS Energy Corp.		5,849
	119	Consolidated Edison, Inc.		10,434
	284	Dominion Energy, Inc.		21,959
	66	DTE Energy Co.		8,440
	265	Duke Energy Corp.		23,384
	94	Edison International		6,337
	67	Entergy Corp.		6,896
	85	Evergy, Inc.		5,113
	113	Eversource Energy		8,561
	327	Exelon Corp.		15,676
	175	FirstEnergy Corp.		7,492
	172	NextEra Energy, Inc.		35,236
	122	NiSource, Inc.		3,514
	67	OGE Energy Corp.		2,852
	39	Pinnacle West Capital Corp.		3,669
	246	PPL Corp.		7,628
	176	Public Service Enterprise Group, Inc.		10,352
	94	Sempra Energy		12,919
	385	Southern Co. (The)		21,283
	59	UGI Corp.		3,151
	112	WEC Energy Group, Inc.		9,337
	186	Xcel Energy, Inc.		11,065
		Total Utilities		287,405
		Total Common Stocks (Cost $4,934,641)		5,765,034

The accompanying notes are an integral part of these financial statements.

37

Invesco Russell 1000^® Low Volatility Factor ETF (OVOL)(continued)

June 30, 2019

Shares			Value
		Investment of Cash Collateral for Securities Loaned—0.1%
	2,417	Invesco Government & Agency Portfolio—Institutional Class, 2.27%3,4	$	2,417
	805	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%3,4		806
		Total Investment of Cash Collateral for Securities Loaned (Cost $3,223)		3,223
		Total Investments—100.1% (Cost $4,937,864)		5,768,257
		Liabilities in Excess of Other Assets—(0.1)%		(3,556	)
		Net Assets—100.0%	$	5,764,701

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the security on loan was $3,192; total value of the collateral held by the Fund was $3,223.

³  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 June 30, 2019.

⁴  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.

The accompanying notes are an integral part of these financial statements.

38

Schedule of Investments

Invesco Russell 1000^® Size Factor ETF (OSIZ)

June 30, 2019

Shares			Value
		Common Stocks—100.0%
		Automobiles & Components—1.0%
	277	BorgWarner, Inc.	$	11,629
	390	Gentex Corp.		9,598
	414	Goodyear Tire & Rubber Co. (The)		6,334
	245	Harley-Davidson, Inc.		8,778
	83	Lear Corp.		11,560
	96	Thor Industries, Inc.		5,611
		Total Automobiles & Components		53,510
		Banks—4.9%
	286	Associated Banc-Corp.		6,046
	72	Bank of Hawaii Corp.		5,970
	208	Bank OZK		6,259
	172	BankUnited, Inc.		5,803
	50	BOK Financial Corp.		3,774
	156	CIT Group, Inc.		8,196
	167	Comerica, Inc.		12,131
	143	Commerce Bancshares, Inc.		8,531
	84	Cullen/Frost Bankers, Inc.		7,867
	210	East West Bancorp, Inc.		9,822
	561	F.N.B. Corp.		6,603
	12	First Citizens BancShares, Inc., Class A		5,403
	237	First Hawaiian, Inc.		6,131
	517	First Horizon National Corp.		7,719
	963	Huntington Bancshares, Inc.		13,309
	12	LendingTree, Inc.1		5,040
	564	MGIC Investment Corp.1		7,411
	731	New York Community Bancorp, Inc.		7,295
	194	PacWest Bancorp		7,533
	578	People’s United Financial, Inc.		9,699
	125	Pinnacle Financial Partners, Inc.		7,185
	149	Popular, Inc.		8,082
	108	Prosperity Bancshares, Inc.		7,133
	895	Regions Financial Corp.		13,371
	78	Signature Bank		9,426
	347	Sterling Bancorp		7,384
	57	SVB Financial Group1		12,802
	236	Synovus Financial Corp.		8,260
	286	TCF Financial Corp.		5,946
	91	Texas Capital Bancshares, Inc.1		5,585
	78	TFS Financial Corp.		1,410
	383	Umpqua Holdings Corp.		6,354
	153	Webster Financial Corp.		7,309
	160	Western Alliance Bancorp1		7,155
	96	Wintrust Financial Corp.		7,023
	233	Zions Bancorp NA		10,713
		Total Banks		275,680
		Capital Goods—9.9%
	208	A.O. Smith Corp.		9,809
	63	Acuity Brands, Inc.		8,688
	245	AECOM1		9,273
	99	AGCO Corp.		7,679
	175	Air Lease Corp.		7,235
	112	Allegion PLC		12,382
	178	Allison Transmission Holdings, Inc.		8,250
	455	Arconic, Inc.		11,748
	80	Armstrong World Industries, Inc.		7,776
	155	BWX Technologies, Inc.		8,076
	74	Carlisle Cos., Inc.		10,390

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	167	Colfax Corp.1	$	4,681
	81	Crane Co.		6,759
	68	Curtiss-Wright Corp.		8,645
	187	Donaldson Co., Inc.		9,511
	136	Dover Corp.		13,627
	191	Flowserve Corp.		10,064
	237	Fluor Corp.		7,985
	195	Fortune Brands Home & Security, Inc.		11,140
	181	Gardner Denver Holdings, Inc.1		6,263
	214	Graco, Inc.		10,739
	111	GrafTech International Ltd.		1,277
	233	HD Supply Holdings, Inc.1		9,385
	34	HEICO Corp.2		4,550
	66	HEICO Corp., Class A		6,822
	123	Hexcel Corp.		9,948
	78	Hubbell, Inc.		10,171
	50	Huntington Ingalls Industries, Inc.		11,237
	77	IDEX Corp.		13,255
	137	ITT, Inc.		8,971
	146	Jacobs Engineering Group, Inc.		12,321
	39	Lennox International, Inc.		10,725
	96	Lincoln Electric Holdings, Inc.		7,903
	325	Masco Corp.		12,753
	75	Middleby Corp. (The)1		10,178
	78	MSC Industrial Direct Co., Inc., Class A		5,792
	78	Nordson Corp.		11,022
	263	nVent Electric PLC		6,520
	109	Oshkosh Corp.		9,100
	166	Owens Corning		9,661
	252	Pentair PLC		9,374
	223	Quanta Services, Inc.		8,516
	76	Regal Beloit Corp.		6,210
	229	Resideo Technologies, Inc.1		5,020
	220	Sensata Technologies Holding PLC1		10,780
	68	Snap-on, Inc.		11,264
	129	Spirit AeroSystems Holdings, Inc., Class A		10,497
	44	Teledyne Technologies, Inc.1		12,050
	254	Textron, Inc.		13,472
	118	Timken Co. (The)		6,058
	146	Toro Co. (The)		9,767
	197	Trinity Industries, Inc.		4,088
	97	United Rentals, Inc.1		12,865
	276	Univar, Inc.1		6,083
	40	Valmont Industries, Inc.		5,072
	38	W.W. Grainger, Inc.		10,193
	72	WABCO Holdings, Inc.1		9,547
	161	Wabtec Corp.2		11,553
	50	Watsco, Inc.		8,177
	85	WESCO International, Inc.1		4,305
	77	Woodward, Inc.		8,713
	164	Xylem, Inc.		13,717
		Total Capital Goods		559,632
		Commercial & Professional Services—1.5%
	185	ADT, Inc.2		1,132
	89	Clean Harbors, Inc.1		6,328
	103	Equifax, Inc.		13,930
	176	IAA, Inc.1		6,825
	176	KAR Auction Services, Inc.		4,400

The accompanying notes are an integral part of these financial statements.

39

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Commercial & Professional Services (continued)
	93	ManpowerGroup, Inc.	$	8,984
	454	Nielsen Holdings PLC		10,260
	166	Robert Half International, Inc.		9,464
	138	Rollins, Inc.		4,950
	148	Stericycle, Inc.1		7,067
	183	TransUnion		13,452
		Total Commercial & Professional Services		86,792
		Consumer Durables & Apparel—3.7%
	149	Brunswick Corp.		6,838
	226	Capri Holdings Ltd.1		7,838
	76	Carter’s, Inc.		7,413
	43	Columbia Sportswear Co.		4,307
	124	Garmin Ltd.		9,895
	552	Hanesbrands, Inc.		9,505
	116	Hasbro, Inc.		12,259
	211	Leggett & Platt, Inc.		8,096
	601	Mattel, Inc.1,2		6,737
	68	Mohawk Industries, Inc.1		10,028
	570	Newell Brands, Inc.		8,789
	3	NVR, Inc.1		10,111
	91	Polaris Industries, Inc.		8,302
	318	PulteGroup, Inc.		10,055
	107	PVH Corp.		10,126
	79	Ralph Lauren Corp.		8,974
	109	Roku, Inc.1		9,873
	225	Skechers U.S.A., Inc., Class A1		7,085
	366	Tapestry, Inc.		11,613
	80	Tempur Sealy International, Inc.1		5,870
	211	Toll Brothers, Inc.		7,727
	310	Under Armour, Inc., Class A1		7,859
	313	Under Armour, Inc., Class C1		6,949
	84	Whirlpool Corp.		11,958
		Total Consumer Durables & Apparel		208,207
		Consumer Services—4.2%
	303	Aramark		10,926
	74	Bright Horizons Family Solutions, Inc.1		11,164
	841	Caesars Entertainment Corp.1		9,941
	54	Choice Hotels International, Inc.		4,699
	107	Darden Restaurants, Inc.		13,025
	42	Domino’s Pizza, Inc.		11,688
	120	Dunkin’ Brands Group, Inc.		9,559
	332	Extended Stay America, Inc.		5,608
	149	frontdoor, Inc.1		6,489
	8	Graham Holdings Co., Class B		5,520
	71	Grand Canyon Education, Inc.1		8,308
	313	H&R Block, Inc.		9,171
	169	Hilton Grand Vacations, Inc.1		5,378
	69	Hyatt Hotels Corp., Class A		5,253
	180	International Game Technology PLC		2,335
	478	MGM Resorts International		13,656
	216	Norwegian Cruise Line Holdings Ltd.1		11,584
	121	Planet Fitness, Inc., Class A1		8,765
	228	Service Corp. International		10,666
	183	ServiceMaster Global Holdings, Inc.1		9,532
	132	Six Flags Entertainment Corp.		6,558
	49	Vail Resorts, Inc.		10,936
	307	Wendy’s Co. (The)		6,011

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	158	Wyndham Destinations, Inc.	$	6,936
	149	Wyndham Hotels & Resorts, Inc.		8,305
	100	Wynn Resorts Ltd.		12,399
	300	Yum China Holdings, Inc.		13,860
		Total Consumer Services		238,272
		Diversified Financials—5.0%
	84	Affiliated Managers Group, Inc.		7,740
	654	AGNC Investment Corp.		11,000
	409	Ally Financial, Inc.		12,675
	1,378	Annaly Capital Management, Inc.		12,581
	330	AXA Equitable Holdings, Inc.		6,897
	561	BGC Partners, Inc., Class A		2,934
	109	Cboe Global Markets, Inc.		11,296
	326	Chimera Investment Corp.		6,152
	13	Credit Acceptance Corp.1		6,290
	260	E*TRADE Financial Corp.		11,596
	183	Eaton Vance Corp.		7,893
	72	Evercore, Inc., Class A		6,377
	41	FactSet Research Systems, Inc.		11,749
	220	Franklin Resources, Inc.		7,656
	124	Interactive Brokers Group, Inc., Class A		6,721
	512	Invesco Ltd.3		10,475
	276	Janus Henderson Group PLC		5,906
	400	Jefferies Financial Group, Inc.		7,692
	187	Lazard Ltd., Class A		6,431
	151	Legg Mason, Inc.		5,780
	116	LPL Financial Holdings, Inc.		9,462
	38	MarketAxess Holdings, Inc.		12,214
	797	MFA Financial, Inc.		5,722
	29	Morningstar, Inc.		4,195
	97	Nasdaq, Inc.		9,328
	375	Navient Corp.		5,119
	596	New Residential Investment Corp.		9,172
	109	OneMain Holdings, Inc.		3,685
	128	Raymond James Financial, Inc.		10,822
	137	Santander Consumer USA Holdings, Inc.		3,283
	170	SEI Investments Co.		9,537
	721	SLM Corp.		7,008
	395	Starwood Property Trust, Inc.		8,974
	477	Two Harbors Investment Corp.		6,044
	87	Virtu Financial, Inc., Class A		1,895
	193	Voya Financial, Inc.		10,673
		Total Diversified Financials		282,974
		Energy—3.6%
	327	Antero Midstream Corp.		3,747
	501	Antero Resources Corp.1		2,771
	429	Apache Corp.		12,428
	144	Apergy Corp.1		4,830
	545	Baker Hughes a GE Co.		13,423
	453	Cabot Oil & Gas Corp.		10,401
	346	Centennial Resource Development, Inc., Class A1		2,626
	2,321	Chesapeake Energy Corp.1,2		4,526
	149	Cimarex Energy Co.		8,840
	81	Continental Resources, Inc.1		3,409
	454	Devon Energy Corp.		12,948
	409	EQT Corp.		6,466
	319	Equitrans Midstream Corp.		6,288

The accompanying notes are an integral part of these financial statements.

40

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	164	Helmerich & Payne, Inc.	$	8,302
	225	HollyFrontier Corp.		10,413
	671	Kosmos Energy Ltd.		4,207
	877	Marathon Oil Corp.		12,462
	272	Murphy Oil Corp.		6,705
	494	National Oilwell Varco, Inc.		10,982
	526	Noble Energy, Inc.		11,782
	423	Parsley Energy, Inc., Class A1		8,041
	385	Patterson-UTI Energy, Inc.		4,431
	212	PBF Energy, Inc., Class A		6,636
	395	Range Resources Corp.		2,757
	276	Targa Resources Corp.		10,836
	988	Transocean Ltd.1		6,333
	680	WPX Energy, Inc.1		7,827
		Total Energy		204,417
		Food & Staples Retailing—0.4%
	59	Casey’s General Stores, Inc.		9,203
	219	Sprouts Farmers Market, Inc.1		4,137
	289	US Foods Holding Corp.1		10,335
		Total Food & Staples Retailing		23,675
		Food, Beverage & Tobacco—1.9%
	14	Beyond Meat, Inc.1		2,250
	27	Brown-Forman Corp., Class A		1,485
	184	Bunge Ltd.		10,251
	178	Campbell Soup Co.		7,132
	452	Conagra Brands, Inc.		11,987
	312	Flowers Foods, Inc.		7,260
	172	Hain Celestial Group, Inc. (The)1		3,767
	105	Ingredion, Inc.		8,661
	98	JM Smucker Co. (The)		11,289
	56	Keurig Dr Pepper, Inc.		1,618
	180	Lamb Weston Holdings, Inc.		11,405
	187	Molson Coors Brewing Co., Class B		10,472
	76	Pilgrim’s Pride Corp.1		1,930
	85	Post Holdings, Inc.1		8,837
	100	TreeHouse Foods, Inc.1		5,410
		Total Food, Beverage & Tobacco		103,754
		Health Care Equipment & Services—5.4%
	45	ABIOMED, Inc.1		11,722
	157	Acadia Healthcare Co., Inc.1		5,487
	67	Cantel Medical Corp.		5,403
	287	Cardinal Health, Inc.		13,518
	24	Chemed Corp.		8,660
	41	Cooper Cos., Inc. (The)		13,812
	177	Covetrus, Inc.1		4,329
	172	DaVita, Inc.1		9,677
	214	DENTSPLY SIRONA, Inc.		12,489
	96	DexCom, Inc.1		14,385
	146	Encompass Health Corp.		9,250
	48	Guardant Health, Inc.1		4,144
	172	Henry Schein, Inc.1		12,023
	95	Hill-Rom Holdings, Inc.		9,939
	268	Hologic, Inc.1		12,869
	32	ICU Medical, Inc.1		8,061
	84	Insulet Corp.1		10,028
	119	Integra LifeSciences Holdings Corp.1		6,646
	65	Masimo Corp.1		9,673

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services (continued)
	90	Medidata Solutions, Inc.1	$	8,146
	159	MEDNAX, Inc.1		4,012
	75	Molina Healthcare, Inc.1		10,735
	50	Penumbra, Inc.1		8,000
	97	Premier, Inc., Class A1		3,794
	127	Quest Diagnostics, Inc.		12,930
	87	STERIS PLC		12,953
	42	Teleflex, Inc.		13,908
	92	Universal Health Services, Inc., Class B		11,996
	93	Varian Medical Systems, Inc.1		12,660
	45	WellCare Health Plans, Inc.1		12,828
	91	West Pharmaceutical Services, Inc.		11,389
		Total Health Care Equipment & Services		305,466
		Household & Personal Products—0.4%
	341	Coty, Inc., Class A		4,569
	115	Energizer Holdings, Inc.		4,444
	151	Herbalife Nutrition Ltd.1		6,457
	101	Nu Skin Enterprises, Inc., Class A		4,981
	65	Spectrum Brands Holdings, Inc.		3,495
		Total Household & Personal Products		23,946
		Insurance—4.6%
	16	Alleghany Corp.1		10,898
	90	American Financial Group, Inc.		9,222
	13	American National Insurance Co.		1,514
	341	Arch Capital Group Ltd.1		12,644
	89	Assurant, Inc.		9,468
	165	Assured Guaranty Ltd.		6,943
	219	Athene Holding Ltd., Class A1		9,430
	130	Axis Capital Holdings Ltd.		7,755
	194	Brighthouse Financial, Inc.1		7,118
	285	Brown & Brown, Inc.		9,548
	28	CNA Financial Corp.		1,318
	28	Erie Indemnity Co., Class A		7,120
	45	Everest Re Group Ltd.		11,123
	287	Fidelity National Financial, Inc.		11,566
	163	First American Financial Corp.		8,753
	64	Hanover Insurance Group, Inc. (The)		8,211
	94	Kemper Corp.		8,111
	200	Lincoln National Corp.		12,890
	12	Markel Corp.1		13,075
	48	Mercury General Corp.		3,000
	396	Old Republic International Corp.		8,862
	67	Primerica, Inc.		8,037
	239	Principal Financial Group, Inc.		13,843
	74	Reinsurance Group of America, Inc.		11,546
	57	RenaissanceRe Holdings Ltd.		10,147
	127	Torchmark Corp.		11,361
	297	Unum Group		9,964
	149	W.R. Berkley Corp.		9,824
	6	White Mountains Insurance Group Ltd.		6,129
		Total Insurance		259,420
		Materials—6.6%
	147	Albemarle Corp.		10,350
	314	Alcoa Corp.1		7,351
	86	AptarGroup, Inc.		10,693
	100	Ashland Global Holdings, Inc.		7,997
	103	Avery Dennison Corp.		11,915

The accompanying notes are an integral part of these financial statements.

41

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	314	Axalta Coating Systems Ltd.1	$	9,348
	191	Berry Global Group, Inc.1		10,045
	108	Cabot Corp.		5,153
	126	Celanese Corp.		13,583
	267	CF Industries Holdings, Inc.		12,472
	285	Chemours Co. (The)		6,840
	173	Crown Holdings, Inc.1		10,570
	115	Domtar Corp.		5,121
	77	Eagle Materials, Inc.		7,138
	166	Eastman Chemical Co.		12,920
	420	Element Solutions, Inc.1		4,343
	151	FMC Corp.		12,525
	1,274	Freeport-McMoRan, Inc.		14,791
	500	Graphic Packaging Holding Co.		6,990
	374	Huntsman Corp.		7,645
	92	International Flavors & Fragrances, Inc.		13,348
	58	Martin Marietta Materials, Inc.		13,346
	444	Mosaic Co. (The)		11,113
	11	NewMarket Corp.		4,410
	260	Nucor Corp.		14,326
	291	Olin Corp.		6,376
	287	Owens-Illinois, Inc.		4,956
	117	Packaging Corp. of America		11,152
	98	Reliance Steel & Aluminum Co.		9,273
	98	Royal Gold, Inc.		10,044
	177	RPM International, Inc.		10,816
	62	Scotts Miracle-Gro Co., (The)		6,107
	220	Sealed Air Corp.		9,412
	138	Silgan Holdings, Inc.		4,223
	144	Sonoco Products Co.		9,409
	39	Southern Copper Corp.		1,515
	321	Steel Dynamics, Inc.		9,694
	326	United States Steel Corp.		4,991
	332	Valvoline, Inc.		6,484
	47	Westlake Chemical Corp.		3,265
	319	WestRock Co.		11,634
	92	WR Grace & Co.		7,002
		Total Materials		370,686
		Media & Entertainment—4.4%
	337	Altice USA, Inc., Class A1		8,206
	81	AMC Networks, Inc., Class A1		4,414
	6	Cable One, Inc.		7,026
	175	Cinemark Holdings, Inc.		6,317
	141	Discovery, Inc., Class A1,2		4,329
	317	Discovery, Inc., Class C1		9,019
	280	DISH Network Corp., Class A1		10,755
	339	Fox Corp., Class A		12,421
	193	Fox Corp., Class B		7,050
	146	GCI Liberty, Inc., Class A1		8,973
	488	Interpublic Group of Cos., Inc. (The)		11,024
	84	John Wiley & Sons, Inc., Class A		3,852
	18	Liberty Broadband Corp., Class A1		1,851
	76	Liberty Broadband Corp., Class C1		7,921
	31	Liberty Media Corp.-Liberty Formula One, Class A1		1,112
	245	Liberty Media Corp.-Liberty Formula One, Class C1		9,165
	88	Liberty Media Corp.-Liberty SiriusXM, Class A1		3,327
	163	Liberty Media Corp.-Liberty SiriusXM, Class C1		6,191
	99	Lions Gate Entertainment Corp., Class A		1,213

Shares			Value
		Common Stocks (continued)
		Media & Entertainment (continued)
	196	Lions Gate Entertainment Corp., Class B	$	2,276
	122	Live Nation Entertainment, Inc.1		8,082
	28	Madison Square Garden Co. (The), Class A1		7,838
	87	Match Group, Inc.		5,852
	250	New York Times Co., (The), Class A		8,155
	538	News Corp., Class A		7,258
	170	News Corp., Class B		2,373
	72	Nexstar Media Group, Inc., Class A		7,272
	104	Sinclair Broadcast Group, Inc., Class A		5,578
	727	Sirius XM Holdings, Inc.		4,057
	110	Take-Two Interactive Software, Inc.1		12,488
	147	Tribune Media Co., Class A		6,794
	162	TripAdvisor, Inc.1		7,499
	353	Viacom, Inc., Class B		10,544
	76	World Wrestling Entertainment, Inc., Class A		5,488
	104	Zillow Group, Inc., Class A1		4,759
	181	Zillow Group, Inc., Class C1,2		8,397
	1,256	Zynga, Inc., Class A1		7,699
		Total Media & Entertainment		246,575
		Pharmaceuticals, Biotechnology & Life Sciences—5.0%
	94	Agios Pharmaceuticals, Inc.1,2		4,689
	273	Alkermes PLC1		6,153
	144	Alnylam Pharmaceuticals, Inc.1		10,449
	151	BioMarin Pharmaceutical, Inc.1		12,933
	29	Bio-Rad Laboratories, Inc., Class A1		9,065
	50	Bio-Techne Corp.		10,424
	78	Bluebird Bio, Inc.1		9,922
	147	Bruker Corp.		7,343
	204	Catalent, Inc.1		11,059
	70	Charles River Laboratories International, Inc.1		9,933
	378	Elanco Animal Health, Inc.1		12,776
	117	Exact Sciences Corp.1		13,811
	441	Exelixis, Inc.1		9,424
	301	Horizon Therapeutics PLC1		7,242
	152	Ionis Pharmaceuticals, Inc.1		9,769
	75	Jazz Pharmaceuticals PLC1		10,692
	633	Mylan NV1		12,052
	256	Nektar Therapeutics1		9,108
	118	Neurocrine Biosciences, Inc.1		9,963
	128	PerkinElmer, Inc.		12,332
	189	Perrigo Co. PLC		9,000
	88	PRA Health Sciences, Inc.1		8,725
	272	QIAGEN NV1		11,030
	61	Sage Therapeutics, Inc.1,2		11,168
	88	Sarepta Therapeutics, Inc.1		13,372
	119	Seattle Genetics, Inc.1		8,236
	74	United Therapeutics Corp.1		5,776
	61	Waters Corp.1		13,130
		Total Pharmaceuticals, Biotechnology & Life Sciences		279,576
		Real Estate—9.6%
	196	American Campus Communities, Inc.		9,047
	346	American Homes 4 Rent, Class A		8,411
	282	Americold Realty Trust		9,142
	197	Apartment Investment & Management Co., Class A		9,874
	366	Apple Hospitality REIT, Inc.		5,805
	319	Brandywine Realty Trust		4,568

The accompanying notes are an integral part of these financial statements.

42

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	463	Brixmor Property Group, Inc.	$	8,278
	182	Brookfield Property REIT, Inc., Class A		3,438
	105	Camden Property Trust		10,961
	883	Colony Capital, Inc.		4,415
	215	Columbia Property Trust, Inc.		4,459
	60	CoreSite Realty Corp.		6,910
	200	Corporate Office Properties Trust		5,274
	146	Cousins Properties, Inc.		5,281
	270	CubeSmart		9,029
	157	CyrusOne, Inc.		9,062
	223	Douglas Emmett, Inc.		8,884
	385	Duke Realty Corp.		12,170
	268	Empire State Realty Trust, Inc., Class A		3,969
	111	EPR Properties		8,279
	203	Equity Commonwealth		6,602
	91	Equity LifeStyle Properties, Inc.		11,042
	111	Extra Space Storage, Inc.		11,777
	85	Federal Realty Investment Trust		10,945
	252	Gaming and Leisure Properties, Inc.		9,823
	396	HCP, Inc.		12,664
	301	Healthcare Trust of America, Inc., Class A		8,256
	166	Highwoods Properties, Inc.		6,856
	272	Hospitality Properties Trust		6,800
	671	Host Hotels & Resorts, Inc.		12,226
	65	Howard Hughes Corp. (The)1		8,050
	236	Hudson Pacific Properties, Inc.		7,852
	351	Invitation Homes, Inc.		9,382
	347	Iron Mountain, Inc.		10,861
	188	JBG SMITH Properties		7,396
	68	Jones Lang LaSalle, Inc.		9,567
	132	Kilroy Realty Corp.		9,743
	542	Kimco Realty Corp.		10,016
	119	Lamar Advertising Co., Class A		9,604
	202	Liberty Property Trust		10,108
	76	Life Storage, Inc.		7,226
	220	Macerich Co. (The)		7,368
	537	Medical Properties Trust, Inc.		9,365
	106	Mid-America Apartment Communities, Inc.		12,483
	199	National Retail Properties, Inc.		10,549
	281	Omega Healthcare Investors, Inc.		10,327
	246	Outfront Media, Inc.		6,344
	354	Paramount Group, Inc.		4,960
	304	Park Hotels & Resorts, Inc.		8,378
	223	Rayonier, Inc.		6,757
	175	Regency Centers Corp.		11,679
	393	Retail Properties of America, Inc., Class A		4,622
	261	SITE Centers Corp.		3,456
	113	SL Green Realty Corp.		9,082
	149	Spirit Realty Capital, Inc.		6,356
	270	STORE Capital Corp.		8,961
	90	Sun Communities, Inc.		11,537
	107	Taubman Centers, Inc.		4,369
	268	UDR, Inc.		12,030
	1,199	VEREIT, Inc.		10,803
	491	VICI Properties, Inc.		10,822
	166	Vornado Realty Trust		10,641
	209	Weingarten Realty Investors		5,731
	148	WP Carey, Inc.		12,015
		Total Real Estate		542,687

Shares			Value
		Common Stocks (continued)
		Retailing—4.0%
	72	Advance Auto Parts, Inc.	$	11,098
	93	AutoNation, Inc.1		3,901
	72	Burlington Stores, Inc.1		12,251
	156	CarMax, Inc.1		13,546
	73	Carvana Co.1		4,569
	127	Dick’s Sporting Goods, Inc.		4,398
	159	Etsy, Inc.1		9,758
	74	Five Below, Inc.1		8,882
	116	Floor & Decor Holdings, Inc., Class A1,2		4,860
	183	Foot Locker, Inc.		7,671
	296	Gap, Inc. (The)		5,319
	121	Genuine Parts Co.		12,533
	135	GrubHub, Inc.1		10,529
	208	Kohl’s Corp.		9,890
	331	L Brands, Inc.		8,639
	400	LKQ Corp.1		10,644
	444	Macy’s, Inc.		9,528
	172	Nordstrom, Inc.2		5,480
	76	Ollie’s Bargain Outlet Holdings, Inc.1		6,620
	60	Penske Automotive Group, Inc.		2,838
	52	Pool Corp.		9,932
	620	Qurate Retail, Inc.1		7,682
	129	Tiffany & Co.		12,080
	119	Tractor Supply Co.		12,947
	136	Urban Outfitters, Inc.1		3,094
	73	Wayfair, Inc., Class A1		10,658
	126	Williams-Sonoma, Inc.		8,190
		Total Retailing		227,537
		Semiconductors & Semiconductor Equipment—2.6%
	157	Cree, Inc.1		8,820
	518	Cypress Semiconductor Corp.		11,520
	217	Entegris, Inc.		8,098
	120	First Solar, Inc.1		7,882
	557	Marvell Technology Group Ltd.		13,296
	235	Maxim Integrated Products, Inc.		14,058
	92	MKS Instruments, Inc.		7,166
	66	Monolithic Power Systems, Inc.		8,961
	548	ON Semiconductor Corp.1		11,075
	163	Qorvo, Inc.1		10,857
	177	Skyworks Solutions, Inc.		13,677
	231	Teradyne, Inc.		11,067
	59	Universal Display Corp.		11,096
	165	Versum Materials, Inc.		8,511
		Total Semiconductors & Semiconductor Equipment		146,084
		Software & Services—10.2%
	105	2U, Inc.1		3,952
	156	Akamai Technologies, Inc.1		12,502
	61	Alliance Data Systems Corp.		8,548
	76	Alteryx, Inc., Class A1		8,293
	173	Amdocs Ltd.		10,742
	125	Anaplan, Inc.1		6,309
	90	Aspen Technology, Inc.1		11,185
	90	Atlassian Corp. PLC, Class A1		11,776
	68	Avalara, Inc.1		4,910
	179	Black Knight, Inc.1		10,767
	166	Booz Allen Hamilton Holding Corp.		10,991
	99	Broadridge Financial Solutions, Inc.		12,640

The accompanying notes are an integral part of these financial statements.

43

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Software & Services (continued)
	38	CACI International, Inc., Class A1	$	7,774
	180	CDK Global, Inc.		8,899
	86	Ceridian HCM Holding, Inc.1		4,317
	122	Citrix Systems, Inc.		11,973
	143	CoreLogic, Inc.1		5,982
	86	Coupa Software, Inc.1		10,888
	175	DocuSign, Inc.1		8,699
	330	Dropbox, Inc., Class A1		8,266
	255	DXC Technology Co.		14,063
	55	Elastic NV1		4,106
	61	EPAM Systems, Inc.1		10,559
	64	Euronet Worldwide, Inc.1		10,767
	35	Fair Isaac Corp.1		10,991
	359	FireEye, Inc.1		5,317
	486	First Data Corp., Class A1		13,156
	139	Fortinet, Inc.1		10,679
	79	Gartner, Inc.1		12,714
	226	Genpact Ltd.		8,608
	164	GoDaddy, Inc., Class A1		11,505
	104	Guidewire Software, Inc.1		10,544
	54	HubSpot, Inc.1		9,208
	86	Jack Henry & Associates, Inc.		11,517
	145	Leidos Holdings, Inc.		11,578
	85	LogMeIn, Inc.		6,263
	107	Manhattan Associates, Inc.1		7,418
	37	MongoDB, Inc.1		5,627
	70	New Relic, Inc.1		6,056
	457	Nuance Communications, Inc.1		7,298
	233	Nutanix, Inc., Class A1		6,044
	103	Okta, Inc.1		12,722
	48	Paycom Software, Inc.1		10,883
	50	Paylocity Holding Corp.1		4,691
	57	Pegasystems, Inc.		4,059
	112	Pluralsight, Inc., Class A1		3,396
	79	Proofpoint, Inc.1		9,500
	120	PTC, Inc.1		10,771
	121	RealPage, Inc.1		7,121
	87	RingCentral, Inc., Class A1		9,998
	416	Sabre Corp.		9,235
	146	Smartsheet, Inc., Class A1		7,066
	69	SolarWinds Corp.1		1,265
	195	SS&C Technologies Holdings, Inc.		11,234
	117	Switch, Inc., Class A		1,532
	597	Symantec Corp.		12,991
	94	Tableau Software, Inc., Class A1		15,606
	196	Teradata Corp.1		7,027
	50	Trade Desk, Inc. (The), Class A1		11,389
	48	Tyler Technologies, Inc.1		10,369
	540	Western Union Co. (The)		10,741
	55	WEX, Inc.1		11,445
	128	Zendesk, Inc.1		11,396
	76	Zscaler, Inc.1		5,825
		Total Software & Services		573,693
		Technology Hardware & Equipment—4.5%
	130	Arrow Electronics, Inc.1		9,265
	173	Avnet, Inc.		7,832
	125	CDW Corp.		13,875
	236	Ciena Corp.1		9,707

Shares			Value
		Common Stocks (continued)
		Technology Hardware & Equipment (continued)
	226	Cognex Corp.	$	10,843
	44	Coherent, Inc.1		6,000
	340	CommScope Holding Co., Inc.1		5,348
	168	Dell Technologies, Inc., Class C1		8,534
	106	Dolby Laboratories, Inc., Class A		6,848
	90	EchoStar Corp., Class A1		3,989
	77	F5 Networks, Inc.1		11,213
	191	FLIR Systems, Inc.		10,333
	50	IPG Photonics Corp.1		7,712
	255	Jabil, Inc.		8,058
	425	Juniper Networks, Inc.		11,318
	165	Keysight Technologies, Inc.1		14,819
	40	Littelfuse, Inc.		7,076
	203	National Instruments Corp.		8,524
	206	NCR Corp.1		6,407
	211	NetApp, Inc.		13,019
	385	Pure Storage, Inc., Class A1		5,879
	67	SYNNEX Corp.		6,593
	283	Trimble, Inc.1		12,766
	19	Ubiquiti Networks, Inc.		2,498
	86	ViaSat, Inc.1		6,951
	312	Western Digital Corp.		14,836
	258	Xerox Corp.		9,136
	63	Zebra Technologies Corp., Class A1		13,198
		Total Technology Hardware & Equipment		252,577
		Telecommunication Services—0.6%
	1,125	CenturyLink, Inc.		13,230
	247	Sprint Corp.1		1,623
	179	Telephone & Data Systems, Inc.		5,442
	28	United States Cellular Corp.1		1,251
	296	Zayo Group Holdings, Inc.1		9,741
		Total Telecommunication Services		31,287
		Transportation—2.7%
	164	Alaska Air Group, Inc.		10,481
	12	AMERCO		4,543
	394	American Airlines Group, Inc.		12,848
	144	C.H. Robinson Worldwide, Inc.		12,146
	57	Copa Holdings SA, Class A		5,562
	171	Expeditors International of Washington, Inc.		12,972
	86	Genesee & Wyoming, Inc., Class A1		8,600
	103	JB Hunt Transport Services, Inc.		9,415
	467	JetBlue Airways Corp.1		8,635
	104	Kansas City Southern		12,669
	96	Kirby Corp.1		7,584
	200	Knight-Swift Transportation Holdings, Inc.		6,568
	68	Landstar System, Inc.		7,343
	26	Lyft, Inc., Class A1		1,709
	128	Macquarie Infrastructure Corp.		5,189
	71	Old Dominion Freight Line, Inc.		10,598
	95	Ryder System, Inc.		5,539
	108	Schneider National, Inc., Class B		1,970
	146	XPO Logistics, Inc.1,2		8,440
		Total Transportation		152,811
		Utilities—3.3%
	725	AES Corp.		12,151
	247	Alliant Energy Corp.		12,123
	268	Aqua America, Inc.		11,087

The accompanying notes are an integral part of these financial statements.

44

Invesco Russell 1000^® Size Factor ETF (OSIZ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	116	Atmos Energy Corp.	$	12,245
	46	Avangrid, Inc.		2,323
	437	CenterPoint Energy, Inc.		12,511
	213	Evergy, Inc.		12,812
	176	Hawaiian Electric Industries, Inc.		7,665
	79	IDACORP, Inc.		7,934
	312	MDU Resources Group, Inc.		8,050
	132	National Fuel Gas Co.		6,963
	410	NiSource, Inc.		11,808
	318	NRG Energy, Inc.		11,168
	251	OGE Energy Corp.		10,682
	635	PG&E Corp.1		14,554
	122	Pinnacle West Capital Corp.		11,479
	209	UGI Corp.		11,163
	430	Vistra Energy Corp.		9,735
		Total Utilities		186,453
		Total Common Stocks (Cost $5,414,607)		5,635,711
		Money Market Fund—0.0%4
	322	Premier U.S. Government Money Portfolio, 2.26%5 (Cost $322)		322
		Investment of Cash Collateral for Securities Loaned—1.0%
	41,491	Invesco Government & Agency Portfolio—Institutional Class, 2.27%5,6		41,491
	14,577	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%5,6		14,583
		Total Investment of Cash Collateral for Securities Loaned (Cost $56,073)		56,074
		Total Investments—101.0% (Cost $5,471,002)		5,692,107
		Liabilities in Excess of Other Assets—(1.0)%		(53,538	)
		Net Assets—100.0%	$	5,638,569

REIT—Real Estate Investment Trust

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $51,652; total value of the collateral held by the Fund was $56,074.

³  Affiliated security (Note 4).

⁴  Less than 0.05%.

⁵  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 June 30, 2019.

⁶  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.

The accompanying notes are an integral part of these financial statements.

45

Schedule of Investments

Invesco Russell 1000^® Quality Factor ETF (OQAL)

June 30, 2019

Shares			Value
		Common Stocks—99.9%
		Automobiles & Components—0.4%
	70	Aptiv PLC	$	5,658
	67	BorgWarner, Inc.		2,813
	109	Gentex Corp.		2,682
	25	Lear Corp.		3,482
	37	Tesla, Inc.1		8,268
	22	Thor Industries, Inc.		1,286
		Total Automobiles & Components		24,189
		Banks—0.1%
	4	LendingTree, Inc.1		1,680
	193	MGIC Investment Corp.1		2,536
		Total Banks		4,216
		Capital Goods—6.7%
	194	3M Co.		33,628
	58	A.O. Smith Corp.		2,735
	15	Acuity Brands, Inc.		2,069
	20	AGCO Corp.		1,551
	22	Allegion PLC		2,432
	35	Allison Transmission Holdings, Inc.		1,622
	51	AMETEK, Inc.		4,633
	15	Armstrong World Industries, Inc.		1,458
	190	Boeing Co. (The)		69,162
	23	BWX Technologies, Inc.		1,198
	16	Carlisle Cos., Inc.		2,247
	128	Caterpillar, Inc.		17,445
	64	Cummins, Inc.		10,966
	11	Curtiss-Wright Corp.		1,398
	44	Donaldson Co., Inc.		2,238
	43	Dover Corp.		4,309
	116	Eaton Corp. PLC		9,660
	193	Emerson Electric Co.		12,877
	239	Fastenal Co.		7,789
	32	Fortune Brands Home & Security, Inc.		1,828
	70	Graco, Inc.		3,513
	49	HD Supply Holdings, Inc.1		1,974
	12	HEICO Corp.		1,606
	24	HEICO Corp., Class A		2,481
	27	Hexcel Corp.		2,184
	234	Honeywell International, Inc.		40,854
	16	Huntington Ingalls Industries, Inc.		3,596
	25	IDEX Corp.		4,304
	115	Illinois Tool Works, Inc.		17,343
	54	Ingersoll-Rand PLC		6,840
	35	ITT, Inc.		2,292
	14	Lennox International, Inc.		3,850
	23	Lincoln Electric Holdings, Inc.		1,893
	59	Lockheed Martin Corp.		21,449
	89	Masco Corp.		3,492
	14	Nordson Corp.		1,978
	54	nVent Electric PLC		1,339
	23	Oshkosh Corp.		1,920
	95	PACCAR, Inc.		6,808
	37	Parker-Hannifin Corp.		6,290
	70	Pentair PLC		2,604
	38	Quanta Services, Inc.		1,451
	94	Raytheon Co.		16,345
	49	Rockwell Automation, Inc.		8,028
	19	Snap-on, Inc.		3,147

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	34	Spirit AeroSystems Holdings, Inc., Class A	$	2,767
	34	Stanley Black & Decker, Inc.		4,917
	12	Teledyne Technologies, Inc.1		3,286
	59	Textron, Inc.		3,129
	43	Toro Co. (The)		2,877
	15	W.W. Grainger, Inc.		4,023
	19	WABCO Holdings, Inc.1		2,519
	13	Watsco, Inc.		2,126
		Total Capital Goods		384,470
		Commercial & Professional Services—0.8%
	24	Cintas Corp.		5,695
	79	Copart, Inc.1		5,904
	13	CoStar Group, Inc.1		7,203
	21	ManpowerGroup, Inc.		2,029
	50	Robert Half International, Inc.		2,851
	59	Rollins, Inc.		2,116
	42	Verisk Analytics, Inc.		6,151
	101	Waste Management, Inc.		11,652
		Total Commercial & Professional Services		43,601
		Consumer Durables & Apparel—1.7%
	16	Carter’s, Inc.		1,561
	12	Columbia Sportswear Co.		1,202
	60	Garmin Ltd.		4,788
	40	Leggett & Platt, Inc.		1,535
	51	Lululemon Athletica, Inc.1		9,191
	14	Mohawk Industries, Inc.1		2,065
	536	NIKE, Inc., Class B		44,997
	1	NVR, Inc.1		3,370
	86	PulteGroup, Inc.		2,719
	18	PVH Corp.		1,703
	19	Ralph Lauren Corp.		2,158
	27	Roku, Inc.1		2,446
	50	Skechers U.S.A., Inc., Class A1		1,574
	79	Tapestry, Inc.		2,507
	32	Toll Brothers, Inc.		1,172
	67	Under Armour, Inc., Class A1		1,698
	69	Under Armour, Inc., Class C1		1,532
	111	VF Corp.		9,696
	16	Whirlpool Corp.		2,278
		Total Consumer Durables & Apparel		98,192
		Consumer Services—2.7%
	117	Carnival Corp.		5,446
	10	Chipotle Mexican Grill, Inc.1		7,329
	51	Darden Restaurants, Inc.		6,208
	16	Domino’s Pizza, Inc.		4,452
	19	Dunkin’ Brands Group, Inc.		1,514
	34	frontdoor, Inc.1		1,481
	16	Grand Canyon Education, Inc.1		1,872
	67	H&R Block, Inc.		1,963
	108	Las Vegas Sands Corp.		6,382
	63	Marriott International, Inc., Class A		8,838
	201	McDonald’s Corp.		41,740
	28	Planet Fitness, Inc., Class A1		2,028
	513	Starbucks Corp.		43,005
	11	Vail Resorts, Inc.		2,455
	154	Yum China Holdings, Inc.		7,115

The accompanying notes are an integral part of these financial statements.

46

Invesco Russell 1000^® Quality Factor ETF (OQAL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	121	Yum! Brands, Inc.	$	13,391
		Total Consumer Services		155,219
		Diversified Financials—2.0%
	48	Cboe Global Markets, Inc.		4,974
	5	Credit Acceptance Corp.1		2,419
	63	Eaton Vance Corp.		2,717
	23	Evercore, Inc., Class A		2,037
	15	FactSet Research Systems, Inc.		4,298
	147	Franklin Resources, Inc.		5,116
	64	Janus Henderson Group PLC		1,370
	58	Lazard Ltd., Class A		1,995
	36	LPL Financial Holdings, Inc.		2,937
	21	MarketAxess Holdings, Inc.		6,750
	93	Moody’s Corp.		18,164
	8	Morningstar, Inc.		1,157
	47	MSCI, Inc.		11,223
	141	S&P Global, Inc.		32,118
	74	SEI Investments Co.		4,151
	132	T. Rowe Price Group, Inc.		14,482
		Total Diversified Financials		115,908
		Energy—6.1%
	84	Apache Corp.		2,433
	170	Cabot Oil & Gas Corp.		3,903
	725	Chevron Corp.		90,219
	39	Cimarex Energy Co.		2,314
	439	ConocoPhillips		26,779
	155	Devon Energy Corp.		4,421
	235	EOG Resources, Inc.		21,893
	85	EQT Corp.		1,344
	1,676	Exxon Mobil Corp.		128,432
	193	Halliburton Co.		4,389
	39	Helmerich & Payne, Inc.		1,974
	63	HollyFrontier Corp.		2,916
	258	Marathon Oil Corp.		3,666
	282	Occidental Petroleum Corp.		14,179
	69	Parsley Energy, Inc., Class A1		1,312
	173	Phillips 66		16,182
	68	Pioneer Natural Resources Co.		10,462
	156	Valero Energy Corp.		13,355
		Total Energy		350,173
		Food & Staples Retailing—1.6%
	144	Costco Wholesale Corp.		38,054
	121	Sysco Corp.		8,557
	254	Walgreens Boots Alliance, Inc.		13,886
	307	Walmart, Inc.		33,920
		Total Food & Staples Retailing		94,417
		Food, Beverage & Tobacco—2.4%
	471	Altria Group, Inc.		22,302
	48	Brown-Forman Corp., Class B		2,661
	100	Hormel Foods Corp.2		4,054
	19	Ingredion, Inc.		1,567
	168	Monster Beverage Corp.1		10,723
	435	PepsiCo, Inc.		57,042
	517	Philip Morris International, Inc.		40,600
		Total Food, Beverage & Tobacco		138,949

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services—4.7%
	377	Abbott Laboratories	$	31,706
	18	ABIOMED, Inc.1		4,689
	34	Align Technology, Inc.1		9,306
	34	AmerisourceBergen Corp.		2,899
	170	Baxter International, Inc.		13,923
	119	Cerner Corp.		8,723
	7	Chemed Corp.		2,526
	151	Danaher Corp.		21,581
	86	Edwards Lifesciences Corp.1		15,888
	21	Encompass Health Corp.		1,330
	50	Humana, Inc.		13,265
	7	ICU Medical, Inc.1		1,763
	35	IDEXX Laboratories, Inc.1		9,636
	41	Intuitive Surgical, Inc.1		21,506
	22	Laboratory Corp. of America Holdings1		3,804
	19	Masimo Corp.1		2,827
	59	McKesson Corp.		7,929
	19	Medidata Solutions, Inc.1		1,720
	13	Penumbra, Inc.1		2,080
	57	ResMed, Inc.		6,956
	24	STERIS PLC		3,573
	270	UnitedHealth Group, Inc.		65,883
	17	Universal Health Services, Inc., Class B		2,217
	36	Varian Medical Systems, Inc.1		4,901
	45	Veeva Systems, Inc., Class A1		7,295
	29	West Pharmaceutical Services, Inc.		3,629
		Total Health Care Equipment & Services		271,555
		Household & Personal Products—2.6%
	68	Church & Dwight Co., Inc.		4,968
	30	Clorox Co. (The)		4,593
	302	Colgate-Palmolive Co.		21,644
	86	Estee Lauder Cos., Inc., (The), Class A		15,748
	38	Herbalife Nutrition Ltd.1		1,625
	113	Kimberly-Clark Corp.		15,061
	755	Procter & Gamble Co. (The)		82,786
		Total Household & Personal Products		146,425
		Insurance—0.8%
	71	Brown & Brown, Inc.		2,378
	14	Erie Indemnity Co., Class A		3,560
	100	Fidelity National Financial, Inc.		4,030
	222	Marsh & McLennan Cos., Inc.		22,145
	200	Progressive Corp. (The)		15,986
		Total Insurance		48,099
		Materials—2.1%
	71	Air Products & Chemicals, Inc.		16,072
	25	Albemarle Corp.		1,760
	23	Avery Dennison Corp.		2,661
	71	Ball Corp.		4,969
	43	Celanese Corp.		4,635
	54	CF Industries Holdings, Inc.		2,522
	164	Corteva, Inc.1		4,850
	164	Dow, Inc.		8,087
	14	Eagle Materials, Inc.		1,298
	30	Eastman Chemical Co.		2,335
	61	Ecolab, Inc.		12,044
	91	Huntsman Corp.		1,860
	89	International Paper Co.		3,856

The accompanying notes are an integral part of these financial statements.

47

Invesco Russell 1000^® Quality Factor ETF (OQAL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	90	LyondellBasell Industries NV, Class A	$	7,752
	187	Newmont Goldcorp Corp.		7,194
	111	Nucor Corp.		6,116
	27	Packaging Corp. of America		2,574
	64	PPG Industries, Inc.		7,469
	20	Reliance Steel & Aluminum Co.		1,892
	24	Royal Gold, Inc.		2,460
	35	Sealed Air Corp.		1,497
	21	Sherwin-Williams Co. (The)		9,624
	27	Sonoco Products Co.		1,764
	80	Steel Dynamics, Inc.		2,416
	60	Valvoline, Inc.		1,172
	56	WestRock Co.		2,042
		Total Materials		120,921
		Media & Entertainment—9.8%
	240	Activision Blizzard, Inc.		11,328
	112	Alphabet, Inc., Class A1		121,274
	113	Alphabet, Inc., Class C1		122,143
	1	Cable One, Inc.		1,171
	116	Electronic Arts, Inc.1		11,746
	992	Facebook, Inc., Class A1		191,456
	116	Fox Corp., Class A		4,250
	54	Fox Corp., Class B		1,973
	18	IAC/InterActiveCorp1		3,915
	7	Madison Square Garden Co. (The), Class A1		1,960
	22	Match Group, Inc.		1,480
	44	New York Times Co., (The), Class A		1,435
	405	Sirius XM Holdings, Inc.2		2,260
	46	Take-Two Interactive Software, Inc.1		5,222
	40	TripAdvisor, Inc.1		1,852
	571	Walt Disney Co. (The)		79,734
	17	World Wrestling Entertainment, Inc., Class A		1,227
	336	Zynga, Inc., Class A1		2,060
		Total Media & Entertainment		566,486
		Pharmaceuticals, Biotechnology & Life Sciences—9.4%
	543	AbbVie, Inc.		39,487
	106	Agilent Technologies, Inc.		7,915
	223	Amgen, Inc.		41,094
	82	Biogen, Inc.1		19,177
	10	Bio-Techne Corp.		2,085
	638	Bristol-Myers Squibb Co.		28,933
	31	Bruker Corp.		1,549
	108	Elanco Animal Health, Inc.1		3,650
	278	Eli Lilly & Co.		30,800
	116	Exelixis, Inc.1		2,479
	355	Gilead Sciences, Inc.		23,984
	38	Illumina, Inc.1		13,990
	69	Incyte Corp.1		5,862
	34	Ionis Pharmaceuticals, Inc.1		2,185
	15	Jazz Pharmaceuticals PLC1		2,138
	987	Johnson & Johnson		137,469
	855	Merck & Co., Inc.		71,692
	9	Mettler-Toledo International, Inc.1		7,560
	61	Nektar Therapeutics1		2,170
	1,528	Pfizer, Inc.		66,193
	17	PRA Health Sciences, Inc.1		1,686
	32	Regeneron Pharmaceuticals, Inc.1		10,016

Shares			Value
		Common Stocks (continued)
		Pharmaceuticals, Biotechnology & Life Sciences (continued)
	15	United Therapeutics Corp.1	$	1,171
	78	Vertex Pharmaceuticals, Inc.1		14,304
	29	Waters Corp.1		6,242
		Total Pharmaceuticals, Biotechnology & Life Sciences		543,831
		Real Estate—2.0%
	78	Apartment Investment & Management Co., Class A		3,909
	41	AvalonBay Communities, Inc.		8,330
	154	CBRE Group, Inc., Class A1		7,900
	42	Cousins Properties, Inc.		1,519
	101	Duke Realty Corp.		3,193
	47	Equity Commonwealth		1,529
	27	Equity LifeStyle Properties, Inc.		3,276
	38	Extra Space Storage, Inc.		4,032
	205	HCP, Inc.		6,556
	350	Host Hotels & Resorts, Inc.		6,377
	15	Jones Lang LaSalle, Inc.		2,110
	33	Lamar Advertising Co., Class A		2,664
	14	Life Storage, Inc.		1,331
	209	Medical Properties Trust, Inc.		3,645
	57	Park Hotels & Resorts, Inc.		1,571
	183	Prologis, Inc.		14,658
	84	Public Storage		20,006
	130	Simon Property Group, Inc.		20,769
	115	VICI Properties, Inc.		2,535
	53	Weingarten Realty Investors		1,453
		Total Real Estate		117,363
		Retailing—9.9%
	22	Advance Auto Parts, Inc.		3,391
	133	Amazon.com, Inc.1		251,853
	7	AutoZone, Inc.1		7,696
	96	Best Buy Co., Inc.		6,694
	18	Booking Holdings, Inc.1		33,745
	22	Burlington Stores, Inc.1		3,743
	97	Dollar General Corp.		13,111
	69	Dollar Tree, Inc.1		7,410
	269	eBay, Inc.		10,626
	42	Etsy, Inc.1		2,578
	34	Expedia Group, Inc.		4,523
	20	Five Below, Inc.1		2,400
	47	Foot Locker, Inc.		1,970
	85	Gap, Inc. (The)		1,527
	45	Genuine Parts Co.		4,661
	22	GrubHub, Inc.1		1,716
	451	Home Depot, Inc. (The)		93,795
	57	Kohl’s Corp.		2,710
	55	L Brands, Inc.		1,436
	251	Lowe’s Cos., Inc.		25,328
	69	Macy’s, Inc.		1,481
	20	Ollie’s Bargain Outlet Holdings, Inc.1		1,742
	27	O’Reilly Automotive, Inc.1		9,972
	9	Pool Corp.		1,719
	110	Qurate Retail, Inc.1		1,363
	153	Ross Stores, Inc.		15,165
	138	Target Corp.		11,952
	40	Tiffany & Co.2		3,746
	525	TJX Cos., Inc. (The)		27,762
	49	Tractor Supply Co.		5,331

The accompanying notes are an integral part of these financial statements.

48

Invesco Russell 1000^® Quality Factor ETF (OQAL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	24	Ulta Beauty, Inc.1	$	8,325
	32	Williams-Sonoma, Inc.		2,080
		Total Retailing		571,551
		Semiconductors & Semiconductor Equipment—4.9%
	400	Applied Materials, Inc.		17,964
	99	Cypress Semiconductor Corp.		2,202
	1,769	Intel Corp.		84,682
	58	KLA-Tencor Corp.		6,856
	65	Lam Research Corp.		12,210
	77	Maxim Integrated Products, Inc.		4,606
	442	Micron Technology, Inc.1		17,057
	21	MKS Instruments, Inc.		1,636
	16	Monolithic Power Systems, Inc.		2,172
	204	NVIDIA Corp.		33,503
	40	Qorvo, Inc.1		2,664
	309	QUALCOMM, Inc.		23,506
	66	Skyworks Solutions, Inc.		5,100
	74	Teradyne, Inc.		3,545
	406	Texas Instruments, Inc.		46,592
	15	Universal Display Corp.		2,821
	30	Versum Materials, Inc.		1,547
	87	Xilinx, Inc.		10,259
		Total Semiconductors & Semiconductor Equipment		278,922
		Software & Services—17.1%
	271	Accenture PLC, Class A		50,073
	177	Adobe, Inc.1		52,153
	49	Akamai Technologies, Inc.1		3,927
	48	Amdocs Ltd.		2,980
	29	ANSYS, Inc.1		5,940
	29	Aspen Technology, Inc.1		3,604
	168	Automatic Data Processing, Inc.		27,775
	32	Booz Allen Hamilton Holding Corp.		2,119
	40	Broadridge Financial Solutions, Inc.		5,107
	100	Cadence Design Systems, Inc.1		7,081
	37	Citrix Systems, Inc.		3,631
	211	Cognizant Technology Solutions Corp., Class A		13,375
	20	EPAM Systems, Inc.1		3,462
	17	Euronet Worldwide, Inc.1		2,860
	9	Fair Isaac Corp.1		2,826
	92	Fiserv, Inc.1		8,387
	51	Fortinet, Inc.1		3,918
	37	Genpact Ltd.		1,409
	99	Intuit, Inc.		25,872
	29	Jack Henry & Associates, Inc.		3,884
	17	LogMeIn, Inc.		1,253
	27	Manhattan Associates, Inc.1		1,872
	513	Mastercard, Inc., Class A		135,704
	2,142	Microsoft Corp.		286,942
	23	Palo Alto Networks, Inc.1		4,687
	129	Paychex, Inc.		10,615
	17	Paycom Software, Inc.1		3,854
	483	PayPal Holdings, Inc.1		55,284
	68	Red Hat, Inc.1		12,768
	167	salesforce.com, Inc.1		25,339
	53	ServiceNow, Inc.1		14,552
	48	Synopsys, Inc.1		6,177
	20	Tableau Software, Inc., Class A1		3,320

Shares			Value
		Common Stocks (continued)
		Software & Services (continued)
	14	Trade Desk, Inc. (The), Class A1	$	3,189
	12	Tyler Technologies, Inc.1		2,592
	41	VeriSign, Inc.1		8,576
	965	Visa, Inc., Class A		167,476
	33	VMware, Inc., Class A		5,518
	212	Western Union Co. (The)		4,217
		Total Software & Services		984,318
		Technology Hardware & Equipment—8.5%
	85	Amphenol Corp., Class A		8,155
	1,795	Apple, Inc.		355,266
	19	Arista Networks, Inc.1		4,933
	1,529	Cisco Systems, Inc.		83,682
	69	Cognex Corp.		3,311
	25	Dolby Laboratories, Inc., Class A		1,615
	22	F5 Networks, Inc.1		3,204
	52	FLIR Systems, Inc.		2,813
	528	HP, Inc.		10,977
	13	IPG Photonics Corp.1		2,005
	47	Keysight Technologies, Inc.1		4,221
	49	National Instruments Corp.		2,058
	100	NetApp, Inc.		6,170
	15	Zebra Technologies Corp., Class A1		3,142
		Total Technology Hardware & Equipment		491,552
		Telecommunication Services—0.9%
	903	Verizon Communications, Inc.		51,588
		Transportation—2.5%
	33	Alaska Air Group, Inc.		2,109
	54	C.H. Robinson Worldwide, Inc.		4,555
	210	CSX Corp.		16,248
	181	Delta Air Lines, Inc.		10,272
	74	Expeditors International of Washington, Inc.		5,613
	34	JB Hunt Transport Services, Inc.		3,108
	96	JetBlue Airways Corp.1		1,775
	22	Kansas City Southern		2,680
	53	Knight-Swift Transportation Holdings, Inc.		1,740
	17	Landstar System, Inc.		1,836
	66	Norfolk Southern Corp.		13,156
	27	Old Dominion Freight Line, Inc.		4,030
	195	Southwest Airlines Co.		9,902
	215	Union Pacific Corp.		36,359
	56	United Continental Holdings, Inc.1		4,903
	207	United Parcel Service, Inc., Class B		21,377
	25	XPO Logistics, Inc.1		1,445
		Total Transportation		141,108
		Utilities—0.2%
	114	CenterPoint Energy, Inc.		3,264
	11	IDACORP, Inc.		1,105
	105	NRG Energy, Inc.		3,688
	45	UGI Corp.		2,403
		Total Utilities		10,460
		Total Common Stocks (Cost $5,180,777)		5,753,513

The accompanying notes are an integral part of these financial statements.

49

Invesco Russell 1000^® Quality Factor ETF (OQAL)(continued)

June 30, 2019

Shares			Value
		Investment of Cash Collateral for Securities Loaned—0.2%
	8,948	Invesco Government & Agency Portfolio—Institutional Class, 2.27%3,4	$	8,948
	2,982	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%3,4		2,983
		Total Investment of Cash Collateral for Securities Loaned (Cost $11,931)		11,931
		Total Investments—100.1% (Cost $5,192,708)		5,765,444
		Liabilities in Excess of Other Assets—(0.1)%		(4,987	)
		Net Assets—100.0%	$	5,760,457

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $8,233; total value of the collateral held by the Fund was $11,931.

³  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 June 30, 2019.

⁴  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.

The accompanying notes are an integral part of these financial statements.

50

Schedule of Investments

Invesco Russell 1000^® Yield Factor ETF (OYLD)

June 30, 2019

Shares			Value
		Common Stocks—100.1%
		Automobiles & Components—1.1%
	3,109	Ford Motor Co.	$	31,805
	904	General Motors Co.		34,831
	115	Harley-Davidson, Inc.		4,121
		Total Automobiles & Components		70,757
		Banks—11.0%
	3,936	Bank of America Corp.		114,144
	489	BB&T Corp.		24,025
	1,275	Citigroup, Inc.		89,288
	289	Citizens Financial Group, Inc.		10,219
	95	Comerica, Inc.		6,901
	232	F.N.B. Corp.		2,731
	437	Fifth Third Bancorp		12,192
	734	Huntington Bancshares, Inc.		10,144
	1,830	JPMorgan Chase & Co.		204,594
	690	KeyCorp		12,247
	365	New York Community Bancorp, Inc.		3,643
	94	PacWest Bancorp		3,650
	288	People’s United Financial, Inc.		4,833
	258	PNC Financial Services Group, Inc. (The)		35,418
	675	Regions Financial Corp.		10,084
	272	SunTrust Banks, Inc.		17,095
	823	U.S. Bancorp		43,125
	167	Umpqua Holdings Corp.		2,771
	2,752	Wells Fargo & Co.		130,225
		Total Banks		737,329
		Capital Goods—7.7%
	361	3M Co.		62,576
	238	Boeing Co. (The)		86,635
	321	Caterpillar, Inc.		43,749
	91	Cummins, Inc.		15,592
	279	Eaton Corp. PLC		23,235
	381	Emerson Electric Co.		25,420
	309	Fastenal Co.		10,070
	127	General Dynamics Corp.		23,091
	4,860	General Electric Co.		51,030
	180	Illinois Tool Works, Inc.		27,146
	497	Johnson Controls International PLC		20,531
	128	Lockheed Martin Corp.		46,533
	252	PACCAR, Inc.		18,058
	62	Rockwell Automation, Inc.		10,158
	391	United Technologies Corp.		50,908
	22	Watsco, Inc.		3,598
		Total Capital Goods		518,330
		Commercial & Professional Services—0.1%
	295	Nielsen Holdings PLC		6,667
		Consumer Durables & Apparel—0.8%
	82	Garmin Ltd.		6,544
	250	Hanesbrands, Inc.		4,305
	64	Hasbro, Inc.		6,764
	93	Leggett & Platt, Inc.		3,568
	306	Newell Brands, Inc.		4,719
	214	Tapestry, Inc.		6,790
	154	VF Corp.		13,452
	43	Whirlpool Corp.		6,121
		Total Consumer Durables & Apparel		52,263

Shares			Value
		Common Stocks (continued)
		Consumer Services—1.9%
	286	Carnival Corp.	$	13,313
	149	Extended Stay America, Inc.		2,517
	144	H&R Block, Inc.		4,219
	275	Las Vegas Sands Corp.		16,250
	375	McDonald’s Corp.		77,872
	67	Six Flags Entertainment Corp.		3,329
	68	Wyndham Destinations, Inc.		2,985
	58	Wynn Resorts Ltd.		7,191
		Total Consumer Services		127,676
		Diversified Financials—3.2%
	458	AGNC Investment Corp.		7,704
	72	Ameriprise Financial, Inc.		10,451
	1,243	Annaly Capital Management, Inc.		11,349
	449	Bank of New York Mellon Corp. (The)		19,823
	70	BlackRock, Inc.		32,851
	158	Chimera Investment Corp.		2,981
	179	CME Group, Inc.		34,746
	170	Franklin Resources, Inc.		5,916
	312	Invesco Ltd.1		6,383
	132	Janus Henderson Group PLC		2,825
	87	Lazard Ltd., Class A		2,992
	380	MFA Financial, Inc.		2,728
	691	Morgan Stanley		30,273
	354	New Residential Investment Corp.		5,448
	226	Starwood Property Trust, Inc.		5,135
	235	State Street Corp.		13,174
	132	T. Rowe Price Group, Inc.		14,482
	232	Two Harbors Investment Corp.		2,939
		Total Diversified Financials		212,200
		Energy—10.1%
	255	Apache Corp.		7,387
	328	Baker Hughes a GE Co.		8,079
	1,320	Chevron Corp.		164,261
	3,104	Exxon Mobil Corp.		237,859
	555	Halliburton Co.		12,621
	83	Helmerich & Payne, Inc.		4,201
	102	HollyFrontier Corp.		4,721
	1,386	Kinder Morgan, Inc.		28,940
	462	Marathon Petroleum Corp.		25,817
	594	Occidental Petroleum Corp.		29,866
	313	ONEOK, Inc.		21,537
	313	Phillips 66		29,278
	1,080	Schlumberger Ltd.		42,919
	192	Targa Resources Corp.		7,538
	306	Valero Energy Corp.		26,197
	926	Williams Cos., Inc. (The)		25,965
		Total Energy		677,186
		Food & Staples Retailing—0.4%
	525	Walgreens Boots Alliance, Inc.		28,702
		Food, Beverage & Tobacco—7.2%
	1,489	Altria Group, Inc.		70,504
	364	Archer-Daniels-Midland Co.		14,851
	92	Bunge Ltd.		5,125
	114	Campbell Soup Co.		4,568
	2,370	Coca-Cola Co. (The)		120,680
	297	Conagra Brands, Inc.		7,877

The accompanying notes are an integral part of these financial statements.

51

Invesco Russell 1000^® Yield Factor ETF (OYLD)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Food, Beverage & Tobacco (continued)
	413	General Mills, Inc.	$	21,691
	62	JM Smucker Co. (The)		7,142
	174	Kellogg Co.		9,321
	521	Kraft Heinz Co. (The)		16,172
	103	Molson Coors Brewing Co., Class B		5,768
	815	PepsiCo, Inc.		106,871
	1,220	Philip Morris International, Inc.		95,807
		Total Food, Beverage & Tobacco		486,377
		Health Care Equipment & Services—1.8%
	217	Cardinal Health, Inc.		10,221
	923	CVS Health Corp.		50,294
	619	Medtronic PLC		60,284
		Total Health Care Equipment & Services		120,799
		Household & Personal Products—3.3%
	68	Clorox Co. (The)		10,411
	427	Colgate-Palmolive Co.		30,603
	209	Kimberly-Clark Corp.		27,856
	1,400	Procter & Gamble Co. (The)		153,510
		Total Household & Personal Products		222,380
		Insurance—2.0%
	54	American Financial Group, Inc.		5,533
	455	American International Group, Inc.		24,242
	161	Fidelity National Financial, Inc.		6,488
	529	MetLife, Inc.		26,276
	185	Old Republic International Corp.		4,140
	194	Principal Financial Group, Inc.		11,237
	305	Progressive Corp. (The)		24,379
	281	Prudential Financial, Inc.		28,381
	131	Unum Group		4,395
		Total Insurance		135,071
		Materials—1.7%
	131	CF Industries Holdings, Inc.		6,119
	117	Chemours Co. (The)		2,808
	562	DuPont de Nemours, Inc.		42,189
	92	Eastman Chemical Co.		7,160
	292	International Paper Co.		12,650
	225	LyondellBasell Industries NV, Class A		19,379
	190	Nucor Corp.		10,469
	61	Packaging Corp. of America		5,815
	195	WestRock Co.		7,112
		Total Materials		113,701
		Media & Entertainment—0.3%
	282	Interpublic Group of Cos., Inc. (The)		6,370
	140	Omnicom Group, Inc.		11,473
		Total Media & Entertainment		17,843
		Pharmaceuticals, Biotechnology & Life Sciences—11.4%
	1,121	AbbVie, Inc.		81,519
	165	Allergan PLC		27,626
	380	Amgen, Inc.		70,026
	1,074	Bristol-Myers Squibb Co.		48,706
	859	Gilead Sciences, Inc.		58,034
	1,489	Johnson & Johnson		207,388
	1,387	Merck & Co., Inc.		116,300
	3,518	Pfizer, Inc.		152,400
		Total Pharmaceuticals, Biotechnology & Life Sciences		761,999

Shares			Value
		Common Stocks (continued)
		Real Estate—7.2%
	60	Alexandria Real Estate Equities, Inc.	$	8,465
	94	American Campus Communities, Inc.		4,339
	172	Apple Hospitality REIT, Inc.		2,728
	81	AvalonBay Communities, Inc.		16,458
	88	Boston Properties, Inc.		11,352
	237	Brixmor Property Group, Inc.		4,238
	56	Camden Property Trust		5,846
	396	Colony Capital, Inc.		1,980
	263	Crown Castle International Corp.		34,282
	125	CubeSmart		4,180
	135	Digital Realty Trust, Inc.		15,902
	202	Duke Realty Corp.		6,385
	58	EPR Properties		4,326
	210	Equity Residential		15,943
	35	Essex Property Trust, Inc.		10,217
	76	Extra Space Storage, Inc.		8,064
	45	Federal Realty Investment Trust		5,794
	162	Gaming and Leisure Properties, Inc.		6,315
	351	HCP, Inc.		11,225
	145	Healthcare Trust of America, Inc., Class A		3,977
	72	Highwoods Properties, Inc.		2,974
	135	Hospitality Properties Trust		3,375
	540	Host Hotels & Resorts, Inc.		9,839
	234	Iron Mountain, Inc.		7,324
	322	Kimco Realty Corp.		5,951
	63	Lamar Advertising Co., Class A		5,085
	94	Liberty Property Trust		4,704
	33	Life Storage, Inc.		3,138
	117	Macerich Co. (The)		3,918
	303	Medical Properties Trust, Inc.		5,284
	71	Mid-America Apartment Communities, Inc.		8,361
	108	National Retail Properties, Inc.		5,725
	174	Omega Healthcare Investors, Inc.		6,394
	110	Outfront Media, Inc.		2,837
	164	Park Hotels & Resorts, Inc.		4,520
	345	Prologis, Inc.		27,634
	94	Public Storage		22,388
	213	Realty Income Corp.		14,691
	106	Regency Centers Corp.		7,074
	164	Retail Properties of America, Inc., Class A		1,929
	230	Simon Property Group, Inc.		36,745
	57	SL Green Realty Corp.		4,581
	69	Spirit Realty Capital, Inc.		2,943
	140	STORE Capital Corp.		4,647
	46	Taubman Centers, Inc.		1,878
	163	UDR, Inc.		7,317
	267	Ventas, Inc.		18,249
	771	VEREIT, Inc.		6,947
	310	VICI Properties, Inc.		6,832
	117	Vornado Realty Trust		7,500
	94	Weingarten Realty Investors		2,577
	288	Welltower, Inc.		23,481
	583	Weyerhaeuser Co.		15,356
	126	WP Carey, Inc.		10,229
		Total Real Estate		484,443
		Retailing—2.7%
	172	Gap, Inc. (The)		3,091
	83	Genuine Parts Co.		8,597

The accompanying notes are an integral part of these financial statements.

52

Invesco Russell 1000^® Yield Factor ETF (OYLD)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	573	Home Depot, Inc. (The)	$	119,167
	128	Kohl’s Corp.		6,086
	200	L Brands, Inc.		5,220
	264	Macy’s, Inc.		5,666
	84	Nordstrom, Inc.		2,676
	321	Target Corp.		27,802
		Total Retailing		178,305
		Semiconductors & Semiconductor Equipment—6.6%
	303	Broadcom, Inc.		87,221
	3,231	Intel Corp.		154,668
	121	KLA-Tencor Corp.		14,302
	101	Lam Research Corp.		18,972
	223	Maxim Integrated Products, Inc.		13,340
	1,044	QUALCOMM, Inc.		79,417
	659	Texas Instruments, Inc.		75,627
		Total Semiconductors & Semiconductor Equipment		443,547
		Software & Services—2.0%
	851	International Business Machines Corp.		117,353
	173	Paychex, Inc.		14,236
	297	Western Union Co. (The)		5,907
		Total Software & Services		137,496
		Technology Hardware & Equipment—3.8%
	3,020	Cisco Systems, Inc.		165,285
	527	Corning, Inc.		17,512
	1,103	Hewlett Packard Enterprise Co.		16,490
	1,222	HP, Inc.		25,405
	258	Juniper Networks, Inc.		6,871
	175	NetApp, Inc.		10,797
	288	Western Digital Corp.		13,694
		Total Technology Hardware & Equipment		256,054
		Telecommunication Services—5.6%
	5,859	AT&T, Inc.		196,335
	936	CenturyLink, Inc.		11,007
	2,981	Verizon Communications, Inc.		170,305
		Total Telecommunication Services		377,647
		Transportation—1.1%
	332	Delta Air Lines, Inc.		18,841
	62	Macquarie Infrastructure Corp.		2,514
	482	United Parcel Service, Inc., Class B		49,776
		Total Transportation		71,131
		Utilities—7.1%
	419	AES Corp.		7,023
	137	Alliant Energy Corp.		6,724
	129	Ameren Corp.		9,689
	293	American Electric Power Co., Inc.		25,787
	345	CenterPoint Energy, Inc.		9,877
	152	CMS Energy Corp.		8,802
	208	Consolidated Edison, Inc.		18,238
	584	Dominion Energy, Inc.		45,155
	106	DTE Energy Co.		13,555
	519	Duke Energy Corp.		45,797
	223	Edison International		15,032
	127	Entergy Corp.		13,072
	148	Evergy, Inc.		8,902
	179	Eversource Energy		13,561

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	565	Exelon Corp.	$	27,086
	347	FirstEnergy Corp.		14,855
	234	NextEra Energy, Inc.		47,937
	212	NiSource, Inc.		6,106
	128	OGE Energy Corp.		5,448
	67	Pinnacle West Capital Corp.		6,304
	558	PPL Corp.		17,304
	306	Public Service Enterprise Group, Inc.		17,999
	155	Sempra Energy		21,303
	754	Southern Co. (The)		41,681
	179	WEC Energy Group, Inc.		14,923
	284	Xcel Energy, Inc.		16,895
		Total Utilities		479,055
		Total Investments—100.1% (Cost $6,537,064)		6,716,958
		Liabilities in Excess of Other Assets—(0.1)%		(6,352	)
		Net Assets—100.0%	$	6,710,606

REIT—Real Estate Investment Trust

¹  Affiliated security (Note 4).

The accompanying notes are an integral part of these financial statements.

53

Statements of Assets and Liabilities

June 30, 2019

	Invesco Russell 1000® Momentum Factor ETF  (OMOM)		Invesco Russell 1000® Value Factor ETF  (OVLU)			Invesco Russell 1000® Low Volatility  Factor ETF (OVOL)
Assets:
Unaffiliated investments in securities, at value (including securities on loan)1	$	5,693,275	$	5,376,503		$	5,765,034
Affiliated investments in securities, at value		27,203		21,772			3,223
Cash		—		—			—
Receivables and other assets:
Dividends		4,234		5,638			5,395
Investments sold		2,092,833		2,819,445			294,421
Securities lending		3		2			1
Total Assets		7,817,548		8,223,360			6,068,074
Liabilities:
Payables and other liabilities:
Investment of cash collateral of securities on loan		18,701		12,260			3,223
Due to custodian		56		—			3,279
Investments purchased		684,941		1,489,805			295,984
Shares Repurchsed		1,422,645		1,344,192			—
Accrued unitary management fees		896		845			887
Total Liabilities		2,127,239		2,847,102			303,373
Net Assets	$	5,690,309	$	5,376,258		$	5,764,701
Net Assets Consist of:
Shares of beneficial interest	$	5,239,670	$	5,405,267		$	5,015,162
Total distributable earnings		450,639		(29,009	)		749,539
Net Assets	$	5,690,309	$	5,376,258		$	5,764,701
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		200,000		200,000			200,000
Net asset value, offering and redemption price per share	$	28.45	$	26.88		$	28.82
Market price	$	28.42	$	26.88		$	28.86
Unaffiliated investments in securities, at cost	$	4,779,238	$	5,267,227		$	4,934,641
Affiliated investments in securities, at cost	$	27,203	$	22,693		$	3,223
1. Includes securities on loan with an aggregate value of:	$	2,417	$	12,274		$	3,192

The accompanying notes are an integral part of these financial statements.

54

Invesco Russell 1000®  Size Factor ETF (OSIZ)		Invesco Russell 1000® Quality Factor ETF  (OQAL)		Invesco Russell 1000® Yield Factor ETF  (OYLD)
$	5,625,236	$	5,753,513	$	6,710,575
	66,871		11,931		6,383
	11		—		—
	7,511		4,302		12,383
	2,242,059		2,575,005		2,132,209
	11		1		1
	7,941,699		8,344,752		8,861,551
	56,074		11,931		—
	—		1,726		25,691
	836,413		1,129,543		782,008
	1,409,759		1,440,191		1,342,188
	884		904		1,058
	2,303,130		2,584,295		2,150,945
$	5,638,569	$	5,760,457	$	6,710,606
$	5,502,735	$	5,347,459	$	6,618,253
	135,834		412,998		92,353
$	5,638,569	$	5,760,457	$	6,710,606
	200,000		200,000		250,000
$	28.19	$	28.80	$	26.84
$	28.18	$	28.80	$	26.84
$	5,399,759	$	5,180,777	$	6,528,213
$	71,243	$	11,931	$	8,851
$	51,652	$	8,233	$	—

55

Statements of Operations

For the year ended June 30, 2019

	Invesco Russell 1000® Momentum Factor ETF  (OMOM)			Invesco Russell 1000® Value Factor ETF  (OVLU)			Invesco Russell 1000® Low Volatility  Factor ETF (OVOL)
Investment Income:
Unaffiliated dividend income	$	91,180		$	131,338		$	124,078
Affiliated dividend income		6			288			19
Foreign withholding tax		(7	)		(7	)		—
Securities lending income		1,172			242			204
Total Income		92,351			131,861			124,301
Expenses:
Unitary management fees		10,297			9,966			10,254
Less fees waived		(1	)		(1	)		(2	)
Net Expenses		10,296			9,965			10,252
Net Investment Income		82,055			121,896			114,049
Realized and Unrealized Gain (Loss) from:
Net realized loss on investments		(350,011	)		(108,564	)		(30,619	)
Net realized loss on affiliated investments		—			(1,381	)		—
Net realized gain onin-kind redemptions		196,577			281,413			—
Total net realized gain (loss)		(153,434	)		171,468			(30,619	)
Net change in unrealized appreciation on unaffiliated investments		511,130			36,401			675,708
Net change in unrealized depreciation on affiliated investments		—			(8	)		—
Net change in unrealized appreciation		511,130			36,393			675,708
Net realized and unrealized gain on investments		357,696			207,861			645,089
Net Increase in Net Assets Resulting From Operations	$	439,751		$	329,757		$	759,138

The accompanying notes are an integral part of these financial statements.

56

Invesco Russell 1000®  Size Factor ETF (OSIZ)			Invesco Russell 1000® Quality Factor ETF  (OQAL)			Invesco Russell 1000® Yield Factor ETF  (OYLD)
$	84,236		$	95,788		$	189,794
	552			13			328
	(29	)		(13	)		—
	1,028			289			268
	85,787			96,077			190,390
	10,211			10,446			10,488
	(1	)		(1	)		(3	)
	10,210			10,445			10,485
	75,577			85,632			179,905
	(53,891	)		(118,169	)		(80,204	)
	(960	)		—			(549	)
	330,024			177,354			201,926
	275,173			59,185			121,173
	17,273			333,964			249,241
	(1,589	)		—			(783	)
	15,684			333,964			248,458
	290,857			393,149			369,631
$	366,434		$	478,781		$	549,536

57

Statements of Changes in Net Assets

For the years ended June 30, 2019 and for the period November 8, 2017 through June 30, 2018

	Invesco Russell 1000® Momentum Factor ETF (OMOM)						Invesco Russell 1000® Value Factor ETF (OVLU)
	Year Ended June 30, 2019			For the Period November 8, 20171 to June 30, 2018			Year Ended June 30, 2019			For the Period November 8, 20171 to June 30, 2018
Operations
Net investment income	$	82,055		$	49,809		$	121,896		$	67,244
Net realized gain (loss) on investments andin-kind redemptions		(153,434	)		(50,892	)		171,468			109,446
Net change in unrealized appreciation (depreciation) on investments		511,130			402,907			36,393			71,962
Net increase in net assets resulting from operations		439,751			401,824			329,757			248,652
Distributions to Shareholders from:
Distributable earnings		(81,006	)		(46,812	)		(120,297	)		(63,100	)
Shareholder Transactions:
Proceeds from shares sold		1,410,536			7,633,804			1,327,251			6,314,889
Value of shares repurchased		(1,422,645	)		(2,645,143	)		(1,344,192	)		(1,316,702	)
Net increase (decrease) in net assets resulting from shareholder transactions		(12,109	)		4,988,661			(16,941	)		4,998,187
Increase in net assets		346,636			5,343,673			192,519			5,183,739
Net Assets:
Beginning of period or year		5,343,673			—			5,183,739			—
End of period or year	$	5,690,309		$	5,343,673		$	5,376,258		$	5,183,739
Changes in Shares Outstanding:
Shares outstanding, beginning of period or year		200,000			—			200,000			—
Shares sold		50,000			300,000			50,000			250,000
Shares repurchased		(50,000	)		(100,000	)		(50,000	)		(50,000	)
Shares outstanding, end of period or year		200,000			200,000			200,000			200,000

¹. Commencement of operations.

The accompanying notes are an integral part of these financial statements.

58

Invesco Russell 1000® Low Volatility Factor ETF (OVOL)						Invesco Russell 1000® Size Factor ETF (OSIZ)						Invesco Russell 1000® Quality Factor ETF (OQAL)						Invesco Russell 1000® Yield Factor ETF (OYLD)
Year Ended June 30, 2019			For the Period November 8, 20171 to June 30, 2018			Year Ended June 30, 2019			For the Period November 8, 20171 to June  30, 2018			Year Ended June 30, 2019			For the Period November 8, 20171 to June  30, 2018			Year Ended June 30, 2019			For the Period November 8, 20171 to June  30, 2018
$	114,049		$	70,946		$	75,577		$	49,846		$	85,632		$	52,590		$	179,905		$	100,829
	(30,619	)		(35,265	)		275,173			180,317			59,185			137,210			121,173			104,583
	675,708			154,685			15,684			205,421			333,964			238,772			248,458			(68,564	)
	759,138			190,366			366,434			435,584			478,781			428,572			549,536			136,848
	(113,823	)		(66,067	)		(87,570	)		(43,194	)		(83,646	)		(49,684	)		(178,262	)		(92,937	)
	—			6,286,539			1,378,861			6,367,861			1,427,141			6,364,054			2,643,962			6,260,772
	—			(1,291,452	)		(1,409,759	)		(1,369,648	)		(1,440,191	)		(1,364,570	)		(1,342,188	)		(1,267,125	)
	—			4,995,087			(30,898	)		4,998,213			(13,050	)		4,999,484			1,301,774			4,993,647
	645,315			5,119,386			247,966			5,390,603			382,085			5,378,372			1,673,048			5,037,558
	5,119,386			—			5,390,603			—			5,378,372			—			5,037,558			—
$	5,764,701		$	5,119,386		$	5,638,569		$	5,390,603		$	5,760,457		$	5,378,372		$	6,710,606		$	5,037,558
	200,000			—			200,000			—			200,000			—			200,000			—
	—			250,000			50,000			250,000			50,000			250,000			100,000			250,000
	—			(50,000	)		(50,000	)		(50,000	)		(50,000	)		(50,000	)		(50,000	)		(50,000	)
	200,000			200,000			200,000			200,000			200,000			200,000			250,000			200,000

59

Financial Highlights

Invesco Russell 1000^® Momentum Factor ETF (OMOM)

	Year Ended June 30, 2019			For the Period November 08,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.72		$	25.00
Net investment income2		0.41			0.25
Net realized and unrealized gain on investments		1.73			1.70
Total gain from investment operations		2.14			1.95
Less Distributions from:
Net investment income		(0.41	)		(0.23	)
Net asset value, end of period	$	28.45		$	26.72
Market price, end of period	$	28.42	3
Total Return at Net Asset Value4		8.09	%		7.81	%
Total Return at Market Value4		7.85	%		7.94	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,690		$	5,344
Ratio to average net assets of:
Expenses, net of waivers		0.19	%		0.19	%5
Expenses, prior to waivers		0.19	%		0.19	%5
Net investment income, net of waivers		1.51	%		1.48	%5
Portfolio turnover rate6		33	%		22	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Advisor.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco Russell 1000^® Value Factor ETF (OVLU)

	Year Ended June 30, 2019			For the Period November 08,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.92		$	25.00
Net investment income2		0.61			0.34
Net realized and unrealized gain on investments		0.95			0.90
Total gain from investment operations		1.56			1.24
Less Distributions from:
Net investment income		(0.60	)		(0.32	)
Net asset value, end of period	$	26.88		$	25.92
Market price, end of period	$	26.88	3
Total Return at Net Asset Value4		6.15	%		4.92	%
Total Return at Market Value4		6.27	%		4.80	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,376		$	5,184
Ratio to average net assets of:
Expenses, net of waivers		0.19	%		0.19	%5
Expenses, prior to waivers		0.19	%		0.19	%5
Net investment income, net of waivers		2.32	%		2.00	%5
Portfolio turnover rate6		28	%		25	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Advisor.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

60

Financial Highlights(continued)

Invesco Russell 1000^® Low Volatility Factor ETF (OVOL)

	Year Ended June 30, 2019			For the Period November 08,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.60		$	25.00
Net investment income2		0.57			0.35
Net realized and unrealized gain on investments		3.22			0.58
Total gain from investment operations		3.79			0.93
Less Distributions from:
Net investment income		(0.57	)		(0.33	)
Net asset value, end of period	$	28.82		$	25.60
Market price, end of period	$	28.86	3
Total Return at Net Asset Value4		14.98	%		3.69	%
Total Return at Market Value4		15.05	%		3.79	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,765		$	5,119
Ratio to average net assets of:
Expenses, net of waivers		0.19	%		0.19	%5
Expenses, prior to waivers		0.19	%		0.19	%5
Net investment income, net of waivers		2.11	%		2.16	%5
Portfolio turnover rate6		8	%		7	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Advisor.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco Russell 1000^® Size Factor ETF (OSIZ)

	Year Ended June 30, 2019			For the Period November 08, 20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.95		$	25.00
Net investment income2		0.38			0.25
Net realized and unrealized gain on investments		1.29			1.92
Total gain from investment operations		1.67			2.17
Less Distributions from:
Net investment income		(0.38	)		(0.22	)
Realized gains		(0.05	)		—
Total distributions		(0.43	)		(0.22	)
Net asset value, end of period	$	28.19		$	26.95
Market price, end of period	$	28.18	3
Total Return at Net Asset Value4		6.42	%		8.68	%
Total Return at Market Value4		6.31	%		8.71	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,639		$	5,391
Ratio to average net assets of:
Expenses, net of waivers		0.19	%		0.19	%5
Expenses, prior to waivers		0.19	%		0.19	%5
Net investment income, net of waivers		1.41	%		1.48	%5
Portfolio turnover rate6		21	%		18	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Advisor.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

61

Financial Highlights(continued)

Invesco Russell 1000^® Quality Factor ETF (OQAL)

	Year Ended June 30, 2019			For the Period November 08,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.89		$	25.00
Net investment income2		0.43			0.26
Net realized and unrealized gain on investments		1.90			1.88
Total gain from investment operations		2.33			2.14
Less Distributions from:
Net investment income		(0.42	)		(0.25	)
Net asset value, end of period	$	28.80		$	26.89
Market price, end of period	$	28.80	3
Total Return at Net Asset Value4		8.76	%		8.57	%
Total Return at Market Value4		8.62	%		8.68	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	5,760		$	5,378
Ratio to average net assets of:
Expenses, net of waivers		0.19	%		0.19	%5
Expenses, prior to waivers		0.19	%		0.19	%5
Net investment income, net of waivers		1.56	%		1.56	%5
Portfolio turnover rate6		22	%		22	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

⁴  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Advisor.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco Russell 1000^® Yield Factor ETF (OYLD)

	Year Ended June 30, 2019			For the Period November 08,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.19		$	25.00
Net investment income2		0.84			0.50
Net realized and unrealized gain on investments		1.65			0.15
Total gain from investment operations		2.49			0.65
Less Distributions from:
Net investment income		(0.84	)		(0.46	)
Net asset value, end of period	$	26.84		$	25.19
Market price, end of period	$	26.84	3
Total Return at Net Asset Value4		10.10	%		2.59	%
Total Return at Market Value4		9.79	%		2.87	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	6,711		$	5,038
Ratio to average net assets of:
Expenses, net of waivers		0.19	%		0.19	%5
Expenses, prior to waivers		0.19	%		0.19	%5
Net investment income, net of waivers		3.26	%		3.10	%5
Portfolio turnover rate6		17	%		10	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Advisor.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

62

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

June 30, 2019

Note 1—Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is anopen-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 Russell 1000® Momentum Factor ETF	Oppenheimer Russell 1000® Momentum Factor ETF	Russell 1000® Momentum Factor ETF
Invesco Russell 1000® Value Factor ETF	Oppenheimer Russell 1000® Value Factor ETF	Russell 1000® Value Factor ETF
Invesco Russell 1000® Low Volatility Factor ETF	Oppenheimer Russell 1000® Low Volatility Factor ETF	Russell 1000® Low Volatility Factor ETF
Invesco Russell 1000® Size Factor ETF	Oppenheimer Russell 1000® Size Factor ETF	Russell 1000® Size Factor ETF
Invesco Russell 1000® Quality Factor ETF	Oppenheimer Russell 1000® Quality Factor ETF	Russell 1000® Quality Factor ETF
Invesco Russell 1000® Yield Factor ETF	Oppenheimer Russell 1000® Yield Factor ETF	Russell 1000® Yield Factor 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 Shares”. Each Fund’s shares are listed and traded on Cboe BZX Exchange, Inc.

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 Oppenheimer ETF Trust (a “Predecessor Fund”) after the close of business on May 24, 2019 (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 May 24, 2019 is that of the Predecessor Fund.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective for each Fund is to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
Russell 1000® Momentum Factor ETF	Russell 1000® Momentum Factor Index
Russell 1000® Value Factor ETF	Russell 1000® Value Factor Index
Russell 1000® Low Volatility Factor ETF	Russell 1000® Volatility Factor Index
Russell 1000® Size Factor ETF	Russell 1000® Size Factor Index
Russell 1000® Quality Factor ETF	Russell 1000® Quality Factor Index
Russell 1000® Yield Factor ETF	Russell 1000® Yield Factor Index

Note 2—Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (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 theover-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”).

63

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 asinstitution-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”), 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 (“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.

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 held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with processing 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 (as defined below), this may result in a significantly diminished trading market for 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.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward

64

particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, it would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Underlying Index, even if that security generally is underperforming.

Industry Concentration Risk. In following its methodology, each Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, each corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Correlation Risk. Each Fund’s return may not match the return of the Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing each 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, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

Portfolio Turnover Risk. Each Fund 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 each 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 each Fund’s shareholders, the Fund will seek to utilize thein-kind creation and redemption mechanism (described below) to minimize realization of capital gains to the extent possible.

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 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.

D. 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.

E. 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 andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions

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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 fiscalyear-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, or are they limited by any expense limitation arrangements between each Fund and the Adviser.

F. Accounting Estimates — The preparation of the financial statements in accordance with Generally Accepted Accounting Principles (“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.

G. Dividends and Distributions to Shareholders — Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

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

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.

I. Federal Income Taxes — The Funds intend to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Funds’ tax return filings generally remains open for the three preceding fiscal reporting period ends. The Funds have analyzed their tax positions for the fiscal year ended June 30, 2019, including open tax years and do not believe there are any uncertain tax positions requiring recognition in the Funds’ financial statements.

The tax components of capital shown in the following table represent distribution requirements the Funds must satisfy under the income tax regulations, losses the Funds may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Fund	Undistributed Net Investment Income		Undistributed Long-Term Gain		Capital Loss Carryforwards			Post-October Capital Losses			Net Unrealized Appreciation (Depreciation) Based on Cost of Securities and Other Investments for Federal Income Tax Purposes
Russell 1000® Momentum Factor ETF	$	4,066	$	—	$	(439,405	)	$	—		$	885,978
Russell 1000® Value Factor ETF		5,787		—		(134,023	)		—			99,227
Russell 1000® Low Volatility Factor ETF		5,105		—		(45,393	)		—			789,827
Russell 1000® Size Factor ETF		6,601		—		—			(64,354	)		193,587
Russell 1000® Quality Factor ETF		4,949		—		(149,714	)		—			557,763
Russell 1000® Yield Factor ETF		9,585		—		(79,714	)		—			162,482

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At June 30, 2019, the Funds have capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryforwards can be carried forward indefinitely.

Fund	Short Term Post-Effective No Expiration		Long Term Post- Effective No Expiration		Total
Russell 1000® Momentum Factor ETF	$	211,503	$	227,902	$	439,405
Russell 1000® Value Factor ETF		15,977		118,046	$	134,023
Russell 1000® Low Volatility Factor ETF		5,874		39,519	$	45,393
Russell 1000® Size Factor ETF		—		—	$	—
Russell 1000® Quality Factor ETF		20,833		128,881	$	149,714
Russell 1000® Yield Factor ETF		1,792		77,922	$	79,714

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in these financial statements in accordance with U.S. GAAP. Also, due to timing of dividend and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Funds.

Accordingly, the following amounts have been reclassified for the reporting periods. Net assets of each Fund were unaffected by the reclassifications.

Fund	Increase (Decrease) to Accumulated Net Investment Income			Increase (Decrease) to Accumulated Net Realized Gain on Investments			Increase (Decrease)  to Paid-in-Capital
Russell 1000® Momentum Factor ETF	$	20		$	(195,918	)	$	195,898
Russell 1000® Value Factor ETF		—			(278,282	)		278,282
Russell 1000® Low Volatility Factor ETF		—			—			—
Russell 1000® Size Factor ETF		(2,452	)		(323,602	)		326,054
Russell 1000® Quality Factor ETF		—			(173,619	)		173,619
Russell 1000® Yield Factor ETF		—			(197,222	)		197,222

The tax character of distributions paid during the reporting periods:

	Year Ended June 30, 2019						Year Ended June 30, 2018
Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total		Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
Russell 1000® Momentum Factor ETF	$	81,006	$	—	$	81,006	$	46,812	$	—	$	46,812
Russell 1000® Value Factor ETF		120,297		—		120,297		63,100		—		63,100
Russell 1000® Low Volatility Factor ETF		113,823		—		113,823		66,067		—		66,067
Russell 1000® Size Factor ETF		84,064		3,506		87,570		43,194		—		43,194
Russell 1000® Quality Factor ETF		83,646		—		83,646		49,684		—		49,684
Russell 1000® Yield Factor ETF		178,262		—		178,262		92,937		—		92,937

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At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses on wash sales.

Fund	Federal Tax Cost of Securities		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Russell 1000® Momentum Factor ETF	$	4,834,500	$	929,613	$	(43,635	)	$	885,978
Russell 1000® Value Factor ETF		5,299,048		303,064		(203,837	)		99,227
Russell 1000® Low Volatility Factor ETF		4,978,430		922,956		(133,129	)		789,827
Russell 1000® Size Factor ETF		5,498,520		559,049		(365,462	)		193,587
Russell 1000® Quality Factor ETF		5,207,681		685,926		(128,163	)		557,763
Russell 1000® Yield Factor ETF		6,554,476		427,242		(264,760	)		162,482

J. Distributions from Distributable Earnings — In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the period ended June 30, 2018, distributions from distributable earnings for each Fund consisted of distributions from net investment income.

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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets as follows:

	Unitary Management Fees (as a % of Average daily Net Assets
Russell 1000® Momentum Factor ETF		0.19	%
Russell 1000® Value Factor ETF		0.19	%
Russell 1000® Low Volatility Factor ETF		0.19	%
Russell 1000® Size Factor ETF		0.19	%
Russell 1000® Quality Factor ETF		0.19	%
Russell 1000® Yield Factor ETF		0.19	%

Prior to the Reorganization, the Predecessor Funds were managed by OFI Advisors, LLC (OFI) and the Predecessor Funds paid OFI an investment advisory fee calculated at the same annualized rate as disclosed above for each Fund.

Effective as of the Reorganization, the Adviser has agreed to waive a portion of each Fund’s unitary management fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, brokerage expenses, acquired fund fees and expenses, any, distribution fees, if any, taxes and litigation expenses, and extraordinary expenses) from exceeding the Fund’s unitary management fee through at least May 24, 2021.

Further, effective as of the Reorganization, through August 31, 2021, 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.

For the fiscal year ended June 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Russell 1000® Momentum Factor ETF	$	1
Russell 1000® Value Factor ETF		1
Russell 1000® Low Volatility Factor ETF		2
Russell 1000® Size Factor ETF		1
Russell 1000® Quality Factor ETF		1
Russell 1000® Yield Factor ETF		3

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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 Rule12b-1 under the 1940 Act. Prior to the Reorganization, the Predecessor Funds paid no distribution fees to OppenheimerFunds Distributor, Inc.

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

The Adviser has licensed each Fund to use certain trademarks that are owned by the Adviser. No fees were charged to the Funds for this license.

Each Underlying Index name trademark is owned by its respective Licensor. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. Prior to the Reorganization, each Underlying Index name trademark had been licensed to OFI for use by the corresponding Predecessor Fund. 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 wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is 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 fiscal year ended June 30, 2019.

Russell 1000^® Value Factor ETF

	Value June 30, 2018		Purchases at cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2019		Dividend Income
Invesco Ltd.	$	6,135	$	1,166	$	(2,004	)	$	(8	)	$	(1,381	)	$	3,908	$	280

Russell 1000^® Size Factor ETF

	Value June 30, 2018		Purchases at cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2019		Dividend Income
Invesco Ltd.	$	11,076	$	3,238	$	(1,288	)	$	(1,591	)	$	(960	)	$	10,475	$	544

Russell 1000^® Yield Factor ETF

	Value June 30, 2018		Purchases at cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2019		Dividend Income
Invesco Ltd.	$	6,162	$	2,289	$	(736	)	$	(783	)	$	(549	)	$	6,383	$	299

Note 5—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.

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As of June 30, 2019, 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 6—Securities Lending

For the year ended June 30, 2019, each Fund participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 7—Capital

Shares are issued and redeemed by the Funds only in creation unit size aggregations of 50,000 shares. Transactions are permitted on anin-kind basis, with a separate cash payment, which is balancing each component to equate the transaction to the net asset value per share of the Fund on the transaction date.

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 8—Purchases & Sales of Securities

For the fiscal year ended June 30, 2019, the cost of securities purchased and proceeds from sales of securities, (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any), were as follows:

Fund	Purchases		Sales
Russell 1000® Momentum Factor ETF	$	1,793,106	$	2,349,635
Russell 1000® Value Factor ETF		1,627,882		1,473,223
Russell 1000® Low Volatility Factor ETF		433,105		412,593
Russell 1000® Size Factor ETF		1,104,988		1,356,840
Russell 1000® Quality Factor ETF		1,219,164		1,778,376
Russell 1000® Yield Factor ETF		940,049		1,183,393

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For the fiscal year ended June 30, 2019, the cost ofin-kind purchases and the proceeds fromin-kind sales were as follows:

Fund	Purchases		Sales
Russell 1000® Momentum Factor ETF	$	1,400,614	$	836,836
Russell 1000® Value Factor ETF		1,319,071		1,475,097
Russell 1000® Low Volatility Factor ETF		—		—
Russell 1000® Size Factor ETF		1,373,468		1,136,751
Russell 1000® Quality Factor ETF		1,420,386		866,491
Russell 1000® Yield Factor ETF		2,645,425		1,073,809

Note 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of 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—Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

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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^® Momentum Factor ETF, Invesco Russell 1000^® Value Factor ETF, Invesco Russell 1000^® Low Volatility Factor ETF, Invesco Russell 1000^® Size Factor ETF, Invesco Russell 1000^® Quality Factor ETF and Invesco Russell 1000^® Yield Factor 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 (six of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended June 30, 2019 (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 June 30, 2019, the results of each of their operations, changes in each of their net assets and each of the financial highlights for the year ended June 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco Russell 1000® Momentum Factor ETF	Oppenheimer Russell 1000® Momentum Factor ETF
Invesco Russell 1000® Value Factor ETF	Oppenheimer Russell 1000® Value Factor ETF
Invesco Russell 1000® Low Volatility Factor ETF	Oppenheimer Russell 1000® Low Volatility Factor ETF
Invesco Russell 1000® Size Factor ETF	Oppenheimer Russell 1000® Size Factor ETF
Invesco Russell 1000® Quality Factor ETF	Oppenheimer Russell 1000® Quality Factor ETF
Invesco Russell 1000® Yield Factor ETF	Oppenheimer Russell 1000® Yield Factor ETF

The financial statements of the Predecessor Funds as of and for the year or period ended June 30, 2018 and the financial highlights for each of the periods ended on or prior to June 30, 2018 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated August 28, 2018 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 June 30, 2019 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

August 23, 2019

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 determined the specific year we began serving as auditor.

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Independent Registered Public Accounting Firm

Independent Registered Public Accounting Firm

The Audit Committee of the Board of Trustees appointed, and the Board of Trustees ratified and approved, PricewaterhouseCoopers LLP (“PWC”) as the independent registered public accounting firm of the Fund for the fiscal periods ending after May 24, 2019. Prior to the close of business on May 24, 2019, the Predecessor Fund was a separate series of an unaffiliated investment company and its financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”).

Effective after the close of business on May 24, 2019, the Prior Auditor resigned as the independent registered public accounting firm of the Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two fiscal 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 Fund’s two most recent fiscal years and through the close of business on May 24, 2019, 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.

73

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, including 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 thesix-month period ended June 30, 2019.

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 theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Russell 1000® Momentum Factor ETF
Actual	$	1,000.00	$	1,189.31		0.19	%	$	1.03
Hypothetical (5% return before expenses)		1,000.00		1,023.85		0.19			0.95
Invesco Russell 1000® Value Factor ETF
Actual		1,000.00		1,150.35		0.19			1.01
Hypothetical (5% return before expenses)		1,000.00		1,023.85		0.19			0.95
Invesco Russell 1000® Low Volatility Factor ETF
Actual		1,000.00		1,181.80		0.19			1.03
Hypothetical (5% return before expenses)		1,000.00		1,023.85		0.19			0.95
Invesco Russell 1000® Size Factor ETF
Actual		1,000.00		1,208.62		0.19			1.04
Hypothetical (5% return before expenses)		1,000.00		1,023.85		0.19			0.95
Invesco Russell 1000® Quality Factor ETF
Actual		1,000.00		1,178.76		0.19			1.03
Hypothetical (5% return before expenses)		1,000.00		1,023.85		0.19			0.95
Invesco Russell 1000® Yield Factor ETF
Actual		1,000.00		1,143.91		0.19			1.01
Hypothetical (5% return before expenses)		1,000.00		1,023.85		0.19			0.95

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended June 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

74

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.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended June 30, 2019:

Fund	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends-Received Deduction*
Invesco Russell 1000® Momentum Factor ETF		0	%		100	%		100	%
Invesco Russell 1000® Value Factor ETF		0	%		100	%		100	%
Invesco Russell 1000® Low Volatility Factor ETF		0	%		100	%		100	%
Invesco Russell 1000® Size Factor ETF		24	%		76	%		71	%
Invesco Russell 1000® Quality Factor ETF		0	%		100	%		100	%
Invesco Russell 1000® Yield Factor ETF		0	%		100	%		92	%

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

75

Proxy Results

A Special Meeting (“Meeting”) of Shareholders of Invesco Russell 1000^® Momentum Factor ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Russell 1000^® Momentum Factor ETF into Invesco Russell 1000^® Momentum Factor ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		191,075		0		0	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Russell 1000^® Value Factor ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Russell 1000^® Value Factor ETF into Invesco Russell 1000^® Value Factor ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		190,399		0		0	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Russell 1000^® Low Volatility Factor ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Russell 1000^® Low Volatility Factor ETF into Invesco Russell 1000^® Low Volatility Factor ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		192,049		50		0	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Russell 1000^® Size Factor ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Russell 1000^® Size Factor ETF into Invesco Russell 1000^® Size Factor ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		190,347		80		0	0

76

Proxy Results(continued)

A Special Meeting (“Meeting”) of Shareholders of Invesco Russell 1000^® Quality Factor ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Russell 1000^® Quality Factor ETF into Invesco Russell 1000^® Quality Factor ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		174,344		0		0	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Russell 1000^® Yield Factor ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Russell 1000^® Yield Factor ETF into Invesco Russell 1000^® Yield Factor ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		190,001		0		0	0

77

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.

As of June 30, 2019

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).	246	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.	246	None
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515	Trustee	Since 2019	President of Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director of The Boeing Company (2009-Present); Trustee of MITRE Corporation (federally-funded research development) (2008-Present); Director of THL Credit, Inc. (2016-Present) (alternative credit investment manager); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member Lawrence Livermore National Laboratory (2013-present); formerly, Chairman of Monster	153	Trustee, certain funds in the Oppenheimer Funds complex (2013-2019); Director of Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director of QinetiQ Group Plc (defense technology and security)(2008-2011); Chairman of Alenia North America, Inc. (military and defense products) (2008-2009); Director of SRA International, Inc. (information technology and services)(2008-2011).

* 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- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

78

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
			Worldwide, Inc. (career services) (2015-2016), Director of Monster Worldwide, Inc. (2008-2011); Lead Director (2011-2015); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005) and Commander, U.S. Joint Forces Command (2002-2005).
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms).	153	Trustee (2000-Present) and Chair(2010-2017) of Newberry Library; Trustee, Mather LifeWays (2001-Present); formerly, Board Chair (2008-2015) and Director (2004-2018) of United Educators; Trustee, certain funds in the Oppenheimer Funds complex(2012-2019); Independent Director of the First American Funds(2003-2011); Trustee, Chikaming Open Lands (2014-present); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member(2007-2010) of Wellesley College; Trustee, BoardSource (2006-2009) and Chicago City Day School (1994-2005).

* 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- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

79

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
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(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	246	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	246	Advisory Board Member of Performance Trust Capital Partners (2008-Present); Board Director of Beacon Power Services (2019-Present).
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515	Trustee	Since 2019	Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (alternative investments) (2005-2006); Credit Suisse (investment banking), Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); Morgan Stanley, Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999).	153	Board Director of Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director of The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present) of Independent Directors Council (IDC); Board Member of 100 Women in Finance (2015-Present); Advisory Council Member of Morgan Stanley Children’s Hospital (2012-Present); formerly, Trustee, certain funds in the

* 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- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

80

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
					Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010).
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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	246	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
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. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive	246	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc.(2015-present).

* 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- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

81

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
			Officer, Stone Pillar Investments, Ltd. (2016- 2018); 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).

* 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- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

82

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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); 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.	246	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- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

83

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	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); 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	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); 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 Specialized Products, LLC (2018-Present); 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

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

84

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
			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.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); 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	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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	Manager, Invesco Specialized Products, LLC (2018-Present); 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); 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, Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); 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).

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

85

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
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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.

86

Board Considerations Regarding Approval of Investment Advisory Agreement

Board Considerations Regarding Approval of Investment Advisory Agreement for

Invesco Emerging Markets Revenue ETF

Invesco Emerging Markets Ultra Dividend Revenue ETF

Invesco Global ESG Revenue ETF

Invesco Global Revenue ETF

Invesco International Revenue ETF

Invesco International Ultra Dividend Revenue ETF

Invesco Russell 1000^® Low Volatility Factor ETF

Invesco Russell 1000^® Momentum Factor ETF

Invesco Russell 1000^® Quality Factor ETF

Invesco Russell 1000^® Size Factor ETF

Invesco Russell 1000^® Value Factor ETF

Invesco Russell 1000^® Yield Factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Financials Revenue ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P Ultra Dividend Revenue ETF

At a meeting held on December 12, 2018, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco 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 OppenheimerFunds, Inc. and its subsidiaries, from Massachusetts Mutual Life Insurance Company (the “Transaction”) and that each Fund was structured substantially similar to a corresponding Oppenheimer 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 theday-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 added in recent years to maintain and enhance the services provided to the Funds and all other Invesco 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 unitary 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 andopen-end(non-ETF) actively managed funds. The Trustees noted that the fee data provided by the Adviser included only oneopen-end index fund peer for Invesco S&P Financials Revenue ETF. The Trustees also considered fee and expense data on Adviser-identified selected peers for each Fund other than Invesco Russell 1000^® Momentum Factor ETF. The Trustees noted that the fee data provided by the Adviser included one Adviser-identified selected peer for Invesco Russell 1000^® Low Volatility Factor ETF, Invesco Russell 1000^® Quality Factor ETF, Invesco Russell 1000^® Size Factor ETF and Invesco Russell 1000^® Value Factor ETF and two Adviser-identified selected peers for Invesco S&P 500 Revenue ETF and Invesco S&P SmallCap 600 Revenue ETF.

87

Board Considerations Regarding Approval of Investment Advisory Agreement(continued)

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’s12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation 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)1	Open-End Index Fund Peer Group (Number of Peers)2	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)3
Invesco Emerging Markets Revenue ETF	Lower than median (57)	Higher than median (10)	Lower than median (209)	Lower than median (3)
Invesco Emerging Markets Ultra Dividend Revenue ETF	Lower than median (44)	Higher than median (3)	Lower than median (20)	Lower than median (4)
Invesco Global ESG Revenue ETF	N/A	N/A	Lower than median (38)	Lower than median (3)
Invesco Global Revenue ETF	N/A	N/A	Lower than median (38)	Lower than median (3)
Invesco International Revenue ETF	Lower than median (8)	Lower than median (5)	Lower than median (41)	Lower than median (3)
Invesco International Ultra Dividend Revenue ETF	Lower than median (44)	Higher than median (3)	Lower than median (20)	Lower than median (4)
Invesco Russell 1000® Low Volatility Factor ETF	Lower than median (36)	Lower than median (24)	Lower than median (182)	Lower than median (1)
Invesco Russell 1000® Momentum Factor ETF	Lower than median (36)	Lower than median (24)	Lower than median (182)	N/A
Invesco Russell 1000® Quality Factor ETF	Higher than median (14)	Lower than median (15)	Lower than median (155)	Lower than median (1)
Invesco Russell 1000® Size Factor ETF	Lower than median (36)	Lower than median (24)	Lower than median (182)	Lower than median (1)
Invesco Russell 1000® Value Factor ETF	Higher than median (12)	Lower than median (10)	Lower than median (105)	Lower than median (1)
Invesco Russell 1000® Yield Factor ETF	Lower than median (36)	Lower than median (24)	Lower than median (182)	Lower than median (3)
Invesco S&P 500 Revenue ETF	Higher than median (12)	Lower than median (10)	Lower than median (105)	Higher than median (2)
Invesco S&P Financials Revenue ETF	Higher than median (19)	Higher than median (1)	Lower than median (22)	Lower than median (3)
Invesco S&P MidCap 400 Revenue ETF	Higher than median (32)	Higher than median (31)	Lower than median (257)	Higher than median (4)
Invesco S&P SmallCap 600 Revenue ETF	Higher than median (14)	Lower than median (10)	Lower than median (81)	Lower than median (2)
Invesco S&P Ultra Dividend Revenue ETF	Higher than median (29)	Lower than median (4)	Lower than median (131)	Lower than median (4)

¹  The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated with an “N/A” for not available.

²  The information provided by the Adviser indicated that certain Funds did not have any comparableopen-end index fund peers. Those Funds have been designated with an “N/A” for not available.

³  The information provided by the Adviser did not include a select peer group for Invesco Russell 1000^® Momentum Factor ETF. The Fund has been designated with an “N/A” for not available.

88

Board Considerations Regarding Approval of Investment Advisory Agreement(continued)

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 the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2018 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 unitary 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 unitary 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.

89

Proxy Voting Policies and Procedures

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

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent12-month period ended June 30, is available, without charge and upon request, by (i) calling (800)983-0903; or (ii) accessing the Trust’s FormN-PX on the Commission’s website atwww.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 FormN-Q (or any successor Form). The Trust’s FormsN-Q (or any successor Form) are available on the Commission’s website atwww.sec.gov.

Frequency Distribution of Discounts and Premiums

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

^©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 O-FAC-AR-1 invesco.com/ETFs

Invesco Annual Report to Shareholders

June 30, 2019

RWL	Invesco S&P 500 Revenue ETF
RWK	Invesco S&P MidCap 400 Revenue ETF
RWJ	Invesco S&P SmallCap 600 Revenue ETF
RWW	Invesco S&P Financials Revenue ETF
RDIV	Invesco S&P Ultra Dividend Revenue ETF
REDV	Invesco Emerging Markets Ultra Dividend Revenue ETF
RIDV	Invesco International Ultra Dividend Revenue ETF
REEM	Invesco Emerging Markets Revenue ETF
REFA	Invesco International Revenue ETF
RGLB	Invesco Global Revenue ETF
ESGF	Invesco Global ESG Revenue ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Schedules of Investments
Invesco S&P 500 Revenue ETF (RWL)	36
Invesco S&P MidCap 400 Revenue ETF (RWK)	42
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	47
Invesco S&P Financials Revenue ETF (RWW)	53
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	54
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)	56
Invesco International Ultra Dividend Revenue ETF (RIDV)	58
Invesco Emerging Markets Revenue ETF (REEM)	61
Invesco International Revenue ETF (REFA)	74
Invesco Global Revenue ETF (RGLB)	84
Invesco Global ESG Revenue ETF (ESGF)	94
Statements of Assets and Liabilities	108
Statements of Operations	110
Statements of Changes in Net Assets	112
Financial Highlights	116
Notes to Financial Statements	122
Report of Independent Registered Public Accounting Firm	133
Independent Registered Public Accounting Firm	134
Fund Expenses	135
Tax Information	137
Proxy Results	138
Trustees and Officers	141
Board Considerations Regarding Approval of Investment Advisory Agreement	149

2

The Market Environment

Global Equity

After a relatively calm start to 2019, global equity markets faced greater volatility in the second quarter, hampered by lingering US/China trade issues, potential for new tariffs and slowing global growth. Global equity markets, particularly China, declined sharply in May, ending a four-month rally. Trade and tariff issues, which were not limited to the US and China, clouded the outlook for many global economies. In response, the European Central Bank maintained its accommodative stance, strongly implying the possibility of future interest rate cuts or further bond purchases. Similarly, the US Federal Reserve held rates steady and opened the door to rate cuts if conditions deteriorate. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and Eurozone economies. Following better performance in June, most global equity markets managed modest positive returns for the second quarter, with developed markets generally outperforming emerging markets. China was an exception, declining approximately 4%. In this environment, the MSCI AC World Index returned 3.61% for the quarter.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. These Funds were included in that acquisition and as of that date, became part of the Invesco family of funds.

3

RWL	Manager’s Analysis
	Invesco S&P 500 Revenue ETF (RWL)

As an index fund, the Invesco S&P 500 Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the S&P 500 Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology thatre-weights the constituent securities of the S&P 500^® Index (“the “Parent Index” or “Benchmark Index”) according to the revenue earned by the companies in the Parent Index, subject to a maximum 5% per company weighting. The Index thus contains the same securities as the Parent Index, but in different proportions. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 7.41%. On a net asset value (“NAV”) basis, the Fund returned 7.51%. During the same time period, the Index returned 7.92%. During the fiscal year, 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.

During this same time period, the Benchmark Index returned 10.42%. 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 market place, and because its performance comparison is a useful measure for investors as a broad representation of U.S.large-cap stocks.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the information technology sector during the fiscal year ended June 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight to and security selection in the information technology sector.

For the fiscal year ended June 30, 2019, the consumer staples sector contributed most significantly to the Fund’s return, followed by the information technology and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Walmart Inc., a consumer staples company (portfolio average weight of 4.51%) and Costco Wholesale Corporation, a consumer staples company (portfolio average weight of 1.24%).

Positions that detracted most significantly from the Fund’s return during this period included Kroger Co., a consumer staples company (portfolio average weight of 1.09%) and CVS Health Corporation, a health care company (portfolio average weight of 1.58%).

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Health Care Equipment & Services	12.8
Energy	9.2
Capital Goods	8.0
Food & Staples Retailing	7.9
Retailing	7.2
Diversified Financials	5.0
Banks	4.8
Media & Entertainment	4.4
Technology Hardware & Equipment	4.2
Software & Services	4.1
Insurance	3.9
Pharmaceuticals, Biotechnology & Life Sciences	3.6
Food, Beverage & Tobacco	3.3
Materials	3.2
Transportation	3.1
Automobiles & Components	2.8
Telecommunication Services	2.7
Utilities	2.5
Semiconductors & Semiconductor Equipment	2.0
Consumer Durables & Apparel	1.6
Consumer Services	1.2
Household & Personal Products	1.1
Real Estate	0.9
Commercial & Professional Services	0.5
Money Market Fund	0.3
Liabilities in Excess of Other Assets	(0.3	)
Net Assets	100.0

4

Invesco S&P 500 Revenue ETF (RWL)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Walmart, Inc.	4.21
Exxon Mobil Corp.	2.29
Apple, Inc.	2.14
Berkshire Hathaway, Inc., Class B	2.09
Amazon.com, Inc.	1.97
UnitedHealth Group, Inc.	1.85
McKesson Corp.	1.74
CVS Health Corp.	1.70
AT&T, Inc.	1.48
AmerisourceBergen Corp.	1.41

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				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																					Average Annualized			Cumulative
S&P 500® Revenue-Weighted Index		7.92	%		12.07	%		40.76	%		9.19	%		55.21	%		14.93	%		302.01	%		9.25	%		173.33	%
S&P 500® Index		10.42			14.19			48.89			10.71			66.33			14.70			294.16			9.42			178.15
Fund
NAV Return		7.51			11.60			38.98			8.78			52.32			14.39			283.53			8.74			158.96
Market Price Return		7.41			11.56			38.83			8.76			52.15			14.37			282.90			8.73			158.86

5

Invesco S&P 500 Revenue ETF (RWL)(continued)

Oppenheimer S&P 500 Revenue ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 19, 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 0.39% 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 recentmonth-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:

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

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

6

RWK	Manager’s Analysis
	Invesco S&P MidCap 400Revenue ETF (RWK)

As an index fund, the Invesco S&P 400 MidCap 400 Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology thatre-weights the constituent securities of the S&P MidCap 400^® Index (the “Parent Index” or “Benchmark Index”), an index comprised of common stocks of 400mid-cap companies that generally represents themid-cap universe of the U.S. equity market, according to the revenue earned by the companies in the Parent Index, subject to a maximum 5% per company weighting. The Index thus contains the same securities as the Parent Index, but in different proportions. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 0.90%. On a net asset value (“NAV”) basis, the Fund returned 1.05%. During the same time period, the Index returned 1.37%. During the fiscal year, 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.

During this same time period, the Benchmark Index returned 1.36%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 equity securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of U.S.mid-cap stocks.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

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 year ended June 30, 2019.

The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight to and security selection in the consumer discretionary sector.

For the fiscal year ended June 30, 2019, the information technology sector contributed most significantly to the Fund’s

return, followed by the industrials and financials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the materials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included World Fuel Services Corporation., an energy company (portfolio average weight of 2.91%) and Tech Data Corporation, an information technology company (portfolio average weight of 2.81%). Positions that detracted most significantly from the Fund’s return during this period included United States Steel Corporation, a materials company (portfolio average weight of 0.89%) and Chesapeake Energy Corporation, an energy company (portfolio average weight of 0.70%).

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Capital Goods	12.0
Technology Hardware & Equipment	11.5
Energy	9.1
Materials	8.8
Retailing	6.5
Insurance	5.8
Health Care Equipment & Services	5.2
Transportation	4.3
Consumer Services	4.2
Automobiles & Components	4.1
Money Market Fund	3.8
Consumer Durables & Apparel	3.5
Software & Services	3.5
Commercial & Professional Services	3.3
Real Estate	3.1
Banks	2.8
Utilities	2.4
Media & Entertainment	2.0
Food, Beverage & Tobacco	1.9
Diversified Financials	1.8
Pharmaceuticals, Biotechnology & Life Sciences	1.5
Semiconductors & Semiconductor Equipment	1.1
Food & Staples Retailing	0.9
Household & Personal Products	0.4
Telecommunication Services	0.3
Liabilities in Excess of Other Assets	(3.8	)
Net Assets	100.0

7

Invesco S&P MidCap 400Revenue ETF (RWK)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
World Fuel Services Corp.	2.70
Tech Data Corp.	2.56
PBF Energy, Inc., Class A	2.25
Arrow Electronics, Inc.	2.05
Jabil, Inc.	1.83
AECOM	1.50
ManpowerGroup, Inc.	1.48
SYNNEX Corp.	1.42
AutoNation, Inc.	1.39
Fluor Corp.	1.37

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				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																					Average Annualized			Cumulative
S&P MidCap 400® Revenue-Weighted Index		1.37	%		10.16	%		33.67	%		6.64	%		37.93	%		14.55	%		288.89	%		10.01	%		195.52	%
S&P MidCap 400® Index		1.36			10.90			36.41			8.02			47.07			14.64			292.13			9.75			187.82
Fund
NAV Return		1.05			9.74			32.15			6.18			34.97			13.88			266.99			9.35			175.97
Market Price Return		0.90			9.65			31.85			6.12			34.61			13.85			265.81			9.33			175.51

8

Invesco S&P MidCap 400Revenue ETF (RWK)(continued)

Oppenheimer S&P MidCap 400 ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 20, 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 0.39% 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 recentmonth-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 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 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 Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

9

RWJ	Manager’s Analysis
	Invesco S&P SmallCap 600 Revenue ETF (RWJ)

As an index fund, the Invesco S&P SmallCap 600 Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology thatre-weights the constituent securities of the S&P SmallCap 600^® Index (the “Parent Index” or “Benchmark Index”), an index comprised of common stocks of 600small-cap companies that generally represents thesmall-cap universe of the U.S. equity market, according to the revenue earned by the companies in the Parent Index, subject to a maximum 5% per company weighting. The Index thus contains the same securities as the Parent Index, but in different proportions. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned (12.57)%. On a net asset value (“NAV”) basis, the Fund returned (12.45)%. During the same time period, the Index returned (12.29)%. During the fiscal year, 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.

During this same time period, the Benchmark Index returned (4.88)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 equity securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of U.S.small-cap stocks.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended June 30, 2019.

The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight to and security selection in the health care sector.

For the fiscal year ended June 30, 2019, the information technology sector contributed most significantly to the Fund’s

return. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Core-Mark Holding Company, Inc., a consumer discretionary company (portfolio average weight of 2.24%) and SUPERVALU INC., a consumer staples company (no longer held at year-end). Positions that detracted most significantly from the Fund’s return during this period included Dean Foods Company, a consumer staples company (portfolio average weight of 0.80%) and Owens & Minor, Inc., a health care company (portfolio average weight of 1.05%).

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Retailing	17.6
Capital Goods	11.5
Health Care Equipment & Services	7.9
Technology Hardware & Equipment	7.8
Money Market Fund	6.8
Materials	6.2
Energy	5.8
Commercial & Professional Services	5.5
Consumer Durables & Apparel	5.1
Food & Staples Retailing	3.3
Automobiles & Components	3.2
Transportation	3.1
Banks	2.8
Food, Beverage & Tobacco	2.8
Real Estate	2.3
Software & Services	2.1
Insurance	2.0
Telecommunication Services	1.8
Diversified Financials	1.7
Consumer Services	1.6
Pharmaceuticals, Biotechnology & Life Sciences	1.6
Semiconductors & Semiconductor Equipment	1.6
Household & Personal Products	1.0
Media & Entertainment	1.0
Utilities	0.7
Liabilities in Excess of Other Assets	(6.8	)
Net Assets	100.0

10

Invesco S&P SmallCap 600 Revenue ETF (RWJ) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Core-Mark Holding Co., Inc.	1.93
United Natural Foods, Inc.	1.73
Community Health Systems, Inc.	1.61
Lithia Motors, Inc., Class A	1.39
Group 1 Automotive, Inc.	1.38
JC Penney Co., Inc.	1.37
Office Depot, Inc.	1.34
Owens & Minor, Inc.	1.28
Frontier Communications Corp.	1.15
Sonic Automotive Inc. Class A	1.12

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				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																					Average Annualized			Cumulative
S&P SmallCap 600® Revenue-Weighted Index		(12.29	)%		6.10	%		19.45	%		3.75	%		20.21	%		13.74	%		262.33	%		10.08	%		197.85	%
S&P SmallCap 600® Index		(4.88	)		11.97			40.36			8.41			49.76			14.99			304.38			10.11			198.85
Fund
NAV Return		(12.45	)		5.81			18.47			3.32			17.77			13.12			243.20			9.38			176.96
Market Price Return		(12.57	)		5.77			18.34			3.28			17.53			13.09			242.30			9.37			176.64

11

Invesco S&P SmallCap 600 Revenue ETF (RWJ) (continued)

Oppenheimer S&P SmallCap 600 Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: February 19, 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 0.39% 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 recentmonth-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 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 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 Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

12

RWW	Manager’s Analysis
	Invesco S&P Financials Revenue ETF (RWW)

As an index fund, the Invesco S&P Financial Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the S&P 500^® Financials Sector Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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 constructed using a rules-based methodology thatre-weights the constituent securities of the S&P 500^® Financials Index (the “Parent Index” or ‘‘Benchmark Index’’) according to the revenue earned by the companies in the Parent Index. The Index thus contains the same securities as the Parent Index, but in different proportions. The Parent Index includes securities of companies in the S&P 500^® Index that are classified in the financials sector. Such companies include those involved in activities such as: banking; mortgage finance; consumer finance; specialized finance; investment banking and brokerage; asset management and custody; corporate lending; insurance; financial investment; and real estate, including real estate investment trusts. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 7.68%. On a net asset value (“NAV”) basis, the Fund returned 7.83%. During the same time period, the Index returned 8.23%. During the fiscal year, 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.

During this same time period, the Benchmark Index returned 6.31%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 67 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 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 revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the life & health insurancesub-industry and most underweight in the diversified banksub-industry during the fiscal year ended June 30, 2019. 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 life & health insurancesub-industry.

For the fiscal year ended June 30, 2019, the property & casualty insurancesub-industry contributed most significantly from the Fund’s return, followed by the multi-sector holdings and life & health insurancesub-industries, respectively. The asset management & custody bankssub-industry detracted most significantly to the Fund’s return, followed by investment banking & brokerage and regional bankssub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Berkshire Hathaway Inc. Class B, a multi-sector holdings company (portfolio average weight of 15.04%) and MetLife, Inc., an life & health insurance company (portfolio average weight of 4.19%). Positions that detracted most significantly from the Fund’s return during this period included Wells Fargo & Company, a diversified banks company (portfolio average weight of 6.23%) and State Street Corp., an asset management & custody banks company (portfolio average weight of 0.71%).

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Banks	34.8
Insurance	28.7
Diversified Financial Services	15.8
Capital Markets	14.4
Consumer Finance	6.3
Money Market Fund	0.3
Liabilities in Excess of Other Assets	(0.3	)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Berkshire Hathaway, Inc., Class B	15.31
JPMorgan Chase & Co.	8.18
Bank of America Corp.	6.79
Wells Fargo & Co.	6.27
Citigroup, Inc.	6.12
MetLife, Inc.	4.12
Prudential Financial, Inc.	3.77
Goldman Sachs Group, Inc. (The)	3.27
Morgan Stanley	3.06
American International Group, Inc.	2.85

* Excluding money market fund holdings.

13

Invesco S&P Financials Revenue ETF (RWW) (continued)

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				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																					Average Annualized			Cumulative
S&P 500® Financials Sector Revenue-Weighted Index		8.23	%		16.43	%		57.82	%		9.87	%		60.10	%		13.68	%		260.49	%		12.28	%		242.77	%
S&P 500® Financials Index		6.31			16.42			57.79			10.58			65.34			13.09			242.22			11.06			205.39
Fund
NAV Return		7.83			15.96			55.94			9.39			56.65			13.15			243.92			11.71			224.91
Market Price Return		7.68			15.94			55.85			9.37			56.52			13.15			244.03			11.70			224.57

Oppenheimer S&P Financials Revenue ETF (‘‘the Predecessor Funds’’) Predecessor Fund Inception: November 10, 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 0.45% 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 recentmonth-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 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 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 Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

14

RDIV	Manager’s Analysis
	Invesco S&P Ultra Dividend Revenue ETF (RDIV)

As an index fund, the Invesco S&P Ultra Dividend Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the S&P 900^® Dividend Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects components from the S&P 900^® Index (the “Parent Index” or ‘‘Benchmark Index’’), which combines the S&P 500^® Index and S&P MidCap^® 400 Index to form an investable benchmark for the large- andmid-cap universe of the U.S. equity market. From the Parent Index, the Index Provider (1) excludes the top 5% of securities by dividend yield, (2) excludes the top 5% of securities within each sector by dividend payout ratio, (3) selects the top sixty securities by dividend yield and(4) re-weights those securities according to the revenue earned by the companies, subject to a maximum 5% per company weighting. The Index thus contains a subset of the securities in the Parent Index, in different proportions. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 2.26%. On a net asset value (“NAV”) basis, the Fund returned 2.26%. During the same time period, the Index returned 2.60%. During the fiscal year, 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.

During this same time period, the Benchmark Index returned 9.78%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 900 equity securities. The Benchmark Index was selected for its recognition in the market place, and because 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 a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the health care sector during the fiscal year ended June 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to and security selection in the consumer staples sector.

For the fiscal year ended June 30, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The consumer staples sector detracted most significantly from the Fund’s return, followed by the energy and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included QUALCOMM Incorporated, an information technology company (portfolio average weight of 3.67%) and Coty Inc. Class A, a consumer staples company (portfolio average weight of 0.84%). Positions that detracted most significantly from the Fund’s return during this period included Kraft Heinz Company, a consumer staples company (no longer held at fiscalyear-end) and Occidental Petroleum Corporation, an energy company (portfolio average weight of 0.18%).

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Energy	17.0
Materials	14.3
Utilities	13.5
Health Care Equipment & Services	6.2
Software & Services	5.9
Telecommunication Services	5.2
Automobiles & Components	5.0
Retailing	4.7
Pharmaceuticals, Biotechnology & Life Sciences	4.6
Real Estate	4.2
Technology Hardware & Equipment	4.1
Insurance	2.9
Semiconductors & Semiconductor Equipment	2.9
Food, Beverage & Tobacco	2.6
Consumer Durables & Apparel	1.6
Household & Personal Products	1.6
Consumer Services	1.4
Money Market Fund	1.2
Banks	1.0
Diversified Financials	0.7
Media & Entertainment	0.4
Liabilities in Excess of Other Assets	(1.0)
Net Assets	100.0

15

Invesco S&P Ultra Dividend Revenue ETF (RDIV)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Cardinal Health, Inc.	5.28
Verizon Communications, Inc.	5.16
International Business Machines Corp.	5.07
General Motors Co.	4.99
LyondellBasell Industries NV, Class A	4.83
Exxon Mobil Corp.	4.74
AbbVie, Inc.	4.59
Schlumberger Ltd.	4.30
Southern Co. (The)	3.81
Duke Energy Corp.	3.68

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year															Average Annualized			Cumulative
S&P 900® Dividend Revenue-Weighted Index		2.60	%		11.11	%		37.18	%		10.60	%		65.46	%		12.42	%		96.00	%
S&P 900® Index		9.78			13.96			48.01			10.52			64.86			12.31			94.92
Fund
NAV Return		2.26			10.62			35.37			9.97			60.81			11.70			88.89
Market Price Return		2.26			10.64			35.44			9.96			60.73			11.70			88.98

16

Invesco S&P Ultra Dividend Revenue ETF (RDIV)(continued)

Oppenheimer S&P Ultra Dividend Revenue ETF (‘‘the Predecessor Fund’’) Predecessor Fund Inception: September 30, 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 0.39% 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 recentmonth-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 or Benchmark 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 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 Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

17

REDV	Manager’s Analysis
	Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)

As an index fund, the Invesco Emerging Market Ultra Dividend Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the FSTE Custom Emerging Ultra Dividend Revenue Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that selects a subset of constituent securities of the FTSE Emerging Index (the “Parent Index” or ‘‘Benchmark Index’’), an index designed to represent the performance of securities of the most liquid large- andmid-capitalization companies in emerging market countries. The Index includes the top 100 constituent securities of the Parent Index according to the highest average of the1-year trailing dividend yields over the past two years, and thenre-weights those securities according to the revenue earned by those companies, subject to a maximum 5% per company weighting and a maximum 10% variation on the Index’s allocation to a single country versus the Parent Index. The Index thus contains a subset of the securities included in the Parent Index, in different proportions. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings 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.

Since the Fund inception on August 7, 2018 through fiscal year ended June 30, 2019, on a market price basis, the Fund returned 0.54%. On a net asset value (“NAV”) basis, the Fund returned 0.08%. During the same time period, the Index returned 1.08%. During the fiscal period, the Fund utilized a sampling methodology to achieve exposure to the Thailand securities included in 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 and from the impact of the sampling methodology with respect to the securities previously mentioned during the period.

During this same time period, the Benchmark Index returned 1.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1750 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 markets of emerging market countries.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a

revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the consumer discretionary sector during the fiscal period ended June 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight to and security selection in the real estate sector.

For the fiscal period ended June 30, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by the financials and communication services sectors, respectively. The real estate sector detracted most significantly to the Fund’s return, followed by the industrials and consumer discretionary sectors respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended June 30, 2019, included Companhia Paranaense de Energia—COPEL Pfd Registered B, a utilities company (portfolio average weight of 1.15%) and Companhia Energetica de Minas Gerais SA Pfd, a utilities company (no longer held at year-end). Positions that detracted most significantly from the Fund’s return during this period included Chongqing Changan Automobile Company Limited Class B, a consumer discretionary company (no longer held at fiscalyear-end) and Sinopec Shanghai Petrochemical Co. Ltd. Class H, a materials company (no longer held at fiscalyear-end).

18

Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Energy	16.5
Materials	15.5
Diversified Financials	10.7
Real Estate	10.2
Telecommunication Services	9.7
Utilities	9.4
Banks	8.4
Technology Hardware & Equipment	5.8
Retailing	5.1
Transportation	2.1
Automobiles & Components	1.7
Insurance	1.3
Software & Services	0.9
Capital Goods	0.6
Consumer Services	0.5
Food, Beverage & Tobacco	0.4
Media & Entertainment	0.4
Food & Staples Retailing	0.2
Consumer Durables & Apparel	0.1
Pharmaceuticals, Biotechnology & Life Sciences	0.0
Telecommunications Hardware	0.0
Other Assets in Excess of Liabilities	0.5
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Indian Oil Corp. Ltd.	4.55
Petrobras Distribuidora SA	4.50
Tupras Turkiye Petrol Rafinerileri AS	4.17
Vedanta Ltd.	4.15
Coal India Ltd.	4.13
China Cinda Asset Management Co. Ltd., Class H	4.12
Guangzhou R&F Properties Co. Ltd., Class H	4.05
China Huarong Asset Management Co. Ltd., Class H	3.96
China Resources Power Holdings Co. Ltd.	3.54
Telefonica Brasil SA	3.39

* Excluding money market fund holdings.

19

Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)(continued)

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

	Fund Inception
Index	Cumulative
FTSE Custom Emerging Ultra Dividend Revenue Index (Net)		1.08	%
FTSE Emerging Index (Net)		1.21
Fund
NAV Return		0.08
Market Price Return		0.54

Oppenheimer Emerging Markets Ultra Dividend Revenue ETF (‘‘the Predecessor Fund’’) Predecessor Fund Inception: August 7, 2018

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 0.46% 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 recentmonth-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 or Benchmark 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 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 Predecessor Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

20

RIDV	Manager’s Analysis
	Invesco International Ultra Dividend Revenue ETF (RIDV)

As an index fund, the Invesco International Ultra Dividend Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the FSTE Custom Developed ex US Ultra Dividend Revenue Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology that starts with the FTSE Developed ex US Index (the “Parent Index” or ‘‘Benchmark Index’’), an index designed to represent the performance of large- andmid-cap securities from 24 developed market countries, excluding the United States. From a universe of components of the Parent Index, the Index (1) excludes the top 5% of securities within each country by yield, (2) excludes the top 5% of securities within each sector by dividend payout ratio, (3) selects the top 200 securities according to the highest average of the1-year trailing dividend yields over the past two years and(4) re-weights those securities according to the revenue earned by those companies, subject to a maximum 5% per company weighting and a maximum 10% variation on the Index’s allocation to a single country versus the Parent Index. The Index thus contains a subset of the securities included in the Parent Index, in different proportions. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

Since the Fund’s inception on August 7, 2018 through fiscal year ended June 30, 2019, on a market price basis, the Fund returned (1.96)%. On a net asset value (“NAV”) basis, the Fund returned (1.82)%. During the same time period, the Index returned (2.12)%. During the fiscal year, the Fund did not fully replicate the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to performance differential of the securities that were sampled during the period.

During this same time period, the Benchmark Index returned (1.05)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1555 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 international equity markets

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the industrials sector during the fiscal period ended June 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to and security selection in the utilities sector.

During the fiscal period ended June 30, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by materials and communication services sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the energy and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return during the fiscal period ended June 30, 2019, included Enel SpA., a utilities company (portfolio average weight of 2.31%) and Allianz SE, a financials company (portfolio average weight of 3.47%). Positions that detracted most significantly from the Fund’s return during this period included Bayerische Motoren Werke AG, a consumer discretionary company (portfolio average weight of 2.71%) and Societe Generale S.A. Class A, a financials company (no longer held at year-end).

21

Invesco International Ultra Dividend Revenue ETF (RIDV)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Energy	18.6
Insurance	18.4
Banks	17.4
Materials	8.9
Telecommunication Services	8.6
Utilities	5.7
Automobiles & Components	3.0
Consumer Services	2.9
Capital Goods	2.3
Retailing	2.1
Transportation	2.0
Commercial & Professional Services	1.6
Diversified Financials	1.6
Technology Hardware & Equipment	1.4
Consumer Durables & Apparel	1.0
Pharmaceuticals, Biotechnology & Life Sciences	1.0
Food, Beverage & Tobacco	0.9
Real Estate	0.9
Food & Staples Retailing	0.8
Money Market Fund	0.8
Media & Entertainment	0.7
Liabilities in Excess of Other Assets	(0.6	)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Royal Dutch Shell PLC, Class A	4.96
BP PLC	4.82
TOTAL SA	4.75
Allianz SE	3.20
Bayerische Motoren Werke AG	2.85
Credit Agricole SA	2.33
Enel SpA	2.31
Banco Santander SA	2.24
Deutsche Telekom AG	2.17
Assicurazioni Generali SpA	2.16

* Excluding money market fund holdings.

22

Invesco International Ultra Dividend Revenue ETF (RIDV)(continued)

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

	Fund Inception
Index	Cumulative
FTSE Custom Developed ex US Ultra Dividend Revenue Index (Net)		(2.12	)%
FTSE Developed ex US Index (Net)		(1.05	)
Fund
NAV Return		(1.82	)
Market Price Return		(1.96	)

Oppenheimer International Ultra Dividend Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: August 7, 2018

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 0.42% 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 recentmonth-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 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 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 Predecessor Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

23

REEM	Manager’s Analysis
	Invesco Emerging Markets Revenue ETF (REEM)

As an index fund, the Invesco Emerging Markets Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Invesco Revenue Emerging Markets Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology thatre-weights the constituent securities of the MSCI Emerging Markets Index (the “Parent Index” or ‘‘Benchmark Index’’), an index designed to represent the performance of large- andmid-capitalization securities in emerging market countries, according to the revenue earned by the companies in the Parent Index, subject to a maximum 5% per company weighting. 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 year ended June 30, 2019, on a market price basis, the Fund returned 3.57%. On a net asset value (“NAV”) basis, the Fund returned 3.77%. During the same time period, the Index returned 4.63%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Thailand, Chinese and various other Middle East and Asian securities included in 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 and from the impact of the sampling methodology with respect to the securities previously mentioned during the period.

During this same time period, the Benchmark Index returned 1.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1195 equity securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the communication services sector during the fiscal year ended June 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight to and security selection in the communication services sector.

For the fiscal year ended June 30, 2019, the communication services sector contributed most significantly to the Fund’s return, followed by the energy and consumer discretionary sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the information technology and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Gazprom PJSC Sponsored ADR. an energy company (no longer held at year-end) and JBS S.A., a consumer staples company (portfolio average weight of 0.67%). Positions that detracted most significantly from the Fund’s return during this period included Hon Hai Precision Industry Co., Ltd., an information technology company (portfolio average weight of 2.00%) and Tata Motors Limited, a consumer discretionary company (portfolio average weight of 0.45%).

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Energy	17.8
Banks	13.8
Technology Hardware & Equipment	9.9
Capital Goods	9.3
Materials	8.7
Telecommunication Services	4.7
Automobiles & Components	4.4
Utilities	4.1
Real Estate	3.9
Insurance	3.8
Food, Beverage & Tobacco	3.4
Retailing	3.2
Food & Staples Retailing	2.8
Transportation	1.8
Consumer Durables & Apparel	1.5
Semiconductors & Semiconductor Equipment	1.3
Media & Entertainment	1.2
Diversified Financials	1.1
Software & Services	0.8
Money Market Fund	0.7
Pharmaceuticals, Biotechnology & Life Sciences	0.7
Health Care Equipment & Services	0.5
Consumer Services	0.4
Household & Personal Products	0.4
Commercial & Professional Services	0.1
Liabilities in Excess of Other Assets	(0.3	)
Net Assets	100.0

24

Invesco Emerging Markets Revenue ETF (REEM)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Samsung Electronics Co. Ltd.	2.45
Hon Hai Precision Industry Co. Ltd.	2.00
Gazprom PJSC	1.74
China Construction Bank Corp., Class H	1.69
LUKOIL PJSC	1.60
Rosneft Oil Co PJSC	1.43
China Mobile Ltd.	1.25
SK Holdings Co. Ltd.	1.23
CITIC Ltd.	1.08
Reliance Industries Ltd.	0.94

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
Invesco Revenue Weighted Emerging Markets Index (Net)		4.63	%		3.86	%		7.75	%
MSCI Emerging Markets Index (Net)		1.21			4.20			8.44
Fund
NAV Return		3.77			3.41			6.83
Market Price Return		3.57			3.49			7.00

25

Invesco Emerging Markets Revenue ETF (REEM)(continued)

Oppenheimer Emerging Markets Revenue ETF (the ‘‘Predecessor Fund”) Predecessor Fund Inception: July 11, 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 0.46% 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 recentmonth-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 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 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 Predecessor Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

26

REFA	Manager’s Analysis
	Invesco International Revenue ETF (REFA)

As an index fund, the Invesco International Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Invesco Revenue Weighted International Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology thatre-weights the constituent securities of the MSCI EAFE Index (the “Parent Index” or “Benchmark Index’’) according to the revenue earned by the companies in the Parent Index, subject to a maximum 5% per company weighting. Thus, the Index contains the same securities as the Parent Index, but in different proportions. Since the Index is constructed based on securities in the Parent Index, it will primarily consist of securities from developed markets around the world, excluding the United States and Canada. It may include securities of foreign companies other than developed markets around the world and companies of any market capitalization, including medium capitalization companies. The Parent Index includes stocks from Europe, Australasia and the Far East. Consistent with the attributes of the Parent Index, the Fund invests in issuers that maintain their principal place of business or conduct their business activities outside the U.S., issuers that have their securities traded onnon-U.S. exchanges or issuers that have been formed under the laws ofnon-U.S. countries. 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 year ended June 30, 2019, on a market price basis, the Fund returned (2.80)%. On a net asset value (“NAV”) basis, the Fund returned (3.03)%. During the same time period, the Index returned (2.76)%. During the fiscal year, the Fund did not fully replicate 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 and from the impact of the sampling methodology during the period.

During this same time period, the Benchmark Index returned 1.08%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 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 markets of economically developed countries outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the health care sector during the fiscal year ended June 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to and security selection in the consumer discretionary sector.

For the fiscal year ended June 30, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by the communication services and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the materials and financials sectors respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Nestle S.A., a consumer staples company (portfolio average weight of 0.60%) and Enel SpA, a utilities company (portfolio average weight of 0.57%). Positions that detracted most significantly from the Fund’s return during this period included Glencore plc, a materials company (portfolio average weight of 1.33%) and Panasonic Corporation, a consumer discretionary company (portfolio average weight of 0.48%).

27

Invesco International Revenue ETF (REFA)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Capital Goods	13.0
Automobiles & Components	11.9
Energy	8.6
Materials	8.6
Banks	7.4
Insurance	6.7
Utilities	5.8
Telecommunication Services	4.8
Food & Staples Retailing	4.0
Food, Beverage & Tobacco	3.9
Consumer Durables & Apparel	3.1
Transportation	3.1
Diversified Financials	3.0
Money Market Fund	2.8
Pharmaceuticals, Biotechnology & Life Sciences	2.7
Technology Hardware & Equipment	2.5
Retailing	1.6
Health Care Equipment & Services	1.5
Commercial & Professional Services	1.4
Real Estate	1.4
Household & Personal Products	1.3
Software & Services	1.1
Consumer Services	1.0
Media & Entertainment	0.9
Semiconductors & Semiconductor Equipment	0.5
Liabilities in Excess of Other Assets	(2.6	)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Toyota Motor Corp.	2.07
BP PLC	1.83
Royal Dutch Shell PLC, Class A	1.33
Glencore PLC	1.30
TOTAL SA	1.17
EXOR NV	1.11
Royal Dutch Shell PLC, Class B	1.11
Daimler AG	1.08
Volkswagen AG	1.00
Honda Motor Co., Ltd.	0.92

* Excluding money market fund holdings.

28

Invesco International Revenue ETF (REFA)(continued)

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Revenue Weighted International Index (Net)		(2.76	)%		2.57	%		5.12	%
MSCI EAFE® Index (Net)		1.08			4.11			8.26
Fund
NAV Return		(3.03	)		2.30			4.58
Market Price Return		(2.80	)		2.39			4.77

Oppenheimer International Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: July 11, 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 0.42% 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 recentmonth-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 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 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 Predecessor Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

29

RGLB	Manager’s Analysis
	Invesco Global Revenue ETF (RGLB)

As an index fund, the Invesco Global Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Invesco Revenue Weighted Global Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology thatre-weights the MSCI All Country World Index (the “Parent Index” or ‘‘Benchmark Index’’), an index designed to measure the equity market performance of developed and emerging markets, according to the revenue earned, subject to a maximum 5% per company weighting. Thus, the Index contains the same securities as the Parent Index, but in different proportions. 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 year ended June 30, 2019, on a market price basis, the Fund returned 1.45%. On a net asset value (“NAV”) basis, the Fund returned 1.26%. During the same time period, the Index returned 1.88%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the securities included in 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 and from the impact of the sampling methodology during the period.

During this same time period, the Benchmark Index returned 5.74%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2850 equity securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of the overall global stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the industrials sector during the fiscal year ended June 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the industrials sector.

For the fiscal year ended June 30, 2019, the consumer staples sector contributed most significantly to the Fund’s return, followed by the financials and information technology sectors, respectively. The materials sector detracted most significantly from the Fund’s

return, followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Walmart Inc., a consumer staples company (portfolio average weight of 1.47%) and Gazprom PJSC Sponsored ADR, an energy company (portfolio average weight of 0.35%). Positions that detracted most significantly from the Fund’s return during this period included Glencore plc, a materials company (portfolio average weight of 0.59%) and Hon Hai Precision Industry Co., Ltd., a materials company (portfolio average weight of 0.45%).

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Energy	11.0
Capital Goods	10.4
Banks	8.0
Automobiles & Components	7.1
Materials	6.7
Food & Staples Retailing	5.3
Insurance	5.2
Health Care Equipment & Services	5.1
Technology Hardware & Equipment	5.1
Telecommunication Services	4.2
Utilities	4.1
Retailing	3.7
Food, Beverage & Tobacco	3.6
Diversified Financials	3.2
Transportation	2.7
Pharmaceuticals, Biotechnology & Life Sciences	2.6
Software & Services	2.4
Consumer Durables & Apparel	2.0
Real Estate	1.9
Media & Entertainment	1.8
Money Market Fund	1.5
Semiconductors & Semiconductor Equipment	1.1
Consumer Services	0.9
Household & Personal Products	0.9
Commercial & Professional Services	0.8
Liabilities in Excess of Other Assets	(1.3	)
Net Assets	100.0

30

Invesco Global Revenue ETF (RGLB)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Walmart, Inc.	1.49
Royal Dutch Shell PLC, Class A	1.07
Toyota Motor Corp.	0.91
BP PLC	0.81
Exxon Mobil Corp.	0.78
Apple, Inc.	0.72
CVS Health Corp.	0.67
Volkswagen AG	0.65
Amazon.com, Inc.	0.64
UnitedHealth Group, Inc.	0.64

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Revenue Weighted Global Index (Net)		1.88	%		5.12	%		10.34	%
MSCI All Country World Index (Net)		5.74			8.28			16.97
Fund
NAV Return		1.26			4.69			9.44
Market Price Return		1.45			4.72			9.51

31

Invesco Global Revenue ETF (RGLB)(continued)

Oppenheimer Global Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: July 11, 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 0.43% 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 recentmonth-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 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 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 Predecessor Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

32

ESGF	Manager’s Analysis
	Invesco Global ESG Revenue ETF (ESGF)

As an index fund, the Invesco Global ESG Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Invesco Revenue Weighted Global ESG Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is constructed using a rules-based methodology to select companies from within the MSCI All Country World Index (the “Parent Index” or ‘‘Benchmark Index”), an index designed to measure the equity market performance of developed and emerging markets, that have strong environmental, social and governance (“ESG”) practices, as identified by MSCI ESG Research, Inc., and thenre-weight those companies according to the revenue earned, subject to a maximum 5% per company weighting. The Index is constructed by using a scoring system established by MSCI ESG Research, Inc. to measure the strength of each pillar of environmental, social, and governance practices for each company within the Parent Index. Based on that scoring, the top half of companies with ESG score are selected for inclusion in the Index, and those that are selected are thenre-weighted according to revenue earned. Thus, the Index contains a subset of the securities in the Parent Index, in different proportions. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended June 30, 2019, on a market price basis, the Fund returned 1.47%. On a net asset value (“NAV”) basis, the Fund returned 1.37%. During the same time period, the Index returned 1.44%. During the fiscal year, 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.

During this same time period, the Benchmark Index returned 5.74%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,636 securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of the global developed equity markets.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily 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 year ended June 30, 2019. 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.

For the fiscal year ended June 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the utilities and industrials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended June 30, 2019, included Advanced Microsoft Corporation, an information technology company (portfolio average weight of 0.58%) and Nestle S.A., a consumer staples company (portfolio average weight of 0.44%). Positions that detracted most significantly from the Fund’s return during this period included Panasonic Corporation, a consumer discretionary company (portfolio average weight of 0.40%) and JXTG Holdings, Inc., an energy company (portfolio average weight of 0.56%).

33

Invesco Global ESG Revenue ETF (ESGF)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of June 30, 2019
Capital Goods	11.2
Energy	9.4
Banks	8.1
Materials	6.4
Technology Hardware & Equipment	5.9
Automobiles & Components	5.8
Insurance	4.9
Health Care Equipment & Services	4.8
Utilities	4.7
Food, Beverage & Tobacco	4.2
Food & Staples Retailing	4.1
Telecommunication Services	4.1
Diversified Financials	3.7
Pharmaceuticals, Biotechnology & Life Sciences	3.3
Retailing	3.2
Software & Services	3.1
Consumer Durables & Apparel	2.8
Transportation	2.8
Money Market Fund	2.1
Media & Entertainment	1.7
Household & Personal Products	1.5
Real Estate	1.2
Semiconductors & Semiconductor Equipment	1.2
Commercial & Professional Services	1.0
Consumer Services	0.8
Liabilities in Excess of Other Assets	(2.0	)
Net Assets	100.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of June 30, 2019
Security
Toyota Motor Corp.	1.43
BP PLC	1.29
Apple, Inc.	1.20
CVS Health Corp.	1.11
Samsung Electronics Co. Ltd.	0.95
Royal Dutch Shell PLC, Class A	0.94
AmerisourceBergen Corp.	0.84
TOTAL SA	0.82
Exor NV	0.78
Royal Dutch Shell PLC, Class B	0.78

* Excluding money market fund holdings.

34

Invesco Global ESG Revenue ETF (ESGF)(continued)

Growth of a $10,000 Investment

Fund Performance History as of June 30, 2019

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Invesco Revenue Weighted Global ESG Index (Net)		1.44	%		8.94	%		25.75	%
MSCI All Country World Index (Net)		5.74			11.58			34.10
Fund
NAV Return		1.37			8.68			24.97
Market Price Return		1.47			8.86			25.51

Oppenheimer Global EGS Revenue ETF (the “Predecessor Fund”) Predecessor Fund Inception: October 27, 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 0.45% 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 recentmonth-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 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 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 Predecessor Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

35

Schedule of Investments

Invesco S&P 500 Revenue ETF (RWL)

June 30, 2019

Shares			Value
		Common Stocks—100.0%
		Automobiles & Components—2.8%
	14,754	Aptiv PLC	$	1,192,566
	19,464	BorgWarner, Inc.		817,099
	1,224,620	Ford Motor Co.		12,527,862
	314,845	General Motors Co.		12,130,978
	12,402	Harley-Davidson, Inc.		444,364
		Total Automobiles & Components		27,112,869
		Banks—4.8%
	305,821	Bank of America Corp.		8,868,809
	20,338	BB&T Corp.		999,206
	114,025	Citigroup, Inc.		7,985,171
	16,317	Citizens Financial Group, Inc.		576,969
	4,039	Comerica, Inc.		293,393
	23,022	Fifth Third Bancorp		642,314
	2,994	First Republic Bank		292,364
	30,992	Huntington Bancshares, Inc.		428,309
	95,642	JPMorgan Chase & Co.		10,692,776
	33,510	KeyCorp		594,802
	3,018	M&T Bank Corp.		513,271
	9,425	People’s United Financial, Inc.		158,152
	11,545	PNC Financial Services Group, Inc. (The)		1,584,898
	34,369	Regions Financial Corp.		513,473
	12,584	SunTrust Banks, Inc.		790,904
	1,031	SVB Financial Group1		231,552
	36,970	U.S. Bancorp		1,937,228
	172,997	Wells Fargo & Co.		8,186,218
	5,362	Zions Bancorp NA		246,545
		Total Banks		45,536,354
		Capital Goods—8.0%
	14,997	3M Co.		2,599,580
	5,343	A.O. Smith Corp.		251,976
	2,031	Allegion PLC		224,527
	4,511	AMETEK, Inc.		409,779
	47,449	Arconic, Inc.		1,225,133
	22,310	Boeing Co. (The)		8,121,063
	33,605	Caterpillar, Inc.		4,580,026
	11,421	Cummins, Inc.		1,956,874
	19,926	Deere & Co.		3,301,938
	5,700	Dover Corp.		571,140
	21,361	Eaton Corp. PLC		1,778,944
	22,235	Emerson Electric Co.		1,483,519
	12,424	Fastenal Co.		404,898
	6,031	Flowserve Corp.		317,773
	7,042	Fortive Corp.		574,064
	7,953	Fortune Brands Home & Security, Inc.		454,355
	17,111	General Dynamics Corp.		3,111,122
	904,442	General Electric Co.		9,496,641
	2,680	Harris Corp.1		506,868
	18,022	Honeywell International, Inc.		3,146,461
	3,016	Huntington Ingalls Industries, Inc.		677,816
	7,557	Illinois Tool Works, Inc.		1,139,671
	9,835	Ingersoll-Rand PLC		1,245,800
	14,269	Jacobs Engineering Group, Inc.		1,204,161
	53,645	Johnson Controls International PLC		2,216,075
	12,463	Lockheed Martin Corp.		4,530,799
	16,846	Masco Corp.		661,037
	7,879	Northrop Grumman Corp.		2,545,784

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	26,862	PACCAR, Inc.	$	1,924,931
	6,803	Parker-Hannifin Corp.		1,156,578
	6,338	Pentair PLC		235,774
	23,655	Quanta Services, Inc.		903,385
	11,991	Raytheon Co.		2,084,995
	3,321	Rockwell Automation, Inc.		544,079
	1,120	Roper Technologies, Inc.		410,211
	1,912	Snap-on, Inc.		316,704
	7,703	Stanley Black & Decker, Inc.		1,113,931
	21,542	Textron, Inc.		1,142,588
	854	TransDigm Group, Inc.1		413,165
	5,302	United Rentals, Inc.1		703,204
	42,716	United Technologies Corp.		5,561,623
	3,193	W.W. Grainger, Inc.		856,458
	5,570	Wabtec Corp.2		399,703
	4,985	Xylem, Inc.		416,945
		Total Capital Goods		76,922,098
		Commercial & Professional Services—0.5%
	2,219	Cintas Corp.		526,547
	2,046	Copart, Inc.1		152,918
	1,988	Equifax, Inc.		268,857
	5,377	IHS Markit Ltd.1		342,622
	21,675	Nielsen Holdings PLC		489,855
	8,966	Republic Services, Inc.		776,814
	8,069	Robert Half International, Inc.		460,014
	3,780	Rollins, Inc.		135,589
	1,301	Verisk Analytics, Inc.		190,544
	10,190	Waste Management, Inc.		1,175,620
		Total Commercial & Professional Services		4,519,380
		Consumer Durables & Apparel—1.6%
	12,079	Capri Holdings Ltd.1		418,900
	27,900	D.R. Horton, Inc.		1,203,327
	3,295	Garmin Ltd.		262,941
	32,236	Hanesbrands, Inc.		555,104
	3,303	Hasbro, Inc.		349,061
	9,085	Leggett & Platt, Inc.		348,591
	30,949	Lennar Corp., Class A		1,499,788
	5,081	Mohawk Industries, Inc.1		749,295
	45,476	Newell Brands, Inc.		701,240
	35,844	NIKE, Inc., Class B		3,009,104
	24,035	PulteGroup, Inc.		759,987
	8,512	PVH Corp.		805,576
	4,351	Ralph Lauren Corp.		494,230
	15,688	Tapestry, Inc.		497,780
	7,439	Under Armour, Inc., Class A1		188,579
	8,438	Under Armour, Inc., Class C1		187,324
	12,126	VF Corp.		1,059,206
	11,896	Whirlpool Corp.		1,693,514
		Total Consumer Durables & Apparel		14,783,547
		Consumer Services—1.2%
	28,109	Carnival Corp.		1,308,474
	529	Chipotle Mexican Grill, Inc.1		387,694
	5,442	Darden Restaurants, Inc.		662,455
	8,505	H&R Block, Inc.		249,196
	7,477	Hilton Worldwide Holdings, Inc.		730,802
	12,004	Marriott International, Inc., Class A		1,684,041

The accompanying notes are an integral part of these financial statements.

36

Invesco S&P 500 Revenue ETF (RWL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	7,855	McDonald’s Corp.	$	1,631,169
	33,855	MGM Resorts International		967,237
	8,777	Norwegian Cruise Line Holdings Ltd.1		470,711
	6,167	Royal Caribbean Cruises Ltd.		747,502
	23,436	Starbucks Corp.		1,964,640
	4,447	Wynn Resorts Ltd.		551,384
	3,923	Yum! Brands, Inc.		434,158
		Total Consumer Services		11,789,463
		Diversified Financials—5.0%
	2,023	Affiliated Managers Group, Inc.		186,399
	28,003	American Express Co.		3,456,690
	6,349	Ameriprise Financial, Inc.		921,621
	33,945	Bank of New York Mellon Corp. (The)		1,498,672
	93,896	Berkshire Hathaway, Inc., Class B1		20,015,810
	2,436	BlackRock, Inc.		1,143,215
	28,439	Capital One Financial Corp.		2,580,555
	1,860	Cboe Global Markets, Inc.		192,752
	21,619	Charles Schwab Corp. (The)		868,868
	1,732	CME Group, Inc.		336,198
	13,173	Discover Financial Services		1,022,093
	5,319	E*TRADE Financial Corp.		237,227
	13,407	Franklin Resources, Inc.2		466,564
	20,973	Goldman Sachs Group, Inc. (The)		4,291,076
	5,713	Intercontinental Exchange, Inc.		490,975
	19,135	Invesco Ltd.3		391,502
	29,905	Jefferies Financial Group, Inc.		575,073
	1,801	Moody’s Corp.		351,753
	91,705	Morgan Stanley		4,017,596
	486	MSCI, Inc.		116,052
	3,466	Nasdaq, Inc.		333,325
	6,031	Northern Trust Corp.		542,790
	7,258	Raymond James Financial, Inc.		613,664
	2,159	S&P Global, Inc.		491,799
	17,214	State Street Corp.		965,017
	35,233	Synchrony Financial		1,221,528
	3,918	T. Rowe Price Group, Inc.		429,844
		Total Diversified Financials		47,758,658
		Energy—9.2%
	14,593	Anadarko Petroleum Corp.		1,029,682
	20,434	Apache Corp.		591,973
	80,563	Baker Hughes a GE Co.		1,984,267
	7,508	Cabot Oil & Gas Corp.		172,384
	100,183	Chevron Corp.		12,466,772
	3,324	Cimarex Energy Co.		197,213
	3,385	Concho Resources, Inc.		349,264
	48,279	ConocoPhillips		2,945,019
	30,278	Devon Energy Corp.		863,529
	2,000	Diamondback Energy, Inc.		217,940
	15,963	EOG Resources, Inc.		1,487,113
	285,745	Exxon Mobil Corp.		21,896,639
	86,717	Halliburton Co.		1,971,945
	4,482	Helmerich & Payne, Inc.		226,879
	8,898	Hess Corp.		565,646
	33,541	HollyFrontier Corp.		1,552,277
	53,508	Kinder Morgan, Inc.		1,117,247
	33,131	Marathon Oil Corp.		470,791
	169,216	Marathon Petroleum Corp.		9,455,790

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	33,233	National Oilwell Varco, Inc.	$	738,770
	16,932	Noble Energy, Inc.		379,277
	28,079	Occidental Petroleum Corp.		1,411,812
	14,710	ONEOK, Inc.		1,012,195
	99,750	Phillips 66		9,330,615
	5,069	Pioneer Natural Resources Co.		779,916
	70,686	Schlumberger Ltd.		2,809,062
	41,972	TechnipFMC PLC		1,088,754
	115,155	Valero Energy Corp.		9,858,419
	24,772	Williams Cos., Inc. (The)		694,607
		Total Energy		87,665,797
		Food & Staples Retailing—7.9%
	44,278	Costco Wholesale Corp.		11,700,904
	384,322	Kroger Co. (The)		8,343,631
	64,130	Sysco Corp.		4,535,274
	199,323	Walgreens Boots Alliance, Inc.		10,896,988
	364,440	Walmart, Inc.		40,266,976
		Total Food & Staples Retailing		75,743,773
		Food, Beverage & Tobacco—3.3%
	29,394	Altria Group, Inc.		1,391,806
	120,668	Archer-Daniels-Midland Co.		4,923,254
	4,557	Brown-Forman Corp., Class B		252,595
	17,928	Campbell Soup Co.		718,375
	48,352	Coca-Cola Co. (The)		2,462,084
	22,995	Conagra Brands, Inc.		609,827
	3,342	Constellation Brands, Inc., Class A		658,173
	24,009	General Mills, Inc.		1,260,953
	4,383	Hershey Co. (The)		587,453
	17,886	Hormel Foods Corp.2		725,098
	4,912	JM Smucker Co. (The)		565,813
	18,651	Kellogg Co.		999,134
	66,948	Kraft Heinz Co. (The)		2,078,066
	4,597	Lamb Weston Holdings, Inc.		291,266
	2,674	McCormick & Co., Inc.		414,497
	15,371	Molson Coors Brewing Co., Class B		860,776
	36,101	Mondelez International, Inc., Class A		1,945,844
	4,917	Monster Beverage Corp.1		313,852
	37,612	PepsiCo, Inc.		4,932,062
	29,472	Philip Morris International, Inc.		2,314,436
	38,336	Tyson Foods, Inc., Class A		3,095,249
		Total Food, Beverage & Tobacco		31,400,613
		Health Care Equipment & Services—12.8%
	28,876	Abbott Laboratories		2,428,472
	237	ABIOMED, Inc.1		61,736
	526	Align Technology, Inc.1		143,966
	158,619	AmerisourceBergen Corp.		13,523,856
	25,395	Anthem, Inc.		7,166,723
	10,991	Baxter International, Inc.		900,163
	5,622	Becton Dickinson and Co.		1,416,800
	18,998	Boston Scientific Corp.1		816,534
	250,196	Cardinal Health, Inc.		11,784,232
	94,328	Centene Corp.1		4,946,560
	5,855	Cerner Corp.		429,171
	36,480	Cigna Corp.		5,747,424
	622	Cooper Cos., Inc. (The)		209,546
	298,737	CVS Health Corp.		16,278,179
	11,113	Danaher Corp.		1,588,270

The accompanying notes are an integral part of these financial statements.

37

Invesco S&P 500 Revenue ETF (RWL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services (continued)
	17,862	DaVita, Inc.1	$	1,004,916
	5,419	DENTSPLY SIRONA, Inc.		316,253
	1,613	Edwards Lifesciences Corp.1		297,986
	29,152	HCA Healthcare, Inc.		3,940,476
	13,383	Henry Schein, Inc.1		935,472
	5,309	Hologic, Inc.1		254,938
	18,025	Humana, Inc.		4,782,033
	655	IDEXX Laboratories, Inc.1		180,341
	599	Intuitive Surgical, Inc.1		314,205
	5,237	Laboratory Corp. of America Holdings1		905,477
	124,027	McKesson Corp.		16,667,989
	24,217	Medtronic PLC		2,358,494
	5,766	Quest Diagnostics, Inc.		587,036
	1,657	ResMed, Inc.		202,204
	5,486	Stryker Corp.		1,127,812
	603	Teleflex, Inc.		199,683
	72,637	UnitedHealth Group, Inc.		17,724,154
	6,855	Universal Health Services, Inc., Class B		893,823
	1,790	Varian Medical Systems, Inc.1		243,673
	6,064	WellCare Health Plans, Inc.1		1,728,664
	5,192	Zimmer Biomet Holdings, Inc.		611,306
		Total Health Care Equipment & Services		122,718,567
		Household & Personal Products—1.1%
	4,197	Church & Dwight Co., Inc.		306,633
	3,092	Clorox Co. (The)		473,416
	16,261	Colgate-Palmolive Co.		1,165,426
	50,269	Coty, Inc., Class A		673,605
	6,362	Estee Lauder Cos., Inc., (The), Class A		1,164,946
	10,327	Kimberly-Clark Corp.		1,376,382
	46,356	Procter & Gamble Co. (The)		5,082,935
		Total Household & Personal Products		10,243,343
		Insurance—3.9%
	31,498	Aflac, Inc.		1,726,405
	30,668	Allstate Corp. (The)		3,118,629
	70,163	American International Group, Inc.		3,738,285
	4,388	Aon PLC		846,796
	6,070	Arthur J. Gallagher & Co.		531,671
	6,415	Assurant, Inc.		682,428
	16,769	Chubb Ltd.		2,469,906
	4,738	Cincinnati Financial Corp.		491,188
	2,309	Everest Re Group Ltd.		570,739
	26,751	Hartford Financial Services Group, Inc. (The)		1,490,566
	20,203	Lincoln National Corp.		1,302,083
	20,527	Loews Corp.		1,122,211
	11,795	Marsh & McLennan Cos., Inc.		1,176,551
	108,247	MetLife, Inc.		5,376,629
	20,818	Principal Financial Group, Inc.		1,205,779
	31,985	Progressive Corp. (The)		2,556,561
	48,962	Prudential Financial, Inc.		4,945,162
	3,780	Torchmark Corp.		338,159
	15,790	Travelers Cos., Inc. (The)		2,360,921
	27,366	Unum Group		918,129
	3,460	Willis Towers Watson PLC		662,728
		Total Insurance		37,631,526
		Materials—3.2%
	3,171	Air Products & Chemicals, Inc.		717,819
	3,691	Albemarle Corp.2		259,883

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	94,740	Amcor PLC1	$	1,088,563
	4,986	Avery Dennison Corp.		576,781
	13,741	Ball Corp.		961,733
	5,193	Celanese Corp.		559,805
	7,514	CF Industries Holdings, Inc.		350,979
	70,448	Corteva, Inc.1		2,083,147
	72,258	Dow, Inc.		3,563,042
	8,032	DuPont de Nemours, Inc.		602,962
	10,604	Eastman Chemical Co.		825,309
	5,720	Ecolab, Inc.		1,129,357
	4,554	FMC Corp.		377,754
	128,097	Freeport-McMoRan, Inc.		1,487,206
	2,266	International Flavors & Fragrances, Inc.2		328,774
	41,933	International Paper Co.		1,816,538
	7,184	Linde PLC		1,442,547
	33,962	LyondellBasell Industries NV, Class A		2,925,147
	1,512	Martin Marietta Materials, Inc.		347,926
	33,016	Mosaic Co. (The)		826,391
	15,578	Newmont Goldcorp Corp.		599,286
	38,258	Nucor Corp.		2,108,016
	5,722	Packaging Corp. of America		545,421
	10,089	PPG Industries, Inc.		1,177,487
	8,220	Sealed Air Corp.		351,652
	2,880	Sherwin-Williams Co. (The)		1,319,875
	2,638	Vulcan Materials Co.		362,224
	37,130	WestRock Co.		1,354,131
		Total Materials		30,089,755
		Media & Entertainment—4.4%
	12,418	Activision Blizzard, Inc.		586,130
	5,014	Alphabet, Inc., Class A1		5,429,159
	5,019	Alphabet, Inc., Class C1		5,425,087
	23,535	CBS Corp., Class B		1,174,396
	8,709	Charter Communications, Inc., Class A1		3,441,623
	179,213	Comcast Corp., Class A		7,577,126
	14,567	Discovery, Inc., Class A1,2		447,207
	15,750	Discovery, Inc., Class C1		448,088
	27,481	DISH Network Corp., Class A1		1,055,545
	4,110	Electronic Arts, Inc.1		416,179
	25,122	Facebook, Inc., Class A1		4,848,546
	12,432	Fox Corp., Class A		455,508
	12,532	Fox Corp., Class B		457,794
	34,687	Interpublic Group of Cos., Inc. (The)		783,579
	3,779	Netflix, Inc.1		1,388,102
	33,644	News Corp., Class A		453,858
	32,597	News Corp., Class B		455,054
	14,735	Omnicom Group, Inc.		1,207,533
	1,868	Take-Two Interactive Software, Inc.1		212,074
	2,736	TripAdvisor, Inc.1		126,649
	6,764	Twitter, Inc.1		236,064
	33,577	Viacom, Inc., Class B		1,002,945
	32,435	Walt Disney Co. (The)		4,529,223
		Total Media & Entertainment		42,157,469
		Pharmaceuticals, Biotechnology & Life Sciences—3.6%
	32,061	AbbVie, Inc.		2,331,476
	5,543	Agilent Technologies, Inc.		413,896
	2,832	Alexion Pharmaceuticals, Inc.1		370,935
	10,474	Allergan PLC		1,753,662

The accompanying notes are an integral part of these financial statements.

38

Invesco S&P 500 Revenue ETF (RWL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Pharmaceuticals, Biotechnology & Life Sciences (continued)
	10,411	Amgen, Inc.	$	1,918,539
	4,181	Biogen, Inc.1		977,810
	37,839	Bristol-Myers Squibb Co.		1,715,999
	12,591	Celgene Corp.1		1,163,912
	16,562	Eli Lilly & Co.		1,834,904
	26,003	Gilead Sciences, Inc.		1,756,763
	766	Illumina, Inc.1		282,003
	1,986	Incyte Corp.1		168,731
	5,762	IQVIA Holdings, Inc.1		927,106
	44,759	Johnson & Johnson		6,234,033
	40,055	Merck & Co., Inc.		3,358,612
	289	Mettler-Toledo International, Inc.1		242,760
	51,048	Mylan NV1		971,954
	2,738	Nektar Therapeutics1		97,418
	2,314	PerkinElmer, Inc.		222,931
	8,387	Perrigo Co. PLC		399,389
	97,333	Pfizer, Inc.		4,216,466
	1,750	Regeneron Pharmaceuticals, Inc.1		547,750
	6,674	Thermo Fisher Scientific, Inc.		1,960,020
	1,477	Vertex Pharmaceuticals, Inc.1		270,852
	914	Waters Corp.1		196,729
	4,131	Zoetis, Inc.		468,827
		Total Pharmaceuticals, Biotechnology & Life Sciences		34,803,477
		Real Estate—0.9%
	701	Alexandria Real Estate Equities, Inc.		98,904
	2,758	American Tower Corp.		563,873
	1,447	Apartment Investment & Management Co., Class A		72,524
	850	AvalonBay Communities, Inc.		172,703
	1,588	Boston Properties, Inc.		204,852
	33,994	CBRE Group, Inc., Class A1		1,743,892
	3,220	Crown Castle International Corp.		419,727
	2,004	Digital Realty Trust, Inc.		236,051
	2,381	Duke Realty Corp.		75,263
	793	Equinix, Inc.		399,902
	2,562	Equity Residential		194,507
	375	Essex Property Trust, Inc.		109,474
	889	Extra Space Storage, Inc.		94,323
	538	Federal Realty Investment Trust		69,273
	4,342	HCP, Inc.		138,857
	23,499	Host Hotels & Resorts, Inc.		428,152
	10,319	Iron Mountain, Inc.		322,985
	4,768	Kimco Realty Corp.		88,113
	2,116	Macerich Co. (The)		70,865
	1,043	Mid-America Apartment Communities, Inc.		122,824
	2,786	Prologis, Inc.		223,158
	933	Public Storage		222,213
	1,456	Realty Income Corp.		100,420
	1,254	Regency Centers Corp.		83,692
	656	SBA Communications Corp.1		147,495
	2,673	Simon Property Group, Inc.		427,038
	1,306	SL Green Realty Corp.		104,963
	1,885	UDR, Inc.		84,618
	4,341	Ventas, Inc.		296,707
	3,028	Vornado Realty Trust		194,095
	4,584	Welltower, Inc.		373,733
	21,803	Weyerhaeuser Co.		574,291
		Total Real Estate		8,459,487

Shares			Value
		Common Stocks (continued)
		Retailing—7.2%
	4,917	Advance Auto Parts, Inc.	$	757,906
	9,956	Amazon.com, Inc.1		18,852,980
	796	AutoZone, Inc.1		875,178
	50,221	Best Buy Co., Inc.		3,501,910
	628	Booking Holdings, Inc.1		1,177,318
	16,821	CarMax, Inc.1		1,460,567
	14,883	Dollar General Corp.		2,011,586
	16,174	Dollar Tree, Inc.1		1,736,926
	21,393	eBay, Inc.		845,024
	6,901	Expedia Group, Inc.		918,040
	14,323	Foot Locker, Inc.		600,420
	70,148	Gap, Inc. (The)		1,260,560
	14,179	Genuine Parts Co.		1,468,661
	40,982	Home Depot, Inc. (The)		8,523,027
	32,528	Kohl’s Corp.		1,546,706
	45,454	L Brands, Inc.		1,186,349
	36,094	LKQ Corp.1		960,461
	55,306	Lowe’s Cos., Inc.		5,580,929
	92,180	Macy’s, Inc.		1,978,183
	37,304	Nordstrom, Inc.2		1,188,506
	1,925	O’Reilly Automotive, Inc.1		710,941
	11,635	Ross Stores, Inc.		1,153,261
	66,731	Target Corp.		5,779,572
	3,746	Tiffany & Co.		350,776
	57,315	TJX Cos., Inc. (The)		3,030,817
	5,870	Tractor Supply Co.		638,656
	1,511	Ulta Beauty, Inc.1		524,151
		Total Retailing		68,619,411
		Semiconductors & Semiconductor Equipment—2.0%
	15,534	Advanced Micro Devices, Inc.1,2		471,768
	4,633	Analog Devices, Inc.		522,927
	29,565	Applied Materials, Inc.		1,327,764
	6,192	Broadcom, Inc.		1,782,429
	117,897	Intel Corp.		5,643,729
	3,084	KLA-Tencor Corp.		364,529
	4,556	Lam Research Corp.		855,799
	3,303	Maxim Integrated Products, Inc.		197,585
	4,969	Microchip Technology, Inc.2		430,812
	70,947	Micron Technology, Inc.1		2,737,845
	5,732	NVIDIA Corp.		941,366
	3,883	Qorvo, Inc.1		258,647
	23,876	QUALCOMM, Inc.		1,816,247
	3,966	Skyworks Solutions, Inc.		306,453
	11,226	Texas Instruments, Inc.		1,288,296
	2,242	Xilinx, Inc.		264,377
		Total Semiconductors & Semiconductor Equipment		19,210,573
		Software & Services—4.1%
	17,777	Accenture PLC, Class A		3,284,656
	2,675	Adobe, Inc.1		788,189
	2,714	Akamai Technologies, Inc.1		217,500
	4,003	Alliance Data Systems Corp.		560,940
	521	ANSYS, Inc.1		106,711
	1,343	Autodesk, Inc.1		218,775
	6,539	Automatic Data Processing, Inc.		1,081,093
	2,712	Broadridge Financial Solutions, Inc.		346,268
	2,508	Cadence Design Systems, Inc.1		177,591

The accompanying notes are an integral part of these financial statements.

39

Invesco S&P 500 Revenue ETF (RWL)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Software & Services (continued)
	2,392	Citrix Systems, Inc.	$	234,751
	20,464	Cognizant Technology Solutions Corp., Class A		1,297,213
	31,008	DXC Technology Co.		1,710,091
	5,364	Fidelity National Information Services, Inc.		658,055
	5,101	Fiserv, Inc.1		465,007
	706	FleetCor Technologies, Inc.1		198,280
	1,914	Fortinet, Inc.1		147,053
	1,941	Gartner, Inc.1		312,385
	1,691	Global Payments, Inc.		270,780
	44,748	International Business Machines Corp.		6,170,749
	2,061	Intuit, Inc.		538,601
	889	Jack Henry & Associates, Inc.		119,055
	4,535	Mastercard, Inc., Class A		1,199,644
	70,834	Microsoft Corp.		9,488,923
	57,464	Oracle Corp.		3,273,724
	3,269	Paychex, Inc.		269,006
	10,564	PayPal Holdings, Inc.1		1,209,155
	1,403	Red Hat, Inc.1		263,427
	7,219	salesforce.com, Inc.1		1,095,339
	18,884	Symantec Corp.		410,916
	2,004	Synopsys, Inc.1		257,895
	2,478	Total System Services, Inc.		317,853
	465	VeriSign, Inc.1		97,259
	9,872	Visa, Inc., Class A		1,713,286
	21,228	Western Union Co. (The)		422,225
		Total Software & Services		38,922,395
		Technology Hardware & Equipment—4.2%
	6,796	Amphenol Corp., Class A		652,008
	103,300	Apple, Inc.		20,445,136
	744	Arista Networks, Inc.1		193,157
	72,441	Cisco Systems, Inc.		3,964,696
	29,006	Corning, Inc.		963,869
	1,238	F5 Networks, Inc.1		180,290
	2,692	FLIR Systems, Inc.		145,637
	164,929	Hewlett Packard Enterprise Co.		2,465,689
	226,733	HP, Inc.		4,713,779
	829	IPG Photonics Corp.1		127,873
	13,247	Juniper Networks, Inc.		352,768
	3,823	Keysight Technologies, Inc.1		343,344
	3,640	Motorola Solutions, Inc.		606,897
	7,788	NetApp, Inc.		480,520
	18,951	Seagate Technology PLC		892,971
	11,961	TE Connectivity Ltd.		1,145,625
	38,398	Western Digital Corp.		1,825,825
	21,557	Xerox Corp.		763,333
		Total Technology Hardware & Equipment		40,263,417
		Telecommunication Services—2.7%
	422,711	AT&T, Inc.		14,165,046
	161,132	CenturyLink, Inc.		1,894,912
	173,291	Verizon Communications, Inc.		9,900,115
		Total Telecommunication Services		25,960,073
		Transportation—3.1%
	10,171	Alaska Air Group, Inc.		650,029
	105,756	American Airlines Group, Inc.		3,448,703
	15,194	C.H. Robinson Worldwide, Inc.		1,281,614
	12,407	CSX Corp.		959,930

Shares			Value
		Common Stocks (continued)
		Transportation (continued)
	62,025	Delta Air Lines, Inc.	$	3,519,919
	8,675	Expeditors International of Washington, Inc.		658,085
	32,317	FedEx Corp.		5,306,128
	7,448	JB Hunt Transport Services, Inc.		680,822
	1,839	Kansas City Southern		224,027
	4,596	Norfolk Southern Corp.		916,121
	33,061	Southwest Airlines Co.		1,678,837
	10,524	Union Pacific Corp.		1,779,714
	37,130	United Continental Holdings, Inc.1		3,250,731
	54,379	United Parcel Service, Inc., Class B		5,615,719
		Total Transportation		29,970,379
		Utilities—2.5%
	48,147	AES Corp.		806,944
	5,572	Alliant Energy Corp.		273,474
	6,311	Ameren Corp.		474,019
	13,784	American Electric Power Co., Inc.		1,213,130
	2,283	American Water Works Co., Inc.		264,828
	2,201	Atmos Energy Corp.		232,338
	28,492	CenterPoint Energy, Inc.		815,726
	9,180	CMS Energy Corp.		531,614
	10,890	Consolidated Edison, Inc.		954,835
	13,892	Dominion Energy, Inc.		1,074,129
	8,372	DTE Energy Co.		1,070,611
	21,589	Duke Energy Corp.		1,905,013
	16,793	Edison International		1,132,016
	8,242	Entergy Corp.		848,349
	6,232	Evergy, Inc.		374,855
	8,564	Eversource Energy		648,809
	55,820	Exelon Corp.		2,676,011
	19,975	FirstEnergy Corp.		855,130
	6,162	NextEra Energy, Inc.		1,262,347
	14,067	NiSource, Inc.		405,130
	21,639	NRG Energy, Inc.		759,962
	2,944	Pinnacle West Capital Corp.		277,001
	19,013	PPL Corp.		589,593
	12,604	Public Service Enterprise Group, Inc.		741,367
	6,506	Sempra Energy		894,185
	31,401	Southern Co. (The)		1,735,847
	7,122	WEC Energy Group, Inc.		593,761
	15,088	Xcel Energy, Inc.		897,585
		Total Utilities		24,308,609
		Total Common Stocks (Cost $863,659,309)		956,591,033

The accompanying notes are an integral part of these financial statements.

40

Invesco S&P 500 Revenue ETF (RWL)(continued)

June 30, 2019

Shares			Value
		Investment of Cash Collateral for Securities Loaned—0.3%
	2,423,407	Invesco Government & Agency Portfolio—Institutional Class, 2.27%4,5	$	2,423,407
	807,480	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%4,5		807,803
		Total Investment of Cash Collateral for Securities Loaned (Cost $3,231,210)		3,231,210
		Total Investments—100.3% (Cost $866,890,519)		959,822,243
		Liabilities in Excess of Other Assets—(0.3)%		(3,273,636	)
		Net Assets—100.0%	$	956,548,607

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $3,198,532; total value of the collateral held by the Fund was $3,231,210.

³  Affiliated security (Note 4).

⁴  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 June 30, 2019.

⁵  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.

The accompanying notes are an integral part of these financial statements.

41

Schedule of Investments

Invesco S&P MidCap 400 Revenue ETF (RWK)

June 30, 2019

Shares			Value
		Common Stocks—100.0%
		Automobiles & Components—4.1%
	192,058	Adient PLC	$	4,661,248
	113,758	Dana, Inc.		2,268,334
	60,890	Delphi Technologies PLC		1,217,800
	18,002	Gentex Corp.		443,029
	236,772	Goodyear Tire & Rubber Co. (The)		3,622,612
	30,460	Thor Industries, Inc.		1,780,387
	12,816	Visteon Corp.1		750,761
		Total Automobiles & Components		14,744,171
		Banks—2.8%
	17,134	Associated Banc-Corp.		362,213
	7,785	BancorpSouth Bank		226,076
	2,069	Bank of Hawaii Corp.		171,541
	9,387	Bank OZK		282,455
	4,999	Cathay General Bancorp		179,514
	5,570	Chemical Financial Corp.		228,983
	5,457	Commerce Bancshares, Inc.		325,565
	3,591	Cullen/Frost Bankers, Inc.		336,333
	9,884	East West Bancorp, Inc.		462,275
	29,761	F.N.B. Corp.		350,287
	3,120	First Financial Bankshares, Inc.2		96,065
	36,594	First Horizon National Corp.		546,348
	14,188	Fulton Financial Corp.		232,258
	7,840	Hancock Whitney Corp.		314,070
	9,902	Home BancShares, Inc.		190,713
	3,973	International Bancshares Corp.		149,822
	509	LendingTree, Inc.1		213,795
	44,045	New York Community Bancorp, Inc.		439,569
	7,980	PacWest Bancorp		309,863
	4,688	Pinnacle Financial Partners, Inc.		269,466
	2,944	Prosperity Bancshares, Inc.		194,451
	3,622	Signature Bank		437,683
	15,062	Sterling Bancorp		320,519
	12,777	Synovus Financial Corp.		447,195
	19,098	TCF Financial Corp.		397,047
	5,057	Texas Capital Bancshares, Inc.1		310,348
	4,745	Trustmark Corp.		157,771
	4,281	UMB Financial Corp.		281,775
	18,911	Umpqua Holdings Corp.		313,734
	5,457	United Bankshares, Inc.		202,400
	29,705	Valley National Bancorp		320,220
	4,876	Washington Federal, Inc.		170,319
	6,770	Webster Financial Corp.		323,403
	5,093	Wintrust Financial Corp.		372,604
		Total Banks		9,936,680
		Capital Goods—12.0%
	6,544	Acuity Brands, Inc.		902,483
	141,604	AECOM1		5,359,711
	29,729	AGCO Corp.		2,306,079
	7,672	Carlisle Cos., Inc.		1,077,226
	34,404	Colfax Corp.1,2		964,344
	9,770	Crane Co.		815,209
	4,787	Curtiss-Wright Corp.		608,571
	13,413	Donaldson Co., Inc.		682,185
	13,756	Dycom Industries, Inc.1		809,816
	23,114	EMCOR Group, Inc.		2,036,343
	10,428	EnerSys		714,318
	145,676	Fluor Corp.		4,907,824

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	4,272	GATX Corp.	$	338,727
	7,693	Graco, Inc.		386,035
	18,147	Granite Construction, Inc.		874,322
	8,593	Hubbell, Inc.		1,120,527
	3,597	IDEX Corp.		619,188
	10,169	ITT, Inc.		665,866
	17,332	Kennametal, Inc.		641,111
	3,208	Lennox International, Inc.		882,200
	8,992	Lincoln Electric Holdings, Inc.		740,221
	33,449	MasTec, Inc.1		1,723,627
	10,698	MSC Industrial Direct Co., Inc., Class A		794,434
	3,894	Nordson Corp.		550,261
	55,229	NOW, Inc.1		815,180
	21,327	nVent Electric PLC		528,696
	23,209	Oshkosh Corp.		1,937,719
	10,491	Regal Beloit Corp.		857,220
	54,733	Resideo Technologies, Inc.1		1,199,747
	2,670	Teledyne Technologies, Inc.1		731,233
	40,662	Terex Corp.		1,276,787
	17,528	Timken Co. (The)		899,888
	9,318	Toro Co. (The)		623,374
	2,235	Trex Co., Inc.1		160,250
	38,270	Trinity Industries, Inc.		794,103
	5,374	Valmont Industries, Inc.		681,477
	6,419	Watsco, Inc.		1,049,699
	5,609	Woodward, Inc.		634,714
		Total Capital Goods		42,710,715
		Commercial & Professional Services—3.3%
	14,815	ASGN, Inc.1		897,789
	9,801	Brink’s Co. (The)		795,645
	11,557	Clean Harbors, Inc.1		821,703
	11,011	Deluxe Corp.		447,707
	13,835	Healthcare Services Group, Inc.		419,477
	15,234	Herman Miller, Inc.		680,960
	14,584	HNI Corp.		515,982
	7,486	Insperity, Inc.		914,340
	54,581	ManpowerGroup, Inc.		5,272,525
	3,071	MSA Safety, Inc.		323,653
	17,419	Stericycle, Inc.1		831,757
		Total Commercial & Professional Services		11,921,538
		Consumer Durables & Apparel—3.5%
	26,890	Brunswick Corp.		1,233,982
	8,280	Carter’s, Inc.		807,631
	2,660	Deckers Outdoor Corp.1		468,080
	2,639	Helen of Troy Ltd.1		344,627
	39,062	KB Home		1,005,065
	87,317	Mattel, Inc.1		978,824
	480	NVR, Inc.1		1,617,720
	16,137	Polaris Industries, Inc.		1,472,179
	34,805	Skechers U.S.A., Inc., Class A1		1,096,009
	9,350	Tempur Sealy International, Inc.1		686,010
	44,819	Toll Brothers, Inc.		1,641,272
	57,976	TRI Pointe Group, Inc.1		693,973
	22,983	Tupperware Brands Corp.		437,366
		Total Consumer Durables & Apparel		12,482,738

The accompanying notes are an integral part of these financial statements.

42

Invesco S&P MidCap 400 Revenue ETF (RWK)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Consumer Services—4.2%
	6,337	Adtalem Global Education, Inc.1	$	285,482
	24,887	Boyd Gaming Corp.		670,456
	18,648	Brinker International, Inc.		733,799
	200,190	Caesars Entertainment Corp.1		2,366,246
	11,976	Cheesecake Factory, Inc. (The)		523,591
	2,187	Churchill Downs, Inc.		251,658
	4,237	Cracker Barrel Old Country Store, Inc.2		723,383
	2,864	Domino’s Pizza, Inc.		796,994
	3,851	Dunkin’ Brands Group, Inc.		306,771
	10,032	Eldorado Resorts, Inc.1,2		462,174
	892	Graham Holdings Co., Class B		615,507
	3,456	International Speedway Corp., Class A		155,140
	2,349	Jack in the Box, Inc.		191,185
	8,146	Marriott Vacations Worldwide Corp.		785,274
	7,011	Papa John’s International, Inc.2		313,532
	47,675	Penn National Gaming, Inc.1		918,220
	37,744	Scientific Games Corp.1		748,086
	15,995	Service Corp. International		748,246
	6,542	Six Flags Entertainment Corp.		325,006
	6,596	Sotheby’s1		383,425
	10,716	Texas Roadhouse, Inc.		575,128
	16,436	Weight Watchers International, Inc.1		313,928
	19,217	Wendy’s Co. (The)2		376,269
	21,196	Wyndham Destinations, Inc.		930,504
	8,293	Wyndham Hotels & Resorts, Inc.		462,252
		Total Consumer Services		14,962,256
		Diversified Financials—1.8%
	9,375	Eaton Vance Corp.		404,344
	5,379	Evercore, Inc., Class A		476,418
	1,083	FactSet Research Systems, Inc.		310,345
	8,372	Federated Investors, Inc., Class B		272,090
	5,014	Green Dot Corp., Class A1		245,185
	10,621	Interactive Brokers Group, Inc., Class A		575,658
	23,906	Janus Henderson Group PLC		511,588
	18,234	Legg Mason, Inc.		697,998
	98,623	Navient Corp.		1,346,204
	6,924	SEI Investments Co.		388,436
	48,395	SLM Corp.		470,399
	13,202	Stifel Financial Corp.		779,710
		Total Diversified Financials		6,478,375
		Energy—9.1%
	9,164	Apergy Corp.1		307,361
	23,504	Callon Petroleum Co.1		154,891
	1,321,751	Chesapeake Energy Corp.1,2		2,577,415
	57,169	CNX Resources Corp.1		417,905
	3,360	Core Laboratories NV		175,661
	58,957	Ensco Rowan PLC, Class A2		502,903
	70,854	EQT Corp.		1,120,202
	18,185	Equitrans Midstream Corp.		358,426
	11,805	Matador Resources Co.1		234,683
	251,816	McDermott International, Inc.1		2,432,543
	25,699	Murphy Oil Corp.		633,480
	109,902	Oasis Petroleum, Inc.1		624,243
	27,523	Oceaneering International, Inc.1		561,194
	66,926	Patterson-UTI Energy, Inc.		770,318
	256,375	PBF Energy, Inc., Class A		8,024,538
	69,547	QEP Resources, Inc.1		502,825

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	119,485	Range Resources Corp.	$	834,005
	35,437	SM Energy Co.		443,671
	284,831	Southwestern Energy Co.1		900,066
	129,799	Transocean Ltd.1		832,012
	268,265	World Fuel Services Corp.		9,646,809
	43,050	WPX Energy, Inc.1		495,506
		Total Energy		32,550,657
		Food & Staples Retailing—0.9%
	14,042	Casey’s General Stores, Inc.		2,190,411
	58,539	Sprouts Farmers Market, Inc.1		1,105,802
		Total Food & Staples Retailing		3,296,213
		Food, Beverage & Tobacco—1.9%
	718	Boston Beer Co., Inc. (The), Class A1		271,232
	39,830	Flowers Foods, Inc.		926,844
	25,727	Hain Celestial Group, Inc. (The)1		563,421
	16,359	Ingredion, Inc.		1,349,454
	1,982	Lancaster Colony Corp.		294,525
	13,465	Post Holdings, Inc.1		1,399,956
	5,173	Sanderson Farms, Inc.		706,425
	3,132	Tootsie Roll Industries, Inc.		115,665
	23,217	TreeHouse Foods, Inc.1		1,256,040
		Total Food, Beverage & Tobacco		6,883,562
		Health Care Equipment & Services—5.2%
	21,137	Acadia Healthcare Co., Inc.1		738,738
	43,157	Allscripts Healthcare Solutions, Inc.1		501,916
	3,365	Amedisys, Inc.1		408,545
	3,517	Avanos Medical, Inc.1		153,376
	2,740	Cantel Medical Corp.		220,954
	1,200	Chemed Corp.		433,008
	34,742	Covetrus, Inc.1		849,789
	16,755	Encompass Health Corp.		1,061,597
	4,034	Globus Medical, Inc., Class A1		170,638
	1,993	Haemonetics Corp.1		239,838
	1,002	HealthEquity, Inc.1		65,531
	6,322	Hill-Rom Holdings, Inc.		661,408
	1,295	ICU Medical, Inc.1		326,223
	1,251	Inogen, Inc.1		83,517
	6,678	Integra LifeSciences Holdings Corp.1		372,966
	3,546	LivaNova PLC1		255,170
	1,435	Masimo Corp.1		213,557
	1,665	Medidata Solutions, Inc.1		150,699
	32,236	MEDNAX, Inc.1		813,314
	29,188	Molina Healthcare, Inc.1		4,177,970
	4,438	NuVasive, Inc.1		259,801
	56,956	Patterson Cos., Inc.		1,304,292
	4,567	STERIS PLC		679,935
	199,287	Tenet Healthcare Corp.1		4,117,269
	3,332	West Pharmaceutical Services, Inc.		417,000
		Total Health Care Equipment & Services		18,677,051
		Household & Personal Products—0.4%
	16,269	Edgewell Personal Care Co.1		438,450
	10,827	Energizer Holdings, Inc.		418,355
	12,160	Nu Skin Enterprises, Inc., Class A		599,731
		Total Household & Personal Products		1,456,536

The accompanying notes are an integral part of these financial statements.

43

Invesco S&P MidCap 400 Revenue ETF (RWK)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Insurance—5.8%
	2,476	Alleghany Corp.1	$	1,686,428
	15,966	American Financial Group, Inc.		1,636,036
	47,377	Brighthouse Financial, Inc.1		1,738,262
	14,967	Brown & Brown, Inc.		501,395
	61,323	CNO Financial Group, Inc.		1,022,868
	24,893	First American Financial Corp.		1,336,754
	652,426	Genworth Financial, Inc., Class A1		2,420,500
	8,699	Hanover Insurance Group, Inc. (The)		1,116,082
	11,276	Kemper Corp.		973,006
	13,609	Mercury General Corp.		850,563
	64,088	Old Republic International Corp.		1,434,289
	3,769	Primerica, Inc.		452,092
	19,744	Reinsurance Group of America, Inc.		3,080,656
	3,181	RenaissanceRe Holdings Ltd.		566,250
	27,322	W.R. Berkley Corp.		1,801,339
		Total Insurance		20,616,520
		Materials—8.8%
	39,549	Allegheny Technologies, Inc.1		996,635
	5,382	AptarGroup, Inc.		669,198
	9,336	Ashland Global Holdings, Inc.		746,600
	17,068	Cabot Corp.		814,314
	12,483	Carpenter Technology Corp.		598,934
	60,720	Chemours Co. (The)		1,457,280
	79,117	Commercial Metals Co.		1,412,239
	6,054	Compass Minerals International, Inc.		332,667
	29,045	Domtar Corp.		1,293,374
	3,657	Eagle Materials, Inc.		339,004
	26,814	Greif, Inc., Class A		872,796
	3,000	Ingevity Corp.1		315,510
	24,384	Louisiana-Pacific Corp.		639,349
	7,323	Minerals Technologies, Inc.		391,854
	1,277	NewMarket Corp.		512,000
	71,478	Olin Corp.		1,566,083
	91,642	Owens-Illinois, Inc.		1,582,657
	28,366	PolyOne Corp.		890,409
	30,391	Reliance Steel & Aluminum Co.		2,875,596
	1,028	Royal Gold, Inc.		105,360
	21,009	RPM International, Inc.		1,283,860
	6,958	Scotts Miracle-Gro Co., (The)2		685,363
	4,267	Sensient Technologies Corp.		313,539
	35,010	Silgan Holdings, Inc.		1,071,306
	19,137	Sonoco Products Co.		1,250,412
	104,897	Steel Dynamics, Inc.		3,167,889
	243,111	United States Steel Corp.2		3,722,029
	27,881	Valvoline, Inc.		544,516
	24,423	Worthington Industries, Inc.		983,270
		Total Materials		31,434,043
		Media & Entertainment—2.0%
	12,680	AMC Networks, Inc., Class A1		690,933
	219	Cable One, Inc.		256,447
	7,145	Cars.com, Inc.1		140,900
	19,064	Cinemark Holdings, Inc.		688,210
	9,027	John Wiley & Sons, Inc., Class A		413,978
	39,720	Live Nation Entertainment, Inc.1		2,631,450
	14,059	Meredith Corp.		774,089
	12,526	New York Times Co., (The), Class A		408,598
	35,397	TEGNA, Inc.		536,265

Shares			Value
		Common Stocks (continued)
		Media & Entertainment (continued)
	2,858	World Wrestling Entertainment, Inc., Class A	$	206,376
	6,940	Yelp, Inc.1		237,209
		Total Media & Entertainment		6,984,455
		Pharmaceuticals, Biotechnology & Life Sciences—1.5%
	1,770	Bio-Rad Laboratories, Inc., Class A1		553,284
	779	Bio-Techne Corp.		162,414
	11,491	Catalent, Inc.1		622,927
	4,231	Charles River Laboratories International, Inc.1		600,379
	9,968	Exelixis, Inc.1		213,016
	512	Ligand Pharmaceuticals, Inc.1		58,445
	71,917	Mallinckrodt PLC1		660,198
	6,945	PRA Health Sciences, Inc.1		688,597
	7,392	Prestige Consumer Healthcare, Inc.1		234,178
	21,709	Syneos Health, Inc.1		1,109,113
	4,715	United Therapeutics Corp.1		368,053
		Total Pharmaceuticals, Biotechnology & Life Sciences		5,270,604
		Real Estate—3.1%
	6,436	Alexander & Baldwin, Inc.		148,672
	4,436	American Campus Communities, Inc.		204,766
	14,819	Brixmor Property Group, Inc.		264,964
	2,139	Camden Property Trust		223,290
	18,186	CoreCivic, Inc.		377,541
	1,112	CoreSite Realty Corp.		128,069
	4,622	Corporate Office Properties Trust		121,882
	2,902	Cousins Properties, Inc.		104,965
	3,328	CyrusOne, Inc.		192,092
	4,985	Douglas Emmett, Inc.		198,602
	612	EastGroup Properties, Inc.		70,980
	2,118	EPR Properties		157,982
	2,572	First Industrial Realty Trust, Inc.		94,495
	23,562	GEO Group, Inc. (The)		495,038
	3,186	Healthcare Realty Trust, Inc.		99,785
	3,729	Highwoods Properties, Inc.		154,008
	21,504	Hospitality Properties Trust		537,600
	3,602	JBG SMITH Properties		141,703
	28,695	Jones Lang LaSalle, Inc.		4,037,099
	2,274	Kilroy Realty Corp.		167,844
	4,766	Lamar Advertising Co., Class A		384,664
	3,149	Liberty Property Trust		157,576
	1,302	Life Storage, Inc.		123,794
	5,083	Mack-Cali Realty Corp.		118,383
	9,704	Medical Properties Trust, Inc.		169,238
	2,617	National Retail Properties, Inc.		138,727
	5,523	Omega Healthcare Investors, Inc.		202,970
	8,182	Pebblebrook Hotel Trust		230,569
	5,891	PotlatchDeltic, Corp.		229,631
	565	PS Business Parks, Inc.		95,219
	6,079	Rayonier, Inc.		184,194
	7,154	Sabra Health Care REIT, Inc.		140,862
	31,647	Senior Housing Properties Trust		261,721
	7,052	Tanger Factory Outlet Centers, Inc.2		114,313
	3,377	Taubman Centers, Inc.		137,883
	22,156	Uniti Group, Inc.2		210,482
	4,824	Urban Edge Properties		83,600
	4,217	Weingarten Realty Investors		115,630
		Total Real Estate		11,020,833

The accompanying notes are an integral part of these financial statements.

44

Invesco S&P MidCap 400 Revenue ETF (RWK)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Retailing—6.5%
	14,780	Aaron’s, Inc.	$	907,640
	53,742	American Eagle Outfitters, Inc.		908,240
	118,025	AutoNation, Inc.1		4,949,968
	229,190	Bed Bath & Beyond, Inc.2		2,663,188
	57,369	Dick’s Sporting Goods, Inc.		1,986,688
	26,198	Dillard’s, Inc., Class A2		1,631,611
	2,845	Five Below, Inc.1		341,457
	136,452	Michaels Cos., Inc. (The)1		1,187,132
	38,921	Murphy USA, Inc.1		3,270,532
	3,118	Ollie’s Bargain Outlet Holdings, Inc.1		271,609
	3,660	Pool Corp.		699,060
	60,829	Sally Beauty Holdings, Inc.1		811,459
	79,454	Signet Jewelers Ltd.		1,420,638
	38,242	Urban Outfitters, Inc.1		870,006
	21,467	Williams-Sonoma, Inc.2		1,395,355
		Total Retailing		23,314,583
		Semiconductors & Semiconductor Equipment—1.1%
	6,851	Cirrus Logic, Inc.1		299,389
	6,351	Cree, Inc.1		356,799
	25,489	Cypress Semiconductor Corp.		566,875
	8,309	First Solar, Inc.1		545,735
	6,361	MKS Instruments, Inc.		495,458
	1,084	Monolithic Power Systems, Inc.		147,186
	3,340	Semtech Corp.1		160,487
	2,058	Silicon Laboratories, Inc.1		212,797
	12,931	Synaptics, Inc.1		376,809
	11,030	Teradyne, Inc.		528,447
	390	Universal Display Corp.		73,344
	6,124	Versum Materials, Inc.		315,876
		Total Semiconductors & Semiconductor Equipment		4,079,202
		Software & Services—3.5%
	7,153	ACI Worldwide, Inc.1		245,634
	2,491	Blackbaud, Inc.		207,998
	5,439	CACI International, Inc., Class A1		1,112,765
	10,981	CDK Global, Inc.		542,901
	3,435	CommVault Systems, Inc.1		170,445
	9,584	CoreLogic, Inc.1		400,899
	815	Fair Isaac Corp.1		255,926
	3,262	j2 Global, Inc.		289,959
	50,583	KBR, Inc.		1,261,540
	30,179	Leidos Holdings, Inc.		2,409,793
	2,038	LiveRamp Holdings, Inc.1		98,802
	4,120	LogMeIn, Inc.		303,562
	1,948	Manhattan Associates, Inc.1		135,055
	7,764	MAXIMUS, Inc.		563,200
	36,839	Perspecta, Inc.		862,401
	3,432	PTC, Inc.1		308,056
	40,593	Sabre Corp.		901,165
	13,791	Science Applications International Corp.		1,193,749
	13,866	Teradata Corp.1		497,096
	1,010	Tyler Technologies, Inc.1		218,180
	1,729	WEX, Inc.1		359,805
		Total Software & Services		12,338,931
		Technology Hardware & Equipment—11.5%
	102,844	Arrow Electronics, Inc.1		7,329,692
	105,754	Avnet, Inc.		4,787,483

Shares			Value
		Common Stocks (continued)
		Technology Hardware & Equipment (continued)
	10,118	Belden, Inc.	$	602,729
	18,114	Ciena Corp.1		745,029
	4,272	Cognex Corp.		204,970
	3,291	Coherent, Inc.1		448,794
	1,040	InterDigital, Inc.		66,976
	206,964	Jabil, Inc.		6,540,062
	2,347	Littelfuse, Inc.		415,208
	7,300	Lumentum Holdings, Inc.1		389,893
	7,820	National Instruments Corp.		328,362
	47,218	NCR Corp.1		1,468,480
	8,159	NetScout Systems, Inc.1		207,157
	8,646	Plantronics, Inc.		320,248
	51,688	SYNNEX Corp.		5,086,099
	87,360	Tech Data Corp.1		9,137,856
	17,083	Trimble, Inc.1		770,614
	5,432	ViaSat, Inc.1		439,014
	45,788	Vishay Intertechnology, Inc.		756,418
	5,165	Zebra Technologies Corp., Class A1		1,082,016
		Total Technology Hardware & Equipment		41,127,100
		Telecommunication Services—0.3%
	40,405	Telephone & Data Systems, Inc.		1,228,312
		Transportation—4.3%
	62,898	Avis Budget Group, Inc.1		2,211,494
	5,597	Genesee & Wyoming, Inc., Class A1		559,700
	92,559	JetBlue Airways Corp.1		1,711,416
	8,636	Kirby Corp.1		682,244
	37,731	Knight-Swift Transportation Holdings, Inc.		1,239,086
	10,165	Landstar System, Inc.		1,097,718
	6,665	Old Dominion Freight Line, Inc.		994,818
	35,470	Ryder System, Inc.		2,067,901
	18,792	Werner Enterprises, Inc.		584,055
	69,864	XPO Logistics, Inc.1,2		4,038,838
		Total Transportation		15,187,270
		Utilities—2.4%
	4,062	ALLETE, Inc.		337,999
	4,683	Aqua America, Inc.		193,736
	5,239	Black Hills Corp.		409,533
	15,252	Hawaiian Electric Industries, Inc.		664,225
	3,142	IDACORP, Inc.		315,551
	41,390	MDU Resources Group, Inc.		1,067,862
	7,624	National Fuel Gas Co.		402,166
	13,254	New Jersey Resources Corp.		659,651
	3,899	NorthWestern Corp.		281,313
	12,036	OGE Energy Corp.		512,252
	4,197	ONE Gas, Inc.		378,989
	6,674	PNM Resources, Inc.		339,773
	7,751	Southwest Gas Holdings, Inc.		694,645
	5,427	Spire, Inc.		455,434
	32,664	UGI Corp.		1,744,584
		Total Utilities		8,457,713
		Total Common Stocks (Cost $329,491,573)		357,160,058

The accompanying notes are an integral part of these financial statements.

45

Invesco S&P MidCap 400 Revenue ETF (RWK)(continued)

June 30, 2019

Shares			Value
		Investment of Cash Collateral for Securities Loaned—3.8%
	10,217,640	Invesco Government & Agency Portfolio—Institutional Class, 2.27%3,4	$	10,217,640
	3,432,957	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%3,4		3,434,330
		Total Investment of Cash Collateral for Securities Loaned
		Investment of Cash Collateral for Securities Loaned (Cost $13,651,591)		13,651,970
		Total Investments—103.8% (Cost $343,143,164)		370,812,028
		Liabilities in Excess of Other Assets—(3.8)%		(13,815,986	)
		Net Assets—100.0%	$	356,996,042

REIT—Real Estate Investment Trust

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $13,620,798; total value of the collateral held by the Fund was $13,651,970.

³  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 June 30, 2019.

⁴  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.

The accompanying notes are an integral part of these financial statements.

46

Schedule of Investments

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

June 30, 2019

Shares			Value
		Common Stocks—100.0%
		Automobiles & Components—3.2%
	287,142	American Axle & Manufacturing Holdings, Inc.1	$	3,663,932
	41,748	Cooper Tire & Rubber Co.		1,317,149
	40,729	Cooper-Standard Holdings, Inc.1		1,866,203
	5,252	Dorman Products, Inc.1		457,659
	4,092	Fox Factory Holding Corp.1		337,631
	93,334	Garrett Motion, Inc.1		1,432,677
	12,137	Gentherm, Inc.1		507,691
	12,313	LCI Industries		1,108,170
	12,459	Motorcar Parts of America, Inc.1,2		266,747
	11,579	Standard Motor Products, Inc.		524,992
	190,344	Superior Industries International, Inc.		658,590
	24,992	Winnebago Industries, Inc.		965,941
		Total Automobiles & Components		13,107,382
		Banks—2.8%
	6,949	Ameris Bancorp		272,331
	10,112	Axos Financial, Inc.1		275,552
	15,166	Banc of California, Inc.		211,869
	4,997	Banner Corp.		270,587
	9,275	Berkshire Hills Bancorp, Inc.		291,142
	17,198	Boston Private Financial Holdings, Inc.		207,580
	10,774	Brookline Bancorp, Inc.		165,704
	3,889	Central Pacific Financial Corp.		116,514
	1,448	City Holding Co.		110,424
	7,688	Columbia Banking System, Inc.		278,152
	4,190	Community Bank System, Inc.		275,870
	10,626	Customers Bancorp, Inc.1		223,146
	9,609	CVB Financial Corp.		202,077
	5,803	Dime Community Bancshares, Inc.		110,199
	3,583	Eagle Bancorp, Inc.		193,948
	33,515	First BanCorp		370,006
	13,865	First Commonwealth Financial Corp.		186,762
	14,480	First Financial Bancorp		350,706
	16,896	First Midwest Bancorp, Inc.		345,861
	16,738	Flagstar Bancorp, Inc.		554,697
	3,216	Franklin Financial Network, Inc.		89,598
	7,031	Glacier Bancorp, Inc.		285,107
	7,802	Great Western Bancorp, Inc.		278,687
	5,675	Hanmi Financial Corp.		126,382
	3,754	Heritage Financial Corp.		110,893
	6,814	HomeStreet, Inc.1		201,967
	24,873	Hope Bancorp, Inc.		342,750
	2,728	Independent Bank Corp.		207,737
	5,636	LegacyTexas Financial Group, Inc.		229,442
	7,336	Meta Financial Group, Inc.		205,775
	3,751	National Bank Holdings Corp., Class A		136,161
	5,996	NBT Bancorp, Inc.		224,910
	4,705	NMI Holdings, Inc., Class A1		133,575
	4,852	Northfield Bancorp, Inc.		75,740
	12,767	Northwest Bancshares, Inc.		224,827
	10,293	OFG Bancorp		244,665
	23,520	Old National Bancorp		390,197
	6,431	Opus Bank		135,758
	4,505	Oritani Financial Corp.		79,919
	7,823	Pacific Premier Bancorp, Inc.		241,574
	2,108	Preferred Bank		99,603
	8,227	Provident Financial Services, Inc.		199,505
	4,227	S&T Bancorp, Inc.		158,428
	5,894	Seacoast Banking Corp. of Florida1		149,943

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	5,115	ServisFirst Bancshares, Inc.	$	175,240
	16,496	Simmons First National Corp., Class A		383,697
	3,803	Southside Bancshares, Inc.		123,141
	1,872	Tompkins Financial Corp.		152,755
	4,766	Triumph Bancorp, Inc.1		138,452
	12,146	TrustCo Bank Corp. NY		96,196
	10,076	United Community Banks, Inc.		287,771
	3,889	Veritex Holdings, Inc.		100,920
	6,923	Walker & Dunlop, Inc.		368,373
	1,484	Westamerica Bancorporation		91,429
		Total Banks		11,504,244
		Capital Goods—11.5%
	4,274	AAON, Inc.		214,469
	26,903	AAR Corp.		989,761
	22,698	Actuant Corp., Class A		563,137
	36,078	Aegion Corp.1		663,835
	21,339	Aerojet Rocketdyne Holdings, Inc.1,2		955,347
	2,513	AeroVironment, Inc.1		142,663
	4,842	Alamo Group, Inc.		483,861
	6,243	Albany International Corp., Class A		517,607
	9,424	American Woodmark Corp.1		797,459
	16,536	Apogee Enterprises, Inc.		718,324
	27,858	Applied Industrial Technologies, Inc.		1,714,103
	19,101	Arcosa, Inc.		718,771
	17,887	Astec Industries, Inc.		582,401
	9,733	AZZ, Inc.		447,913
	12,995	Barnes Group, Inc.		732,138
	84,080	Briggs & Stratton Corp.		860,979
	7,116	Chart Industries, Inc.1		547,078
	11,956	CIRCOR International, Inc.1		549,976
	21,073	Comfort Systems USA, Inc.		1,074,512
	9,873	Cubic Corp.		636,611
	16,787	DXP Enterprises, Inc.1		636,059
	11,138	Encore Wire Corp.		652,464
	11,264	EnPro Industries, Inc.		719,094
	4,869	ESCO Technologies, Inc.		402,277
	19,913	Federal Signal Corp.		532,673
	12,868	Franklin Electric Co., Inc.		611,230
	12,116	Gibraltar Industries, Inc.1		489,002
	72,307	GMS, Inc.1		1,590,754
	42,763	Greenbrier Cos., Inc. (The)		1,299,995
	58,269	Griffon Corp.		985,911
	30,337	Harsco Corp.1		832,447
	21,385	Hillenbrand, Inc.		846,204
	11,317	Insteel Industries, Inc.		235,620
	7,734	John Bean Technologies Corp.		936,819
	14,336	Kaman Corp.		913,060
	3,006	Lindsay Corp.		247,123
	19,182	Lydall, Inc.1		387,476
	4,331	Mercury Systems, Inc.1		304,686
	14,569	Moog, Inc., Class A		1,363,804
	40,436	Mueller Industries, Inc.		1,183,562
	22,453	MYR Group, Inc.1		838,620
	1,504	National Presto Industries, Inc.2		140,308
	22,671	Patrick Industries, Inc.1		1,115,187
	20,901	PGT Innovations, Inc.1		349,465
	6,100	Powell Industries, Inc.		231,800
	2,028	Proto Labs, Inc.1		235,289

The accompanying notes are an integral part of these financial statements.

47

Invesco S&P SmallCap 600 Revenue ETF (RWJ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	22,869	Quanex Building Products Corp.	$	431,995
	5,153	Raven Industries, Inc.		184,890
	7,592	Simpson Manufacturing Co., Inc.		504,564
	22,343	SPX Corp.1		737,766
	24,959	SPX FLOW, Inc.1		1,044,784
	5,436	Standex International Corp.		397,589
	8,516	Tennant Co.		521,179
	171,256	Titan International, Inc.		837,442
	74,555	Triumph Group, Inc.		1,707,310
	55,263	Universal Forest Products, Inc.		2,103,310
	205,690	Veritiv Corp.1		3,994,500
	4,240	Vicor Corp.1		131,652
	71,758	Wabash National Corp.		1,167,503
	8,167	Watts Water Technologies, Inc., Class A		761,001
		Total Capital Goods		46,517,359
		Commercial & Professional Services—5.5%
	74,124	ABM Industries, Inc.		2,964,960
	11,035	Brady Corp., Class A		544,246
	3,017	Exponent, Inc.		176,615
	3,827	Forrester Research, Inc.		179,984
	11,368	FTI Consulting, Inc.1		953,093
	10,314	Heidrick & Struggles International, Inc.		309,111
	37,071	Interface, Inc.		568,298
	99,487	Kelly Services, Inc., Class A		2,605,565
	19,020	Korn Ferry		762,131
	325,000	LSC Communications, Inc.		1,192,750
	19,788	Matthews International Corp., Class A		689,612
	8,965	Mobile Mini, Inc.		272,805
	15,799	Multi-Color Corp.		789,476
	15,223	Navigant Consulting, Inc.		353,021
	368,431	Pitney Bowes, Inc.		1,576,885
	20,759	Resources Connection, Inc.		332,352
	1,419,509	RR Donnelley & Sons Co.		2,796,433
	38,014	Team, Inc.1,2		582,375
	18,747	Tetra Tech, Inc.		1,472,577
	52,591	TrueBlue, Inc.1		1,160,157
	4,744	UniFirst Corp.		894,576
	4,343	US Ecology, Inc.		258,582
	9,097	Viad Corp.		602,585
	4,095	WageWorks, Inc.1		207,985
		Total Commercial & Professional Services		22,246,174
		Consumer Durables & Apparel—5.1%
	34,342	Callaway Golf Co.		589,309
	2,823	Cavco Industries, Inc.1		444,735
	37,215	Century Communities, Inc.1		989,175
	26,804	Crocs, Inc.1		529,379
	16,752	Ethan Allen Interiors, Inc.		352,797
	109,316	Fossil Group, Inc.1,2		1,257,134
	54,678	G-III Apparel Group Ltd.1		1,608,627
	11,646	Installed Building Products, Inc.1		689,676
	5,749	iRobot Corp.1,2		526,838
	44,211	Kontoor Brands, Inc.1		1,238,792
	25,629	La-Z-Boy, Inc.		785,785
	9,474	LGI Homes, Inc.1		676,728
	41,344	M.D.C. Holdings, Inc.		1,355,256
	36,994	M/I Homes, Inc.1		1,055,809
	30,089	Meritage Homes Corp.1		1,544,769

Shares			Value
		Common Stocks (continued)
		Consumer Durables & Apparel (continued)
	12,176	Movado Group, Inc.	$	328,752
	72,231	Nautilus, Inc.1		159,631
	6,710	Oxford Industries, Inc.		508,618
	23,065	Steven Madden Ltd.		783,057
	4,159	Sturm Ruger & Co., Inc.		226,582
	14,163	TopBuild Corp.1		1,172,130
	17,505	Unifi, Inc.1		318,066
	7,789	Universal Electronics, Inc.1		319,505
	15,626	Vera Bradley, Inc.1		187,512
	115,965	Vista Outdoor, Inc.1		1,029,769
	51,158	William Lyon Homes, Class A1		932,610
	36,576	Wolverine World Wide, Inc.		1,007,303
		Total Consumer Durables & Apparel		20,618,344
		Consumer Services—1.6%
	4,659	American Public Education, Inc.1		137,813
	12,189	BJ’s Restaurants, Inc.		535,585
	94,386	Bloomin’ Brands, Inc.		1,784,839
	13,815	Career Education Corp.1		263,452
	8,845	Chuy’s Holdings, Inc.1		202,727
	14,623	Dave & Buster’s Entertainment, Inc.		591,793
	3,922	Dine Brands Global, Inc.		374,433
	17,980	El Pollo Loco Holdings, Inc.1		191,667
	22,190	Fiesta Restaurant Group, Inc.1		291,577
	2,656	Monarch Casino & Resort, Inc.1		113,517
	18,338	Red Robin Gourmet Burgers, Inc.1		560,593
	26,392	Regis Corp.1		438,107
	9,192	Ruth’s Hospitality Group, Inc.		208,750
	3,364	Shake Shack, Inc., Class A1		242,881
	1,931	Strategic Education, Inc.		343,718
	817	Wingstop, Inc.		77,411
		Total Consumer Services		6,358,863
		Diversified Financials—1.7%
	11,130	Apollo Commercial Real Estate Finance, Inc.		204,681
	2,882	ARMOUR Residential REIT, Inc.		53,721
	8,360	Blucora, Inc.1		253,893
	16,590	Capstead Mortgage Corp.		138,527
	35,263	Donnelley Financial Solutions, Inc.1		470,408
	17,732	Encore Capital Group, Inc.1,2		600,583
	22,366	Enova International, Inc.1		515,536
	41,294	EZCORP, Inc., Class A1		391,054
	8,321	FirstCash, Inc.		832,266
	4,913	Granite Point Mortgage Trust, Inc.		94,281
	10,313	Greenhill & Co., Inc.		140,154
	10,919	INTL. FCStone, Inc.1		432,283
	3,433	Invesco Mortgage Capital, Inc.3		55,340
	40,721	New York Mortgage Trust, Inc.		252,470
	16,574	PennyMac Mortgage Investment Trust		361,810
	5,157	Piper Jaffray Cos.		383,010
	14,261	PRA Group, Inc.1		401,305
	14,462	Redwood Trust, Inc.		239,057
	2,285	Virtus Investment Partners, Inc.		245,409
	30,583	Waddell & Reed Financial, Inc., Class A2		509,819
	20,472	WisdomTree Investments, Inc.		126,312
	1,594	World Acceptance Corp.1		261,591
		Total Diversified Financials		6,963,510
		Energy—5.8%
	46,573	Archrock, Inc.		493,674

The accompanying notes are an integral part of these financial statements.

48

Invesco S&P SmallCap 600 Revenue ETF (RWJ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	7,317	Bonanza Creek Energy, Inc.1	$	152,779
	93,016	C&J Energy Services, Inc.1		1,095,728
	53,853	Carrizo Oil & Gas, Inc.1		539,607
	27,141	CONSOL Energy, Inc.1		722,222
	532,778	Denbury Resources, Inc.1,2		660,645
	63,214	Diamond Offshore Drilling, Inc.1,2		560,708
	2,689	DMC Global, Inc.		170,348
	4,327	Dril-Quip, Inc.1		207,696
	13,083	Era Group, Inc.1		109,112
	49,799	Exterran Corp.1		708,142
	3,059	Geospace Technologies Corp.1		46,222
	130,657	Green Plains, Inc.		1,408,482
	14,392	Gulf Island Fabrication, Inc.1		102,183
	141,071	Gulfport Energy Corp.1		692,659
	46,582	Helix Energy Solutions Group, Inc.1		402,003
	133,073	HighPoint Resources Corp.1		242,193
	12,719	KLX Energy Services Holdings, Inc.1		259,849
	196,980	Laredo Petroleum, Inc.1		571,242
	31,235	Matrix Service Co.1		632,821
	694,854	Nabors Industries Ltd.		2,015,077
	66,836	Newpark Resources, Inc.1		495,923
	327,311	Noble Corp. PLC1		612,071
	30,268	Oil States International, Inc.1		553,904
	91,041	Par Pacific Holdings, Inc.1		1,868,161
	20,244	PDC Energy, Inc.1		729,999
	7,956	Penn Virginia Corp.1		244,090
	48,038	ProPetro Holding Corp.1		994,387
	70,740	Renewable Energy Group, Inc.1		1,121,936
	3,165	REX American Resources Corp.1		230,729
	18,239	Ring Energy, Inc.1		59,277
	9,185	SEACOR Holdings, Inc.1		436,379
	69,459	SRC Energy, Inc.1		344,517
	744,249	Superior Energy Services, Inc.1		967,524
	313,919	TETRA Technologies, Inc.1		511,688
	72,655	U.S. Silica Holdings, Inc.2		929,257
	45,734	Unit Corp.1		406,575
	56,303	Whiting Petroleum Corp.1,2		1,051,740
		Total Energy		23,351,549
		Food & Staples Retailing—3.3%
	72,528	Andersons, Inc. (The)		1,975,663
	20,281	Chefs’ Warehouse, Inc. (The)1		711,254
	330,912	SpartanNash Co.		3,861,743
	782,867	United Natural Foods, Inc.1		7,022,317
		Total Food & Staples Retailing		13,570,977
		Food, Beverage & Tobacco—2.8%
	33,506	B&G Foods, Inc.2		696,925
	5,186	Calavo Growers, Inc.		501,694
	17,104	Cal-Maine Foods, Inc.		713,579
	6,921	Coca-Cola Consolidated		2,071,109
	78,032	Darling Ingredients, Inc.1		1,552,056
	3,251,428	Dean Foods Co.2		3,003,669
	3,228	J&J Snack Foods Corp.		519,547
	5,021	John B. Sanfilippo & Son, Inc.		400,123
	2,794	MGP Ingredients, Inc.2		185,270
	22,471	Seneca Foods Corp., Class A1		625,368
	17,258	Universal Corp.		1,048,769
		Total Food, Beverage & Tobacco		11,318,109

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services—7.9%
	3,479	Addus HomeCare Corp.1	$	260,751
	19,031	AMN Healthcare Services, Inc.1		1,032,432
	8,246	AngioDynamics, Inc.1		162,364
	3,758	BioTelemetry, Inc.1		180,948
	2,743	Cardiovascular Systems, Inc.1		117,757
	2,436,475	Community Health Systems, Inc.1,2		6,505,388
	4,817	Computer Programs & Systems, Inc.		133,864
	4,845	CONMED Corp.		414,587
	3,345	CorVel Corp.1		291,048
	45,536	Cross Country Healthcare, Inc.1		427,128
	4,216	CryoLife, Inc.1		126,185
	4,207	Cutera, Inc.1		87,421
	575,164	Diplomat Pharmacy, Inc.1		3,502,749
	16,951	Ensign Group, Inc. (The)		964,851
	4,337	HealthStream, Inc.1		112,155
	714	Heska Corp.1		60,811
	9,149	HMS Holdings Corp.1		296,336
	7,246	Integer Holdings Corp.1		608,084
	80,270	Invacare Corp.		416,601
	6,015	Lantheus Holdings, Inc.1		170,225
	1,896	LeMaitre Vascular, Inc.		53,050
	8,066	LHC Group, Inc.1		964,532
	50,727	Magellan Health, Inc.1		3,765,465
	8,083	Meridian Bioscience, Inc.		96,026
	7,265	Merit Medical Systems, Inc.1		432,703
	9,867	Natus Medical, Inc.1		253,483
	3,052	Neogen Corp.1		189,560
	12,932	NextGen Healthcare, Inc.1		257,347
	4,556	Omnicell, Inc.1		391,953
	9,099	OraSure Technologies, Inc.1		84,439
	4,040	Orthofix Medical, Inc.1		213,635
	1,617,619	Owens & Minor, Inc.		5,176,381
	11,035	Providence Service Corp. (The)1		632,747
	153,707	Select Medical Holdings Corp.1		2,439,330
	998	Surmodics, Inc.1		43,084
	2,129	Tabula Rasa HealthCare, Inc.1,2		106,301
	1,327	Tactile Systems Technology, Inc.1,2		75,533
	16,796	Tivity Health, Inc.1,2		276,126
	1,805	US Physical Therapy, Inc.		221,239
	12,505	Varex Imaging Corp.1		383,278
		Total Health Care Equipment & Services		31,927,897
		Household & Personal Products—1.0%
	638,643	Avon Products, Inc.1		2,477,935
	18,801	Central Garden & Pet Co., Class A11,2		506,687
	20,674	Central Garden & Pet Co., Class A21		509,407
	4,668	Inter Parfums, Inc.		310,375
	1,893	Medifast, Inc.		242,872
	1,168	WD-40 Co.		185,759
		Total Household & Personal Products		4,233,035
		Insurance—2.0%
	12,297	Ambac Financial Group, Inc.1		207,204
	40,206	American Equity Investment Life Holding Co.		1,091,995
	2,824	AMERISAFE, Inc.		180,086
	1,717	eHealth, Inc.1		147,834
	9,049	Employers Holdings, Inc.		382,501
	2,576	HCI Group, Inc.		104,251
	13,431	Horace Mann Educators Corp.		541,135

The accompanying notes are an integral part of these financial statements.

49

Invesco S&P SmallCap 600 Revenue ETF (RWJ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	8,652	James River Group Holdings Ltd.	$	405,779
	11,341	ProAssurance Corp.		409,523
	4,832	RLI Corp.		414,151
	4,059	Safety Insurance Group, Inc.		386,133
	15,929	Selective Insurance Group, Inc.		1,192,923
	20,700	Stewart Information Services Corp.		838,143
	39,053	Third Point Reinsurance Ltd.1		403,027
	10,561	United Fire Group, Inc.		511,786
	23,919	United Insurance Holdings Corp.		341,085
	13,629	Universal Insurance Holdings, Inc.		380,249
		Total Insurance		7,937,805
		Materials—6.2%
	25,414	AdvanSix, Inc.1		620,864
	1,525,957	AK Steel Holding Corp.1,2		3,616,518
	14,625	American Vanguard Corp.		225,371
	3,032	Balchem Corp.		303,109
	86,730	Boise Cascade Co.		2,437,980
	141,840	Century Aluminum Co.1		980,114
	42,000	Clearwater Paper Corp.1		776,580
	48,204	Ferro Corp.1		761,623
	12,212	FutureFuel Corp.		142,758
	31,174	H.B. Fuller Co.		1,446,474
	6,331	Hawkins, Inc.		274,829
	7,042	Haynes International, Inc.		224,006
	13,033	Innophos Holdings, Inc.		379,391
	8,044	Innospec, Inc.		733,935
	7,903	Kaiser Aluminum Corp.		771,412
	29,299	Koppers Holdings, Inc.1		860,219
	34,570	Kraton Corp.1		1,074,090
	30,038	Livent Corp.1		207,863
	50,626	LSB Industries, Inc.1		197,441
	8,800	Materion Corp.		596,728
	46,996	Mercer International, Inc.		727,028
	13,891	Myers Industries, Inc.		267,680
	7,628	Neenah, Inc.		515,271
	66,022	Olympic Steel, Inc.		901,200
	30,720	PH Glatfelter Co.		518,554
	2,001	Quaker Chemical Corp.		405,963
	147,650	Rayonier Advanced Materials, Inc.2		958,248
	14,610	Schweitzer-Mauduit International, Inc.		484,760
	9,889	Stepan Co.		908,898
	89,665	SunCoke Energy, Inc.1		796,225
	104,161	TimkenSteel Corp.1		846,829
	30,225	Tredegar Corp.		502,340
	14,665	U.S. Concrete, Inc.1		728,704
		Total Materials		25,193,005
		Media & Entertainment—1.0%
	6,483	Care.com, Inc.1		71,183
	38,162	E.W. Scripps Co., (The), Class A		583,497
	154,953	Gannett Co., Inc.		1,264,417
	9,530	Marcus Corp. (The)		314,109
	77,197	New Media Investment Group, Inc.		728,740
	12,491	QuinStreet, Inc.1		197,982
	23,652	Scholastic Corp.		786,192
	2,824	TechTarget, Inc.1		60,010
		Total Media & Entertainment		4,006,130

Shares			Value
		Common Stocks (continued)
		Pharmaceuticals, Biotechnology & Life Sciences—1.6%
	24,871	Acorda Therapeutics, Inc.1	$	190,761
	72,743	Akorn, Inc.1		374,626
	22,002	AMAG Pharmaceuticals, Inc.1		219,800
	7,294	Amphastar Pharmaceuticals, Inc.1		153,976
	1,349	ANI Pharmaceuticals, Inc.1		110,888
	1,254	Anika Therapeutics, Inc.1,2		50,937
	1,679	Arrowhead Pharmaceuticals, Inc.1,2		44,494
	35,953	Assertio Therapeutics, Inc.1		124,038
	5,873	Cambrex Corp.1		274,915
	11,410	Corcept Therapeutics, Inc.1		127,222
	1,664	Cytokinetics, Inc.1		18,720
	1,904	Eagle Pharmaceuticals, Inc.1		106,015
	9,022	Emergent BioSolutions, Inc.1		435,853
	1,247	Enanta Pharmaceuticals, Inc.1		105,222
	335,107	Endo International PLC1		1,380,641
	9,001	Innoviva, Inc.1		131,055
	60,682	Lannett Co., Inc.1,2		367,733
	6,774	Luminex Corp.		139,815
	106	Medicines Co. (The)1		3,866
	6,130	Medpace Holdings, Inc.1		401,025
	2,858	Momenta Pharmaceuticals, Inc.1		35,582
	15,939	Myriad Genetics, Inc.1		442,785
	6,126	NeoGenomics, Inc.1		134,404
	13,181	Phibro Animal Health Corp., Class A		418,760
	1,869	Progenics Pharmaceuticals, Inc.1		11,532
	825	REGENXBIO, Inc.1		42,380
	1,302	Repligen Corp.1		111,907
	6,455	Spectrum Pharmaceuticals, Inc.1		55,578
	5,883	Supernus Pharmaceuticals, Inc.1		194,668
	6,180	Vanda Pharmaceuticals, Inc.1		87,076
		Total Pharmaceuticals, Biotechnology & Life Sciences		6,296,274
		Real Estate—2.3%
	4,445	Acadia Realty Trust		121,660
	1,086	Agree Realty Corp.		69,558
	3,211	American Assets Trust, Inc.		151,302
	5,094	Armada Hoffler Properties, Inc.		84,306
	2,977	CareTrust REIT, Inc.		70,793
	347,567	CBL & Associates Properties, Inc.		361,470
	24,510	Cedar Realty Trust, Inc.		64,951
	7,868	Chatham Lodging Trust		148,469
	9,447	Chesapeake Lodging Trust		268,484
	614	Community Healthcare Trust, Inc.		24,198
	40,543	DiamondRock Hospitality Co.		419,215
	4,135	Easterly Government Properties, Inc.		74,885
	2,423	Four Corners Property Trust, Inc.		66,221
	16,086	Franklin Street Properties Corp.		118,715
	1,993	Getty Realty Corp.		61,305
	6,811	Global Net Lease, Inc.		133,632
	13,750	Hersha Hospitality Trust		227,425
	7,087	HFF, Inc., Class A		322,317
	7,545	Independence Realty Trust, Inc.		87,296
	79	Innovative Industrial Properties, Inc., Class A2		9,761
	21,192	iStar, Inc.2		263,205
	10,016	Kite Realty Group Trust		151,542
	18,266	Lexington Realty Trust		171,883
	1,643	LTC Properties, Inc.		75,019
	12,085	Marcus & Millichap, Inc.1		372,822

The accompanying notes are an integral part of these financial statements.

50

Invesco S&P SmallCap 600 Revenue ETF (RWJ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	5,004	National Storage Affiliates Trust	$	144,816
	10,335	NorthStar Realty Europe Corp.		169,804
	9,354	Office Properties Income Trust		245,729
	25,115	Pennsylvania Real Estate Investment Trust2		163,247
	3,342	RE/MAX Holdings, Inc., Class A		102,800
	388,231	Realogy Holdings Corp.2		2,810,792
	7,465	Retail Opportunity Investments Corp.		127,875
	9,312	RPT Realty		112,768
	1,859	Saul Centers, Inc.		104,346
	22,229	Summit Hotel Properties, Inc.		254,967
	407	Universal Health Realty Income Trust		34,566
	2,960	Urstadt Biddle Properties, Inc., Class A		62,160
	81,921	Washington Prime Group, Inc.2		312,938
	5,494	Washington Real Estate Investment Trust		146,855
	4,213	Whitestone REIT		53,463
	23,490	Xenia Hotels & Resorts, Inc.		489,766
		Total Real Estate		9,257,326
		Retailing—17.6%
	105,306	Abercrombie & Fitch Co., Class A		1,689,108
	39,845	Asbury Automotive Group, Inc.1		3,360,527
	3,852,905	Ascena Retail Group, Inc.1		2,350,272
	277,181	Barnes & Noble Education, Inc.1		931,328
	241,299	Barnes & Noble, Inc.		1,614,290
	82,488	Big Lots, Inc.		2,359,982
	10,672	Boot Barn Holdings, Inc.1		380,350
	24,287	Buckle, Inc. (The)2		420,408
	65,434	Caleres, Inc.		1,303,445
	30,313	Cato Corp., (The), Class A		373,456
	289,273	Chico’s FAS, Inc.		974,850
	9,034	Children’s Place, Inc. (The)2		861,663
	39,972	Conn’s, Inc.1		712,301
	197,122	Core-Mark Holding Co., Inc.		7,829,686
	83,831	Designer Brands, Inc., Class A		1,607,040
	352,486	Express, Inc.1		962,287
	674,426	GameStop Corp., Class A2		3,689,110
	25,875	Genesco, Inc.1		1,094,254
	68,376	Group 1 Automotive, Inc.		5,599,311
	83,036	Guess?, Inc.		1,341,032
	22,145	Haverty Furniture Cos., Inc.		377,129
	22,378	Hibbett Sports, Inc.1		407,280
	4,864,705	JC Penney Co., Inc.1,2		5,545,764
	119,890	Kirkland’s, Inc.1,2		270,951
	16,772	Liquidity Services, Inc.1		102,142
	47,258	Lithia Motors, Inc., Class A		5,613,305
	47,491	Lumber Liquidators Holdings, Inc.1,2		548,521
	33,715	MarineMax, Inc.1		554,275
	6,388	Monro, Inc.		544,896
	2,639,738	Office Depot, Inc.		5,437,860
	7,366	PetMed Express, Inc.2		115,425
	46,968	Rent-A-Center, Inc.1		1,250,758
	10,292	RH1		1,189,755
	17,664	Shoe Carnival, Inc.2		487,526
	18,884	Shutterfly, Inc.1		954,586
	7,435	Shutterstock, Inc.		291,378
	18,729	Sleep Number Corp.1		756,464
	194,175	Sonic Automotive, Inc., Class A		4,533,986
	6,672	Stamps.com, Inc.1		302,042
	267,745	Tailored Brands, Inc.2		1,544,889

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	39,580	Tile Shop Holdings, Inc.	$	158,320
	122,003	Vitamin Shoppe, Inc.1,2		480,692
	19,221	Zumiez, Inc.1		501,668
		Total Retailing		71,424,312
		Semiconductors & Semiconductor Equipment—1.6%
	5,910	Advanced Energy Industries, Inc.1		332,556
	12,913	Axcelis Technologies, Inc.1		194,341
	9,055	Brooks Automation, Inc.		350,881
	3,446	Cabot Microelectronics Corp.		379,336
	1,466	CEVA, Inc.1		35,697
	14,706	Cohu, Inc.		226,914
	17,177	Diodes, Inc.1		624,727
	3,848	DSP Group, Inc.1		55,257
	17,137	FormFactor, Inc.1		268,537
	14,749	Ichor Holdings Ltd.1		348,666
	9,687	Kopin Corp.1		10,559
	15,571	Kulicke & Soffa Industries, Inc.		351,126
	7,400	MaxLinear, Inc.1		173,456
	4,313	Nanometrics, Inc.1		149,704
	2,958	PDF Solutions, Inc.1		38,809
	30,012	Photronics, Inc.1		246,098
	2,652	Power Integrations, Inc.		212,637
	9,298	Rambus, Inc.1		111,948
	5,004	Rudolph Technologies, Inc.1		138,261
	34,519	SMART Global Holdings, Inc.1		793,592
	8,095	SolarEdge Technologies, Inc.1		505,614
	37,058	Ultra Clean Holdings, Inc.1		515,847
	20,172	Veeco Instruments, Inc.1		246,502
	9,222	Xperi Corp.		189,881
		Total Semiconductors & Semiconductor Equipment		6,500,946
		Software & Services—2.1%
	6,515	8x8, Inc.1		157,012
	2,847	Agilysys, Inc.1		61,125
	3,779	Alarm.com Holdings, Inc.1		202,176
	4,258	Bottomline Technologies (DE), Inc.1		188,374
	21,591	Cardtronics PLC, Class A1		589,866
	8,905	CSG Systems International, Inc.		434,831
	4,566	Ebix, Inc.2		229,305
	7,063	EVERTEC, Inc.		230,960
	6,839	ExlService Holdings, Inc.1		452,263
	4,386	LivePerson, Inc.1		122,983
	14,361	ManTech International Corp., Class A		945,672
	1,677	MicroStrategy, Inc., Class A1		240,331
	6,762	Monotype Imaging Holdings, Inc.		113,872
	9,786	NIC, Inc.		156,967
	6,943	OneSpan, Inc.1		98,382
	7,161	Perficient, Inc.1		245,766
	4,363	Progress Software Corp.		190,314
	1,550	Qualys, Inc.1		134,974
	1,115	SPS Commerce, Inc.1		113,964
	27,291	Sykes Enterprises, Inc.1		749,411
	45,419	TiVo Corp.		334,738
	15,974	TTEC Holdings, Inc.		744,229
	141,182	Unisys Corp.1		1,372,289
	13,220	Virtusa Corp.1		587,365
		Total Software & Services		8,697,169

The accompanying notes are an integral part of these financial statements.

51

Invesco S&P SmallCap 600 Revenue ETF (RWJ)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Technology Hardware & Equipment—7.8%
	38,286	3D Systems Corp.1,2	$	348,403
	15,594	ADTRAN, Inc.		237,808
	68,266	Anixter International, Inc.1		4,076,163
	13,119	Applied Optoelectronics, Inc.1,2		134,863
	52,875	Arlo Technologies, Inc.1		212,029
	3,492	Badger Meter, Inc.		208,437
	14,624	Bel Fuse, Inc., Class B		251,094
	50,088	Benchmark Electronics, Inc.		1,258,211
	16,347	CalAmp Corp.1		190,933
	11,268	Comtech Telecommunications Corp.		316,743
	5,279	Control4 Corp.1		125,376
	5,911	Cray, Inc.1		205,821
	7,885	CTS Corp.		217,468
	41,563	Daktronics, Inc.		256,444
	235,755	Diebold Nixdorf, Inc.1		2,159,516
	9,917	Digi International, Inc.1		125,748
	12,406	Electronics For Imaging, Inc.1		457,905
	8,722	ePlus, Inc.1		601,295
	83,758	Extreme Networks, Inc.1		541,914
	14,639	Fabrinet1		727,119
	3,934	FARO Technologies, Inc.1		206,850
	26,893	Finisar Corp.1		615,043
	32,436	Harmonic, Inc.1		180,020
	17,956	II-VI, Inc.1,2		656,471
	58,439	Insight Enterprises, Inc.1		3,401,150
	18,293	Itron, Inc.1		1,144,593
	38,197	KEMET Corp.		718,486
	22,285	Knowles Corp.1		408,038
	17,246	Methode Electronics, Inc.		492,718
	6,850	MTS Systems Corp.		400,930
	23,780	NETGEAR, Inc.1		601,396
	4,714	OSI Systems, Inc.1		530,938
	2,111	Park Electrochemical Corp.		35,233
	26,076	Plexus Corp.1		1,522,056
	2,710	Rogers Corp.1		467,692
	129,931	Sanmina Corp.1		3,934,311
	57,270	ScanSource, Inc.1		1,864,711
	134,989	TTM Technologies, Inc.1		1,376,888
	39,109	Viavi Solutions, Inc.1		519,759
		Total Technology Hardware & Equipment		31,730,573
		Telecommunication Services—1.8%
	3,300	ATN International, Inc.		190,509
	123,396	Cincinnati Bell, Inc.1		610,810
	4,045	Cogent Communications Holdings, Inc.		240,111
	141,710	Consolidated Communications Holdings, Inc.		698,630
	2,671,009	Frontier Communications Corp.1,2		4,674,266
	10,714	Iridium Communications, Inc.1		249,208
	5,290	Spok Holdings, Inc.		79,562
	42,567	Vonage Holdings Corp.1		482,284
		Total Telecommunication Services		7,225,380
		Transportation—3.1%
	5,456	Allegiant Travel Co.		782,936
	52,445	ArcBest Corp.		1,474,229
	30,688	Atlas Air Worldwide Holdings, Inc.1		1,369,912
	53,490	Echo Global Logistics, Inc.1		1,116,336
	10,326	Forward Air Corp.		610,783
	48,446	Hawaiian Holdings, Inc.		1,328,874

Shares			Value
		Common Stocks (continued)
		Transportation (continued)
	14,232	Heartland Express, Inc.2	$	257,172
	44,204	Hub Group, Inc., Class A1		1,855,684
	19,923	Marten Transport Ltd.		361,602
	28,043	Matson, Inc.		1,089,471
	12,294	Saia, Inc.1		795,053
	23,891	SkyWest, Inc.		1,449,467
		Total Transportation		12,491,519
		Utilities—0.7%
	2,716	American States Water Co.		204,352
	14,356	Avista Corp.		640,278
	6,149	California Water Service Group		311,324
	6,336	El Paso Electric Co.		414,374
	4,817	Northwest Natural Holding Co.		334,782
	23,732	South Jersey Industries, Inc.		800,480
		Total Utilities		2,705,590
		Total Common Stocks (Cost $448,662,148)		405,183,472
		Right—0.0%4
		Materials—0.0%4
		A. Schulman, Inc. CVR1,5
	37,522	(Cost $19,624)		19,624
		Investment of Cash Collateral for Securities Loaned—6.8%
	20,414,810	Invesco Government & Agency Portfolio—Institutional Class, 2.27%6,7		20,414,810
	7,015,694	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%6,7		7,018,501
		Total Investment of Cash Collateral for Securities Loaned
		(Cost $27,432,417)		27,433,311
		Total Investments—106.8% (Cost $476,114,189)		432,636,407
		Liabilities in Excess of Other Assets—(6.8)%		(27,437,226	)
		Net Assets—100.0%	$	405,199,181

CVR—Contigent Value Rights

REIT—Real Estate Investment Trust

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $26,542,878; total value of the collateral held by the Fund was $27,433,311.

³  Affiliated security (Note 4).

⁴  Less than 0.05%.

⁵  The value of this security was determined using significant unobservable inputs. See Note 5 of the accompanying Notes.

⁶  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 June 30, 2019.

⁷  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.

The accompanying notes are an integral part of these financial statements.

52

Schedule of Investments

Invesco S&P Financials Revenue ETF (RWW)

June 30, 2019

Shares			Value
		Common Stocks—100.0%
		Banks—34.8%
	79,527	Bank of America Corp.	$	2,306,283
	5,265	BB&T Corp.		258,670
	29,648	Citigroup, Inc.		2,076,249
	4,224	Citizens Financial Group, Inc.		149,361
	1,046	Comerica, Inc.		75,981
	5,960	Fifth Third Bancorp		166,284
	775	First Republic Bank		75,679
	8,023	Huntington Bancshares, Inc.		110,878
	24,852	JPMorgan Chase & Co.		2,778,454
	8,675	KeyCorp		153,981
	781	M&T Bank Corp.		132,825
	2,440	People’s United Financial, Inc.		40,943
	2,989	PNC Financial Services Group, Inc. (The)		410,330
	8,897	Regions Financial Corp.		132,921
	3,258	SunTrust Banks, Inc.		204,765
	267	SVB Financial Group1		59,966
	9,570	U.S. Bancorp		501,468
	44,976	Wells Fargo & Co.		2,128,264
	1,388	Zions Bancorp NA		63,820
		Total Banks		11,827,122
		Capital Markets—14.4%
	524	Affiliated Managers Group, Inc.		48,281
	1,642	Ameriprise Financial, Inc.		238,353
	8,787	Bank of New York Mellon Corp. (The)		387,946
	631	BlackRock, Inc.		296,128
	482	Cboe Global Markets, Inc.		49,950
	5,597	Charles Schwab Corp. (The)		224,944
	446	CME Group, Inc.		86,573
	1,377	E*TRADE Financial Corp.		61,414
	3,471	Franklin Resources, Inc.2		120,791
	5,429	Goldman Sachs Group, Inc. (The)		1,110,774
	1,479	Intercontinental Exchange, Inc.		127,105
	4,953	Invesco Ltd.3		101,338
	464	Moody’s Corp.		90,624
	23,740	Morgan Stanley		1,040,049
	123	MSCI, Inc.		29,371
	895	Nasdaq, Inc.		86,072
	1,561	Northern Trust Corp.		140,490
	1,879	Raymond James Financial, Inc.		158,870
	557	S&P Global, Inc.		126,879
	4,456	State Street Corp.		249,803
	1,014	T. Rowe Price Group, Inc.		111,246
		Total Capital Markets		4,887,001
		Consumer Finance—6.3%
	7,248	American Express Co.		894,693
	7,362	Capital One Financial Corp.		668,028
	3,409	Discover Financial Services		264,504
	9,121	Synchrony Financial		316,225
		Total Consumer Finance		2,143,450
		Diversified Financial Services—15.8%
	24,381	Berkshire Hathaway, Inc., Class B1		5,197,298
	7,741	Jefferies Financial Group, Inc.		148,859
		Total Diversified Financial Services		5,346,157
		Insurance—28.7%
	8,151	Aflac, Inc.		446,756
	7,938	Allstate Corp. (The)		807,215

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	18,163	American International Group, Inc.	$	967,725
	1,134	Aon PLC		218,839
	1,571	Arthur J. Gallagher & Co.		137,604
	1,661	Assurant, Inc.		176,697
	4,340	Chubb Ltd.		639,239
	1,225	Cincinnati Financial Corp.		126,996
	598	Everest Re Group Ltd.		147,814
	6,924	Hartford Financial Services Group, Inc. (The)		385,805
	5,230	Lincoln National Corp.		337,073
	5,312	Loews Corp.		290,407
	3,053	Marsh & McLennan Cos., Inc.		304,537
	28,177	MetLife, Inc.		1,399,552
	5,389	Principal Financial Group, Inc.		312,131
	8,278	Progressive Corp. (The)		661,661
	12,675	Prudential Financial, Inc.		1,280,175
	976	Torchmark Corp.		87,313
	4,087	Travelers Cos., Inc. (The)		611,088
	7,084	Unum Group		237,668
	895	Willis Towers Watson PLC		171,428
		Total Insurance		9,747,723
		Total Common Stocks (Cost $33,594,192)		33,951,453
		Investment of Cash Collateral for Securities Loaned—0.3%
	83,931	Invesco Government & Agency Portfolio—Institutional Class, 2.27%4,5		83,931
	26,925	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%4,5		26,936
		Total Investment of Cash Collateral for Securities Loaned (Cost $110,867)		110,867
		Total Investments—100.3% (Cost $33,705,059)		34,062,320
		Liabilities in Excess of Other Assets—(0.3)%		(111,424	)
		Net Assets—100.0%	$	33,950,896

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the security on loan was $108,680; total value of the collateral held by the Fund was $110,867.

³  Affiliated security (Note 4).

⁴  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 June 30, 2019.

⁵  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.

The accompanying notes are an integral part of these financial statements.

53

Schedule of Investments

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

June 30, 2019

Shares			Value
		Common Stocks—99.8%
		Automobiles & Components—5.0%
	2,309,863	General Motors Co.	$	88,999,021
		Banks—1.0%
	326,247	F.N.B. Corp.		3,839,927
	300,676	People’s United Financial, Inc.		5,045,343
	210,786	Umpqua Holdings Corp.		3,496,940
	59,530	United Bankshares, Inc.		2,207,968
	335,952	Valley National Bancorp		3,621,563
		Total Banks		18,211,741
		Consumer Durables & Apparel—1.6%
	1,879,729	Newell Brands, Inc.		28,985,421
		Consumer Services—1.4%
	324,685	H&R Block, Inc.		9,513,270
	75,669	Six Flags Entertainment Corp.		3,759,236
	261,972	Wyndham Destinations, Inc.		11,500,571
		Total Consumer Services		24,773,077
		Diversified Financials—0.7%
	94,081	Federated Investors, Inc., Class B		3,057,632
	241,595	Legg Mason, Inc.		9,248,257
		Total Diversified Financials		12,305,889
		Energy—17.0%
	1,103,313	Exxon Mobil Corp.		84,546,875
	114,455	Helmerich & Payne, Inc.		5,793,712
	1,918,281	Kinder Morgan, Inc.		40,053,707
	762,912	Occidental Petroleum Corp.		38,359,215
	492,409	ONEOK, Inc.		33,882,663
	1,930,687	Schlumberger Ltd.		76,725,502
	815,961	Williams Cos., Inc. (The)		22,879,547
		Total Energy		302,241,221
		Food, Beverage & Tobacco—2.6%
	877,722	General Mills, Inc.		46,097,960
		Health Care Equipment & Services—6.2%
	1,996,839	Cardinal Health, Inc.		94,051,117
	695,797	Patterson Cos., Inc.		15,933,751
		Total Health Care Equipment & Services		109,984,868
		Household & Personal Products—1.6%
	2,187,551	Coty, Inc., Class A		29,313,183
		Insurance—2.9%
	185,213	Mercury General Corp.		11,575,813
	692,224	Principal Financial Group, Inc.		40,093,614
		Total Insurance		51,669,427
		Materials—14.3%
	605,850	Corteva, Inc.1		17,914,984
	603,858	DuPont de Nemours, Inc.		45,331,620
	1,407,609	International Paper Co.		60,977,622
	999,906	LyondellBasell Industries NV, Class A		86,121,904
	1,235,802	WestRock Co.		45,069,699
		Total Materials		255,415,829
		Media & Entertainment—0.4%
	141,770	Meredith Corp.		7,805,856
		Pharmaceuticals, Biotechnology & Life Sciences—4.6%
	1,124,118	AbbVie, Inc.		81,745,861

Shares			Value
		Common Stocks (continued)
		Real Estate—4.2%
	51,173	American Campus Communities, Inc.	$	2,362,146
	13,569	CoreSite Realty Corp.		1,562,742
	56,954	Corporate Office Properties Trust		1,501,877
	39,902	Healthcare Realty Trust, Inc.		1,249,731
	43,501	Highwoods Properties, Inc.		1,796,591
	790,453	Host Hotels & Resorts, Inc.		14,402,054
	54,672	Lamar Advertising Co., Class A		4,412,577
	16,023	Life Storage, Inc.		1,523,467
	32,464	National Retail Properties, Inc.		1,720,917
	70,892	Pebblebrook Hotel Trust		1,997,736
	68,474	PotlatchDeltic, Corp.		2,669,116
	52,718	Realty Income Corp.		3,635,960
	86,684	Simon Property Group, Inc.		13,848,636
	33,948	Taubman Centers, Inc.		1,386,097
	53,410	Urban Edge Properties		925,595
	780,268	Weyerhaeuser Co.		20,552,259
		Total Real Estate		75,547,501
		Retailing—4.7%
	1,954,754	Bed Bath & Beyond, Inc.2		22,714,242
	2,818,227	Macy’s, Inc.		60,479,151
		Total Retailing		83,193,393
		Semiconductors & Semiconductor Equipment—2.9%
	669,081	QUALCOMM, Inc.		50,896,992
		Software & Services—5.9%
	655,121	International Business Machines Corp.		90,341,186
	777,334	Western Union Co. (The)		15,461,173
		Total Software & Services		105,802,359
		Technology Hardware & Equipment—4.1%
	964,159	Western Digital Corp.		45,845,761
	778,393	Xerox Corp.		27,562,896
		Total Technology Hardware & Equipment		73,408,657
		Telecommunication Services—5.2%
	1,609,992	Verizon Communications, Inc.		91,978,843
		Utilities—13.5%
	482,802	Dominion Energy, Inc.		37,330,251
	743,681	Duke Energy Corp.		65,622,411
	538,618	Edison International		36,308,239
	317,802	Entergy Corp.		32,711,360
	1,229,636	Southern Co. (The)		67,974,278
		Total Utilities		239,946,539
		Total Common Stocks (Cost $1,769,346,772)		1,778,323,638

The accompanying notes are an integral part of these financial statements.

54

Invesco S&P Ultra Dividend Revenue ETF (RDIV)(continued)

June 30, 2019

Shares			Value
		Investment of Cash Collateral for Securities Loaned—1.2%
	15,355,765	Invesco Government & Agency Portfolio—Institutional Class, 2.27%3,4	$	15,355,765
	5,155,466	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%3,4		5,157,528
		Total Investment of Cash Collateral for Securities Loaned (Cost $20,512,450)		20,513,293
		Total Investments—101.0% (Cost $1,789,859,222)		1,798,836,931
		Liabilities in Excess of Other Assets—(1.0)%		(16,237,838	)
		Net Assets—100.0%	$	1,782,599,093

¹  Non-income producing security.

²  All or a portion of the security was on loan. The aggregate value of the security on loan was $20,274,820; total value of the collateral held by the Fund was $20,513,293.

³  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 June 30, 2019.

⁴  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.

The accompanying notes are an integral part of these financial statements.

55

Schedule of Investments

Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)

June 30, 2019

Shares			Value
		Common Stocks—93.6%
		Automobiles & Components—1.7%
	2,200	Loncin Motor Co. Ltd., Class A	$	1,342
	44,137	Nemak SAB de CV1		20,677
	9,062	Tofas Turk Otomobil Fabrikasi AS		30,238
	1,209	Yulon Nissan Motor Co. Ltd.		10,704
		Total Automobiles & Components		62,961
		Banks—7.9%
	17,022	Abu Dhabi Commercial Bank PJSC		38,464
	16,561	Abu Dhabi Islamic Bank PJSC		20,965
	51,550	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		78,808
	20,670	Doha Bank QPSC		15,213
	25,044	Dubai Islamic Bank PJSC		34,977
	39,900	Malayan Banking Bhd		85,738
	1,518	Moneta Money Bank AS1		5,204
	3,134	Qatar International Islamic Bank QSC		6,455
		Total Banks		285,824
		Capital Goods—0.6%
	22,144	Dubai Investments PJSC		7,415
	2,831	Fangda Carbon New Material Co. Ltd., Class A2		5,066
	1,640	Reunert Ltd.		7,854
		Total Capital Goods		20,335
		Consumer Durables & Apparel—0.1%
	26,344	China Dongxiang Group Co. Ltd.		3,237
		Consumer Services—0.5%
	1,704	OPAP SA		19,114
		Diversified Financials—10.7%
	645,651	China Cinda Asset Management Co. Ltd., Class H		148,758
	820,164	China Huarong Asset Management Co. Ltd., Class H1		142,774
	752	Coronation Fund Managers Ltd.		2,384
	2,713	Moscow ExchangeMICEX-RTS PJSC		3,877
	22,415	Power Finance Corp. Ltd.2		43,578
	18,133	REC Ltd.		43,292
		Total Diversified Financials		384,663
		Energy—15.9%
	70,100	Bukit Asam Tbk PT		14,687
	40,556	Coal India Ltd.		149,116
	72,654	Indian Oil Corp. Ltd.		164,091
	1,512	Qatar Gas Transport Co. Ltd.		9,592
	6,999	Tatneft PJSC		85,985
	7,556	Tupras Turkiye Petrol Rafinerileri AS		150,232
		Total Energy		573,703
		Food & Staples Retailing—0.2%
	2,189	Al Meera Consumer Goods Co. QSC		8,699
		Food, Beverage & Tobacco—0.4%
	9,210	Eastern Co. SAE		8,518
	11	Philip Morris CR AS		6,695
		Total Food, Beverage & Tobacco		15,213
		Insurance—1.3%
	3,400	Porto Seguro SA		45,846
		Materials—15.5%
	17,456	Alrosa PJSC		23,812
	40,694	Eregli Demir ve Celik Fabrikalari TAS		55,370

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	12,021	Fauji Fertilizer Co. Ltd.	$	6,562
	8,873	Hindustan Zinc Ltd.		31,377
	200	Huabao Flavours & Fragrances Co. Ltd., Class A		923
	11,049	Iskenderun Demir ve Celik As		13,181
	1,068	Kumba Iron Ore Ltd.		37,822
	1,400	Liuzhou Iron & Steel Co. Ltd., Class A		1,180
	2,100	Lomon Billions Group Co. Ltd., Class A		4,534
	65,308	Magnitogorsk Iron & Steel Works PJSC		46,578
	298	MMC Norilsk Nickel PJSC		67,599
	25,586	Novolipetsk Steel PJSC		64,781
	2,600	Sansteel Minguang Co. Ltd., Fujian, Class A		3,521
	2,972	Severstal PJSC		50,304
	59,213	Vedanta Ltd.		149,560
		Total Materials		557,104
		Media & Entertainment—0.4%
	40,700	Astro Malaysia Holdings Bhd		14,281
		Pharmaceuticals, Biotechnology & Life Sciences—0.0%3
	2,700	Harbin Pharmaceutical Group Co. Ltd., Class A2		1,628
		Real Estate—10.2%
	82,923	Agile Group Holdings Ltd.		111,024
	37,350	Aldar Properties PJSC		19,218
	565	Barwa Real Estate Co.		5,307
	2,311	Concentradora Fibra Danhos SA de CV		3,057
	61,693	DAMAC Properties Dubai Co. PJSC2		15,435
	7,287	Fibra Uno Administracion SA de CV		9,642
	3,281	Fortress REIT Ltd., Class B		2,811
	4,723	Growthpoint Properties Ltd.		8,132
	75,915	Guangzhou R&F Properties Co. Ltd., Class H		145,951
	469	Hyprop Investments Ltd.		2,324
	13,807	KWG Group Holdings Ltd.2		14,015
	32,200	Land & Houses PCL		11,655
	10,138	Redefine Properties Ltd.		6,499
	486	Resilient REIT Ltd.		2,135
	10,162	SOHO China Ltd.		3,590
	1,234	United Development Co. QSC		4,694
	1,168	Vukile Property Fund Ltd.		1,589
		Total Real Estate		367,078
		Retailing—5.1%
	28,100	Matahari Department Store Tbk PT		6,862
	24,900	Petrobras Distribuidora SA		162,420
	22,246	Xinhua Winshare Publishing and Media Co. Ltd., Class H		15,747
		Total Retailing		185,029
		Software & Services—0.9%
	18,013	Cielo SA		31,583
		Technology Hardware & Equipment—5.8%
	332,549	AU Optronics Corp.		99,574
	700	Guangdong Ellington Electronics Technology Co. Ltd., Class A		1,047
	37,608	Kingboard Laminates Holdings Ltd.		34,467
	45,694	Lite-On Technology Corp.		66,938
	2,501	Transcend Information, Inc.		5,765
		Total Technology Hardware & Equipment		207,791
		Telecommunication Services—6.3%
	2,621	Bharti Infratel Ltd.		10,140
	16,481	Magyar Telekom Telecommunications PLC		24,480

The accompanying notes are an integral part of these financial statements.

56

Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Telecommunication Services (continued)
	28,904	Mobile Telecommunications Co. KSC	$	50,491
	10,761	Mobile TeleSystems PJSC		48,606
	23,527	Rostelecom PJSC		30,269
	127,055	Sistema PJSFC		19,888
	19,703	Turkcell Iletisim Hizmetleri AS		43,603
		Total Telecommunication Services		227,477
		Transportation—2.1%
	23,475	Aeroflot PJSC		37,873
	42,861	Air Arabia PJSC2		12,135
	38,800	AirAsia Group Bhd		25,632
		Total Transportation		75,640
		Utilities—8.0%
	102,346	AES Gener SA		28,077
	87,473	China Resources Power Holdings Co. Ltd.		127,641
	79,263	Colbun SA		16,344
	213,692	Datang International Power Generation Co. Ltd., Class H		53,611
	2,025	Engie Brasil Energia SA		22,968
	8,160,583	Federal Grid Co. Unified Energy System PJSC		26,199
	652	Transmissora Alianca de Energia Eletrica SA		4,620
	181,021	Unipro PJSC		7,534
		Total Utilities		286,994
		Total Common Stocks (Cost $3,434,616)		3,374,200
		Preferred Stocks—5.9%
		Banks—0.5%
	4,850	Itausa—Investimentos Itau SA, 3.16%		16,311
		Energy—0.6%
	864	Bashneft PJSC, 9.68%		22,561
		Telecommunication Services—3.4%
	9,400	Telefonica Brasil SA, 11.06%		122,410
		Utilities—1.4%
	3,312	Cia Paranaense de Energia, 3.01%		41,998
	1,552	Cia de Transmissao de Energia Eletrica Paulista, 7.57%		10,018
		Total Utilities		52,016
		Total Preferred Stocks (Cost $188,910)		213,298
		Investment Company—0.0%3
		Telecommunications Hardware—0.0%3
	2,109	Digital Telecommunications Infrastructure Fund, Class F (Cost $1,027)		1,148
		Total Investments—99.5% (Cost $3,624,553)		3,588,646
		Other Assets in Excess of Liabilities—0.5%		17,537
		Net Assets—100.0%	$	3,606,183

PCL—Public Company Limited

REIT—Real Estate Investment Trust

¹  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $168,655 or 4.68% of the Fund’s net assets at period end.

²  Non-income producing security.

³  Less than 0.05%.

Geographical Holdings

Country	Value		% of Net Assets
China	$	785,587		21.8	%
India		591,154		16.4
Russia		535,864		14.9
Brazil		458,175		12.7
Turkey		292,624		8.1
Taiwan		182,982		5.1
United Arab Emirates		148,610		4.1
Malaysia		125,651		3.5
Mexico		112,183		3.1
South Africa		71,551		2.0
Kuwait		50,491		1.4
Qatar		49,960		1.4
Chile		44,421		1.2
Hong Kong		34,467		1.0
Hungary		24,480		0.7
Indonesia		21,549		0.6
Greece		19,114		0.5
Thailand		12,803		0.3
Czech Republic		11,900		0.3
Egypt		8,518		0.2
Pakistan		6,562		0.2
Total Investments		3,588,646		99.5
Other Assets in Excess of Liabilities		17,537		0.5
Net Assets	$	3,606,183		100.0	%

The accompanying notes are an integral part of these financial statements.

57

Schedule of Investments

Invesco International Ultra Dividend Revenue ETF (RIDV)

June 30, 2019

Shares			Value
		Common Stocks—99.8%
		Automobiles & Components—3.0%
	912	Bayerische Motoren Werke AG	$	67,601
	36	Nokian Renkaat OYJ		1,126
	1,092	Xinyi Glass Holdings Ltd.		1,146
		Total Automobiles & Components		69,873
		Banks—17.4%
	488	ABN AMRO Bank NV1		10,456
	770	Australia & New Zealand Banking Group Ltd.		15,243
	4,836	Banco Bilbao Vizcaya Argentaria SA		27,079
	11,428	Banco Santander SA		53,105
	356	Bank of Nova Scotia (The)		19,163
	54	Bank Polska Kasa Opieki SA		1,619
	153	Bendigo & Adelaide Bank Ltd.		1,243
	870	BNP Paribas SA		41,379
	155	Canadian Imperial Bank of Commerce		12,215
	310	Commonwealth Bank of Australia		18,008
	4,603	Credit Agricole SA		55,276
	668	Danske Bank A/S		10,574
	297	DNB ASA		5,528
	29	First International Bank of Israel Ltd.		734
	5,998	HSBC Holdings PLC		50,146
	1,933	ING Groep NV		22,444
	118	KBC Group NV		7,746
	26,602	Lloyds Banking Group PLC		19,159
	206	Mediobanca Banca di Credito Finanziario SpA		2,127
	1,094	Nordea Bank Abp		7,958
	488	Skandinaviska Enskilda Banken AB, Class A		4,519
	1,061	Unione di Banche Italiane SpA		2,900
	809	Westpac Banking Corp.		16,100
	516	Woori Financial Group, Inc.		6,279
		Total Banks		411,000
		Capital Goods—2.3%
	2,163	BAE Systems PLC		13,638
	681	Bouygues SA		25,259
	1,198	NWS Holdings Ltd.		2,463
	129	OC Oerlikon Corp. AG		1,577
	649	Skanska AB, Class B		11,730
		Total Capital Goods		54,667
		Commercial & Professional Services—1.6%
	294	Adecco Group AG		17,688
	581	Babcock International Group PLC		3,388
	300	Randstad NV		16,501
	15	Societe BIC SA		1,146
		Total Commercial & Professional Services		38,723
		Consumer Durables & Apparel—1.0%
	532	Barratt Developments PLC		3,877
	63	Bellway PLC		2,233
	31	HUGO BOSS AG		2,065
	50,000	Li & Fung Ltd.		8,704
	53	Pandora A/S		1,888
	2,000	Yue Yuen Industrial Holdings Ltd.		5,479
		Total Consumer Durables & Apparel		24,246
		Consumer Services—2.9%
	216	Cafe de Coral Holdings Ltd.		643
	148	Crown Resorts Ltd.		1,293
	38,000	NagaCorp Ltd.		46,743
	1,200	Sands China Ltd.		5,737

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	349	Star Entertainment Grp Ltd. (The)	$	1,009
	1,366	TUI AG		13,428
		Total Consumer Services		68,853
		Diversified Financials—1.6%
	48	Amundi SA1		3,356
	1,539	Guotai Junan International Holdings Ltd.		266
	2,000	Haitong International Securities Group Ltd.		653
	49	IGM Financial, Inc.		1,402
	79	Macquarie Group Ltd.		6,951
	8	Perpetual Ltd.		237
	49	Samsung Card Co. Ltd.		1,621
	104	Singapore Exchange Ltd.		609
	467	Standard Life Aberdeen PLC		1,751
	1,814	UBS Group AG2		21,582
		Total Diversified Financials		38,428
		Energy—18.6%
	76	Aker BP ASA		2,180
	16,355	BP PLC		114,191
	479	Caltex Australia Ltd.		8,320
	7	Delek Group Ltd.		1,202
	2,176	Equinor ASA		42,992
	16	Paz Oil Co. Ltd.		2,249
	90	Pembina Pipeline Corp.		3,358
	3,589	Royal Dutch Shell PLC, Class A		117,505
	195	SK Innovation Co. Ltd.		26,852
	121	TC Energy Corp.		6,011
	2,006	TOTAL SA		112,566
	361	Whitehaven Coal Ltd.		927
	123	Woodside Petroleum Ltd.		3,138
		Total Energy		441,491
		Food & Staples Retailing—0.8%
	1,059	METRO AG3		19,386
		Food, Beverage & Tobacco—0.9%
	516	British American Tobacco PLC		18,053
	295	Coca-Cola Amatil Ltd.		2,116
		Total Food, Beverage & Tobacco		20,169
		Insurance—18.4%
	36	Admiral Group PLC		1,012
	4,626	Aegon NV		23,064
	149	Ageas		7,756
	314	Allianz SE		75,808
	2,720	Assicurazioni Generali SpA		51,295
	2,528	Aviva PLC		13,400
	1,221	CNP Assurances		27,754
	631	Direct Line Insurance Group PLC		2,665
	98	Gjensidige Forsikring ASA		1,975
	974	Great-West Lifeco, Inc.		22,473
	371	Harel Insurance Investments & Financial Services Ltd.		2,780
	1,255	Insurance Australia Group Ltd.		7,274
	287	Legal & General Group PLC		984
	4,822	Mapfre SA		14,118
	157	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		39,459
	367	NN Group NV		14,795
	510	Phoenix Group Holdings PLC		4,602
	377	Phoenix Holdings Ltd. (The)		2,281

The accompanying notes are an integral part of these financial statements.

58

Invesco International Ultra Dividend Revenue ETF (RIDV)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	1,988	Poste Italiane SpA1	$	20,964
	1,119	Power Corp. of Canada		24,157
	1,057	Power Financial Corp.		24,363
	146	Sampo OYJ, Class A		6,900
	253	SCOR SE		11,110
	571	Talanx AG		24,775
	3,673	UnipolSai Assicurazioni SpA		9,449
		Total Insurance		435,213
		Materials—8.9%
	233	Adelaide Brighton Ltd.		660
	637	Anglo American PLC		18,196
	622	BASF SE		45,277
	882	BHP Group Ltd.		25,476
	1,044	BHP Group PLC		26,773
	613	Boral Ltd.		2,202
	208	Covestro AG1		10,590
	362	Evonik Industries AG		10,558
	657	Fortescue Metals Group Ltd.		4,159
	67	Imerys SA		3,557
	89	Polymetal International PLC		1,129
	316	Rio Tinto Ltd.		23,009
	391	Rio Tinto PLC		24,287
	418	Sims Metal Management Ltd.		3,186
	1,851	South32 Ltd.		4,131
	276	UPM-Kymmene OYJ		7,345
		Total Materials		210,535
		Media & Entertainment—0.7%
	1,726	ITV PLC		2,373
	87	SES SA		1,362
	300	Singapore Press Holdings Ltd.		541
	966	WPP PLC		12,174
		Total Media & Entertainment		16,450
		Pharmaceuticals, Biotechnology & Life Sciences—1.0%
	1,191	GlaxoSmithKline PLC		23,898
	19	Orion OYJ, Class B		697
		Total Pharmaceuticals, Biotechnology & Life Sciences		24,595
		Real Estate—0.9%
	18	Amot Investments Ltd.		120
	200	Ascendas Real Estate Investment Trust		461
	100	CapitaLand Commercial Trust		160
	200	CapitaLand Mall Trust		389
	346	Champion REIT		288
	300	City Developments Ltd.		2,100
	6	Covivio		629
	46	Dexus		419
	1,500	Frasers Property Ltd.		2,073
	82	GPT Group (The)		354
	414	Hang Lung Properties Ltd.		985
	100	Keppel REIT		93
	72	Kiwi Property Group Ltd.		77
	23	Klepierre SA		772
	200	Mapletree Commercial Trust		309
	100	Mapletree Industrial Trust		166
	200	Mapletree Logistics Trust		235
	200	Mapletree North Asia Commercial Trust		216

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	35	RioCan Real Estate Investment Trust	$	696
	416	Scentre Group		1,121
	61	Shopping Centres Australasia Property Group		102
	9,456	Shui On Land Ltd.		2,191
	337	Stockland		986
	100	Suntec Real Estate Investment Trust		143
	9	Swiss Prime Site AG2		787
	13	Unibail-Rodamco-Westfield		1,951
	344	Vicinity Centres		591
	1,000	Wharf Holdings Ltd. (The)		2,650
		Total Real Estate		21,064
		Retailing—2.1%
	5,442	Chow Tai Fook Jewellery Group Ltd.		5,921
	457	Harvey Norman Holdings Ltd.		1,305
	878	Hennes & Mauritz AB, Class B		15,648
	3,178	Kingfisher PLC		8,692
	156	Lifestyle International Holdings Ltd.		228
	1,624	Sa Sa International Holdings Ltd.		466
	712	Wesfarmers Ltd.		18,067
		Total Retailing		50,327
		Technology Hardware & Equipment—1.4%
	42,000	Lenovo Group Ltd.		32,525
		Telecommunication Services—8.6%
	226	BCE, Inc.		10,304
	7,057	BT Group PLC		17,645
	2,973	Deutsche Telekom AG		51,503
	26	Elisa OYJ		1,271
	1,719	Orange SA		27,142
	5,000	PCCW Ltd.		2,886
	129	Proximus SADP		3,808
	3,200	Singapore Telecommunications Ltd.		8,278
	40	SK Telecom Co. Ltd.		8,972
	598	Spark New Zealand Ltd.		1,607
	14	Swisscom AG		7,037
	3,929	Telefonica SA		32,309
	358	Telenor ASA		7,604
	1,233	Telia Co. AB		5,481
	4,094	Telstra Corp. Ltd.		11,061
	166	TELUS Corp.		6,150
		Total Telecommunication Services		203,058
		Transportation—2.0%
	1,271	Air New Zealand Ltd.		2,262
	228	Atlantia SpA		5,948
	337	Aurizon Holdings Ltd.		1,277
	1,000	ComfortDelGro Corp. Ltd.		1,966
	404	easyJet PLC		4,901
	2,816	International Consolidated Airlines Group SA		17,092
	92	Kuehne + Nagel International AG		13,673
	300	SIA Engineering Co. Ltd.		557
		Total Transportation		47,676
		Utilities—5.7%
	360	AGL Energy Ltd.		5,055
	138	APA Group		1,046
	673	AusNet Services		886
	64	Canadian Utilities Ltd., Class A		1,810
	2,676	EDP—Energias de Portugal SA		10,185

The accompanying notes are an integral part of these financial statements.

59

Invesco International Ultra Dividend Revenue ETF (RIDV)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	7,841	Enel SpA	$	54,826
	162	Fortum OYJ		3,585
	163	Hydro One Ltd.1		2,849
	318	Mercury NZ Ltd.		993
	1,096	National Grid PLC		11,658
	110	Pennon Group PLC		1,040
	16	Power Assets Holdings Ltd.		115
	54	Severn Trent PLC		1,408
	337	Snam SpA		1,678
	395	SSE PLC		5,640
	849	Suez		12,269
	254	Terna Rete Elettrica Nazionale SpA		1,620
	134	United Utilities Group PLC		1,335
	738	Veolia Environnement SA		18,002
		Total Utilities		136,000
		Total Common Stocks (Cost $2,429,914)		2,364,279
		Investment of Cash Collateral for Securities Loaned—0.8%
	13,734	Invesco Government & Agency Portfolio—Institutional Class, 2.27%4,5		13,734
	4,470	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%4,5		4,472
		Total Investment of Cash Collateral for Securities Loaned (Cost $18,206)		18,206
		Total Investments—100.6% (Cost $2,448,120)		2,382,485
		Liabilities in Excess of Other Assets—(0.6)%		(13,708	)
		Net Assets—100.0%	$	2,368,777

REIT—Real Estate Investment Trust

¹  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $48,215 or 2.04% of the Fund’s net assets at period end.

²  Non-income producing security.

³  All or a portion of the security was on loan. The aggregate value of the security on loan was $17,446; total value of the collateral held by the Fund was $18,206.

⁴  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 June 30, 2019.

⁵  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.

Geographical Holdings

Country	Value			% of Net Assets
Germany	$	360,450			15.2	%
United Kingdom		356,954			15.1
France		342,166			14.4
Australia		234,829			9.9
Netherlands		204,765			8.6
Italy		150,807			6.4
Canada		134,951			5.7
Spain		126,611			5.3
Switzerland		62,344			2.6
Norway		60,279			2.5
Cambodia		46,743			2.0
South Korea		43,725			1.9
Sweden		37,378			1.6
China		34,982			1.5
Hong Kong		32,625			1.4
Finland		28,883			1.2
United States		21,392			0.9
Belgium		19,309			0.8
Singapore		18,296			0.8
South Africa		18,196			0.8
Denmark		12,463			0.5
Portugal		10,185			0.4
Israel		9,366			0.4
Macau		5,737			0.2
New Zealand		4,939			0.2
Poland		1,619			0.1
Luxembourg		1,362			0.1
Russia		1,129			0.1
Total Investments		2,382,485			100.6
Liabilities in Excess of Other Assets		(13,708	)		(0.6	)
Net Assets	$	2,368,777			100.0	%

The accompanying notes are an integral part of these financial statements.

60

Schedule of Investments

Invesco Emerging Markets Revenue ETF (REEM)

June 30, 2019

Shares			Value
		Common Stocks—97.1%
		Automobiles & Components—4.1%
	62,598	Astra International Tbk PT	$	33,010
	20,798	BAIC Motor Corp. Ltd., Class H1		13,045
	177	Bajaj Auto Ltd.		7,249
	368	Bharat Forge Ltd.		2,399
	13	Bosch Ltd.2		3,077
	784	Brilliance China Automotive Holdings Ltd.		867
	300	BYD Co. Ltd., Class A		2,215
	1,724	BYD Co. Ltd., Class H3		10,405
	5,290	Cheng Shin Rubber Industry Co. Ltd.		6,830
	2,000	China First Capital Group Ltd.2		596
	200	China Shipbuilding Industry Group Power Co. Ltd., Class A		688
	1,400	Chongqing Changan Automobile Co. Ltd., Class A		1,351
	10,033	Dongfeng Motor Group Co. Ltd., Class H		8,219
	8	Eicher Motors Ltd.		2,218
	1,158	Ford Otomotiv Sanayi AS		12,513
	100	Fuyao Glass Industry Group Co. Ltd., Class A		331
	373	Fuyao Glass Industry Group Co. Ltd., Class H1		1,158
	16,004	Geely Automobile Holdings Ltd.		27,368
	11,096	Great Wall Motor Co. Ltd., Class H		7,939
	700	Guangzhou Automobile Group Co. Ltd., Class A		1,114
	5,209	Guangzhou Automobile Group Co. Ltd., Class H		5,561
	329	Hankook Tire & Technology Co. Ltd.		10,001
	929	Hanon Systems		9,373
	242	Hero MotoCorp Ltd.		9,050
	1,300	Huayu Automotive Systems Co. Ltd., Class A		4,088
	299	Hyundai Mobis Co. Ltd.		60,983
	1,083	Hyundai Motor Co.		131,313
	2,276	Kia Motors Corp.		86,731
	2,973	Mahindra & Mahindra Ltd.		28,226
	233	Maruti Suzuki India Ltd.		22,058
	8,870	Motherson Sumi Systems Ltd.		15,671
	5,355	Nexteer Automotive Group Ltd.		6,663
	200	NIO, Inc.2,3,4		510
	6,172	SAIC Motor Corp. Ltd., Class A		22,915
	200	Shandong Linglong Tyre Co. Ltd., Class A		495
	25,624	Tata Motors Ltd.2		60,341
	300	Wanxiang Qianchao Co. Ltd., Class A		261
	100	Weifu High-Technology Group Co. Ltd., Class A		270
		Total Automobiles & Components		617,102
		Banks—13.0%
	1,313	Absa Group Ltd.		16,388
	2,877	Abu Dhabi Commercial Bank PJSC		6,501
	41,718	Agricultural Bank of China Ltd., Class A		21,866
	48,799	Agricultural Bank of China Ltd., Class H		20,425
	11,753	Akbank T.A.S.2		13,818
	233	Al Rajhi Bank		4,324
	215	Alinma Bank		1,397
	172	Alior Bank SA2		2,298
	1,238	Alliance Bank Malaysia Bhd		1,126
	3,886	Alpha Bank AE2		7,789
	3,201	AMMB Holdings Bhd		3,277
	1,410	Axis Bank Ltd.2		16,516
	99	Banco BBVA Argentina SA4		1,121

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	6,887	Banco Bradesco SA	$	60,107
	48,692	Banco de Chile		7,164
	98	Banco de Credito e Inversiones		6,748
	6,783	Banco do Brasil SA		95,463
	7	Banco Macro SA4		510
	3,316	Banco Santander Brasil SA		39,332
	101,255	Banco Santander Chile		7,531
	4,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		6,115
	546	Bancolombia SA		6,579
	1,400	Bangkok Bank PCL		8,993
	147	Bank AlBilad2		1,066
	225	BankAl-Jazira		911
	5,000	Bank Central Asia Tbk PT		10,609
	28,885	Bank Mandiri Persero Tbk PT		16,408
	756	Bank Millennium SA2		1,898
	15,100	Bank Negara Indonesia Persero Tbk PT		9,833
	3,400	Bank of Beijing Co. Ltd., Class A		2,926
	400	Bank of Chengdu Co. Ltd., Class A2		514
	28,660	Bank of China Ltd., Class A		15,606
	137,472	Bank of China Ltd., Class H		58,068
	6,900	Bank of Communications Co. Ltd., Class A		6,148
	67,194	Bank of Communications Co. Ltd., Class H		51,003
	420	Bank of Guiyang Co. Ltd., Class A		529
	900	Bank of Hangzhou Co. Ltd., Class A		1,092
	2,200	Bank of Jiangsu Co. Ltd., Class A		2,325
	1,300	Bank of Nanjing Co. Ltd., Class A		1,563
	400	Bank of Ningbo Co. Ltd., Class A		1,412
	1,400	Bank of Shanghai Co. Ltd., Class A		2,415
	2,210	Bank of the Philippine Islands		3,386
	153	Bank Polska Kasa Opieki SA		4,587
	60,166	Bank Rakyat Indonesia Persero Tbk PT		18,568
	19,000	Bank Tabungan Negara Persero Tbk PT		3,308
	194	Banque Saudi Fransi		2,193
	2,430	BDO Unibank, Inc.		6,640
	1,065	BNK Financial Group, Inc.		6,908
	33	Capitec Bank Holdings Ltd.		3,039
	5,000	Chang Hwa Commercial Bank Ltd.		3,373
	40,307	China CITIC Bank Corp Ltd., Class H		22,959
	6,400	China CITIC Bank Corp. Ltd., Class A		5,563
	1,000	China Construction Bank Corp., Class A		1,083
	298,729	China Construction Bank Corp., Class H		257,337
	76,000	China Development Financial Holding Corp.		23,172
	7,700	China Everbright Bank Co. Ltd., Class A		4,271
	30,323	China Everbright Bank Co. Ltd., Class H		13,895
	1,600	China Merchants Bank Co. Ltd., Class A		8,382
	3,576	China Merchants Bank Co. Ltd., Class H		17,829
	7,500	China Minsheng Banking Corp. Ltd., Class A		6,934
	21,602	China Minsheng Banking Corp. Ltd., Class H		14,959
	5,314	Chongqing Rural Commercial Bank Co. Ltd., Class H		2,891
	9,121	CIMB Group Holdings Bhd		11,874
	2,920	Commercial Bank PQSC (The)		3,681
	1,041	Commercial International Bank Egypt SAE		4,601
	44	Credicorp Ltd.		10,072
	39,797	CTBC Financial Holding Co. Ltd.		27,356
	4,029	Dubai Islamic Bank PJSC		5,627
	5,000	E.Sun Financial Holding Co. Ltd.		4,186

The accompanying notes are an integral part of these financial statements.

61

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	7,515	Eurobank Ergasias SA2	$	7,403
	3,716	First Abu Dhabi Bank PJSC		15,033
	7,000	First Financial Holding Co. Ltd.		5,139
	3,013	Grupo Financiero Banorte SAB de CV, Class O		17,465
	13	Grupo Financiero Galicia SA4		462
	4,900	Grupo Financiero Inbursa SAB de CV, Class O		7,080
	2,767	Habib Bank Ltd.		1,962
	708	Hana Financial Group, Inc.		22,933
	800	Hong Leong Bank Bhd		3,678
	800	Hong Leong Financial Group Bhd		3,589
	478	Housing Development Finance Corp. Ltd.		15,180
	7,000	Hua Nan Financial Holdings Co. Ltd.		4,699
	3,800	Huaxia Bank Co. Ltd., Class A2		4,260
	5,359	ICICI Bank Ltd.		33,935
	398	Indiabulls Housing Finance Ltd.		3,504
	27,132	Industrial & Commercial Bank of China Ltd., Class A		23,267
	99,063	Industrial & Commercial Bank of China Ltd., Class H		72,276
	3,200	Industrial Bank Co. Ltd., Class A		8,521
	1,294	Industrial Bank of Korea		15,746
	673,572	Itau CorpBanca		5,613
	5,248	Kasikornbank PCL		32,172
	1,209	KB Financial Group, Inc.		48,008
	92	Komercni banka as		3,669
	14,523	Krung Thai Bank PCL		9,234
	598	LIC Housing Finance Ltd.		4,810
	6,600	Malayan Banking Bhd		14,182
	2,460	Masraf Al Rayan QSC		2,574
	27	mBank SA2		3,113
	1,033	MCB Bank Ltd.		1,128
	6,000	Mega Financial Holding Co. Ltd.		5,969
	2,995	Metropolitan Bank & Trust Co.		4,165
	262	Moneta Money Bank AS1		898
	1,472	National Bank of Greece SA2		4,040
	351	National Commercial Bank		5,185
	686	Nedbank Group Ltd.		12,318
	171	OTP Bank Nyrt		6,817
	3,000	Ping An Bank Co. Ltd., Class A		6,019
	44,995	Postal Savings Bank of China Co. Ltd., Class H1,3		26,723
	773	Powszechna Kasa Oszczednosci Bank Polski SA		8,876
	1,620	Public Bank Bhd		9,016
	810	Qatar Islamic Bank SAQ		3,695
	5,840	Qatar National Bank QPSC		30,521
	3,444	RHB Bank Bhd		4,659
	390	Riyad Bank		2,787
	245	Samba Financial Group		2,313
	48	Santander Bank Polska SA		4,773
	207	Saudi British Bank (The)		2,285
	31,020	Sberbank of Russia PJSC		117,318
	420	Security Bank Corp.		1,394
	2,200	Shanghai Commercial & Savings Bank Ltd. (The)		3,981
	5,300	Shanghai Pudong Development Bank Co. Ltd., Class A		9,013
	880	Shinhan Financial Group Co. Ltd.		34,220

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	3,205	Siam Commercial Bank PCL (The)	$	14,579
	7,000	SinoPac Financial Holdings Co. Ltd.		2,941
	2,005	Standard Bank Group Ltd.		27,964
	17,754	State Bank of India2		92,914
	7,000	Taishin Financial Holding Co. Ltd.		3,223
	5,000	Taiwan Business Bank		2,197
	7,000	Taiwan Cooperative Financial Holding Co. Ltd.		4,688
	55,400	TMB Bank PCL		3,541
	11,526	Turkiye Garanti Bankasi AS2		18,134
	19,650	Turkiye Is Bankasi AS, Class C2		20,554
	23,660,000	VTB Bank PJSC		14,959
	1,582	Woori Financial Group, Inc.		19,250
	3,282	Yes Bank Ltd.		5,171
		Total Banks		1,966,123
		Capital Goods—9.3%
	6,530	Aboitiz Equity Ventures, Inc.		7,010
	200	AECC Aviation Power Co. Ltd., Class A		661
	85	Airtac International Group		952
	34,734	Alfa SAB de CV, Class A		34,098
	19,208	Alliance Global Group, Inc.		5,788
	900	Aselsan Elektronik Sanayi Ve Ticaret AS		2,801
	6,891	Ashok Leyland Ltd.		8,710
	400	AVIC Aircraft Co. Ltd., Class A		917
	100	AVIC Shenyang Aircraft Co. Ltd., Class A2		423
	15,118	AviChina Industry & Technology Co. Ltd., Class H		8,263
	550	Ayala Corp.		9,597
	642	Bidvest Group Ltd. (The)		8,621
	300	BOC Aviation Ltd.1		2,519
	100	China Avionics Systems Co. Ltd., Class A2		216
	5,600	China Communications Construction Co. Ltd., Class A		9,230
	37,377	China Communications Construction Co. Ltd., Class H		33,442
	12,397	China Communications Services Corp. Ltd., Class H		9,616
	2,800	China Gezhouba Group Co. Ltd., Class A2		2,540
	600	China International Marine Containers Group Co. Ltd., Class A		933
	2,400	China National Chemical Engineering Co. Ltd., Class A		2,104
	10,944	China Railway Construction Corp. Ltd., Class A		15,854
	23,944	China Railway Construction Corp. Ltd., Class H		29,361
	47,184	China Railway Group Ltd., Class H		35,875
	1,500	China Shipbuilding Industry Co. Ltd., Class A		1,214
	100	China Spacesat Co. Ltd., Class A		328
	37,222	China State Construction Engineering Corp. Ltd., Class A		31,161
	12,638	China State Construction International Holdings Ltd.		12,974
	113,556	CITIC Ltd.		163,666
	556	CJ Corp.		48,635
	100	Contemporary Amperex Technology Co. Ltd., Class A2		1,003
	4,000	CRRC Corp Ltd., Class A		4,711
	9,703	CRRC Corp. Ltd., Class H		8,110

The accompanying notes are an integral part of these financial statements.

62

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	193	Daelim Industrial Co. Ltd.	$	19,222
	3,931	Daewoo Engineering & Construction Co. Ltd.2		16,818
	620	Daewoo Shipbuilding & Marine Engineering Co. Ltd.2		17,559
	14,943	DMCI Holdings, Inc.		3,004
	400	Dongfang Electric Corp. Ltd., Class A2		618
	219	Doosan Bobcat, Inc.		6,904
	5,340	ElSewedy Electric Co.		4,571
	1,893	Embraer SA		9,587
	149	Fangda Carbon New Material Co. Ltd., Class A2		267
	12,864	Far Eastern New Century Corp.		13,875
	20,496	Fosun International Ltd.		27,232
	27,500	Fullshare Holdings Ltd.2		1,707
	2,500	Gamuda Bhd		2,275
	2,400	Grupo Carso SAB de CV, Series A1		8,940
	607	GS Engineering & Construction Corp.		21,212
	1,451	Haitian International Holdings Ltd.		3,012
	2,533	Hanwha Corp.		58,573
	1,100	HAP Seng Consolidated Bhd		2,649
	239	Havells India Ltd.		2,722
	118	HDC Hyundai DevelopmentCo-Engineering & Construction, Class E		4,445
	210	Hiwin Technologies Corp.		1,758
	612	Hyundai Engineering & Construction Co. Ltd.		28,410
	173	Hyundai Heavy Industries Holdings Co. Ltd.		48,545
	4,900	IJM Corp. Bhd		2,846
	930	Industries Qatar QSC		2,937
	8,634	JG Summit Holdings, Inc.		11,358
	26	KCC Corp.		6,204
	16,365	KOC Holding AS		49,627
	159	Korea Aerospace Industries Ltd.		4,950
	210	Korea Shipbuilding & Offshore Engineering Co. Ltd.2		21,552
	1,762	Larsen & Toubro Ltd.		39,647
	267	LG Corp.		17,782
	461	Lotte Corp.		17,567
	14,400	Metallurgical Corp of China Ltd., Class A		6,374
	39,795	Metallurgical Corp. of China., Ltd., Class H		10,646
	300	NARI Technology Co. Ltd., Class A2		814
	2,601	Posco International Corp.		41,336
	9,700	Power Construction Corp of China Ltd., Class A2		7,471
	638	Samsung C&T Corp.		52,879
	594	Samsung Engineering Co. Ltd.2		8,823
	1,261	Samsung Heavy Industries Co. Ltd.2		8,912
	800	Sany Heavy Industry Co. Ltd., Class A		1,524
	2,600	Shanghai Electric Group Co. Ltd., Class A		2,037
	15,749	Shanghai Electric Group Co. Ltd., Class H		5,705
	2,955	Shanghai Industrial Holdings Ltd.		6,407
	1,000	Shanghai Tunnel Engineering Co. Ltd., Class A		919
	28,125	Sime Darby Bhd		15,381
	4,800	Sinopec Engineering Group Co. Ltd., Class H		4,067
	7,997	Sinotruk Hong Kong Ltd.		13,839
	926	SK Holdings Co. Ltd.		186,058
	833	SM Investments Corp.		15,754
	400	Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		600

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	1,000	TBEA Co. Ltd., Class A	$	1,056
	5,179	Turkiye Sise ve Cam Fabrikalari AS		4,647
	1,200	WEG SA		6,688
	1,800	Weichai Power Co. Ltd., Class A		3,221
	6,983	Weichai Power Co. Ltd., Class H		11,798
	1,600	XCMG Construction Machinery Co. Ltd., Class A		1,039
	5,100	Xiamen C & D, Inc., Class A		6,594
	400	Xinjiang Goldwind Science & Technology Co. Ltd., Class A		724
	1,400	Xinjiang Goldwind Science & Technology Co. Ltd., Class H		1,530
	200	Zhejiang Chint Electrics Co. Ltd., Class A		672
	400	Zhengzhou Yutong Bus Co. Ltd., Class A		758
	372	Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,959
	800	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		700
		Total Capital Goods		1,410,640
		Commercial & Professional Services—0.1%
	13	51job, Inc.2,4		982
	7,000	China Everbright International Ltd.		6,460
	983	Country Garden Services Holdings Co. Ltd.		2,272
	2,000	Greentown Service Group Co. Ltd.		1,615
	43	S-1 Corp.		3,635
	200	Tus-Sound Environmental Resources Co. Ltd., Class A2		343
		Total Commercial & Professional Services		15,307
		Consumer Durables & Apparel—1.5%
	939	ANTA Sports Products Ltd.3		6,448
	2,991	Arcelik AS2		10,058
	50	CCC SA		2,260
	118	Eclat Textile Co. Ltd.		1,512
	492	Feng TAY Enterprise Co. Ltd.		3,833
	235	FF Group2,5		0
	65	Fila Korea Ltd.		4,318
	2,000	Formosa Taffeta Co. Ltd.		2,518
	469	Giant Manufacturing Co. Ltd.		3,669
	600	Gree Electric Appliances Inc of Zhuhai, Class A		4,805
	8,566	Haier Electronics Group Co. Ltd.2		23,683
	2,000	Haier Smart Home Co. Ltd., Class A2		5,035
	400	HLA Corp Ltd., Class A		528
	1	HLB, Inc.2		31
	1,386	LG Electronics, Inc.		95,189
	1,500	Li Ning Co. Ltd.		3,537
	2	LPP SA		4,097
	900	Midea Group Co. Ltd., Class A		6,796
	276	Nien Made Enterprise Co. Ltd.		2,075
	100	Oppein Home Group, Inc., Class A		1,567
	2	Page Industries Ltd.		596
	14,267	Pou Chen Corp.		17,685
	290	Ruentex Industries Ltd.		705
	400	Shenzhou International Group Holdings Ltd.		5,499
	6,000	Tatung Co. Ltd.2		3,622
	5,800	TCL Corp., Class A		2,812
	286	Titan Co. Ltd.		5,530

The accompanying notes are an integral part of these financial statements.

63

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Consumer Durables & Apparel (continued)
	64	Woongjin Coway Co. Ltd.	$	4,290
	200	Zhejiang Semir Garment Co. Ltd., Class A		322
		Total Consumer Durables & Apparel		223,020
		Consumer Services—0.4%
	1,959	Alsea SAB de CV2		3,852
	100	China International Travel Service Corp Ltd, Class A		1,291
	5,700	Genting Bhd		9,338
	5,856	Genting Malaysia Bhd		4,591
	76	Huazhu Group Ltd.4		2,755
	997	Jollibee Foods Corp.		5,484
	87	Kangwon Land, Inc.		2,279
	1,200	Kroton Educacional SA		3,435
	3,500	Minor International PCL		4,679
	56	New Oriental Education & Technology Group, Inc.2,4		5,409
	327	OPAP SA		3,668
	21	Saudi Airlines Catering Co.		478
	900	Shenzhen Overseas Chinese Town Co. Ltd., Class A		911
	70	TAL Education Group2,4		2,667
	351	Yum China Holdings, Inc.		16,216
		Total Consumer Services		67,053
		Diversified Financials—1.1%
	100	Anxin Trust Co. Ltd., Class A2		74
	500	Avic Capital Co. Ltd., Class A		395
	300	B3 SA—Brasil Bolsa Balcao		2,932
	90	Bajaj Finance Ltd.		4,800
	200	Banco BTG Pactual SA		2,655
	100	Caitong Securities Co. Ltd., Class A		160
	745	Chailease Holding Co. Ltd.		3,082
	200	Changjiang Securities Co. Ltd., Class A		227
	29,150	China Cinda Asset Management Co. Ltd., Class H		6,716
	448	China Everbright Ltd.		662
	2,500	China Galaxy Securities Co. Ltd., Class H		1,482
	86,404	China Huarong Asset Management Co. Ltd., Class H1		15,041
	800	China International Capital Corp. Ltd., Class H1		1,614
	200	China Merchants Securities Co. Ltd., Class A		498
	400	CITIC Securities Co. Ltd., Class A		1,387
	1,334	CITIC Securities Co. Ltd., Class H2		2,780
	100	Dongxing Securities Co. Ltd., Class A		173
	200	Everbright Securities Co. Ltd., Class A		333
	6,063	Far East Horizon Ltd.		6,201
	100	First Capital Securities Co. Ltd., Class A		92
	3,527	FirstRand Ltd.		17,146
	300	Founder Securities Co. Ltd., Class A		311
	200	GF Securities Co. Ltd., Class A		400
	896	GF Securities Co. Ltd., Class H		1,065
	788	Grupo de Inversiones Suramericana SA		8,379
	442	GT Capital Holdings, Inc.		8,109
	200	Guosen Securities Co. Ltd., Class A		383
	300	Guotai Junan Securities Co. Ltd., Class A2		801
	600	Guotai Junan Securities Co. Ltd., Class H1,2		1,069
	100	Guoyuan Securities Co. Ltd., Class A		133

Shares			Value
		Common Stocks (continued)
		Diversified Financials (continued)
	3,972	Haci Omer Sabanci Holding AS	$	5,899
	400	Haitong Securities Co. Ltd., Class A		826
	2,499	Haitong Securities Co. Ltd., Class H		2,802
	100	Huaan Securities Co. Ltd., Class A		95
	200	Huatai Securities Co. Ltd., Class A		650
	800	Huatai Securities Co. Ltd., Class H1		1,376
	100	Huaxi Securities Co., Ltd., Class A		153
	400	Industrial Securities Co. Ltd., Class A		393
	494	Investec Ltd.		3,218
	67	Korea Investment Holdings Co. Ltd.		4,683
	414	Mahindra & Mahindra Financial Services Ltd.		2,329
	671	Meritz Securities Co. Ltd.		3,115
	34,916	Metro Pacific Investments Corp.		3,271
	1,135	Mirae Asset Daewoo Co. Ltd.		8,041
	830	Moscow ExchangeMICEX-RTS PJSC		1,186
	400	Muangthai Capital PCL		737
	227	NH Investment & Securities Co. Ltd.		2,851
	13	Noah Holdings Ltd.2,4		553
	200	Orient Securities Co. Ltd., Class A		311
	170	PSG Group Ltd.		2,881
	3,266	REC Ltd.		7,797
	22	Reinet Investments SCA		354
	404	Remgro Ltd.		5,383
	180	Samsung Card Co. Ltd.		5,955
	76	Samsung Securities Co. Ltd.		2,574
	200	SDIC Capital Co., Ltd., Class A		408
	100	Shanxi Securities Co. Ltd., Class A2		118
	900	Shenwan Hongyuan Group Co. Ltd., Class A		656
	263	Shriram Transport Finance Co. Ltd.		4,117
	100	Sinolink Securities Co. Ltd., Class A		142
	100	SooChow Securities Co. Ltd., Class A2		149
	100	Western Securities Co. Ltd., Class A2		147
	13,345	Yuanta Financial Holding Co. Ltd.		8,013
		Total Diversified Financials		170,283
		Energy—17.2%
	78,784	Adaro Energy Tbk PT		7,584
	13,474	Banpu PCL		6,590
	13,353	Bharat Petroleum Corp. Ltd.		75,917
	14,575	Bukit Asam Tbk PT		3,054
	20,198	China Coal Energy Co. Ltd., Class H2		8,402
	2,000	China Oilfield Services Ltd., Class H		1,979
	70,055	China Petroleum & Chemical Corp., Class A		55,793
	199,246	China Petroleum & Chemical Corp., Class H		135,424
	2,100	China Shenhua Energy Co. Ltd., Class A		6,231
	5,466	China Shenhua Energy Co. Ltd., Class H		11,446
	33,407	CNOOC Ltd.		57,129
	7,157	Coal India Ltd.		26,315
	400	Cosan SA		4,817
	1,548	Dialog Group Bhd		1,221
	39,206	Ecopetrol SA		35,697
	3,591	Empresas COPEC SA		39,266
	280	Exxaro Resources Ltd.		3,415
	12,168	Formosa Petrochemical Corp.		43,290
	71,420	Gazprom PJSC		263,634
	647	Grupa Lotos SA		14,695
	619	GS Holdings Corp.		27,448
	600	Guanghui Energy Co., Ltd., Class A		311
	16,621	Hindustan Petroleum Corp. Ltd.		69,841

The accompanying notes are an integral part of these financial statements.

64

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	58,146	Indian Oil Corp. Ltd.	$	131,324
	3,500	Inner Mongolia Yitai Coal Co. Ltd., Class B		3,794
	99,307	IRPC PCL		16,191
	2,880	LUKOIL PJSC		242,226
	2,820	MOL Hungarian Oil & Gas PLC		31,360
	836	Motor Oil Hellas Corinth Refineries SA		21,421
	122	Novatek PJSC		25,864
	400	Offshore Oil Engineering Co. Ltd., Class A		326
	3,200	Oil & Gas Development Co. Ltd.		2,634
	38,058	Oil & Natural Gas Corp. Ltd.		92,488
	51,281	PetroChina Co. Ltd., Class A		51,368
	120,199	PetroChina Co. Ltd., Class H		66,311
	12,634	Petroleo Brasileiro SA		98,958
	2,108	Petronas Dagangan Bhd		12,957
	3,037	Petronet LNG Ltd.		10,784
	2,107	Polski Koncern Naftowy ORLEN SA		50,839
	12,209	Polskie Gornictwo Naftowe i Gazownictwo SA		17,384
	2,327	PTT Exploration & Production PCL		10,244
	85,368	PTT PCL		135,704
	1,880	Qatar Fuel QSC		11,080
	1,847	Rabigh Refining & Petrochemical Co.2		10,175
	7,827	Reliance Industries Ltd.2		142,088
	33,140	Rosneft Oil Co PJSC		217,781
	1,100	Shaanxi Coal Industry Co. Ltd., Class A		1,480
	500	Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		578
	800	Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		706
	608	SK Innovation Co. Ltd.		83,724
	535	S-Oil Corp.		38,782
	80,700	Surgutneftegas PJSC		33,700
	2,340	Tatneft PJSC		28,748
	10,534	Thai Oil PCL		22,842
	40	Transportadora de Gas del Sur SA4		578
	1,294	Tupras Turkiye Petrol Rafinerileri AS		25,728
	8,148	Ultrapar Participacoes SA		42,731
	6,006	United Tractors Tbk PT		11,989
	700	Yanzhou Coal Mining Co. Ltd., Class A		1,108
	6,438	Yanzhou Coal Mining Co. Ltd., Class H		6,016
	921	YPF SA4		16,771
		Total Energy		2,618,281
		Food & Staples Retailing—2.7%
	4,872	Atacadao SA		27,966
	263	Avenue Supermarts Ltd.1,2		5,326
	5,587	Berli Jucker PCL		9,200
	51	BGF retail Co. Ltd.		9,320
	752	Bid Corp. Ltd.		16,371
	799	BIM Birlesik Magazalar AS		11,003
	13,591	Cencosud SA		26,623
	262	Clicks Group Ltd.		3,814
	11,583	CP ALL PCL		32,482
	90	Dino Polska SA1,2		3,159
	208	E-MART, Inc.		25,220
	435	GS Retail Co. Ltd.		14,806
	2,465	Magnit PJSC		35,927
	2,118	Pick n Pay Stores Ltd.		10,364
	1,200	President Chain Store Corp.		11,610
	375	Raia Drogasil SA		7,446

Shares			Value
		Common Stocks (continued)
		Food & Staples Retailing (continued)
	1,527	Shoprite Holdings Ltd.	$	17,073
	877	SPAR Group Ltd. (The)		11,619
	28,181	Sun Art Retail Group Ltd.		26,693
	19,742	Wal-Mart de Mexico SAB de CV		53,847
	1,323	X5 Retail Group NV		45,673
	1,200	Yonghui Superstores Co. Ltd., Class A		1,784
		Total Food & Staples Retailing		407,326
		Food, Beverage & Tobacco—3.4%
	214	Almarai Co. JSC		3,007
	5,397	Ambev SA		25,192
	1,862	Anadolu Efes Biracilik Ve Malt Sanayii AS		6,403
	2,516	Arca Continental SAB de CV		13,600
	500	Beijing Dabeinong Technology Group Co. Ltd., Class A		385
	1,641	BRF SA2		12,639
	68	Britannia Industries Ltd.		2,703
	100	British American Tobacco Malaysia Bhd		697
	37,222	Charoen Pokphand Foods PCL		34,288
	22,031	Charoen Pokphand Indonesia Tbk PT		7,376
	81,793	China Agri-Industries Holdings Ltd.		26,278
	4,534	China Mengniu Dairy Co. Ltd.2		17,556
	1,786	China Resources Beer Holdings Co. Ltd.		8,481
	344	Cia Cervecerias Unidas SA		4,839
	109	CJ CheilJedang Corp.		28,037
	609	Coca-Cola Femsa SAB de CV		3,776
	7,597	Dali Foods Group Co. Ltd.1		5,047
	1,480	Eastern Co. SAE		1,369
	2,618	Fomento Economico Mexicano SAB de CV		25,341
	237	Fraser & Neave Holdings Bhd		1,982
	300	Genting Plantations Bhd		726
	671	Gruma SAB de CV, Class B		6,292
	12,208	Grupo Bimbo SAB de CV, Series A		25,437
	763	Gudang Garam Tbk PT		4,152
	28,052	Hanjaya Mandala Sampoerna Tbk PT		6,235
	300	Henan Shuanghui Investment & Development Co. Ltd., Class A		1,087
	7,200	Indofood CBP Sukses Makmur Tbk PT		5,173
	21,300	Indofood Sukses Makmur Tbk PT		10,592
	500	Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,432
	2,800	IOI Corp. Bhd		2,880
	2,773	ITC Ltd.		11,001
	14,526	JBS SA		80,425
	87	KT&G Corp.		7,422
	1,273	Kuala Lumpur Kepong Bhd		7,566
	313	M Dias Branco SA		3,182
	19	Nestle India Ltd.		3,279
	100	Nestle Malaysia Bhd		3,608
	700	New Hope Liuhe Co. Ltd., Class A		1,770
	39	Orion Corp./Republic of Korea		3,124
	6	Ottogi Corp.		3,559
	400	PPB Group Bhd		1,810
	900	QL Resources Bhd		1,490
	596	Savola Group (The)2		5,197
	5,500	Sime Darby Plantation Bhd		6,548
	1,000	Standard Foods Corp.		1,954
	13,200	Thai Union Group PCL		7,877
	193	Tiger Brands Ltd.		3,062

The accompanying notes are an integral part of these financial statements.

65

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Food, Beverage & Tobacco (continued)
	9,674	Tingyi Cayman Islands Holding Corp.	$	16,147
	300	Tongwei Co. Ltd., Class A		614
	474	Tsingtao Brewery Co. Ltd., Class H		3,018
	5,200	Uni-President China Holdings Ltd.		5,791
	9,728	Uni-President Enterprises Corp.		25,902
	314	United Spirits Ltd.2		2,661
	1,470	Universal Robina Corp.		4,763
	6,694	Want Want China Holdings Ltd.		5,441
	300	Wens Foodstuffs Group Co. Ltd., Class A		1,566
	100	Wuliangye Yibin Co. Ltd., Class A		1,717
		Total Food, Beverage & Tobacco		514,496
		Health Care Equipment & Services—0.5%
	5,446	Bangkok Dusit Medical Services PCL		4,617
	200	Bumrungrad Hospital PCL		1,102
	19	Celltrion Healthcare Co. Ltd.2		930
	1,000	Hartalega Holdings Bhd		1,268
	120	Huadong Medicine Co. Ltd., Class A		453
	3,700	IHH Healthcare Bhd		5,193
	1,000	Jointown Pharmaceutical Group Co. Ltd., Class A		1,800
	1,654	Life Healthcare Group Holdings Ltd.		2,632
	100	Meinian Onehealth Healthcare Holdings Co. Ltd., Class A2		181
	1,863	Netcare Ltd.		2,375
	300	Notre Dame Intermedica Participacoes SA		3,156
	2,512	Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,276
	1,000	Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,643
	6,733	Shanghai Pharmaceuticals Holding Co. Ltd., Class H		13,238
	8,456	Sinopharm Group Co. Ltd., Class H		29,765
	1,700	Top Glove Corp. Bhd		2,020
		Total Health Care Equipment & Services		73,649
		Household & Personal Products—0.4%
	40	Amorepacific Corp.		5,699
	164	AMOREPACIFIC Group		8,849
	410	Dabur India Ltd.		2,379
	287	Godrej Consumer Products Ltd.		2,757
	645	Hengan International Group Co. Ltd.		4,743
	401	Hindustan Unilever Ltd.		10,385
	1,096	Kimberly-Clark de Mexico SAB de CV, Class A2		2,036
	8	LG Household & Health Care Ltd.		9,097
	349	Marico Ltd.		1,873
	400	Natura Cosmeticos SA		5,896
	1,800	Unilever Indonesia Tbk PT		5,733
		Total Household & Personal Products		59,447
		Insurance—3.8%
	33	Bajaj Finserv Ltd.		4,075
	300	BB Seguridade Participacoes SA		2,535
	79	Bupa Arabia For Cooperative Insurance Co.2		2,029
	9,673	Cathay Financial Holding Co. Ltd.2		13,392
	2,700	China Life Insurance Co. Ltd., Class A		11,133
	14,274	China Life Insurance Co. Ltd., Class H		35,153
	22,673	China Life Insurance Co. Ltd./Taiwan		18,140

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	1,100	China Pacific Insurance Group Co. Ltd., Class A	$	5,847
	6,311	China Pacific Insurance Group Co. Ltd., Class H		24,678
	24,000	China Reinsurance Group Corp., Class H		4,270
	16,142	China Taiping Insurance Holdings Co. Ltd.2		43,183
	91	Co. for Cooperative Insurance (The)2		1,699
	461	DB Insurance Co. Ltd.		23,676
	412	Discovery Ltd.		4,357
	22,574	Fubon Financial Holding Co. Ltd.2		33,324
	9,540	Hanwha Life Insurance Co. Ltd.		27,059
	1,300	Hubei Biocause Pharmaceutical Co. Ltd., Class A		1,228
	886	Hyundai Marine & Fire Insurance Co. Ltd.		21,831
	112	ICICI Lombard General Insurance Co. Ltd.1		1,805
	140	IRB Brasil Resseguros SA		3,598
	694	Liberty Holdings Ltd.		5,200
	3,534	MMI Holdings Ltd.		4,754
	300	New China Life Insurance Co. Ltd., Class A		2,404
	2,179	New China Life Insurance Co. Ltd., Class H		10,599
	3,028	Old Mutual Ltd.		4,552
	204	Orange Life Insurance Ltd.1		5,592
	61,425	People’s Insurance Co. Group of China Ltd. (The), Class H		23,980
	27,485	PICC Property & Casualty Co. Ltd., Class H		29,657
	900	Ping An Insurance Group Co of China Ltd., Class A		11,611
	6,290	Ping An Insurance Group Co. of China Ltd., Class H		75,520
	570	Porto Seguro SA		7,686
	976	Powszechny Zaklad Ubezpieczen SA		11,427
	563	Qatar Insurance Co. SAQ		5,421
	721	Rand Merchant Investment Holdings Ltd.		1,737
	135	Samsung Fire & Marine Insurance Co. Ltd.		31,334
	408	Samsung Life Insurance Co. Ltd.		29,540
	625	Sanlam Ltd.		3,464
	64,000	Shin Kong Financial Holding Co. Ltd.		19,431
	816	Sul America SA		7,988
	200	ZhongAn Online P&C Insurance Co. Ltd., Class H1,2,3		549
		Total Insurance		575,458
		Materials—8.5%
	42	Advanced Petrochemical Co.		672
	5,780	Alrosa PJSC		7,884
	5,500	Aluminum Corp of China Ltd., Class A2		3,139
	32,126	Aluminum Corp. of China Ltd., Class H2		11,391
	2,131	Ambuja Cements Ltd.		6,571
	4,030	Angang Steel Co. Ltd., Class A		2,224
	7,800	Angang Steel Co. Ltd., Class H		3,554
	181	Anglo American Platinum Ltd.		10,743
	553	AngloGold Ashanti Ltd.		9,961
	400	Anhui Conch Cement Co. Ltd., Class A		2,417
	1,259	Anhui Conch Cement Co. Ltd., Class H		7,888
	3,110	Asia Cement Corp.		4,761
	240	Asian Paints Ltd.		4,722
	6,900	Baoshan Iron & Steel Co. Ltd., Class A		6,530
	21,400	Barito Pacific Tbk PT		4,862
	2,800	BBMG Corp., Class A		1,533

The accompanying notes are an integral part of these financial statements.

66

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	13,116	BBMG Corp., Class H	$	4,214
	2,041	Cementos Argos SA		4,773
	58,298	Cemex SAB de CV		24,549
	32,997	China Hongqiao Group Ltd.		23,272
	900	China Molybdenum Co. Ltd., Class A		519
	3,000	China Molybdenum Co. Ltd., Class H3		948
	31,323	China National Building Material Co. Ltd., Class H		27,464
	200	China Northern Rare Earth Group High-Tech Co. Ltd., Class A		374
	17,198	China Oriental Group Co. Ltd.		10,060
	9,597	China Resources Cement Holdings Ltd.		9,299
	30,354	China Steel Corp.		24,383
	13,437	China Zhongwang Holdings Ltd.		6,777
	134	Cia de Minas Buenaventura SAA4		2,234
	2,738	Cia Siderurgica Nacional SA		11,937
	3,515	Empresas CMPC SA		9,629
	6,243	Eregli Demir ve Celik Fabrikalari TAS		8,495
	6,758	Formosa Chemicals & Fibre Corp.		22,411
	3,800	Formosa Plastics Corp.		14,009
	1,121	Gold Fields Ltd.		6,101
	1,420	Grasim Industries Ltd.		18,804
	1,145	Grupo Argos SA		6,177
	7,011	Grupo Mexico SAB de CV, Series B		18,601
	760	Hanwha Chemical Corp.		14,941
	840	Hengli Petrochemical Co. Ltd., Class A		1,487
	1,000	Hengyi Petrochemical Co. Ltd., Class A		1,989
	6,700	Hesteel Co. Ltd., Class A2		2,917
	10,318	Hindalco Industries Ltd.		30,949
	885	Hyundai Steel Co.		32,038
	14,745	Indah Kiat Pulp & Paper Corp. Tbk PT		9,785
	1,400	Indocement Tunggal Prakarsa Tbk PT		1,982
	12,826	Indorama Ventures PCL		19,657
	683	Industrias Penoles SAB de CV		8,827
	6,800	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		1,673
	400	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		192
	348	Jastrzebska Spolka Weglowa SA2		4,405
	1,600	Jiangxi Copper Co. Ltd., Class A		3,667
	18,121	Jiangxi Copper Co. Ltd., Class H		24,123
	200	Jinduicheng Molybdenum Co. Ltd., Class A		195
	5,180	JSW Steel Ltd.		20,757
	349	KGHM Polska Miedz SA2		9,686
	900	Klabin SA		3,839
	31	Korea Zinc Co. Ltd.		12,780
	190	Kumba Iron Ore Ltd.		6,729
	134	Kumho Petrochemical Co. Ltd.		11,304
	11,000	Lee & Man Paper Manufacturing Ltd.		7,702
	136	LG Chem Ltd.		41,755
	112	Lotte Chemical Corp.		24,492
	3,300	Maanshan Iron & Steel Co. Ltd., Class A		1,638
	9,999	Maanshan Iron & Steel Co. Ltd., Class H		3,968
	20,700	Magnitogorsk Iron & Steel Works PJSC		14,763
	5,730	Mexichem SAB de CV		12,017
	94	MMC Norilsk Nickel PJSC		21,323
	18,141	MMG Ltd.2		6,339
	154	Mondi Ltd.		3,462

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	7,400	Nan Ya Plastics Corp.	$	18,727
	610	National Industrialization Co.2		2,755
	16,016	Nine Dragons Paper Holdings Ltd.2		14,207
	8,320	Novolipetsk Steel PJSC		21,065
	63	OCI Co. Ltd.		5,091
	4,688	Pabrik Kertas Tjiwi Kimia Tbk PT		4,173
	3,885	Petronas Chemicals Group Bhd		7,897
	497	PhosAgro PJSC		6,521
	101	Pidilite Industries Ltd.		1,777
	271	Polymetal International PLC		3,449
	66	Polyus PJSC		6,098
	532	POSCO		112,652
	47	POSCO Chemical Co., Ltd.		2,182
	3,800	Press Metal Aluminium Holdings Bhd		4,046
	14,000	PTT Global Chemical PCL		29,217
	1,400	Rongsheng Petro Chemical Co. Ltd., Class A		2,458
	2,364	Sappi Ltd.		9,202
	779	Sasol Ltd.		19,347
	44	Saudi Arabian Fertilizer Co.		995
	234	Saudi Arabian Mining Co.2		3,032
	1,296	Saudi Basic Industries Corp.		39,465
	14	Saudi Cement Co.		262
	297	Saudi Industrial Investment Group		1,951
	881	Saudi Kayan Petrochemical Co.2		2,871
	5,134	Semen Indonesia Persero Tbk PT		4,206
	990	Severstal PJSC		16,757
	300	Shandong Gold Mining Co. Ltd., Class A2		1,798
	800	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		546
	10	Shree Cement Ltd.		3,161
	1,800	Siam Cement PCL (The)		27,704
	2,300	Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,728
	17,323	Sinopec Shanghai Petrochemical Co. Ltd., Class H		6,874
	361	Southern Copper Corp.		14,025
	806	Suzano SA		6,908
	5,186	Taiwan Cement Corp.		7,689
	5,467	Tata Steel Ltd.		39,949
	144	Titan Cement Co. SA		2,814
	6,200	Tongling Nonferrous Metals Group Co. Ltd., Class A		2,221
	500	Transfar Zhilian Co. Ltd., Class A		548
	134	UltraTech Cement Ltd.		8,844
	345	UPL Ltd.		4,685
	5,219	Vale SA		70,564
	10,432	Vedanta Ltd.		26,349
	103	Yanbu National Petrochemical Co.		1,730
	500	Zhaojin Mining Industry Co. Ltd., Class H		560
	130	Zhejiang Huayou Cobalt Co. Ltd., Class A		403
	200	Zhejiang Longsheng Group Co. Ltd., Class A		459
	700	Zhongjin Gold Corp Ltd., Class A		1,047
	4,300	Zijin Mining Group Co. Ltd., Class A2		2,360
	18,457	Zijin Mining Group Co. Ltd., Class H		7,489
		Total Materials		1,286,121
		Media & Entertainment—1.2%
	44	58.Com, Inc.2,4		2,736
	16	Autohome, Inc.2,3,4		1,370

The accompanying notes are an integral part of these financial statements.

67

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Media & Entertainment (continued)
	137	Baidu, Inc.2,4	$	16,078
	3	CD Projekt SA		173
	272	Cheil Worldwide, Inc.		6,926
	100	China Film Co. Ltd., Class A		228
	200	China Literature Ltd.1,2		942
	100	China South Publishing & Media Group Co. Ltd., Class A		184
	200	Chinese Universe Publishing and Media Group Co. Ltd., Class A		366
	200	CITIC Guoan Information Industry Co. Ltd., Class A		117
	782	Cyfrowy Polsat SA		6,241
	4,362	Grupo Televisa SAB, Series CPO		7,368
	137	iQIYI, Inc.2,3,4		2,829
	34	Kakao Corp.		3,872
	126	Megacable Holdings SAB de CV		535
	87	Momo, Inc.4		3,115
	660	MultiChoice Group Ltd.2		6,270
	94	NAVER Corp.		9,281
	6	NCSoft Corp.		2,479
	59	NetEase Inc.4		15,090
	31	Netmarble Corp.1,2		3,034
	4	Pearl Abyss Corp.2		735
	100	Perfect World Co. Ltd., Class A		376
	200	Shanghai Oriental Pearl Group Co. Ltd., Class A		307
	65	SINA Corp.2		2,803
	5,900	Surya Citra Media Tbk PT		672
	1,734	Tencent Holdings Ltd.		78,260
	346	Tencent Music Entertainment Group2,3,4		5,187
	26	Weibo Corp.2,3,4		1,132
	100	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		197
	43	YY, Inc.2,4		2,997
	373	Zee Entertainment Enterprises Ltd.		1,830
		Total Media & Entertainment		183,730
		Pharmaceuticals, Biotechnology & Life Sciences—0.7%
	838	3SBio, Inc.1,2,3		1,439
	710	Aspen Pharmacare Holdings Ltd.		5,058
	421	Aurobindo Pharma Ltd.		3,708
	100	Beijing Tongrentang Co. Ltd., Class A		422
	5	Celltrion Pharm, Inc.2		208
	9	Celltrion, Inc.2		1,602
	2,000	China Medical System Holdings Ltd.		1,833
	32,097	China Resources Pharmaceutical Group Ltd.1		36,195
	100	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A2		427
	5,200	China Traditional Chinese Medicine Holdings Co. Ltd.		2,529
	496	Cipla Ltd.		3,977
	1,824	CSPC Pharmaceutical Group Ltd.		2,942
	51	Divi’s Laboratories Ltd.		1,180
	94	Dr Reddy’s Laboratories Ltd.		3,473
	282	Glenmark Pharmaceuticals Ltd.		1,811
	100	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		597
	5	Hanmi Pharm Co. Ltd.		1,749
	19	Hanmi Science Co. Ltd.		1,122

Shares			Value
		Common Stocks (continued)
		Pharmaceuticals, Biotechnology & Life Sciences (continued)
	14	Hutchison China MediTech Ltd.2,4	$	308
	240	Hypera SA		1,878
	28,891	Kalbe Farma Tbk PT		2,986
	355	Lupin Ltd.		3,882
	1,500	Luye Pharma Group Ltd.1		1,087
	1	Medy-Tox, Inc.		390
	104	Piramal Enterprises Ltd.		2,933
	155	Richter Gedeon Nyrt		2,863
	3	Samsung Biologics Co. Ltd.1,2		831
	100	Shandong Buchang Pharmaceuticals Co. Ltd., Class A		375
	100	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		368
	500	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,514
	100	Sichuan Kelun Pharmaceutical Co. Ltd., Class A		433
	3,000	Sihuan Pharmaceutical Holdings Group Ltd.		676
	5,341	Sino Biopharmaceutical Ltd.		5,462
	2,000	SSY Group Ltd.		1,807
	1,187	Sun Pharmaceutical Industries Ltd.		6,895
	200	Tasly Pharmaceutical Group Co. Ltd., Class A		482
	13	Yuhan Corp.		2,753
	100	Yunnan Baiyao Group Co. Ltd., Class A		1,215
		Total Pharmaceuticals, Biotechnology & Life Sciences		109,410
		Real Estate—3.9%
	11,581	Agile Group Holdings Ltd.		15,506
	6,586	Aldar Properties PJSC		3,389
	5,978	Ayala Land, Inc.		5,927
	104	Barwa Real Estate Co.		977
	200	BR Malls Participacoes SA		748
	9,900	Bumi Serpong Damai Tbk PT2		1,076
	800	Central Pattana PCL		1,956
	7,000	China Aoyuan Group Ltd.		9,838
	37,783	China Evergrande Group3		105,913
	400	China Fortune Land Development Co. Ltd., Class A2		1,897
	16,682	China Jinmao Holdings Group Ltd.		10,143
	700	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A2		2,130
	10,189	China Overseas Land & Investment Ltd.		37,561
	7,535	China Resources Land Ltd.		33,178
	1,700	China Vanke Co. Ltd., Class A		6,883
	2,430	China Vanke Co. Ltd., Class H		9,113
	16,000	CIFI Holdings Group Co. Ltd.		10,547
	64,144	Country Garden Holdings Co. Ltd.		97,540
	584	Dar Al Arkan Real Estate Development Co.2		1,828
	7,459	Emaar Development PJSC		8,143
	95	Emaar Economic City2		252
	4,321	Emaar Malls PJSC		2,388
	10,298	Emaar Properties PJSC		12,392
	1,200	Fibra Uno Administracion SA de CV		1,588
	500	Financial Street Holdings Co. Ltd., Class A		571
	175	Fortress REIT Ltd., Class A		266
	12,146	Future Land Development Holdings Ltd.		15,982
	700	Gemdale Corp., Class A		1,216
	8,400	Greendland Holdings Corp. Ltd., Class A		8,353

The accompanying notes are an integral part of these financial statements.

68

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	797	Growthpoint Properties Ltd.	$	1,372
	3,374	Guangzhou R&F Properties Co. Ltd., Class H		6,487
	2,000	Highwealth Construction Corp.		3,184
	1,100	Jinke Properties Group Co. Ltd., Class A		966
	22,797	Kaisa Group Holdings Ltd.2		11,264
	2,000	KWG Group Holdings Ltd.2		2,030
	5,694	Land & Houses PCL		2,061
	7,602	Logan Property Holdings Co. Ltd.		12,299
	8,471	Longfor Group Holdings Ltd		31,932
	19,100	Megaworld Corp.2		2,274
	100	Multiplan Empreendimentos Imobiliarios SA		724
	114	NEPI Rockcastle PLC		1,046
	300	Oceanwide Holdings Co. Ltd., Class A		244
	19,800	Pakuwon Jati Tbk PT		1,023
	2,500	Poly Developments and Holdings Group Co. Ltd., Class A		4,644
	1,597	Redefine Properties Ltd.		1,024
	1,000	RiseSun Real Estate Development Co. Ltd., Class A		1,367
	2,080	Robinsons Land Corp.		1,070
	1,000	Ruentex Development Co. Ltd.		1,429
	200	Seazen Holdings Co. Ltd., Class A		1,159
	720	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		871
	10,000	Shenzhen Investment Ltd.		3,686
	7,535	Shimao Property Holdings Ltd.		22,955
	28,596	Shui On Land Ltd.		6,625
	4,400	Sime Darby Property Bhd		1,097
	25,705	Sino-Ocean Group Holding Ltd.		10,924
	4,800	SM Prime Holdings, Inc.		3,476
	1,500	SOHO China Ltd.		530
	3,000	SP Setia Bhd Group		1,568
	6,974	Sunac China Holdings Ltd.		34,279
	700	Xinhu Zhongbao Co. Ltd., Class A		320
	37,194	Yuexiu Property Co. Ltd.		8,427
	12,998	Yuzhou Properties Co. Ltd.		6,106
	200	Zhejiang China Commodities City Group Co. Ltd., Class A		120
		Total Real Estate		595,884
		Retailing—3.2%
	505	Alibaba Group Holding Ltd.2,4		85,572
	360	B2W Cia Digital2		3,073
	25	Baozun, Inc.2,3,4		1,247
	6,600	China Grand Automotive Services Group Co. Ltd., Class A2		4,286
	36	CJ ENM Co. Ltd.		5,519
	209	Ctrip.Com International Ltd.2,4		7,714
	300	El Puerto de Liverpool SAB de CV, Series C1		1,669
	308	Foschini Group Ltd. (The)		3,938
	167,701	GOME Retail Holdings Ltd.2		18,031
	4,000	HengTen Networks Group Ltd.2		95
	6,900	Home Product Center PCL		3,937
	700	Hotai Motor Co. Ltd.		11,449
	90	Hotel Shilla Co. Ltd.		7,561
	40	Hyundai Department Store Co. Ltd.		2,865
	36	Jarir Marketing Co.		1,586
	3,272	JD.com, Inc.2,4		99,109
	91	JUMBO SA		1,762

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	200	Liaoning Cheng Da Co. Ltd., Class A	$	423
	362	Lojas Renner SA		4,454
	192	Lotte Shopping Co. Ltd.		26,689
	140	Magazine Luiza SA		7,712
	1,860	Meituan Dianping, Class B2		16,309
	180	Mr Price Group Ltd.		2,534
	45	Naspers Ltd., Class N		10,912
	7,880	Petrobras Distribuidora SA		51,400
	92	Pinduoduo, Inc.2,4		1,898
	900	Robinson PCL		1,651
	3,569	S.A.C.I. Falabella		23,260
	31	Shinsegae, Inc.		8,081
	3,800	Suning.com Co. Ltd., Class A		6,352
	442	Truworths International Ltd.		2,194
	2,267	Vipshop Holdings Ltd.2,4		19,564
	2,803	Woolworths Holdings Ltd.		9,716
	10,670	Zhongsheng Group Holdings Ltd.		29,705
		Total Retailing		482,267
		Semiconductors & Semiconductor Equipment—1.3%
	9,587	ASE Technology Holding Co. Ltd.2		18,983
	384	Globalwafers Co. Ltd.		3,888
	1,000	Hua Hong Semiconductor Ltd.1		1,935
	200	LONGi Green Energy Technology Co. Ltd., Class A		673
	1,196	MediaTek, Inc.		12,091
	2,380	Nanya Technology Corp.2		4,943
	499	Novatek Microelectronics Corp.		2,779
	265	Phison Electronics Corp.		2,415
	1,579	Powertech Technology, Inc.		3,864
	384	Realtek Semiconductor Corp.		2,825
	100	Sanan Optoelectronics Co. Ltd., Class A2		164
	5,446	Semiconductor Manufacturing International Corp.2		6,065
	1,049	SK Hynix, Inc.		63,141
	7,286	Taiwan Semiconductor Manufacturing Co. Ltd.		56,065
	21,598	United Microelectronics Corp.		9,701
	1,000	Vanguard International Semiconductor Corp.		2,099
	173	Win Semiconductors Corp.		1,108
	6,000	Winbond Electronics Corp.		2,936
	2,000	Xinyi Solar Holdings Ltd.		986
		Total Semiconductors & Semiconductor Equipment		196,661
		Software & Services—0.8%
	100	360 Security Technology, Inc., Class A2		311
	200	Aisino Corp, Class A		671
	2,930	Cielo SA		5,137
	200	DHC Software Co. Ltd., Class A		204
	21	GDS Holdings Ltd.2,3,4		789
	8	Globant SA2		808
	946	HCL Technologies Ltd.		14,591
	2,001	Infosys Ltd.		21,220
	1,000	Kingdee International Software Group Co. Ltd.		1,082
	597	Kingsoft Corp. Ltd.2		1,291
	87	Samsung SDS Co. Ltd.		16,200
	130	Shanghai 2345 Network Holding Group Co. Ltd., Class A		74

The accompanying notes are an integral part of these financial statements.

69

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Software & Services (continued)
	1,146	Tata Consultancy Services Ltd.	$	36,976
	757	Tech Mahindra Ltd.		7,749
	100	Wangsu Science & Technology Co. Ltd., Class A		157
	3,556	Wipro Ltd.		14,450
	100	Yonyou Network Technology Co. Ltd., Class A		391
		Total Software & Services		122,101
		Technology Hardware & Equipment—9.6%
	830	AAC Technologies Holdings, Inc.		4,712
	23,520	Acer, Inc.2		14,577
	340	Advantech Co. Ltd.		2,890
	2,894	Asustek Computer, Inc.		20,778
	55,252	AU Optronics Corp.		16,544
	5,000	BOE Technology Group Co. Ltd., Class A		2,504
	6,239	BYD Electronic International Co. Ltd.		8,912
	732	Catcher Technology Co. Ltd.		5,244
	2,000	Chicony Electronics Co. Ltd.		4,920
	3,000	China Railway Signal & Communication Corp. Ltd., Class H1		2,181
	91,930	Compal Electronics, Inc.		60,232
	2,600	Delta Electronics, Inc.		13,184
	400	Focus Media Information Technology Co. Ltd., Class A2		308
	5,400	Foxconn Industrial Internet Co., Ltd., Class A		9,474
	3,600	Foxconn Technology Co. Ltd.		7,314
	500	GoerTek, Inc., Class A		647
	100	Guangzhou Haige Communications Group, Inc. Co., Class A		139
	300	Hangzhou Hikvision Digital Technology Co. Ltd., Class A		1,205
	300	Hengtong Optic-electric Co. Ltd., Class A		732
	122,009	Hon Hai Precision Industry Co. Ltd.		304,045
	61,313	Innolux Corp.		14,470
	37,610	Inventec Corp.		29,909
	3,412	Kingboard Holdings Ltd.		9,499
	4,600	Kingboard Laminates Holdings Ltd.		4,216
	20	Largan Precision Co. Ltd.		2,482
	20,578	Legend Holdings Corp., Class H1		48,413
	103,952	Lenovo Group Ltd.		80,500
	600	Lens Technology Co. Ltd., Class A		609
	2,490	LG Display Co. Ltd.2		38,493
	132	LG Innotek Co. Ltd.		12,461
	8,433	Lite-On Technology Corp.		12,354
	300	Luxshare Precision Industry Co. Ltd., Class A		1,083
	2,000	Meitu, Inc.1,2,3		645
	2,784	Micro-Star International Co. Ltd.		7,888
	100	Ninestar Corp., Class A		329
	900	OFILM Group Co. Ltd., Class A		1,027
	46,864	Pegatron Corp.		81,025
	31,210	Quanta Computer, Inc.		60,693
	153	Samsung Electro-Mechanics Co. Ltd.		12,959
	9,120	Samsung Electronics Co. Ltd.		371,229
	80	Samsung SDI Co. Ltd.		16,386
	588	Sunny Optical Technology Group Co. Ltd.		6,074
	200	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		424
	18,599	Synnex Technology International Corp.		23,354

Shares			Value
		Common Stocks (continued)
		Technology Hardware & Equipment (continued)
	400	Tianma Microelectronics Co. Ltd., Class A	$	783
	500	Tunghsu Optoelectronic Technology Co. Ltd., Class A		374
	300	Unisplendour Corp Ltd., Class A		1,190
	502	Walsin Technology Corp.		2,651
	68,660	Wistron Corp.		53,496
	24,644	WPG Holdings Ltd.		32,016
	25,159	Xiaomi Corp., Class B1,2		32,204
	555	Yageo Corp.		4,717
	300	Zhejiang Dahua Technology Co. Ltd., Class A		634
	2,175	Zhen Ding Technology Holding Ltd.		6,961
	400	ZTE Corp., Class A2		1,895
	1,561	ZTE Corp., Class H2		4,506
		Total Technology Hardware & Equipment		1,458,491
		Telecommunication Services—4.6%
	1,563	Advanced Info Service PCL		11,111
	89,532	America Movil SAB de CV, Series L		65,104
	9,565	Axiata Group Bhd		11,527
	5,162	Bharti Airtel Ltd.		25,923
	448	Bharti Infratel Ltd.		1,733
	20,868	China Mobile Ltd.		190,049
	32,821	China Telecom Corp. Ltd., Class H		16,510
	19,998	China Tower Corp. Ltd., Class H1		5,247
	69,070	China Unicom Hong Kong Ltd.		75,767
	8,700	China United Network Communications Ltd., Class A		7,803
	3,000	Chunghwa Telecom Co. Ltd.		10,915
	2,500	DiGi.Com Bhd		3,055
	5,907	Emirates Telecommunications Group Co. PJSC		26,824
	502	Empresa Nacional de Telecomunicaciones SA2		5,102
	493	Etihad Etisalat Co.2		3,158
	2,000	Far EasTone Telecommunications Co. Ltd.		5,042
	137	Globe Telecom, Inc.		6,048
	601	Hellenic Telecommunications Organization SA2		8,897
	300	Intouch Holdings PCL		614
	1,400	LG Uplus Corp.		17,581
	3,100	Maxis Bhd		4,178
	1,845	Mobile TeleSystems PJSC4		17,177
	2,433	MTN Group Ltd.		18,418
	844	Ooredoo Q.P.S.C.		15,161
	4,224	Orange Polska SA2		7,572
	239	PLDT, Inc.		6,018
	429	Saudi Telecom Co.		11,920
	131	SK Telecom Co. Ltd.		29,385
	2,000	Taiwan Mobile Co. Ltd.		7,888
	126	Telecom Argentina SA4		2,226
	7,562	Telekom Malaysia Bhd		7,320
	64,299	Telekomunikasi Indonesia Persero Tbk PT		18,843
	852	Telkom SA SOC Ltd.		5,570
	2,855	TIM Participacoes SA		8,663
	2,700	Total Access Communication PCL		4,666
	57,441	True Corp. PCL		10,957
	3,351	Turkcell Iletisim Hizmetleri AS		7,416
	1,309	Vodacom Group Ltd.		11,109
	45,416	Vodafone Idea Ltd2		7,994
		Total Telecommunication Services		700,491

The accompanying notes are an integral part of these financial statements.

70

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Transportation—1.8%
	516	Adani Ports & Special Economic Zone Ltd.	$	3,066
	1,900	Air China Ltd., Class A		2,647
	11,575	Air China Ltd., Class H		11,675
	7,373	AirAsia Group Bhd		4,871
	1,600	Airports of Thailand PCL		3,835
	2,500	Bangkok Expressway & Metro PCL		929
	2,000	Beijing Capital International Airport Co. Ltd., Class H		1,754
	5,922	BTS Group Holdings PCL		2,317
	1,500	CCR SA		5,346
	32,259	China Airlines Ltd.		10,220
	2,300	China Eastern Airlines Corp. Ltd., Class A		2,100
	14,798	China Eastern Airlines Corp. Ltd., Class H2		8,732
	1,192	China Merchants Port Holdings Co. Ltd.		2,026
	2,400	China Southern Airlines Co. Ltd., Class A		2,698
	15,139	China Southern Airlines Co. Ltd., Class H		10,542
	136	CJ Logistics Corp.2		15,842
	268	Container Corp. of India Ltd.		2,213
	600	COSCO SHIPPING Development Co. Ltd., Class A2		238
	2,000	COSCO SHIPPING Energy Transportation Co. Ltd., Class H		1,183
	3,800	COSCO SHIPPING Holdings Co. Ltd., Class A2		2,777
	19,999	COSCO SHIPPING Holdings Co. Ltd., Class H2		7,808
	2,000	COSCO SHIPPING Ports Ltd.		1,974
	1,500	Daqin Railway Co. Ltd., Class A		1,767
	576	DP World PLC		9,158
	22,459	Eva Airways Corp.		10,810
	24,665	Evergreen Marine Corp. Taiwan Ltd.		9,887
	100	Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,040
	80	Grupo Aeroportuario del Sureste SAB de CV, Class B		1,295
	900	Guangshen Railway Co. Ltd., Class A		423
	196	Hyundai Glovis Co. Ltd.		27,329
	318	InterGlobe Aviation Ltd.1		7,177
	960	International Container Terminal Services, Inc.		2,743
	12,824	Jasa Marga Persero Tbk PT		5,197
	708	Korean Air Lines Co. Ltd.		17,751
	1,845	Latam Airlines Group SA		17,324
	400	Localiza Rent a Car SA		4,277
	1,200	Malaysia Airports Holdings Bhd		2,477
	2,322	MISC Bhd		4,017
	1,064	Pan Ocean Co. Ltd.2		4,276
	95	Promotora y Operadora de Infraestructura SAB de CV		943
	700	Rumo SA2		3,786
	500	SF Holding Co. Ltd., Class A		2,472
	900	Shanghai International Port Group Co. Ltd., Class A		894
	1,400	Shenzhen International Holdings Ltd.		2,778
	18,199	Sinotrans Ltd., Class H		6,616
	100	Spring Airlines Co. Ltd., Class A		655
	2,000	Taiwan High Speed Rail Corp.		2,943
	495	TAV Havalimanlari Holding AS		2,311
	7,952	Turk Hava Yollari AO2		17,722
	800	Westports Holdings Bhd		763

Shares			Value
		Common Stocks (continued)
		Transportation (continued)
	202	ZTO Express Cayman, Inc.4	$	3,862
		Total Transportation		277,486
		Utilities—4.0%
	6,800	Aboitiz Power Corp.		4,619
	2,274	Aguas Andinas SA, Class A		1,340
	3,014	Beijing Enterprises Holdings Ltd.		15,316
	12,000	Beijing Enterprises Water Group Ltd.2		7,127
	1,136	Centrais Eletricas Brasileiras SA		10,448
	607	CEZ AS2		14,670
	12,000	CGN Power Co. Ltd., Class H1		3,302
	4,388	China Gas Holdings Ltd.		16,316
	4,000	China Longyuan Power Group Corp. Ltd., Class H		2,565
	1,100	China National Nuclear Power Co. Ltd., Class A		890
	23,996	China Power International Development Ltd.		5,867
	2,547	China Resources Gas Group Ltd.		12,633
	13,207	China Resources Power Holdings Co. Ltd.		19,272
	600	China Yangtze Power Co. Ltd., Class A2		1,564
	748	Cia de Saneamento Basico do Estado de Sao Paulo		9,225
	13,958	Colbun SA		2,878
	33,597	Datang International Power Generation Co. Ltd., Class H		8,429
	200	Electricity Generating PCL		2,120
	137,546	Enel Americas SA		24,211
	72,701	Enel Chile SA		6,896
	100	Energisa SA		1,202
	400	Energy Absolute PCL		727
	409	Engie Brasil Energia SA		4,639
	1,820	ENN Energy Holdings Ltd.		17,705
	269	Equatorial Energia SA		6,443
	3,886	GAIL India Ltd.		17,562
	4,600	GD Power Development Co. Ltd., Class A		1,701
	2,000	Guangdong Investment Ltd.		3,958
	338	Gulf Energy Development PCL		1,356
	3,300	Huadian Power International Corp. Ltd., Class A		1,811
	10,398	Huadian Power International Corp. Ltd., Class H		4,113
	3,300	Huaneng Power International, Inc., Class A		2,993
	22,121	Huaneng Power International, Inc., Class H		13,025
	6,000	Huaneng Renewables Corp. Ltd., Class H2		1,651
	500	Hubei Energy Group Co. Ltd., Class A		316
	540	Infraestructura Energetica Nova SAB de CV		2,119
	593,000	Inter RAO UES PJSC		42,579
	811	Interconexion Electrica SA ESP		4,517
	4,154	Korea Electric Power Corp.2		91,919
	1,160	Korea Gas Corp.		42,396
	28,731	Kunlun Energy Co. Ltd.3		25,044
	1,504	Manila Electric Co.		11,360
	13,562	NTPC Ltd.		27,771
	119	Pampa Energia SA2,4		4,126
	51,354	Perusahaan Gas Negara Tbk PT		7,670
	600	Petronas Gas Bhd		2,521
	4,864	PGE Polska Grupa Energetyczna SA2		12,511
	3,185	Power Grid Corp. of India Ltd.		9,547
	270	Qatar Electricity & Water Co. QSC		1,235

The accompanying notes are an integral part of these financial statements.

71

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	1,100	Ratch Group PCL	$	2,394
	3,415	Saudi Electricity Co.		17,028
	1,000	SDIC Power Holdings Co. Ltd., Class A		1,131
	1,100	Shenergy Co. Ltd., Class A		963
	500	Shenzhen Energy Group Co. Ltd., Class A		451
	8,427	Tata Power Co. Ltd. (The)		8,424
	7,630	Tenaga Nasional Bhd		25,553
	4,000	Towngas China Co. Ltd.2		2,883
	29,000	YTL Corp. Bhd		7,860
		Total Utilities		600,892
		Total Common Stocks (Cost $14,848,920)		14,731,719
		Preferred Stocks—2.5%
		Automobiles & Components—0.3%
	218	Hyundai Motor Co., 3.77%		14,934
	299	Hyundai MotorCo.-2nd Preferred, 3.51%		22,348
		Total Automobiles & Components		37,282
		Banks—0.8%
	5,860	Banco Bradesco SA, 2.56%		57,703
	456	Bancolombia SA, 2.59%		5,801
	13,720	Grupo Aval Acciones y Valores SA, 3.98%		5,497
	600	Itausa—Investimentos Itau SA, 3.16%		2,018
	4,925	Itau Unibanco Holding SA, 3.89%		46,595
		Total Banks		117,614
		Capital Goods—0.0%6
	53	CJ Corp.2,5		2,270
		Diversified Financials—0.0%6
	208	Grupo de Inversiones Suramericana SA, 1.67%		2,052
		Energy—0.6%
	10,459	Petroleo Brasileiro SA, 3.60%		74,800
	11,000	Surgutneftegas PJSC, 3.17%		7,431
	2	Transneft PJSC, 4.49%		5,246
		Total Energy		87,477
		Food & Staples Retailing—0.1%
	677	Cia Brasileira de Distribuicao, 1.74%		16,724
		Food, Beverage & Tobacco—0.0%6
	622	Embotelladora Andina SA, Class B, 3.90%		2,242
		Household & Personal Products—0.0%6
	14	Amorepacific Corp., 1.34%		1,045
	2	LG Household & Health Care Ltd., 1.21%		1,396
		Total Household & Personal Products		2,441
		Materials—0.2%
	1,187	Braskem SA, Class A2		10,849
	4,017	Gerdau SA, 2.03%		15,931
	27	LG Chem Ltd., 3.07%		4,572
	51	Sociedad Quimica y Minera de Chile SA, Class B, 3.59%		1,581
		Total Materials		32,933
		Retailing—0.0%6
	1,396	Lojas Americanas SA, 0.46%		5,999

Shares			Value
		Preferred Stocks (continued)
		Technology Hardware & Equipment—0.3%
	1,545	Samsung Electronics Co. Ltd., 2.85%	$	51,181
		Telecommunication Services—0.1%
	1,116	Telefonica Brasil SA, 11.06%		14,533
		Utilities—0.1%
	300	Centrais Eletricas Brasileiras SA, Class B, 3.79%		2,818
	2,100	Cia Energetica de Minas Gerais, 3.97%		8,137
		Total Utilities		10,955
		Total Preferred Stocks (Cost $326,725)		383,703
		Right—0.0%6
		Diversified Financials—0.0%6
	1,375	Zhengqi Financial Holding Corp.2,5 (Cost $0)		0
		Investment of Cash Collateral for Securities Loaned—0.7%
	80,058	Invesco Government & Agency Portfolio—Institutional Class, 2.27%7,8		80,058
	26,675	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%7,8		26,686
		Total Investment of Cash Collateral for Securities Loaned (Cost $106,743)		106,744
		Total Investments—100.3% (Cost $15,282,388)		15,222,166
		Liabilities in Excess of Other Assets—(0.3)%		(39,349	)
		Net Assets—100.0%	$	15,182,817

PCL—Public Company Limited

REIT—Real Estate Investment Trust

¹  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $229,553 or 1.51% of the Fund’s net assets at period end.

²  Non-income producing security.

³  All or a portion of the security was on loan. The aggregate value of the securities on loan was $100,687; total value of the collateral held by the Fund was $106,744.

⁴  American Depositary Receipt.

⁵  The value of this security was determined using significant unobservable inputs. See Note 5 of the accompanying Notes.

⁶  Less than 0.05%.

⁷  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 June 30, 2019.

⁸  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.

The accompanying notes are an integral part of these financial statements.

72

Invesco Emerging Markets Revenue ETF (REEM)(continued)

June 30, 2019

Geographical Holdings

Country	Value			% of Net Assets
China	$	4,243,743			28.0	%
South Korea		2,841,882			18.7
Taiwan		1,399,283			9.2
India		1,398,221			9.2
Russia		1,197,311			7.9
Brazil		952,502			6.3
Thailand		482,279			3.2
Mexico		353,534			2.3
South Africa		332,213			2.2
Malaysia		227,194			1.5
Turkey		217,126			1.4
Indonesia		216,099			1.4
Chile		192,248			1.3
United States		187,169			1.2
Poland		169,993			1.1
Saudi Arabia		134,551			0.9
Philippines		133,258			0.9
Hong Kong		102,698			0.7
United Arab Emirates		89,456			0.6
Colombia		79,472			0.5
Qatar		77,282			0.5
Greece		57,793			0.4
Hungary		41,041			0.3
Argentina		26,603			0.2
Peru		26,331			0.2
Czech Republic		19,238			0.1
Egypt		10,541			0.1
Pakistan		5,724			0.0	1
United Kingdom		3,462			0.0	1
Singapore		2,519			0.0	1
Romania		1,046			0.0	1
Luxembourg		354			0.0	1
Total Investments		15,222,166			100.3
Liabilities in Excess of Other Assets		(39,349	)		(0.3	)
Net Assets	$	15,182,817			100.0	%

¹  Less than 0.05%.

The accompanying notes are an integral part of these financial statements.

73

Schedule of Investments

Invesco International Revenue ETF (REFA)

June 30, 2019

Shares			Value
		Common Stocks—99.0%
		Automobiles & Components—11.2%
	918	Aisin Seiki Co. Ltd.	$	31,611
	985	Bayerische Motoren Werke AG		73,013
	710	Bridgestone Corp.1		27,955
	156	Cie Generale des Etablissements Michelin		19,817
	264	Continental AG		38,549
	2,405	Daimler AG		133,997
	978	Denso Corp.		41,148
	366	Faurecia SA		17,010
	16	Ferrari NV		2,602
	5,654	Fiat Chrysler Automobiles NV		78,978
	4,412	Honda Motor Co. Ltd.		114,047
	1,627	Isuzu Motors Ltd.		18,529
	110	Koito Manufacturing Co. Ltd.		5,871
	2,270	Mazda Motor Corp.		23,692
	3,961	Mitsubishi Motors Corp.		18,970
	170	NGK Spark Plug Co. Ltd.		3,190
	12,558	Nissan Motor Co. Ltd.		89,936
	49	Nokian Renkaat OYJ		1,532
	2,703	Peugeot SA		66,704
	707	Pirelli & C SpA2		4,185
	861	Renault SA1		54,212
	137	Stanley Electric Co. Ltd.		3,367
	976	Subaru Corp.		23,725
	1,831	Sumitomo Electric Industries Ltd.		24,039
	561	Sumitomo Rubber Industries Ltd.		6,488
	636	Suzuki Motor Corp.		29,893
	316	Toyoda Gosei Co. Ltd.		6,162
	310	Toyota Industries Corp.		17,062
	4,110	Toyota Motor Corp.		255,130
	552	Valeo SA		17,979
	721	Volkswagen AG		124,106
	680	Yamaha Motor Co. Ltd.		12,087
	274	Yokohama Rubber Co. Ltd. (The)1		5,035
		Total Automobiles & Components		1,390,621
		Banks—7.4%
	653	ABN AMRO Bank NV2		13,992
	619	AIB Group PLC		2,535
	47	Aozora Bank Ltd.		1,128
	1,092	Australia & New Zealand Banking Group Ltd.		21,618
	5,996	Banco Bilbao Vizcaya Argentaria SA		33,574
	5,141	Banco de Sabadell SA		5,333
	13,908	Banco Santander SA		64,629
	488	Bank Hapoalim B.M.3		3,620
	514	Bank LeumiLe-Israel B.M.		3,712
	986	Bank of East Asia Ltd. (The)		2,758
	670	Bank of Ireland Group PLC		3,507
	20	Bank of Kyoto Ltd. (The)		773
	205	Bank of Queensland Ltd.		1,371
	1,363	Bankia SA		3,225
	325	Bankinter SA		2,242
	13,778	Barclays PLC		26,268
	224	Bendigo & Adelaide Bank Ltd.		1,820
	1,029	BNP Paribas SA		48,941
	2,624	BOC Hong Kong Holdings Ltd.		10,328
	3,283	CaixaBank SA		9,414
	391	Chiba Bank Ltd. (The)		1,909
	1,289	Commerzbank AG		9,276
	458	Commonwealth Bank of Australia		26,606

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	601	Concordia Financial Group Ltd.	$	2,237
	5,515	Credit Agricole SA		66,228
	743	Danske Bank A/S		11,762
	549	DBS Group Holdings Ltd.		10,534
	372	DNB ASA		6,924
	237	Erste Group Bank AG3		8,809
	72	FinecoBank Banca Fineco SpA		804
	104	Fukuoka Financial Group, Inc.		1,899
	197	Hang Seng Bank Ltd.		4,904
	7,569	HSBC Holdings PLC		63,280
	2,476	ING Groep NV		28,749
	8,509	Intesa Sanpaolo SpA		18,237
	586	Israel Discount Bank Ltd., Class A		2,394
	1,540	Japan Post Bank Co. Ltd.		15,637
	152	KBC Group NV		9,977
	33,863	Lloyds Banking Group PLC		24,389
	793	Mebuki Financial Group, Inc.		2,068
	255	Mediobanca Banca di Credito Finanziario SpA		2,633
	9,958	Mitsubishi UFJ Financial Group, Inc.		47,322
	90	Mizrahi Tefahot Bank Ltd.3		2,076
	17,858	Mizuho Financial Group, Inc.		25,874
	1,126	National Australia Bank Ltd.		21,113
	1,334	Nordea Bank Abp		9,694
	1,844	Oversea-Chinese Banking Corp. Ltd.		15,538
	269	Raiffeisen Bank International AG		6,320
	1,310	Resona Holdings, Inc.		5,454
	5,543	Royal Bank of Scotland Group PLC		15,506
	399	Seven Bank Ltd.		1,044
	198	Shinsei Bank Ltd.		3,075
	224	Shizuoka Bank Ltd. (The)		1,651
	619	Skandinaviska Enskilda Banken AB, Class A		5,732
	1,493	Societe Generale SA		37,779
	2,062	Standard Chartered PLC		18,743
	1,200	Sumitomo Mitsui Financial Group, Inc.		42,391
	287	Sumitomo Mitsui Trust Holdings, Inc.		10,405
	501	Svenska Handelsbanken AB, Class A		4,961
	327	Swedbank AB, Class A		4,915
	1,949	UniCredit SpA		24,029
	455	United Overseas Bank Ltd.		8,788
	1,186	Westpac Banking Corp.		23,603
		Total Banks		916,057
		Capital Goods—13.0%
	1,049	ABB Ltd.		21,077
	801	ACS Actividades de Construccion y Servicios SA		32,027
	70	AerCap Holdings NV3		3,641
	337	AGC, Inc.		11,651
	399	Airbus SE		56,652
	152	Alfa Laval AB		3,319
	164	Alstom SA		7,620
	240	Amada Holdings Co. Ltd.		2,702
	144	ANDRITZ AG		5,428
	156	Ashtead Group PLC		4,475
	320	Assa Abloy AB, Class B		7,239
	186	Atlas Copco AB, Class A		5,950
	95	Atlas Copco AB, Class B		2,728
	2,903	BAE Systems PLC		18,303
	799	Bouygues SA		29,635
	216	Brenntag AG		10,653

The accompanying notes are an integral part of these financial statements.

74

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	358	Bunzl PLC	$	9,463
	944	Cie de Saint-Gobain		36,847
	254	CIMIC Group Ltd.		7,980
	2,776	CK Hutchison Holdings Ltd.		27,360
	2,402	CNH Industrial NV		24,668
	60	Daifuku Co. Ltd.		3,369
	140	Daikin Industries Ltd.		18,276
	3	Dassault Aviation SA		4,318
	191	DCC PLC		17,065
	146	Eiffage SA		14,455
	21	Elbit Systems Ltd.		3,127
	218	Epiroc AB, Class A		2,272
	107	Epiroc AB, Class B		1,061
	30	FANUC Corp.		5,549
	191	Ferguson PLC		13,613
	222	Ferrovial SA		5,691
	202	Fuji Electric Co. Ltd.		6,965
	151	GEA Group AG		4,299
	5	Geberit AG		2,338
	1,675	Hino Motors Ltd.		14,101
	319	Hitachi Construction Machinery Co. Ltd.		8,296
	163	HOCHTIEF AG		19,880
	29	Hoshizaki Corp.		2,159
	497	IHI Corp.		11,980
	3,930	ITOCHU Corp.		75,160
	1,049	Jardine Matheson Holdings Ltd.		66,108
	736	Jardine Strategic Holdings Ltd.		28,064
	337	JGC Corp.		4,623
	969	JTEKT Corp.		11,746
	939	Kajima Corp.		12,881
	500	Kawasaki Heavy Industries Ltd.		11,755
	55	Keihan Holdings Co. Ltd.		2,397
	736	Keppel Corp. Ltd.		3,623
	76	Kingspan Group PLC		4,134
	114	KION Group AG		7,197
	55	Knorr-Bremse AG		6,138
	918	Komatsu Ltd.		22,153
	122	Kone OYJ, Class B		7,211
	890	Kubota Corp.		14,811
	83	Kurita Water Industries Ltd.		2,061
	77	Legrand SA		5,638
	967	Leonardo SpA		12,273
	1,146	LIXIL Group Corp.		18,125
	104	Makita Corp.		3,533
	8,109	Marubeni Corp.		53,664
	315	Meggitt PLC		2,101
	2,784	Melrose Industries PLC		6,408
	79	Metso OYJ		3,108
	433	MINEBEA MITSUMI, Inc.		7,335
	99	MISUMI Group, Inc.		2,483
	3,680	Mitsubishi Corp.		97,004
	2,382	Mitsubishi Electric Corp.		31,372
	684	Mitsubishi Heavy Industries Ltd.		29,781
	2,821	Mitsui & Co. Ltd.		45,926
	38	MonotaRO Co. Ltd.		926
	17	MTU Aero Engines AG		4,056
	83	Nabtesco Corp.1		2,307
	236	NGK Insulators Ltd.		3,441

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	83	Nidec Corp.	$	11,344
	926	NSK Ltd.		8,251
	1,528	NWS Holdings Ltd.		3,141
	1,492	Obayashi Corp.		14,693
	472	Prysmian SpA		9,756
	1,367	Rolls-Royce Holdings PLC3		14,621
	126	Safran SA		18,489
	468	Sandvik AB		8,605
	15	Schindler Holding AG		3,343
	25	Schindler Holding AG		5,467
	291	Schneider Electric SE		26,432
	3,633	Sembcorp Industries Ltd.		6,471
	1,293	Shimizu Corp.		10,741
	622	Siemens AG		74,092
	489	Siemens Gamesa Renewable Energy SA		8,141
	1,326	Singapore Technologies Engineering Ltd.		4,058
	802	Skanska AB, Class B		14,496
	394	SKF AB, Class B		7,251
	12	SMC Corp./Japan		4,474
	172	Smiths Group PLC		3,426
	11	Spirax-Sarco Engineering PLC		1,286
	2,441	Sumitomo Corp.		36,987
	204	Sumitomo Heavy Industries Ltd.		7,015
	282	Taisei Corp.		10,247
	844	Techtronic Industries Co. Ltd.		6,460
	122	Thales SA		15,095
	118	THK Co. Ltd.		2,820
	929	Toshiba Corp.		28,929
	125	TOTO Ltd.		4,937
	1,604	Toyota Tsusho Corp.		48,608
	111	Vestas Wind Systems A/S		9,603
	410	Vinci SA		42,050
	1,733	Volvo AB, Class B		27,522
	294	Wartsila OYJ Abp		4,270
	130	Weir Group PLC (The)		2,559
	2,467	Yangzijiang Shipbuilding Holdings Ltd.		2,790
		Total Capital Goods		1,606,245
		Commercial & Professional Services—1.4%
	377	Adecco Group AG		22,682
	491	Brambles Ltd.		4,438
	174	Bureau Veritas SA		4,304
	472	Dai Nippon Printing Co. Ltd.		10,059
	26	Edenred		1,328
	124	Experian PLC		3,762
��	2,788	G4S PLC		7,380
	44	Intertek Group PLC		3,081
	267	ISS A/S		8,070
	109	Park24 Co. Ltd.		2,538
	318	Persol Holdings Co. Ltd.		7,470
	386	Randstad NV		21,232
	528	Recruit Holdings Co. Ltd.		17,613
	332	RELX PLC		8,068
	507	Rentokil Initial PLC		2,565
	93	Secom Co. Ltd.		8,005
	465	Securitas AB, Class B		8,164
	58	SEEK Ltd.		861
	2	SGS SA		5,102
	21	Societe BIC SA		1,604

The accompanying notes are an integral part of these financial statements.

75

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Commercial & Professional Services (continued)
	66	Sohgo Security Services Co. Ltd.	$	3,045
	20	Teleperformance		4,013
	695	Toppan Printing Co. Ltd.		10,547
	56	Wolters Kluwer NV		4,083
		Total Commercial & Professional Services		170,014
		Consumer Durables & Apparel—3.1%
	72	adidas AG		22,261
	107	Bandai Namco Holdings, Inc.		5,194
	651	Barratt Developments PLC		4,744
	57	Berkeley Group Holdings PLC		2,707
	118	Burberry Group PLC		2,796
	194	Casio Computer Co. Ltd.		2,409
	155	Cie Financiere Richemont SA		13,169
	448	Electrolux AB, Series B		11,458
	121	EssilorLuxottica SA		15,812
	8	Hermes International		5,778
	39	HUGO BOSS AG		2,598
	308	Husqvarna AB, Class B		2,883
	584	Iida Group Holdings Co. Ltd.		9,432
	19	Kering		11,254
	105	LVMH Moet Hennessy Louis Vuitton SE		44,757
	33	Moncler SpA		1,413
	399	Nikon Corp.		5,644
	7,275	Panasonic Corp.		60,609
	74	Pandora A/S		2,636
	143	Persimmon PLC		3,635
	70	Puma SE		4,675
	37	Rinnai Corp.		2,352
	19	Sankyo Co. Ltd.		688
	35	SEB SA		6,302
	200	Sega Sammy Holdings, Inc.		2,430
	567	Sekisui Chemical Co. Ltd.		8,515
	957	Sekisui House Ltd.		15,771
	1,767	Sharp Corp.		19,386
	17	Shimano, Inc.		2,529
	1,227	Sony Corp.		64,322
	13	Swatch Group AG (The)		3,727
	55	Swatch Group AG (The)		2,981
	1,838	Taylor Wimpey PLC		3,690
	66	Yamaha Corp.		3,136
	2,728	Yue Yuen Industrial Holdings Ltd.		7,473
		Total Consumer Durables & Apparel		379,166
		Consumer Services—1.0%
	84	Accor SA		3,611
	106	Aristocrat Leisure Ltd.		2,285
	142	Benesse Holdings, Inc.		3,306
	66	Carnival PLC		2,922
	1,050	Compass Group PLC		25,217
	197	Crown Resorts Ltd.		1,721
	26	Domino’s Pizza Enterprises Ltd.1		687
	61	Flight Centre Travel Group Ltd.		1,779
	22	Flutter Entertainment PLC		1,657
	850	Galaxy Entertainment Group Ltd.		5,728
	2,240	Genting Singapore Ltd.		1,523
	204	GVC Holdings PLC		1,692
	52	InterContinental Hotels Group PLC		3,423
	43	McDonald’s Holdings Co. Japan Ltd.1		1,896

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	191	Melco Resorts & Entertainment Ltd.4	$	4,149
	362	Merlin Entertainments PLC2		2,069
	1,115	MGM China Holdings Ltd.		1,895
	34	Oriental Land Co. Ltd.		4,210
	1,333	Sands China Ltd.		6,373
	1,461	Shangri-La Asia Ltd.		1,842
	2,974	SJM Holdings Ltd.		3,384
	162	Sodexo SA		18,965
	662	Tabcorp Holdings Ltd.		2,067
	1,744	TUI AG		17,144
	48	Whitbread PLC		2,828
	1,714	Wynn Macau Ltd.		3,839
		Total Consumer Services		126,212
		Diversified Financials—3.0%
	79	3i Group PLC		1,120
	593	Acom Co. Ltd.		2,136
	190	AEON Financial Service Co. Ltd.		3,060
	2,982	AMP Ltd.		4,436
	61	Amundi SA2		4,265
	11	ASX Ltd.		636
	200	Challenger Ltd.		932
	271	Credit Saison Co. Ltd.		3,172
	2,146	Credit Suisse Group AG3		25,763
	1,293	Daiwa Securities Group, Inc.		5,666
	4,359	Deutsche Bank AG		33,656
	21	Deutsche Boerse AG		2,975
	56	Eurazeo SE		3,909
	1,958	EXOR NV		137,354
	54	Groupe Bruxelles Lambert SA		5,306
	15	Hargreaves Lansdown PLC		366
	46	Hong Kong Exchanges & Clearing Ltd.		1,624
	6	Industrivarden AB, Class C		133
	511	Investec PLC		3,323
	59	Investor AB, Class B		2,837
	55	Japan Exchange Group, Inc.		874
	74	Julius Baer Group Ltd.3		3,298
	5	Kinnevik AB, Class B		130
	31	L E Lundbergforetagen AB, Class B		1,161
	32	London Stock Exchange Group PLC		2,234
	105	Macquarie Group Ltd.		9,239
	1,219	Mitsubishi UFJ Lease & Finance Co. Ltd.		6,460
	2,337	Natixis SA		9,419
	4,413	Nomura Holdings, Inc.		15,540
	1,280	ORIX Corp.		19,104
	56	Pargesa Holding SA		4,322
	1	Partners Group Holding AG		787
	109	SBI Holdings, Inc.		2,698
	56	Schroders PLC		2,174
	93	Singapore Exchange Ltd.		544
	1	St James’s Place PLC		14
	564	Standard Life Aberdeen PLC		2,115
	176	Tokyo Century Corp.		7,424
	2,400	UBS Group AG3		28,554
	55	Wendel SA		7,510
		Total Diversified Financials		366,270
		Energy—8.6%
	90	Aker BP ASA		2,582
	32,429	BP PLC		226,420

The accompanying notes are an integral part of these financial statements.

76

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	630	Caltex Australia Ltd.	$	10,942
	3,994	Eni SpA		66,433
	2,701	Equinor ASA		53,364
	898	Galp Energia SGPS SA		13,831
	1,638	Idemitsu Kosan Co. Ltd.		49,259
	726	Inpex Corp.		6,545
	1,119	John Wood Group PLC		6,437
	15,792	JXTG Holdings, Inc.		78,330
	26	Koninklijke Vopak NV		1,201
	60	Lundin Petroleum AB		1,862
	374	Neste OYJ		12,709
	216	Oil Search Ltd.		1,072
	400	OMV AG		19,519
	1,553	Origin Energy Ltd.		7,966
	2,962	Repsol SA		46,498
	5,036	Royal Dutch Shell PLC, Class A		164,880
	4,171	Royal Dutch Shell PLC, Class B		137,011
	541	Santos Ltd.		2,688
	411	Tenaris SA		5,387
	2,569	TOTAL SA		144,158
	46	Washington H Soul Pattinson & Co. Ltd.		710
	153	Woodside Petroleum Ltd.		3,904
	291	WorleyParsons Ltd.		3,004
		Total Energy		1,066,712
		Food & Staples Retailing—4.0%
	3,341	Aeon Co. Ltd.		57,399
	3,461	Carrefour SA		66,925
	925	Casino Guichard Perrachon SA1		31,602
	120	Colruyt SA		6,969
	1,201	Dairy Farm International Holdings Ltd.		8,587
	174	FamilyMart UNY Holdings Co. Ltd.		4,154
	235	ICA Gruppen AB		10,111
	11,401	J Sainsbury PLC		28,432
	1,023	Jeronimo Martins SGPS SA		16,502
	2,421	Koninklijke Ahold Delhaize NV		54,529
	108	Lawson, Inc.		5,183
	1,787	METRO AG1		32,713
	1,430	Seven & i Holdings Co. Ltd.		48,419
	162	Sundrug Co. Ltd.		4,385
	20,080	Tesco PLC		57,935
	69	Tsuruha Holdings, Inc.		6,379
	157	Welcia Holdings Co. Ltd.		6,390
	6,813	Wm Morrison Supermarkets PLC1		17,463
	1,336	Woolworths Group Ltd.		31,154
		Total Food & Staples Retailing		495,231
		Food, Beverage & Tobacco—3.9%
	54	a2 Milk Co. Ltd.3		532
	454	Ajinomoto Co., Inc.		7,871
	408	Anheuser-Busch InBev SA		36,167
	369	Asahi Group Holdings Ltd.		16,594
	488	Associated British Foods PLC		15,297
	3	Barry Callebaut AG		6,025
	673	British American Tobacco PLC		23,546
	65	Calbee, Inc.		1,754
	44	Carlsberg A/S, Class B		5,842
	1	Chocoladefabriken Lindt & Spruengli AG		7,287
	421	Coca-Cola Amatil Ltd.		3,019

Shares			Value
		Common Stocks (continued)
		Food, Beverage & Tobacco (continued)
	300	Coca-Cola Bottlers Japan Holdings, Inc.	$	7,599
	182	Coca-Cola European Partners PLC		10,283
	168	Coca-Cola HBC AG3		6,355
	289	Danone SA		24,519
	150	Davide Campari-Milano SpA		1,472
	298	Diageo PLC		12,834
	28,565	Golden Agri-Resources Ltd.		6,123
	193	Heineken Holding NV		20,287
	182	Heineken NV		20,341
	580	Imperial Brands PLC		13,632
	784	Japan Tobacco, Inc.		17,315
	49	Kerry Group PLC, Class A		5,859
	68	Kikkoman Corp.		2,960
	698	Kirin Holdings Co. Ltd.		15,053
	127	MEIJI Holdings Co. Ltd.		9,077
	144	Mowi ASA		3,369
	716	Nestle SA		74,214
	212	NH Foods Ltd.		9,081
	176	Nisshin Seifun Group, Inc.		4,017
	54	Nissin Foods Holdings Co. Ltd.		3,478
	441	Orkla ASA		3,914
	45	Pernod Ricard SA		8,304
	7	Remy Cointreau SA1		1,011
	212	Suntory Beverage & Food Ltd.		9,219
	23	Swedish Match AB		972
	77	Toyo Suisan Kaisha Ltd.		3,173
	139	Treasury Wine Estates Ltd.		1,455
	139	Vitasoy International Holdings Ltd.		668
	17,859	WH Group Ltd.2		18,105
	13,142	Wilmar International Ltd.		35,940
	50	Yakult Honsha Co. Ltd.		2,947
	478	Yamazaki Baking Co. Ltd.		7,227
		Total Food, Beverage & Tobacco		484,737
		Health Care Equipment & Services—1.5%
	91	Alcon, Inc.3		5,626
	789	Alfresa Holdings Corp.		19,465
	14	Asahi Intecc Co. Ltd.		345
	26	BioMerieux		2,157
	11	Carl Zeiss Meditec AG		1,087
	6	Cochlear Ltd.		871
	17	Coloplast A/S, Class B		1,924
	50	Demant A/S3		1,557
	51	Fisher & Paykel Healthcare Corp. Ltd.		529
	186	Fresenius Medical Care AG & Co. KGaA		14,624
	539	Fresenius SE & Co. KGaA		29,267
	55	Hoya Corp.		4,213
	392	Koninklijke Philips NV		17,046
	40	M3, Inc.		731
	1,148	Medipal Holdings Corp.		25,349
	41	NMC Health PLC		1,254
	482	Olympus Corp.		5,351
	124	Ramsay Health Care Ltd.		6,286
	25	Ryman Healthcare Ltd.		197
	288	Siemens Healthineers AG2		12,171
	180	Smith & Nephew PLC		3,906
	175	Sonic Healthcare Ltd.		3,328
	10	Sonova Holding AG		2,275
	1	Straumann Holding AG		883

The accompanying notes are an integral part of these financial statements.

77

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services (continued)
	286	Suzuken Co. Ltd.	$	16,777
	30	Sysmex Corp.		1,957
	155	Terumo Corp.		4,618
		Total Health Care Equipment & Services		183,794
		Household & Personal Products—1.2%
	62	Beiersdorf AG1		7,452
	286	Essity AB, Class B		8,798
	115	Henkel AG & Co KGaA1		10,575
	135	Kao Corp.		10,287
	16	Kobayashi Pharmaceutical Co. Ltd.		1,145
	15	Kose Corp.		2,516
	137	Lion Corp.		2,552
	87	L’Oreal SA		24,819
	18	Pigeon Corp.		724
	64	Pola Orbis Holdings, Inc.		1,788
	161	Reckitt Benckiser Group PLC		12,733
	104	Shiseido Co. Ltd.		7,839
	167	Unicharm Corp.		5,028
	471	Unilever NV		28,728
	330	Unilever PLC		20,557
		Total Household & Personal Products		145,541
		Insurance—6.7%
	26	Admiral Group PLC		731
	4,326	Aegon NV		21,568
	156	Ageas		8,120
	2,215	AIA Group Ltd.		23,886
	267	Allianz SE		64,461
	2,863	Assicurazioni Generali SpA		53,992
	4,866	Aviva PLC		25,794
	3,333	AXA SA		87,679
	31	Baloise Holding AG		5,494
	1,228	CNP Assurances		27,913
	2,674	Dai-ichi Life Holdings, Inc.		40,331
	765	Direct Line Insurance Group PLC		3,230
	118	Gjensidige Forsikring ASA		2,378
	100	Hannover Rueck SE		16,194
	1,638	Insurance Australia Group Ltd.		9,495
	5,567	Japan Post Holdings Co. Ltd.		63,038
	3,197	Legal & General Group PLC		10,965
	5,621	Mapfre SA1		16,457
	1,954	Medibank Pvt Ltd.		4,786
	1,151	MS&AD Insurance Group Holdings, Inc.		36,536
	164	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		41,219
	285	NN Group NV		11,489
	1,427	Poste Italiane SpA2		15,048
	1,577	Prudential PLC		34,441
	1,145	QBE Insurance Group Ltd.		9,505
	919	RSA Insurance Group PLC		6,746
	156	Sampo OYJ, Class A		7,373
	334	SCOR SE		14,667
	685	Sompo Holdings, Inc.		26,455
	412	Sony Financial Holdings, Inc.		9,897
	667	Suncorp Group Ltd.		6,305
	22	Swiss Life Holding AG		10,916
	297	Swiss Re AG		30,230
	1,258	T&D Holdings, Inc.		13,655
	662	Tokio Marine Holdings, Inc.		33,174

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	69	Tryg A/S	$	2,247
	89	Zurich Insurance Group AG		31,027
		Total Insurance		827,442
		Materials—8.6%
	141	Air Liquide SA		19,758
	364	Air Water, Inc.		6,230
	84	Akzo Nobel NV		7,905
	933	Anglo American PLC		26,652
	340	Antofagasta PLC		4,023
	3,284	ArcelorMittal		58,850
	86	Arkema SA		8,009
	1,447	Asahi Kasei Corp.		15,425
	750	BASF SE		54,594
	676	BHP Group Ltd.		19,526
	571	BHP Group PLC		14,643
	782	BlueScope Steel Ltd.		6,613
	176	Boliden AB		4,504
	990	Boral Ltd.		3,557
	9	Chr Hansen Holding A/S		846
	270	Clariant AG3		5,496
	284	Covestro AG2		14,460
	715	CRH PLC		23,361
	22	Croda International PLC		1,434
	403	Daicel Corp.		3,583
	3	EMS-Chemie Holding AG		1,949
	448	Evonik Industries AG		13,066
	1,237	Evraz PLC		10,472
	1,466	Fletcher Building Ltd.		4,775
	876	Fortescue Metals Group Ltd.		5,545
	165	Fresnillo PLC1		1,827
	1	Givaudan SA		2,827
	46,280	Glencore PLC3		161,005
	202	HeidelbergCement AG		16,369
	180	Hitachi Chemical Co. Ltd.		4,888
	729	Hitachi Metals Ltd.		8,235
	86	Imerys SA		4,566
	937	Incitec Pivot Ltd.		2,242
	808	Israel Chemicals Ltd.		4,234
	149	James Hardie Industries PLC		1,955
	1,979	JFE Holdings, Inc.		29,068
	372	Johnson Matthey PLC		15,761
	252	JSR Corp.		3,979
	133	Kaneka Corp.		5,000
	189	Kansai Paint Co. Ltd.		3,963
	2,260	Kobe Steel Ltd.		14,788
	73	Koninklijke DSM NV		9,036
	380	Kuraray Co. Ltd.1		4,539
	406	LafargeHolcim Ltd.3		19,850
	115	LANXESS AG		6,844
	52	Maruichi Steel Tube Ltd.		1,445
	4,291	Mitsubishi Chemical Holdings Corp.		29,974
	410	Mitsubishi Gas Chemical Co., Inc.		5,465
	492	Mitsubishi Materials Corp.		13,996
	493	Mitsui Chemicals, Inc.		12,204
	239	Mondi PLC		5,445
	144	Newcrest Mining Ltd.		3,229
	119	Nippon Paint Holdings Co. Ltd.		4,617
	2,672	Nippon Steel Corp.		45,856

The accompanying notes are an integral part of these financial statements.

78

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	34	Nissan Chemical Corp.	$	1,532
	141	Nitto Denko Corp.		6,958
	3,806	Norsk Hydro ASA		13,615
	30	Novozymes A/S, Class B		1,401
	2,048	Oji Holdings Corp.		11,823
	212	Orica Ltd.		3,016
	99	Rio Tinto Ltd.		7,209
	395	Rio Tinto PLC		24,535
	129	Shin-Etsu Chemical Co. Ltd.		12,015
	255	Showa Denko KK1		7,503
	30	Sika AG		5,126
	280	Smurfit Kappa Group PLC		8,485
	101	Solvay SA		10,478
	2,414	South32 Ltd.		5,387
	590	Stora Enso OYJ, Class R		6,944
	3,558	Sumitomo Chemical Co. Ltd.		16,512
	276	Sumitomo Metal Mining Co. Ltd.		8,246
	28	Symrise AG		2,699
	223	Taiheiyo Cement Corp.		6,748
	254	Taiyo Nippon Sanso Corp.		5,394
	393	Teijin Ltd.		6,701
	2,358	thyssenkrupp AG		34,439
	2,488	Toray Industries, Inc.		18,917
	454	Tosoh Corp.		6,384
	298	Toyo Seikan Group Holdings Ltd.		5,913
	375	Umicore SA		12,043
	336	UPM-Kymmene OYJ		8,942
	394	voestalpine AG		12,191
	228	Yara International ASA		11,066
		Total Materials		1,060,705
		Media & Entertainment—0.9%
	46	Auto Trader Group PLC2		321
	51	Axel Springer SE1		3,598
	73	CyberAgent, Inc.		2,646
	203	Dentsu, Inc.		7,085
	68	Eutelsat Communications SA		1,273
	682	Hakuhodo DY Holdings, Inc		11,483
	287	Informa PLC		3,050
	2,255	ITV PLC		3,100
	91	JCDecaux SA		2,761
	18	Kakaku.Com, Inc.		348
	44	Konami Holdings Corp.		2,062
	51	LINE Corp.3		1,427
	119	Nexon Co. Ltd.3		1,725
	30	Nintendo Co. Ltd.		10,996
	409	Pearson PLC		4,265
	157	Publicis Groupe SA		8,301
	8	REA Group Ltd.		539
	110	RTL Group SA		5,642
	28	Schibsted ASA, Class B		730
	71	SES SA		1,112
	319	Singapore Press Holdings Ltd.		575
	43	Telenet Group Holding NV		2,399
	43	Toho Co. Ltd.		1,828
	22	Ubisoft Entertainment SA3		1,725
	452	Vivendi SA		12,462
	1,314	WPP PLC		16,559

Shares			Value
		Common Stocks (continued)
		Media & Entertainment (continued)
	2,353	Yahoo Japan Corp.	$	6,901
		Total Media & Entertainment		114,913
		Pharmaceuticals, Biotechnology & Life Sciences—2.7%
	707	Astellas Pharma, Inc.		10,073
	226	AstraZeneca PLC		18,518
	528	Bayer AG		36,642
	1	BeiGene Ltd.3,4		124
	65	Chugai Pharmaceutical Co. Ltd.		4,247
	44	CSL Ltd.		6,639
	143	Daiichi Sankyo Co. Ltd.		7,479
	80	Eisai Co. Ltd.		4,523
	7	Eurofins Scientific SE1,3		3,101
	2	Genmab A/S3		368
	1,559	GlaxoSmithKline PLC		31,282
	149	Grifols SA		4,412
	53	H Lundbeck A/S		2,097
	29	Hisamitsu Pharmaceutical Co., Inc.		1,145
	17	Ipsen SA		2,323
	142	Kyowa Hakko Kirin Co. Ltd.		2,556
	14	Lonza Group AG3		4,730
	38	Merck KGaA		3,980
	266	Mitsubishi Tanabe Pharma Corp.		2,963
	457	Novartis AG		41,810
	225	Novo Nordisk A/S, Class B		11,483
	125	Ono Pharmaceutical Co. Ltd.		2,241
	19	Orion OYJ, Class B		697
	265	Otsuka Holdings Co. Ltd.		8,648
	30	QIAGEN NV3		1,219
	30	Recordati SpA		1,252
	134	Roche Holding AG		37,747
	376	Sanofi		32,504
	110	Santen Pharmaceutical Co. Ltd.		1,822
	7	Sartorius Stedim Biotech		1,106
	44	Shionogi & Co. Ltd.		2,536
	146	Sumitomo Dainippon Pharma Co. Ltd.		2,768
	24	Taisho Pharmaceutical Holdings Co. Ltd.		1,842
	698	Takeda Pharmaceutical Co. Ltd.		24,768
	1,296	Teva Pharmaceutical Industries Ltd.3,4		11,962
	54	UCB SA		4,484
	9	Vifor Pharma AG		1,302
		Total Pharmaceuticals, Biotechnology & Life Sciences		337,393
		Real Estate—1.4%
	147	Aeon Mall Co. Ltd.		2,213
	77	Aroundtown SA		635
	238	Ascendas Real Estate Investment Trust		549
	11	Azrieli Group Ltd.		737
	111	British Land Co. PLC (The)		761
	161	CapitaLand Commercial Trust		258
	1,396	CapitaLand Ltd.		3,642
	266	CapitaLand Mall Trust		517
	388	City Developments Ltd.		2,716
	642	CK Asset Holdings Ltd.		5,025
	9	Covivio		944
	94	Daito Trust Construction Co. Ltd.		11,984
	1,000	Daiwa House Industry Co. Ltd.		29,154
	27	Deutsche Wohnen SE		992

The accompanying notes are an integral part of these financial statements.

79

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	54	Dexus	$	492
	4	Gecina SA		600
	110	Goodman Group		1,160
	102	GPT Group (The)		440
	417	Hang Lung Properties Ltd.		992
	391	Henderson Land Development Co. Ltd.		2,155
	305	Hongkong Land Holdings Ltd.		1,964
	246	Hulic Co. Ltd.1		1,977
	72	Hysan Development Co. Ltd.		372
	19	ICADE1		1,744
	521	Kerry Properties Ltd.		2,187
	33	Klepierre SA		1,108
	69	Land Securities Group PLC		732
	896	Lendlease Group		8,174
	141	Link REIT		1,733
	709	Mirvac Group		1,557
	485	Mitsubishi Estate Co. Ltd.		9,026
	581	Mitsui Fudosan Co. Ltd.		14,088
	5,105	New World Development Co. Ltd.		7,985
	204	Nomura Real Estate Holdings, Inc.		4,385
	559	Scentre Group		1,506
	52	Segro PLC		483
	662	Sino Land Co. Ltd.		1,110
	530	Stockland		1,551
	193	Sumitomo Realty & Development Co. Ltd.		6,893
	394	Sun Hung Kai Properties Ltd.		6,682
	159	Suntec Real Estate Investment Trust		228
	417	Swire Pacific Ltd., Class A		5,124
	364	Swire Properties Ltd.		1,470
	12	Swiss Prime Site AG3		1,049
	1,018	Tokyu Fudosan Holdings Corp.		5,622
	18	Unibail—Rodamco-Westfield		2,701
	267	UOL Group Ltd.		1,490
	415	Vicinity Centres		714
	47	Vonovia SE		2,248
	721	Wharf Holdings Ltd. (The)		1,910
	224	Wharf Real Estate Investment Co. Ltd.		1,578
	698	Wheelock & Co. Ltd.		5,003
		Total Real Estate		170,360
		Retailing—1.6%
	31	ABC-Mart, Inc.		2,020
	12	Delivery Hero SE2,3		545
	84	Dufry AG3		7,123
	28	Fast Retailing Co. Ltd.		16,926
	694	Harvey Norman Holdings Ltd.		1,982
	920	Hennes & Mauritz AB, Class B		16,397
	18	Hikari Tsushin, Inc.		3,925
	800	Industria de Diseno Textil SA		24,097
	1,059	Isetan Mitsukoshi Holdings Ltd.		8,591
	309	J Front Retailing Co. Ltd.		3,542
	610	Jardine Cycle & Carriage Ltd.		16,335
	4,078	Kingfisher PLC		11,154
	2,913	Marks & Spencer Group PLC1		7,811
	88	Marui Group Co. Ltd.		1,792
	10	Mercari, Inc.3		265
	59	Next PLC		4,149
	37	Nitori Holdings Co. Ltd.		4,904
	108	Ocado Group PLC3		1,604

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	113	Pan Pacific International Holdings Corp.	$	7,174
	819	Rakuten, Inc.		9,730
	17	Ryohin Keikaku Co. Ltd.		3,071
	55	Shimamura Co. Ltd.		4,109
	38	USS Co. Ltd.		749
	611	Wesfarmers Ltd.		15,504
	2,923	Yamada Denki Co. Ltd.		12,941
	108	Zalando SE2,3		4,799
	44	ZOZO, Inc.		825
		Total Retailing		192,064
		Semiconductors & Semiconductor Equipment—0.5%
	79	Advantest Corp.		2,174
	186	ASM Pacific Technology Ltd.		1,905
	49	ASML Holding NV		10,253
	7	Disco Corp.		1,149
	339	Infineon Technologies AG		6,003
	84	NXP Semiconductors NV		8,199
	1,037	Renesas Electronics Corp.3		5,149
	47	Rohm Co. Ltd.		3,158
	388	STMicroelectronics NV		6,893
	192	SUMCO Corp.1		2,285
	64	Tokyo Electron Ltd.		8,982
		Total Semiconductors & Semiconductor Equipment		56,150
		Software & Services—1.1%
	2	Adyen NV2,3		1,546
	56	Amadeus IT Group SA		4,442
	136	Atos SE		11,387
	95	Capgemini SE		11,830
	12	Check Point Software Technologies Ltd.3		1,387
	139	Computershare Ltd.		1,581
	2	CyberArk Software Ltd.3		256
	20	Dassault Systemes SE		3,195
	426	Fujitsu Ltd.		29,702
	3	GMO Payment Gateway, Inc.		206
	132	Itochu Techno-Solutions Corp.		3,384
	91	Micro Focus International PLC		2,390
	8	Nice Ltd.3		1,088
	231	Nomura Research Institute Ltd.		3,703
	1,346	NTT Data Corp.		17,928
	5	Obic Co. Ltd.		566
	20	Oracle Corp. Japan		1,461
	139	Otsuka Corp.		5,593
	201	Sage Group PLC (The)		2,053
	173	SAP SE		23,791
	4	Temenos AG3		717
	25	Trend Micro, Inc./Japan		1,115
	11	Wirecard AG		1,855
	4	Wix.com Ltd.3		568
	19	Worldline SA/France2,3		1,385
		Total Software & Services		133,129
		Technology Hardware & Equipment—2.5%
	387	Alps Alpine Co. Ltd.		6,523
	287	Brother Industries Ltd.		5,421
	1,227	Canon, Inc.1		35,828
	456	FUJIFILM Holdings Corp.		23,122
	51	Halma PLC		1,311

The accompanying notes are an integral part of these financial statements.

80

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Technology Hardware & Equipment (continued)
	30	Hamamatsu Photonics KK	$	1,168
	61	Hexagon AB, Class B		3,390
	8	Hirose Electric Co. Ltd.		893
	114	Hitachi High-Technologies Corp.		5,862
	1,950	Hitachi Ltd.		71,473
	29	Ingenico Group SA		2,569
	7	Keyence Corp.		4,297
	856	Konica Minolta, Inc.		8,334
	197	Kyocera Corp.		12,863
	262	Murata Manufacturing Co. Ltd.		11,770
	591	NEC Corp.		23,258
	89	Nippon Electric Glass Co. Ltd.		2,254
	3,983	Nokia OYJ		19,804
	130	Omron Corp.		6,781
	1,600	Ricoh Co. Ltd.		15,979
	594	Seiko Epson Corp.		9,400
	109	Shimadzu Corp.		2,673
	129	TDK Corp.		9,986
	1,692	Telefonaktiebolaget LM Ericsson, Class B		16,066
	176	Venture Corp. Ltd.		2,119
	100	Yaskawa Electric Corp.		3,397
	153	Yokogawa Electric Corp.		2,999
		Total Technology Hardware & Equipment		309,540
		Telecommunication Services—4.8%
	102	1&1 Drillisch AG		3,406
	9,212	BT Group PLC		23,033
	28	Cellnex Telecom SA2,3		1,038
	3,849	Deutsche Telekom AG		66,678
	38	Elisa OYJ		1,857
	2,305	HKT Trust & HKT Ltd.		3,658
	36	Iliad SA1		4,049
	1,528	KDDI Corp.		38,909
	1,663	Koninklijke KPN NV		5,113
	49	Millicom International Cellular SA		2,759
	1,948	Nippon Telegraph & Telephone Corp.		90,710
	1,419	NTT DOCOMO, Inc.		33,091
	2,367	Orange SA		37,374
	6,640	PCCW Ltd.		3,833
	186	Proximus SADP		5,490
	4,375	Singapore Telecommunications Ltd.		11,318
	2,016	Softbank Corp.		26,187
	1,482	SoftBank Group Corp.		71,046
	764	Spark New Zealand Ltd.		2,053
	19	Swisscom AG		9,551
	143	Tele2 AB, Class B		2,088
	23,156	Telecom Italia SpA3		12,663
	9,726	Telecom Italia SpA-RSP1		5,052
	2,005	Telefonica Deutschland Holding AG		5,610
	5,262	Telefonica SA		43,271
	502	Telenor ASA		10,663
	1,672	Telia Co. AB		7,432
	5,862	Telstra Corp. Ltd.		15,838
	317	TPG Telecom Ltd.		1,433
	128	United Internet AG		4,221
	24,351	Vodafone Group PLC		40,078
		Total Telecommunication Services		589,502

Shares			Value
		Common Stocks (continued)
		Transportation—3.1%
	11	A.P. Moeller—Maersk A/S, Class A	$	12,789
	10	A.P. Moeller—Maersk A/S, Class B		12,423
	20	Aena SME SA2		3,970
	23	Aeroports de Paris		4,065
	441	ANA Holdings, Inc.		14,605
	258	Atlantia SpA		6,731
	68	Auckland International Airport Ltd.		450
	472	Aurizon Holdings Ltd.		1,789
	3,510	Bollore SA		15,509
	68	Central Japan Railway Co.		13,620
	1,185	ComfortDelGro Corp. Ltd.		2,330
	1,560	Deutsche Lufthansa AG		26,772
	1,665	Deutsche Post AG		54,797
	111	DSV A/S		10,917
	229	East Japan Railway Co.		21,425
	489	easyJet PLC		5,932
	38	Fraport AG Frankfurt Airport Services Worldwide		3,272
	61	Getlink SE		979
	162	Hankyu Hanshin Holdings, Inc.		5,804
	316	Japan Airlines Co. Ltd.		10,098
	50	Japan Airport Terminal Co. Ltd.		2,132
	93	Kamigumi Co. Ltd.		2,201
	141	Keikyu Corp.		2,428
	49	Keio Corp.		3,225
	52	Keisei Electric Railway Co. Ltd.		1,894
	180	Kintetsu Group Holdings Co. Ltd.		8,621
	121	Kuehne + Nagel International AG		17,983
	100	Kyushu Railway Co.		2,914
	419	Mitsui OSK Lines Ltd.		10,030
	892	MTR Corp. Ltd.		6,006
	158	Nagoya Railroad Co. Ltd.		4,372
	298	Nippon Express Co. Ltd.		15,849
	898	Nippon Yusen KK		14,411
	154	Odakyu Electric Railway Co. Ltd.		3,769
	272	SATS Ltd.		1,049
	258	Seibu Holdings, Inc.		4,301
	299	SG Holdings Co. Ltd.		8,478
	1,388	Singapore Airlines Ltd.		9,510
	164	Sydney Airport		925
	146	Tobu Railway Co. Ltd.		4,255
	471	Tokyu Corp.		8,354
	219	Transurban Group		2,265
	138	West Japan Railway Co.		11,164
	578	Yamato Holdings Co. Ltd.		11,754
		Total Transportation		386,167
		Utilities—5.8%
	454	AGL Energy Ltd.		6,375
	187	APA Group		1,417
	797	AusNet Services		1,049
	25,626	Centrica PLC		28,629
	1,488	Chubu Electric Power Co., Inc.		20,875
	840	Chugoku Electric Power Co., Inc. (The)		10,588
	88	CK Infrastructure Holdings Ltd.		718
	820	CLP Holdings Ltd.		9,048
	2,554	E.ON SE		27,779
	3,795	EDP—Energias de Portugal SA		14,443
	295	Electric Power Development Co. Ltd.		6,703

The accompanying notes are an integral part of these financial statements.

81

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	4,161	Electricite de France SA	$	52,527
	40	Enagas SA1		1,069
	690	Endesa SA1		17,766
	10,091	Enel SpA		70,559
	3,422	Engie SA		51,986
	214	Fortum OYJ		4,736
	1,198	HK Electric Investments & HK Electric Investments Ltd.		1,227
	1,768	Hong Kong & China Gas Co. Ltd.		3,920
	3,274	Iberdrola SA		32,683
	659	Innogy SE2		31,295
	2,076	Kansai Electric Power Co., Inc. (The)		23,787
	1,525	Kyushu Electric Power Co., Inc.		14,975
	563	Meridian Energy Ltd.		1,796
	1,480	National Grid PLC		15,743
	712	Naturgy Energy Group SA		19,646
	114	Orsted A/S2		9,873
	528	Osaka Gas Co. Ltd.		9,199
	22	Power Assets Holdings Ltd.		158
	79	Red Electrica Corp. SA1		1,648
	418	RWE AG		10,315
	73	Severn Trent PLC		1,903
	464	Snam SpA		2,310
	1,704	SSE PLC		24,333
	1,111	Suez		16,055
	320	Terna Rete Elettrica Nazionale SpA		2,041
	80	Toho Gas Co. Ltd.		2,944
	1,459	Tohoku Electric Power Co., Inc.		14,747
	7,876	Tokyo Electric Power Co. Holdings, Inc.3		41,083
	535	Tokyo Gas Co. Ltd.		12,600
	2,299	Uniper SE1		69,720
	183	United Utilities Group PLC		1,823
	1,043	Veolia Environnement SA		25,442
	24	Verbund AG		1,257
		Total Utilities		718,790
		Total Common Stocks (Cost $12,465,082)		12,226,755
		Preferred Stocks—0.8%
		Automobiles & Components—0.7%
	107	Bayerische Motoren Werke AG, 6.20%		6,653
	1	Porsche Automobil Holding SE, 3.72%		65
	507	Volkswagen AG, 3.14%		85,578
		Total Automobiles & Components		92,296
		Capital Goods—0.0%5
	105,932	Rolls-Royce Holdings PLC3		135
	279,201	Rolls-Royce Holdings PLC, Class C3		355
		Total Capital Goods		490
		Health Care Equipment & Services—0.0%5
	4	Sartorius AG, 0.34%		822
		Household & Personal Products—0.1%
	74	Henkel AG & Co KGaA, 2.03%		7,249

Shares			Value
		Preferred Stocks (continued)
		Materials—0.0%5
	28	FUCHS PETROLUB SE, 2.60%1	$	1,103
		Total Preferred Stocks (Cost $99,744)		101,960
		Money Market Fund—0.0%5
	4,624	Premier U.S. Government Money Portfolio, 2.26%6,7 (Cost $4,624)		4,624
		Investment of Cash Collateral for Securities Loaned—2.8%
	257,104	Invesco Government & Agency Portfolio—Institutional Class, 2.27%6,7		257,104
	85,667	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%6,7		85,701
		Total Investment of Cash Collateral for Securities Loaned (Cost $342,802)		342,805
		Total Investments—102.6% (Cost $12,912,252)		12,676,144
		Liabilities in Excess of Other Assets—(2.6)%		(318,495	)
		Net Assets—100.0%	$	12,357,649

REIT—Real Estate Investment Trust

¹  All or a portion of the security was on loan. The aggregate value of the securities on loan was $324,914; total value of the collateral held by the Fund was $342,805.

²  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $139,067 or 1.13% of the Fund’s net assets at period end.

³  Non-income producing security.

⁴  American Depositary Receipt.

⁵  Less than 0.05%.

⁶  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 June 30, 2019.

⁷  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.

The accompanying notes are an integral part of these financial statements.

82

Invesco International Revenue ETF (REFA)(continued)

June 30, 2019

Geographical Holdings

Country	Value			% of Net Assets
Japan	$	4,275,106			34.6	%
France		1,502,717			12.2
Germany		1,451,221			11.7
United Kingdom		1,251,475			10.1
Netherlands		695,812			5.6
Switzerland		648,098			5.2
Australia		408,114			3.3
Spain		381,276			3.1
United States		365,184			3.0
Italy		313,484			2.5
Hong Kong		280,891			2.3
Sweden		194,437			1.6
Singapore		145,779			1.2
Norway		108,605			0.9
Denmark		105,839			0.9
Belgium		101,435			0.8
Finland		88,877			0.7
Luxembourg		74,092			0.6
Ireland		55,133			0.5
Austria		53,524			0.4
Portugal		44,777			0.4
Israel		35,162			0.3
South Africa		29,975			0.2
Macau		21,220			0.2
China		13,242			0.1
Russia		10,473			0.1
New Zealand		10,333			0.1
Chile		4,023			0.0	1
Colombia		2,759			0.0	1
Mexico		1,827			0.0	1
United Arab Emirates		1,254			0.0	1
Total Investments		12,676,144			102.6
Liabilities in Excess of Other Assets		(318,495	)		(2.6	)
Net Assets	$	12,357,649			100.0	%

¹  Less than 0.05%.

The accompanying notes are an integral part of these financial statements.

83

Schedule of Investments

Invesco Global Revenue ETF (RGLB)

June 30, 2019

Shares			Value
		Common Stocks—98.9%
		Automobiles & Components—6.4%
	503	Aisin Seiki Co. Ltd.	$	17,321
	134	Aptiv PLC		10,831
	5,000	BAIC Motor Corp. Ltd., Class H1		3,136
	533	Bayerische Motoren Werke AG		39,508
	551	Bridgestone Corp.2		21,694
	1,095	Daimler AG		61,009
	588	Denso Corp.		24,739
	2,796	Fiat Chrysler Automobiles NV		39,056
	5,343	Ford Motor Co.		54,659
	4,515	Geely Automobile Holdings Ltd.		7,721
	1,413	General Motors Co.		54,443
	2,113	Honda Motor Co. Ltd.		54,620
	73	Hyundai Mobis Co. Ltd.		14,889
	281	Hyundai Motor Co.		34,071
	1,006	Isuzu Motors Ltd.		11,457
	515	Kia Motors Corp.		19,625
	87	Lear Corp.		12,116
	356	Magna International, Inc.		17,752
	1,409	Mazda Motor Corp.		14,706
	2,350	Mitsubishi Motors Corp.		11,255
	201	NIO, Inc.2,3,4		513
	6,075	Nissan Motor Co. Ltd.		43,507
	1,386	Peugeot SA		34,203
	695	Pirelli & C SpA1		4,114
	459	Renault SA		28,901
	604	Subaru Corp.		14,682
	1,409	Sumitomo Electric Industries Ltd.		18,499
	375	Suzuki Motor Corp.		17,626
	5,569	Tata Motors Ltd.3		13,114
	38	Tesla, Inc.2,3		8,491
	1,907	Toyota Motor Corp.		118,378
	503	Yamaha Motor Co. Ltd.		8,940
		Total Automobiles & Components		835,576
		Banks—7.9%
	16,100	Agricultural Bank of China Ltd., Class A		8,439
	51	Al Rajhi Bank		947
	285	Alior Bank SA3		3,807
	746	Australia & New Zealand Banking Group Ltd.		14,768
	689	Axis Bank Ltd.3		8,071
	112	Banco BBVA Argentina SA4		1,268
	3,423	Banco Bilbao Vizcaya Argentaria SA		19,167
	3,343	Banco Bradesco SA		29,177
	55,418	Banco de Chile		8,154
	1,619	Banco do Brasil SA		22,786
	1,211	Banco Santander Brasil SA		14,364
	7,353	Banco Santander SA		34,168
	8,013	Bank Central Asia Tbk PT		17,002
	2,276	Bank Millennium SA3		5,713
	1,581	Bank of America Corp.		45,849
	1,200	Bank of Chengdu Co. Ltd., Class A3		1,543
	51,183	Bank of China Ltd., Class H		21,620
	8,900	Bank of Communications Co. Ltd., Class A		7,930
	2,317	BDO Unibank, Inc.		6,331
	677	BNP Paribas SA		32,199
	2,463	CaixaBank SA		7,063
	6,500	China CITIC Bank Corp. Ltd., Class A		5,650
	68,627	China Construction Bank Corp., Class H		59,118
	1,200	China Merchants Bank Co. Ltd., Class A		6,286

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	6,320	China Minsheng Banking Corp. Ltd., Class A	$	5,843
	629	Citigroup, Inc.		44,049
	473	Commercial International Bank Egypt SAE		2,091
	763	Commerzbank AG		5,491
	3,058	Credit Agricole SA		36,722
	501	DNB ASA		9,325
	9,644	Dubai Islamic Bank PJSC		13,469
	183	Erste Group Bank AG3		6,802
	6,035	Eurobank Ergasias SA3		5,945
	313	FinecoBank Banca Fineco SpA		3,497
	836	Grupo Financiero Banorte SAB de CV, Class O		4,846
	4,678	HSBC Holdings PLC		39,110
	1,770	ICICI Bank Ltd.		11,208
	34,481	Industrial & Commercial Bank of China Ltd., Class H		25,157
	1,651	ING Groep NV		19,170
	1,402	Israel Discount Bank Ltd., Class A		5,727
	526	JPMorgan Chase & Co.		58,807
	2,527	Kasikornbank PCL		15,491
	24,717	Lloyds Banking Group PLC		17,802
	11,230	Masraf Al Rayan QSC		11,750
	1,088	MCB Bank Ltd.		1,188
	6,110	Mitsubishi UFJ Financial Group, Inc.		29,036
	1,133	Moneta Money Bank AS1		3,884
	1,762	National Bank of Greece SA3		4,836
	78	National Commercial Bank		1,152
	189	OTP Bank Nyrt		7,535
	16,101	Postal Savings Bank of China Co. Ltd., Class H1,2		9,563
	488	Royal Bank of Canada		38,864
	3,680	Royal Bank of Scotland Group PLC		10,294
	96	Saudi British Bank (The)		1,060
	1,632	Sberbank of Russia PJSC4		25,100
	912	Security Bank Corp.		3,026
	5,031	Shanghai Commercial & Savings Bank Ltd. (The)		9,103
	891	Societe Generale SA		22,546
	1,459	Standard Chartered PLC		13,262
	4,277	State Bank of India3		22,383
	805	Sumitomo Mitsui Financial Group, Inc.		28,437
	18	SVB Financial Group3		4,043
	984	UniCredit SpA		12,131
	8,409	VTB Bank PJSC		10,579
	953	Wells Fargo & Co.		45,096
		Total Banks		1,026,840
		Capital Goods—10.4%
	1,167	ABB Ltd.		23,448
	396	ACS Actividades de Construccion y Servicios SA		15,833
	302	AGC, Inc.		10,441
	222	Airbus SE		31,521
	7,125	Alfa SAB de CV, Class A		6,995
	9,246	Alliance Global Group, Inc.		2,786
	112	ANDRITZ AG		4,222
	284	Arconic, Inc.		7,333
	1,952	BAE Systems PLC		12,307
	243	BOC Aviation Ltd.1		2,040
	99	Boeing Co. (The)		36,037
	3,120	Bombardier, Inc., Class B3		5,253
	531	Bouygues SA		19,695
	152	CAE, Inc.		4,096
	172	Caterpillar, Inc.		23,442

The accompanying notes are an integral part of these financial statements.

84

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	10,528	China Communications Construction Co. Ltd., Class H	$	9,420
	3,907	China Communications Services Corp. Ltd., Class H		3,031
	6,969	China Railway Construction Corp. Ltd., Class H		8,546
	10,603	China Railway Group Ltd., Class H		8,062
	2,900	China Shipbuilding Industry Co. Ltd., Class A		2,348
	3,814	China State Construction International Holdings Ltd.		3,915
	199	CIMIC Group Ltd.		6,252
	24,222	CITIC Ltd.		34,911
	133	CJ Corp.		11,634
	1,073	CNH Industrial NV		11,019
	100	Contemporary Amperex Technology Co. Ltd., Class A3		1,003
	76	Cummins, Inc.		13,022
	1,128	Daewoo Engineering & Construction Co. Ltd.3		4,826
	170	Daewoo Shipbuilding & Marine Engineering Co. Ltd.3		4,814
	124	DCC PLC		11,079
	108	Deere & Co.		17,897
	500	Dongfang Electric Corp. Ltd., Class A3		773
	802	Embraer SA		4,062
	147	Ferguson PLC		10,477
	286	Fluor Corp.		9,635
	5,540	Fosun International Ltd.		7,361
	101	Fuji Electric Co. Ltd.		3,483
	104	General Dynamics Corp.		18,909
	4,189	General Electric Co.		43,984
	172	GS Engineering & Construction Corp.		6,011
	622	Hanwha Corp.		14,383
	161	HD Supply Holdings, Inc.3		6,485
	48	HEICO Corp.2		6,423
	1,107	Hino Motors Ltd.		9,319
	200	Hitachi Construction Machinery Co. Ltd.		5,201
	101	HOCHTIEF AG		12,319
	29	Huntington Ingalls Industries, Inc.		6,517
	146	Hyundai Engineering & Construction Co. Ltd.		6,777
	43	Hyundai Heavy Industries Holdings Co. Ltd.		12,066
	302	IHI Corp.		7,280
	88	Ingersoll-Rand PLC		11,147
	1,934	ITOCHU Corp.		36,987
	103	Jacobs Engineering Group, Inc.		8,692
	692	Jardine Matheson Holdings Ltd.		43,610
	678	Jardine Strategic Holdings Ltd.		25,852
	201	JGC Corp.		2,757
	378	Johnson Controls International PLC		15,615
	600	JTEKT Corp.		7,273
	632	Kajima Corp.		8,670
	300	Kawasaki Heavy Industries Ltd.		7,053
	404	Kingspan Group PLC		21,973
	54	Knorr-Bremse AG		6,027
	5,591	KOC Holding AS		16,955
	479	Komatsu Ltd.		11,559
	56	Korea Shipbuilding & Offshore Engineering Co. Ltd.3		5,747
	604	Kubota Corp.		10,052
	491	Leonardo SpA		6,232
	604	LIXIL Group Corp.		9,553

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	65	Lockheed Martin Corp.	$	23,630
	3,825	Marubeni Corp.		25,313
	17,998	Metallurgical Corp. of China., Ltd., Class H		4,815
	300	MINEBEA MITSUMI, Inc.		5,082
	127	MISUMI Group, Inc.		3,185
	1,771	Mitsubishi Corp.		46,683
	1,363	Mitsubishi Electric Corp.		17,952
	403	Mitsubishi Heavy Industries Ltd.		17,547
	1,447	Mitsui & Co. Ltd.		23,557
	100	MonotaRO Co. Ltd.		2,437
	63	Nabtesco Corp.2		1,751
	42	Northrop Grumman Corp.		13,571
	704	NSK Ltd.		6,273
	1,000	Obayashi Corp.		9,848
	645	Posco International Corp.		10,251
	73	Raytheon Co.		12,693
	791	Rolls-Royce Holdings PLC3		8,460
	183	Samsung C&T Corp.		15,167
	226	Samsung Engineering Co. Ltd.3		3,357
	577	Samsung Heavy Industries Co. Ltd.3		4,078
	64	Schindler Holding AG		14,264
	600	Shenzhen Inovance Technology Co. Ltd., Class A3		2,001
	316	Siemens AG		37,641
	247	Siemens Gamesa Renewable Energy SA		4,112
	2,000	Sinotruk Hong Kong Ltd.		3,461
	198	SK Holdings Co. Ltd.		39,783
	231	SNC-Lavalin Group, Inc.		4,681
	42	Spirax-Sarco Engineering PLC		4,910
	64	Spirit AeroSystems Holdings, Inc., Class A		5,208
	1,409	Sumitomo Corp.		21,349
	200	Taisei Corp.		7,267
	185	Textron, Inc.		9,812
	457	Toshiba Corp.		14,231
	100	TOTO Ltd.		3,949
	805	Toyota Tsusho Corp.		24,395
	230	United Technologies Corp.		29,946
	54	Vestas Wind Systems A/S		4,672
	331	Vinci SA		33,947
	1,285	Volvo AB, Class B		20,407
	25	W.W. Grainger, Inc.		6,706
	59	Wabtec Corp.2		4,234
	1,752	Weichai Power Co. Ltd., Class H		2,960
		Total Capital Goods		1,360,033
		Commercial & Professional Services—0.8%
	81	Copart, Inc.3		6,054
	788	Country Garden Services Holdings Co. Ltd.		1,822
	500	Dai Nippon Printing Co. Ltd.		10,655
	2,457	G4S PLC		6,504
	194	ISS A/S		5,864
	129	ManpowerGroup, Inc.		12,461
	201	Persol Holdings Co. Ltd.		4,722
	275	Randstad NV		15,126
	302	Recruit Holdings Co. Ltd.		10,074
	1,233	Rentokil Initial PLC		6,238
	9	SGS SA		22,957
		Total Commercial & Professional Services		102,477

The accompanying notes are an integral part of these financial statements.

85

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Consumer Durables & Apparel—2.0%
	42	adidas AG	$	12,986
	89	Capri Holdings Ltd.3		3,087
	197	D.R. Horton, Inc.		8,497
	483	Electrolux AB, Series B		12,353
	26	Fila Korea Ltd.		1,727
	3,123	Haier Electronics Group Co. Ltd.3		8,634
	777	Husqvarna AB, Class B		7,274
	604	Iida Group Holdings Co. Ltd.		9,755
	312	LG Electronics, Inc.		21,428
	1,006	Li Ning Co. Ltd.		2,372
	71	LVMH Moet Hennessy Louis Vuitton SE		30,264
	288	Newell Brands, Inc.		4,441
	218	NIKE, Inc., Class B		18,301
	100	Oppein Home Group, Inc., Class A		1,567
	3,694	Panasonic Corp.		30,775
	58	Polaris Industries, Inc.		5,291
	185	PulteGroup, Inc.		5,850
	56	PVH Corp.		5,300
	201	Sega Sammy Holdings, Inc.		2,442
	906	Sharp Corp.		9,940
	539	Sony Corp.		28,256
	2,000	Tatung Co. Ltd.3		1,207
	141	Under Armour, Inc., Class A3		3,574
	101	VF Corp.		8,822
	78	Whirlpool Corp.		11,104
	2,724	Yue Yuen Industrial Holdings Ltd.		7,462
	1,300	Zhejiang Semir Garment Co. Ltd., Class A		2,093
		Total Consumer Durables & Apparel		264,802
		Consumer Services—0.9%
	1,378	Alsea SAB de CV3		2,710
	386	Aramark		13,919
	300	Benesse Holdings, Inc.		6,984
	1,006	China Education Group Holdings Ltd.		1,571
	6	Chipotle Mexican Grill, Inc.3		4,397
	102	Flight Centre Travel Group Ltd.		2,974
	110	Hilton Worldwide Holdings, Inc.		10,752
	87	Marriott International, Inc., Class A		12,205
	368	Melco Resorts & Entertainment Ltd.4		7,993
	345	MGM Resorts International		9,857
	7,666	Minor International PCL		10,249
	174	Saudi Airlines Catering Co.		3,962
	5,788	SJM Holdings Ltd.		6,586
	1,100	Songcheng Performance Development Co. Ltd., Class A		3,706
	128	Stars Group, Inc. (The)3		2,189
	2,183	Tabcorp Holdings Ltd.		6,817
	1,107	TUI AG		10,882
	142	Yum China Holdings, Inc.		6,560
		Total Consumer Services		124,313
		Diversified Financials—3.2%
	234	Ally Financial, Inc.		7,252
	62	Ameriprise Financial, Inc.		9,000
	129	ASX Ltd.		7,457
	258	AXA Equitable Holdings, Inc.		5,392
	201	Banco BTG Pactual SA		2,668
	259	Berkshire Hathaway, Inc., Class B3		55,211
	511	Brookfield Asset Management, Inc., Class A		24,499
	700	Caitong Securities Co. Ltd., Class A		1,119

Shares			Value
		Common Stocks (continued)
		Diversified Financials (continued)
	160	Capital One Financial Corp.	$	14,518
	34	Cboe Global Markets, Inc.		3,523
	166	Challenger Ltd.		773
	308	CI Financial Corp.		5,030
	1,485	Credit Suisse Group AG3		17,828
	2,093	Deutsche Bank AG		16,160
	400	East Money Information Co. Ltd., Class A		789
	864	EXOR NV		60,610
	23	FactSet Research Systems, Inc.		6,591
	96	Goldman Sachs Group, Inc. (The)		19,642
	135	GT Capital Holdings, Inc.		2,477
	5,810	Haci Omer Sabanci Holding AS		8,629
	101	Hargreaves Lansdown PLC		2,467
	100	Hithink RoyalFlush Information Network Co. Ltd., Class A		1,432
	900	Huaxi Securities Co., Ltd., Class A		1,376
	312	Jefferies Financial Group, Inc.		6,000
	134	KKR & Co., Inc., Class A		3,386
	9	MarketAxess Holdings, Inc.		2,893
	761	Meritz Securities Co. Ltd.		3,533
	475	Morgan Stanley		20,810
	1,500	Muangthai Capital PCL		2,764
	216	Onex Corp.		13,057
	726	ORIX Corp.		10,835
	180	Reinet Investments SCA		2,900
	46	S&P Global, Inc.		10,478
	700	SDIC Capital Co., Ltd., Class A		1,428
	4,031	Singapore Exchange Ltd.		23,597
	1,116	Standard Life Aberdeen PLC		4,184
	245	Synchrony Financial		8,494
	100	Tokyo Century Corp.		4,218
	1,849	UBS Group AG3		21,998
	121	Voya Financial, Inc.		6,691
		Total Diversified Financials		421,709
		Energy—11.0%
	634	Baker Hughes a GE Co.		15,615
	11,737	Banpu PCL		5,741
	2,878	Bharat Petroleum Corp. Ltd.		16,363
	15,122	BP PLC		105,582
	13,236	Bukit Asam Tbk PT		2,773
	426	Caltex Australia Ltd.		7,399
	650	Cenovus Energy, Inc.		5,745
	497	Chevron Corp.		61,847
	3,332	China Oilfield Services Ltd., Class H		3,297
	54,325	China Petroleum & Chemical Corp., Class H		36,924
	11,281	CNOOC Ltd.		19,291
	507	ConocoPhillips		30,927
	796	Empresas COPEC SA		8,704
	459	Enbridge, Inc.		16,614
	2,170	Eni SpA		36,094
	224	EOG Resources, Inc.		20,868
	1,486	Equinor ASA		29,359
	1,329	Exxon Mobil Corp.		101,841
	7,234	Gazprom PJSC4		52,996
	202	Grupa Lotos SA		4,588
	4,800	Guanghui Energy Co., Ltd., Class A		2,488
	3,533	Hindustan Petroleum Corp. Ltd.		14,845
	187	HollyFrontier Corp.		8,654
	688	Idemitsu Kosan Co. Ltd.		20,690

The accompanying notes are an integral part of these financial statements.

86

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	12,010	Indian Oil Corp. Ltd.	$	27,125
	1,113	John Wood Group PLC		6,403
	7,246	JXTG Holdings, Inc.		35,941
	626	LUKOIL PJSC4		52,847
	669	Marathon Petroleum Corp.		37,384
	258	Neste OYJ		8,767
	8,377	Oil & Natural Gas Corp. Ltd.		20,358
	209	OMV AG		10,199
	831	Origin Energy Ltd.		4,263
	18,300	PetroChina Co. Ltd., Class A		18,331
	4,448	Petroleo Brasileiro SA		34,840
	473	Phillips 66		44,244
	583	Plains GP Holdings LP, Class A3		14,557
	451	Polski Koncern Naftowy ORLEN SA		10,882
	552	PrairieSky Royalty Ltd.		7,773
	21,065	PTT PCL		33,486
	620	Qatar Fuel QSC		3,654
	209	Rabigh Refining & Petrochemical Co.3		1,151
	1,627	Reliance Industries Ltd.3		29,536
	1,474	Repsol SA		23,139
	6,825	Rosneft Oil Co. PJSC3		44,704
	4,287	Royal Dutch Shell PLC, Class A		140,357
	143	SK Innovation Co. Ltd.		19,692
	147	S-Oil Corp.		10,656
	565	TechnipFMC PLC		14,656
	1,366	TOTAL SA		76,652
	452	Tupras Turkiye Petrol Rafinerileri AS		8,987
	2,109	Ultrapar Participacoes SA		11,060
	493	Valero Energy Corp.		42,206
	101	Washington H Soul Pattinson & Co. Ltd.		1,559
	512	WorleyParsons Ltd.		5,285
	1,200	Yanzhou Coal Mining Co. Ltd., Class A		1,899
	112	YPF SA4		2,040
		Total Energy		1,433,878
		Food & Staples Retailing—5.3%
	1,711	Aeon Co. Ltd.		29,395
	300	Alimentation Couche-Tard, Inc., Class B		18,919
	5,134	Berli Jucker PCL		8,454
	529	Bid Corp. Ltd.		11,517
	1,745	Carrefour SA		33,743
	450	Casino Guichard Perrachon SA2		15,374
	433	Clicks Group Ltd.		6,304
	225	Costco Wholesale Corp.		59,459
	298	Empire Co. Ltd., Class A		7,521
	294	George Weston Ltd.		22,357
	6,176	J Sainsbury PLC		15,402
	1,258	Koninklijke Ahold Delhaize NV		28,334
	1,720	Kroger Co. (The)		37,341
	743	Magnit PJSC		10,829
	886	METRO AG2		16,219
	191	Raia Drogasil SA		3,792
	805	Seven & i Holdings Co. Ltd.		27,257
	7,064	Sun Art Retail Group Ltd.		6,691
	389	Sysco Corp.		27,510
	10,064	Tesco PLC		29,037
	944	Walgreens Boots Alliance, Inc.		51,609
	4,338	Wal-Mart de Mexico SAB de CV		11,832
	1,761	Walmart, Inc.		194,573
	100	Welcia Holdings Co. Ltd.		4,070

Shares			Value
		Common Stocks (continued)
		Food & Staples Retailing (continued)
	859	Woolworths Group Ltd.	$	20,031
		Total Food & Staples Retailing		697,570
		Food, Beverage & Tobacco—3.6%
	302	Ajinomoto Co., Inc.		5,236
	1,757	Anadolu Efes Biracilik Ve Malt Sanayii AS		6,042
	352	Anheuser-Busch InBev SA		31,203
	504	Arca Continental SAB de CV		2,724
	624	Archer-Daniels-Midland Co.		25,459
	180	Asahi Group Holdings Ltd.		8,094
	289	Associated British Foods PLC		9,059
	419	BRF SA3		3,227
	314	British American Tobacco PLC		10,986
	334	Bunge Ltd.		18,607
	101	Calbee, Inc.		2,726
	11,316	Charoen Pokphand Foods PCL		10,424
	20,125	China Agri-Industries Holdings Ltd.		6,466
	845	China Mengniu Dairy Co. Ltd.3		3,272
	1,073	China Resources Beer Holdings Co. Ltd.		5,095
	34	CJ CheilJedang Corp.		8,746
	388	Coca-Cola Amatil Ltd.		2,783
	184	Coca-Cola Bottlers Japan Holdings, Inc.		4,661
	449	Fomento Economico Mexicano SAB de CV		4,346
	5,153	Genting Plantations Bhd		12,469
	2,266	Grupo Bimbo SAB de CV, Series A		4,721
	205	Hormel Foods Corp.2		8,311
	12,130	Indofood Sukses Makmur Tbk PT		6,032
	59	Ingredion, Inc.		4,867
	490	Japan Tobacco, Inc.		10,822
	2,914	JBS SA		16,134
	100	Kikkoman Corp.		4,353
	346	Kirin Holdings Co. Ltd.		7,462
	40	Lamb Weston Holdings, Inc.		2,534
	101	MEIJI Holdings Co. Ltd.		7,218
	93	Molson Coors Brewing Co., Class B		5,208
	276	Mondelez International, Inc., Class A		14,876
	466	Nestle SA		48,301
	201	Nisshin Seifun Group, Inc.		4,588
	6	Ottogi Corp.		3,560
	212	PepsiCo, Inc.		27,800
	145	Philip Morris International, Inc.		11,387
	4,000	QL Resources Bhd		6,621
	215	Saputo, Inc.		6,450
	7,522	Sime Darby Plantation Bhd		8,955
	2,456	Standard Foods Corp.		4,800
	289	Tiger Brands Ltd.		4,585
	2,617	Tingyi Cayman Islands Holding Corp.		4,368
	101	Toyo Suisan Kaisha Ltd.		4,162
	158	Tyson Foods, Inc., Class A		12,757
	200	Wens Foodstuffs Group Co. Ltd., Class A		1,044
	10,844	WH Group Ltd.1		10,993
	12,343	Wilmar International Ltd.		33,755
	302	Yamazaki Baking Co. Ltd.		4,566
		Total Food, Beverage & Tobacco		472,855
		Health Care Equipment & Services—5.1%
	450	Aier Eye Hospital Group Co. Ltd., Class A		2,029
	604	Alfresa Holdings Corp.		14,901
	815	AmerisourceBergen Corp.		69,487
	131	Anthem, Inc.		36,970

The accompanying notes are an integral part of these financial statements.

87

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services (continued)
	200	Asahi Intecc Co. Ltd.	$	4,927
	1,133	Cardinal Health, Inc.		53,364
	33	Carl Zeiss Meditec AG		3,260
	451	Centene Corp.3		23,650
	335	Cigna Corp.		52,779
	1,612	CVS Health Corp.		87,838
	154	DaVita, Inc.3		8,664
	20	DexCom, Inc.3		2,997
	421	Fisher & Paykel Healthcare Corp. Ltd.		4,372
	135	Fresenius Medical Care AG & Co. KGaA		10,614
	289	Fresenius SE & Co. KGaA		15,692
	159	HCA Healthcare, Inc.		21,492
	7,754	IHH Healthcare Bhd		10,883
	500	Lepu Medical Technology Beijing Co. Ltd., Class A		1,676
	599	McKesson Corp.		80,500
	805	Medipal Holdings Corp.		17,775
	302	Notre Dame Intermedica Participacoes SA		3,177
	100	Shenzhen MindrayBio-Medical Electronics Co. Ltd., Class A		2,376
	272	Siemens Healthineers AG1		11,495
	88	STERIS PLC		13,101
	224	Suzuken Co. Ltd.		13,140
	341	UnitedHealth Group, Inc.		83,207
	37	WellCare Health Plans, Inc.3		10,548
		Total Health Care Equipment & Services		660,914
		Household & Personal Products—0.9%
	20	Amorepacific Corp.		2,849
	78	AMOREPACIFIC Group		4,208
	349	Coty, Inc., Class A		4,677
	491	Essity AB, Class B		15,103
	610	Hengan International Group Co. Ltd.		4,486
	315	Natura Cosmeticos SA		4,643
	100	Pigeon Corp.		4,024
	312	Procter & Gamble Co. (The)		34,211
	101	Shiseido Co. Ltd.		7,613
	2,911	Unilever Indonesia Tbk PT		9,272
	482	Unilever NV		29,399
		Total Household & Personal Products		120,485
		Insurance—5.2%
	1,829	Aegon NV		9,119
	189	Aflac, Inc.		10,359
	2,429	AIA Group Ltd.		26,194
	7	Alleghany Corp.3		4,768
	116	Allianz SE		28,005
	155	Allstate Corp. (The)		15,762
	205	American International Group, Inc.		10,922
	38	Aon PLC		7,333
	84	Arthur J. Gallagher & Co.		7,358
	1,229	Assicurazioni Generali SpA		23,177
	44	Assurant, Inc.		4,681
	2,408	Aviva PLC		12,764
	1,671	AXA SA		43,958
	3,796	China Life Insurance Co. Ltd., Class H		9,349
	1,512	China Pacific Insurance Group Co. Ltd., Class H		5,913
	3,094	China Taiping Insurance Holdings Co. Ltd.3		8,277
	90	Chubb Ltd.		13,256
	52	Cincinnati Financial Corp.		5,391

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	796	CNP Assurances	$	18,093
	1,308	Dai-ichi Life Holdings, Inc.		19,728
	113	DB Insurance Co. Ltd.		5,803
	1,147	Direct Line Insurance Group PLC		4,844
	16	Erie Indemnity Co., Class A		4,068
	10	Everest Re Group Ltd.		2,472
	11	Fairfax Financial Holdings Ltd.		5,411
	94	Fidelity National Financial, Inc.		3,788
	477	Great-West Lifeco, Inc.		11,006
	2,719	Hanwha Life Insurance Co. Ltd.		7,712
	197	Hyundai Marine & Fire Insurance Co. Ltd.		4,854
	85	iA Financial Corp., Inc.		3,470
	102	ICICI Lombard General Insurance Co. Ltd.1		1,644
	792	Insurance Australia Group Ltd.		4,591
	58	Intact Financial Corp.		5,371
	2,415	Japan Post Holdings Co. Ltd.		27,346
	855	Liberty Holdings Ltd.		6,406
	78	Loews Corp.		4,264
	360	Manulife Financial Corp.		6,557
	2,171	Mapfre SA2		6,356
	5	Markel Corp.3		5,448
	1,197	Medibank Pvt Ltd.		2,932
	330	MetLife, Inc.		16,391
	604	MS&AD Insurance Group Holdings, Inc.		19,173
	75	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		18,850
	12,547	People’s Insurance Co. Group of China Ltd. (The), Class H		4,898
	4,887	PICC Property & Casualty Co. Ltd., Class H		5,273
	1,340	Ping An Insurance Group Co. of China Ltd., Class H		16,089
	566	Poste Italiane SpA1		5,969
	375	Power Corp. of Canada		8,095
	464	Power Financial Corp.		10,695
	223	Powszechny Zaklad Ubezpieczen SA		2,611
	135	Prudential Financial, Inc.		13,635
	765	Prudential PLC		16,707
	371	QBE Insurance Group Ltd.		3,080
	39	Reinsurance Group of America, Inc.		6,085
	11	RenaissanceRe Holdings Ltd.		1,958
	774	RSA Insurance Group PLC		5,682
	36	Samsung Fire & Marine Insurance Co. Ltd.		8,356
	125	Samsung Life Insurance Co. Ltd.		9,050
	228	SCOR SE		10,012
	302	Sompo Holdings, Inc.		11,663
	201	Sony Financial Holdings, Inc.		4,828
	255	Sul America SA		2,496
	159	Sun Life Financial, Inc.		6,599
	227	Suncorp Group Ltd.		2,146
	600	T&D Holdings, Inc.		6,513
	302	Tokio Marine Holdings, Inc.		15,134
	54	Torchmark Corp.		4,831
	84	Travelers Cos., Inc. (The)		12,560
	110	Unum Group		3,691
	108	W.R. Berkley Corp.		7,120
	30	Willis Towers Watson PLC		5,746
		Total Insurance		674,686

The accompanying notes are an integral part of these financial statements.

88

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Materials—6.7%
	64	Advanced Petrochemical Co.	$	1,024
	135	Akzo Nobel NV		12,705
	1,700	Aluminum Corp of China Ltd., Class A3		970
	10,775	Aluminum Corp. of China Ltd., Class H3		3,820
	1,905	Ambuja Cements Ltd.		5,874
	652	Amcor PLC3		7,491
	89	Anglo American Platinum Ltd.		5,282
	534	AngloGold Ashanti Ltd.		9,619
	1,765	ArcelorMittal		31,629
	1,003	Asahi Kasei Corp.		10,692
	86	Avery Dennison Corp.		9,949
	127	Ball Corp.		8,889
	12,027	Barito Pacific Tbk PT		2,733
	463	BASF SE		33,703
	481	BlueScope Steel Ltd.		4,067
	320	Boliden AB		8,190
	102	CCL Industries, Inc., Class B		5,013
	11,953	Cemex SAB de CV		5,033
	181	Chemours Co. (The)		4,344
	8,000	China Hongqiao Group Ltd.		5,642
	6,260	China National Building Material Co. Ltd., Class H		5,489
	6,000	China Oriental Group Co. Ltd.		3,510
	253	Corteva, Inc.3		7,481
	186	Covestro AG1		9,470
	104	Crown Holdings, Inc.3		6,354
	448	Dow, Inc.		22,091
	253	DuPont de Nemours, Inc.		18,993
	765	Evraz PLC		6,477
	4,025	Formosa Chemicals & Fibre Corp.		13,348
	807	Freeport-McMoRan, Inc.		9,369
	21,274	Glencore PLC3		74,011
	573	Grasim Industries Ltd.		7,588
	1,715	Grupo Mexico SAB de CV, Series B		4,550
	134	HeidelbergCement AG		10,859
	900	Hengyi Petrochemical Co. Ltd., Class A		1,790
	3,052	Hindalco Industries Ltd.		9,155
	6,400	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		3,066
	254	International Paper Co.		11,003
	153	Jastrzebska Spolka Weglowa SA3		1,937
	1,100	JFE Holdings, Inc.		16,157
	7,836	Jiangxi Copper Co. Ltd., Class H		10,431
	317	Johnson Matthey PLC		13,431
	1,132	Kinross Gold Corp.3		4,383
	51	Kirkland Lake Gold Ltd.		2,202
	1,409	Kobe Steel Ltd.		9,220
	131	Kumba Iron Ore Ltd.		4,639
	333	LafargeHolcim Ltd.3		16,281
	42	LG Chem Ltd.		12,895
	34	Lotte Chemical Corp.		7,435
	256	LyondellBasell Industries NV, Class A		22,049
	6,000	Maanshan Iron & Steel Co. Ltd., Class H		2,381
	302	Maruichi Steel Tube Ltd.		8,390
	1,659	Mexichem SAB de CV		3,479
	2,486	Mitsubishi Chemical Holdings Corp.		17,366
	300	Mitsubishi Materials Corp.		8,534
	678	MMC Norilsk Nickel PJSC4		15,397
	8,050	Nan Ya Plastics Corp.		20,372
	4,807	Nine Dragons Paper Holdings Ltd.3		4,264
	100	Nippon Paint Holdings Co. Ltd.		3,880

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	1,691	Nippon Steel Corp.	$	29,020
	1,200	Oji Holdings Corp.		6,928
	406	Orica Ltd.		5,775
	3,491	Pabrik Kertas Tjiwi Kimia Tbk PT		3,107
	335	Pidilite Industries Ltd.		5,894
	131	POSCO		27,740
	47	POSCO Chemical Co., Ltd.		2,182
	1,450	Sappi Ltd.		5,644
	360	Sasol Ltd.		8,941
	46	Saudi Arabian Fertilizer Co.		1,040
	70	Saudi Arabian Mining Co.3		907
	262	Saudi Basic Industries Corp.		7,978
	1,624	South32 Ltd.		3,624
	140	Southern Copper Corp.		5,439
	2,683	Sumitomo Chemical Co. Ltd.		12,451
	200	Sumitomo Metal Mining Co. Ltd.		5,976
	200	Taiheiyo Cement Corp.		6,052
	1,593	Tata Steel Ltd.		11,640
	246	Teck Resources Ltd., Class B		5,689
	1,239	thyssenkrupp AG		18,096
	13,600	Tongling Nonferrous Metals Group Co. Ltd., Class A		4,871
	1,777	Toray Industries, Inc.		13,511
	201	Toyo Seikan Group Holdings Ltd.		3,989
	2,100	Transfar Zhilian Co. Ltd., Class A		2,302
	411	Umicore SA		13,199
	1,282	Vale SA		17,334
	2,861	Vedanta Ltd.		7,226
	54	West Fraser Timber Co. Ltd.		2,467
	88	Westlake Chemical Corp.		6,112
	226	WestRock Co.		8,242
	228	Wheaton Precious Metals Corp.		5,526
	74	Yanbu National Petrochemical Co.		1,243
	184	Yara International ASA		8,930
	3,185	Zhaojin Mining Industry Co. Ltd., Class H		3,567
		Total Materials		879,038
		Media & Entertainment—1.8%
	42	Alphabet, Inc., Class A3		45,478
	132	Altice USA, Inc., Class A3		3,214
	46	Charter Communications, Inc., Class A3		18,178
	400	China Literature Ltd.1,3		1,884
	858	Comcast Corp., Class A		36,276
	100	CyberAgent, Inc.		3,624
	188	Fox Corp., Class A		6,888
	1,402	Grupo Televisa SAB, Series CPO		2,368
	503	Hakuhodo DY Holdings, Inc		8,469
	245	Liberty Global PLC, Class A3		6,613
	114	Live Nation Entertainment, Inc.3		7,553
	300	Mango Excellent Media Co. Ltd., Class A3		1,793
	295	Megacable Holdings SAB de CV		1,252
	20	Netflix, Inc.3		7,346
	672	News Corp., Class A		9,065
	453	Pearson PLC		4,724
	254	Quebecor, Inc., Class B		6,063
	63	Schibsted ASA, Class B		1,643
	142	Snap, Inc., Class A3		2,031
	448	Tencent Holdings Ltd.		20,220
	100	Tencent Music Entertainment Group2,3,4		1,499
	221	Viacom, Inc., Class B		6,601

The accompanying notes are an integral part of these financial statements.

89

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Media & Entertainment (continued)
	225	Walt Disney Co. (The)	$	31,419
	1,912	Yahoo Japan Corp.		5,608
		Total Media & Entertainment		239,809
		Pharmaceuticals, Biotechnology & Life Sciences—2.6%
	157	AbbVie, Inc.		11,417
	49	Allergan PLC		8,204
	79	Amgen, Inc.		14,558
	148	AstraZeneca PLC		12,127
	138	Bausch Health Cos., Inc.3		3,489
	253	Bayer AG		17,558
	231	Bristol-Myers Squibb Co.		10,476
	7	Canopy Growth Corp.3		283
	69	Celgene Corp.3		6,378
	7,612	China Resources Pharmaceutical Group Ltd.1		8,584
	200	Chongqing Zhifei Biological Products Co. Ltd., Class A		1,255
	88	Divi’s Laboratories Ltd.		2,036
	121	Elanco Animal Health, Inc.3		4,090
	10	Exact Sciences Corp.3		1,180
	171	Gilead Sciences, Inc.		11,553
	936	GlaxoSmithKline PLC		18,781
	100	Hangzhou Tigermed Consulting Co. Ltd., Class A3		1,123
	14	Ionis Pharmaceuticals, Inc.3		900
	52	IQVIA Holdings, Inc.3		8,367
	249	Johnson & Johnson		34,681
	243	Merck & Co., Inc.		20,376
	262	Mylan NV3		4,988
	139	Novo Nordisk A/S, Class B		7,094
	56	PerkinElmer, Inc.		5,395
	70	Perrigo Co. PLC		3,333
	577	Pfizer, Inc.		24,996
	101	Roche Holding AG		28,451
	261	Sanofi		22,562
	26	Sartorius Stedim Biotech		4,107
	100	Shenzhen Kangtai Biological Products Co. Ltd., Class A3		764
	406	Takeda Pharmaceutical Co. Ltd.		14,406
	585	Teva Pharmaceutical Industries Ltd.3,4		5,400
	50	Thermo Fisher Scientific, Inc.		14,684
	141	WuXi AppTec Co. Ltd., Class H1		1,236
		Total Pharmaceuticals, Biotechnology & Life Sciences		334,832
		Real Estate—1.9%
	2,366	Agile Group Holdings Ltd.		3,168
	278	Aroundtown SA		2,294
	97	Camden Property Trust		10,126
	245	CBRE Group, Inc., Class A3		12,568
	1,006	China Aoyuan Group Ltd.		1,414
	7,206	China Evergrande Group2		20,200
	4,348	China Jinmao Holdings Group Ltd.		2,644
	1,729	China Overseas Land & Investment Ltd.		6,374
	2,293	China Resources Land Ltd.		10,096
	12,939	Country Garden Holdings Co. Ltd.		19,675
	101	Daito Trust Construction Co. Ltd.		12,876
	448	Daiwa House Industry Co. Ltd.		13,061
	3,305	Emaar Development PJSC		3,608
	81	Equity LifeStyle Properties, Inc.		9,828
	394	First Capital Realty, Inc.2		6,591

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	2,000	Future Land Development Holdings Ltd.	$	2,632
	449	H&R Real Estate Investment Trust		7,848
	59	Jones Lang LaSalle, Inc.		8,301
	5,031	Kaisa Group Holdings Ltd.3		2,486
	31	Land & Houses PCL		11
	439	Lendlease Group		4,005
	1,902	Longfor Group Holdings Ltd		7,170
	18,192	Megaworld Corp.3		2,166
	696	Mirvac Group		1,529
	403	Mitsui Fudosan Co. Ltd.		9,772
	201	Nomura Real Estate Holdings, Inc.		4,321
	1,100	Oceanwide Holdings Co. Ltd., Class A		894
	35	Public Storage		8,336
	481	RioCan Real Estate Investment Trust		9,567
	4,959	Robinsons Land Corp.		2,550
	8,050	Shenzhen Investment Ltd.		2,967
	1,731	Shimao Property Holdings Ltd.		5,273
	10,300	Sime Darby Property Bhd		2,567
	5,818	Sino-Ocean Group Holding Ltd.		2,472
	323	SmartCentres Real Estate Investment Trust2		8,209
	74	Sun Communities, Inc.		9,486
	704	Tokyu Fudosan Holdings Corp.		3,888
	117	WP Carey, Inc.		9,498
		Total Real Estate		250,471
		Retailing—3.7%
	41	Advance Auto Parts, Inc.		6,320
	98	Alibaba Group Holding Ltd.3,4		16,606
	44	Amazon.com, Inc.3		83,320
	200	B2W Cia Digital3		1,707
	266	Best Buy Co., Inc.		18,548
	27	Burlington Stores, Inc.3		4,594
	89	Canadian Tire Corp. Ltd., Class A		9,718
	120	CarMax, Inc.3		10,420
	118	Dollar General Corp.		15,949
	105	Dollar Tree, Inc.3		11,276
	370	Gap, Inc. (The)		6,649
	145	Genuine Parts Co.		15,019
	49,531	GOME Retail Holdings Ltd.3		5,325
	28	GrubHub, Inc.3		2,184
	588	Hennes & Mauritz AB, Class B		10,480
	231	Home Depot, Inc. (The)		48,041
	906	Isetan Mitsukoshi Holdings Ltd.		7,350
	20	Jarir Marketing Co.		881
	723	JD.com, Inc.3,4		21,900
	2,853	Kingfisher PLC		7,803
	151	Kohl’s Corp.		7,180
	265	L Brands, Inc.		6,916
	59	Lotte Shopping Co. Ltd.		8,201
	254	Lowe’s Cos., Inc.		25,631
	486	Macy’s, Inc.		10,429
	100	Magazine Luiza SA		5,508
	3,169	Marks & Spencer Group PLC2		8,498
	500	Meituan Dianping, Class B3		4,384
	217	Nordstrom, Inc.2		6,914
	124	Ocado Group PLC3		1,842
	2,013	Petrobras Distribuidora SA		13,131
	500	Qurate Retail, Inc.3		6,195
	399	Target Corp.		34,557
	495	Vipshop Holdings Ltd.3,4		4,272

The accompanying notes are an integral part of these financial statements.

90

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	14	Wayfair, Inc., Class A3	$	2,044
	568	Wesfarmers Ltd.		14,413
	2,200	Yamada Denki Co. Ltd.		9,740
	2,516	Zhongsheng Group Holdings Ltd.		7,004
	100	ZOZO, Inc.		1,874
		Total Retailing		482,823
		Semiconductors & Semiconductor Equipment—1.1%
	201	Advantest Corp.		5,531
	716	Intel Corp.		34,275
	473	Micron Technology, Inc.3		18,253
	126	NXP Semiconductors NV		12,299
	156	QUALCOMM, Inc.		11,867
	1,409	Renesas Electronics Corp.3		6,997
	319	SK Hynix, Inc.		19,201
	3,968	Taiwan Semiconductor Manufacturing Co. Ltd.		30,533
	6,000	Xinyi Solar Holdings Ltd.		2,957
		Total Semiconductors & Semiconductor Equipment		141,913
		Software & Services—2.4%
	300	360 Security Technology, Inc., Class A3		934
	114	Accenture PLC, Class A		21,064
	2	Adyen NV1,3		1,546
	30	Alliance Data Systems Corp.		4,204
	75	Atos SE		6,279
	72	Automatic Data Processing, Inc.		11,904
	48	Cadence Design Systems, Inc.3		3,399
	108	CGI, Inc.3		8,321
	21	Check Point Software Technologies Ltd.3		2,428
	146	Cognizant Technology Solutions Corp., Class A		9,255
	174	Computershare Ltd.		1,979
	3	Constellation Software, Inc.		2,834
	23	DocuSign, Inc.3		1,143
	55	Dropbox, Inc., Class A3		1,378
	173	DXC Technology Co.		9,541
	26	EPAM Systems, Inc.3		4,501
	26	Fortinet, Inc.3		1,998
	191	Fujitsu Ltd.		13,317
	83	GoDaddy, Inc., Class A3		5,822
	301	HCL Technologies Ltd.		4,642
	671	Infosys Ltd.		7,116
	235	International Business Machines Corp.		32,406
	101	Itochu Techno-Solutions Corp.		2,589
	43	Jack Henry & Associates, Inc.		5,759
	87	Leidos Holdings, Inc.		6,947
	354	Microsoft Corp.		47,422
	6	MongoDB, Inc.3		912
	16	Okta, Inc.3		1,976
	354	Oracle Corp.		20,167
	100	Otsuka Corp.		4,024
	14	Palo Alto Networks, Inc.3		2,853
	7	Paycom Software, Inc.3		1,587
	32	PTC, Inc.3		2,872
	34	Samsung SDS Co. Ltd.		6,331
	47	Synopsys, Inc.3		6,048
	13	Tableau Software, Inc., Class A3		2,158
	294	Tata Consultancy Services Ltd.		9,486
	368	Tech Mahindra Ltd.		3,767
	81	Total System Services, Inc.		10,390

Shares			Value
		Common Stocks (continued)
		Software & Services (continued)
	12	Twilio, Inc., Class A3	$	1,636
	800	Wangsu Science & Technology Co. Ltd., Class A		1,256
	1,132	Wipro Ltd.		4,600
	13	Wix.com Ltd.3		1,847
	52	Worldline SA/France1,3		3,790
	26	Worldpay, Inc., Class A3		3,186
		Total Software & Services		307,614
		Technology Hardware & Equipment—5.0%
	9,000	Acer, Inc.3		5,578
	300	Alps Alpine Co. Ltd.		5,057
	478	Apple, Inc.		94,606
	11	Arista Networks, Inc.3		2,856
	195	Arrow Electronics, Inc.3		13,898
	25,806	AU Optronics Corp.		7,727
	300	Brother Industries Ltd.		5,666
	1,899	BYD Electronic International Co. Ltd.		2,713
	98	CDW Corp.		10,878
	800	Chaozhou Three-Circle Group Co. Ltd., Class A3		2,265
	32,634	Compal Electronics, Inc.		21,382
	54	F5 Networks, Inc.3		7,864
	1,007	Flex Ltd.3		9,637
	1,700	Foxconn Industrial Internet Co., Ltd., Class A		2,982
	302	FUJIFILM Holdings Corp.		15,313
	244	Halma PLC		6,273
	929	Hewlett Packard Enterprise Co.		13,888
	100	Hitachi High-Technologies Corp.		5,142
	926	Hitachi Ltd.		33,941
	24,848	Hon Hai Precision Industry Co. Ltd.		61,921
	1,216	HP, Inc.		25,281
	26,000	Innolux Corp.		6,136
	13,082	Inventec Corp.		10,403
	604	Konica Minolta, Inc.		5,881
	4,528	Legend Holdings Corp., Class H1		10,653
	21,159	Lenovo Group Ltd.		16,385
	1,400	Lens Technology Co. Ltd., Class A		1,421
	587	LG Display Co. Ltd.3		9,075
	38	LG Innotek Co. Ltd.		3,587
	302	NEC Corp.		11,885
	2,951	Nokia OYJ		14,672
	10,769	Pegatron Corp.		18,619
	10,382	Quanta Computer, Inc.		20,189
	855	Ricoh Co. Ltd.		8,539
	1,891	Samsung Electronics Co. Ltd.		76,973
	122	Seagate Technology PLC		5,749
	500	Seiko Epson Corp.		7,913
	500	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,061
	101	TDK Corp.		7,818
	1,496	Telefonaktiebolaget LM Ericsson, Class B		14,205
	403	Venture Corp. Ltd.		4,852
	162	Western Digital Corp.		7,703
	18,069	Wistron Corp.		14,078
	300	Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,468
	139	Xerox Corp.		4,922
	5,635	Xiaomi Corp., Class B1,2,3		7,213
	15	Zebra Technologies Corp., Class A3		3,142
		Total Technology Hardware & Equipment		649,410

The accompanying notes are an integral part of these financial statements.

91

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Telecommunication Services—4.2%
	19,501	America Movil SAB de CV, Series L	$	14,180
	2,142	AT&T, Inc.		71,778
	1,677	Bharti Airtel Ltd.		8,422
	5,215	BT Group PLC		13,039
	73	Cellnex Telecom SA1,3		2,705
	954	CenturyLink, Inc.		11,219
	4,742	China Mobile Ltd.		43,186
	7,999	China Tower Corp. Ltd., Class H1		2,099
	17,637	China Unicom Hong Kong Ltd.		19,347
	4,113	Chunghwa Telecom Co. Ltd.		14,964
	2,230	Deutsche Telekom AG		38,631
	150	Empresa Nacional de Telecomunicaciones SA3		1,524
	172	Etihad Etisalat Co.3		1,102
	805	KDDI Corp.		20,499
	1,039	Mobile TeleSystems PJSC4		9,673
	906	Nippon Telegraph & Telephone Corp.		42,189
	1,727	Orange SA		27,268
	61	Saudi Telecom Co.		1,695
	48	SK Telecom Co. Ltd.		10,767
	1,107	Softbank Corp.		14,380
	604	SoftBank Group Corp.		28,955
	2,055	Sprint Corp.3		13,501
	14,937	Telecom Italia SpA3		8,168
	2,883	Telefonica SA		23,708
	3,499	Telstra Corp. Ltd.		9,453
	261	T-Mobile US, Inc.3		19,351
	907	Verizon Communications, Inc.		51,817
	12,948	Vodafone Group PLC		21,311
	18,564	Vodafone Idea Ltd3		3,268
		Total Telecommunication Services		548,199
		Transportation—2.7%
	11	A.P. Moeller—Maersk A/S, Class B		13,665
	599	American Airlines Group, Inc.		19,533
	3,445	Bollore SA		15,222
	177	C.H. Robinson Worldwide, Inc.		14,930
	8,050	China Eastern Airlines Corp. Ltd., Class H3		4,750
	4,000	COSCO SHIPPING Energy Transportation Co. Ltd., Class H		2,366
	13,082	COSCO SHIPPING Holdings Co. Ltd., Class H3		5,107
	424	Delta Air Lines, Inc.		24,062
	874	Deutsche Lufthansa AG		14,999
	983	Deutsche Post AG		32,352
	99	DSV A/S		9,737
	178	FedEx Corp.		29,226
	62	Hyundai Glovis Co. Ltd.		8,645
	160	Knight-Swift Transportation Holdings, Inc.		5,254
	662	Latam Airlines Group SA		6,216
	300	Mitsui OSK Lines Ltd.		7,181
	200	Nippon Express Co. Ltd.		10,637
	805	Nippon Yusen KK		12,919
	1,400	SF Holding Co. Ltd., Class A		6,922
	302	SG Holdings Co. Ltd.		8,563
	13,082	Sinotrans Ltd., Class H		4,756
	257	Southwest Airlines Co.		13,051
	1,252	Transurban Group		12,951
	239	United Continental Holdings, Inc.3		20,925
	264	United Parcel Service, Inc., Class B		27,263
	140	XPO Logistics, Inc.2,3		8,093
	403	Yamato Holdings Co. Ltd.		8,195

Shares			Value
		Common Stocks (continued)
		Transportation (continued)
	201	ZTO Express Cayman, Inc.4	$	3,843
		Total Transportation		351,363
		Utilities—4.1%
	460	AGL Energy Ltd.		6,459
	6,633	Aguas Andinas SA, Class A		3,908
	14,525	Centrica PLC		16,227
	18,999	China Power International Development Ltd.		4,645
	1,204	China Resources Gas Group Ltd.		5,972
	8,374	Colbun SA		1,727
	20,125	Datang International Power Generation Co. Ltd., Class H		5,049
	1,705	E.ON SE		18,545
	5,017	EDP—Energias de Portugal SA		19,094
	2,145	Electricite de France SA		27,078
	655	Endesa SA2		16,865
	30,641	Enel Americas SA		5,393
	35,382	Enel Chile SA		3,356
	5,833	Enel SpA		40,786
	503	Energisa SA		6,048
	2,141	Engie SA		32,525
	527	ENN Energy Holdings Ltd.		5,127
	585	Exelon Corp.		28,045
	342	FirstEnergy Corp.		14,641
	428	Fortum OYJ		9,473
	1,752	GAIL India Ltd.		7,918
	1,500	Gulf Energy Development PCL		6,016
	6,000	Huadian Power International Corp. Ltd., Class H		2,373
	487	Innogy SE1		23,127
	1,107	Kansai Electric Power Co., Inc. (The)		12,684
	925	Korea Electric Power Corp.3		20,468
	296	Korea Gas Corp.		10,818
	973	Manila Electric Co.		7,349
	530	Naturgy Energy Group SA		14,624
	177	NRG Energy, Inc.		6,216
	90	Orsted A/S1		7,794
	69	Pampa Energia SA3,4		2,392
	1,616	PGE Polska Grupa Energetyczna SA3		4,157
	2,842	Power Grid Corp. of India Ltd.		8,518
	282	RWE AG		6,959
	577	Saudi Electricity Co.		2,877
	1,224	SSE PLC		17,478
	1,107	Tohoku Electric Power Co., Inc.		11,189
	3,623	Tokyo Electric Power Co. Holdings, Inc.3		18,899
	455	Tokyo Gas Co. Ltd.		10,716
	1,167	Uniper SE2		35,391
	1,001	Veolia Environnement SA		24,418
	41	Verbund AG		2,148
	260	Vistra Energy Corp.		5,886
		Total Utilities		541,378
		Total Common Stocks (Cost $12,694,458)		12,922,988
		Preferred Stocks—0.9%
		Automobiles & Components—0.7%
	505	Volkswagen AG, 3.16%		85,241
		Banks—0.1%
	40,834	Grupo Aval Acciones y Valores SA, 3.98%		16,362

The accompanying notes are an integral part of these financial statements.

92

Invesco Global Revenue ETF (RGLB)(continued)

June 30, 2019

Shares			Value
		Preferred Stocks (continued)
		Capital Goods—0.0%5
	16	CJ Corp.3,6	$	685
	61,770	Rolls-Royce Holdings PLC3		79
	148,849	Rolls-Royce Holdings PLC, Class C3		189
		Total Capital Goods		953
		Technology Hardware & Equipment—0.1%
	277	Samsung Electronics Co. Ltd., 2.85%		9,176
		Utilities—0.0%5
	415	Centrais Eletricas Brasileiras SA, Class B, 3.79%		3,898
		Total Preferred Stocks (Cost $109,018)		115,630
		Right—0.0%5
		Diversified Financials—0.0%5
	276	Zhengqi Financial Holding Corp.3,6 (Cost $0)		0
		Investment of Cash Collateral for Securities Loaned—1.5%
	142,979	Invesco Government & Agency Portfolio—Institutional Class, 2.27%7,8		142,979
	47,641	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%7,8		47,660
		Total Investment of Cash Collateral for Securities Loaned (Cost $190,637)		190,639
		Total Investments—101.3% (Cost $12,994,113)		13,229,257
		Liabilities in Excess of Other Assets—(1.3)%		(165,202	)
		Net Assets—100.0%	$	13,064,055

LP—Limited Partnership

PCL—Public Company Limited

¹  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $132,939 or 1.02% of the Fund’s net assets at period end.

²  All or a portion of the security was on loan. The aggregate value of the securities on loan was $182,081; total value of the collateral held by the Fund was $190,639.

³  Non-income producing security.

⁴  American Depositary Receipt.

⁵  Less than 0.05%.

⁶  The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

⁷  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 June 30, 2019.

⁸  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.

Geographical Holdings

Country	Value			% of Net Assets
United States	$	4,602,682			35.3	%
Japan		1,865,776			14.3
China		843,802			6.5
Germany		653,382			5.0
France		631,081			4.8
United Kingdom		603,118			4.6
South Korea		553,832			4.2
Canada		342,714			2.6
Netherlands		299,266			2.3
India		271,797			2.1
Switzerland		267,539			2.0
Taiwan		260,361			2.0
Russia		228,602			1.8
Brazil		183,918			1.4
Spain		167,742			1.3
Australia		157,365			1.2
Hong Kong		141,694			1.1
Italy		140,168			1.1
Thailand		92,635			0.7
Sweden		88,012			0.7
Mexico		69,038			0.5
Singapore		64,245			0.5
South Africa		62,937			0.5
Norway		49,258			0.4
Denmark		48,826			0.4
Belgium		44,402			0.3
Malaysia		41,496			0.3
Indonesia		40,919			0.3
Turkey		40,612			0.3
Chile		38,982			0.3
Luxembourg		34,529			0.3
Poland		33,694			0.3
Finland		32,912			0.3
Saudi Arabia		27,019			0.2
Philippines		26,686			0.2
Austria		23,370			0.2
Ireland		21,973			0.2
Portugal		19,094			0.1
United Arab Emirates		17,077			0.1
Colombia		16,362			0.1
Qatar		15,404			0.1
Israel		15,402			0.1
Greece		10,781			0.1
Hungary		7,535			0.1
Macau		6,586			0.1
Argentina		5,700			0.0	1
Peru		5,439			0.0	1
New Zealand		4,372			0.0	1
Czech Republic		3,884			0.0	1
Egypt		2,091			0.0	1
Bermuda		1,958			0.0	1
Pakistan		1,188			0.0	1
Total Investments		13,229,257			101.3
Liabilities in Excess of Other Assets		(165,202	)		(1.3	)
Net Assets	$	13,064,055			100.0	%

¹  Less than 0.05%.

The accompanying notes are an integral part of these financial statements.

93

Schedule of Investments

Invesco Global ESG Revenue ETF (ESGF)

June 30, 2019

Shares			Value
		Common Stocks—99.3%
		Automobiles & Components—5.8%
	203	Aptiv PLC	$	16,409
	37,273	Astra International Tbk PT		19,656
	1,326	Bayerische Motoren Werke AG		98,289
	299	BorgWarner, Inc.		12,552
	940	Bridgestone Corp.1		37,010
	200	BYD Co. Ltd., Class A		1,477
	1,026	BYD Co. Ltd., Class H1		6,192
	841	China First Capital Group Ltd.2		251
	206	Cie Generale des Etablissements Michelin		26,169
	355	Continental AG		51,836
	3,217	Daimler AG		179,238
	1,284	Denso Corp.		54,022
	5	Eicher Motors Ltd.		1,386
	9,612	Geely Automobile Holdings Ltd.		16,437
	196	Hankook Tire & Technology Co. Ltd.		5,958
	167	Harley-Davidson, Inc.		5,984
	144	Hero MotoCorp Ltd.		5,385
	5,939	Honda Motor Co. Ltd.		153,519
	878	Magna International, Inc.		43,781
	1,769	Mahindra & Mahindra Ltd.		16,795
	226	NGK Spark Plug Co. Ltd.		4,241
	65	Nokian Renkaat OYJ		2,033
	3,643	Peugeot SA		89,901
	937	Pirelli & C SpA3		5,547
	1,165	Renault SA1		73,353
	182	Stanley Electric Co. Ltd.		4,473
	743	Sumitomo Rubber Industries Ltd.		8,593
	97	Tesla, Inc.1,2		21,676
	418	Toyoda Gosei Co. Ltd.		8,151
	5,413	Toyota Motor Corp.		336,014
	732	Valeo SA		23,841
	902	Yamaha Motor Co. Ltd.		16,032
		Total Automobiles & Components		1,346,201
		Banks—7.8%
	865	ABN AMRO Bank NV3		18,534
	781	Absa Group Ltd.		9,748
	1,717	Abu Dhabi Commercial Bank PJSC		3,880
	820	AIB Group PLC		3,358
	1,934	AMMB Holdings Bhd		1,980
	1,422	Australia & New Zealand Banking Group Ltd.		28,150
	839	Axis Bank Ltd.2		9,828
	59	Banco BBVA Argentina SA4		668
	8,095	Banco Bilbao Vizcaya Argentaria SA		45,328
	4,052	Banco Bradesco SA		35,364
	58	Banco de Credito e Inversiones		3,994
	6,811	Banco de Sabadell SA		7,066
	4,070	Banco do Brasil SA		57,280
	1,990	Banco Santander Brasil SA		23,604
	60,254	Banco Santander Chile		4,482
	2,352	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		3,596
	18,759	Banco Santander SA		87,171
	325	Bancolombia SA		3,916
	2,980	Bank Central Asia Tbk PT		6,323
	646	Bank Hapoalim B.M.2		4,793
	681	Bank LeumiLe-Israel B.M.		4,919
	17,190	Bank Mandiri Persero Tbk PT		9,765
	450	Bank Millennium SA2		1,129

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	9,007	Bank Negara Indonesia Persero Tbk PT	$	5,865
	342	Bank of Montreal		25,889
	577	Bank of Nova Scotia (The)		31,059
	800	Bank of Shanghai Co. Ltd., Class A		1,380
	1,316	Bank of the Philippine Islands		2,016
	91	Bank Polska Kasa Opieki SA		2,728
	35,806	Bank Rakyat Indonesia Persero Tbk PT		11,050
	1,806	Bankia SA		4,274
	431	Bankinter SA		2,973
	116	Banque Saudi Fransi		1,311
	18,255	Barclays PLC		34,803
	289	BB&T Corp.		14,199
	1,449	BDO Unibank, Inc.		3,959
	297	Bendigo & Adelaide Bank Ltd.		2,413
	629	BNK Financial Group, Inc.		4,080
	1,380	BNP Paribas SA		65,636
	3,477	BOC Hong Kong Holdings Ltd.		13,685
	4,350	CaixaBank SA		12,474
	247	Canadian Imperial Bank of Commerce1		19,465
	23,816	China CITIC Bank Corp Ltd., Class H		13,566
	4,500	China Everbright Bank Co. Ltd., Class A		2,496
	18,092	China Everbright Bank Co. Ltd., Class H		8,290
	900	China Merchants Bank Co. Ltd., Class A		4,715
	2,155	China Merchants Bank Co. Ltd., Class H		10,744
	4,500	China Minsheng Banking Corp. Ltd., Class A		4,160
	12,895	China Minsheng Banking Corp. Ltd., Class H		8,930
	5,427	CIMB Group Holdings Bhd		7,065
	233	Citizens Financial Group, Inc.		8,239
	49	Comerica, Inc.		3,559
	1,740	Commercial Bank PQSC (The)		2,193
	619	Commercial International Bank Egypt SAE		2,736
	1,708	Commerzbank AG		12,291
	598	Commonwealth Bank of Australia		34,738
	26	Credicorp Ltd.		5,952
	7,433	Credit Agricole SA		89,260
	23,556	CTBC Financial Holding Co. Ltd.		16,192
	727	DBS Group Holdings Ltd.		13,949
	493	DNB ASA		9,176
	2,397	Dubai Islamic Bank PJSC		3,348
	2,867	E.Sun Financial Holding Co. Ltd.		2,400
	314	Erste Group Bank AG2		11,672
	2,256	First Abu Dhabi Bank PJSC		9,127
	4,183	First Financial Holding Co. Ltd.		3,071
	1,832	Grupo Financiero Banorte SAB de CV, Class O		10,619
	421	Hana Financial Group, Inc.		13,637
	261	Hang Seng Bank Ltd.		6,498
	479	Hong Leong Bank Bhd		2,202
	284	Housing Development Finance Corp. Ltd.		9,019
	2,200	Huaxia Bank Co. Ltd., Class A2		2,466
	237	Indiabulls Housing Finance Ltd.		2,086
	1,900	Industrial Bank Co. Ltd., Class A		5,060
	3,280	ING Groep NV		38,085
	11,273	Intesa Sanpaolo SpA		24,161
	3,110	Kasikornbank PCL		19,065
	716	KB Financial Group, Inc.		28,432
	202	KBC Group NV		13,259
	478	KeyCorp		8,484
	55	Komercni banka as		2,193

The accompanying notes are an integral part of these financial statements.

94

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Banks (continued)
	44,865	Lloyds Banking Group PLC	$	32,313
	43	M&T Bank Corp.		7,313
	4,079	Malayan Banking Bhd		8,765
	16	mBank SA2		1,845
	643	MCB Bank Ltd.		702
	3,354	Mega Financial Holding Co. Ltd.		3,337
	13,353	Mitsubishi UFJ Financial Group, Inc.		63,456
	120	Mizrahi Tefahot Bank Ltd.2		2,768
	23,660	Mizuho Financial Group, Inc.		34,280
	1,464	National Australia Bank Ltd.		27,451
	178	National Bank of Canada1		8,474
	408	Nedbank Group Ltd.		7,326
	1,835	Nordea Bank Abp		13,334
	101	OTP Bank Nyrt		4,027
	2,443	Oversea-Chinese Banking Corp. Ltd.		20,585
	139	People’s United Financial, Inc.		2,332
	164	PNC Financial Services Group, Inc. (The)		22,514
	958	Public Bank Bhd		5,332
	3,480	Qatar National Bank QPSC		18,187
	357	Raiffeisen Bank International AG		8,387
	476	Regions Financial Corp.		7,111
	1,736	Resona Holdings, Inc.		7,228
	2,043	RHB Bank Bhd		2,764
	590	Royal Bank of Canada		46,988
	7,344	Royal Bank of Scotland Group PLC		20,544
	29	Santander Bank Polska SA		2,884
	3,100	Shanghai Pudong Development Bank Co. Ltd., Class A		5,272
	515	Shinhan Financial Group Co. Ltd.		20,026
	1,938	Siam Commercial Bank PCL (The)		8,816
	817	Skandinaviska Enskilda Banken AB, Class A		7,566
	2,012	Societe Generale SA		50,912
	1,193	Standard Bank Group Ltd.		16,639
	2,731	Standard Chartered PLC		24,824
	1,573	Sumitomo Mitsui Financial Group, Inc.		55,567
	380	Sumitomo Mitsui Trust Holdings, Inc.		13,777
	12	SVB Financial Group2		2,695
	664	Svenska Handelsbanken AB, Class A		6,575
	433	Swedbank AB, Class A		6,508
	4,261	Taishin Financial Holding Co. Ltd.		1,962
	2,918	Taiwan Business Bank		1,282
	32,955	TMB Bank PCL		2,106
	756	Toronto-Dominion Bank (The)		44,269
	2,582	UniCredit SpA		31,833
	603	United Overseas Bank Ltd.		11,646
	1,546	Westpac Banking Corp.		30,768
	1,953	Yes Bank Ltd.		3,077
	69	Zions Bancorp NA		3,173
		Total Banks		1,836,810
		Capital Goods—11.2%
	196	3M Co.		33,975
	1,364	ABB Ltd.		27,406
	1,062	ACS Actividades de Construccion y Servicios SA		42,462
	29	Acuity Brands, Inc.		3,999
	539	Airbus SE		76,530
	201	Alfa Laval AB		4,389
	28	Allegion PLC		3,095
	218	Alstom SA1		10,129

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	317	Amada Holdings Co. Ltd.	$	3,569
	191	ANDRITZ AG		7,200
	660	Arconic, Inc.		17,041
	536	Aselsan Elektronik Sanayi Ve Ticaret AS		1,668
	207	Ashtead Group PLC		5,938
	424	Assa Abloy AB, Class B		9,592
	246	Atlas Copco AB, Class A		7,869
	125	Atlas Copco AB, Class B		3,589
	3,846	BAE Systems PLC		24,249
	382	Bidvest Group Ltd. (The)		5,129
	200	BOC Aviation Ltd.3		1,679
	1,094	Bouygues SA		40,577
	287	Brenntag AG		14,155
	474	Bunzl PLC		12,530
	99	CAE, Inc.		2,668
	444	Caterpillar, Inc.		60,513
	360	China International Marine Containers Group Co. Ltd., Class A		560
	1,272	Cie de Saint-Gobain		49,649
	3,182	CNH Industrial NV		32,678
	151	Cummins, Inc.		25,872
	80	Daifuku Co. Ltd.		4,492
	185	Daikin Industries Ltd.		24,151
	254	DCC PLC		22,693
	273	Deere & Co.		45,239
	281	Eaton Corp. PLC		23,402
	193	Eiffage SA		19,108
	28	Elbit Systems Ltd.		4,169
	289	Epiroc AB, Class A		3,011
	142	Epiroc AB, Class B		1,408
	7,559	Far Eastern New Century Corp.		8,153
	165	Fastenal Co.		5,377
	253	Ferguson PLC		18,032
	294	Ferrovial SA		7,537
	78	Flowserve Corp.		4,110
	678	Fluor Corp.		22,842
	80	Fortive Corp.		6,522
	104	Fortune Brands Home & Security, Inc.		5,942
	12,207	Fosun International Ltd.		16,219
	268	Fuji Electric Co. Ltd.		9,241
	199	GEA Group AG		5,666
	7	Geberit AG		3,274
	12,393	General Electric Co.		130,127
	361	GS Engineering & Construction Corp.		12,615
	673	HAP Seng Consolidated Bhd		1,620
	36	Harris Corp.2		6,809
	139	HD Supply Holdings, Inc.2		5,599
	2,219	Hino Motors Ltd.		18,681
	422	Hitachi Construction Machinery Co. Ltd.		10,975
	127	Hiwin Technologies Corp.		1,063
	216	HOCHTIEF AG		26,345
	246	Honeywell International, Inc.		42,949
	39	Hoshizaki Corp.		2,903
	40	Huntington Ingalls Industries, Inc.		8,990
	17	IDEX Corp.		2,926
	658	IHI Corp.		15,861
	100	Illinois Tool Works, Inc.		15,081
	131	Ingersoll-Rand PLC		16,594
	5,287	ITOCHU Corp.		101,113

The accompanying notes are an integral part of these financial statements.

95

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	192	Jacobs Engineering Group, Inc.	$	16,203
	784	Johnson Controls International PLC		32,387
	1,244	Kajima Corp.		17,065
	667	Kawasaki Heavy Industries Ltd.		15,681
	72	Keihan Holdings Co. Ltd.		3,138
	975	Keppel Corp. Ltd.		4,800
	101	Kingspan Group PLC		5,493
	151	KION Group AG		9,533
	72	Knorr-Bremse AG		8,035
	9,739	KOC Holding AS		29,534
	1,217	Komatsu Ltd.		29,369
	162	Kone OYJ, Class B		9,575
	1,180	Kubota Corp.		19,637
	110	Kurita Water Industries Ltd.		2,731
	45	L3 Technologies, Inc.		11,033
	102	Legrand SA		7,469
	15	Lennox International, Inc.		4,125
	1,281	Leonardo SpA		16,258
	159	LG Corp.		10,589
	1,518	LIXIL Group Corp.		24,008
	163	Lockheed Martin Corp.		59,257
	228	Masco Corp.		8,947
	417	Meggitt PLC		2,781
	105	Metso OYJ		4,131
	21	Middleby Corp. (The)2		2,850
	4,971	Mitsubishi Corp.		131,034
	3,249	Mitsubishi Electric Corp.		42,791
	894	Mitsubishi Heavy Industries Ltd.		38,925
	23	MTU Aero Engines AG		5,487
	110	Nabtesco Corp.1		3,057
	313	NGK Insulators Ltd.		4,564
	101	Northrop Grumman Corp.		32,634
	1,227	NSK Ltd.		10,933
	1,976	Obayashi Corp.		19,459
	148	Owens Corning		8,614
	348	PACCAR, Inc.		24,938
	90	Parker-Hannifin Corp.		15,301
	625	Prysmian SpA		12,918
	156	Raytheon Co.		27,125
	43	Rockwell Automation, Inc.		7,045
	1,811	Rolls-Royce Holdings PLC2		19,370
	15	Roper Technologies, Inc.		5,494
	167	Safran SA		24,505
	648	Sandvik AB		11,915
	386	Schneider Electric SE		35,061
	4,813	Sembcorp Industries Ltd.		8,573
	1,713	Shimizu Corp.		14,230
	836	Siemens AG		99,583
	16,748	Sime Darby Bhd		9,159
	1,757	Singapore Technologies Engineering Ltd.		5,376
	551	SK Holdings Co. Ltd.		110,711
	1,056	Skanska AB, Class B		19,087
	522	SKF AB, Class B		9,607
	228	Smiths Group PLC		4,541
	26	Snap-on, Inc.		4,307
	392	SNC-Lavalin Group, Inc.		7,944
	14	Spirax-Sarco Engineering PLC		1,637
	89	Spirit AeroSystems Holdings, Inc., Class A		7,242
	374	Taisei Corp.		13,590

Shares			Value
		Common Stocks (continued)
		Capital Goods (continued)
	1,119	Techtronic Industries Co. Ltd.	$	8,565
	162	Thales SA		20,044
	156	THK Co. Ltd.		3,728
	165	TOTO Ltd.		6,516
	70	United Rentals, Inc.2		9,284
	547	United Technologies Corp.		71,219
	147	Vestas Wind Systems A/S		12,717
	551	Vinci SA		56,511
	2,296	Volvo AB, Class B		36,464
	44	W.W. Grainger, Inc.		11,802
	30	WABCO Holdings, Inc.2		3,978
	389	Wartsila OYJ Abp		5,650
	710	WEG SA		3,957
	173	Weir Group PLC (The)		3,405
	112	WSP Global, Inc.		6,179
	200	Xinjiang Goldwind Science & Technology Co. Ltd., Class A		362
	787	Xinjiang Goldwind Science & Technology Co. Ltd., Class H		860
	71	Xylem, Inc.		5,938
	200	Zhengzhou Yutong Bus Co. Ltd., Class A		379
		Total Capital Goods		2,628,493
		Commercial & Professional Services—1.0%
	491	Adecco Group AG		29,541
	651	Brambles Ltd.		5,884
	231	Bureau Veritas SA		5,714
	3,976	China Everbright International Ltd.		3,669
	29	Copart, Inc.2		2,168
	409	Country Garden Services Holdings Co. Ltd.		946
	625	Dai Nippon Printing Co. Ltd.		13,319
	34	Edenred		1,737
	165	Experian PLC		5,006
	1,331	Greentown Service Group Co. Ltd.		1,075
	74	IHS Markit Ltd.2		4,715
	58	Intertek Group PLC		4,061
	354	ISS A/S		10,700
	237	ManpowerGroup, Inc.		22,894
	144	Park24 Co. Ltd.		3,353
	511	Randstad NV		28,107
	699	Recruit Holdings Co. Ltd.		23,317
	441	RELX PLC		10,717
	671	Rentokil Initial PLC		3,395
	108	Robert Half International, Inc.		6,157
	123	Secom Co. Ltd.		10,588
	77	SEEK Ltd.		1,143
	3	SGS SA		7,652
	28	Societe BIC SA		2,138
	88	Sohgo Security Services Co. Ltd.		4,059
	27	Teleperformance		5,418
	64	Thomson Reuters Corp.		4,138
	921	Toppan Printing Co. Ltd.		13,977
	37	TransUnion		2,720
	74	Wolters Kluwer NV		5,395
		Total Commercial & Professional Services		243,703
		Consumer Durables & Apparel—2.8%
	95	adidas AG		29,373
	1,780	Arcelik AS2		5,986
	862	Barratt Developments PLC		6,282

The accompanying notes are an integral part of these financial statements.

96

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Consumer Durables & Apparel (continued)
	76	Berkeley Group Holdings PLC	$	3,609
	157	Burberry Group PLC		3,721
	257	Casio Computer Co. Ltd.		3,192
	30	CCC SA		1,356
	205	Cie Financiere Richemont SA		17,418
	614	Electrolux AB, Series B		15,704
	160	EssilorLuxottica SA		20,908
	44	Garmin Ltd.		3,511
	76	Gildan Activewear, Inc.		2,948
	418	Hanesbrands, Inc.		7,198
	100	Hangzhou Robam Appliances Co. Ltd.		395
	49	Hasbro, Inc.		5,178
	52	HUGO BOSS AG		3,464
	408	Husqvarna AB, Class B		3,820
	27	Kering		15,992
	825	LG Electronics, Inc.		56,660
	1	LPP SA		2,049
	143	LVMH Moet Hennessy Louis Vuitton SE		60,954
	74	Mohawk Industries, Inc.2		10,913
	43	Moncler SpA		1,841
	570	Newell Brands, Inc.		8,789
	379	NIKE, Inc., Class B		31,817
	529	Nikon Corp.		7,483
	9,783	Panasonic Corp.		81,504
	99	Pandora A/S		3,527
	189	Persimmon PLC		4,804
	90	Puma SE		6,011
	91	PVH Corp.		8,612
	46	SEB SA		8,282
	265	Sega Sammy Holdings, Inc.		3,220
	751	Sekisui Chemical Co. Ltd.		11,278
	1,269	Sekisui House Ltd.		20,912
	2,341	Sharp Corp.		25,683
	252	Shenzhou International Group Holdings Ltd.		3,464
	1,608	Sony Corp.		84,295
	17	Swatch Group AG (The)		4,873
	72	Swatch Group AG (The)		3,903
	3,376	Tatung Co. Ltd.2		2,038
	2,435	Taylor Wimpey PLC		4,889
	3,400	TCL Corp., Class A		1,648
	170	Titan Co. Ltd.		3,287
	104	Under Armour, Inc., Class A2		2,636
	142	Under Armour, Inc., Class C2		3,152
	141	VF Corp.		12,316
	160	Whirlpool Corp.		22,778
	88	Yamaha Corp.		4,182
		Total Consumer Durables & Apparel		657,855
		Consumer Services—0.8%
	112	Accor SA		4,815
	997	Alsea SAB de CV2		1,961
	140	Aristocrat Leisure Ltd.		3,018
	188	Benesse Holdings, Inc.		4,376
	1,392	Compass Group PLC		33,430
	261	Crown Resorts Ltd.		2,280
	81	Flight Centre Travel Group Ltd.		2,362
	30	Flutter Entertainment PLC		2,259
	270	GVC Holdings PLC		2,240
	40	Hilton Worldwide Holdings, Inc.		3,909

Shares			Value
		Common Stocks (continued)
		Consumer Services (continued)
	69	InterContinental Hotels Group PLC	$	4,542
	52	Kangwon Land, Inc.		1,362
	253	Melco Resorts & Entertainment Ltd.4		5,495
	479	Merlin Entertainments PLC3		2,738
	1,477	MGM China Holdings Ltd.		2,511
	2,101	Minor International PCL		2,809
	193	OPAP SA		2,165
	45	Oriental Land Co. Ltd.		5,572
	1,767	Sands China Ltd.		8,448
	1,936	Shangri-La Asia Ltd.		2,441
	215	Sodexo SA		25,170
	330	Starbucks Corp.		27,664
	877	Tabcorp Holdings Ltd.		2,739
	2,311	TUI AG		22,718
	10	Vail Resorts, Inc.		2,232
	63	Whitbread PLC1		3,711
		Total Consumer Services		182,967
		Diversified Financials—3.7%
	105	3i Group PLC		1,488
	251	AEON Financial Service Co. Ltd.		4,042
	389	Ally Financial, Inc.		12,055
	385	American Express Co.		47,524
	89	Ameriprise Financial, Inc.		12,919
	3,951	AMP Ltd.		5,878
	81	Amundi SA3		5,664
	15	ASX Ltd.		867
	526	AXA Equitable Holdings, Inc.		10,993
	162	B3 SA—Brasil Bolsa Balcao		1,583
	53	Bajaj Finance Ltd.		2,826
	448	Bank of New York Mellon Corp. (The)		19,779
	32	BlackRock, Inc.		15,018
	1,228	Brookfield Asset Management, Inc., Class A		58,875
	457	Chailease Holding Co. Ltd.		1,891
	265	Challenger Ltd.		1,235
	587	China International Capital Corp. Ltd., Class H3		1,184
	109	CI Financial Corp.		1,780
	26	CME Group, Inc.		5,047
	2,801	Credit Suisse Group AG2		33,626
	1,713	Daiwa Securities Group, Inc.		7,506
	5,892	Deutsche Bank AG		45,493
	28	Deutsche Boerse AG		3,967
	74	Eurazeo SE		5,166
	2,617	EXOR NV		183,583
	5	FactSet Research Systems, Inc.		1,433
	2,099	FirstRand Ltd.		10,204
	186	Franklin Resources, Inc.		6,473
	268	Goldman Sachs Group, Inc. (The)		54,833
	71	Groupe Bruxelles Lambert SA		6,976
	60	Hong Kong Exchanges & Clearing Ltd.		2,118
	87	IGM Financial, Inc.1		2,489
	8	Industrivarden AB, Class C		177
	63	Intercontinental Exchange, Inc.		5,414
	267	Invesco Ltd.5		5,463
	294	Investec Ltd.		1,915
	677	Investec PLC		4,403
	79	Investor AB, Class B		3,798
	73	Japan Exchange Group, Inc.		1,160
	97	Julius Baer Group Ltd.2		4,324

The accompanying notes are an integral part of these financial statements.

97

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Diversified Financials (continued)
	8	Kinnevik AB, Class B	$	208
	41	L E Lundbergforetagen AB, Class B		1,536
	43	London Stock Exchange Group PLC		3,002
	139	Macquarie Group Ltd.		12,231
	1,615	Mitsubishi UFJ Lease & Finance Co. Ltd.		8,559
	24	Moody’s Corp.		4,687
	1,173	Morgan Stanley		51,389
	225	Muangthai Capital PCL		415
	3,096	Natixis SA		12,478
	5,847	Nomura Holdings, Inc.		20,590
	73	Northern Trust Corp.		6,570
	409	Onex Corp.		24,723
	1,696	ORIX Corp.		25,313
	101	PSG Group Ltd.		1,712
	1,944	REC Ltd.		4,641
	240	Remgro Ltd.		3,198
	30	S&P Global, Inc.		6,834
	107	Samsung Card Co. Ltd.		3,540
	74	Schroders PLC		2,873
	123	Singapore Exchange Ltd.		720
	747	Standard Life Aberdeen PLC		2,801
	220	State Street Corp.		12,333
	53	T. Rowe Price Group, Inc.		5,815
	3,138	UBS Group AG2		37,334
	158	Voya Financial, Inc.		8,737
	72	Wendel SA		9,831
	7,923	Yuanta Financial Holding Co. Ltd.		4,757
		Total Diversified Financials		877,996
		Energy—9.4%
	119	Aker BP ASA		3,414
	1,255	Baker Hughes a GE Co.		30,911
	8,040	Banpu PCL		3,932
	43,313	BP PLC		302,413
	834	Caltex Australia Ltd.		14,485
	158	Cameco Corp.		1,698
	1,836	Cenovus Energy, Inc.		16,228
	129	Cheniere Energy, Inc.2		8,830
	592	ConocoPhillips		36,112
	260	Cosan SA		3,131
	335	Devon Energy Corp.		9,554
	2,166	Empresas COPEC SA		23,684
	1,118	Enbridge, Inc.		40,468
	1,265	Encana Corp.		6,505
	3,678	Equinor ASA		72,667
	167	Exxaro Resources Ltd.		2,037
	1,190	Galp Energia SGPS SA		18,329
	368	GS Holdings Corp.		16,318
	966	Halliburton Co.		21,967
	100	Hess Corp.		6,357
	1,698	Husky Energy, Inc.		16,126
	2,154	Idemitsu Kosan Co. Ltd.		64,776
	938	Imperial Oil Ltd.		26,028
	34,892	Indian Oil Corp. Ltd.		78,804
	962	Inpex Corp.		8,673
	50,602	IRPC PCL		8,250
	2,700	IRPC PCL		440
	1,483	John Wood Group PLC		8,531
	21,112	JXTG Holdings, Inc.		104,717

Shares			Value
		Common Stocks (continued)
		Energy (continued)
	35	Koninklijke Vopak NV	$	1,616
	80	Lundin Petroleum AB		2,482
	394	Marathon Oil Corp.		5,599
	1,678	MOL Hungarian Oil & Gas PLC		18,661
	361	National Oilwell Varco, Inc.		8,025
	494	Neste OYJ		16,787
	188	Noble Energy, Inc.		4,211
	73	Novatek PJSC		15,476
	200	Offshore Oil Engineering Co. Ltd., Class A		163
	287	Oil Search Ltd.		1,424
	530	OMV AG		25,863
	192	ONEOK, Inc.		13,211
	2,057	Origin Energy Ltd.		10,552
	156	Pembina Pipeline Corp.1		5,820
	1,286	Petronas Dagangan Bhd		7,904
	1,271	Phillips 66		118,889
	1,268	Polski Koncern Naftowy ORLEN SA		30,595
	15	PrairieSky Royalty Ltd.		211
	1,378	PTT Exploration & Production PCL		6,066
	51,224	PTT PCL		81,427
	3,983	Repsol SA		62,527
	6,727	Royal Dutch Shell PLC, Class A		220,243
	5,561	Royal Dutch Shell PLC, Class B		182,670
	717	Santos Ltd.		3,562
	857	Schlumberger Ltd.		34,057
	361	SK Innovation Co. Ltd.		49,711
	314	S-Oil Corp.		22,762
	889	Suncor Energy, Inc.		27,791
	222	TC Energy Corp.		11,029
	562	TechnipFMC PLC		14,578
	6,245	Thai Oil PCL		13,542
	3,430	TOTAL SA		192,472
	24	Transportadora de Gas del Sur SA4		347
	4,863	Ultrapar Participacoes SA		25,504
	3,595	United Tractors Tbk PT		7,176
	55	Vermilion Energy, Inc.1		1,197
	203	Woodside Petroleum Ltd.		5,180
	386	WorleyParsons Ltd.		3,985
		Total Energy		2,208,700
		Food & Staples Retailing—4.0%
	4,503	Aeon Co. Ltd.		77,363
	2,887	Atacadao SA		16,572
	448	Bid Corp. Ltd.		9,753
	4,664	Carrefour SA		90,187
	1,211	Casino Guichard Perrachon SA1		41,373
	156	Clicks Group Ltd.		2,271
	159	Colruyt SA		9,234
	525	Empire Co. Ltd., Class A		13,250
	567	George Weston Ltd.		43,117
	323	ICA Gruppen AB1		13,897
	15,106	J Sainsbury PLC		37,672
	1,355	Jeronimo Martins SGPS SA		21,858
	3,292	Koninklijke Ahold Delhaize NV		74,146
	4,983	Kroger Co. (The)		108,181
	143	Lawson, Inc.		6,862
	679	Loblaw Cos. Ltd.		34,840
	2,416	METRO AG1		44,228
	322	Metro, Inc.		12,109

The accompanying notes are an integral part of these financial statements.

98

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Food & Staples Retailing (continued)
	1,260	Pick n Pay Stores Ltd.	$	6,165
	861	President Chain Store Corp.		8,330
	1,867	Seven & i Holdings Co. Ltd.		63,215
	522	SPAR Group Ltd. (The)		6,916
	824	Sysco Corp.		58,273
	26,932	Tesco PLC		77,704
	9,026	Wm Morrison Supermarkets PLC1		23,136
	1,807	Woolworths Group Ltd.		42,138
		Total Food & Staples Retailing		942,790
		Food, Beverage & Tobacco—4.2%
	602	Ajinomoto Co., Inc.		10,438
	3,192	Ambev SA		14,900
	1,108	Anadolu Efes Biracilik Ve Malt Sanayii AS		3,810
	555	Anheuser-Busch InBev SA		49,198
	1,535	Arca Continental SAB de CV		8,298
	1,588	Archer-Daniels-Midland Co.		64,790
	647	Associated British Foods PLC		20,281
	4	Barry Callebaut AG		8,033
	89	British American Tobacco Malaysia Bhd		620
	891	British American Tobacco PLC		31,173
	43	Brown-Forman Corp., Class B		2,384
	877	Bunge Ltd.		48,858
	260	Campbell Soup Co.		10,418
	58	Carlsberg A/S, Class B		7,701
	205	Cia Cervecerias Unidas SA		2,883
	65	CJ CheilJedang Corp.		16,719
	558	Coca-Cola Amatil Ltd.		4,002
	658	Coca-Cola Co. (The)		33,505
	242	Coca-Cola European Partners PLC		13,673
	394	Coca-Cola Femsa SAB de CV		2,443
	222	Coca-Cola HBC AG2		8,397
	349	Conagra Brands, Inc.		9,255
	383	Danone SA		32,494
	198	Davide Campari-Milano SpA		1,943
	395	Diageo PLC		17,012
	1,570	Fomento Economico Mexicano SAB de CV		15,197
	128	Fraser & Neave Holdings Bhd		1,070
	330	General Mills, Inc.		17,332
	7,268	Grupo Bimbo SAB de CV, Series A		15,144
	256	Heineken Holding NV		26,908
	241	Heineken NV		26,935
	45	Hershey Co. (The)		6,031
	250	Hormel Foods Corp.		10,135
	768	Imperial Brands PLC		18,051
	72	Ingredion, Inc.		5,939
	1,650	ITC Ltd.		6,546
	64	JM Smucker Co. (The)		7,372
	246	Kellogg Co.		13,178
	65	Kerry Group PLC, Class A		7,772
	91	Kikkoman Corp.		3,961
	925	Kirin Holdings Co. Ltd.		19,948
	842	Kraft Heinz Co. (The)		26,136
	52	KT&G Corp.		4,436
	57	Lamb Weston Holdings, Inc.		3,612
	166	M Dias Branco SA		1,687
	33	McCormick & Co., Inc.		5,115
	187	Molson Coors Brewing Co., Class B		10,472
	505	Mondelez International, Inc., Class A		27,220

Shares			Value
		Common Stocks (continued)
		Food, Beverage & Tobacco (continued)
	191	Mowi ASA	$	4,468
	12	Nestle India Ltd.		2,071
	39	Nestle Malaysia Bhd		1,407
	962	Nestle SA		99,713
	72	Nissin Foods Holdings Co. Ltd.		4,638
	584	Orkla ASA		5,184
	516	PepsiCo, Inc.		67,663
	60	Pernod Ricard SA		11,073
	10	Remy Cointreau SA1		1,444
	3,247	Sime Darby Plantation Bhd		3,866
	531	Standard Foods Corp.		1,038
	281	Suntory Beverage & Food Ltd.		12,219
	31	Swedish Match AB		1,310
	102	Toyo Suisan Kaisha Ltd.		4,203
	188	Treasury Wine Estates Ltd.		1,968
	17,941	Wilmar International Ltd.		49,064
	66	Yakult Honsha Co. Ltd.		3,890
		Total Food, Beverage & Tobacco		978,644
		Health Care Equipment & Services—4.8%
	3	ABIOMED, Inc.2		781
	120	Alcon, Inc.2		7,419
	1,045	Alfresa Holdings Corp.		25,781
	6	Align Technology, Inc.2		1,642
	2,295	AmerisourceBergen Corp.		195,672
	3,245	Bangkok Dusit Medical Services PCL		2,751
	78	Becton Dickinson and Co.		19,657
	3,196	Cardinal Health, Inc.		150,532
	952	Cigna Corp.		149,988
	8	Cochlear Ltd.		1,161
	23	Coloplast A/S, Class B		2,603
	9	Cooper Cos., Inc. (The)		3,032
	4,761	CVS Health Corp.		259,427
	231	DaVita, Inc.2		12,996
	66	Demant A/S2		2,055
	75	DENTSPLY SIRONA, Inc.		4,377
	22	Edwards Lifesciences Corp.2		4,064
	68	Fisher & Paykel Healthcare Corp. Ltd.		706
	246	Fresenius Medical Care AG & Co. KGaA		19,341
	556	Hartalega Holdings Bhd		705
	379	HCA Healthcare, Inc.		51,229
	160	Henry Schein, Inc.2		11,184
	120	Huadong Medicine Co. Ltd., Class A		454
	241	Humana, Inc.		63,937
	9	IDEXX Laboratories, Inc.2		2,478
	2,201	IHH Healthcare Bhd		3,089
	519	Koninklijke Philips NV		22,569
	71	Laboratory Corp. of America Holdings2		12,276
	984	Life Healthcare Group Holdings Ltd.		1,566
	1,108	Netcare Ltd.		1,413
	54	NMC Health PLC		1,651
	81	Quest Diagnostics, Inc.		8,247
	165	Ramsay Health Care Ltd.		8,365
	22	ResMed, Inc.		2,685
	33	Ryman Healthcare Ltd.		260
	600	Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,586
	3,977	Shanghai Pharmaceuticals Holding Co. Ltd., Class H		7,819

The accompanying notes are an integral part of these financial statements.

99

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Health Care Equipment & Services (continued)
	239	Smith & Nephew PLC	$	5,186
	232	Sonic Healthcare Ltd.		4,412
	13	Sonova Holding AG		2,957
	21	STERIS PLC		3,126
	1	Straumann Holding AG		884
	379	Suzuken Co. Ltd.		22,232
	40	Sysmex Corp.		2,609
	205	Terumo Corp.		6,108
	24	Varian Medical Systems, Inc.2		3,267
		Total Health Care Equipment & Services		1,116,279
		Household & Personal Products—1.4%
	24	Amorepacific Corp.		3,419
	98	AMOREPACIFIC Group		5,288
	82	Beiersdorf AG1		9,856
	58	Church & Dwight Co., Inc.		4,237
	44	Clorox Co. (The)		6,737
	222	Colgate-Palmolive Co.		15,911
	244	Dabur India Ltd.		1,416
	395	Essity AB, Class B		12,150
	52	Estee Lauder Cos., Inc., (The), Class A		9,522
	152	Henkel AG & Co KGaA1		13,978
	238	Hindustan Unilever Ltd.		6,163
	179	Kao Corp.		13,640
	149	Kimberly-Clark Corp.		19,859
	634	Kimberly-Clark de Mexico SAB de CV, Class A2		1,178
	5	LG Household & Health Care Ltd.		5,686
	115	L’Oreal SA		32,806
	207	Marico Ltd.		1,111
	272	Natura Cosmeticos SA		4,009
	633	Procter & Gamble Co. (The)		69,408
	214	Reckitt Benckiser Group PLC		16,924
	221	Unicharm Corp.		6,654
	1,056	Unilever Indonesia Tbk PT		3,364
	645	Unilever NV		39,341
	437	Unilever PLC		27,222
		Total Household & Personal Products		329,879
		Insurance—4.9%
	5,731	Aegon NV		28,573
	360	Allianz SE		86,913
	386	Allstate Corp. (The)		39,252
	3,810	Assicurazioni Generali SpA		71,851
	6,448	Aviva PLC		34,180
	4,473	AXA SA		117,668
	5,461	Cathay Financial Holding Co. Ltd.2		7,560
	1,628	CNP Assurances		37,005
	13,449	Fubon Financial Holding Co. Ltd.2		19,853
	157	Gjensidige Forsikring ASA		3,164
	1,118	Great-West Lifeco, Inc.		25,795
	527	Hyundai Marine & Fire Insurance Co. Ltd.		12,985
	2,170	Insurance Australia Group Ltd.		12,578
	87	Intact Financial Corp.		8,057
	4,236	Legal & General Group PLC		14,529
	73	Lincoln National Corp.		4,705
	1,056	Manulife Financial Corp.		19,233
	7,489	Mapfre SA1		21,927
	163	Marsh & McLennan Cos., Inc.		16,259
	1,509	MS&AD Insurance Group Holdings, Inc.		47,900

Shares			Value
		Common Stocks (continued)
		Insurance (continued)
	221	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	$	55,545
	377	NN Group NV		15,198
	1,802	Old Mutual Ltd.		2,709
	1,129	Power Financial Corp.		26,023
	581	Powszechny Zaklad Ubezpieczen SA		6,802
	118	Principal Financial Group, Inc.		6,835
	425	Progressive Corp. (The)		33,970
	366	Prudential Financial, Inc.		36,966
	2,152	Prudential PLC		46,999
	1,517	QBE Insurance Group Ltd.		12,594
	1,218	RSA Insurance Group PLC		8,941
	78	Samsung Fire & Marine Insurance Co. Ltd.		18,104
	365	Sanlam Ltd.		2,023
	895	Sompo Holdings, Inc.		34,566
	360	Sun Life Financial, Inc.		14,940
	884	Suncorp Group Ltd.		8,356
	401	Swiss Re AG		40,816
	1,667	T&D Holdings, Inc.		18,095
	867	Tokio Marine Holdings, Inc.		43,447
	192	Travelers Cos., Inc. (The)		28,708
	92	Tryg A/S		2,996
	49	Willis Towers Watson PLC		9,385
	121	Zurich Insurance Group AG		42,182
		Total Insurance		1,146,187
		Materials—6.4%
	54	Agnico Eagle Mines Ltd.		2,774
	186	Air Liquide SA		26,064
	111	Akzo Nobel NV		10,446
	810	Amcor PLC2		9,307
	1,236	Anglo American PLC		35,307
	451	Antofagasta PLC		5,336
	114	Arkema SA		10,617
	1,917	Asahi Kasei Corp.		20,435
	143	Asian Paints Ltd.		2,814
	71	Avery Dennison Corp.		8,213
	191	Axalta Coating Systems Ltd.2		5,686
	190	Ball Corp.		13,298
	1,006	BASF SE		73,229
	877	BHP Group Ltd.		25,331
	756	BHP Group PLC		19,388
	1,037	BlueScope Steel Ltd.		8,769
	233	Boliden AB		5,963
	1,312	Boral Ltd.		4,714
	85	CCL Industries, Inc., Class B		4,177
	1,210	Cementos Argos SA		2,830
	34,709	Cemex SAB de CV		14,616
	600	China Molybdenum Co. Ltd., Class A		346
	2,179	China Molybdenum Co. Ltd., Class H1		689
	17,884	China Steel Corp.		14,366
	12	Chr Hansen Holding A/S		1,129
	357	Clariant AG2		7,266
	638	Corteva, Inc.2		18,866
	376	Covestro AG3		19,144
	948	CRH PLC		30,973
	29	Croda International PLC		1,890
	535	Daicel Corp.		4,757
	986	Dow, Inc.		48,620

The accompanying notes are an integral part of these financial statements.

100

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	629	DuPont de Nemours, Inc.	$	47,219
	84	Ecolab, Inc.		16,585
	2,091	Empresas CMPC SA		5,728
	594	Evonik Industries AG		17,324
	1,943	Fletcher Building Ltd.		6,329
	1,161	Fortescue Metals Group Ltd.		7,349
	9	Franco-Nevada Corp.		766
	2	Givaudan SA		5,653
	682	Grupo Argos SA		3,679
	267	HeidelbergCement AG		21,637
	238	Hitachi Chemical Co. Ltd.		6,464
	966	Hitachi Metals Ltd.		10,912
	114	Imerys SA		6,052
	37	International Flavors & Fragrances, Inc.		5,368
	197	James Hardie Industries PLC		2,585
	2,585	JFE Holdings, Inc.		37,969
	493	Johnson Matthey PLC		20,888
	334	JSR Corp.		5,273
	176	Kaneka Corp.		6,616
	251	Kansai Paint Co. Ltd.		5,263
	222	KGHM Polska Miedz SA2		6,161
	1,026	Kinross Gold Corp.2		3,973
	546	Klabin SA		2,329
	97	Koninklijke DSM NV		12,007
	113	Kumba Iron Ore Ltd.		4,002
	504	Kuraray Co. Ltd.1		6,020
	528	LafargeHolcim Ltd.2		25,815
	152	LANXESS AG		9,046
	82	LG Chem Ltd.		25,176
	63	Linde PLC		12,650
	64	Lotte Chemical Corp.		13,996
	357	Lundin Mining Corp.		1,970
	5,743	Mitsubishi Chemical Holdings Corp.		40,117
	652	Mitsubishi Materials Corp.		18,548
	654	Mitsui Chemicals, Inc.		16,189
	10,730	MMG Ltd.2		3,749
	92	Mondi Ltd.		2,068
	316	Mondi PLC		7,199
	430	Mosaic Co. (The)		10,763
	191	Newcrest Mining Ltd.		4,282
	379	Newmont Goldcorp Corp.		14,580
	157	Nippon Paint Holdings Co. Ltd.		6,091
	3,643	Nippon Steel Corp.		62,520
	187	Nitto Denko Corp.		9,229
	5,043	Norsk Hydro ASA		18,040
	39	Novozymes A/S, Class B		1,821
	472	Nucor Corp.		26,007
	387	Nutrien Ltd.		20,746
	281	Orica Ltd.		3,997
	2,782	Pabrik Kertas Tjiwi Kimia Tbk PT		2,476
	60	Pidilite Industries Ltd.		1,056
	161	Polymetal International PLC		2,049
	39	Polyus PJSC		3,604
	139	PPG Industries, Inc.		16,223
	8,352	PTT Global Chemical PCL		17,430
	131	Rio Tinto Ltd.		9,539
	524	Rio Tinto PLC		32,548
	778	Saudi Basic Industries Corp.		23,691
	42	Sherwin-Williams Co. (The)		19,248

Shares			Value
		Common Stocks (continued)
		Materials (continued)
	171	Shin-Etsu Chemical Co. Ltd.	$	15,927
	338	Showa Denko KK1		9,945
	1,072	Siam Cement PCL (The)		16,499
	40	Sika AG		6,835
	371	Smurfit Kappa Group PLC		11,243
	133	Solvay SA		13,798
	3,203	South32 Ltd.		7,148
	817	Stora Enso OYJ, Class R		9,616
	4,714	Sumitomo Chemical Co. Ltd.		21,877
	366	Sumitomo Metal Mining Co. Ltd.		10,935
	38	Symrise AG		3,663
	295	Taiheiyo Cement Corp.		8,926
	454	Teck Resources Ltd., Class B		10,499
	521	Teijin Ltd.		8,883
	3,185	thyssenkrupp AG1		46,517
	85	Titan Cement Co. SA		1,661
	3,296	Toray Industries, Inc.		25,061
	496	Umicore SA		15,929
	443	UPM-Kymmene OYJ		11,790
	521	voestalpine AG1		16,120
	101	West Fraser Timber Co. Ltd.		4,614
	42	Wheaton Precious Metals Corp.		1,018
		Total Materials		1,492,478
		Media & Entertainment—1.7%
	2,045	Alibaba Pictures Group Ltd.2		440
	51	Alphabet, Inc., Class A2		55,223
	60	Alphabet, Inc., Class C2		64,855
	61	Auto Trader Group PLC3		425
	68	Axel Springer SE1		4,797
	97	CyberAgent, Inc.		3,516
	89	Eutelsat Communications SA		1,666
	380	Informa PLC		4,038
	2,987	ITV PLC		4,106
	120	JCDecaux SA		3,640
	58	Konami Holdings Corp.		2,719
	128	Liberty Global PLC, Class A2		3,455
	344	Liberty Global PLC, Class C2		9,126
	393	MultiChoice Group Ltd.2		3,734
	4	NCSoft Corp.		1,652
	39	Nintendo Co. Ltd.		14,295
	200	Omnicom Group, Inc.		16,390
	542	Pearson PLC		5,652
	208	Publicis Groupe SA1		10,998
	38	Schibsted ASA, Class B		991
	94	SES SA		1,472
	412	Singapore Press Holdings Ltd.		743
	25	Take-Two Interactive Software, Inc.2		2,838
	57	Telenet Group Holding NV		3,181
	1,037	Tencent Holdings Ltd.		46,803
	58	Toho Co. Ltd.		2,466
	29	Ubisoft Entertainment SA2		2,273
	599	Vivendi SA		16,515
	543	Walt Disney Co. (The)		75,824
	1,741	WPP PLC		21,940
	3,117	Yahoo Japan Corp.		9,142
		Total Media & Entertainment		394,915

The accompanying notes are an integral part of these financial statements.

101

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Pharmaceuticals, Biotechnology & Life Sciences—3.3%
	417	AbbVie, Inc.	$	30,324
	75	Agilent Technologies, Inc.		5,600
	140	Amgen, Inc.		25,799
	423	Aspen Pharmacare Holdings Ltd.		3,013
	937	Astellas Pharma, Inc.		13,350
	300	AstraZeneca PLC		24,581
	713	Bayer AG		49,481
	60	Biogen, Inc.2		14,032
	498	Bristol-Myers Squibb Co.		22,584
	163	Celgene Corp.2		15,068
	86	Chugai Pharmaceutical Co. Ltd.		5,620
	2	Cronos Group, Inc.2		32
	58	CSL Ltd.		8,751
	190	Daiichi Sankyo Co. Ltd.		9,937
	106	Eisai Co. Ltd.		5,993
	113	Elanco Animal Health, Inc.2		3,819
	210	Eli Lilly & Co.		23,266
	3	Genmab A/S2		553
	100	Genscript Biotech Corp.2		251
	349	Gilead Sciences, Inc.		23,578
	2,130	GlaxoSmithKline PLC		42,739
	168	Glenmark Pharmaceuticals Ltd.		1,079
	197	Grifols SA		5,833
	71	H Lundbeck A/S		2,809
	38	Hisamitsu Pharmaceutical Co., Inc.		1,501
	8	Hutchison China MediTech Ltd.2,4		176
	23	Ipsen SA		3,143
	79	IQVIA Holdings, Inc.2		12,711
	14	Jazz Pharmaceuticals PLC2		1,996
	596	Johnson & Johnson		83,011
	17,180	Kalbe Farma Tbk PT		1,776
	188	Kyowa Hakko Kirin Co. Ltd.		3,383
	18	Lonza Group AG2		6,081
	534	Merck & Co., Inc.		44,776
	50	Merck KGaA		5,236
	4	Mettler-Toledo International, Inc.2		3,360
	352	Mitsubishi Tanabe Pharma Corp.		3,921
	615	Novartis AG		56,265
	298	Novo Nordisk A/S, Class B		15,209
	165	Ono Pharmaceutical Co. Ltd.		2,959
	26	Orion OYJ, Class B		954
	351	Otsuka Holdings Co. Ltd.		11,455
	33	PerkinElmer, Inc.		3,179
	97	Perrigo Co. PLC		4,619
	63	Piramal Enterprises Ltd.		1,776
	40	QIAGEN NV2		1,626
	40	Recordati SpA		1,670
	180	Roche Holding AG		50,705
	493	Sanofi		42,618
	146	Santen Pharmaceutical Co. Ltd.		2,419
	10	Sartorius Stedim Biotech		1,580
	59	Shionogi & Co. Ltd.		3,400
	193	Sumitomo Dainippon Pharma Co. Ltd.		3,660
	925	Takeda Pharmaceutical Co. Ltd.		32,822
	297	Tong Ren Tang Technologies Co. Ltd., Class H1		354
	72	UCB SA		5,979
	19	Vertex Pharmaceuticals, Inc.2		3,484
	12	Vifor Pharma AG		1,736
	12	Waters Corp.2		2,583

Shares			Value
		Common Stocks (continued)
		Pharmaceuticals, Biotechnology & Life Sciences (continued)
	40	Wuxi Biologics Cayman, Inc.2,3	$	359
	59	Zoetis, Inc.		6,696
		Total Pharmaceuticals, Biotechnology & Life Sciences		767,270
		Real Estate—1.2%
	195	Aeon Mall Co. Ltd.		2,936
	38	American Tower Corp.		7,769
	319	Ascendas Real Estate Investment Trust		736
	14	Azrieli Group Ltd.		938
	22	Boston Properties, Inc.		2,838
	147	British Land Co. PLC (The)		1,007
	207	CapitaLand Commercial Trust		332
	1,850	CapitaLand Ltd.		4,827
	353	CapitaLand Mall Trust		686
	468	CBRE Group, Inc., Class A2		24,008
	485	Central Pattana PCL		1,186
	514	City Developments Ltd.		3,598
	12	Covivio		1,258
	1,307	Daiwa House Industry Co. Ltd.		38,104
	35	Deutsche Wohnen SE		1,286
	71	Dexus		647
	28	Digital Realty Trust, Inc.		3,298
	39	Duke Realty Corp.		1,233
	11	Equinix, Inc.		5,547
	38	Equity Residential		2,885
	31	First Capital Realty, Inc.1		519
	5	Gecina SA		749
	149	Goodman Group		1,572
	137	GPT Group (The)		591
	474	Growthpoint Properties Ltd.		816
	553	Hang Lung Properties Ltd.		1,315
	91	HCP, Inc.		2,910
	298	Host Hotels & Resorts, Inc.		5,430
	326	Hulic Co. Ltd.1		2,620
	92	Hysan Development Co. Ltd.		475
	25	ICADE		2,295
	136	Iron Mountain, Inc.		4,257
	125	Jones Lang LaSalle, Inc.		17,586
	690	Kerry Properties Ltd.		2,897
	67	Kimco Realty Corp.		1,238
	43	Klepierre SA		1,444
	91	Land Securities Group PLC		965
	1,187	Lendlease Group		10,829
	17	Liberty Property Trust		851
	187	Link REIT		2,298
	24	Macerich Co. (The)		804
	14	Mid-America Apartment Communities, Inc.		1,649
	939	Mirvac Group		2,062
	643	Mitsubishi Estate Co. Ltd.		11,966
	770	Mitsui Fudosan Co. Ltd.		18,671
	68	NEPI Rockcastle PLC		624
	270	Nomura Real Estate Holdings, Inc.		5,804
	53	Prologis, Inc.		4,245
	950	Redefine Properties Ltd.		609
	9	SBA Communications Corp.2		2,024
	741	Scentre Group		1,997
	68	Segro PLC		632
	16,918	Shui On Land Ltd.		3,920
	2,602	Sime Darby Property Bhd		648

The accompanying notes are an integral part of these financial statements.

102

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Real Estate (continued)
	34	Simon Property Group, Inc.	$	5,432
	877	Sino Land Co. Ltd.		1,471
	2,876	SM Prime Holdings, Inc.		2,083
	794	SOHO China Ltd.		280
	702	Stockland		2,054
	522	Sun Hung Kai Properties Ltd.		8,853
	553	Swire Pacific Ltd., Class A		6,795
	482	Swire Properties Ltd.		1,946
	15	Swiss Prime Site AG2		1,311
	1,349	Tokyu Fudosan Holdings Corp.		7,450
	27	UDR, Inc.		1,212
	23	Unibail—Rodamco-Westfield		3,451
	354	UOL Group Ltd.		1,975
	311	Weyerhaeuser Co.		8,192
	297	Wharf Real Estate Investment Co. Ltd.		2,093
	925	Wheelock & Co. Ltd.		6,630
	100	Zhejiang China Commodities City Group Co. Ltd., Class A		60
		Total Real Estate		283,719
		Retailing—3.2%
	15	Baozun, Inc.1,2,4		748
	638	Best Buy Co., Inc.		44,488
	8	Booking Holdings, Inc.2		14,998
	98	Canadian Tire Corp. Ltd., Class A		10,700
	111	Dufry AG2		9,413
	37	Fast Retailing Co. Ltd.		22,367
	183	Foschini Group Ltd. (The)		2,340
	768	Gap, Inc. (The)		13,801
	919	Harvey Norman Holdings Ltd.		2,625
	3,058	HengTen Networks Group Ltd.2		73
	1,212	Hennes & Mauritz AB, Class B		21,601
	576	Home Depot, Inc. (The)		119,791
	4,094	Home Product Center PCL		2,336
	409	Hotai Motor Co. Ltd.		6,690
	1,045	Industria de Diseno Textil SA		31,477
	410	J Front Retailing Co. Ltd.		4,700
	809	Jardine Cycle & Carriage Ltd.		21,664
	5,403	Kingfisher PLC		14,777
	456	LKQ Corp.2		12,134
	225	Lojas Renner SA		2,769
	673	Lowe’s Cos., Inc.		67,912
	1,244	Macy’s, Inc.		26,696
	4,342	Marks & Spencer Group PLC1		11,643
	116	Marui Group Co. Ltd.		2,362
	1,141	Meituan Dianping, Class B2		10,004
	107	Mr Price Group Ltd.		1,506
	27	Naspers Ltd., Class N		6,547
	78	Next PLC		5,486
	50	Nitori Holdings Co. Ltd.		6,627
	451	Nordstrom, Inc.1		14,369
	143	Ocado Group PLC2		2,124
	4,650	Petrobras Distribuidora SA		30,332
	54	Pinduoduo, Inc.2,4		1,114
	1,085	Rakuten, Inc.		12,890
	2,173	S.A.C.I. Falabella		14,162
	2,300	Suning.com Co. Ltd., Class A		3,844
	1,081	Target Corp.		93,625
	46	Tiffany & Co.1		4,307

Shares			Value
		Common Stocks (continued)
		Retailing (continued)
	81	Tractor Supply Co.	$	8,813
	50	USS Co. Ltd.		985
	33	Wayfair, Inc., Class A2		4,818
	809	Wesfarmers Ltd.		20,529
	1,668	Woolworths Holdings Ltd.		5,782
	3,873	Yamada Denki Co. Ltd.		17,147
	143	Zalando SE1,2,3		6,354
	6,395	Zhongsheng Group Holdings Ltd.		17,804
		Total Retailing		757,274
		Semiconductors & Semiconductor Equipment—1.2%
	245	Advanced Micro Devices, Inc.2		7,441
	105	Advantest Corp.		2,890
	62	Analog Devices, Inc.		6,998
	431	Applied Materials, Inc.		19,356
	5,781	ASE Technology Holding Co. Ltd.2		11,447
	246	ASM Pacific Technology Ltd.		2,519
	64	ASML Holding NV		13,391
	9	Disco Corp.		1,477
	449	Infineon Technologies AG		7,951
	1,579	Intel Corp.		75,587
	58	Lam Research Corp.		10,895
	144	Marvell Technology Group Ltd.		3,437
	48	Maxim Integrated Products, Inc.		2,871
	872	MediaTek, Inc.		8,816
	76	NVIDIA Corp.		12,481
	308	ON Semiconductor Corp.2		6,225
	62	Rohm Co. Ltd.		4,166
	54	Skyworks Solutions, Inc.		4,173
	514	STMicroelectronics NV		9,131
	4,383	Taiwan Semiconductor Manufacturing Co. Ltd.		33,727
	149	Texas Instruments, Inc.		17,099
	84	Tokyo Electron Ltd.		11,788
	12,767	United Microelectronics Corp.		5,734
	100	Win Semiconductors Corp.		641
	29	Xilinx, Inc.		3,420
	1,892	Xinyi Solar Holdings Ltd.		932
		Total Semiconductors & Semiconductor Equipment		284,593
		Software & Services—3.1%
	100	360 Security Technology, Inc., Class A2		311
	242	Accenture PLC, Class A		44,714
	35	Adobe, Inc.2		10,313
	100	Aisino Corp, Class A		336
	35	Akamai Technologies, Inc.2		2,805
	75	Amadeus IT Group SA		5,950
	7	ANSYS, Inc.2		1,434
	180	Atos SE		15,070
	15	Autodesk, Inc.2		2,444
	90	Automatic Data Processing, Inc.		14,880
	37	Broadridge Financial Solutions, Inc.		4,724
	33	Cadence Design Systems, Inc.2		2,337
	125	Capgemini SE		15,566
	112	CGI, Inc.2		8,629
	1,733	Cielo SA		3,039
	32	Citrix Systems, Inc.		3,140
	285	Cognizant Technology Solutions Corp., Class A		18,066
	184	Computershare Ltd.		2,093
	26	Dassault Systemes SE		4,154

The accompanying notes are an integral part of these financial statements.

103

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Software & Services (continued)
	393	DXC Technology Co.	$	21,674
	23	Fortinet, Inc.2		1,767
	557	Fujitsu Ltd.		38,836
	563	HCL Technologies Ltd.		8,683
	1,191	Infosys Ltd.		12,630
	600	International Business Machines Corp.		82,740
	27	Intuit, Inc.		7,056
	12	Jack Henry & Associates, Inc.		1,607
	397	Kingdee International Software Group Co. Ltd.		429
	60	Mastercard, Inc., Class A		15,872
	121	Micro Focus International PLC		3,179
	947	Microsoft Corp.		126,860
	11	Nice Ltd.2		1,496
	306	Nomura Research Institute Ltd.		4,905
	1,784	NTT Data Corp.		23,761
	71	Open Text Corp.		2,936
	799	Oracle Corp.		45,519
	26	Oracle Corp. Japan		1,899
	184	Otsuka Corp.		7,403
	3	Paycom Software, Inc.2		680
	141	PayPal Holdings, Inc.2		16,139
	15	PTC, Inc.2		1,346
	19	Red Hat, Inc.2		3,567
	201	Sabre Corp.		4,462
	266	Sage Group PLC (The)		2,716
	89	salesforce.com, Inc.2		13,504
	225	SAP SE		30,942
	10	ServiceNow, Inc.2		2,746
	3	Shopify, Inc., Class A2		904
	254	Symantec Corp.		5,527
	699	Tata Consultancy Services Ltd.		22,554
	450	Tech Mahindra Ltd.		4,606
	5	Temenos AG2		896
	5	Twilio, Inc., Class A2		682
	117	Visa, Inc., Class A		20,305
	12	VMware, Inc., Class A		2,007
	291	Western Union Co. (The)		5,788
	2,116	Wipro Ltd.		8,599
	5	Wix.Com Ltd.2		711
	10	Workday, Inc., Class A2		2,056
	25	Worldline SA/France2,3		1,822
		Total Software & Services		721,816
		Technology Hardware & Equipment—5.8%
	492	AAC Technologies Holdings, Inc.		2,793
	13,956	Acer, Inc.2		8,650
	207	Advantech Co. Ltd.		1,759
	92	Amphenol Corp., Class A		8,826
	1,426	Apple, Inc.		282,234
	9	Arista Networks, Inc.2		2,337
	32,744	AU Optronics Corp.		9,804
	3,851	BYD Electronic International Co. Ltd.		5,501
	467	Catcher Technology Co. Ltd.		3,345
	1,372	Chicony Electronics Co. Ltd.		3,375
	931	Cisco Systems, Inc.		50,954
	19	Cognex Corp.		912
	254	CommScope Holding Co., Inc.2		3,995
	378	Corning, Inc.		12,561
	306	Dell Technologies, Inc., Class C2		15,545

Shares				Value
		Common Stocks (continued)
		Technology Hardware & Equipment (continued)
	1,727	Delta Electronics, Inc.		$	8,757
	16	F5 Networks, Inc.2			2,330
	2,593	Flex Ltd.2			24,815
	37	FLIR Systems, Inc.			2,002
	604	FUJIFILM Holdings Corp.			30,626
	2,279	Hewlett Packard Enterprise Co.			34,071
	81	Hexagon AB, Class B			4,501
	11	Hirose Electric Co. Ltd.			1,227
	150	Hitachi High-Technologies Corp.			7,713
	2,558	Hitachi Ltd.			93,759
	3,248	HP, Inc.			67,526
	38	Ingenico Group SA			3,366
	36,558	Innolux Corp.			8,628
	22,304	Inventec Corp.			17,737
	9	Keyence Corp.			5,524
	50	Keysight Technologies, Inc.2			4,491
	2,829	Kingboard Laminates Holdings Ltd.			2,593
	1,134	Konica Minolta, Inc.			11,041
	261	Kyocera Corp.			17,042
	12,420	Legend Holdings Corp., Class H3			29,220
	62,357	Lenovo Group Ltd.			48,289
	1,462	LG Display Co. Ltd.2			22,601
	78	LG Innotek Co. Ltd.			7,363
	5,107	Lite-On Technology Corp.			7,481
	1,615	Micro-Star International Co. Ltd.			4,576
	52	Motorola Solutions, Inc.			8,670
	348	Murata Manufacturing Co. Ltd.			15,633
	783	NEC Corp.			30,814
	5,275	Nokia OYJ			26,227
	172	Omron Corp.			8,972
	91	Samsung Electro-Mechanics Co. Ltd.			7,708
	5,450	Samsung Electronics Co. Ltd.			221,842
	47	Samsung SDI Co. Ltd.			9,627
	259	Seagate Technology PLC			12,204
	787	Seiko Epson Corp.			12,454
	145	Shimadzu Corp.			3,556
	171	TDK Corp.			13,237
	160	TE Connectivity Ltd.	��		15,325
	2,231	Telefonaktiebolaget LM Ericsson, Class B			21,184
	79	Trimble, Inc.2			3,564
	200	Unisplendour Corp Ltd., Class A			794
	40,939	Wistron Corp.			31,898
	302	Xerox Corp.			10,694
	133	Yaskawa Electric Corp.			4,518
	203	Yokogawa Electric Corp.			3,979
	23	Zebra Technologies Corp., Class A2			4,818
		Total Technology Hardware & Equipment			1,347,588
		Telecommunication Services—4.1%
	939	Advanced Info Service PCL			6,675
	5,693	Axiata Group Bhd			6,861
	3,072	Bharti Airtel Ltd.			15,427
	267	Bharti Infratel Ltd.			1,033
	12,205	BT Group PLC			30,517
	2,323	CenturyLink, Inc.			27,318
	11,458	China Tower Corp. Ltd., Class H3			3,007
	2,047	Chunghwa Telecom Co. Ltd.			7,447
	5,185	Deutsche Telekom AG			89,822
	1,472	DiGi.Com Bhd			1,799

The accompanying notes are an integral part of these financial statements.

104

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Telecommunication Services (continued)
	51	Elisa OYJ	$	2,492
	1,204	Far EasTone Telecommunications Co. Ltd.		3,035
	81	Globe Telecom, Inc.		3,576
	357	Hellenic Telecommunications Organization SA2		5,285
	3,054	HKT Trust & HKT Ltd.		4,847
	2,006	KDDI Corp.		51,081
	2,203	Koninklijke KPN NV		6,774
	1,840	Maxis Bhd		2,480
	66	Millicom International Cellular SA		3,717
	1,448	MTN Group Ltd.		10,962
	2,560	Nippon Telegraph & Telephone Corp.		119,208
	1,858	NTT DOCOMO, Inc.		43,329
	503	Ooredoo Q.P.S.C.		9,036
	2,513	Orange Polska SA2		4,505
	3,111	Orange SA		49,121
	8,797	PCCW Ltd.		5,078
	247	Proximus SADP		7,291
	178	Rogers Communications, Inc., Class B		9,549
	5,796	Singapore Telecommunications Ltd.		14,994
	78	SK Telecom Co. Ltd.		17,496
	2,632	Softbank Corp.		34,189
	1,940	SoftBank Group Corp.		93,003
	1,024	Spark New Zealand Ltd.		2,751
	25	Swisscom AG		12,567
	1,374	Taiwan Mobile Co. Ltd.		5,419
	190	Tele2 AB, Class B		2,775
	30,680	Telecom Italia SpA2		16,777
	12,886	Telecom Italia SpA-RSP		6,693
	2,657	Telefonica Deutschland Holding AG		7,434
	7,074	Telefonica SA		58,171
	4,507	Telekom Malaysia Bhd		4,362
	38,256	Telekomunikasi Indonesia Persero Tbk PT		11,211
	661	Telenor ASA		14,040
	2,215	Telia Co. AB		9,845
	507	Telkom SA SOC Ltd.		3,315
	7,767	Telstra Corp. Ltd.		20,984
	297	TELUS Corp.		11,003
	34,173	True Corp. PCL		6,519
	1,994	Turkcell Iletisim Hizmetleri AS		4,413
	779	Vodacom Group Ltd.		6,611
	32,461	Vodafone Group PLC		53,426
		Total Telecommunication Services		949,270
		Transportation—2.8%
	15	A.P. Moeller—Maersk A/S, Class A		17,440
	14	A.P. Moeller—Maersk A/S, Class B		17,392
	26	Aena SME SA3		5,161
	30	Aeroports de Paris		5,302
	4,412	AirAsia Group Bhd		2,915
	929	Airports of Thailand PCL		2,227
	10	AMERCO		3,786
	585	ANA Holdings, Inc.		19,373
	90	Auckland International Airport Ltd.		595
	625	Aurizon Holdings Ltd.		2,368
	3,536	BTS Group Holdings PCL		1,384
	207	C.H. Robinson Worldwide, Inc.		17,460
	116	Canadian National Railway Co.		10,759
	25	Canadian Pacific Railway Ltd.		5,901
	90	Central Japan Railway Co.		18,027

Shares			Value
		Common Stocks (continued)
		Transportation (continued)
	1,570	ComfortDelGro Corp. Ltd.	$	3,087
	170	CSX Corp.		13,153
	859	Delta Air Lines, Inc.		48,748
	2,253	Deutsche Post AG		74,149
	146	DSV A/S		14,359
	303	East Japan Railway Co.		28,348
	648	easyJet PLC		7,861
	13,494	Eva Airways Corp.		6,495
	113	Expeditors International of Washington, Inc.		8,572
	50	Fraport AG Frankfurt Airport Services Worldwide		4,305
	81	Getlink SE		1,300
	215	Hankyu Hanshin Holdings, Inc.		7,703
	123	Kamigumi Co. Ltd.		2,911
	24	Kansas City Southern		2,924
	64	Keio Corp.		4,212
	69	Keisei Electric Railway Co. Ltd.		2,514
	239	Kintetsu Group Holdings Co. Ltd.		11,446
	157	Kuehne + Nagel International AG		23,333
	132	Kyushu Railway Co.		3,847
	1,098	Latam Airlines Group SA		10,310
	256	Localiza Rent a Car SA		2,737
	1,410	MISC Bhd		2,440
	1,181	MTR Corp. Ltd.		7,951
	209	Nagoya Railroad Co. Ltd.		5,783
	394	Nippon Express Co. Ltd.		20,954
	1,190	Nippon Yusen KK		19,097
	56	Norfolk Southern Corp.		11,162
	204	Odakyu Electric Railway Co. Ltd.		4,993
	362	SATS Ltd.		1,397
	342	Seibu Holdings, Inc.		5,701
	397	SG Holdings Co. Ltd.		11,257
	1,838	Singapore Airlines Ltd.		12,593
	10,968	Sinotrans Ltd., Class H		3,987
	427	Southwest Airlines Co.		21,683
	217	Sydney Airport		1,224
	295	TAV Havalimanlari Holding AS		1,377
	194	Tobu Railway Co. Ltd.		5,654
	625	Tokyu Corp.		11,086
	290	Transurban Group		3,000
	139	Union Pacific Corp.		23,506
	587	United Parcel Service, Inc., Class B		60,620
	183	West Japan Railway Co.		14,804
		Total Transportation		662,673
		Utilities—4.7%
	684	AES Corp.		11,464
	1,353	Aguas Andinas SA, Class A		797
	78	Alliant Energy Corp.		3,828
	280	AltaGas Ltd.1		4,245
	88	Ameren Corp.		6,610
	197	American Electric Power Co., Inc.		17,338
	32	American Water Works Co., Inc.		3,712
	247	APA Group		1,872
	98	Atco Ltd., Class I		3,310
	1,056	AusNet Services		1,389
	90	Canadian Utilities Ltd., Class A		2,545
	33,952	Centrica PLC		37,930
	361	CEZ AS2		8,725
	2,670	China Longyuan Power Group Corp. Ltd., Class H		1,712

The accompanying notes are an integral part of these financial statements.

105

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	1,086	CLP Holdings Ltd.	$	11,982
	128	CMS Energy Corp.		7,412
	8,306	Colbun SA		1,713
	149	Consolidated Edison, Inc.		13,064
	212	Dominion Energy, Inc.		16,392
	117	DTE Energy Co.		14,962
	298	Duke Energy Corp.		26,295
	3,341	E.ON SE		36,339
	220	Edison International		14,830
	5,029	EDP—Energias de Portugal SA		19,140
	390	Electric Power Development Co. Ltd.		8,861
	5,626	Electricite de France SA		71,020
	132	Emera, Inc.		5,405
	53	Enagas SA		1,417
	915	Endesa SA1		23,560
	83,699	Enel Americas SA		14,733
	13,512	Enel SpA		94,479
	58	Energisa SA		697
	232	Energy Absolute PCL		422
	224	Engie Brasil Energia SA		2,541
	4,589	Engie SA		69,714
	118	Entergy Corp.		12,146
	120	Eversource Energy		9,091
	756	Exelon Corp.		36,243
	175	Fortis, Inc.		6,925
	284	Fortum OYJ		6,286
	1,587	HK Electric Investments & HK Electric Investments Ltd.		1,625
	2,344	Hong Kong & China Gas Co. Ltd.		5,196
	3,346	Huaneng Renewables Corp. Ltd., Class H2		921
	288	Hydro One Ltd.3		5,034
	4,421	Iberdrola SA		44,134
	333	Infraestructura Energetica Nova SAB de CV		1,307
	891	Innogy SE3		42,312
	352,727	Inter RAO UES PJSC		25,327
	483	Interconexion Electrica SA ESP		2,690
	2,020	Kyushu Electric Power Co., Inc.		19,836
	746	Meridian Energy Ltd.		2,380
	1,961	National Grid PLC		20,860
	943	Naturgy Energy Group SA		26,020
	87	NextEra Energy, Inc.		17,823
	197	NiSource, Inc.		5,674
	151	Orsted A/S3		13,077
	699	Osaka Gas Co. Ltd.		12,178
	40	Pinnacle West Capital Corp.		3,764
	29	Power Assets Holdings Ltd.		209
	1,895	Power Grid Corp. of India Ltd.		5,680
	277	PPL Corp.		8,590
	169	Public Service Enterprise Group, Inc.		9,941
	105	Red Electrica Corp. SA		2,190
	554	RWE AG		13,671
	95	Sempra Energy		13,057
	96	Severn Trent PLC		2,502
	615	Snam SpA		3,061
	456	Southern Co. (The)		25,208
	2,257	SSE PLC		32,229
	1,472	Suez		21,272
	424	Terna Rete Elettrica Nazionale SpA		2,704
	106	Toho Gas Co. Ltd.		3,901

Shares			Value
		Common Stocks (continued)
		Utilities (continued)
	709	Tokyo Gas Co. Ltd.	$	16,698
	2,135	Towngas China Co. Ltd.2		1,539
	148	UGI Corp.		7,905
	245	United Utilities Group PLC		2,441
	1,382	Veolia Environnement SA		33,711
	31	Verbund AG		1,624
	100	WEC Energy Group, Inc.		8,337
	209	Xcel Energy, Inc.		12,433
		Total Utilities		1,110,207
		Total Common Stocks (Cost $23,024,391)		23,268,307
		Preferred Stocks—0.6%
		Automobiles & Components—0.0%6
	142	Bayerische Motoren Werke AG, 6.20%		8,829
		Banks—0.3%
	3,473	Banco Bradesco SA, 2.56%		34,198
	271	Bancolombia SA, 2.59%		3,448
	2,936	Itau Unibanco Holding SA, 3.89%		27,777
	364	Itausa—Investimentos Itau SA, 3.11%		1,224
		Total Banks		66,647
		Capital Goods—0.0%6
	138,521	Rolls-Royce Holdings PLC2		177
	358,453	Rolls-Royce Holdings PLC, Class C2		456
		Total Capital Goods		633
		Food & Staples Retailing—0.1%
	410	Cia Brasileira de Distribuicao, 1.74%		10,128
		Food, Beverage & Tobacco—0.0%6
	370	Embotelladora Andina SA, Class B, 3.90%		1,334
		Health Care Equipment & Services—0.0%6
	5	Sartorius AG, 0.34%		1,027
		Household & Personal Products—0.1%
	8	Amorepacific Corp., 1.34%		597
	99	Henkel AG & Co KGaA, 2.03%		9,698
	1	LG Household & Health Care Ltd., 1.21%		698
		Total Household & Personal Products		10,993
		Materials—0.0%6
	16	LG Chem Ltd., 3.07%		2,709
	30	Sociedad Quimica y Minera de Chile SA, Class B, 3.59%		930
		Total Materials		3,639
		Technology Hardware & Equipment—0.1%
	916	Samsung Electronics Co. Ltd., 2.85%		30,344
		Telecommunication Services—0.0%6
	684	Telefonica Brasil SA, 10.57%		8,907
		Utilities—0.0%6
	1,240	Cia Energetica de Minas Gerais, 3.97%		4,805
		Total Preferred Stocks (Cost $123,193)		147,286

The accompanying notes are an integral part of these financial statements.

106

Invesco Global ESG Revenue ETF (ESGF)(continued)

June 30, 2019

Shares			Value
		Warrant—0.0%6
		Consumer Services—0.0%6
	91	Minor International PCL, expiring 9/30/212 (Cost $0)	$	16
		Right—0.0%6
		Diversified Financials—0.0%6
	838	Zhengqi Financial Holding Corp.2,7 (Cost $0)		0
		Investment of Cash Collateral for Securities Loaned—2.1%
	370,108	Invesco Government & Agency Portfolio—Institutional Class, 2.27%8,9		370,108
	123,320	Invesco Liquid Assets Portfolio—Institutional Class, 2.41%8,9		123,369
		Total Investment of Cash Collateral for Securities Loaned (Cost $493,469)		493,477
		Total Investments—102.0% (Cost $23,641,053)		23,909,086
		Liabilities in Excess of Other Assets—(2.0)%		(477,792	)
		Net Assets—100.0%	$	23,431,294

PCL—Public Company Limited

REIT—Real Estate Investment Trust

¹  All or a portion of the security was on loan. The aggregate value of the securities on loan was $472,384; total value of the collateral held by the Fund was $493,477.

²  Non-income producing security.

³  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $161,261 or 0.69% of the Fund’s net assets at period end.

⁴  American Depositary Receipt.

⁵  Affiliated security (Note 4).

⁶  Less than 0.05%.

⁷  The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

⁸  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 June 30, 2019.

⁹  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.

Geographical Holdings

Country	Value			% of Net Assets
United States	$	7,179,839			30.6	%
Japan		3,983,579			17.0
France		1,925,226			8.2
United Kingdom		1,504,154			6.4
Germany		1,435,540			6.1
Netherlands		915,182			3.9
Canada		819,094			3.5
South Korea		784,848			3.4
Switzerland		596,758			2.5
Australia		503,571			2.2
Spain		497,649			2.1
China		335,823			1.4
Brazil		319,074			1.4
Taiwan		292,755			1.3
Italy		291,736			1.2
Sweden		248,532			1.1
India		240,380			1.0
Thailand		204,312			0.9
Singapore		183,025			0.8
South Africa		179,671			0.8
Norway		131,144			0.6
Denmark		126,088			0.5
Belgium		124,845			0.5
Finland		108,875			0.5
Hong Kong		102,759			0.4
Chile		92,055			0.4
Malaysia		79,054			0.3
Indonesia		78,661			0.3
Mexico		74,357			0.3
Austria		70,865			0.3
Ireland		63,684			0.3
Poland		60,054			0.3
Portugal		59,326			0.3
Turkey		46,787			0.2
Russia		46,456			0.2
Qatar		29,416			0.1
Saudi Arabia		25,003			0.1
Hungary		22,687			0.1
Colombia		20,279			0.1
Israel		19,793			0.1
United Arab Emirates		18,006			0.1
New Zealand		13,022			0.1
Philippines		11,634			0.1
Macau		10,958			0.0	1
Czech Republic		10,918			0.0	1
Greece		9,111			0.0	1
Peru		5,952			0.0	1
Egypt		2,736			0.0	1
Luxembourg		1,472			0.0	1
Argentina		1,015			0.0	1
Pakistan		702			0.0	1
Romania		624			0.0	1
Total Investments		23,909,086			102.0
Liabilities in Excess of Other Assets		(477,792	)		(2.0	)
Net Assets	$	23,431,294			100.0	%

¹ Less than 0.05%.

The accompanying notes are an integral part of these financial statements.

107

Statements of Assets and Liabilities

June 30, 2019

	Invesco S&P 500 Revenue  ETF (RWL)		Invesco S&P MidCap 400 Revenue ETF (RWK)			Invesco S&P SmallCap 600 Revenue ETF (RWJ)			Invesco S&P Financials Revenue ETF (RWW)
Assets:
Unaffiliated investments in securities, at value (including securities on loan)1	$	956,199,531	$	357,160,058		$	405,147,756		$	33,850,115
Affiliated investments in securities, at value		3,622,712		13,651,970			27,488,651			212,205
Foreign currency, at value		—		—			—			—
Receivables and other assets:
Dividends		871,252		284,863			270,074			24,144
Capital shares sold		7,313		19,653			43,624			368
Investments sold		5,408,796		105,420			3,486,757			–
Securities lending		233		4,173			87,441			2
Reclaims		—		—			—			—
Total Assets		966,109,837		371,226,137			436,524,303			34,086,834
Liabilities:
Payables and other liabilities:
Investment of cash collateral for securities on loan		3,231,210		13,651,591			27,432,417			110,867
Due to custodian		684,106		467,411			175,056			12,386
Investments purchased		–		–			423,252			–
Shares Repurchased		5,343,430		–			3,164,928			–
Accrued unitary management fees		302,484		111,093			129,469			12,685
Deferred foreign tax payable		—		—			—			—
Total Liabilities		9,561,230		14,230,095			31,325,122			135,938
Net Assets	$	956,548,607	$	356,996,042		$	405,199,181		$	33,950,896
Net Assets Consist of:
Shares of beneficial interest	$	895,280,765	$	358,256,351		$	501,984,592		$	34,336,381
Total distributable earnings (accumulated loss)		61,267,842		(1,260,309	)		(96,785,411	)		(385,485	)
Net Assets	$	956,548,607	$	356,996,042		$	405,199,181		$	33,950,896
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value)		17,901,400		5,851,400			6,401,400			500,000
Net asset value, offering and redemption price per share	$	53.43	$	61.01		$	63.30		$	67.90
Market price	$	53.41	$	60.91		$	63.23		$	67.83
Unaffiliated investments in securities, at cost	$	863,163,113	$	329,491,573		$	448,627,380		$	33,430,984
Affiliated investments in securities, at cost	$	3,727,406	$	13,651,591		$	27,486,809		$	274,075
Foreign currency, at cost		—		—			—			—
1. Includes securities on loan with an aggregate value of:	$	3,198,532	$	13,620,798		$	26,542,878		$	108,680
2. Net of foreign taxes of $1,626.
3. Net of foreign taxes of $1,414.
4. Net of foreign taxes of $1,581.

The accompanying notes are an integral part of these financial statements.

108

Invesco S&P Ultra Dividend Revenue ETF (RDIV)			Invesco Emerging Markets Ultra  Dividend Revenue ETF (REDV)			Invesco International Ultra  Dividend Revenue ETF (RIDV)			Invesco Emerging Markets Revenue  ETF (REEM)			Invesco International Revenue  ETF (REFA)			Invesco Global Revenue ETF (RGLB)			Invesco Global ESG Revenue ETF (ESGF)
$	1,778,323,638		$	3,588,646		$	2,364,279		$	15,115,422		$	12,328,715		$	13,038,618		$	23,410,146
	20,513,293			—			18,206			106,744			347,429			190,639			498,940
	—			29,473			26,900			14,824			6,092			4,270			9,699
	5,032,082			25,442			5,340			78,062			17,927			27,019			41,645
	3,833,989			—			—			—			—			—			284
	—			—			270			660			1,248			3,867			2,087
	13,494			—			97			32			683			276			952
	—			90			2,233			8			2,572			1,306			3,974
	1,807,716,496			3,643,651			2,417,325			15,315,752			12,704,666			13,265,995			23,967,727
	20,512,450			—			18,206			106,743			342,802			190,637			493,469
	289,899			36,112			2,447			18,950			—			5,378			34,067
	3,756,370			—			27,090			—			—			—			—
	—			—			—			—			—			—			—
	558,684			1,356			805			5,616			4,215			4,533			8,526
	—			—			—			1,626			—			1,392			371
	25,117,403			37,468			48,548			132,935			347,017			201,940			536,433
$	1,782,599,093		$	3,606,183		$	2,368,777		$	15,182,817		$	12,357,649		$	13,064,055		$	23,431,294
$	1,907,205,231		$	3,714,922		$	2,516,075		$	15,771,258		$	13,193,691		$	13,371,811		$	23,893,717
	(124,606,138	)		(108,739	)		(147,298	)		(588,441	)2		(836,042	)		(307,756	)3		(462,423	)4
$	1,782,599,093		$	3,606,183		$	2,368,777		$	15,182,817		$	12,357,649		$	13,064,055		$	23,431,294
	47,350,000			150,000			100,000			600,000			500,000			500,000			800,000
$	37.65		$	24.04		$	23.69		$	25.30		$	24.72		$	26.13		$	29.29
$	37.67		$	24.16		$	23.66		$	25.35		$	24.77		$	26.15		$	29.43
$	1,769,346,772		$	3,624,553		$	2,429,914		$	15,175,645		$	12,564,826		$	12,803,476		$	23,142,212
$	20,512,450		$	—		$	18,206		$	106,743		$	347,426		$	190,637		$	498,841
$	—		$	29,481		$	26,886		$	14,624		$	6,106		$	4,220		$	9,638
$	20,274,820		$	—		$	17,446		$	100,687		$	324,914		$	182,081		$	472,384

109

Statements of Operations

For the year ended June 30, 2019

	Invesco S&P 500 Revenue ETF (RWL)			Invesco S&P MidCap 400 Revenue ETF (RWK)			Invesco S&P SmallCap 600 Revenue ETF (RWJ)			Invesco S&P Financials Revenue ETF (RWW)
Investment Income:
Unaffiliated dividend income	$	22,624,133		$	5,164,979		$	6,180,689		$	993,123
Affiliated dividend income		26,267			127			30,336			8,469
Non-cash dividend income		553,348			83,329			—			—
Foreign withholding tax		—			(679	)		(730	)		—
Securities lending income		40,833			98,178			1,028,805			253
Total Income		23,244,581			5,345,934			7,239,100			1,001,845
Expenses:
Unitary management fees		3,807,861			1,410,841			1,830,117			207,112
Less fees waived		(118	)		(14	)		(39	)		(4	)
Net Expenses		3,807,743			1,410,827			1,830,078			207,108
Net Investment Income		19,436,838			3,935,107			5,409,022			794,737
Net Realized and Unrealized Gain (Loss) on Investments from:
Net realized loss on investments		(23,162,701	)		(14,184,249	)		(32,599,939	)		(577,953	)
Net realized loss on affiliated investments		(74,141	)		—			(46,233	)		(15,709	)
Net realized gain onin-kind redemptions		75,711,617			32,863,128			58,051,466			6,942,240
Net realized gain (loss) onin-kind redemptions on affiliates		8,964			—			1,682			(12,099	)
Net realized loss on foreign currency transactions		—			—			—			—
Total net realized gain (loss)		52,483,739			18,678,879			25,406,976			6,336,479
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(6,578,379	)		(20,423,994	)		(98,717,001	)		(4,954,212	)
Net change in unrealized appreciation (depreciation) on affiliated investments		(28,945	)		379			41,012			(19,160	)
Net change in unrealized appreciation (depreciation) on foreign currency translations		—			—			—			—
Net change in unrealized appreciation (depreciation)		(6,607,324	)		(20,423,615	)		(98,675,989	)		(4,973,372	)
Net realized and unrealized gain (loss) on investments		45,876,415			(1,744,736	)		(73,269,013	)		1,363,107
Net Increase (Decrease) in Net Assets Resulting From Operations	$	65,313,253		$	2,190,371		$	(67,859,991	)	$	2,157,844

^1. For the period from August 7, 2018 (commencement of operations) to June 30, 2019.

^2.  Net of foreign taxes of $65 and $476.

^3.  Net of change in deferred foreign taxes of $1,626, $1,414 and $1,581.

The accompanying notes are an integral part of these financial statements.

110

Invesco S&P Ultra Dividend Revenue ETF (RDIV)			Invesco Emerging Markets Ultra Dividend Revenue  ETF1 (REDV)			Invesco International Ultra Dividend Revenue ETF1 (RIDV)			Invesco Emerging Markets Revenue ETF (REEM)			Invesco International Revenue  ETF (REFA)			Invesco Global Revenue ETF (RGLB)			Invesco Global ESG Revenue ETF (ESGF)
$	55,067,686		$	152,220		$	114,838		$	474,804		$	469,509		$	416,863		$	757,012
	247,824			5			11			87			78			59			96
	—			—			432			17,464			25,855			21,126			37,608
	—			(12,692	)		(13,582	)		(54,753	)		(42,748	)		(32,734	)		(64,475	)
	497,967			54			379			1,056			2,138			1,364			5,702
	55,813,477			139,587			102,078			438,658			454,832			406,678			735,943
	5,037,398			11,112			8,797			59,994			52,571			55,755			103,611
	(731	)		(1	)		(1	)		(8	)		(9	)		(6	)		(13	)
	5,036,667			11,111			8,796			59,986			52,562			55,749			103,598
	50,776,810			128,476			93,282			378,672			402,270			350,929			632,345
	(102,327,468	)		(81,187	)2		(90,384	)		(479,264	)		(566,909	)		(453,658	)2		(623,276	)
	(3,391,378	)		—			—			—			—			—			—
	112,785,346			—			—			177,846			350,074			473,326			421,578
	4,971			—			—			—			—			—			—
	—			(3,829	)		(1,503	)		(18,220	)		(7,034	)		(6,372	)		(6,521	)
	7,071,471			(85,016	)		(91,887	)		(319,638	)		(223,869	)		13,296			(208,219	)
	(9,147,556	)		(35,907	)		(65,635	)		351,703	3		(612,556	)		(235,189	)3		(182,084	)3
	843			—			—			1			3			2			99
	—			(26	)		(96	)		1,082			86			39			519
	(9,146,713	)		(35,933	)		(65,731	)		352,786			(612,467	)		(235,148	)		(181,466	)
	(2,075,242	)		(120,949	)		(157,618	)		33,148			(836,336	)		(221,852	)		(389,685	)
$	48,701,568		$	7,527		$	(64,336	)	$	411,820		$	(434,066	)	$	129,077		$	242,660

111

Statements of Changes in Net Assets

For the year ended June 30, 2019 and June 30, 2018

	Invesco S&P 500 Revenue ETF (RWL)						Invesco  S&P MidCap 400 Revenue ETF (RWK)
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
Operations
Net investment income	$	19,436,838		$	15,300,273		$	3,935,107		$	3,913,591
Net realized gain (loss) on investments andin-kind redemptions and foreign currency transactions		52,483,739			60,903,503			18,678,879			19,377,220
Net change in unrealized appreciation (depreciation) on investments foreign currency translations		(6,607,324	)		8,339,902			(20,423,615	)		8,688,904
Net increase (decrease) in net assets resulting from operations		65,313,253			84,543,678			2,190,371			31,979,715
Distributions to Shareholders from:
Distributable earnings		(19,138,436	)		(17,723,983	)		(3,846,048	)		(3,676,937	)
Shareholder Transactions:
Proceeds from shares sold		243,025,931			313,392,923			80,869,707			90,878,997
Value of shares repurchased		(250,146,076	)		(152,222,803	)		(100,828,754	)		(70,072,549	)
Net increase (decrease) in net assets resulting from shareholder transactions		(7,120,145	)		161,170,120			(19,959,047	)		20,806,448
Increase (Decrease) in net assets		39,054,672			227,989,815			(21,614,724	)		49,109,226
Net Assets:
Beginning of period or year		917,493,935			689,504,120			378,610,766			329,501,540
End of period or year	$	956,548,607		$	917,493,935		$	356,996,042		$	378,610,766
Changes in Shares Outstanding:
Shares outstanding, beginning of period or year		18,101,400			14,851,400			6,201,400			5,851,400
Shares sold		4,750,000			6,200,000			1,400,000			1,500,000
Shares repurchased		(4,950,000	)		(2,950,000	)		(1,750,000	)		(1,150,000	)
Shares outstanding, end of period or year		17,901,400			18,101,400			5,851,400			6,201,400

The accompanying notes are an integral part of these financial statements.

112

Invesco S&P SmallCap 600 Revenue ETF (RWJ)						Invesco S&P Financials Revenue ETF (RWW)						Invesco  S&P Ultra Dividend Revenue ETF (RDIV)
Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
$	5,409,022		$	5,174,190		$	794,737		$	620,297		$	50,776,810		$	25,549,754
	25,406,976			52,865,569			6,336,479			1,474,077			7,071,471			28,487,131
	(98,675,989	)		358,776			(4,973,372	)		(1,328,352	)		(9,146,713	)		37,354,744
	(67,859,991	)		58,398,535			2,157,844			766,022			48,701,568			91,391,629
	(5,443,557	)		(5,715,052	)		(788,763	)		(685,442	)		(48,980,283	)		(29,379,796	)
	175,782,312			83,311,618			6,364,575			31,019,019			2,425,047,339			439,228,941
	(206,177,006	)		(181,849,009	)		(28,303,291	)		(10,277,825	)		(1,253,156,914	)		(400,883,719	)
	(30,394,694	)		(98,537,391	)		(21,938,716	)		20,741,194			1,171,890,425			38,345,222
	(103,698,242	)		(45,853,908	)		(20,569,635	)		20,821,774			1,171,611,710			100,357,055
	508,897,423			554,751,331			54,520,531			33,698,757			610,987,383			510,630,328
$	405,199,181		$	508,897,423		$	33,950,896		$	54,520,531		$	1,782,599,093		$	610,987,383
	6,951,400			8,401,400			850,000			550,000			16,000,000			15,100,000
	2,600,000			1,150,000			100,000			450,000			64,100,000			12,150,000
	(3,150,000	)		(2,600,000	)		(450,000	)		(150,000	)		(32,750,000	)		(11,250,000	)
	6,401,400			6,951,400			500,000			850,000			47,350,000			16,000,000

113

Statements of Changes in Net Assets(continued)

For the year or period ended June 30, 2019 and for the period ended June 30, 2018

	Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)			Invesco International Ultra Dividend Revenue ETF (RIDV)			Invesco Emerging Markets Revenue ETF (REEM)
	For the Period August 7, 20181 to June 30, 2019			For the Period August 7, 20181 to June 30, 2019			Year Ended June 30, 2019			For the Period July 11, 20171 to June 30, 2018
Operations
Net investment income	$	128,476		$	93,282		$	378,672		$	308,088
Net realized gain on investments andin-kind redemptions		(85,016	)		(91,887	)		(319,638	)		300,786
Net change in unrealized appreciation (depreciation) on investments		(35,933	)		(65,731	)		352,786			(413,901	)
Net increase in net assets resulting from operations		7,527			(64,336	)		411,820			194,973
Distributions to Shareholders from:
Distributable earnings		(116,266	)		(82,962	)		(495,307	)		(218,650	)
Shareholder Transactions:
Proceeds from shares sold		3,714,922			2,516,075			7,689,891			20,892,428
Value of shares repurchased		—			—			(5,087,260	)		(8,205,078	)
Net increase (decrease) in net assets resulting from shareholder transactions		3,714,922			2,516,075			2,602,631			12,687,350
Increase (Decrease) in net assets		3,606,183			2,368,777			2,519,144			12,663,673
Net Assets:
Beginning of period or year		—			—			12,663,673			—
End of period or year	$	3,606,183		$	2,368,777		$	15,182,817		$	12,663,673
			��
Changes in Shares Outstanding:
Shares outstanding, beginning of period or year		—			—			500,000			—
Shares sold		150,000			100,000			300,000			800,000
Shares repurchased		—			—			(200,000	)		(300,000	)
Shares outstanding, end of period or year		150,000			100,000			600,000			500,000

^1.  Commencement of operations.

The accompanying notes are an integral part of these financial statements.

114

Invesco International Revenue ETF (REFA)						Invesco Global Revenue ETF (RGLB)						Invesco Global ESG Revenue ETF (ESGF)
Year Ended June 30, 2019			For the Period July 11, 20171 to June 30, 2018			Year Ended June 30, 2019			For the Period July 11, 20171 to June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
$	402,270		$	387,759		$	350,929		$	324,285		$	632,345		$	523,421
	(223,869	)		188,104			13,296			197,759			(208,219	)		1,700,456
	(612,467	)		376,289			(235,148	)		468,923			(181,466	)		(471,523	)
	(434,066	)		952,152			129,077			990,967			242,660			1,752,354
	(362,641	)		(358,426	)		(326,861	)		(278,541	)		(570,657	)		(702,508	)
	5,151,267			20,634,014			5,333,627			23,265,502			4,519,271			16,371,671
	(5,119,876	)		(8,104,775	)		(5,309,136	)		(10,740,580	)		(2,974,163	)		(14,904,746	)
	31,391			12,529,239			24,491			12,524,922			1,545,108			1,466,925
	(765,316	)		13,122,965			(173,293	)		13,237,348			1,217,111			2,516,771
	13,122,965			—			13,237,348			—			22,214,183			19,697,412
$	12,357,649		$	13,122,965		$	13,064,055		$	13,237,348		$	23,431,294		$	22,214,183
	500,000			—			500,000			—			750,000			700,000
	200,000			800,000			200,000			900,000			150,000			550,000
	(200,000	)		(300,000	)		(200,000	)		(400,000	)		(100,000	)		(500,000	)
	500,000			500,000			500,000			500,000			800,000			750,000

115

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)

	Years Ended June 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value, beginning of year	$	50.69		$	46.43		$	40.74		$	40.91		$	38.56
Net investment income1		1.03			0.90			0.83			0.76			0.68
Net realized and unrealized gain (loss) on investments		2.72			4.41			5.60			(0.14	)		2.35
Total gain from investment operations		3.75			5.31			6.43			0.62			3.03
Less Distributions from:
Net investment income		(1.01	)		(1.05	)		(0.74	)		(0.76	)		(0.64	)
Realized gains		—			—			—			(0.03	)		(0.04	)
Total distributions		(1.01	)		(1.05	)		(0.74	)		(0.79	)		(0.68	)
Net asset value, end of year	$	53.43		$	50.69		$	46.43		$	40.74		$	40.91
Market price, end of year	$	53.41	2
Total Return at Net Asset Value3		7.51	%		11.49	%		15.96	%		1.55	%		7.91	%
Total Return at Market Value3		7.41	%		11.46	%		15.98	%		1.61	%		7.85	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	956,549		$	917,494		$	689,504		$	366,679		$	343,682
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%		0.39	%		0.42	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.39	%		0.41	%		0.52	%		0.62	%		0.61	%
Net investment income, net of waivers and reimbursements		1.99	%		1.81	%		1.89	%		1.92	%		1.70	%
Portfolio turnover rate4		19	%		15	%		15	%		14	%		19	%

^1.  Based on average daily shares outstanding.

^2.  The mean between the last bid and ask prices.

^3.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^4.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco S&P MidCap 400 Revenue ETF (RWK)

	Years Ended June 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value, beginning of year	$	61.05		$	56.31		$	47.74		$	49.39		$	47.75
Net investment income1		0.65			0.63			0.56			0.44			0.41
Net realized and unrealized gain (loss) on investments		(0.06	)		4.70			8.68			(1.63	)		1.79
Total gain (loss) from investment operations		0.59			5.33			9.24			(1.19	)		2.20
Less Distributions from:
Net investment income		(0.63	)		(0.59	)		(0.67	)		(0.46	)		(0.39	)
Realized gains		—			—			—			—			(0.17	)
Total distributions		(0.63	)		(0.59	)		(0.67	)		(0.46	)		(0.56	)
Net asset value, end of year	$	61.01		$	61.05		$	56.31		$	47.74		$	49.39
Market price, end of year	$	60.91	2
Total Return at Net Asset Value3		1.05	%		9.48	%		19.46	%		(2.39	)%		4.63	%
Total Return at Market Value3		0.90	%		9.40	%		19.45	%		(2.38	)%		5.05	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	356,996		$	378,611		$	329,502		$	186,252		$	242,092
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%		0.39	%		0.43	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.39	%		0.42	%		0.56	%		0.72	%		0.68	%
Net investment income, net of waivers and reimbursements		1.09	%		1.08	%		1.05	%		0.94	%		0.84	%
Portfolio turnover rate4		33	%		34	%		46	%		22	%		14	%

^1.  Based on average daily shares outstanding.

^2.  The mean between the last bid and ask prices.

^3.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^4.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

116

Financial Highlights(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

	Years Ended June 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value, beginning of year	$	73.21		$	66.03		$	55.06		$	58.05		$	56.25
Net investment income1		0.79			0.69			0.55			0.36			0.39
Net realized and unrealized gain (loss) on investments		(9.90	)		7.24			10.85			(2.97	)		1.89
Total gain (loss) from investment operations		(9.11	)		7.93			11.40			(2.61	)		2.28
Less Distributions from:
Net investment income		(0.80	)		(0.75	)		(0.43	)		(0.38	)		(0.38	)
Realized gains		—			—			—			—			(0.10	)
Total distributions		(0.80	)		(0.75	)		(0.43	)		(0.38	)		(0.48	)
Net asset value, end of year	$	63.30		$	73.21		$	66.03		$	55.06		$	58.05
Market price, end of year	$	63.23	2
Total Return at Net Asset Value3		(12.45	)%		12.07	%4		20.75	%		(4.46	)%		4.06	%
Total Return at Market Value3		(12.57	)%		12.10	%4		20.76	%		(4.51	)%		4.24	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	405,199		$	508,897		$	554,751		$	297,421		$	374,516
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%		0.39	%		0.43	%		0.54	%		0.54	%
Expenses, prior to expense waivers and reimbursements		0.39	%		0.42	%		0.54	%		0.68	%		0.67	%
Net investment income, net of waivers and reimbursements		1.15	%		1.01	%		0.86	%		0.68	%		0.69	%
Portfolio turnover rate5		39	%		38	%		46	%		44	%		21	%

^1.  Based on average daily shares outstanding.

^2.  The mean between the last bid and ask prices.

^3.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^4.  Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.10% and Total Return at Market Value by 0.09%.

^5.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco S&P Financials Revenue ETF (RWW)

	Years Ended June 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value, beginning of year	$	64.14		$	61.27		$	45.61		$	50.02		$	46.54
Net investment income1		1.12			0.90			0.70			0.66			0.54
Net realized and unrealized gain (loss) on investments		3.82			2.95			15.65			(4.38	)		3.44
Total gain (loss) from investment operations		4.94			3.85			16.35			(3.72	)		3.98
Less Distributions from:
Net investment income		(1.18	)		(0.98	)		(0.69	)		(0.69	)		(0.50	)
Net asset value, end of year	$	67.90		$	64.14		$	61.27		$	45.61		$	50.02
Market price, end of year	$	67.83	2
Total Return at Net Asset Value3		7.83	%		6.24	%		36.14	%		(7.49	)%		8.57	%
Total Return at Market Value3		7.68	%		6.27	%		36.20	%		(7.58	)%		8.66	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	33,951		$	54,521		$	33,699		$	20,524		$	32,513
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.45	%		0.46	%		0.49	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.45	%		0.49	%		0.81	%		0.91	%		0.77	%
Net investment income, net of waivers and reimbursements		1.73	%		1.35	%		1.28	%		1.40	%		1.11	%
Portfolio turnover rate4		12	%		8	%		18	%		20	%		13	%

^1.  Based on average daily shares outstanding.

^2.  The mean between the last bid and ask prices.

^3.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^4.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

117

Financial Highlights(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

	Years Ended June 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value, beginning of year	$	38.19		$	33.82		$	31.52		$	28.81		$	28.72
Net investment income1		1.46			1.73			1.50			1.21			1.20
Net realized and unrealized gain (loss) on investments		(0.66	)		4.56			1.96			2.66			0.03	2
Total gain from investment operations		0.80			6.29			3.46			3.87			1.23
Less Distributions from:
Net investment income		(1.34	)		(1.92	)		(1.14	)		(1.16	)		(1.11	)
Realized gains		—			—			(0.02	)		—			(0.03	)
Total distributions		(1.34	)		(1.92	)		(1.16	)		(1.16	)		(1.14	)
Net asset value, end of year	$	37.65		$	38.19		$	33.82		$	31.52		$	28.81
Market price, end of year	$	37.67	3
Total Return at Net Asset Value4		2.26	%		19.13	%		11.10	%		13.91	%		4.30	%
Total Return at Market Value4		2.26	%		19.12	%		11.18	%		13.90	%		4.19	%
Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	1,782,599		$	610,987		$	510,630		$	110,330		$	66,254
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.39	%		0.39	%		0.41	%		0.49	%		0.49	%
Expenses, prior to expense waivers and reimbursements		0.39	%		0.41	%		0.52	%		0.75	%		0.72	%
Net investment income, net of waivers and reimbursements		3.93	%		4.90	%		4.48	%		4.19	%		4.06	%
Portfolio turnover rate5		122	%		74	%		81	%		208	%		52	%

^1.  Based on average daily shares outstanding.

^2.  The amount shown for a share outstanding throughout the period may not correlate with the Statements of Operations for the period due to timing of sales and repurchase of creation unit Fund shares in relation to income earned and/or fluctuating value of the investments of the Fund.

^3.  The mean between the last bid and ask prices.

^4.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^5.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)

	For the Period August 07,  20181 Through June 30, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		1.12
Net realized and unrealized loss on investments		(1.14	)
Total loss from investment operations		(0.02	)
Less Distributions from:
Net investment income		(0.94	)
Net asset value, end of period	$	24.04
Market price, end of period3	$	24.16
Total Return at Net Asset Value4		0.08	%
Total Return at Market Value4		0.54	%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	3,606
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.46	%5
Expenses, prior to expense waivers and reimbursements		0.46	%5
Net investment income, net of waivers and reimbursements		5.32	%5
Portfolio turnover rate6		88	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

118

Financial Highlights(continued)

Invesco International Ultra Dividend Revenue ETF (RIDV)

	For the Period August 07,  20181 Through June 30, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income2		0.93
Net realized and unrealized loss on investments		(1.41	)
Total loss from investment operations		(0.48	)
Less Distributions from:
Net investment income		(0.83	)
Net asset value, end of period	$	23.69
Market price, end of period3	$	23.66
Total Return at Net Asset Value4		(1.82	)%
Total Return at Market Value4		(1.96	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s omitted)	$	2,369
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.42	%5
Expenses, prior to expense waivers and reimbursements		0.42	%5
Net investment income, net of waivers and reimbursements		4.45	%5
Portfolio turnover rate6		81	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  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 at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco Emerging Markets Revenue ETF (REEM)

	Years Ended June 30, 2019			For the Period July 11,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	25.33		$	25.00
Net investment income2		0.72			0.62
Net realized and unrealized gain (loss) on investments		0.20			0.15
Total gain from investment operations		0.92			0.77
Less Distributions from:
Net investment income		(0.90	)		(0.36	)
Realized gains		(0.05	)		(0.08	)
Total distributions		(0.95	)		(0.44	)
Net asset value, end of period	$	25.30		$	25.33
Market price, end of period	$	25.35	3
Total Return at Net Asset Value4		3.77	%		2.95	%
Total Return at Market Value4		3.57	%		3.31	%
Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	15,183		$	12,664
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.46	%		0.46	%5
Expenses, prior to expense waivers and reimbursements		0.46	%		0.61	%5
Net investment income, net of waivers and reimbursements		2.90	%		2.32	%5
Portfolio turnover rate6		67	%		85	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

119

Financial Highlights(continued)

Invesco International Revenue ETF (REFA)

	Years Ended June 30, 2019			For the Period July 11,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.25		$	25.00
Net investment income2		0.80			0.78
Net realized and unrealized gain (loss) on investments		(1.60	)		1.19
Total gain (loss) from investment operations		(0.80	)		1.97
Less Distributions from:
Net investment income		(0.73	)		(0.72	)
Net asset value, end of period	$	24.72		$	26.25
Market price, end of period	$	24.77	3
Total Return at Net Asset Value4		(3.03	)%		7.83	%5
Total Return at Market Value4		(2.80	)%		7.79	%5
Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	12,358		$	13,123
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.42	%		0.42	%6
Expenses, prior to expense waivers and reimbursements		0.42	%		0.57	%6
Net investment income, net of waivers and reimbursements		3.21	%		2.94	%6
Portfolio turnover rate7		21	%		29	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized.The total return would have been lower if certain expenses had not been waived by the Adviser.

^5.  Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.20% and Total Return at Market Value by 0.18%.

^6.  Annualized for periods less than one full year.

^7.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

Invesco Global Revenue ETF (RGLB)

	Years Ended June 30, 2019			For the Period July 11,  20171 Through June 30, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	26.47		$	25.00
Net investment income2		0.70			0.65
Net realized and unrealized gain (loss) on investments		(0.39	)		1.38
Total gain from investment operations		0.31			2.03
Less Distributions from:
Net investment income		(0.65	)		(0.56	)
Net asset value, end of period	$	26.13		$	26.47
Market price, end of period	$	26.15	3
Total Return at Net Asset Value4		1.26	%		8.10	%5
Total Return at Market Value4		1.45	%		7.95	%5
Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	13,064		$	13,237
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.43	%		0.43	%6
Expenses, prior to expense waivers and reimbursements		0.43	%		0.58	%6
Net investment income, net of waivers and reimbursements		2.71	%		2.47	%6
Portfolio turnover rate7		24	%		64	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the Cboe BZX Exchange, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized.The total return would have been lower if certain expenses had not been waived by the Adviser.

^5.  Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.16% and Total Return at Market Value by 0.15 %.

^6.  Annualized for periods less than one full year.

^7.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

120

Financial Highlights(continued)

Invesco Global ESG Revenue ETF (ESGF)

	Years Ended June 30,						For the Period October 31,  20161 Through June 30, 2017
	2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	29.62		$	28.14		$	25.00
Net investment income2		0.80			0.71			0.38
Net realized and unrealized gain (loss) on investments		(0.42	)		1.71			2.97
Total gain from investment operations		0.38			2.42			3.35
Less Distributions from:
Net investment income		(0.71	)		(0.83	)		(0.21	)
Realized gains		—			(0.11	)		—
Total distributions		(0.71	)		(0.94	)		(0.21	)
Net asset value, end of period	$	29.29		$	29.62		$	28.14
Market price, end of period	$	29.43	3
Total Return at Net Asset Value4		1.37	%		8.62	%		13.49	%
Total Return at Market Value4		1.47	%		7.58	%		14.97	%
Ratios/Supplemental Data:
Net assets, end of period/year (000’s omitted)	$	23,431		$	22,214		$	19,697
Ratio to average net assets of:
Expenses, net of expense waivers and reimbursements		0.45	%		0.45	%		0.45	%5
Expenses, prior to expense waivers and reimbursements		0.45	%		0.58	%		1.18	%5
Net investment income, net of waivers and reimbursements		2.75	%		2.32	%		2.15	%5
Portfolio turnover rate6		28	%		73	%		78	%

^1.  Commencement of operations.

^2.  Based on average daily shares outstanding.

^3.  The mean between the last bid and ask prices.

^4.  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends and distributions at market value during the year, and sale at the market value on the last day of the year. Market value is determined by trading that occurs on the NYSE Arca, and may be greater or less than net asset value, depending on the 4 p.m. mean of the bid and offer prices for a share of the Fund. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been waived by the Adviser.

^5.  Annualized for periods less than one full year.

^6.  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result ofin-kind creations or redemptions of the Fund’s capital shares.

The accompanying notes are an integral part of these financial statements.

121

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

June 30, 2019

Note 1—Organization

Invesco Exchange-Traded Fund Trust II Trust (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is anopen-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 S&P 500 Revenue ETF	Oppenheimer S&P 500 Revenue ETF	S&P 500 Revenue ETF
Invesco S&P MidCap 400 Revenue ETF	Oppenheimer S&P MidCap 400 Revenue ETF	S&P MidCap 400 Revenue ETF
Invesco S&P SmallCap 600 Revenue ETF	Oppenheimer S&P SmallCap 600 Revenue ETF	S&P SmallCap 600 Revenue ETF
Invesco S&P Financials Revenue ETF	Oppenheimer S&P Financials Revenue ETF	S&P Financials Revenue ETF
Invesco S&P Ultra Dividend Revenue ETF	Oppenheimer S&P Ultra Dividend Revenue ETF	S&P Ultra Dividend Revenue ETF
Invesco Emerging Markets Ultra Dividend Revenue ETF	Oppenheimer Emerging Markets Ultra Dividend Revenue ETF	Emerging Markets Ultra Dividend Revenue ETF
Invesco International Ultra Dividend Revenue ETF	Oppenheimer International Ultra Dividend Revenue ETF	International Ultra Dividend Revenue ETF
Invesco Emerging Markets Revenue ETF	Oppenheimer Emerging Markets Revenue ETF	Emerging Markets Revenue ETF
Invesco International Revenue ETF	Oppenheimer International Revenue ETF	International Revenue ETF
Invesco Global Revenue ETF	Oppenheimer Global Revenue ETF	Global Revenue ETF
Invesco Global ESG Revenue ETF	Oppenheimer Global ESG Revenue ETF	Global ESG Revenue 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 Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc., except for Emerging Markets Revenue ETF, Global Revenue ETF and International Revenue ETF, which are listed and traded on Cboe BZX Exchange, Inc.

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 Oppenheimer ETF Trust (a “Predecessor Fund”) after the close of business on May 24, 2019 (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 May 24, 2019 is that of the Predecessor Fund.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective for each Fund is to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
S&P 500 Revenue ETF	S&P 500 Revenue-Weighted Index
S&P MidCap 400 Revenue ETF	S&P MidCap 400 Revenue-Weighted Index
S&P SmallCap 600 Revenue ETF	S&P SmallCap 600 Revenue-Weighted Index
S&P Financials Revenue ETF	S&P 500 Financials Sector Revenue-Weighted Index
S&P Ultra Dividend Revenue ETF	S&P 900 Dividend Revenue-Weighted Index
Emerging Markets Ultra Dividend Revenue ETF	FTSE Custom Emerging Ultra Dividend Revenue Index
International Ultra Dividend Revenue ETF	FTSE Custom Developed ex US Ultra Dividend Revenue Index
Emerging Markets Revenue ETF	Invesco Revenue Weighted Emerging Markets Index
International Revenue ETF	Invesco Revenue Weighted International Index
Global Revenue ETF	Invesco Revenue Weighted Global Index
Global ESG Revenue ETF	Invesco Revenue Weighted Global ESG Index

122

Note 2—Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (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 theover-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 asinstitution-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”), 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 (“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.

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B. Other Risk

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 held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with processing 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 (as defined below), this may result in a significantly diminished trading market for Shares, which may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. This risk may be heightened for each Fund because it invests innon-U.S. securities, which may have lower trading volumes.

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

Foreign Investment Risk. Investments in the securities ofnon-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. As each Fund will invest 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 each Fund’s returns.

Index Risk.Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, it would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Underlying Index, even if that security generally is underperforming.

Industry Concentration Risk.In following its methodology, each Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Diversified Fund Risk.Because each Fund isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

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

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

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Portfolio Turnover Risk.Each Fund 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 thein-kind creation and redemption mechanism (described below) to minimize realization of capital gains to the extent possible.

Small-and-Mid-Capitalization Company Risk.Investing in securities of small- andmid-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- andmid-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.

ADR and GDR Risk. ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of thenon-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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

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 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.

D. 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.

E. 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 andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscalyear-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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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.

F. 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.

G. Dividends and Distributions to Shareholders — Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

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

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.

I. Federal Taxes — The Funds intend to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Funds’ tax return filings generally remains open for the three preceding fiscal reporting period ends. The Funds have analyzed their tax positions for the fiscal year ended June 30, 2019, including open tax years, and do not believe there are any uncertain tax positions requiring recognition in the Funds’ financial statements.

The tax components of capital shown in the following table represent distribution requirements the Funds must satisfy under the income tax regulations, losses the Funds may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Fund	Undistributed Net  Investment Income		Undistributed Long-Term  Gain		Capital Loss Carryforwards			Post-October Capital Losses		Net Unrealized Appreciation (Depreciation) Based on Cost  of Securities and Other Investments for Federal Income Tax Purposes
S&P 500 Revenue ETF	$	946,872	$	—	$	(22,415,389	)	$	—	$	82,736,359
S&P MidCap 400 Revenue ETF		325,713		—		(24,037,658	)		—		22,451,636
S&P SmallCap 600 Revenue ETF		476,527		—		(42,828,303	)		—		(54,433,635	)
S&P Financials Revenue ETF		32,148		—		(548,331	)		—		130,698
S&P Ultra Dividend Revenue ETF		3,269,073		—		(135,058,682	)		—		7,183,471
Emerging Markets Ultra Dividend Revenue ETF		16,154		—		(86,133	)		—		(38,760	)
International Ultra Dividend Revenue ETF		10,552		—		(90,440	)		—		(67,410	)
Emerging Markets Revenue ETF		32,817		—		(449,975	)		—		(171,283	)
International Revenue ETF		73,605		—		(566,883	)		—		(342,764	)
Global Revenue ETF		48,805		—		(466,223	)		—		109,662
Global ESG Revenue ETF		98,525		—		(665,243	)		—		104,295

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At June 30, 2019, the Funds have capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Fund	Short Term Post-Effective No Expiration		Long Term Post-Effective No Expiration		Total
S&P 500 Revenue ETF	$	4,598,516	$	17,816,873	$	22,415,389
S&P MidCap 400 Revenue ETF		13,340,457		10,697,201		24,037,658
S&P SmallCap 600 Revenue ETF		11,666,748		31,161,555		42,828,303
S&P Financials Revenue ETF		239,619		308,712		548,331
S&P Ultra Dividend Revenue ETF		106,612,470		28,446,212		135,058,682
Emerging Markets Ultra Dividend Revenue ETF		86,133		—		86,133
International Ultra Dividend Revenue ETF		90,440		—		90,440
Emerging Markets Revenue ETF		167,682		282,293		449,975
International Revenue ETF		134,186		432,697		566,883
Global Revenue ETF		141,612		324,611		466,223
Global ESG Revenue ETF		191,525		473,718		665,243

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in these financial statements in accordance with U.S. GAAP. Also, due to timing of dividend and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Funds.

Accordingly, the following amounts have been reclassified for the reporting periods. Net assets of each Fund were unaffected by the reclassifications.

Fund	Increase (Decrease) to Accumulated  Net Investment Income			Increase (Decrease) to Accumulated Undistributed Net Realized Gain/Loss on Investments			Increase (Decrease) toPaid-in-Capital
S&P 500 Revenue ETF	$	(4,136	)	$	(73,607,494	)	$	73,611,630
S&P MidCap 400 Revenue ETF		—			(32,067,550	)		32,067,550
S&P SmallCap 600 Revenue ETF		(475	)		(51,148,423	)		51,148,898
S&P Financials Revenue ETF		—			(6,792,656	)		6,792,656
S&P Ultra Dividend Revenue ETF		—			(102,973,350	)		102,973,350
Emerging Markets Ultra Dividend Revenue ETF		3,182			(3,182	)		—
International Ultra Dividend Revenue ETF		(252	)		252			—
Emerging Markets Revenue ETF		(9,729	)		(144,837	)		154,566
International Revenue ETF		(1,809	)		(301,825	)		303,634
Global Revenue ETF		(4,822	)		(406,613	)		411,435
Global ESG Revenue ETF		(5,742	)		(395,920	)		401,662

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The tax character of distributions paid during the reporting periods:

	Year Ended June 30, 2019						Year Ended June 30, 2018
Fund	Distributions Paid from  Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total		Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Total
S&P 500 Revenue ETF	$	19,138,436	$	—	$	19,138,436	$	17,723,983	$	—	$	17,723,983
S&P MidCap 400 Revenue ETF		3,846,048		—		3,846,048		3,676,937		—		3,676,937
S&P SmallCap 600 Revenue ETF		5,443,557		—		5,443,557		5,715,052		—		5,715,052
S&P Financials Revenue ETF		788,763		—		788,763		685,442		—		685,442
S&P Ultra Dividend Revenue ETF		48,980,283		—		48,980,283		29,379,796		—		29,379,796
Emerging Markets Ultra Dividend Revenue ETF		116,266		—		116,266		NA		NA		NA
International Ultra Dividend Revenue ETF		82,962		—		82,962		NA		NA		NA
Emerging Markets Revenue ETF		495,307		—		495,307		218,650		—		218,650
International Revenue ETF		362,641		—		362,641		358,426		—		358,426
Global Revenue ETF		326,861		—		326,861		278,541		—		278,541
Global ESG Revenue ETF		570,657		—		570,657		702,508		—		702,508

At June 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses on wash sales.

Fund	Federal Tax Cost of Securities		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net  Unrealized Appreciation (Depreciation)
S&P 500 Revenue ETF	$	877,085,884	$	134,156,234	$	(51,419,875	)	$	82,736,359
S&P MidCap 400 Revenue ETF		348,360,392		47,351,136		(24,899,500	)		22,451,636
S&P SmallCap 600 Revenue ETF		487,070,042		46,563,136		(100,996,771	)		(54,433,635	)
S&P Financials Revenue ETF		33,931,622		1,905,803		(1,775,105	)		130,698
S&P Ultra Dividend Revenue ETF		1,791,653,460		77,189,205		(70,005,734	)		7,183,471
Emerging Markets Ultra Dividend Revenue ETF		3,627,380		136,381		(175,115	)		(38,734	)
International Ultra Dividend Revenue ETF		2,449,799		81,489		(148,803	)		(67,314	)
Emerging Markets Revenue ETF		15,392,556		1,165,351		(1,335,741	)		(170,390	)
International Revenue ETF		13,018,838		788,907		(1,131,601	)		(342,694	)
Global Revenue ETF		13,118,226		1,163,171		(1,052,140	)		111,031
Global ESG Revenue ETF		23,804,645		2,103,976		(1,999,535	)		104,441

J. Distributions from Distributable Earnings — In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the year ended June 30, 2018, distributions from distributable earnings for each Fund (except Emerging Markets Revenue ETF and Global ESG Revenue ETF) consisted of distributions from net investment income. For the year ended June 30, 2018, distributions from distributable earnings for Emerging Markets Revenue ETF consisted of distributions from net investment income of $179,845 and distributions from net realized gains of $38,805. For the year ended June 30, 2018, distributions from distributable earning for Global Revenue ESG consisted of distributions from net investment income of $617,833 and distributions from net realized gains of $84,675.

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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each

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Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets as follows:

	Unitary Management Fees (as a % of Average  daily Net Assets
S&P 500 Revenue ETF		0.39	%
S&P MidCap 400 Revenue ETF		0.39	%
S&P SmallCap 600 Revenue ETF		0.39	%
S&P Financials Revenue ETF		0.45	%
S&P Ultra Dividend Revenue ETF		0.39	%
Emerging Markets Ultra Dividend Revenue ETF		0.46	%
International Ultra Dividend Revenue ETF		0.42	%
Emerging Markets Revenue ETF		0.46	%
International Revenue ETF		0.42	%
Global Revenue ETF		0.43	%
Global ESG Revenue ETF		0.45	%

Prior to the Reorganization, the Predecessor Funds were managed by OFI Advisors, LLC (OFI) and the Predecessor Funds paid OFI an investment advisory fee calculated at the same annualized rate as disclosed above for each Fund.

Effective as of the Reorganization, the Adviser has agreed to waive a portion of each Fund unitary management fee to the extent necessary to prevent the operating expenses of the Fund (excluding distribution fees, if any, interest expenses, brokerage expenses, acquired fund fees and expenses, if any, taxes and litigation expenses, and extraordinary expenses) from exceeding the Fund’s unitary management fee through at least May 24, 2021.

Further, effective as of the Reorganization, through August 31, 2021, 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.

For the fiscal year ended June 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

S&P 500 Revenue ETF	$	118
S&P MidCap 400 Revenue ETF		14
S&P SmallCap 600 Revenue ETF		39
S&P Financials Revenue ETF		4
S&P Ultra Dividend Revenue ETF		731
Emerging Markets Ultra Dividend Revenue ETF		1
International Ultra Dividend Revenue ETF		1
Emerging Markets Revenue ETF		8
International Revenue ETF		9
Global Revenue ETF		6
Global ESG Revenue ETF		13

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 Rule12b-1 under the 1940 Act. Prior to the Reorganization, the Predecessor Funds paid no distribution fees to OppenheimerFunds Distributor, Inc.

The Trust has entered into service agreements whereby The Bank of New York Mellon (“BNYM”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund. Prior to the Reorganization, BNYM served as administrator, custodian, fund accountant and transfer agent for each Predecessor Fund.

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’ssub-licensing agreement with the Adviser. Prior to the Reorganization, each Underlying Index name trademark had been licensed to OFI for use by the corresponding Predecessor Fund. 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.

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Note 4—Investments in Affiliates

The Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliate (excluding affiliated money market funds) for the fiscal year ended June 30, 2019.

Invesco S&P 500 Revenue ETF

	Value June 30, 2018		Purchases at cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2019		Dividend Income
Invesco Ltd.	$	416,886	$	233,185	$	(164,447	)	$	(28,945	)	$	(65,177	)	$	391,502	$	25,188

S&P SmallCap 600 Revenue ETF

	Value June 30, 2018		Purchases at cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value June 30, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	370,820	$	187,019	$	(498,066	)	$	40,118	$	(44,551	)	$	55,340	$	29,749

S&P Financials Revenue ETF

	Value June 30, 2018		Purchases at cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2019		Dividend Income
Invesco Ltd.	$	187,593	$	54,295	$	(93,580	)	$	(19,161	)	$	(27,809	)	$	101,338	$	8,440

Global ESG Revenue ETF

	Value June 30, 2018		Purchases at cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2019		Dividend Income
Invesco Ltd.	$	—	$	5,372	$	—	$	91	$	—	$	5,463	$	—

Note 5—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.

The following is a summary of the tiered valuation input levels, as of June 30, 2019. 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

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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)
Fund	Common Stocks		Investment Company		Investment of Cash Collateral for Securities Loaned		Preferred Stocks		Warrants		Money Market Funds		Preferred Stocks		Preferred Stocks		Rights		Total
S&P 500 Revenue ETF	$	956,591,033	$	—	$	3,231,210	$	—	$	—	$	—	$	—	$	—	$	—	$	959,822,243
S&P MidCap 400 Revenue ETF		357,160,058		—		13,651,970		—		—		—		—		—		—		370,812,028
S&P SmallCap 600 Revenue ETF		405,183,472		—		27,433,311		—		—		—		—		—		19,624		432,636,407
S&P Financials Revenue ETF		33,951,453		—		110,867		—		—		—		—		—		—		34,062,320
S&P Ultra Dividend Revenue ETF		1,778,323,638		—		20,513,293		—		—		—		—		—		—		1,798,836,931
Emerging Markets Ultra Dividend Revenue ETF		3,374,200		1,148		—		213,298		—		—		—		—		—		3,588,646
International Ultra Dividend Revenue ETF		2,364,279		—		18,206		—		—		—		—		—		—		2,382,485
Emerging Markets Revenue ETF		14,731,719		—		106,744		381,433		—		—		—		2,270		—		15,222,166
International Revenue ETF		12,226,755		—		342,805		101,470		—		4,624		490		—		—		12,676,144
Global Revenue ETF		12,922,988		—		190,639		114,677		—		—		268		685		—		13,229,257
Global ESG Revenue ETF		23,268,307		—		493,477		146,653		16		—		633		—		—		23,909,086

Note 6—Securities Lending

For the year ended June 30, 2019, each Fund participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Note 7—Capital

Shares are issued and redeemed by the Funds only in Creation Units for each Fund, of 50,000 shares, except Invesco Emerging Markets Revenue ETF, Invesco Global Revenue ETF, and Invesco International Revenue ETF. Invesco Emerging Markets Revenue ETF, Invesco Global Revenue ETF, and Invesco International Revenue ETF issue and redeem shares in Creation Units of 100,000 shares. Transactions are permitted on anin-kind basis, with a separate cash payment, which is balancing each component to equate the transaction to the net asset value per share of the Fund on the transaction date.

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.

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Note 8—Purchases & Sales of Securities

The aggregate cost of purchases and the proceeds from sales of investment securities (excludingin-kind purchases and sales and short-term investments) for the year ended June 30, 2019, were as follows:

Fund	Purchases		Sales
S&P 500 Revenue ETF	$	180,930,169	$	182,782,370
S&P MidCap 400 Revenue ETF		119,879,299		119,193,883
S&P SmallCap 600 Revenue ETF		180,311,787		189,857,543
S&P Financials Revenue ETF		5,275,008		5,457,838
S&P Ultra Dividend Revenue ETF		1,650,988,237		1,635,505,035
Emerging Markets Ultra Dividend Revenue ETF		3,946,423		2,436,219
International Ultra Dividend Revenue ETF		1,939,546		1,903,390
Emerging Markets Revenue ETF		9,354,253		8,822,350
International Revenue ETF		2,682,785		4,698,726
Global Revenue ETF		3,129,017		4,786,226
Global ESG Revenue ETF		6,528,549		6,739,599

For the year ended June 30, 2019, the cost ofin-kind purchases and the proceeds fromin-kind sales were as follows:

Fund	Purchases		Sales
S&P 500 Revenue ETF	$	242,307,376	$	245,538,678
S&P MidCap 400 Revenue ETF		80,643,576		100,329,323
S&P SmallCap 600 Revenue ETF		174,750,169		194,174,777
S&P Financials Revenue ETF		6,341,897		28,015,404
S&P Ultra Dividend Revenue ETF		2,413,317,409		1,255,122,003
Emerging Markets Ultra Dividend Revenue ETF		2,195,471		—
International Ultra Dividend Revenue ETF		2,484,118		—
Emerging Markets Revenue ETF		3,281,022		1,358,238
International Revenue ETF		5,025,135		2,934,372
Global Revenue ETF		4,632,419		2,922,281
Global ESG Revenue ETF		3,934,203		2,060,583

Note 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ Fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of 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—Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of 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.

132

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Financials Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF, Invesco Emerging Markets Ultra Dividend Revenue ETF, Invesco International Ultra Dividend Revenue ETF, Invesco Emerging Markets Revenue ETF, Invesco International Revenue ETF, Invesco Global Revenue ETF and Invesco Global ESG Revenue 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 (eleven of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended June 30, 2019 (or for Invesco Emerging Markets Ultra Dividend Revenue ETF and Invesco International Ultra Dividend Revenue ETF, for the period August 7, 2018 (commencement of operations) through June 30, 2019) (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 June 30, 2019, the results of each of their operations, changes in each of their net assets and each of the financial highlights for the year ended June 30, 2019 (or for Invesco Emerging Markets Ultra Dividend Revenue ETF and Invesco International Ultra Dividend Revenue ETF, for the period August 7, 2018 (commencement of operations) through June 30, 2019) in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco S&P 500 Revenue ETF	Oppenheimer S&P 500 Revenue ETF
Invesco S&P MidCap 400 Revenue ETF	Oppenheimer S&P MidCap 400 Revenue ETF
Invesco S&P SmallCap 600 Revenue ETF	Oppenheimer S&P SmallCap 600 Revenue ETF
Invesco S&P Financials Revenue ETF	Oppenheimer S&P Financials Revenue ETF
Invesco S&P Ultra Dividend Revenue ETF	Oppenheimer S&P Ultra Dividend Revenue ETF
Invesco Emerging Markets Ultra Dividend Revenue ETF	—
Invesco International Ultra Dividend Revenue ETF	—
Invesco Emerging Markets Revenue ETF	Oppenheimer Emerging Markets Revenue ETF
Invesco International Revenue ETF	Oppenheimer International Revenue ETF
Invesco Global Revenue ETF	Oppenheimer Global Revenue ETF
Invesco Global ESG Revenue ETF	Oppenheimer Global ESG Revenue ETF

The financial statements of the Predecessor Funds as of and for the year or period ended June 30, 2018 and the financial highlights for each of the periods ended on or prior to June 30, 2018 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated August 28, 2018 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 June 30, 2019 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

August 23, 2019

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 determined the specific year we began serving as auditor.

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Independent Registered Public Accounting Firm

Independent Registered Public Accounting Firm

The Audit Committee of the Board of Trustees appointed, and the Board of Trustees ratified and approved, PricewaterhouseCoopers LLP (“PWC”) as the independent registered public accounting firm of the Fund for the fiscal periods ending after May 24, 2019. Prior to the close of business on May 24, 2019, the Predecessor Fund was a separate series of an unaffiliated investment company and its financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”).

Effective after the close of business on May 24, 2019, the Prior Auditor resigned as the independent registered public accounting firm of the Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two fiscal 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 Fund’s two most recent fiscal years and through the close of business on May 24, 2019, 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 RegulationS-K under the Securities Exchange Act of 1934.

134

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, including 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 June 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500 Revenue ETF
Actual	$	1,000.00	$	1,159.43		0.39	%	$	2.09
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco S&P MidCap 400 Revenue ETF
Actual		1,000.00		1,195.23		0.39			2.12
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco S&P SmallCap 600 Revenue ETF
Actual		1,000.00		1,106.53		0.39			2.04
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco S&P Financials Revenue ETF
Actual		1,000.00		1,186.36		0.45			2.44
Hypothetical (5% return before expenses)		1,000.00		1,022.56		0.45			2.26
Invesco S&P Ultra Dividend Revenue ETF
Actual		1,000.00		1,141.16		0.39			2.07
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco Emerging Markets Ultra Dividend Revenue ETF
Actual		1,000.00		1,092.93		0.46			2.39
Hypothetical (5% return before expenses)		1,000.00		1,022.51		0.46			2.31
Invesco International Ultra Dividend Revenue ETF
Actual		1,000.00		1,123.53		0.42			2.21
Hypothetical (5% return before expenses)		1,000.00		1,022.71		0.42			2.11

135

Calculating your ongoing Fund expenses(continued)

	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Emerging Markets Revenue ETF
Actual	$	1,000.00	$	1,081.98		0.46	%	$	2.37
Hypothetical (5% return before expenses)		1,000.00		1,022.51		0.46			2.31
Invesco International Revenue ETF
Actual		1,000.00		1,096.59		0.42			2.18
Hypothetical (5% return before expenses)		1,000.00		1,022.71		0.42			2.11
Invesco Global Revenue ETF
Actual		1,000.00		1,113.60		0.43			2.25
Hypothetical (5% return before expenses)		1,000.00		1,022.66		0.43			2.16
Invesco Global ESG Revenue ETF
Actual		1,000.00		1,123.40		0.45			2.37
Hypothetical (5% return before expenses)		1,000.00		1,022.56		0.45			2.26

⁽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 June 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form1099-DIV, Form1042-S and otheryear-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.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended June 30, 2019:

Fund	Qualified Dividend Income*			Corporate Dividends-Received Deduction*
Invesco S&P 500 Revenue ETF		100	%		100	%
Invesco S&P MidCap 400 Revenue ETF		100	%		100	%
Invesco S&P SmallCap 600 Revenue ETF		100	%		97	%
Invesco S&P Financials Revenue ETF		100	%		100	%
Invesco S&P Ultra Dividend Revenue ETF		100	%		94	%
Invesco Emerging Markets Ultra Dividend Revenue ETF		55	%		0	%
Invesco International Ultra Dividend Revenue ETF		85	%		0	%
Invesco Emerging Markets Revenue ETF		63	%		0	%
Invesco International Revenue ETF		94	%		0	%
Invesco Global Revenue ETF		94	%		25	%
Invesco Global ESG Revenue ETF		100	%		22	%

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

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

Fund	Gross Foreign Income			Foreign Taxes Paid
Invesco S&P 500 Revenue ETF		$	—		$	—
Invesco S&P MidCap 400 Revenue ETF			—			—
Invesco S&P SmallCap 600 Revenue ETF			—			—
Invesco S&P Financials Revenue ETF			—			—
Invesco S&P Ultra Dividend Revenue ETF			—			—
Invesco Emerging Markets Ultra Dividend Revenue ETF			151,973			12,007
Invesco International Ultra Dividend Revenue ETF			115,208			11,385
Invesco Emerging Markets Revenue ETF			493,949			56,091
Invesco International Revenue ETF			496,037			36,670
Invesco Global Revenue ETF			343,170			30,058
Invesco Global ESG Revenue ETF			645,379			54,112

137

Proxy Results

A Special Meeting (“Meeting”) of Shareholders of Invesco S&P 500 Revenue ETF was held on May 9, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer S&P 500 Revenue ETF into Invesco S&P 500 Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		9,469,721		126,412		832,996	0

A Special Meeting (“Meeting”) of Shareholders of Invesco S&P MidCap 400 Revenue ETF was held on May 9, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer S&P MidCap 400 Revenue ETF into Invesco S&P MidCap 400 Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		2,833,860		42,920		254,684	0

A Special Meeting (“Meeting”) of Shareholders of Invesco S&P SmallCap 600 Revenue ETF was held on May 9, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer S&P SmallCap 600 Revenue ETF into Invesco S&P SmallCap 600 Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		2,860,180		36,370		581,143	0

A Special Meeting (“Meeting”) of Shareholders of Invesco S&P Financials Revenue ETF was held on May 9, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer S&P Financials Revenue ETF into Invesco S&P Financials Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		257,002		4,901		69,259	0

138

Proxy Results(continued)

A Special Meeting (“Meeting”) of Shareholders of Invesco S&P Ultra Dividend Revenue ETF was held on May 9, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer S&P Ultra Dividend Revenue ETF into Invesco S&P Ultra Dividend Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		17,688,995		273,867		2,106,982	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Emerging Markets Ultra Dividend Revenue ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Emerging Markets Ultra Dividend Revenue ETF into Invesco Emerging Markets Ultra Dividend Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		74,620		0		418	0

A Special Meeting (“Meeting”) of Shareholders of Invesco International Ultra Dividend Revenue ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer International Ultra Dividend Revenue ETF into Invesco International Ultra Dividend Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		59,737		0		1,221	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Emerging Markets Revenue ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Emerging Markets Revenue ETF into Invesco Emerging Markets Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		427,458		0		76	0

139

Proxy Results(continued)

A Special Meeting (“Meeting”) of Shareholders of Invesco International Revenue ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer International Revenue ETF into Invesco International Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		349,800		0		266	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Global Revenue ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Global Revenue ETF into Invesco Global Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		447,535		0		0	0

A Special Meeting (“Meeting”) of Shareholders of Invesco Global ESG Revenue ETF was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Global ESG Revenue ETF into Invesco Global ESG Revenue ETF.

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

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1)  Approval of an Agreement and Plan of Reorganization.		655,943		208		441	0

140

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.

As of June 30, 2019

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).	246	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.	246	None
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515	Trustee	Since 2019	President of Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director of The Boeing Company (2009-Present); Trustee of MITRE Corporation (federally-funded research development) (2008-Present); Director of THL Credit, Inc. (2016-Present) (alternative credit investment manager); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member Lawrence Livermore National Laboratory (2013-present); formerly, Chairman of Monster Worldwide, Inc. (career services) (2015-2016), Director of Monster Worldwide, Inc. (2008-2011); Lead Director (2011-2015); Advisory Board Member of the Maxwell School of	153	Trustee, certain funds in the Oppenheimer Funds complex (2013-2019); Director of Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director of QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman of Alenia North America, Inc. (military and

* 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-andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

141

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
			Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005) and Commander, U.S. Joint Forces Command (2002-2005).		defense products) (2008-2009); Director of SRA International, Inc. (information technology and services) (2008- 2011).
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms).	153	Trustee (2000-Present) and Chair (2010-2017) of Newberry Library; Trustee, Mather LifeWays (2001-Present); formerly, Board Chair (2008-2015) and Director (2004-2018) of United Educators; Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Independent Director of the First American Funds (2003-2011); Trustee, Chikaming Open Lands (2014-present); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee

* 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-andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

142

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
					member(2007-2010) of Wellesley College; Trustee, BoardSource (2006-2009) and Chicago City Day School (1994-2005).
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(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	246	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	246	Advisory Board Member of Performance Trust Capital Partners (2008-Present); Board Director of Beacon Power Services (2019-Present).

* 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-andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

143

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
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515	Trustee	Since 2019	Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (alternative investments) (2005-2006); Credit Suisse (investment banking), Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); Morgan Stanley, Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999).	153	Board Director of Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director of The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present) of Independent Directors Council (IDC); Board Member of 100 Women in Finance (2015-Present); Advisory Council Member of Morgan Stanley Children’s Hospital (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012);

* 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-andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

144

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
					Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010).
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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	246	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
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. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016- 2018); 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).	246	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

* 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-andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

145

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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); 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.	246	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-andclosed-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 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	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); 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	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); 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 Specialized Products, LLC (2018-Present); 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

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

147

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
			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.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); 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	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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	Manager, Invesco Specialized Products, LLC (2018-Present); 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); 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, Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); 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, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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.

148

Board Considerations Regarding Approval of Investment Advisory Agreement

Board Considerations Regarding Approval of Investment Advisory Agreement for

Invesco Emerging Markets Revenue ETF

Invesco Emerging Markets Ultra Dividend Revenue ETF

Invesco Global ESG Revenue ETF

Invesco Global Revenue ETF

Invesco International Revenue ETF

Invesco International Ultra Dividend Revenue ETF

Invesco Russell 1000^® Low Volatility Factor ETF

Invesco Russell 1000^® Momentum Factor ETF

Invesco Russell 1000^® Quality Factor ETF

Invesco Russell 1000^® Size Factor ETF

Invesco Russell 1000^® Value Factor ETF

Invesco Russell 1000^® Yield Factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Financials Revenue ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P Ultra Dividend Revenue ETF

At a meeting held on December 12, 2018, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco 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 OppenheimerFunds, Inc. and its subsidiaries, from Massachusetts Mutual Life Insurance Company (the “Transaction”) and that each Fund was structured substantially similar to a corresponding Oppenheimer 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 theday-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 added in recent years to maintain and enhance the services provided to the Funds and all other Invesco 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 unitary 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 andopen-end(non-ETF) actively managed funds. The Trustees noted that the fee data provided by the Adviser included only oneopen-end index fund peer for Invesco S&P Financials Revenue ETF. The Trustees also considered fee and expense data on Adviser-identified selected peers for each Fund other than Invesco Russell 1000^® Momentum Factor ETF. The Trustees noted that the fee data provided by the Adviser included one Adviser-identified selected peer for Invesco Russell 1000^® Low Volatility Factor ETF, Invesco Russell 1000^® Quality Factor ETF, Invesco Russell 1000^® Size Factor ETF and Invesco Russell 1000^® Value Factor ETF and two Adviser-identified selected peers for Invesco S&P 500 Revenue ETF and Invesco S&P SmallCap 600 Revenue ETF.

149

Board Considerations Regarding Approval of Investment Advisory Agreement(continued)

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’s12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation 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)1	Open-End Index Fund Peer Group (Number of Peers)2	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)3
Invesco Emerging Markets Revenue ETF		Lower than median (57)	Higher than median (10)	Lower than median (209)	Lower than median (3)
Invesco Emerging Markets Ultra Dividend Revenue ETF		Lower than median (44)	Higher than median (3)	Lower than median (20)	Lower than median (4)
Invesco Global ESG Revenue ETF		N/A	N/A	Lower than median (38)	Lower than median (3)
Invesco Global Revenue ETF		N/A	N/A	Lower than median (38)	Lower than median (3)
Invesco International Revenue ETF		Lower than median (8)	Lower than median (5)	Lower than median (41)	Lower than median (3)
Invesco International Ultra Dividend Revenue ETF		Lower than median (44)	Higher than median (3)	Lower than median (20)	Lower than median (4)
Invesco Russell 1000® Low Volatility Factor ETF		Lower than median (36)	Lower than median (24)	Lower than median (182)	Lower than median (1)
Invesco Russell 1000® Momentum Factor ETF		Lower than median (36)	Lower than median (24)	Lower than median (182)	N/A
Invesco Russell 1000® Quality Factor ETF		Higher than median (14)	Lower than median (15)	Lower than median (155)	Lower than median (1)
Invesco Russell 1000® Size Factor ETF		Lower than median (36)	Lower than median (24)	Lower than median (182)	Lower than median (1)
Invesco Russell 1000® Value Factor ETF		Higher than median (12)	Lower than median (10)	Lower than median (105)	Lower than median (1)
Invesco Russell 1000® Yield Factor ETF		Lower than median (36)	Lower than median (24)	Lower than median (182)	Lower than median (3)
Invesco S&P 500 Revenue ETF		Higher than median (12)	Lower than median (10)	Lower than median (105)	Higher than median (2)
Invesco S&P Financials Revenue ETF	��	Higher than median (19)	Higher than median (1)	Lower than median (22)	Lower than median (3)
Invesco S&P MidCap 400 Revenue ETF		Higher than median (32)	Higher than median (31)	Lower than median (257)	Higher than median (4)
Invesco S&P SmallCap 600 Revenue ETF		Higher than median (14)	Lower than median (10)	Lower than median (81)	Lower than median (2)
Invesco S&P Ultra Dividend Revenue ETF		Higher than median (29)	Lower than median (4)	Lower than median (131)	Lower than median (4)

¹  The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated with an “N/A” for not available.

²  The information provided by the Adviser indicated that certain Funds did not have any comparableopen-end index fund peers. Those Funds have been designated with an “N/A” for not available.

³  The information provided by the Adviser did not include a select peer group for Invesco Russell 1000^® Momentum Factor ETF. The Fund has been designated with an “N/A” for not available.

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.

150

Board Considerations Regarding Approval of Investment Advisory Agreement(continued)

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 the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2018 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 unitary 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 unitary 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.

151

Proxy Voting Policies and Procedures

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

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent12-month period ended June 30, is available, without charge and upon request, by (i) calling (800)983-0903; or (ii) accessing the Trust’s FormN-PX on the Commission’s website atwww.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 FormN-Q (or any successor Form). The Trust’s FormsN-Q (or any successor Form) are available on the Commission’s website atwww.sec.gov.

Frequency Distribution of Discounts and Premiums

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

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 O-REV-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 FormN-CSR under Item 12(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended June 30, 2019.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee (the “Audit Committee”): Mr. Marc M. Kole, Ms. Joanne Pace, 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 or she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his or her 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 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 the Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the series of the Registrant with a fiscalyear-end of June 30, 2019 (each a “Fund”) aggregate fees for services rendered to these Funds as shown in the following table. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following table has been provided for the period since each Fund’s commencement of operations. The Audit Committeepre-approved all audit andnon-audit services provided to the Funds.

	Fees Billed by PwC for Services Rendered to the Funds for fiscal year-end of 2019
Audit Fees	$	227,340
Audit-Related Fees	$	0
Tax Fees(1)	$	119,000
All Other Fees	$	0
Total Fees	$	346,340

(1) Tax Fees for the fiscal year ended June 30, 2019 include fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), each Fund’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Affiliates”), aggregate fees forpre-approvednon-audit services rendered to Invesco and Affiliates for the period since each Fund’s commencement of operations as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Affiliates that were required to bepre-approved.

	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for fiscal year end 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$	690,000
Tax Fees	$	0
All Other Fees	$	0
Total Fees	$	690,000

(1) Audit-Related Fees for the year end 2019 include fees billed related to reviewing controls at a service organization.

(e)(1)Audit Committee Pre Approval Policies and Procedures

Pre-Approval of Audit andNon-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 andNon-Audit Services
Relevant Law and Other Sources	Sarbanes-Oxley Act of 2002; RegulationS-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 Committeepre-approves the audit andnon-audit services provided to the Funds by each Auditor, as well as allnon-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 forpre-approval and provide a mechanism by which management of the Funds may request and securepre-approval of audit andnon-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may bepre-approved without consideration of specificcase-by-case services by the Audit Committee (“generalpre-approval”) or require the specificpre-approval of the Audit Committee (“specificpre-approval”). As set forth in these policies and procedures, unless a type of service has received generalpre-approval, it will require specificpre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimatedpre-approved fee levels provided at the time the service waspre-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 previouslypre-approved services.

The Audit Committee will annually review and generallypre-approve the services that may be provided by each Auditor without obtaining specificpre-approval from the Audit Committee. The term of any generalpre-approval runs from the date of suchpre-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 generalpre-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 specificpre-approval fornon-prohibited services. All such delegatedpre-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 specificpre-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 specificpre-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 specificpre-approval of anynon-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 Committeepre-approval of permissible Tax services, the Auditor shall:

1. Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

a. 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

b. Any compensation arrangement or other agreement, such as a referral agreement, a referral fee orfee-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;

2. Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

3. Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee maypre-approvenon-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 specificpre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimatedpre-approved fees or established amounts forpre-approved audit andnon-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 andnon-audit services in determining whether topre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximumpre-approved fees or established amounts for previouslypre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for generalpre-approval, a list ofnon-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe thenon-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 generalpre-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 generalpre-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 thepre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specificpre-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 section2-01(f)(14) of RegulationS-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 toPre-Approval of Audit andNon-Audit Services Policies and Procedures

Conditionally ProhibitedNon-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, orcontribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

Categorically ProhibitedNon-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 werepre-approved by the Audit Committee pursuant to the de minimus exception underRule 2-01 of RegulationS-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $3,213,000 for the fiscal year ended June 30, 2019 fornon-audit services not required to bepre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregatenon-audit fees of $4,022,000 for the fiscal year ended 2019.

(h) With respect to thenon-audit services above billed to Invesco and Affiliates that were not required to bepre-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 Rule2-01(f)(14) of RegulationS-X, of approximately $34 million andnon-audit services of approximately $19 million for the fiscal year ended 2019. The Audit Committee considered this information in evaluating PwC’s independence.

PwC informed the Audit Committee that it has identified an issue related to its independence under Rule2-01(c)(1)(ii)(A) of RegulationS-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 Registrant 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 Registrant 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. On June 18, 2019, the SEC adopted amendments to the Loan Rule (the “Amendments”) addressing many of the issues that led to the issuance of theno-action letter. The Amendments become effective and supersede theno-action letter on October 3, 2019, 90 days after publication in the Federal Register.

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 Registrant 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 Registrant’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 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 theno-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 Registrant intends to rely upon theno-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’sno-action letter or the Amendments, the Registrant may need to take other action in order for the Registrant’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 Registrant to issue new shares or have other material adverse effects on the Registrant. The SECno-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that theno-action letter will be withdrawn upon the effectiveness of the Amendments.

During the reporting period, PwC advised the Registrant’s Audit Committee of the following matter for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that two PwC Managers, a PwC Senior Manager and a PwC Partner each held financial interests either directly or, in the case of the PwC Partner, indirectly through her spouse’s equivalent brokerage account, 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 noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates, or in the case of the PwC Partner, the individual did not provide any audit services to the Registrant or its affiliates and the investments were not material to the net worth of each individual or their respective immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by these matters as they relate to the audit of the Registrant.

On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83open-end mutual funds and 20 exchange-traded funds (collectively, the “Oppenheimer Funds”). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the “New Invesco Funds”) that did not havepre-existing assets (together, the “Reorganizations”). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, “Invesco”) of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company (“MassMutual”), which was also consummated on May 24, 2019 (the “Acquisition”). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.

Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule2-01 of RegulationS-X (“Rule2-01”) if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the“Pre-Reorganization Relationship”). Additionally, PwC provided certainnon-audit services, including expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, anon-audit service performed pursuant to a success-based fee,non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision ofnon-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the“Pre-Reorganization Services”).

PwC and the Audit Committees of the New Invesco Funds each considered the impact that thePre-Reorganization Relationship and Services have on PwC’s independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding thePre-Reorganization Relationship and Services, would conclude that thePre-Reorganization Relationship and Services do not impair PwC’s ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 (“PwC’s Conclusion”).

The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC’s Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances, including the mitigating factors described below, and after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversee.

Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:

• none of thePre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds;

• PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC’s professional engagement period;

• other than the expert legal services,Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds;

• as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund’s financial statements was based upon OFI’s decision, and OFI management represented that the PwC service was not considered a significant component of its decision;

• while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds;

• thePre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities;

• with the exception of the expert legal service provided to one Oppenheimer Fund, none of thePre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds;

• thePre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and

• the fees associated with thePre-Reorganization Services were not material to MassMutual, Invesco or PwC.

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, Joanne Pace, 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 FormN-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 Rule30a-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 Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-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 Rule30a-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) Registrant’s Independent Public Accountant

(b) Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-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:	September 6, 2019

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:	September 6, 2019
By:	/s/ Kelli Gallegos
Name:	Kelli Gallegos
Title:	Treasurer
Date:	September 6, 2019