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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2020

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

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

Item 1. Reports to Stockholders.

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

	Invesco Annual Report to Shareholders August 31, 2020 BKLN Invesco Senior Loan ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s 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
Management’s Discussion of Fund Performance	5
Liquidity Risk Management Program	8
Schedule of Investments
Invesco Senior Loan ETF (BKLN)	9
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	27
Fund Expenses	28
Tax Information	29
Trustees and Officers	30
Approval of Investment Advisory and Sub-Advisory Contracts	40

2

The Market Environment

Bank Loans

During the fiscal year, the senior loan market was characterized by a sharp sell-off as the coronavirus (COVID-19) roiled capital markets. This risk-off sentiment was quickly followed by investor optimism that resulted in a similarly sharp rebound in the asset class. On a relative basis, senior loans exhibited less volatility than other leveraged credit asset classes. Senior loans returned 0.57% as represented by the Credit Suisse Leveraged Loan Index.¹

COVID-19’s impact on capital markets resulted in a historically challenging first quarter of 2020. However, the initial sharp sell-off across risk assets was met by a remarkable recovery in the following months. Though unnerved by the unpredictable path of COVID-19, investors became increasingly willing to look beyond short-term disruptions for companies they expected to survive the pandemic-induced demand shock, once the initial adverse reaction passed. Moreover, investors took solace in the collective policy responses of the US Federal Reserve (“the Fed”) and Congress to mitigate the aftershocks of shutting down the economy. Themes of performance dispersion in the loan market based on credit rating and industry remained prevalent throughout the initial sell-off and the subsequent rebound. During the fiscal year BB-, B- and CCC-rated loans returned -0.29%, 1.86% and -6.26%, respectively.¹ Food and drug was the best performing industry returning 17.33% for the fiscal year, while energy was the worst performing industry returning -16.05% .¹

Going forward, we expect COVID-19 and the uncertainty associated with the virus to continue to sway capital markets. Both good news (vaccination breakthroughs) as well as negative news (resurgence in cases) will likely impact capital markets in the near term.

From a fundamentals standpoint, prior to COVID-19 the loan market continued to be on relatively solid footing. However, the economic shutdown as a result of the virus negatively impacted fundamentals as expected. As of August 31, 2020, the 12-month default rate was 4.08% ², exceeding the long-term average of approximately 3%. Because defaults are a lagging indicator of credit stress, the default rate is likely to trend higher as a number of issuers face difficult operating conditions and over-levered balance sheets. Given these developments, support signals from policy makers at the Fed and in Congress will continue to play an outsized role in market sentiment and, relatedly, the default outlook.

The average price in the senior loan market was $92.33 as of August 31, 2020, with 2.09% of the market trading above par.¹Given the price of senior loans at the end of the fiscal year, they provided a 6.13% yield.¹

¹  Source: Credit Suisse Leveraged Loan Index August 31, 2020

²  Source: S&P/LSTA Leveraged Loan Index August 31, 2020

Fixed Income

At the beginning of the fiscal year, despite US and China trade tensions, potential for new tariffs, and weakening global economic growth, US economic data remained supportive of slow but continued domestic economic expansion as 2019 third and fourth quarter gross domestic product grew at approximately 2.50% .¹ The US economy continued to add jobs, stabilizing the unemployment rate to 3.50% at the close of 2019, while inflation remained subdued.² In response to third quarter economic weakness, the US Federal Reserve (“the Fed”) maintained accommodative policies, cutting the federal funds target rate from a range of 2.00% to 2.25% at the start of the fiscal year to a range of 1.50% to 1.75% at the close of 2019.³ Despite the UK’s general election in December, which delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union, macroeconomic and geopolitical issues mostly abated during the fourth quarter of 2019, providing a favorable backdrop for continued US growth.

Fixed income markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the Fed took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25% .³ The unemployment rate reached a peak of 14.7% ² while real gross domestic product decreased at an annual rate of 31.7% ¹ (second estimate) in the second quarter of 2020.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter. In this environment, the broader bond market, both developed and emerging, ended the fiscal year in positive territory.

The 10-year US Treasury yield continued to decline at the start of the fiscal year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the fiscal year at 0.68%, 82 basis points lower than at the beginning of the fiscal year.⁴ (A basis point is one one-hundredth of a percentage point.)

3

The Market Environment (continued)

Fixed Income (continued)

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.47% for the fiscal year. The strong performance by the index was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index-government related, corporate, securitized and treasury-posted positive returns for the fiscal year.

¹  Source: Bureau of Economic Analysis

²  Source: Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: US Department of the Treasury

4

Management’s Discussion of Fund Performance Invesco Senior Loan ETF (BKLN)

As an index fund, the Invesco Senior Loan ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P/LSTA U.S. Leveraged Loan 100 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in senior loans that comprise the Index.

The Fund’s adviser, Invesco Capital Management LLC, and the Fund’s sub-adviser, Invesco Senior Secured Management, Inc., define senior loans to include leveraged loans, bank loans and/or floating rate loans. Banks and other lending institutions generally issue senior loans to corporations, partnerships or other entities (“borrowers”). These borrowers operate in a variety of industries and geographic regions, including foreign countries.

S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which tracks the market value weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest payments. Leveraged loans must be denominated in U.S. dollars and must have a minimum par amount of $50 million to be eligible for inclusion in the Index. A leveraged loan is rated below investment grade quality or is unrated but deemed to be of comparable quality. The Fund will invest in loans that are expected to be below investment grade quality and to bear interest at a floating rate that periodically resets. The Index may include, and the Fund may acquire and retain, loans of borrowers that are in default. 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 August 31, 2020, on a market price basis, the Fund returned 1.05%. On a net asset value (“NAV”) basis, the Fund returned 0.66%. During the same time period, the Index returned 2.39%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which was partially offset by a positive impact from the Fund’s sampling methodology. The Fund’s allocation to cash to manage liquidity, as needed, also resulted in a drag on overall performance.

During this same time period, the S&P/LSTA Leveraged Loan Index (the “Benchmark Index”) returned 0.89%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S investment-grade, fixed-rate bond market.

The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during the period can be attributed to the Fund’s fees and operating expenses. These were partially offset by the positive effects of the higher average credit quality of the Fund’s holdings versus those of the Benchmark Index.

For the fiscal year ended August 31, 2020, the technology industry contributed most significantly to the Fund’s return, followed by the healthcare and materials industries. The energy industry detracted most significantly from the Fund’s return, followed by the consumer discretionary industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Bass Pro Group LLC., Term Loan, a retail company (portfolio average weight of 1.24%), and AkzoNobel Specialty Chemicals, First Lien Term Loan B, a chemicals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included McDermott International, Inc., Term Loan B, an oil & gas services & equipment company (no longer held at fiscal year-end), and Seadrill Operating L.P., Term Loan, an energy equipment & services company (portfolio average weight of 0.27%).

Credit Quality Rating Breakdown*

(% of the Fund’s Net Assets) as of

August 31, 2020

Baa2	1.56
Baa3	7.86
Ba1	6.58
Ba2	7.82
Ba3	14.12
B1	25.97
B2	21.16
B3	7.23
Caa1	1.92
Caa2	0.55
Caa3	0.10
Money Market Fund Plus Other Assets Less Liabilities	5.13

* Source: Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage.

5

Invesco Senior Loan ETF (BKLN) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
Refinitiv US Holdings, Inc., Term Loan, 3.41%, 10/01/2025	1.87
New Red Finance, Inc., Term Loan B-4, 1.91%, 11/19/2026	1.70
Charter Communications Operating LLC, Term Loan B-2, 1.91%, 02/01/2027	1.63
CenturyLink, Inc., Term Loan B, 2.41%, 03/15/2027	1.60
Asurion LLC, Term Loan B-6, 3.16%, 11/03/2023	1.57
Western Digital Corp., Term Loan A-1, 1.66%, 02/27/2023	1.56
Zayo Group LLC, Term Loan, 3.16%, 02/20/2027	1.55
Dell International LLC, Term Loan B-1, 2.75%, 09/19/2025	1.51
TransDigm, Inc., Term Loan F, 2.41%, 12/09/2025	1.41
Berry Global, Inc., Term Loan Y, 2.16%, 07/01/2026	1.40
Total	15.80

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2020

																	Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized				5 Years Cumulative			Average Annualized			Cumulative
S&P/LSTA U.S. Leveraged Loan 100 Index		2.39	%		3.47	%		10.79	%		3.93	%			21.29	%		3.63	%		40.22	%
S&P/LSTA Leveraged Loan Index		0.89			3.02			9.34			3.74				20.17			3.82			42.73
Bloomberg Barclays U.S. Aggregate Bond Index		6.47			5.09			16.07			4.33				23.60			4.01			45.25
Fund													��
NAV Return		0.66			2.41			7.41			2.86				15.13			2.90			31.18
Market Price Return		1.05			2.53			7.80			3.00				15.93			2.88			30.99

6

Invesco Senior Loan ETF (BKLN) (continued)

Fund Inception: March 3, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.66% (0.65% after fee waiver) includes the unitary management fee of 0.65% and acquired fund fees and expenses of 0.01% . NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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 Fund.

- Effective June 26, 2020, the Fund changed its designated broad based securities market benchmark index from the Bloomberg Barclays U.S. Aggregate Bond Index to the Benchmark Index, as the Benchmark Index more closely reflects the performance of the types of securities in which the Fund invests.

7

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility and the financial health of the institution providing the credit facility; (4) the relationship between the Fund’s portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of the Fund’s portfolio. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

• The Fund’s investment strategy remained appropriate for an open-end fund;

• The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Fund did not breach the 15% limit on Illiquid Investments; and

• The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

8

Invesco Senior Loan ETF (BKLN)

August 31, 2020

Schedule of Investments

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Variable Rate Senior Loan Interests-92.49%(a)(b)
Aerospace & Defense-1.52%
TransDigm, Inc.
Term Loan E (1 mo. USD LIBOR + 2.25%)		2.41	%		05/30/2025	$	5,120	$	4,871,950
Term Loan F (1 mo. USD LIBOR + 2.25%)		2.41	%		12/09/2025		66,893		63,616,638
									68,488,588
Air Transport-0.45%
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		6.25	%		06/21/2027		19,909		20,151,363
Automotive-1.30%
Panther BF Aggregator 2 L.P., Term Loan (Canada) (1 mo. USD LIBOR + 3.50%)		3.66	%		04/30/2026		59,358		58,356,596
Building & Development-2.18%
DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 2.75%)		2.91	%		08/21/2025		30,309		29,185,378
Pisces Midco, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		3.92	%		04/12/2025		34,749		34,239,602
Quikrete Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		2.66	%		02/01/2027		35,447		34,633,033
									98,058,013
Business Equipment & Services-12.48%
Allied Universal Holdco LLC, Term Loan (2 mo. USD LIBOR + 4.25%)		4.41	%		07/10/2026		11,000		10,939,500
Asurion LLC
Second Lien Term Loan B-2 (1 mo. USD LIBOR + 6.50%)		6.66	%		08/04/2025		57,887		58,162,014
Term Loan B-6 (1 mo. USD LIBOR + 3.00%)		3.16	%		11/03/2023		71,970		70,860,637
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		5.25	%		06/21/2024		42,762		39,572,715
Change Healthcare Holdings, Inc., Term Loan (3 mo. USD LIBOR + 2.50%)		3.50	%		03/01/2024		57,467		56,524,785
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.75%)		3.92	%		02/06/2026		38,594		38,555,539
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.25	%		09/23/2026		35,007		34,941,491
Red Ventures LLC (New Imagitas, Inc.), Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		2.66	%		11/08/2024		33,952		32,676,038
Refinitiv US Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		3.41	%		10/01/2025		84,637		84,024,749
Tempo Acquisition LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		3.75	%		10/01/2026		39,435		38,720,044
Trans Union LLC, Term Loan B-5 (1 mo. USD LIBOR + 1.75%)		1.91	%		11/16/2026		37,969		37,145,324
Travelport Finance (Luxembourg) S.a.r.l., Term Loan (Luxembourg) (3 mo. USD LIBOR + 5.00%)		6.07	%		05/30/2026		36,858		24,919,245
West Corp., Term Loan B (3 mo. USD LIBOR + 4.00%)		5.00	%		10/10/2024		38,386		34,473,665
									561,515,746
Cable & Satellite Television-7.52%
Charter Communications Operating LLC
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		1.91	%		04/30/2025		19,947		19,658,225
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		1.91	%		02/01/2027		74,549		73,319,937
CSC Holdings LLC
Term Loan (1 mo. USD LIBOR + 2.25%)		2.41	%		07/17/2025		63,680		61,689,720
Term Loan (1 mo. USD LIBOR + 2.50%)		2.66	%		04/15/2027		19,932		19,366,525
Numericable-SFR S.A., Incremental Term Loan B-13 (France) (1 mo. USD LIBOR + 4.00%)		4.75	%		08/14/2026		32,992		32,641,019
Telenet Financing USD LLC, Term Loan AR (1 mo. USD LIBOR + 2.00%)		2.16	%		04/15/2028		35,314		34,122,433
Virgin Media Bristol LLC, Term Loan N (United Kingdom) (1 mo. USD LIBOR + 2.50%)		2.66	%		01/31/2028		44,117		43,059,545
WideOpenWest Finance LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25	%		08/18/2023		25,389		25,079,652
Ziggo Secured Finance Partnership, Term Loan I (1 mo. USD LIBOR + 2.50%)		2.66	%		04/15/2028		30,367		29,441,544
									338,378,600
Chemicals & Plastics-2.05%
Axalta Coating Systems US Holdings, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		2.06	%		06/01/2024		32		31,351
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)		2.81	%		03/02/2026		34,279		33,682,502
Starfruit US Holdco LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		3.16	%		10/01/2025		59,983		58,525,756
									92,239,609

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

9

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2020

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Containers & Glass Products-3.16%
Berry Global, Inc., Term Loan Y (1 mo. USD LIBOR + 2.00%)		2.16	%		07/01/2026	$	64,826	$	63,035,187
Reynolds Consumer Products LLC, Term Loan B (1 mo. USD LIBOR + 1.75%)		1.91	%		01/29/2027		37,663		37,156,660
Reynolds Group Issuer, Inc./LLC, Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.91	%		02/05/2023		42,415		41,918,982
									142,110,829
Drugs-4.90%
Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		3.69	%		05/04/2025		38,960		36,720,380
Bausch Health Americas, Inc., Term Loan (Canada) (1 mo. USD LIBOR + 3.00%)		3.18	%		06/02/2025		53,867		53,092,883
Endo LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.00	%		04/29/2024		48,207		46,630,470
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		2.11	%		11/15/2027		38,771		38,081,747
Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		3.50	%		08/18/2022		46,080		46,050,966
									220,576,446
Electronics & Electrical-10.40%
Boxer Parent Co., Inc., Term Loan (1 mo. USD LIBOR + 4.25%)		4.41	%		10/02/2025		48,769		47,991,388
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		3.41	%		04/06/2026		36,999		36,348,143
Dell International LLC
Term Loan A-6 (1 mo. USD LIBOR + 1.75%)		1.93	%		03/13/2024		27,375		27,306,563
Term Loan B-1 (1 mo. USD LIBOR + 2.00%)		2.75	%		09/19/2025		68,445		68,090,702
Finastra USA, Inc., First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 3.50%)		4.50	%		06/13/2024		51,086		48,246,726
MA FinanceCo. LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.50%)		2.81	%		06/21/2024		4,620		4,417,776
McAfee LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		3.91	%		09/30/2024		46,105		45,788,417
Micro Holding L.P., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		4.57	%		09/13/2024		37,472		36,631,477
Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		2.66	%		06/21/2024		31,195		29,830,640
Ultimate Software Group, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		3.91	%		05/04/2026		32,952		32,766,891
Term Loan B (3 mo. USD LIBOR + 4.00%)		4.75	%		05/04/2026		20,000		20,012,600
Western Digital Corp., Term Loan A-1 (3 mo. USD LIBOR + 1.50%)		1.66	%		02/27/2023		70,633		70,368,280
									467,799,603
Financial Intermediaries-0.96%
RPI 2019 Intermediate Finance Trust, Term Loan B (1 mo. USD LIBOR + 1.75%)		1.91	%		02/11/2027		43,168		43,084,144
Food Products-0.87%
Froneri International PLC, Term Loan B-2 (United Kingdom) (1 mo. USD LIBOR + 2.25%)		2.41	%		01/29/2027		40,463		39,065,263
Food Service-2.51%
IRB Holding Corp., Term Loan B (3 mo. USD LIBOR + 2.75%)		3.75	%		02/05/2025		37,781		36,486,887
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		1.91	%		11/19/2026		79,134		76,364,149
									112,851,036
Health Care-10.24%
athenahealth, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)		4.82	%		02/11/2026		54,334		54,030,192
DaVita HealthCare Partners, Inc., Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		1.91	%		08/12/2026		41,562		40,801,271
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)		1.91	%		02/04/2027		29,111		28,586,474
Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.75%)		3.91	%		10/10/2025		79,442		57,879,749
Gentiva Health Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		3.44	%		07/02/2025		34,025		33,812,723
LifePoint Health, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		3.91	%		11/16/2025		56,037		55,076,396
Milano Acquisition Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75	%		08/13/2027		10,000		9,950,000
MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		3.75	%		06/07/2023		41,195		40,878,529
Ortho-Clinical Diagnostics, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		3.41	%		06/30/2025		26,314		25,417,507
Sunshine Luxembourg VII S.a.r.l., Term Loan (Switzerland) (3 mo. USD LIBOR + 4.25%)		5.32	%		07/23/2026		38,410		38,369,692
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		3.75	%		02/06/2024		33,697		28,206,852
Verscend Holding Corp., Term Loan B (1 mo. USD LIBOR + 4.50%)		4.66	%		08/27/2025		48,059		47,854,658
									460,864,043
Industrial Equipment-0.46%
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (1 mo. USD LIBOR + 4.25%)		4.41	%		06/30/2027		21,000		20,867,175
Insurance-3.56%
Acrisure LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		3.66	%		01/31/2027		44,895		43,244,211

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

10

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2020

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Insurance-(continued)
HUB International Ltd., Term Loan (3 mo. USD LIBOR + 3.00%)		3.26	%		04/25/2025	$	47,944	$	46,831,653
Sedgwick Claims Management Services, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		3.41	%		12/31/2025		34,275		33,189,798
USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		3.31	%		05/16/2024		37,927		36,994,652
									160,260,314
Leisure Goods, Activities & Movies-3.95%
Alpha Topco Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%)		3.50	%		02/01/2024		40,640		39,611,297
Crown Finance US, Inc., Term Loan (3 mo. USD LIBOR + 2.25%)		3.32	%		02/28/2025		41,293		32,621,759
Playtika Holding Corp., Term Loan B (3 mo. USD LIBOR + 6.00%)		7.07	%		12/03/2024		37,767		38,147,156
UFC Holdings LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		4.25	%		04/29/2026		34,377		34,022,807
William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		2.91	%		05/16/2025		40,707		33,175,831
									177,578,850
Lodging & Casinos-4.26%
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		2.91	%		12/23/2024		63,955		60,291,477
Golden Nugget, Inc., Term Loan (2 mo. USD LIBOR + 2.50%)		3.25	%		10/04/2023		35,959		32,325,098
Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		1.93	%		06/22/2026		37,077		35,820,071
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.91	%		08/14/2024		52,476		49,224,504
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		3.81	%		07/10/2025		14,233		14,268,558
									191,929,708
Oil & Gas-1.64%
Blackstone CQP Holdco, Term Loan (3 mo. USD LIBOR + 3.50%)		3.81	%		09/30/2024		37,975		37,404,954
Buckeye Partners, Term Loan B (1 mo. USD LIBOR + 2.75%)		2.91	%		11/02/2026		32,235		31,785,912
Seadrill Operating L.P., Term Loan (3 mo. USD LIBOR + 6.00%)		7.00	%		02/21/2021		30,546		4,505,578
									73,696,444
Publishing-0.75%
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%)		2.16	%		10/04/2023		34,338		33,642,456
Radio & Television-1.96%
Diamond Sports Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		3.41	%		08/24/2026		45,963		39,011,186
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		2.91	%		09/18/2026		45,117		44,411,741
Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		3.75	%		03/15/2024		4,901		4,753,073
									88,176,000
Rail Industries-0.85%
Genesee & Wyoming, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)		2.31	%		12/30/2026		38,777		38,249,425
Retailers (except Food & Drug)-2.84%
Bass Pro Group LLC, Term Loan (3 mo. USD LIBOR + 5.00%)		6.07	%		09/25/2024		62,415		62,365,974
Michaels Stores, Inc., Term Loan (3 mo. USD LIBOR + 2.50%)		3.57	%		01/28/2023		9		8,248
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.25	%		01/26/2023		34,798		29,939,047
PetSmart, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		5.00	%		03/11/2022		35,651		35,640,269
									127,953,538
Telecommunications-8.96%
Avaya, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		4.41	%		12/15/2024		36,401		35,498,574
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		2.41	%		03/15/2027		74,365		72,063,993
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		1.91	%		03/01/2027		46,665		45,303,540
Rackspace Hosting, Inc., Term Loan B (2 mo. USD LIBOR + 3.00%)		4.00	%		11/03/2023		41,495		41,145,041
Radiate Holdco LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		3.75	%		02/01/2024		44,869		44,273,567
SBA Senior Finance II LLC, Term Loan (1 mo. USD LIBOR + 1.75%)		1.91	%		04/11/2025		36,109		35,349,649
T-Mobile USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		3.16	%		04/20/2027		59,975		60,188,811
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		3.16	%		02/20/2027		71,462		69,576,084
									403,399,259
Utilities-2.72%
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		3.75	%		08/01/2025		45,294		44,650,953

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

11

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2020

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Utilities-(continued)
Pacific Gas and Electric Co., Term Loan B (3 mo. USD LIBOR + 4.50%)		5.50	%		07/01/2025	$	38,000	$	37,453,940
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. USD LIBOR + 1.75%)		1.91	%		12/31/2025		40,999		40,428,905
									122,533,798
Total Variable Rate Senior Loan Interests (Cost $4,209,234,301)									4,161,826,846
U.S. Dollar Denominated Bonds & Notes-2.38%
Aerospace & Defense-0.33%
TransDigm, Inc.(c)		6.25	%		03/15/2026		14,081		14,882,983
Airlines-0.13%
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(c)		6.50	%		06/20/2027		5,557		5,793,172
Auto Components-0.03%
Clarios Global L.P.(c)		6.75	%		05/15/2025		1,365		1,464,700
Commercial Services & Supplies-0.27%
Prime Security Services Borrower LLC/Prime Finance, Inc.(c)		5.75	%		04/15/2026		11,160		12,354,081
Diversified Telecommunication Services-0.19%
CommScope, Inc.(c)		6.00	%		03/01/2026		8,250		8,776,474
Electric Utilities-0.07%
PG&E Corp		5.00	%		07/01/2028		3,000		2,996,475
Hotels, Restaurants & Leisure-0.28%
Caesars Resort Collection LLC/CRC Finco, Inc.(c)		5.75	%		07/01/2025		3,500		3,670,625
Scientific Games International, Inc.(c)		5.00	%		10/15/2025		8,900		8,808,997
									12,479,622
Machinery-0.08%
Vertical US Newco, Inc. (Germany)(c)		5.25	%		07/15/2027		3,261		3,403,669
Media-0.34%
Univision Communications, Inc.(c)		5.13	%		02/15/2025		2,000		2,017,500
Virgin Media Secured Finance PLC (United Kingdom)(c)		5.50	%		08/15/2026		5,000		5,281,250
Ziggo B.V. (Netherlands)(c)		5.50	%		01/15/2027		7,750		8,159,626
									15,458,376
Real Estate Management & Development-0.12%
Cushman & Wakefield US Borrower LLC(c)		6.75	%		05/15/2028		5,000		5,297,600
Technology Hardware, Storage & Peripherals-0.54%
Dell International LLC/EMC Corp.(c)		5.45	%		06/15/2023		21,793		24,078,618
Total U.S. Dollar Denominated Bonds & Notes (Cost $100,744,829)									106,985,770
						Shares
Money Market Funds-10.75%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e)
(Cost $483,816,237)							483,816,237		483,816,237
TOTAL INVESTMENTS IN SECURITIES-105.62%
(Cost $4,793,795,367)									4,752,628,853
OTHER ASSETS LESS LIABILITIES-(5.62)%									(252,804,389	)
NET ASSETS-100.00%								$	4,499,824,464

Investment Abbreviations:

LIBOR -London Interbank Offered Rate

USD -U.S. Dollar

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

12

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2020

Notes to Schedule of Investments:

^(a)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(b)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(c)  Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $103,989,295, which represented 2.31% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$514,841,874		$7,900,706,110		$(7,931,731,747)		$-		$-		$483,816,237		$6,265,245

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

13

Statement of Assets and Liabilities

August 31, 2020

	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	4,268,812,616
Affiliated investments in securities, at value		483,816,237
Receivable for:
Dividends and interest		13,179,966
Investments sold		53,122,033
Fund shares sold		37,112,771
Total assets		4,856,043,623
Liabilities:
Due to custodian		31,029
Payable for:
Investments purchased		353,849,458
Accrued unitary management fees		2,338,672
Total liabilities		356,219,159
Net Assets	$	4,499,824,464
Net assets consist of:
Shares of beneficial interest	$	5,357,904,378
Distributable earnings (loss)		(858,079,914	)
Net Assets	$	4,499,824,464
Shares outstanding (unlimited amount authorized, $0.01 par value)		206,200,000
Net asset value	$	21.82
Market price	$	21.91
Unaffiliated investments in securities, at cost	$	4,309,979,130
Affiliated investments in securities, at cost	$	483,816,237

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

14

Statement of Operations

For the year ended August 31, 2020

	Invesco Senior Loan ETF (BKLN)
Investment income:
Interest income	$	222,684,529
Affiliated dividend income		6,265,245
Total investment income		228,949,774
Expenses:
Unitary management fees		30,689,416
Tax expenses		4,142
Total expenses		30,693,558
Less: Waivers		(993,077	)
Net expenses		29,700,481
Net investment income		199,249,293
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investments		(211,684,130	)
Change in net unrealized appreciation on investment securities		15,798,019
Net realized and unrealized gain (loss)		(195,886,111	)
Net increase in net assets resulting from operations	$	3,363,182

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

15

Statement of Changes in Net Assets

For the years ended August 31, 2020 and 2019

	Invesco Senior Loan ETF (BKLN)
	2020			2019
Operations:
Net investment income	$	199,249,293		$	258,829,915
Net realized gain (loss)		(211,684,130	)		(145,038,503	)
Change in net unrealized appreciation (depreciation)		15,798,019			(12,819,429	)
Net increase in net assets resulting from operations		3,363,182			100,971,983
Distributions to Shareholders from:
Distributable earnings		(197,593,666	)		(268,253,366	)
Return of capital		-			(3,596,395	)
Total distributions to shareholders		(197,593,666	)		(271,849,761	)
Shareholder Transactions:
Proceeds from shares sold		4,108,541,862			2,667,505,331
Value of shares repurchased		(3,839,126,252	)		(5,486,757,971	)
Transaction fees		22,694,518			13,848,677
Net increase (decrease) in net assets resulting from share transactions		292,110,128			(2,805,403,963	)
Net increase (decrease) in net assets		97,879,644			(2,976,281,741	)
Net assets:
Beginning of year		4,401,944,820			7,378,226,561
End of year	$	4,499,824,464		$	4,401,944,820
Changes in Shares Outstanding:
Shares sold		186,800,000			116,700,000
Shares repurchased		(175,600,000	)		(240,900,000	)
Shares outstanding, beginning of year		195,000,000			319,200,000
Shares outstanding, end of year		206,200,000			195,000,000

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

16

Financial Highlights

Invesco Senior Loan ETF (BKLN)

	Years Ended August 31,						Ten Months Ended August 31, 2018			Years Ended October 31,
	2020			2019						2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	22.57		$	23.11		$	23.15		$	23.16		$	23.05		$	24.43
Net investment income(a)		0.93			1.07			0.77			0.82			0.99			0.92
Net realized and unrealized gain (loss) on investments		(0.88	)		(0.53	)		(0.08	)		(0.02	)		0.15			(1.39	)
Total from investment operations		0.05			0.54			0.69			0.80			1.14			(0.47	)
Distributions to shareholders from:
Net investment income		(0.91	)		(1.12	)		(0.74	)		(0.82	)		(0.99	)		(0.92	)
Return of capital		-			(0.02	)		-			-			(0.08	)		(0.00	)(b)
Total distributions		(0.91	)		(1.14	)		(0.74	)		(0.82	)		(1.07	)		(0.92	)
Transaction fees(a)		0.11			0.06			0.01			0.01			0.04			0.01
Net asset value at end of period	$	21.82		$	22.57		$	23.11		$	23.15		$	23.16		$	23.05
Market price at end of period(c)	$	21.91		$	22.61		$	23.05		$	23.12		$	23.19		$	23.01
Net Asset Value Total Return(d)		0.80	%		2.68	%		3.07	%		3.54	%		5.32	%		(1.96	)%
Market Price Total Return(d)		1.05	%		3.15	%		2.93	%		3.27	%		5.64	%		(1.89	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	4,499,824		$	4,401,945		$	7,378,227		$	8,763,831		$	6,458,747		$	4,808,978
Ratio to average net assets of:
Expenses, after Waivers		0.63	%(e)		0.64	%(e)		0.63	%(e)(f)		0.63	%(e)		0.64	%		0.65	%(e)
Expenses, prior to Waivers		0.65	%(e)		0.65	%(e)		0.65	%(e)(f)		0.65	%(e)		0.65	%		0.65	%(e)
Net investment income		4.22	%		4.66	%		3.99	%(f)		3.52	%		4.33	%		3.82	%
Portfolio turnover rate(g)		107	%		78	%		74	%		71	%		81	%		43	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

17

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolio:

Full Name	Short Name
Invesco Senior Loan ETF (BKLN)	“Senior Loan ETF”

The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.

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

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the S&P/LSTA U.S. Leveraged Loan 100 Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

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

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the 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

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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 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.

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

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

B. Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

Changing U.S. Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer

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maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and the Fund’s transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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

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

LIBOR Risk. The Fund may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to the Fund’s NAV.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to 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. Because the Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Investment Grade Securities Risk. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments,

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interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, the Fund may incur additional expenses to seek recovery.

Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a loan resulting from changes in the general level of interest rates. Credit risk refers to the possibility that the borrower of a loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a loan will result in a reduction in the value of the loan and consequently a reduction in the value of the Fund’s investments and a potential decrease in the NAV of the Fund. Although the loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency loans and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.

Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

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

Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.

Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission (the “SEC”) or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.

There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a

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secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/ask spreads, decreased liquidity and extended trade settlement periods, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year- end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

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

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

The Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund. Further, through August 31, 2022, the Adviser has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees of $993,077.

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

The Adviser has entered into a licensing agreement for the Fund with S&P Dow Jones Indices LLC (the “Licensor”).

The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund

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is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	-	$	4,161,826,846	$	-	$	4,161,826,846
U.S. Dollar Denominated Bonds & Notes		-		106,985,770		-		106,985,770
Money Market Funds		483,816,237		-		-		483,816,237
Total Investments	$	483,816,237	$	4,268,812,616	$	-	$	4,752,628,853

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended August 31, 2020 and 2019:

	2020		2019
Ordinary income*	$	197,593,666	$	268,253,366
Return of capital		-		3,596,395

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

Undistributed ordinary income	$	1,655,627
Net unrealized appreciation (depreciation) – investments		(128,708,485	)
Capital loss carryforward		(731,027,056	)
Shares of beneficial interest		5,357,904,378
Total net assets	$	4,499,824,464

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

24

The following table presents available capital loss carryforwards for the Fund as of August 31, 2020:

No expiration
Short-Term		Long-Term		Total*
$	210,502,512	$	520,524,544	$	731,027,056

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

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were $5,079,545,045 and $4,757,398,746, respectively.

At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

Aggregate unrealized appreciation of investments	$	31,932,511
Aggregate unrealized (depreciation) of investments		(160,640,996	)
Net unrealized appreciation (depreciation) of investments	$	(128,708,485	)

Cost of investments for tax purposes is $4,881,337,338.

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Fund to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the Fund’s unitary management fee, pays for such compensation for the Fund. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 8–Senior Loan Participation Commitments

The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

During the fiscal year ended August 31, 2020, there were no interests in senior loans purchased by the Fund on a participation basis.

NOTE 9–Borrowing

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company. The Fund may borrow up to the lesser of (1) $675,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the fiscal year ended August 31, 2020, there were no outstanding borrowings from the line of credit.

NOTE 10–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for cash. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for the deposit of delivery of a basket of securities (“Deposit Securities”).

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have

25

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

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

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Fund’s investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

26

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Senior Loan ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Loan ETF (one of the funds constituting Invesco Exchange-Traded Fund Trust II, referred to hereafter as the “Fund”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statement of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended August 31, 2020, ten months in the period ended August 31, 2018 and three years in the period ended October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year ended August 31, 2020, the changes in its net assets for each of the two years in the period ended August 31, 2020, and the financial highlights for each of the two years in the period ended August 31, 2020, ten months in the period ended August 31, 2018 and three years in the period ended October 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent, agent banks, 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 opinion.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

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

27

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Senior Loan ETF (the “Fund”), a series of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.

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

Actual Expenses

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

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

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco Senior Loan ETF (BKLN)
Actual		$1,000.00		$1,001.40		0.64%		$3.22
Hypothetical (5% return before expenses)		1,000.00		1,021.92		0.64		3.25

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

28

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2020:

Business Interest Income*	100	%
Qualified Dividend Income*	0	%
Dividends-Received Deduction*	0	%
Qualified Interest Income*	94	%

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

29

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 August 31, 2020

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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

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

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

30

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
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

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

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

31

Trustees and Officers–(continued)

Name, Address and Year of Birth of 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
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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

32

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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

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

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

33

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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

34

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, 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.	214	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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

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

35

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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); 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.	214	None

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

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

36

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present);formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

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

37

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
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal - US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

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

38

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
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

39

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco S&P 500 Enhanced Value ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® High Beta ETF
Invesco China Technology ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI  Developed Markets ex-U.S. Small-Mid ETF Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed High Dividend Low Volatility ETF
Invesco Fundamental High Yield® Corporate Bond ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Momentum ETF
Invesco Global Clean Energy ETF	Invesco S&P International Developed Quality ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco Global Water ETF	Invesco S&P MidCap Low Volatility ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap Health Care ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Industrials ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Information Technology ETF
Invesco Preferred ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Materials ETF
Invesco PureBetaSM FTSE Developedex-North America ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBetaSM MSCI USA ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM MSCI USA SmallCap ETF	Invesco Senior Loan ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Taxable Municipal Bond ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco Treasury Collateral ETF
Invesco Russell 1000 Equal Weight ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Low Beta Equal Weight ETF	Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of

40

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

scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

• 0.04%: Invesco PureBeta^SM MSCI USA ETF

• 0.05%: Invesco PureBeta^SM US Aggregate Bond ETF

• 0.06%: Invesco PureBeta^SM MSCI USA Small Cap ETF

• 0.07%: Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF

• 0.08%: Invesco Treasury Collateral ETF

• 0.10%: Invesco S&P 500 Minimum Variance ETF

• 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

• 0.14%: Invesco PureBeta^SM FTSE Emerging Markets ETF

• 0.20%: Invesco Russell 1000 Equal Weight ETF

• 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF

41

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

• 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

• 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

• 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

• 0.30%: Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

• 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

• 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

• 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

• 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

• 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

• 0.55%: Invesco International BuyBack Achievers^TM ETF

• 0.60%: Invesco DWA SmallCap Momentum ETF

• 0.65%: Invesco Senior Loan ETF

• 0.70%: Invesco China Technology ETF

• 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF

• 0.80%: Invesco DWA Developed Markets Momentum ETF

• 0.90%: Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end

42

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

actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower         than Open-End         Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF	X	X	X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF			X
Invesco PureBetaTM FTSE Developed ex-North America ETF			X
Invesco PureBetaTM FTSE Emerging Markets ETF	X		X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF	X	X	X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF		X	X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500® High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF		X	X

43

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

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower         than Open-End         Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco S&P 500 Revenue ETF		X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X		X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF			X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF		X	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

44

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

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

45

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

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

46

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-BKLN-AR-1 invesco.com/ETFs

Invesco Annual Report to Shareholders
August 31, 2020
KBWB	Invesco KBW Bank ETF
KBWD	Invesco KBW High Dividend Yield Financial ETF
KBWY	Invesco KBW Premium Yield Equity REIT ETF
KBWP	Invesco KBW Property & Casualty Insurance ETF
KBWR	Invesco KBW Regional Banking ETF

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
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	14
Schedules of Investments
Invesco KBW Bank ETF (KBWB)	15
Invesco KBW High Dividend Yield Financial ETF (KBWD)	16
Invesco KBW Premium Yield Equity REIT ETF (KBWY)	18
Invesco KBW Property & Casualty Insurance ETF (KBWP)	20
Invesco KBW Regional Banking ETF (KBWR)	21
Statements of Assets and Liabilities	22
Statements of Operations	23
Statements of Changes in Net Assets	24
Financial Highlights	26
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	39
Fund Expenses	40
Tax Information	42
Trustees and Officers	43
Approval of Investment Advisory and Sub-Advisory Contracts	53

2

The Market Environment

Domestic Equity

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the US Federal Reserve (“the Fed”) cut interest rates by 0.25% each time, based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the Fed cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25% .¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and reopenings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.² Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3

Management’s Discussion of Fund Performance Invesco KBW Bank ETF (KBWB)

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

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, calculate and maintain the Index, which is a modified-market capitalization-weighted index of companies primarily engaged in U.S. banking activities, as determined by the Index Provider. The Index is designed to track the performance of large national U.S. money centers, regional banks and thrift institutions that are publicly traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (14.72)%. On a net asset value (“NAV”) basis, the Fund returned (14.81)%. During the same time period, the Index returned (14.61)%. 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, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P 500^® Financials Index (the “Benchmark Index”) returned (4.45)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 66 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 financial sector of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Benchmark Index is broadly diversified across all financial sub-industries and is not concentrated just in the banking sub-industry.

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight in the multi-sector holdings sub-industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection and overweight allocation in the diversified banks and regional banks sub-industries.

For the fiscal year ended August 31, 2020, the asset management & custody banks sub-industry was the only sub-industry that contributed to the Fund’s return. The diversified banks sub-industry detracted most significantly from the Fund’s

return, followed by the consumer finance and regional banks sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included State Street Corp., an asset management & custody banks company (portfolio average weight of 1.41%) and SVB Financial Group, a regional banks company (portfolio average weight of 2.92%). Positions that detracted most significantly from the Fund’s return included Wells Fargo & Co., a diversified banks company (portfolio average weight of 7.36%) and U.S. Bancorp, a diversified banks company (portfolio average weight of 7.71%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Regional Banks	44.35
Diversified Banks	39.45
Asset Management & Custody Banks	12.18
Consumer Finance	3.93
Other Assets Less Liabilities	0.09

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020

Security
Bank of America Corp.	8.26
Citigroup, Inc.	8.25
JPMorgan Chase & Co.	7.96
U.S. Bancorp	7.92
Wells Fargo & Co.	7.06
State Street Corp.	4.32
SVB Financial Group	4.20
Fifth Third Bancorp	4.12
Truist Financial Corp.	4.08
First Republic Bank	4.04
Total	60.21

4

Invesco KBW Bank ETF (KBWB) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of Aug 31, 2020

						Fund Inception
Index	1Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Average Annualized	Cumulative
KBW Nasdaq Bank Index	(14.61)%	(3.52)%	(10.19)%	3.75%	20.20%	10.80%	147.26%
S&P 500® Financials Index	(4.45)	2.75	8.49	7.94	46.50	12.70	187.33
Fund
NAV Return	(14.81)	(3.82)	(11.02)	3.41	18.26	10.42	139.90
Market Price Return	(14.72)	(3.71)	(10.72)	3.43	18.39	10.46	140.73

Fund Inception: November 1, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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 Fund.

5

Management’s Discussion of Fund Performance Invesco KBW High Dividend Yield Financial ETF (KBWD)

As an index fund, the Invesco KBW High Dividend Yield Financial ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Financial Sector Dividend Yield Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-dividend yield-weighted index of companies principally engaged in the business of providing financial services and products, as determined by the Index Provider. The Index is designed to track the performance of financial companies with competitive dividend yields that are publicly-traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (22.18)%. On a net asset value (“NAV”) basis, the Fund returned (22.34)%. During the same time period, the Index returned (22.85)%. During the fiscal year, the Fund utilized sampling for certain holdings. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the Fund holding cash to pay distributions in March, which coincided with overall market declines and by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Financials Index (the “Benchmark Index”) returned (4.45)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 66 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 financial sector of the U.S. equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the mortgage REITs sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the mortgage REITs sub-industry and security selection in the asset management & custody banks sub-industry.

For the fiscal year ended August 31, 2020, the investment banking & brokerage sub-industry contributed most significantly to the Fund’s return, followed by the trading companies &

distributors and life & health insurance sub-industries, respectively. The mortgage REITs sub-industry detracted most significantly from the Fund’s return, followed by the regional banks and thrifts & mortgage finance sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Artisan Partners Asset Management, Inc., Class A, an asset management & custody banks company (portfolio average weight of 2.90%), and Apollo Global Management Inc., an asset management & custody banks company (portfolio average weight of 1.26%). Positions that detracted most significantly from the Fund’s return included Invesco Mortgage Capital Inc., a mortgage REITs company (portfolio average weight of 3.99%) and MFA Financial, Inc., a mortgage REITs company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Asset Management & Custody Banks	39.59
Mortgage REITs	35.59
Regional Banks	5.95
Life & Health Insurance	5.58
Investment Banking & Brokerage	4.03
Sub-Industry Types Each Less Than 3%	9.26
Money Market Funds Plus Other Assets Less Liabilities	0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Invesco Mortgage Capital, Inc.	8.40
Apollo Commercial Real Estate Finance, Inc.	5.01
Orchid Island Capital, Inc.	4.60
Annaly Capital Management, Inc.	4.59
FS KKR Capital Corp.	4.14
Dynex Capital, Inc.	4.09
ARMOUR Residential REIT, Inc.	4.05
TCG BDC, Inc.	3.89
Apollo Investment Corp.	3.79
Prospect Capital Corp.	3.39
Total	45.95

* Excluding money market fund holdings.

6

Invesco KBW High Dividend Yield Financial ETF (KBWD) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of Aug 31, 2020

						Fund Inception
Index	1 Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Average Annualized	Cumulative
KBW Nasdaq Financial Sector Dividend Yield Index	(22.85)%	(8.14)%	(22.48)%	(1.02)%	(4.99)%	3.64%	41.63%
S&P 500® Financials Index	(4.45)	2.75	8.49	7.94	46.50	9.75	147.62
Fund
NAV Return	(22.34)	(7.80)	(21.62)	(0.90)	(4.41)	3.48	39.59
Market Price Return	(22.18)	(7.78)	(21.58)	(0.88)	(4.34)	3.51	39.94

Fund Inception: December 2, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 1.58% includes the unitary management fee of 0.35% and acquired fund fees and expenses of 1.23% . NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

7

Management’s Discussion of Fund Performance Invesco KBW Premium Yield Equity REIT ETF (KBWY)

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

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-dividend yield-weighted index of domestic equity real estate investment trusts (“REITs”) of small and mid-capitalization, as determined by the Index Provider. The Index is designed to track the performance of small- and mid-capitalization equity REITs that have competitive dividend yields and are publicly-traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (28.87)%. On a net asset value (“NAV”) basis, the Fund returned (28.96)%. During the same time period, the Index returned (29.60)%. 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 the Fund holding cash to pay distributions in March, which coincided with overall market declines and by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the Dow Jones U.S. Real Estate Index (the “Benchmark Index”) returned (7.65)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 114 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States REIT market.

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

Relative to the Benchmark Index, the Fund was most overweight in the retail REITs sub-industry and most underweight in the specialized REITs sub-industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the specialized REITs sub-industry and overweight allocation to the retail REITs sub-industry.

For the fiscal year ended August 31, 2020, the diversified REITs sub-industry contributed most significantly to the Fund’s return, followed by the industrial REITs sub-industry. The retail REITs sub-industry detracted most significantly from the Fund’s return,

followed by the hotel & resort REITs and specialized REITs sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Kite Realty Group Trust, a retail REITs company (no longer held as of fiscal year-end), and Washington Prime Group Inc., a retail REITs company (no longer held as of fiscal year end). Positions that detracted most significantly from the Fund’s return included Macerich Co. (The), a retail REITs company (portfolio average weight of 3.39%) and Pennsylvania REIT, a retail REITs company (portfolio average weight of 4.76%).

REIT Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Retail REITs	25.86
Office REITs	17.56
Specialized REITs	14.50
Health Care REITs	12.88
Diversified REITs	12.06
Residential REITs	11.13
Industrial REITs	5.60
Hotel & Resort REITs	0.41
Money Market Funds Plus Other Assets Less Liabilities	0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Macerich Co. (The)	8.63
GEO Group, Inc. (The)	5.64
Brookfield Property REIT, Inc., Class A	5.37
New Senior Investment Group, Inc.	5.20
Global Net Lease, Inc.	4.62
CoreCivic, Inc.	4.30
Bluerock Residential Growth REIT, Inc.	4.29
American Finance Trust, Inc.	4.12
STORE Capital Corp.	3.90
Sabra Health Care REIT, Inc.	3.79
Total	49.86

* Excluding money market fund holdings.

8

Invesco KBW Premium Yield Equity REIT ETF (KBWY) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of Aug 31, 2020

							Fund Inception
Index	1 Year	3 Years Average Annualized		3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Average Annualized	Cumulative
KBW Nasdaq Premium Yield Equity REIT Index	(29.60)%	(13.28)%		(34.79)%	(1.24)%	(6.04)%	3.73%	42.89%
Dow Jones U.S. Real Estate Index	(7.65)	4.25	��	13.30	7.47	43.35	8.64	124.15
Fund
NAV Return	(28.96)	(13.18)		(34.55)	(1.31)	(6.36)	3.49	39.65
Market Price Return	(28.87)	(13.15)		(34.49)	(1.26)	(6.15)	3.52	40.12

Fund Inception: December 2, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

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 Fund.

9

Management’s Discussion of Fund Performance Invesco KBW Property & Casualty Insurance ETF (KBWP)

As an index fund, the Invesco KBW Property & Casualty Insurance ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Property & Casualty Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-market capitalization-weighted index of companies primarily engaged in U.S. property and casualty insurance activities, as determined by the Index Provider. The Index is designed to track the performance of such companies. 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 August 31, 2020, on a market price basis, the Fund returned (13.03)%. On a net asset value (“NAV”) basis, the Fund returned (13.11)%. During the same time period, the Index returned (12.90)%. 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, which were offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P 500^® Property & Casualty Index (the “Benchmark Index”) returned (8.06)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 10 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States property and casualty insurance market.

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

Relative to the Benchmark Index, the Fund was most overweight in the multi-line insurance and reinsurance sub-industries and most underweight in the property & casualty insurance sub-industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation in the multi-line insurance sub-industry.

For the fiscal year ended August 31, 2020, the reinsurance sub-industry contributed most significantly to the Fund’s return. The property & casualty insurance sub-industry detracted most significantly from the Fund’s return, followed by the multi-line insurance sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Progressive Corp. (The), a property & casualty insurance company (portfolio average weight of 8.74%), and RLI Corp., a property & casualty insurance company (portfolio average weight of 3.90%). Positions that detracted most significantly from the Fund’s return included American International Group, Inc., a multi-line insurance company (portfolio average weight of 7.24%) and Chubb Ltd., a property & casualty insurance company (portfolio average weight of 7.87%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Property & Casualty Insurance	69.78
Multi-line Insurance	20.71
Reinsurance	9.39
Money Market Funds Plus Other Assets Less Liabilities	0.12

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Progressive Corp. (The)	8.77
Travelers Cos., Inc. (The)	7.78
Chubb Ltd.	7.35
American International Group, Inc.	6.95
Allstate Corp. (The)	6.82
Cincinnati Financial Corp.	4.83
RenaissanceRe Holdings Ltd.	4.53
Kemper Corp.	4.39
AXIS Capital Holdings Ltd.	4.36
RLI Corp.	4.26
Total	60.04

* Excluding money market fund holdings.

10

Invesco KBW Property & Casualty Insurance ETF (KBWP) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of Aug 31, 2020

						Fund Inception
Index	1 Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Average Annualized	Cumulative
KBW Nasdaq Property & Casualty Index	(12.90)%	4.11%	12.84%	8.51%	50.44%	12.17%	206.14%
S&P 500® Property & Casualty Index	(8.06)	6.45	20.63	11.73	74.16	13.02	229.61
Fund
NAV Return	(13.11)	3.78	11.76	8.15	47.95	11.78	195.88
Market Price Return	(13.03)	3.87	12.05	8.15	47.98	11.80	196.45

Fund Inception: December 2, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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 Fund.

11

Management’s Discussion of Fund Performance Invesco KBW Regional Banking ETF (KBWR)

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

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-market capitalization-weighted index comprised of companies primarily engaged in U.S. regional banking activities, as determined by the Index Provider. The Index is designed to track the performance of U.S. regional banking and thrift companies that are publicly-traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (22.80)%. On a net asset value (“NAV”) basis, the Fund returned (22.87)%. During the same time period, the Index returned (22.75)%. 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 slippage around rebalances and fees and operating expenses that the Fund incurred during the period, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P Composite 1500^® Commercial Banks Index (the “Benchmark Index”) returned (16.45)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States commercial banking market.

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

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation and security selection in the regional banks sub-industry.

For the fiscal year ended August 31, 2020, the regional banks sub-industry detracted most significantly from the Fund’s return,

followed by the thrifts & mortgage finance sub-industry. There were no contributing sub-industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Commerce Bancshares, Inc., a regional banks company (portfolio average weight of 4.22%), and First Financial Bankshares, Inc., regional banks company (portfolio average weight of 2.13%). Positions that detracted most significantly from the Fund’s return include PacWest Bancorp, a regional banks company (portfolio average weight of 1.90%) and IBERIABANK Corp., a regional banks company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Regional Banks	95.29
Thrifts & Mortgage Finance	4.52
Other Assets Less Liabilities	0.19

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020

Security
South State Corp.	4.18
East West Bancorp, Inc.	4.01
Signature Bank	3.76
Commerce Bancshares, Inc.	3.73
Cullen/Frost Bankers, Inc.	3.35
Prosperity Bancshares, Inc.	3.33
BankUnited, Inc.	2.29
Synovus Financial Corp.	2.27
Home BancShares, Inc.	2.24
PacWest Bancorp	2.20
Total	31.36

12

Invesco KBW Regional Banking ETF (KBWR) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of Aug 31, 2020

						Fund Inception
Index	1 Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Average Annualized	Cumulative
KBW Nasdaq Regional Banking Index	(22.75)%	(8.40)%	(23.15)%	(0.17)%	(0.85)%	7.83%	94.54%
S&P Composite 1500® Commercial Banks Index	(16.45)	(2.89)	(8.43)	3.88	20.95	11.16	154.60
Fund
NAV Return	(22.87)	(8.68)	(23.84)	(0.49)	(2.43)	7.47	88.96
Market Price Return	(22.80)	(8.61)	(23.67)	(0.48)	(2.38)	7.51	89.52

Fund Inception: November 1, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/

ETFs to find the most recent month-end performance numbers.

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 Fund.

13

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”)has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”)in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”)has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”),which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1)each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3)each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4)the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5)the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”),which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis)if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

14

Invesco KBW Bank ETF (KBWB)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Asset Management & Custody Banks-12.18%
Bank of New York Mellon Corp. (The)		795,365	$	29,412,598
Northern Trust Corp		374,186		30,642,091
State Street Corp		484,846		33,013,164
				93,067,853
Consumer Finance-3.93%
Capital One Financial Corp		434,545		29,996,641
Diversified Banks-39.45%
Bank of America Corp		2,450,221		63,068,689
Citigroup, Inc		1,233,570		63,060,098
JPMorgan Chase & Co		607,331		60,848,493
U.S. Bancorp		1,662,096		60,500,294
Wells Fargo & Co		2,232,851		53,923,352
				301,400,926
Regional Banks-44.35%
CIT Group, Inc		238,932		4,699,793
Citizens Financial Group, Inc		1,039,984		26,904,386
Comerica, Inc		337,727		13,350,348

	Shares		Value
Regional Banks-(continued)
Fifth Third Bancorp		1,523,302	$	31,471,419
First Horizon National Corp		757,452		7,233,667
First Republic Bank		273,291		30,857,287
Huntington Bancshares, Inc		2,470,092		23,243,566
KeyCorp		2,377,383		29,289,359
M&T Bank Corp		279,805		28,892,664
People’s United Financial, Inc		1,031,467		10,912,921
PNC Financial Services Group, Inc. (The)		259,292		28,833,270
Regions Financial Corp		2,339,095		27,039,938
SVB Financial Group(b)		125,532		32,058,362
Truist Financial Corp		803,780		31,194,702
Zions Bancorporation N.A		398,007		12,799,905
				338,781,587
TOTAL INVESTMENTS IN SECURITIES-99.91% (Cost $925,149,591)				763,247,007
OTHER ASSETS LESS LIABILITIES-0.09%				716,183
NET ASSETS-100.00%			$	763,963,190

Notes to Schedule of Investments:

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

(b) Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government
Money Portfolio, Institutional Class	$	—	$	21,106,229	$	(21,106,229	)	$	—	$	—	$	—	$	3,259
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class		—		80		(80	)		—		—		—		—
Invesco Private Government Fund		—		17,594		(17,594	)		—		—		—		—
Invesco Private Prime Fund		—		5,175		(5,175	)		—		—		—		—
Total	$	—	$	21,129,078	$	(21,129,078	)	$	—	$	—	$	—	$	3,259

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

15

Invesco KBW High Dividend Yield Financial ETF (KBWD)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Asset Management & Custody Banks-39.59%
Apollo Global Management, Inc		40,375	$	1,892,376
Apollo Investment Corp.(b)		960,835		8,705,165
Ares Management Corp., Class A		61,105		2,471,697
Artisan Partners Asset Management, Inc., Class A		158,311		6,128,219
BlackRock TCP Capital Corp		753,667		7,431,157
FS KKR Capital Corp.(b)		593,420		9,506,588
Invesco Ltd.(c)		531,490		5,421,198
Janus Henderson Group PLC (United Kingdom)		168,687		3,495,195
New Mountain Finance Corp.(b)		724,024		7,233,000
Newtek Business Services Corp		325,459		6,160,939
Oxford Square Capital Corp.(b)		1,433,701		3,827,982
PennantPark Investment Corp		1,944,243		6,863,178
Prospect Capital Corp.(b)		1,525,232		7,778,683
TCG BDC, Inc.(b)		1,015,141		8,943,392
Waddell & Reed Financial, Inc., Class A		320,230		5,043,622
				90,902,391
Consumer Finance-2.49%
Navient Corp		629,586		5,722,937
Diversified Banks-1.76%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		160,579		4,046,591
Investment Banking & Brokerage-4.03%
BGC Partners, Inc., Class A		328,492		827,800
Lazard Ltd., Class A		141,895		4,493,814
Moelis & Co., Class A		49,110		1,567,100
Virtu Financial, Inc., Class A		91,901		2,373,803
				9,262,517
Life & Health Insurance-5.58%
Principal Financial Group, Inc		81,780		3,443,756
Prudential Financial, Inc		64,473		4,369,335
Unum Group		270,458		4,998,064
				12,811,155
Mortgage REITs-35.59%
AGNC Investment Corp		468,288		6,607,544
Annaly Capital Management, Inc		1,435,021		10,547,404
Apollo Commercial Real Estate Finance, Inc		1,286,292		11,499,450
ARMOUR Residential REIT, Inc		959,221		9,294,852
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Mortgage REITs-(continued)
Dynex Capital, Inc.(b)		592,665	$	9,387,814
Invesco Mortgage Capital, Inc.(b)(c)		6,426,320		19,278,960
New Residential Investment Corp		211,841		1,639,649
Orchid Island Capital, Inc.(b)		2,066,758		10,561,133
Two Harbors Investment Corp		533,057		2,905,161
				81,721,967
Property & Casualty Insurance-1.65%
Mercury General Corp		84,786		3,792,478
Regional Banks-5.95%
Hanmi Financial Corp		320,540		3,054,746
PacWest Bancorp		181,729		3,467,390
People’s United Financial, Inc		299,047		3,163,917
Umpqua Holdings Corp		352,575		3,977,046
				13,663,099
Thrifts & Mortgage Finance-1.45%
New York Community Bancorp, Inc		366,604		3,317,766
Trading Companies & Distributors-1.91%
Triton International Ltd. (Bermuda)		121,754		4,390,449
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $285,004,887)				229,631,350
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-25.83%
Invesco Private Government Fund, 0.03%(c)(d)(e)		44,488,963		44,488,963
Invesco Private Prime Fund, 0.14%(c)(d)(e)		14,831,636		14,834,602
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $59,323,566)				59,323,565
TOTAL INVESTMENTS IN SECURITIES-125.83% (Cost $344,328,453)				288,954,915
OTHER ASSETS LESS LIABILITIES-(25.83)%				(59,319,295	)
NET ASSETS-100.00%			$	229,635,620

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

16

Invesco KBW High Dividend Yield Financial ETF (KBWD)–(continued)

August 31, 2020

Notes to Schedule of Investments:

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

(b) All or a portion of this security was out on loan at August 31, 2020.

(c) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Invesco Ltd.	$	3,906,490	$	5,520,110	$	(2,176,268	)	$	(381,376	)	$	(1,447,758	)	$	5,421,198	$	379,840
Invesco Mortgage Capital, Inc.		8,751,037		28,439,529		(3,490,551	)		(12,234,080	)		(2,186,975	)		19,278,960		478,174
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		—		16,555,334		(16,555,334	)		—			—			—		1,461
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		8,917,097		133,455,754		(142,372,851	)		—			—			—		116,210	*
Invesco Liquid Assets Portfolio, Institutional Class		2,977,466		32,178,519		(35,154,368	)		—			(1,617	)		—		43,149	*
Invesco Private Government Fund		—		146,012,045		(101,523,082	)		—			—			44,488,963		5,038	*
Invesco Private Prime Fund		—		30,277,194		(15,443,505	)		(1	)		914			14,834,602		3,648	*
Total	$	24,552,090	$	392,438,485	$	(316,715,959	)	$	(12,615,457	)	$	(3,635,436	)	$	84,023,723	$	1,027,520

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

(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

17

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Diversified REITs-12.06%
Gladstone Commercial Corp		312,051	$	6,119,320
Global Net Lease, Inc		456,777		7,993,598
STORE Capital Corp		249,749		6,753,213
				20,866,131
Health Care REITs-12.88%
Diversified Healthcare Trust		208,245		791,331
Global Medical REIT, Inc		464,504		5,941,006
New Senior Investment Group, Inc		2,052,725		8,990,936
Sabra Health Care REIT, Inc		441,956		6,554,207
				22,277,480
Hotel & Resort REITs-0.41%
RLJ Lodging Trust		25,111		237,048
Service Properties Trust		58,579		480,933
				717,981
Industrial REITs-5.60%
Industrial Logistics Properties Trust		250,531		5,403,953
STAG Industrial, Inc		132,786		4,288,988
				9,692,941
Office REITs-17.56%
Brandywine Realty Trust		544,560		6,060,953
City Office REIT, Inc		464,882		3,737,651
Columbia Property Trust, Inc		345,869		4,081,254
Office Properties Income Trust		229,517		5,471,685
SL Green Realty Corp		133,143		6,225,767
Vornado Realty Trust		134,349		4,813,725
				30,391,035
Residential REITs-11.13%
Bluerock Residential Growth REIT, Inc		1,001,580		7,421,708
Independence Realty Trust, Inc		491,167		5,751,566
Preferred Apartment Communities, Inc.,
Class A		921,339		6,080,837
				19,254,111
Investment Abbreviations:
REIT -Real Estate Investment Trust

		Shares		Value
Retail REITs-25.86%
American Finance Trust, Inc			1,042,501	$	7,125,494
Brookfield Property REIT, Inc., Class A(b)			805,690		9,289,606
Macerich Co. (The)(b)			1,882,111		14,925,140
Pennsylvania REIT(b)(c)			4,180,408		4,598,449
Taubman Centers, Inc			105,417		4,037,471
Whitestone REIT			740,951		4,764,315
					44,740,475
Specialized REITs-14.50%
CoreCivic, Inc			799,212		7,440,664
GEO Group, Inc. (The)			874,850		9,763,326
Lamar Advertising Co., Class A			30,359		2,101,753
Uniti Group, Inc			588,207		5,776,193
					25,081,936
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% Cost $209,702,402)					173,022,090
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.15%
Invesco Private Government Fund, 0.03%(c)(d)(e)			20,956,410		20,956,410
Invesco Private Prime Fund, 0.14%(c)(d)(e)			6,984,173		6,985,570
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,941,980)					27,941,980
TOTAL INVESTMENTS IN SECURITIES-116.15% (Cost $237,644,382)					200,964,070
OTHER ASSETS LESS LIABILITIES-(16.15)%	��				(27,938,797	)
NET ASSETS-100.00%				$	173,025,273

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

18

Invesco KBW Premium Yield Equity REIT ETF (KBWY)—(continued)

August 31, 2020

Notes to Schedule of Investments:

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

(b) All or a portion of this security was out on loan at August 31, 2020.

(c) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	49,287	$	26,554,265	$	(26,603,552	)	$	—		$	—		$	—	$	6,376
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		26,540,877		110,818,902		(137,359,779	)		—			—			—		291,965	*
Invesco Liquid Assets Portfolio, Institutional Class		8,852,559		32,321,847		(41,172,804	)		(257	)		(1,345	)		—		108,998	*
Invesco Private   Government Fund		—		81,137,048		(60,180,638	)		—			—			20,956,410		2,804	*
Invesco Private Prime Fund		—		15,595,589		(8,610,662	)		—			643			6,985,570		1,956	*
Investments in Other Affiliates:
Pennsylvania REIT**		14,992,691		19,875,765		(17,236,566	)		7,707,951			(20,741,392	)		4,598,449		1,529,719
Total	$	50,435,414	$	286,303,416	$	(291,164,001	)	$	7,707,694		$	(20,742,094	)	$	32,540,429	$	1,941,818

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

** As of August 31, 2019, this security was not considered as an affiliate of the Fund.

(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

19

Invesco KBW Property & Casualty Insurance ETF (KBWP)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Multi-line Insurance-20.71%
American Financial Group, Inc		108,985	$	7,285,647
American International Group, Inc		436,798		12,728,294
Assurant, Inc		63,997		7,779,475
Hartford Financial Services Group, Inc. (The)		171,458		6,935,476
Horace Mann Educators Corp		81,935		3,200,381
				37,929,273
Property & Casualty Insurance-69.78%
Allstate Corp. (The)		134,243		12,484,599
Arch Capital Group Ltd.(b)		232,640		7,337,466
AXIS Capital Holdings Ltd		167,281		7,989,341
Chubb Ltd		107,674		13,459,250
Cincinnati Financial Corp		111,369		8,843,812
Hanover Insurance Group, Inc. (The)		65,416		6,704,486
James River Group Holdings Ltd		60,565		2,950,121
Kemper Corp		103,554		8,042,004
Mercury General Corp		109,851		4,913,635
ProAssurance Corp		106,850		1,636,942
Progressive Corp. (The)		169,028		16,064,421
RLI Corp		83,143		7,797,982
Selective Insurance Group, Inc		118,477		7,086,109
Travelers Cos., Inc. (The)		122,733		14,241,937

	Shares		Value
Property & Casualty Insurance-(continued)
Universal Insurance Holdings, Inc		64,298	$	1,192,728
W.R. Berkley Corp		113,286		7,029,396
				127,774,229
Reinsurance-9.39%
Everest Re Group Ltd		33,084		7,281,127
RenaissanceRe Holdings Ltd. (Bermuda)(b)		45,131		8,292,370
Third Point Reinsurance Ltd. (Bermuda)		188,282		1,611,694
				17,185,191
Total Common Stocks & Other Equity Interests (Cost $185,260,086)				182,888,693
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $53,572)		53,572		53,572
TOTAL INVESTMENTS IN SECURITIES-99.91% (Cost $185,313,658)				182,942,265
OTHER ASSETS LESS LIABILITIES-0.09%				161,743
NET ASSETS-100.00%			$	183,104,008

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	20,139	$	4,038,434	$	(4,005,001	)	$	—	$	—	$	53,572	$	566

^(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

20

Invesco KBW Regional Banking ETF (KBWR)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Regional Banks-95.29%
Associated Banc-Corp		40,376	$	542,653
BancorpSouth Bank		25,445		549,103
Bank of Hawaii Corp		8,772		482,811
Bank OZK		25,148		579,410
BankUnited, Inc		27,718		648,047
Boston Private Financial Holdings, Inc		24,487		145,453
Brookline Bancorp, Inc		23,624		226,790
Cadence BanCorp		37,696		358,112
Cathay General Bancorp		20,753		512,392
Columbia Banking System, Inc		21,472		599,284
Commerce Bancshares, Inc		17,739		1,056,712
Community Bank System, Inc		9,515		572,518
Cullen/Frost Bankers, Inc		13,657		948,615
CVB Financial Corp		28,921		526,651
East West Bancorp, Inc		30,888		1,136,061
F.N.B. Corp		76,332		572,490
First Commonwealth Financial Corp		29,376		240,883
First Financial Bancorp		29,325		402,339
First Financial Bankshares, Inc		18,461		558,907
First Hawaiian, Inc		32,711		540,713
First Midwest Bancorp, Inc		34,202		426,157
Fulton Financial Corp		48,432		473,665
Glacier Bancorp, Inc		13,699		480,629
Hancock Whitney Corp		25,829		516,838
Home BancShares, Inc		39,084		633,552
Hope Bancorp, Inc		36,876		311,971
Investors Bancorp, Inc		65,007		503,804
Old National Bancorp		41,612		581,736
PacWest Bancorp		32,668		623,305
Pinnacle Financial Partners, Inc		14,190		566,890

	Shares		Value
Regional Banks-(continued)
Popular, Inc		14,289	$	529,265
Prosperity Bancshares, Inc		17,290		942,651
Signature Bank		10,985		1,065,875
South State Corp		21,262		1,183,868
Sterling Bancorp		45,875		535,361
Synovus Financial Corp		29,461		644,312
TCF Financial Corp		19,512		524,483
Texas Capital Bancshares, Inc.(b)		15,095		488,927
Trustmark Corp		18,984		445,744
UMB Financial Corp		11,026		592,317
Umpqua Holdings Corp		49,659		560,154
United Bankshares, Inc		19,404		507,221
United Community Banks, Inc		25,884		469,018
Valley National Bancorp		70,710		531,032
Webster Financial Corp		19,939		548,322
Western Alliance Bancorporation		14,791		522,122
Wintrust Financial Corp		13,349		580,948
				26,990,111
Thrifts & Mortgage Finance-4.52%
New York Community Bancorp, Inc		56,146		508,121
Provident Financial Services, Inc		19,730		260,042
Washington Federal, Inc		21,820		511,679
				1,279,842
TOTAL INVESTMENTS IN SECURITIES-99.81% (Cost $46,110,550)				28,269,953
OTHER ASSETS LESS LIABILITIES-0.19%				54,802
NET ASSETS-100.00%			$	28,324,755

Notes to Schedule of Investments:

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

(b) Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	77,787	$	1,899,839	$	(1,977,626	)	$	—	$	—		$	—	$	512
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		1,260,658		6,601,163		(7,861,821	)		—		—			—		11,028	*
Invesco Liquid Assets Portfolio, Institutional Class		420,219		2,208,537		(2,628,755	)		—		(1	)		—		4,055	*
Total	$	1,758,664	$	10,709,539	$	(12,468,202	)	$	—	$	(1	)	$	—	$	15,595

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

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

21

Statements of Assets and Liabilities

August 31, 2020

	Invesco KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)
Assets:
Unaffiliated investments in securities, at value(a)	$	763,247,007		$	204,931,192		$	168,423,641		$	182,888,693		$	28,269,953
Affiliated investments in securities, at value		-			84,023,723			32,540,429			53,572			-
Receivable for:
Dividends		1,298,321			640,736			705,314			215,738			75,637
Securities lending		-			142,058			203,079			-			-
Fund shares sold		8,076,368			-			-			-			-
Total assets		772,621,696			289,737,709			201,872,463			183,158,003			28,345,590
Liabilities:
Due to custodian		366,577			306,399			255,527			-			11,998
Payable for:
Investments purchased		8,076,370			403,663			598,071			-			-
Collateral upon return of securities loaned		-			59,323,566			27,941,980			-			-
Accrued unitary management fees		215,559			68,461			51,612			53,995			8,837
Total liabilities		8,658,506			60,102,089			28,847,190			53,995			20,835
Net Assets	$	763,963,190		$	229,635,620		$	173,025,273		$	183,104,008		$	28,324,755
Net assets consist of:
Shares of beneficial interest	$	930,104,687		$	434,367,306		$	367,275,581		$	191,609,507		$	54,243,512
Distributable earnings (loss)		(166,141,497	)		(204,731,686	)		(194,250,308	)		(8,505,499	)		(25,918,757	)
Net Assets	$	763,963,190		$	229,635,620		$	173,025,273		$	183,104,008		$	28,324,755
Shares outstanding (unlimited amount authorized, $0.01 par value)		19,300,000			16,700,000			9,250,000			3,050,000			800,000
Net asset value	$	39.58		$	13.75		$	18.71		$	60.03		$	35.41
Market price	$	39.68		$	13.77		$	18.74		$	60.13		$	35.44
Unaffiliated investments in securities, at cost	$	925,149,591		$	245,381,339		$	204,145,053		$	185,260,086		$	46,110,550
Affiliated investments in securities, at cost	$	-		$	98,947,114		$	33,499,329		$	53,572		$	-
(a)Includes securities on loan with an aggregate value of:	$	-		$	56,084,832		$	26,018,824			-		$	-

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

22

Statements of Operations

For the year ended August 31, 2020

	Invesco KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)
Investment income:
Unaffiliated dividend income	$	17,866,190		$	19,206,231		$	10,811,039		$	2,586,524		$	1,632,674
Affiliated dividend income		3,259			859,475			1,536,095			566			512
Securities lending income		1			1,056,926			1,863,704			-			1,662
Foreign withholding tax		-			-			-			-			(3,277	)
Total investment income		17,869,450			21,122,632			14,210,838			2,587,090			1,631,571
Expenses:
Unitary management fees		1,826,318			877,061			857,246			378,505			172,711
Less: Waivers		(682	)		(430	)		(1,101	)		(111	)		(82	)
Net expenses		1,825,636			876,631			856,145			378,394			172,629
Net investment income		16,043,814			20,246,001			13,354,693			2,208,696			1,458,942
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(19,994,377	)		(56,801,088	)		(80,143,645	)		(2,378,201	)		(4,237,915	)
Affiliated investment securities		-			(3,730,874	)		(20,742,094	)		-			(1	)
Unaffiliated in-kind redemptions		33,078,195			9,430,534			15,864,458			7,045,591			(7,541,048	)
Affiliated in-kind redemptions		-			95,438			-			-			-
Net realized gain (loss)		13,083,818			(51,005,990	)		(85,021,281	)		4,667,390			(11,778,964	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(60,618,490	)		(14,674,551	)		(16,216,721	)		(16,642,913	)		(1,607,950	)
Affiliated investment securities		-			(12,615,457	)		7,707,694			-			-
Change in net unrealized appreciation (depreciation)		(60,618,490	)		(27,290,008	)		(8,509,027	)		(16,642,913	)		(1,607,950	)
Net realized and unrealized gain (loss)		(47,534,672	)		(78,295,998	)		(93,530,308	)		(11,975,523	)		(13,386,914	)
Net increase (decrease) in net assets resulting from operations	$	(31,490,858	)	$	(58,049,997	)	$	(80,175,615	)	$	(9,766,827	)	$	(11,927,972	)

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

23

Statements of Changes in Net Assets

For the years ended August 31, 2020 and 2019

	Invesco KBW Bank ETF (KBWB)						Invesco KBW High Dividend Yield Financial ETF (KBWD)
	2020			2019			2020			2019
Operations:
Net investment income	$	16,043,814		$	17,150,254		$	20,246,001		$	22,014,767
Net realized gain (loss)		13,083,818			(56,856,971	)		(51,005,990	)		(21,394,770	)
Change in net unrealized appreciation (depreciation)		(60,618,490	)		(84,126,403	)		(27,290,008	)		(31,822,333	)
Net increase (decrease) in net assets resulting from operations		(31,490,858	)		(123,833,120	)		(58,049,997	)		(31,202,336	)
Distributions to Shareholders from:
Distributable earnings		(16,218,566	)		(18,039,786	)		(25,952,241	)		(24,710,760	)
Shareholder Transactions:
Proceeds from shares sold		1,567,902,553			1,393,839,744			92,698,284			28,111,323
Value of shares repurchased		(1,319,623,259	)		(1,711,833,157	)		(49,449,953	)		(46,365,139	)
Net increase (decrease) in net assets resulting from share transactions		248,279,294			(317,993,413	)		43,248,331			(18,253,816	)
Net increase (decrease) in net assets		200,569,870			(459,866,319	)		(40,753,907	)		(74,166,912	)
Net assets:
Beginning of period		563,393,320			1,023,259,639			270,389,527			344,556,439
End of period	$	763,963,190		$	563,393,320		$	229,635,620		$	270,389,527
Changes in Shares Outstanding:
Shares sold		37,200,000			28,050,000			5,450,000			1,300,000
Shares repurchased		(29,600,000	)		(34,300,000	)		(2,400,000	)		(2,200,000	)
Shares outstanding, beginning of period		11,700,000			17,950,000			13,650,000			14,550,000
Shares outstanding, end of period		19,300,000			11,700,000			16,700,000			13,650,000

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

24

Invesco KBW Premium Yield Equity REIT ETF (KBWY)						Invesco KBW Property & Casualty Insurance ETF (KBWP)						Invesco KBW Regional Banking ETF (KBWR)
2020			2019			2020			2019			2020			2019
$	13,354,693		$	13,979,490		$	2,208,696		$	1,508,168		$	1,458,942		$	2,434,167
	(85,021,281	)		(32,285,480	)		4,667,390			(754,483	)		(11,778,964	)		(8,793,542	)
	(8,509,027	)		(40,138,634	)		(16,642,913	)		7,881,520			(1,607,950	)		(23,157,162	)
	(80,175,615	)		(58,444,624	)		(9,766,827	)		8,635,205			(11,927,972	)		(29,516,537	)
	(22,239,204	)		(21,935,164	)		(2,288,777	)		(1,692,235	)		(1,689,665	)		(2,779,862	)
	77,741,685			39,271,834			135,387,753			38,563,108			-			8,317,576
	(119,691,168	)		(83,628,921	)		(49,858,481	)		(2,915,566	)		(27,104,447	)		(102,311,944	)
	(41,949,483	)		(44,357,087	)		85,529,272			35,647,542			(27,104,447	)		(93,994,368	)
	(144,364,302	)		(124,736,875	)		73,473,668			42,590,512			(40,722,084	)		(126,290,767	)
	317,389,575			442,126,450			109,630,340			67,039,828			69,046,839			195,337,606
$	173,025,273		$	317,389,575		$	183,104,008		$	109,630,340		$	28,324,755		$	69,046,839
	2,750,000			1,300,000			2,300,000			550,000			-			150,000
	(4,350,000	)		(2,800,000	)		(800,000	)		(50,000	)		(650,000	)		(2,000,000	)
	10,850,000			12,350,000			1,550,000			1,050,000			1,450,000			3,300,000
	9,250,000			10,850,000			3,050,000			1,550,000			800,000			1,450,000

25

Financial Highlights

Invesco KBW Bank ETF (KBWB)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	48.15		$	57.01		$	52.36		$	38.40		$	37.43		$	37.12
Net investment income(a)		1.40			1.27			0.83			0.77			0.68			0.66
Net realized and unrealized gain (loss) on investments		(8.45	)		(8.86	)		4.51			13.92			0.98			0.22
Total from investment operations		(7.05	)		(7.59	)		5.34			14.69			1.66			0.88
Distributions to shareholders from:
Net investment income		(1.52	)		(1.27	)		(0.69	)		(0.73	)		(0.69	)		(0.55	)
Net realized gains		-			-			-			-			-			(0.02	)
Total distributions		(1.52	)		(1.27	)		(0.69	)		(0.73	)		(0.69	)		(0.57	)
Net asset value at end of period	$	39.58		$	48.15		$	57.01		$	52.36		$	38.40		$	37.43
Market price at end of period(b)	$	39.68		$	48.22		$	57.01		$	52.39		$	38.44		$	37.49
Net Asset Value Total Return(c)		(14.81	)%		(13.30	)%		10.24	%		38.42	%		4.61	%		2.35	%
Market Price Total Return(c)		(14.72	)%		(13.18	)%		10.18	%		38.36	%		4.55	%		2.49	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	763,963		$	563,393		$	1,023,260		$	932,052		$	430,134		$	559,632
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%
Net investment income		3.07	%		2.51	%		1.78	%(d)		1.60	%		1.92	%		1.74	%
Portfolio turnover rate(e)		18	%		13	%		7	%		9	%		12	%		17	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

26

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	19.81		$	23.68		$	23.43		$	21.49		$	22.39		$	25.81
Net investment income(a)		1.39			1.59			1.23			1.84			1.57			1.75
Net realized and unrealized gain (loss) on investments		(5.66	)		(3.67	)		0.69			2.16			(0.53	)		(3.22	)
Total from investment operations		(4.27	)		(2.08	)		1.92			4.00			1.04			(1.47	)
Distributions to shareholders from:
Net investment income		(1.79	)		(1.79	)		(1.67	)		(1.88	)		(1.81	)		(1.87	)
Return of capital		-			-			-			(0.18	)		(0.13	)		(0.08	)
Total distributions		(1.79	)		(1.79	)		(1.67	)		(2.06	)		(1.94	)		(1.95	)
Net asset value at end of period.	$	13.75		$	19.81		$	23.68		$	23.43		$	21.49		$	22.39
Market price at end of period(b)	$	13.77		$	19.80		$	23.69		$	23.46		$	21.51		$	22.39
Net Asset Value Total Return(c)		(22.34	)%		(9.06	)%		8.57	%		18.95	%		5.46	%		(6.08	)%
Market Price Total Return(c)		(22.18	)%		(9.15	)%		8.47	%		18.99	%		5.56	%		(6.12	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	229,636		$	270,390		$	344,556		$	319,788		$	221,379		$	277,692
Ratio to average net assets of:
Expenses(d)		0.35	%		0.35	%		0.35	%(e)		0.35	%		0.35	%		0.35	%
Net investment income		8.08	%		7.32	%		6.36	%(e)		7.77	%		7.45	%		7.15	%
Portfolio turnover rate(f)		77	%		54	%		46	%		52	%		113	%		49	%

(a) Based on average shares outstanding.

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

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

(e) Annualized.

(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

27

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	29.25		$	35.80		$	36.64		$	33.95		$	31.51		$	33.83
Net investment income(a)		1.36			1.21			1.45			1.49			1.40			1.19
Net realized and unrealized gain (loss) on investments		(9.62	)		(5.86	)		(0.18	)		3.78			3.36			(1.80	)
Total from investment operations		(8.26	)		(4.65	)		1.27			5.27			4.76			(0.61	)
Distributions to shareholders from:
Net investment income		(2.28	)		(1.90	)		(2.11	)		(2.58	)		(2.32	)		(1.71	)
Net asset value at end of period.	$	18.71		$	29.25		$	35.80		$	36.64		$	33.95		$	31.51
Market price at end of period(b)	$	18.74		$	29.26		$	35.80		$	36.67		$	33.95		$	31.52
Net Asset Value Total Return(c)		(28.96	)%		(12.94	)%		4.05	%		15.71	%		15.68	%		(1.94	)%
Market Price Total Return(c)		(28.87	)%		(12.91	)%		3.95	%		15.79	%		15.64	%		(1.88	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	173,025		$	317,390		$	442,126		$	381,021		$	188,425		$	110,279
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%
Net investment income		5.45	%		3.94	%		5.16	%(d)		4.04	%		4.18	%		3.58	%
Portfolio turnover rate(e)		100	%		69	%		53	%		61	%		87	%		25	%

(a) Based on average shares outstanding.

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

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) Annualized.

(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco KBW Property & Casualty Insurance ETF (KBWP)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	70.73		$	63.85		$	59.67		$	50.41		$	48.24		$	41.27
Net investment income(a)		1.28			1.35			1.22			1.12			1.08			0.75
Net realized and unrealized gain (loss) on investments		(10.63	)		7.06			4.06			9.23			2.06			7.10
Total from investment operations.		(9.35	)		8.41			5.28			10.35			3.14			7.85
Distributions to shareholders from:
Net investment income		(1.35	)		(1.53	)		(1.10	)		(1.09	)		(0.93	)		(0.78	)
Net realized gains		-			-			-			-			(0.04	)		(0.10	)
Total distributions		(1.35	)		(1.53	)		(1.10	)		(1.09	)		(0.97	)		(0.88	)
Net asset value at end of period	$	60.03		$	70.73		$	63.85		$	59.67		$	50.41		$	48.24
Market price at end of period(b)	$	60.13		$	70.78		$	63.92		$	59.68		$	50.44		$	48.36
Net Asset Value Total Return(c)		(13.11	)%		13.54	%		8.99	%		20.68	%		6.63	%		19.31	%
Market Price Total Return(c)		(13.03	)%		13.50	%		9.09	%		20.63	%		6.43	%		19.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	183,104		$	109,630		$	67,040		$	98,462		$	63,010		$	86,828
Ratio to average net assets of:
Expenses		0.35	%		0.36	%(d)		0.35	%(e)		0.35	%		0.35	%		0.35	%
Net investment income		2.04	%		2.09	%(d)		2.41	%(e)		1.97	%		2.23	%		1.69	%
Portfolio turnover rate(f)		16	%		14	%		22	%		16	%		20	%		35	%

(a) Based on average shares outstanding.

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

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(e) Annualized.

(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

28

Financial Highlights–(continued)

Invesco KBW Regional Banking ETF (KBWR)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	47.62		$	59.19		$	55.13		$	44.09		$	42.40		$	39.21
Net investment income(a)		1.32			1.20			0.89			0.94			0.87			0.80
Net realized and unrealized gain (loss) on investments		(12.07	)		(11.52	)		3.94			10.96			1.63			3.17
Total from investment operations		(10.75	)		(10.32	)		4.83			11.90			2.50			3.97
Distributions to shareholders from:
Net investment income		(1.46	)		(1.25	)		(0.77	)		(0.86	)		(0.81	)		(0.78	)
Net asset value at end of period	$	35.41		$	47.62		$	59.19		$	55.13		$	44.09		$	42.40
Market price at end of period(b)	$	35.44		$	47.61		$	59.19		$	55.20		$	44.15		$	42.42
Net Asset Value Total Return(c)		(22.87	)%		(17.48	)%		8.79	%		27.06	%		6.05	%		10.24	%
Market Price Total Return(c)		(22.80	)%		(17.50	)%		8.65	%		27.05	%		6.14	%		10.29	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	28,325		$	69,047		$	195,338		$	148,854		$	136,682		$	52,996
Ratio to average net assets of:
Expenses		0.35	%		0.36	%(d)		0.35	%(e)		0.35	%		0.35	%		0.35	%
Net investment income		2.96	%		2.33	%(d)		1.85	%(e)		1.75	%		2.11	%		1.97	%
Portfolio turnover rate(f)		21	%		15	%		14	%		21	%		23	%		25	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

29

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco KBW Bank ETF (KBWB)	“KBW Bank ETF”
Invesco KBW High Dividend Yield Financial ETF (KBWD)	“KBW High Dividend Yield Financial ETF”
Invesco KBW Premium Yield Equity REIT ETF (KBWY)	“KBW Premium Yield Equity REIT ETF”
Invesco KBW Property & Casualty Insurance ETF (KBWP)	“KBW Property & Casualty Insurance ETF”
Invesco KBW Regional Banking ETF (KBWR)	“KBW Regional Banking ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market.

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

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

Fund	Underlying Index
KBW Bank ETF	KBW Nasdaq Bank Index
KBW High Dividend Yield Financial ETF	KBW Nasdaq Financial Sector Dividend Yield Index
KBW Premium Yield Equity REIT ETF	KBW Nasdaq Premium Yield Equity REIT Index
KBW Property & Casualty Insurance ETF	KBW Nasdaq Property & Casualty Index
KBW Regional Banking ETF	KBW Nasdaq Regional Banking Index

NOTE 2–Significant Accounting Policies

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

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 Topic946, 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 the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities,

30

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, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

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

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depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

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

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

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net

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of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund (except for KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

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

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3-Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
KBW Bank ETF	0.35%
KBW High Dividend Yield Financial ETF	0.35%
KBW Premium Yield Equity REIT ETF	0.35%
KBW Property & Casualty Insurance ETF	0.35%
KBW Regional Banking ETF	0.35%

Further, through at least August 31, 2022, 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

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the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees for each Fund in the following amounts:

KBW Bank ETF	$	682
KBW High Dividend Yield Financial ETF		430
KBW Premium Yield Equity REIT ETF		1,101
KBW Property & Casualty Insurance ETF		111
KBW Regional Banking ETF		82

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

The Adviser has entered into a licensing agreement for each Fund with Keefe, Bruyette & Woods, Inc. (the “Licensor”).

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

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

For fiscal year ended August 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

KBW Bank ETF	$	8,610
KBW High Dividend Yield Financial ETF		18,689
KBW Premium Yield Equity REIT ETF		13,765
KBW Property & Casualty Insurance ETF		1,036
KBW Regional Banking ETF		1,586

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4-Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended August 31, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses) *
KBW Bank ETF		$    9,845		$50,632		$(76,647)
KBW High Dividend Yield Financial ETF		443,603		53,650		(9,662)
KBW Premium Yield Equity REIT ETF		6,905		84,096		(8,471)
KBW Property & Casualty Insurance ETF		514,644		56,181		(13,812)
KBW Regional Banking ETF		841		7,572		(12,102)

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss)from investment securities in the Statements of Operations.

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 (Level1)and the lowest priority to significant unobservable inputs (Level3), 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.

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Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of August 31, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
KBW High Dividend Yield Financial ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	229,631,350	$	-		$-	$	229,631,350
Money Market Funds		-		59,323,565		-		59,323,565
Total Investments	$	229,631,350	$	59,323,565		$-	$	288,954,915
KBW Premium Yield Equity REIT ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	173,022,090	$	-		$-	$	173,022,090
Money Market Funds		-		27,941,980		-		27,941,980
Total Investments	$	173,022,090	$	27,941,980		$-	$	200,964,070

NOTE 6-Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:

	2020		2019
	Ordinary Income*		Ordinary Income*
KBW Bank ETF	$	16,218,566	$	18,039,786
KBW High Dividend Yield Financial ETF		25,952,241		24,710,760
KBW Premium Yield Equity REIT ETF		22,239,204		21,935,164
KBW Property & Casualty Insurance ETF		2,288,777		1,692,235
KBW Regional Banking ETF		1,689,665		2,779,862

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
KBW Bank ETF		$3,352,737	$	(166,431,901	)	$	(3,062,333	)	$	930,104,687	$	763,963,190
KBW High Dividend Yield Financial ETF		-		(74,036,097	)		(130,695,589	)		434,367,306		229,635,620
KBW Premium Yield Equity REIT ETF		-		(45,884,860	)		(148,365,448	)		367,275,581		173,025,273
KBW Property & Casualty Insurance ETF		-		(4,301,615	)		(4,203,884	)		191,609,507		183,104,008
KBW Regional Banking ETF		198,920		(18,412,916	)		(7,704,761	)		54,243,512		28,324,755

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

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The following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
KBW Bank ETF	$	-	$	3,062,333	$	3,062,333
KBW High Dividend Yield Financial ETF		24,675,421		106,020,168		130,695,589
KBW Premium Yield Equity REIT ETF		44,878,228		103,487,220		148,365,448
KBW Property & Casualty Insurance ETF		1,180,566		3,023,318		4,203,884
KBW Regional Banking ETF		1,596,732		6,108,029		7,704,761

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

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any)were as follows:

	Purchases		Sales
KBW Bank ETF	$	95,159,473	$	92,141,185
KBW High Dividend Yield Financial ETF		197,416,302		191,566,003
KBW Premium Yield Equity REIT ETF		244,126,265		244,310,956
KBW Property & Casualty Insurance ETF		17,307,968		17,779,111
KBW Regional Banking ETF		10,336,840		10,453,520

For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
KBW Bank ETF	$	1,550,907,657	$	1,305,945,895
KBW High Dividend Yield Financial ETF		85,535,117		48,520,703
KBW Premium Yield Equity REIT ETF		75,197,608		113,076,423
KBW Property & Casualty Insurance ETF		132,393,158		46,583,623
KBW Regional Banking ETF		-		27,079,902

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

At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
KBW Bank ETF	$	209,671	$	(166,641,572	)	$	(166,431,901	)	$	929,678,908
KBW High Dividend Yield Financial ETF		8,107,195		(82,143,292	)		(74,036,097	)		362,991,012
KBW Premium Yield Equity REIT ETF		4,156,817		(50,041,677	)		(45,884,860	)		246,848,930
KBW Property & Casualty Insurance ETF		8,224,179		(12,525,794	)		(4,301,615	)		187,243,880
KBW Regional Banking ETF		117,019		(18,529,935	)		(18,412,916	)		46,682,869

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions and real estate investment trust distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)		Shares of Beneficial Interest
KBW Bank ETF		$            -		$(18,905,272)		$18,905,272
KBW High Dividend Yield Financial ETF		7,059,013		(6,881,777)		(177,236)
KBW Premium Yield Equity REIT ETF		8,884,511		(7,484,296)		(1,400,215)

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	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)		Shares of Beneficial Interest
KBW Property & Casualty Insurance ETF		$  53,760		$  (6,547,047)		$  6,493,287
KBW Regional Banking ETF		-		8,086,551		(8,086,551)

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

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

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

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

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

38

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF (five of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended August 31, 2020, ten months in the period ended August 31, 2018 and three years in the period ended October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the two years in the period ended August 31, 2020, ten months in the period ended August 31, 2018 and three years in the period ended October 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 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.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

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

39

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.

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

Actual Expenses

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

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

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco KBW Bank ETF (KBWB)
Actual		$1,000.00		$   854.90		0.35	%		$1.63
Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35			1.78
Invesco KBW High Dividend Yield Financial ETF (KBWD)
Actual		1,000.00		744.50		0.35			1.53
Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35			1.78
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
Actual		1,000.00		741.60		0.35			1.53
Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35			1.78

40

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco KBW Property & Casualty Insurance ETF (KBWP)
Actual		$1,000.00		$  949.70		0.35	%		$1.72
Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35			1.78
Invesco KBW Regional Banking ETF (KBWR)
Actual		1,000.00		818.00		0.35			1.60
Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35			1.78

(1) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

41

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 August 31, 2020:

	Qualified Business Income*		Qualified Dividend Income*		Dividends- Received Deduction*		Business Interest Income*		Qualified Interest Income*
Invesco KBW Bank ETF		0%		98%		100%		0%		0%
Invesco KBW High Dividend Yield Financial ETF		21%		13%		13%		1%		1%
Invesco KBW Premium Yield Equity REIT ETF		30%		1%		0%		1%		1%
Invesco KBW Property & Casualty Insurance ETF		0%		98%		92%		0%		0%
Invesco KBW Regional Banking ETF		0%		100%		100%		0%		0%

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

42

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 August 31, 2020

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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

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

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

43

Trustees and Officers—(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

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

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

44

Trustees and Officers—(continued)

Name, Address and Year of Birth of 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
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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

45

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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

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

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

46

Trustees and Officers–(continued)

Name, Address and Year of Birth of 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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

47

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, 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.	214	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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

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

48

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 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
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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); 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.	214	None

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

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

49

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present);formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

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

50

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
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

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

51

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
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

52

Approval of Investment Advisory and Sub-Advisory Contract

At a meeting held on April14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”)and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF Invesco California AMT-Free Municipal Bond ETF Invesco CEF Income Composite ETF Invesco China Technology ETF Invesco DWA Developed Markets Momentum ETF Invesco DWA Emerging Markets Momentum ETF Invesco DWA SmallCap Momentum ETF Invesco Emerging Markets Sovereign Debt ETF Invesco FTSE International Low Beta Equal Weight ETF Invesco FTSE RAFI Developed Markets ex-U.S. ETF Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF Invesco FTSE RAFI Emerging Markets ETF Invesco Fundamental High Yield^® Corporate Bond ETF Invesco Fundamental Investment Grade Corporate Bond ETF Invesco Global Clean Energy ETF Invesco Global Short Term High Yield Bond ETF Invesco Global Water ETF Invesco International BuyBack Achievers^™ ETF Invesco International Corporate Bond ETF Invesco KBW Bank ETF Invesco KBW High Dividend Yield Financial ETF Invesco KBW Premium Yield Equity REIT ETF Invesco KBW Property & Casualty Insurance ETF Invesco KBW Regional Banking ETF Invesco National AMT-Free Municipal Bond ETF Invesco New York AMT-Free Municipal Bond ETF Invesco Preferred ETF Invesco PureBetaSM0-5 Yr US TIPS ETF Invesco PureBetaSM FTSE Developed ex-North America ETF Invesco PureBeta^SM FTSE Emerging Markets ETF Invesco PureBeta^SM MSCI USA ETF Invesco PureBeta^SM US Aggregate Bond ETF Invesco Russell 1000 Enhanced Equal Weight ETF Invesco Russell 1000 Equal Weight ETF Invesco Russell 1000 Low Beta Equal Weight ETF Invesco S&P 500 Enhanced Value ETF Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF Invesco S&P 500^® High Beta ETF Invesco S&P 500^® High Dividend Low Volatility ETF Invesco S&P 500^® Low Volatility ETF Invesco S&P 500 Minimum Variance ETF Invesco S&P 500 Momentum ETF Invesco S&P 500 Revenue ETF Invesco S&P Emerging Markets Low Volatility ETF Invesco S&P Emerging Markets Momentum ETF Invesco S&P International Developed High Dividend Low Volatility ETF Invesco S&P International Developed Low Volatility ETF Invesco S&P International Developed Momentum ETF Invesco S&P International Developed Quality ETF Invesco S&P MidCap 400 Revenue ETF Invesco S&P MidCap Low Volatility ETF Invesco S&P SmallCap 600 Revenue ETF Invesco S&P SmallCap Consumer Discretionary ETF Invesco S&P SmallCap Consumer Staples ETF Invesco S&P SmallCap Energy ETF Invesco S&P SmallCap Financials ETF Invesco S&P SmallCap Health Care ETF Invesco S&P SmallCap High Dividend Low Volatility ETF Invesco S&P SmallCap Industrials ETF Invesco S&P SmallCap Information Technology ETF Invesco S&P SmallCap Low Volatility ETF Invesco S&P SmallCap Materials ETF Invesco S&P SmallCap Quality ETF Invesco S&P SmallCap Utilities & Communication Services ETF Invesco S&P Ultra Dividend Revenue ETF Invesco Senior Loan ETF Invesco Taxable Municipal Bond ETF Invesco Treasury Collateral ETF Invesco Variable Rate Preferred ETF Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan)Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii)the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv)the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of

53

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

scale for the benefit of Fund shareholders, and (vi)any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

• 0.04%: Invesco PureBeta^SM MSCI USA ETF

• 0.05%: Invesco PureBeta^SM US Aggregate Bond ETF

• 0.06%: Invesco PureBeta^SM MSCI USA Small Cap ETF

• 0.07%: Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF

• 0.08%: Invesco Treasury Collateral ETF

• 0.10%: Invesco S&P 500 Minimum Variance ETF

• 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

• 0.14%: Invesco PureBeta^SM FTSE Emerging Markets ETF

• 0.20%: Invesco Russell 1000 Equal Weight ETF

• 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF

54

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

• 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

• 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

• 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

• 0.30%: Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

• 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

• 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

• 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

• 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

• 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

• 0.55%: Invesco International BuyBack Achievers^TM ETF

• 0.60%: Invesco DWA SmallCap Momentum ETF

• 0.65%: Invesco Senior Loan ETF

• 0.70%: Invesco China Technology ETF

• 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF

• 0.80%: Invesco DWA Developed Markets Momentum ETF

• 0.90%: Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end

55

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

actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF	X	X	X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF			X
Invesco PureBetaTM FTSE Developed ex-North America ETF			X
Invesco PureBetaTM FTSE Emerging Markets ETF	X		X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF	X	X	X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF		X	X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500® High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF		X	X

56

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

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco S&P 500 Revenue ETF		x	x
Invesco S&P Emerging Markets Low Volatility ETF	x	x	x
Invesco S&P Emerging Markets Momentum ETF	x		x
Invesco S&P International Developed High Dividend Low Volatility ETF	x		x
Invesco S&P International Developed Low Volatility ETF	x		x
Invesco S&P International Developed Momentum ETF			x
Invesco S&P International Developed Quality ETF	x		x
Invesco S&P MidCap 400 Revenue ETF			x
Invesco S&P MidCap Low Volatility ETF			x
Invesco S&P SmallCap 600 Revenue ETF		x	x
Invesco S&P SmallCap Consumer Discretionary ETF	x		x
Invesco S&P SmallCap Consumer Staples ETF	x		x
Invesco S&P SmallCap Energy ETF	x		x
Invesco S&P SmallCap Financials ETF	x		x
Invesco S&P SmallCap Health Care ETF	x		x
Invesco S&P SmallCap High Dividend Low Volatility ETF	x	x	x
Invesco S&P SmallCap Industrials ETF	x		x
Invesco S&P SmallCap Information Technology ETF	x	x	x
Invesco S&P SmallCap Low Volatility ETF	x	x	x
Invesco S&P SmallCap Materials ETF	x		x
Invesco S&P SmallCap Quality ETF	x		x
Invesco S&P SmallCap Utilities & Communication Services ETF	x	x	x
Invesco S&P Ultra Dividend Revenue ETF		x	x
Invesco Senior Loan ETF		x	x
Invesco Taxable Municipal Bond ETF		N/A	x
Invesco Treasury Collateral ETF	x		x
Invesco Variable Rate Preferred ETF		x	x
Invesco VRDO Tax-Free Weekly ETF		N/A	x

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

57

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

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

58

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

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

59

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

^©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL60515 P-KBW-AR-1 invesco.com/ETFs

Invesco Annual Report to Shareholders August 31, 2020
PBUS	Invesco PureBetaSM MSCI USA ETF
PBSM	Invesco PureBetaSM MSCI USA Small Cap ETF
PBND	Invesco PureBetaSM US Aggregate Bond 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
Management’s Discussion of Fund Performance	5
Liquidity Risk Management Program	11
Schedules of Investments
Invesco PureBetaSM MSCI USA ETF (PBUS)	12
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)	19
Invesco PureBetaSM US Aggregate Bond ETF (PBND)	35
Statements of Assets and Liabilities	40
Statements of Operations	41
Statements of Changes in Net Assets	42
Financial Highlights	44
Notes to Financial Statements	47
Report of Independent Registered Public Accounting Firm	57
Fund Expenses	58
Tax Information	59
Trustees and Officers	60
Approval of Investment Advisory and Sub-Advisory Contracts	70

2

The Market Environment

Domestic

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the US Federal Reserve (“the Fed”) cut interest rates by 0.25% each time, based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the Fed cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and reopenings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.² Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

Fixed Income

At the beginning of the fiscal year, despite US and China trade tensions, potential for new tariffs, and weakening global economic growth, US economic data remained supportive of slow but continued domestic economic expansion as 2019 third and fourth quarter gross domestic product grew at approximately 2.50%.¹ The US economy continued to add jobs, stabilizing the unemployment rate to 3.50% at the close of 2019, while inflation remained subdued.² In response to third quarter economic weakness, the US Federal Reserve (the Fed) maintained accommodative policies, cutting the federal funds target rate from a range of 2.00% to 2.25% at the start of the fiscal year to a range of 1.50% to 1.75% at the close of 2019.³ Despite the UK’s general election in December, which delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union, macroeconomic and geopolitical issues mostly abated during the fourth quarter of 2019, providing a favorable backdrop for continued US growth.

Fixed income markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the Fed took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25%.³ The unemployment rate reached a peak of 14.7%² while real gross domestic product decreased at an annual rate of 31.7%¹ (second estimate) in the second quarter of 2020.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter. In this environment, the broader bond market, both developed and emerging, ended the fiscal year in positive territory.

The 10-year US Treasury yield continued to decline at the start of the fiscal year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the fiscal year at 0.68%, 82 basis points lower than at the beginning of the fiscal year.⁴ (A basis point is one one-hundredth of a percentage point.)

¹  Source: Bureau of Economic Analysis

²  Source: Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: US Department of the Treasury

3

The Market Environment (continued)

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.47% for the fiscal year. The strong performance by the index was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index–government-related, corporate, securitized and treasury–posted positive returns for the fiscal year.

4

	Management’s Discussion of Fund Performance
	Invesco PureBetaSM MSCI USA ETF (PBUS)

As an index fund, the Invesco PureBeta^SM MSCI USA ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large-and mid-capitalization segments of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 24.36%. On a net asset value (“NAV”) basis, the Fund returned 23.71%. During the same time period, the Index returned 23.76%. 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 incurred by the Fund during the period.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the financials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Apple, Inc., an information technology company (portfolio average weight of 5.02%), and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 3.45%). Positions that detracted most significantly from the Fund’s return included Boeing Co. (The), an industrials company (portfolio average weight of 0.51%), and Exxon Mobil Corp., an energy company (portfolio average weight of 0.87%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Information Technology	29.03
Health Care	13.78
Consumer Discretionary	12.33
Communication Services	10.88
Financials	9.40
Industrials	7.90
Consumer Staples	6.54
Sector Types Each Less Than 3%	10.02
Money Market Funds Plus Other Assets Less Liabilities	0.12

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Apple, Inc.	7.18
Microsoft Corp.	5.22
Amazon.com, Inc.	4.68
Facebook, Inc., Class A	2.26
Alphabet, Inc., Class C	1.59
Alphabet, Inc., Class A	1.56
Johnson & Johnson	1.30
Tesla, Inc.	1.18
Visa, Inc., Class A	1.15
Procter & Gamble Co. (The)	1.10
Total	27.22

* Excluding money market fund holdings.

5

Invesco PureBeta^SM MSCI USA ETF (PBUS) (continued)

Fund Performance History as of August 31, 2020

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
MSCI USA Index		23.76	%		14.86	%		50.27	%
Fund
NAV Return		23.71			14.72			49.70
Market Price Return		24.36			14.96			50.66

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.04% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and

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

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

Notes Regarding Index and Fund Performance History:

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

6

	Management’s Discussion of Fund Performance
	Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)

As an index fund, the Invesco PureBeta^SM MSCI USA Small Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Small Cap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the small-capitalization segment of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 4.79%. On a net asset value (“NAV”) basis, the Fund returned 4.87%. During the same time period, the Index returned 5.01%. During the fiscal year, the Fund fully replicated the components of the Index with exception to a short period of time in September; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period along with the sampling that occurred in September.

For the fiscal year ended August 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Carvana Co., a consumer discretionary company (portfolio average weight of 0.17%), and Horizon Therapeutics PLC, a health care company (portfolio average weight of 0.24%). Positions that detracted most significantly from the Fund’s return included New Residential Investment Corp., a financials company (portfolio average weight of 0.15%), and Sage Therapeutics, Inc., a health care company (portfolio average weight of 0.12%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Information Technology	16.83
Health Care	16.11
Industrials	15.02
Consumer Discretionary	14.31
Financials	13.01
Real Estate	8.39
Materials	4.55
Consumer Staples	3.54
Sector Types Each Less Than 3%	7.40
Money Market Funds Plus Other Assets Less Liabilities	0.84

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Horizon Therapeutics PLC	0.42
Etsy, Inc.	0.41
Carvana Co.	0.40
Pool Corp.	0.38
HubSpot, Inc.	0.36
Generac Holdings, Inc.	0.35
Monolithic Power Systems, Inc.	0.33
SolarEdge Technologies, Inc.	0.32
Zendesk, Inc.	0.32
Charles River Laboratories International, Inc.	0.31
Total	3.60

* Excluding money market fund holdings.

7

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM) (continued)

Fund Performance History as of August 31, 2020

				Fund Inception
				Average
Index	1 Year			Annualized	Cumulative
MSCI USA Small Cap Index		5.01	%	5.37%	16.62%
Fund
NAV Return		4.87		5.17	15.98
Market Price Return		4.79		5.18	15.99

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.06% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and

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

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

Notes Regarding Index and Fund Performance History:

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

8

	Management’s Discussion of Fund Performance
	Invesco PureBetaSM US Aggregate Bond ETF (PBND)

As an index fund, the Invesco PureBeta^SM US Aggregate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofAML US Broad Market Index^SM (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide a broad measure of the performance of the domestic investment grade bond market, represented by U.S. dollar-denominated, investment grade debt securities that are publicly offered for sale in the United States. Constituent securities may include U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Transactions in U.S. government agency mortgage-backed securities may occur through standardized agreements for forward or future delivery in which the actual mortgage pools to be delivered are not specified until shortly prior to settlement (to be announced (“TBA”) transactions). The Fund may engage in such TBA transactions. Pending settlement of TBA transactions, the Fund will invest its assets in high-quality, liquid, short-term instruments, including affiliated money market funds. The Fund also may acquire interests in mortgage pools through means other than such standardized agreements for forward or future delivery.

To qualify for inclusion in the Index, securities must have: (i) at least one year to final maturity; (ii) at least 18 months to final maturity when issued; (iii) a fixed coupon schedule; and (iv) with the exception of U.S. Treasuries, an investment grade rating (based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”)). Original issue zero coupon bonds, Rule 144A securities, corporate pay-in-kind securities and “hybrid” securities (including those that may convert into preferred shares) are eligible for inclusion in the Index. Index constituents are capitalization-weighted, based on their current amount outstanding multiplied by the market price, plus accrued interest. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 6.49%. On a net asset value (“NAV”) basis, the Fund returned 6.42%. During the same time period, the Index returned 6.43%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, which was partially offset by positive effects of sampling.

For the fiscal year ended August 31, 2020, U.S. Treasuries contributed most significantly to the Fund’s return, followed by

securitized instruments. No security type detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included U.S. Treasury Bond, 4.25% coupon, due 05/15/2039, (portfolio average weight of 0.41%), and U.S. Treasury Bond, 2.25% coupon, due 08/15/2046, (portfolio average weight of 0.38%). Positions that detracted most significantly from the Fund’s return included Petroleos Mexicanos, 6.84% coupon, due 01/23/2030, an oil & gas equipment & services company (no longer held at fiscal year-end), and Energy Transfer Operating LP, 6.13% coupon, due 12/15/2045, an oil & gas storage & transportation company (portfolio average weight of 0.56%).

Security Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

U.S. Treasury Securities	40.94
U.S. Dollar Denominated Bonds & Notes	31.43
U.S. Government Sponsored Agency Mortgage-Backed Securities	23.78
Asset-Backed Securities	2.73
Municipal Obligations	0.60
Money Market Funds Plus Other Assets Less Liabilities	0.52

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Government National Mortgage Association, 3.00%, 11/20/2046	1.26
U.S. Treasury Bonds, 4.25%, 05/15/2039	1.04
U.S. Treasury Notes, 0.13%, 07/31/2022	0.85
U.S. Treasury Notes, 0.25%, 07/31/2025	0.81
Federal Home Loan Mortgage Corp., 3.00%, 06/01/2046	0.81
Government National Mortgage Association, 3.50%, 08/20/2047	0.80
HSBC Holdings PLC, 4.58%, 06/19/2029	0.79
Japan Bank for International Cooperation, 2.88%, 06/01/2027	0.77
U.S. Treasury Bonds, 3.63%, 02/15/2044	0.76
Hungary Government International Bond, 5.38%, 02/21/2023	0.75
Total	8.63

* Excluding money market fund holdings.

9

Invesco PureBeta^SM US Aggregate Bond ETF (PBND) (continued)

Fund Performance History as of August 31, 2020

				Fund Inception
				Average
Index	1 Year			Annualized	Cumulative
ICE BofAML US Broad Market IndexSM		6.43	%	5.52%	16.97%
Fund
NAV Return		6.42		5.34	16.39
Market Price Return		6.49		5.49	16.88

Fund Inception: September 29, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.05% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and

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

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

Notes Regarding Index and Fund Performance History:

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

10

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

11

Invesco PureBeta^SM MSCI USA ETF (PBUS)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-10.88%
Activision Blizzard, Inc.		218	$	18,207
Alphabet, Inc., Class A(b)		85		138,510
Alphabet, Inc., Class C(b)		86		140,540
Altice USA, Inc., Class A(b)		95		2,620
AT&T, Inc.		2,036		60,693
Cable One, Inc.		1		1,840
CenturyLink, Inc.		263		2,827
Charter Communications, Inc., Class A(b)		42		25,856
Comcast Corp., Class A		1,290		57,805
Discovery, Inc., Class A(b)(c)		45		993
Discovery, Inc., Class C(b)		96		1,917
DISH Network Corp., Class A(b)		69		2,451
Electronic Arts, Inc.(b)		82		11,437
Facebook, Inc., Class A(b)		682		199,962
Fox Corp., Class A		98		2,730
Fox Corp., Class B		48		1,334
IAC/InterActiveCorp.(b)		22		2,926
Interpublic Group of Cos., Inc. (The)		110		1,954
Liberty Broadband Corp., Class A(b)		7		967
Liberty Broadband Corp., Class C(b)		30		4,203
Liberty Global PLC, Class A (United Kingdom)(b)		46		1,075
Liberty Global PLC, Class C (United Kingdom)(b)		118		2,715
Liberty Media Corp.-Liberty Formula One, Class C(b)		58		2,261
Liberty Media Corp.-Liberty SiriusXM, Class A(b)		25		908
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		49		1,764
Live Nation Entertainment, Inc.(b)		45		2,556
Match Group, Inc.(b)		72		8,041
Netflix, Inc.(b)		124		65,666
News Corp., Class A		110		1,663
Omnicom Group, Inc		62		3,354
Pinterest, Inc., Class A(b)		103		3,789
Roku, Inc.(b)		27		4,684
Sirius XM Holdings, Inc.		313		1,837
Snap, Inc., Class A(b)		248		5,602
Take-Two Interactive Software, Inc.(b)		32		5,478
T-Mobile US, Inc.(b)		157		18,319
Twitter, Inc.(b)		222		9,009
Verizon Communications, Inc.		1,174		69,583
ViacomCBS, Inc., Class B		159		4,428
Walt Disney Co. (The)		509		67,122
Zillow Group, Inc., Class C(b)		40		3,430
				963,056
Consumer Discretionary-12.33%
Advance Auto Parts, Inc		20		3,126
Amazon.com, Inc.(b)		120		414,115
Aptiv PLC		72		6,201
Aramark		64		1,764
Autoliv, Inc. (Sweden)		24		1,880
AutoZone, Inc.(b)		7		8,374
Best Buy Co., Inc.		66		7,320
Booking Holdings, Inc.(b)		12		22,925
BorgWarner, Inc.		59		2,395
Burlington Stores, Inc.(b)		19		3,742
CarMax, Inc.(b)		46		4,919
Carnival Corp.		134		2,208

	Shares		Value
Consumer Discretionary-(continued)
Chipotle Mexican Grill, Inc.(b)		8	$	10,482
D.R. Horton, Inc.		99		7,066
Darden Restaurants, Inc.		37		3,207
Dollar General Corp.		72		14,535
Dollar Tree, Inc.(b)		67		6,450
Domino’s Pizza, Inc.		11		4,499
eBay, Inc.		200		10,956
Expedia Group, Inc.		38		3,730
Ford Motor Co.		1,105		7,536
Garmin Ltd.		41		4,248
General Motors Co.		365		10,815
Genuine Parts Co.		41		3,872
Hasbro, Inc.		37		2,921
Hilton Worldwide Holdings, Inc.		79		7,138
Home Depot, Inc. (The)		310		88,362
Las Vegas Sands Corp.		98		4,970
Lear Corp.		16		1,823
Lennar Corp., Class A		78		5,836
LKQ Corp.(b)		83		2,634
Lowe’s Cos., Inc.		218		35,902
lululemon athletica, inc.(b)		35		13,149
Marriott International, Inc., Class A		78		8,027
McDonald’s Corp.		212		45,266
MercadoLibre, Inc. (Argentina)(b)		13		15,192
MGM Resorts International		133		2,993
Mohawk Industries, Inc.(b)		17		1,570
Newell Brands, Inc.		114		1,822
NIKE, Inc., Class B		353		39,497
NVR, Inc.(b)		1		4,168
O’Reilly Automotive, Inc.(b)		21		9,778
Peloton Interactive, Inc., Class A(b)		55		4,217
PulteGroup, Inc.		77		3,433
Ralph Lauren Corp.		14		964
Ross Stores, Inc.		102		9,290
Royal Caribbean Cruises Ltd.		50		3,442
Starbucks Corp.		333		28,129
Target Corp.		144		21,774
Tesla, Inc.(b)		210		104,647
Tiffany & Co.		31		3,798
TJX Cos., Inc. (The)		341		18,683
Tractor Supply Co.		33		4,911
Ulta Beauty, Inc.(b)		15		3,483
Vail Resorts, Inc.		11		2,394
VF Corp.		95		6,246
Wayfair, Inc., Class A(b)(c)		18		5,338
Whirlpool Corp.		18		3,199
Wynn Resorts Ltd.		27		2,361
Yum! Brands, Inc.		85		8,147
				1,091,869
Consumer Staples-6.54%
Altria Group, Inc.		527		23,051
Archer-Daniels-Midland Co.		158		7,072
Brown-Forman Corp., Class B		88		6,439
Bunge Ltd.		40		1,825
Campbell Soup Co.		51		2,683
Church & Dwight Co., Inc.		70		6,708
Clorox Co. (The)		36		8,046

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

12

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

August 31, 2020

	Shares		Value
Consumer Staples-(continued)
Coca-Cola Co. (The)		1,157	$	57,306
Colgate-Palmolive Co.		231		18,309
Conagra Brands, Inc.		138		5,294
Constellation Brands, Inc., Class A		48		8,855
Costco Wholesale Corp.		127		44,153
Estee Lauder Cos., Inc. (The), Class A		63		13,968
General Mills, Inc.		172		10,999
Hershey Co. (The)		42		6,243
Hormel Foods Corp.		83		4,231
Ingredion, Inc.		19		1,528
JM Smucker Co. (The)		32		3,846
Kellogg Co.		73		5,176
Keurig Dr Pepper, Inc.		100		2,983
Kimberly-Clark Corp.		97		15,303
Kraft Heinz Co. (The)		191		6,693
Kroger Co. (The)		227		8,099
Lamb Weston Holdings, Inc.		41		2,577
McCormick & Co., Inc.		35		7,217
Molson Coors Beverage Co., Class B		54		2,033
Mondelez International, Inc., Class A		407		23,777
Monster Beverage Corp.(b)		114		9,560
PepsiCo, Inc.		394		55,184
Philip Morris International, Inc.		442		35,267
Procter & Gamble Co. (The)		703		97,246
Sysco Corp.		137		8,239
Tyson Foods, Inc., Class A		84		5,275
Walgreens Boots Alliance, Inc.		214		8,136
Walmart, Inc.		403		55,957
				579,278
Energy-2.12%
Baker Hughes Co., Class A		185		2,642
Cabot Oil & Gas Corp.		113		2,144
Cheniere Energy, Inc.(b)		65		3,383
Chevron Corp.		533		44,735
Concho Resources, Inc.		56		2,911
ConocoPhillips		307		11,632
Diamondback Energy, Inc.		45		1,753
EOG Resources, Inc.		165		7,481
Exxon Mobil Corp.		1,201		47,968
Halliburton Co.		250		4,045
Hess Corp.		78		3,591
Kinder Morgan, Inc.		579		8,002
Marathon Petroleum Corp.		184		6,525
National Oilwell Varco, Inc.		110		1,320
Occidental Petroleum Corp.		254		3,236
ONEOK, Inc.		117		3,215
Phillips 66		125		7,309
Pioneer Natural Resources Co.		47		4,885
Schlumberger Ltd.		394		7,490
Valero Energy Corp.		116		6,100
Williams Cos., Inc. (The)		344		7,141
				187,508
Financials-9.40%
Aflac, Inc		195		7,082
AGNC Investment Corp.		154		2,173
Alleghany Corp.		4		2,218
Allstate Corp. (The)		90		8,370
Ally Financial, Inc.		106		2,425
American Express Co.		195		19,810

	Shares		Value
Financials-(continued)
American Financial Group, Inc.		22	$	1,471
American International Group, Inc.		248		7,227
Ameriprise Financial, Inc.		35		5,488
Annaly Capital Management, Inc.		406		2,984
Aon PLC, Class A		66		13,199
Apollo Global Management, Inc.		49		2,297
Arch Capital Group Ltd.(b)		115		3,627
Arthur J. Gallagher & Co.		53		5,581
Assurant, Inc.		17		2,066
Athene Holding Ltd., Class A(b)		41		1,499
Bank of America Corp.		2,230		57,400
Bank of New York Mellon Corp. (The)		227		8,394
Berkshire Hathaway, Inc., Class B(b)		396		86,344
BlackRock, Inc.		44		26,144
Blackstone Group, Inc. (The), Class A		191		10,113
Brown & Brown, Inc.		68		3,155
Capital One Financial Corp.		130		8,974
Carlyle Group, Inc. (The)		40		1,032
Cboe Global Markets, Inc.		31		2,845
Charles Schwab Corp. (The)		329		11,689
Chubb Ltd.		128		16,000
Cincinnati Financial Corp.		44		3,494
Citigroup, Inc.		598		30,570
Citizens Financial Group, Inc.		121		3,130
CME Group, Inc., Class A		102		17,939
Comerica, Inc.		40		1,581
Discover Financial Services		88		4,671
E*TRADE Financial Corp.		63		3,408
East West Bancorp, Inc.		41		1,508
Equitable Holdings, Inc.		119		2,522
Erie Indemnity Co., Class A		7		1,494
Everest Re Group Ltd.		12		2,641
FactSet Research Systems, Inc.		11		3,854
Fidelity National Financial, Inc.		79		2,594
Fifth Third Bancorp		201		4,153
First Republic Bank		49		5,533
Franklin Resources, Inc.		85		1,790
Globe Life, Inc.		29		2,392
Goldman Sachs Group, Inc. (The)		93		19,053
Hartford Financial Services Group, Inc. (The)		102		4,126
Huntington Bancshares, Inc.		289		2,719
Intercontinental Exchange, Inc.		157		16,678
Invesco Ltd.(d)		109		1,112
JPMorgan Chase & Co		877		87,867
KeyCorp.		275		3,388
KKR & Co., Inc., Class A		143		5,122
Lincoln National Corp.		55		1,983
Loews Corp.		74		2,654
M&T Bank Corp.		37		3,821
Markel Corp.(b)		4		4,347
MarketAxess Holdings, Inc.		11		5,345
Marsh & McLennan Cos., Inc.		143		16,432
MetLife, Inc.		221		8,500
Moody’s Corp.		48		14,143
Morgan Stanley		340		17,768
MSCI, Inc.		24		8,958
Nasdaq, Inc.		33		4,436
Northern Trust Corp.		56		4,586
People’s United Financial, Inc.		126		1,333
PNC Financial Services Group, Inc. (The)		123		13,678

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

13

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
Principal Financial Group, Inc.		78	$	3,285
Progressive Corp. (The)		166		15,777
Prudential Financial, Inc.		113		7,658
Raymond James Financial, Inc.		36		2,726
Regions Financial Corp.		272		3,144
Reinsurance Group of America, Inc.		18		1,650
RenaissanceRe Holdings Ltd. (Bermuda)		13		2,389
S&P Global, Inc.		69		25,283
SEI Investments Co.		36		1,885
Signature Bank		15		1,455
State Street Corp.		101		6,877
SVB Financial Group(b)		15		3,831
Synchrony Financial		157		3,895
T. Rowe Price Group, Inc.		67		9,327
TD Ameritrade Holding Corp.		77		2,955
Tradeweb Markets, Inc., Class A		23		1,318
Travelers Cos., Inc. (The)		72		8,355
Truist Financial Corp.		381		14,787
U.S. Bancorp		389		14,160
Voya Financial, Inc.		38		1,973
W.R. Berkley Corp.		42		2,606
Wells Fargo & Co.		1,105		26,686
Willis Towers Watson PLC		37		7,605
Zions Bancorporation N.A.		47		1,512
				832,069
Health Care-13.78%
Abbott Laboratories		500		54,735
AbbVie, Inc.		501		47,981
ABIOMED, Inc.(b)		13		3,999
Agilent Technologies, Inc.		88		8,837
Alexion Pharmaceuticals, Inc.(b)		63		7,196
Align Technology, Inc.(b)		21		6,237
Alnylam Pharmaceuticals, Inc.(b)		32		4,245
AmerisourceBergen Corp.		44		4,269
Amgen, Inc.		167		42,304
Anthem, Inc.		72		20,269
Avantor, Inc.(b)		122		2,754
Baxter International, Inc.		145		12,625
Becton, Dickinson and Co.		77		18,693
Biogen, Inc.(b)		49		14,094
BioMarin Pharmaceutical, Inc.(b)		51		3,980
Bio-Rad Laboratories, Inc., Class A(b)		6		3,052
Boston Scientific Corp.(b)		396		16,244
Bristol-Myers Squibb Co.		641		39,870
Cardinal Health, Inc.		83		4,213
Catalent, Inc.(b)		44		4,070
Centene Corp.(b)		167		10,240
Cerner Corp.		89		6,530
Cigna Corp.		106		18,801
Cooper Cos., Inc. (The)		14		4,401
CVS Health Corp.		370		22,984
Danaher Corp.		178		36,752
DaVita, Inc.(b)		25		2,169
DENTSPLY SIRONA, Inc.		63		2,827
DexCom, Inc.(b)		26		11,061
Edwards Lifesciences Corp.(b)		177		15,194
Elanco Animal Health, Inc.(b)		113		3,284
Eli Lilly and Co.		244		36,207
Exact Sciences Corp.(b)		42		3,162

	Shares		Value
Health Care-(continued)
Gilead Sciences, Inc.		359	$	23,963
HCA Healthcare, Inc.		77		10,450
Henry Schein, Inc.(b)		41		2,724
Hologic, Inc.(b)		75		4,479
Humana, Inc.		39		16,192
IDEXX Laboratories, Inc.(b)		24		9,385
Illumina, Inc.(b)		42		15,003
Incyte Corp.(b)		52		5,010
Insulet Corp.(b)		18		3,929
Intuitive Surgical, Inc.(b)		33		24,118
Ionis Pharmaceuticals, Inc.(b)		38		2,071
IQVIA Holdings, Inc.(b)		55		9,006
Jazz Pharmaceuticals PLC(b)		16		2,150
Johnson & Johnson		751		115,211
Laboratory Corp. of America Holdings(b)		28		4,921
Masimo Corp.(b)		15		3,360
McKesson Corp.		46		7,058
Medtronic PLC		381		40,946
Merck & Co., Inc.		720		61,394
Mettler-Toledo International, Inc.(b)		7		6,795
Moderna, Inc.(b)		77		4,997
Molina Healthcare, Inc.(b)		17		3,145
Mylan N.V.(b)		146		2,392
Neurocrine Biosciences, Inc.(b)		25		2,911
PerkinElmer, Inc.		32		3,767
Perrigo Co. PLC		39		2,040
Pfizer, Inc.		1,571		59,368
Quest Diagnostics, Inc.		38		4,227
Regeneron Pharmaceuticals, Inc.(b)		28		17,358
ResMed, Inc.		41		7,412
Sarepta Therapeutics, Inc.(b)		21		3,075
Seattle Genetics, Inc.(b)		34		5,384
STERIS PLC		24		3,831
Stryker Corp.		96		19,023
Teladoc Health, Inc.(b)(c)		20		4,314
Teleflex, Inc.		13		5,108
Thermo Fisher Scientific, Inc.		113		48,475
UnitedHealth Group, Inc.		268		83,763
Universal Health Services, Inc., Class B		23		2,538
Varian Medical Systems, Inc.(b)		26		4,515
Veeva Systems, Inc., Class A(b)		38		10,726
Vertex Pharmaceuticals, Inc.(b)		74		20,655
Waters Corp.(b)		18		3,893
West Pharmaceutical Services, Inc.		21		5,963
Zimmer Biomet Holdings, Inc.		59		8,312
Zoetis, Inc.		135		21,614
				1,220,250
Industrials-7.90%
3M Co.		163		26,572
A.O. Smith Corp.		39		1,910
Allegion PLC		26		2,688
AMERCO		3		1,065
AMETEK, Inc.		65		6,546
Boeing Co. (The)		152		26,117
C.H. Robinson Worldwide, Inc.		38		3,735
Carrier Global Corp.		233		6,955
Caterpillar, Inc.		156		22,200
Cintas Corp.		25		8,331
Copart, Inc.(b)		60		6,199

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

14

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

August 31, 2020

	Shares		Value
Industrials-(continued)
CoStar Group, Inc.(b)		11	$	9,335
CSX Corp.		220		16,821
Cummins, Inc.		43		8,912
Deere & Co.		85		17,855
Delta Air Lines, Inc.		45		1,388
Dover Corp.		41		4,503
Eaton Corp. PLC		117		11,946
Emerson Electric Co.		174		12,088
Equifax, Inc.		34		5,721
Expeditors International of Washington, Inc.		48		4,243
Fastenal Co.		163		7,964
FedEx Corp.		70		15,389
Fortive Corp.		86		6,201
Fortune Brands Home & Security, Inc.		40		3,363
General Dynamics Corp.		70		10,455
General Electric Co.		2,481		15,730
HD Supply Holdings, Inc.(b)		46		1,824
HEICO Corp.		12		1,319
HEICO Corp., Class A		21		1,877
Honeywell International, Inc.		202		33,441
Howmet Aerospace, Inc.		111		1,945
Huntington Ingalls Industries, Inc.		12		1,818
IDEX Corp.		22		3,965
IHS Markit Ltd.		108		8,631
Illinois Tool Works, Inc.		90		17,780
Ingersoll Rand, Inc.(b)		100		3,506
J.B. Hunt Transport Services, Inc.		24		3,373
Jacobs Engineering Group, Inc.		38		3,430
Johnson Controls International PLC		217		8,838
Kansas City Southern		27		4,915
Knight-Swift Transportation Holdings, Inc.		36		1,637
L3Harris Technologies, Inc.		63		11,387
Lennox International, Inc.		10		2,803
Lockheed Martin Corp.		72		28,099
Masco Corp.		79		4,606
Nielsen Holdings PLC		101		1,543
Nordson Corp.		16		2,984
Norfolk Southern Corp.		73		15,515
Northrop Grumman Corp.		45		15,417
Old Dominion Freight Line, Inc.		27		5,459
Otis Worldwide Corp.		116		7,296
Owens Corning		31		2,097
PACCAR, Inc.		98		8,412
Parker-Hannifin Corp.		36		7,416
Pentair PLC		48		2,167
Raytheon Technologies Corp.		429		26,169
Republic Services, Inc.		63		5,841
Robert Half International, Inc.		33		1,756
Rockwell Automation, Inc.		33		7,608
Rollins, Inc.		42		2,316
Roper Technologies, Inc.		30		12,816
Sensata Technologies Holding PLC(b)		45		1,874
Snap-on, Inc.		15		2,224
Southwest Airlines Co.		41		1,541
Stanley Black & Decker, Inc.		44		7,097
Teledyne Technologies, Inc.(b)		10		3,136
Textron, Inc.		65		2,563
Trane Technologies PLC		68		8,051
TransDigm Group, Inc.		14		6,995
TransUnion		54		4,683

	Shares		Value
Industrials-(continued)
Uber Technologies, Inc.(b)		270	$	9,080
Union Pacific Corp.		196		37,718
United Parcel Service, Inc., Class B		199		32,560
United Rentals, Inc.(b)		21		3,718
Verisk Analytics, Inc.		44		8,213
W.W. Grainger, Inc.		13		4,751
Wabtec Corp.		52		3,461
Waste Connections, Inc.		75		7,502
Waste Management, Inc.		121		13,794
XPO Logistics, Inc.(b)		26		2,295
Xylem, Inc.		51		4,089
				699,583
Information Technology-29.03%
Accenture PLC, Class A		180		43,187
Adobe, Inc.(b)		137		70,334
Advanced Micro Devices, Inc.(b)		332		30,152
Akamai Technologies, Inc.(b)		46		5,356
Amphenol Corp., Class A		85		9,333
Analog Devices, Inc.		105		12,272
ANSYS, Inc.(b)		24		8,136
Apple, Inc.		4,928		635,909
Applied Materials, Inc.		261		16,078
Arista Networks, Inc.(b)		16		3,575
Arrow Electronics, Inc.(b)		23		1,807
Autodesk, Inc.(b)		62		15,233
Automatic Data Processing, Inc.		123		17,108
Avalara, Inc.(b)		21		2,781
Black Knight, Inc.(b)		42		3,532
Booz Allen Hamilton Holding Corp.		40		3,522
Broadcom, Inc.		115		39,922
Broadridge Financial Solutions, Inc.		33		4,534
Cadence Design Systems, Inc.(b)		80		8,873
CDK Global, Inc.		34		1,585
CDW Corp.		41		4,660
Cisco Systems, Inc.		1,204		50,833
Citrix Systems, Inc.		33		4,792
Cognex Corp.		49		3,390
Cognizant Technology Solutions Corp., Class A		156		10,430
Corning, Inc.		217		7,044
Coupa Software, Inc.(b)		19		6,227
Crowdstrike Holdings, Inc., Class A(b)		29		3,646
Datadog, Inc., Class A(b)		30		2,507
Dell Technologies, Inc., Class C(b)		69		4,560
DocuSign, Inc.(b)		48		10,704
Dropbox, Inc., Class A(b)		70		1,482
Dynatrace, Inc.(b)		36		1,592
EPAM Systems, Inc.(b)		16		5,234
F5 Networks, Inc.(b)		17		2,250
Fair Isaac Corp.(b)		8		3,366
Fidelity National Information Services, Inc.		175		26,399
Fiserv, Inc.(b)		164		16,331
FleetCor Technologies, Inc.(b)		24		6,035
FLIR Systems, Inc.		38		1,402
Fortinet, Inc.(b)		42		5,544
Gartner, Inc.(b)		25		3,246
Global Payments, Inc.		85		15,013
GoDaddy, Inc., Class A(b)		49		4,100
Guidewire Software, Inc.(b)		23		2,583
Hewlett Packard Enterprise Co.		367		3,549

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

15

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
HP, Inc.		407	$	7,957
Intel Corp.		1,214		61,853
International Business Machines Corp.		252		31,074
Intuit, Inc.		74		25,559
IPG Photonics Corp.(b)		11		1,779
Jack Henry & Associates, Inc.		22		3,639
Juniper Networks, Inc.		94		2,350
Keysight Technologies, Inc.(b)		53		5,222
KLA Corp.		44		9,026
Lam Research Corp.		41		13,790
Leidos Holdings, Inc.		38		3,439
Marvell Technology Group Ltd.		190		7,368
Mastercard, Inc., Class A		254		90,980
Maxim Integrated Products, Inc.		76		5,201
Microchip Technology, Inc.		68		7,460
Micron Technology, Inc.(b)		315		14,336
Microsoft Corp.		2,048		461,885
MongoDB, Inc.(b)		13		3,039
Motorola Solutions, Inc.		48		7,428
NetApp, Inc.		63		2,986
NortonLifeLock, Inc.		162		3,810
NVIDIA Corp.		174		93,087
NXP Semiconductors N.V. (Netherlands)		79		9,935
Okta, Inc.(b)		32		6,892
ON Semiconductor Corp.(b)		117		2,500
Oracle Corp.		582		33,302
Palo Alto Networks, Inc.(b)		28		7,208
Paychex, Inc.		92		7,035
Paycom Software, Inc.(b)		14		4,192
PayPal Holdings, Inc.(b)		316		64,508
PTC, Inc.(b)		31		2,834
Qorvo, Inc.(b)		33		4,233
QUALCOMM, Inc.		324		38,588
RingCentral, Inc., Class A(b)		21		6,106
salesforce.com, inc.(b)		256		69,798
Seagate Technology PLC		67		3,215
ServiceNow, Inc.(b)		54		26,029
Skyworks Solutions, Inc.		48		6,953
Slack Technologies, Inc., Class A(b)		87		2,857
Splunk, Inc.(b)		44		9,651
Square, Inc., Class A(b)		101		16,116
SS&C Technologies Holdings, Inc.		65		4,142
Synopsys, Inc.(b)		43		9,516
TE Connectivity Ltd.		95		9,177
Teradyne, Inc.		48		4,079
Texas Instruments, Inc.		265		37,670
Trade Desk, Inc. (The), Class A(b)		12		5,776
Trimble, Inc.(b)		71		3,721
Twilio, Inc., Class A(b)		34		9,172
Tyler Technologies, Inc.(b)		11		3,798
VeriSign, Inc.(b)		30		6,444
Visa, Inc., Class A		480		101,755
VMware, Inc., Class A(b)(c)		23		3,322
Western Digital Corp.		85		3,266
Western Union Co. (The)		117		2,760
Workday, Inc., Class A(b)		47		11,266
Xilinx, Inc.		71		7,395
Zebra Technologies Corp., Class A(b)		15		4,298

	Shares		Value
Information Technology-(continued)
Zoom Video Communications, Inc., Class A(b)		45	$	14,630
Zscaler, Inc.(b)		21		3,010
				2,570,565
Materials-2.43%
Air Products and Chemicals, Inc.		63		18,412
Albemarle Corp.		30		2,730
Amcor PLC		455		5,032
Avery Dennison Corp.		24		2,769
Axalta Coating Systems Ltd.(b)		60		1,431
Ball Corp.		92		7,394
Celanese Corp.		34		3,439
CF Industries Holdings, Inc.		61		1,990
Corteva, Inc.		213		6,081
Crown Holdings, Inc.(b)		38		2,920
Dow, Inc.		211		9,520
DuPont de Nemours, Inc.		210		11,710
Eastman Chemical Co.		39		2,851
Ecolab, Inc.		74		14,584
FMC Corp.		37		3,954
Freeport-McMoRan, Inc.		412		6,431
International Flavors & Fragrances, Inc.(c)		24		2,971
International Paper Co.		106		3,845
Linde PLC (United Kingdom)		151		37,711
LyondellBasell Industries N.V., Class A		76		4,977
Martin Marietta Materials, Inc.		18		3,652
Mosaic Co. (The)		102		1,859
Newmont Corp.		229		15,407
Nucor Corp.		86		3,910
Packaging Corp. of America		27		2,734
PPG Industries, Inc.		67		8,067
RPM International, Inc.		37		3,137
Sealed Air Corp.		44		1,729
Sherwin-Williams Co. (The)		23		15,434
Steel Dynamics, Inc.		61		1,801
Vulcan Materials Co.		38		4,560
Westrock Co.		73		2,214
				215,256
Real Estate-2.72%
Alexandria Real Estate Equities, Inc.		35		5,893
American Tower Corp.		126		31,393
AvalonBay Communities, Inc.		40		6,322
Boston Properties, Inc.		42		3,649
Camden Property Trust		28		2,546
CBRE Group, Inc., Class A(b)		95		4,468
Crown Castle International Corp.		118		19,263
Digital Realty Trust, Inc.		75		11,674
Duke Realty Corp.		105		4,048
Equinix, Inc.		24		18,955
Equity LifeStyle Properties, Inc.		49		3,248
Equity Residential		106		5,984
Essex Property Trust, Inc.		19		4,114
Extra Space Storage, Inc.		37		3,942
Federal Realty Investment Trust		20		1,585
Healthpeak Properties, Inc.		143		3,953
Host Hotels & Resorts, Inc.		200		2,246
Invitation Homes, Inc.		154		4,409
Iron Mountain, Inc.(c)		82		2,467
Jones Lang LaSalle, Inc.		15		1,546
Medical Properties Trust, Inc.		148		2,750

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

16

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

August 31, 2020

	Shares		Value
Real Estate-(continued)
Mid-America Apartment Communities, Inc.		32	$	3,748
National Retail Properties, Inc.		49		1,737
Omega Healthcare Investors, Inc.		64		1,982
Prologis, Inc.		210		21,391
Public Storage		45		9,558
Realty Income Corp.		95		5,893
Regency Centers Corp.		48		1,906
SBA Communications Corp., Class A		32		9,794
Simon Property Group, Inc.		87		5,903
Sun Communities, Inc.		26		3,876
UDR, Inc.		84		2,924
Ventas, Inc.		106		4,368
VEREIT, Inc.		306		2,056
VICI Properties, Inc.		133		2,971
Vornado Realty Trust		46		1,648
Welltower, Inc.		116		6,672
Weyerhaeuser Co.		212		6,426
WP Carey, Inc.		49		3,399
				240,707
Utilities-2.75%
AES Corp. (The)		188		3,337
Alliant Energy Corp.		70		3,790
Ameren Corp.		70		5,538
American Electric Power Co., Inc.		140		11,036
American Water Works Co., Inc.		51		7,208
Atmos Energy Corp.		35		3,494
CenterPoint Energy, Inc.		143		2,870
CMS Energy Corp.		81		4,900
Consolidated Edison, Inc.		95		6,777
Dominion Energy, Inc.		238		18,669
DTE Energy Co.		55		6,527
Duke Energy Corp.		208		16,711
Edison International		103		5,405
Entergy Corp.		57		5,651
Essential Utilities, Inc.		63		2,678
Evergy, Inc.		65		3,459
Eversource Energy		94		8,057
Exelon Corp.		277		10,224
FirstEnergy Corp.		153		4,374
NextEra Energy, Inc.		139		38,805
NiSource, Inc.		108		2,393

	Shares		Value
Utilities-(continued)
NRG Energy, Inc.		70	$	2,409
OGE Energy Corp.		57		1,816
PG&E Corp.(b)		304		2,815
Pinnacle West Capital Corp.		32		2,347
PPL Corp.		218		6,023
Public Service Enterprise Group, Inc.		143		7,470
Sempra Energy		83		10,263
Southern Co. (The)		299		15,602
UGI Corp.		59		2,037
Vistra Corp.		124		2,385
WEC Energy Group, Inc.		90		8,467
Xcel Energy, Inc.		149		10,352
				243,889
Total Common Stocks & Other Equity Interests (Cost $6,741,661)				8,844,030
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $817)		817		817
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $6,742,478)				8,844,847
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.22%
Invesco Private Government Fund, 0.03%(d)(e)(f)		14,282		14,282
Invesco Private Prime Fund, 0.14%(d)(e)(f)		4,902		4,903
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $19,185)				19,185
TOTAL INVESTMENTS IN SECURITIES-100.11%
(Cost $6,761,663)				8,864,032
OTHER ASSETS LESS LIABILITIES-(0.11)%				(9,369	)
NET ASSETS-100.00%			$	8,854,663

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				Appreciation			(Loss)				August 31, 2020			Income
Invesco Ltd.		$	738		$	569		$	(55	)		$	39		$	(179	)		$	1,112		$	56
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			6,852			141,574			(147,609	)			-			-				817			70

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

17

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

August 31, 2020

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 31, 2019			at Cost			from Sales				Appreciation			(Loss)				August 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		$	10,519		$	95,881		$	(106,400	)		$	-		$	-			$	-		$	78	*
Invesco Liquid Assets Portfolio, Institutional Class			3,506			21,019			(24,524	)			-			(1	)			-			29	*
Invesco Private Government Fund			-			129,852			(115,570	)			-			-				14,282			2	*
Invesco Private Prime Fund			-			21,389			(16,486	)			-			-				4,903			1	*
Total		$	21,615		$	410,284		$	(410,644	)		$	39		$	(180	)		$	21,114		$	236

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

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

18

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.16%
Communication Services-2.48%
AMC Entertainment Holdings, Inc., Class A(b)		61	$	359
AMC Networks, Inc., Class A(c)		54		1,312
ANGI Homeservices, Inc., Class A(b)(c)		99		1,374
Anterix, Inc.(c)		15		656
ATN International, Inc.		13		754
Bandwidth, Inc., Class A(c)		21		3,307
Boingo Wireless, Inc.(c)		54		701
Boston Omaha Corp., Class A(c)		10		163
Cardlytics, Inc.(c)		29		2,200
Cargurus, Inc.(c)		93		2,267
Cars.com, Inc.(b)(c)		76		660
Cincinnati Bell, Inc.(c)		54		813
Cinemark Holdings, Inc.(b)		135		1,978
Clear Channel Outdoor Holdings, Inc.(c)		460		538
Cogent Communications Holdings, Inc.		50		3,363
Consolidated Communications Holdings, Inc.(c)		72		560
E.W. Scripps Co. (The), Class A		57		634
Eventbrite, Inc., Class A(b)(c)		68		731
EverQuote, Inc., Class A(c)		9		319
GCI Liberty, Inc., Class A(c)		115		9,290
Globalstar, Inc.(c)		945		316
Glu Mobile, Inc.(c)		154		1,223
Gray Television, Inc.(c)		114		1,769
Hemisphere Media Group, Inc.(c)		21		187
iHeartCommunications, Inc., Class A(b)(c)		69		636
IMAX Corp.(c)		67		1,030
Iridium Communications, Inc.(c)		142		3,977
John Wiley & Sons, Inc., Class A		54		1,709
Liberty Latin America Ltd., Class A (Chile)(c)		51		500
Liberty Latin America Ltd., Class C (Chile)(c)		142		1,355
Liberty Media Corp.-Liberty Braves, Class A(b)(c)		10		196
Liberty Media Corp.-Liberty Braves, Class C(c)		42		816
Liberty TripAdvisor Holdings, Inc., Class A(c)		28		78
Lions Gate Entertainment Corp., Class A(b)(c)		27		263
Lions Gate Entertainment Corp., Class B(c)		58		525
Loral Space & Communications, Inc.		15		354
Madison Square Garden Entertainment Corp.(c)		19		1,428
Madison Square Garden Sports Corp., Class A(c)		19		3,116
Marcus Corp. (The)		24		376
Meet Group, Inc. (The)(c)		80		504
Meredith Corp.(b)		17		238
MSG Networks, Inc., Class A(c)		54		526
National CineMedia, Inc.		73		264
New York Times Co. (The), Class A		166		7,193
Nexstar Media Group, Inc., Class A		53		5,089
QuinStreet, Inc.(c)		55		723
Scholastic Corp.		36		810
Shenandoah Telecommunications Co.		57		3,152
Sinclair Broadcast Group, Inc., Class A(b)		81		1,686
TechTarget, Inc.(c)		28		1,111
TEGNA, Inc.		235		2,942
Telephone & Data Systems, Inc.		109		2,521
Tribune Publishing Co.		19		216
TripAdvisor, Inc.		124		2,898
TrueCar, Inc.(c)		103		487
United States Cellular Corp.(c)		16		582
Vonage Holdings Corp.(c)		279		3,195

	Shares		Value
Communication Services-(continued)
WideOpenWest, Inc.(c)		28	$	161
World Wrestling Entertainment, Inc., Class A(b)		57		2,512
Yelp, Inc.(c)		85		1,965
Zynga, Inc., Class A(c)		1,087		9,848
				100,456
Consumer Discretionary-14.31%
1-800-Flowers.com, Inc., Class A(c)		30		898
Aaron’s, Inc.		82		4,583
Abercrombie & Fitch Co., Class A		78		1,015
Accel Entertainment, Inc.(c)		51		605
Acushnet Holdings Corp.		45		1,588
Adient PLC(c)		109		1,890
Adtalem Global Education, Inc.(c)		67		2,224
American Axle & Manufacturing Holdings, Inc.(c)		132		1,027
American Eagle Outfitters, Inc.(b)		196		2,472
American Outdoor Brands, Inc.(c)		16		244
American Public Education, Inc.(c)		19		597
America’s Car-Mart, Inc.(c)		7		703
Asbury Automotive Group, Inc.(c)		24		2,539
AutoNation, Inc.(c)		71		4,037
Bed Bath & Beyond, Inc.(b)		162		1,973
Big Lots, Inc.		46		2,169
BJ’s Restaurants, Inc.		25		788
Bloomin’ Brands, Inc.		78		1,119
Boot Barn Holdings, Inc.(c)		34		960
Boyd Gaming Corp.		93		2,491
Bright Horizons Family Solutions, Inc.(c)		69		9,178
Brinker International, Inc.		49		2,207
Brunswick Corp.		94		5,818
Buckle, Inc. (The)(b)		34		637
Caesars Entertainment, Inc.(c)		173		7,923
Callaway Golf Co.		108		2,253
Camping World Holdings, Inc., Class A		33		959
Capri Holdings Ltd.(c)		168		2,661
Carriage Services, Inc.		21		465
Carter’s, Inc.		51		4,061
Carvana Co.(c)		75		16,197
Cato Corp. (The), Class A		27		216
Cavco Industries, Inc.(c)		9		1,718
Century Communities, Inc.(c)		30		1,070
Cheesecake Factory, Inc. (The)(b)		51		1,506
Chegg, Inc.(c)		144		10,619
Children’s Place, Inc. (The)		6		120
Choice Hotels International, Inc.		42		4,170
Churchill Downs, Inc.		42		7,340
Columbia Sportswear Co.		37		3,166
Cooper Tire & Rubber Co.		61		2,109
Core-Mark Holding Co., Inc.		54		1,805
Cracker Barrel Old Country Store, Inc.		28		3,744
Crocs, Inc.(c)		78		3,113
Dana, Inc.		174		2,427
Dave & Buster’s Entertainment, Inc.(b)		35		582
Deckers Outdoor Corp.(c)		33		6,728
Delphi Technologies PLC(c)		111		1,928
Denny’s Corp.(c)		72		825
Designer Brands, Inc., Class A		78		550
Dick’s Sporting Goods, Inc.		72		3,897

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

19

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Consumer Discretionary-(continued)
Dillard’s, Inc., Class A(b)		13	$	393
Dine Brands Global, Inc.		19		1,132
Dorman Products, Inc.(c)		34		2,879
Dunkin’ Brands Group, Inc.		98		7,456
El Pollo Loco Holdings, Inc.(c)		27		482
Ethan Allen Interiors, Inc.		30		427
Etsy, Inc.(c)		140		16,758
Everi Holdings, Inc.(b)(c)		108		838
Extended Stay America, Inc.		200		2,498
Five Below, Inc.(c)		66		7,224
Floor & Decor Holdings, Inc., Class A(c)		96		7,031
Foot Locker, Inc.		120		3,640
Fox Factory Holding Corp.(c)		46		4,637
Frontdoor, Inc.(c)		99		4,313
GameStop Corp., Class A(b)(c)		46		307
Gap, Inc. (The)		264		4,591
Garrett Motion, Inc. (Switzerland)(c)		29		80
Genesco, Inc.(c)		19		370
Gentex Corp.		297		8,034
Gentherm, Inc.(c)		40		1,809
G-III Apparel Group Ltd.(c)		49		542
Goodyear Tire & Rubber Co. (The)		282		2,706
GoPro, Inc., Class A(c)		151		693
Graham Holdings Co., Class B		5		2,140
Grand Canyon Education, Inc.(c)		57		5,360
Green Brick Partners, Inc.(c)		30		427
Group 1 Automotive, Inc.		21		1,815
Groupon, Inc.(c)		26		828
Grubhub, Inc.(c)		109		7,886
Guess?, Inc.(b)		40		460
H&R Block, Inc.		224		3,248
Hanesbrands, Inc.		423		6,468
Harley-Davidson, Inc.		181		5,015
Haverty Furniture Cos., Inc.		21		444
Helen of Troy Ltd.(c)		29		5,998
Hibbett Sports, Inc.(c)		21		701
Hilton Grand Vacations, Inc.(c)		90		1,972
Installed Building Products, Inc.(c)		27		2,344
iRobot Corp.(b)(c)		34		2,517
Jack in the Box, Inc.		24		1,977
Johnson Outdoors, Inc., Class A		7		600
K12, Inc.(c)		45		1,674
KB Home		96		3,433
Kohl’s Corp.		184		3,930
Kontoor Brands, Inc.		58		1,282
L Brands, Inc.		285		8,379
Lands’ End, Inc.(c)		13		174
Laureate Education, Inc., Class A(c)		119		1,490
La-Z-Boy, Inc.		55		1,787
LCI Industries		30		3,409
Leggett & Platt, Inc.		156		6,396
Levi Strauss & Co., Class A		81		998
LGI Homes, Inc.(c)		26		2,908
Lindblad Expeditions Holdings, Inc.(c)		30		297
Lithia Motors, Inc., Class A		27		6,722
M.D.C. Holdings, Inc.		60		2,603
M/I Homes, Inc.(c)		33		1,404
Macy’s, Inc.(b)		375		2,614
Magnite, Inc.(c)		115		845
Malibu Boats, Inc., Class A(c)		25		1,296

	Shares		Value
Consumer Discretionary-(continued)
MarineMax, Inc.(c)		27	$	794
Marriott Vacations Worldwide Corp.		49		4,639
Mattel, Inc.(c)		418		4,491
Meritage Homes Corp.(c)		46		4,417
Michaels Cos., Inc. (The)(b)(c)		84		945
Monarch Casino & Resort, Inc.(c)		15		690
Monro, Inc.		40		1,844
Murphy USA, Inc.(c)		35		4,720
National Vision Holdings, Inc.(c)		91		3,419
Nordstrom, Inc.(b)		129		2,064
Norwegian Cruise Line Holdings Ltd.(b)(c)		295		5,047
ODP Corp. (The)		58		1,356
Ollie’s Bargain Outlet Holdings, Inc.(c)		69		6,592
OneSpaWorld Holdings Ltd. (Bahamas)		55		381
Overstock.com, Inc.(b)(c)		44		3,850
Oxford Industries, Inc.		21		1,040
Papa John’s International, Inc.		34		3,342
Penn National Gaming, Inc.(c)		149		7,614
Penske Automotive Group, Inc.		35		1,651
Perdoceo Education Corp.(c)		85		1,221
PetMed Express, Inc.		24		834
Planet Fitness, Inc., Class A(c)		93		5,653
Playa Hotels & Resorts N.V.(c)		69		291
Polaris, Inc.		69		6,972
Pool Corp.		47		15,408
PVH Corp.		84		4,684
Quotient Technology, Inc.(c)		94		819
Qurate Retail, Inc., Class A(c)		471		5,205
RealReal, Inc. (The)(c)		25		401
Red Rock Resorts, Inc., Class A		85		1,451
Regis Corp.(b)(c)		33		244
Rent-A-Center, Inc.		54		1,658
Revolve Group, Inc.(b)(c)		16		321
RH(c)		18		5,950
Ruth’s Hospitality Group, Inc.		34		349
Sally Beauty Holdings, Inc.(c)		147		1,641
Scientific Games Corp.(c)		67		1,386
SeaWorld Entertainment, Inc.(c)		61		1,244
Service Corp. International		214		9,769
ServiceMaster Global Holdings, Inc.(c)		164		6,544
Shake Shack, Inc., Class A(b)(c)		35		2,389
Shoe Carnival, Inc.		15		493
Shutterstock, Inc.		24		1,208
Signet Jewelers Ltd.		67		1,157
Six Flags Entertainment Corp.		91		1,977
Skechers U.S.A., Inc., Class A(c)		162		4,836
Skyline Champion Corp.(c)		56		1,598
Sleep Number Corp.(c)		36		1,728
Smith & Wesson Brands, Inc.(c)		64		1,169
Sonic Automotive, Inc., Class A		28		1,183
Sonos, Inc.(c)		104		1,463
Stamps.com, Inc.(c)		20		4,987
Standard Motor Products, Inc.		24		1,091
Steven Madden Ltd.		97		2,053
Stitch Fix, Inc., Class A(b)(c)		58		1,401
Stoneridge, Inc.(c)		33		667
Strategic Education, Inc.		25		2,564
Sturm Ruger & Co., Inc.		21		1,488
Tapestry, Inc.		326		4,802
Taylor Morrison Home Corp., Class A(c)		156		3,671

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

20

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Consumer Discretionary-(continued)
Tempur Sealy International, Inc.(c)		57	$	4,876
Tenneco, Inc., Class A(c)		70		569
Texas Roadhouse, Inc.		76		4,787
Thor Industries, Inc.		65		6,138
Toll Brothers, Inc.		147		6,206
TopBuild Corp.(c)		41		6,306
TRI Pointe Group, Inc.(c)		154		2,599
Twin River Worldwide Holdings, Inc.		14		335
Under Armour, Inc., Class A(b)(c)		223		2,188
Under Armour, Inc., Class C(c)		230		2,035
Universal Electronics, Inc.(c)		16		657
Urban Outfitters, Inc.(c)		81		1,907
Veoneer, Inc. (Sweden)(b)(c)		65		902
Vista Outdoor, Inc.(c)		70		1,359
Visteon Corp.(c)		34		2,565
Wendy’s Co. (The)		223		4,670
Williams-Sonoma, Inc.(b)		92		8,074
Wingstop, Inc.		34		5,556
Winmark Corp.		3		463
Winnebago Industries, Inc.		36		1,943
Wolverine World Wide, Inc.		99		2,473
WW International, Inc.(c)		49		1,151
Wyndham Destinations, Inc.		103		2,986
Wyndham Hotels & Resorts, Inc.		110		5,760
YETI Holdings, Inc.(c)		84		4,316
Zumiez, Inc.(c)		24		616
				578,898
Consumer Staples-3.54%
Andersons, Inc. (The)		36		638
B&G Foods, Inc.(b)		76		2,367
BellRing Brands, Inc., Class A(c)		47		914
Beyond Meat, Inc.(b)(c)		29		3,940
BJ’s Wholesale Club Holdings, Inc.(c)		162		7,194
Boston Beer Co., Inc. (The), Class A(c)		11		9,702
Calavo Growers, Inc.		21		1,333
Cal-Maine Foods, Inc.(c)		37		1,428
Casey’s General Stores, Inc.		43		7,648
Central Garden & Pet Co.(c)		13		529
Central Garden & Pet Co., Class A(c)		49		1,821
Chefs’ Warehouse, Inc. (The)(c)		31		459
Coca-Cola Consolidated, Inc.		6		1,640
Coty, Inc., Class A		360		1,289
Darling Ingredients, Inc.(c)		199		6,362
Edgewell Personal Care Co.(c)		66		1,895
elf Beauty, Inc.(c)		49		957
Energizer Holdings, Inc.		72		3,333
Flowers Foods, Inc.		231		5,650
Fresh Del Monte Produce, Inc.		37		858
Freshpet, Inc.(c)		47		5,339
Grocery Outlet Holding Corp.(c)		77		3,167
Hain Celestial Group, Inc. (The)(c)		99		3,246
Herbalife Nutrition Ltd.(c)		113		5,554
Hostess Brands, Inc.(c)		147		1,887
Ingles Markets, Inc., Class A		15		606
Inter Parfums, Inc.		21		938
J&J Snack Foods Corp.		18		2,447
John B. Sanfilippo & Son, Inc.		10		796
Lancaster Colony Corp.		22		3,910
Landec Corp.(c)		31		317

	Shares		Value
Consumer Staples-(continued)
Medifast, Inc.		12	$	1,953
MGP Ingredients, Inc.		16		569
National Beverage Corp.(b)(c)		13		1,057
Nu Skin Enterprises, Inc., Class A		67		3,167
Performance Food Group Co.(c)		154		5,623
Pilgrim’s Pride Corp.(b)(c)		81		1,296
Post Holdings, Inc.(c)		77		6,778
PriceSmart, Inc.		23		1,512
Rite Aid Corp.(c)		72		937
Sanderson Farms, Inc.		24		2,807
Simply Good Foods Co. (The)(c)		108		2,684
SpartanNash Co.		42		839
Spectrum Brands Holdings, Inc.		49		2,920
Sprouts Farmers Market, Inc.(c)		145		3,386
Tootsie Roll Industries, Inc.(b)		21		672
TreeHouse Foods, Inc.(c)		65		2,783
Turning Point Brands, Inc.(b)		13		376
United Natural Foods, Inc.(c)		69		1,245
Universal Corp.		30		1,302
US Foods Holding Corp.(c)		254		6,185
USANA Health Sciences, Inc.(c)		16		1,255
Vector Group Ltd.		144		1,450
Village Super Market, Inc., Class A		10		254
WD-40 Co.		16		3,270
Weis Markets, Inc.		19		935
				143,419
Energy-2.66%
Antero Midstream Corp.(b)		364		2,464
Antero Resources Corp.(b)(c)		309		995
Apache Corp.		446		6,601
Arch Resources, Inc.		19		716
Archrock, Inc.		153		1,004
Bonanza Creek Energy, Inc.(c)		18		361
Brigham Minerals, Inc., Class A		40		472
Cactus, Inc., Class A		57		1,259
ChampionX Corp.(c)		164		1,679
Cimarex Energy Co.		123		3,417
Clean Energy Fuels Corp.(c)		168		444
CNX Resources Corp.(c)		234		2,565
Continental Resources, Inc.(b)		108		1,855
Core Laboratories N.V		22		460
CVR Energy, Inc.		36		601
Delek US Holdings, Inc.		91		1,431
Devon Energy Corp.		454		4,935
Diamond S Shipping, Inc.(c)		27		221
DMC Global, Inc.		18		638
Dorian LPG Ltd.(c)		48		405
Dril-Quip, Inc.(c)		43		1,425
EnLink Midstream LLC(c)		115		344
EQT Corp.		310		4,920
Equitrans Midstream Corp.		484		4,976
Frank’s International N.V.(c)		45		104
Helix Energy Solutions Group, Inc.(c)		166		594
Helmerich & Payne, Inc.		133		2,192
HollyFrontier Corp.		183		4,368
International Seaways, Inc.		24		407
Kosmos Energy Ltd. (Ghana)		289		425
Liberty Oilfield Services, Inc., Class A		66		426
Magnolia Oil & Gas Corp., Class A(c)		142		914

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

21

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Energy-(continued)
Marathon Oil Corp.		934	$	4,932
Matador Resources Co.(b)(c)		132		1,284
Matrix Service Co.(c)		31		286
Murphy Oil Corp.(b)		164		2,253
NexTier Oilfield Solutions, Inc.(c)		164		413
Noble Energy, Inc.		573		5,701
Northern Oil and Gas, Inc.(c)		81		55
Oceaneering International, Inc.(c)		43		232
Ovintiv, Inc.(b)		307		3,402
Par Pacific Holdings, Inc.(c)		40		347
Parsley Energy, Inc., Class A		345		3,709
Patterson-UTI Energy, Inc.		85		327
PBF Energy, Inc., Class A		114		976
PDC Energy, Inc.(c)		85		1,287
Peabody Energy Corp.		29		76
Plains GP Holdings L.P., Class A(c)		210		1,535
ProPetro Holding Corp.(c)		72		452
Range Resources Corp.(b)		283		2,111
Rattler Midstream L.P.		52		435
Renewable Energy Group, Inc.(c)		48		1,605
REX American Resources Corp.(c)		7		432
RPC, Inc.(c)		100		313
SEACOR Holdings, Inc.(c)		22		695
Select Energy Services, Inc., Class A(c)		49		234
Southwestern Energy Co.(c)		604		1,679
Talos Energy, Inc.(c)		9		68
Targa Resources Corp.		276		4,695
TechnipFMC PLC (United Kingdom)		503		3,873
Tellurian, Inc.(c)		37		34
Texas Pacific Land Trust(b)		8		4,214
Transocean Ltd.(b)(c)		210		256
Viper Energy Partners L.P.		76		774
W&T Offshore, Inc.(b)(c)		115		256
World Fuel Services Corp.		79		2,086
WPX Energy, Inc.(c)		513		2,852
				107,497
Financials-13.01%
1st Source Corp.		21		723
Affiliated Managers Group, Inc.		55		3,776
Allegiance Bancshares, Inc.		26		661
Altabancorp		18		371
Amalgamated Bank, Class A		16		188
Ambac Financial Group, Inc.(c)		54		682
Amerant Bancorp, Inc.(c)		26		342
American Equity Investment Life Holding Co.		111		2,654
American National Group, Inc.		10		750
Ameris Bancorp		79		1,937
AMERISAFE, Inc.		24		1,602
Apollo Commercial Real Estate Finance, Inc.		177		1,582
Arbor Realty Trust, Inc.		132		1,494
Ares Commercial Real Estate Corp.		30		299
Ares Management Corp., Class A		118		4,773
Argo Group International Holdings Ltd		42		1,560
ARMOUR Residential REIT, Inc.		72		698
Arrow Financial Corp.		16		458
Artisan Partners Asset Management, Inc., Class A .		64		2,477
Assetmark Financial Holdings, Inc.(c)		18		435
Associated Banc-Corp.		178		2,392
Associated Capital Group, Inc., Class A		4		155

	Shares		Value
Financials-(continued)
Assured Guaranty Ltd.		109	$	2,338
Atlantic Capital Bancshares, Inc.(c)		30		346
Atlantic Union Bankshares Corp.		90		2,093
AXIS Capital Holdings Ltd.		102		4,872
Axos Financial, Inc.(c)		67		1,660
B. Riley Financial, Inc.		15		402
Banc of California, Inc.		52		571
BancFirst Corp.		22		968
Bancorp, Inc. (The)(c)		60		570
BancorpSouth Bank		124		2,676
Bank First Corp.		8		499
Bank of Hawaii Corp.		49		2,697
Bank of Marin Bancorp		15		477
Bank OZK		140		3,226
BankUnited, Inc.		115		2,689
Banner Corp.		42		1,517
Bar Harbor Bankshares		18		365
Berkshire Hills Bancorp, Inc.		17		156
BGC Partners, Inc., Class A		144		363
Blackstone Mortgage Trust, Inc., Class A		154		3,661
Blucora, Inc.(c)		60		716
BOK Financial Corp.		39		2,189
Boston Private Financial Holdings, Inc.		99		588
Bridge Bancorp, Inc.		19		380
Brighthouse Financial, Inc.(c)		124		3,765
Brightsphere Investment Group, Inc.		91		1,261
Broadmark Realty Capital, Inc.(b)		148		1,450
Brookline Bancorp, Inc.		94		902
Bryn Mawr Bank Corp.		24		651
Byline Bancorp, Inc.		19		240
Cadence BanCorp.		125		1,188
Camden National Corp.		18		588
Cannae Holdings, Inc.(c)		100		3,773
Capital City Bank Group, Inc.		15		304
Capitol Federal Financial, Inc.		163		1,522
Capstead Mortgage Corp.		114		703
Cathay General Bancorp		91		2,247
CBTX, Inc.		22		347
Central Pacific Financial Corp.		34		527
Century Bancorp, Inc., Class A		3		211
Chimera Investment Corp.		226		2,009
CIT Group, Inc.		115		2,262
Citizens, Inc.(b)(c)		57		333
City Holding Co.		19		1,216
CNB Financial Corp.		18		287
CNO Financial Group, Inc.		167		2,722
Cohen & Steers, Inc.		28		1,694
Colony Credit Real Estate, Inc.		102		614
Columbia Banking System, Inc.		88		2,456
Columbia Financial, Inc.(c)		70		747
Commerce Bancshares, Inc.		119		7,089
Community Bank System, Inc.		63		3,791
Community Trust Bancorp, Inc.		19		613
ConnectOne Bancorp, Inc.		39		590
Cowen, Inc., Class A		31		561
Crawford & Co., Class A		19		130
Credit Acceptance Corp.(b)(c)		12		4,642
CrossFirst Bankshares, Inc.(c)		55		508
Cullen/Frost Bankers, Inc.		72		5,001
Customers Bancorp, Inc.(c)		34		434

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

22

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
CVB Financial Corp.		157	$	2,859
Diamond Hill Investment Group, Inc.		4		496
Dime Community Bancshares, Inc.		36		464
Donegal Group, Inc., Class A		15		216
Dynex Capital, Inc.(b)		30		475
Eagle Bancorp, Inc.		40		1,151
Eaton Vance Corp.		135		5,538
eHealth, Inc.(c)		25		1,578
Ellington Financial, Inc.(b)		60		748
Employers Holdings, Inc.		39		1,271
Encore Capital Group, Inc.(c)		31		1,424
Enova International, Inc.(c)		42		717
Enstar Group Ltd. (Bermuda)(c)		13		2,327
Enterprise Financial Services Corp.		31		927
Equity Bancshares, Inc., Class A(c)		18		286
Essent Group Ltd.		131		4,677
Evercore, Inc., Class A		48		2,970
EZCORP, Inc., Class A(c)		61		328
F.N.B. Corp.		394		2,955
FB Financial Corp.		36		972
FBL Financial Group, Inc., Class A		13		482
Federal Agricultural Mortgage Corp., Class C		10		682
Federated Hermes, Inc., Class B		117		2,797
Financial Institutions, Inc.		18		310
First American Financial Corp.		133		6,992
First Bancorp		264		1,513
First Bancorp/Southern Pines NC		36		736
First Bancshares, Inc. (The)		30		643
First Busey Corp.		58		1,033
First Citizens BancShares, Inc., Class A		6		2,359
First Commonwealth Financial Corp.		120		984
First Community Bancshares, Inc.		24		462
First Financial Bancorp		120		1,646
First Financial Bankshares, Inc.		148		4,481
First Financial Corp.		13		447
First Foundation, Inc.		45		684
First Hawaiian, Inc.		146		2,413
First Horizon National Corp.		672		6,418
First Interstate BancSystem, Inc., Class A		49		1,607
First Merchants Corp.		70		1,791
First Mid Bancshares, Inc.		16		417
First Midwest Bancorp, Inc.		139		1,732
First of Long Island Corp. (The)		30		461
FirstCash, Inc.		48		2,868
Flagstar Bancorp, Inc.		46		1,445
Flushing Financial Corp.		31		376
Focus Financial Partners, Inc., Class A(c)		31		1,097
Freedom Holding Corp. (Kazakhstan)(b)(c)		21		500
Fulton Financial Corp.		199		1,946
Genworth Financial, Inc., Class A(c)		610		1,842
German American Bancorp, Inc.		30		851
Glacier Bancorp, Inc.		106		3,719
Global Indemnity Group LLC, Class A		10		232
Goosehead Insurance, Inc., Class A		15		1,541
Granite Point Mortgage Trust, Inc.		66		438
Great Southern Bancorp, Inc.		13		501
Great Western Bancorp, Inc.		69		961
Green Dot Corp., Class A(c)		58		3,020
Greenlight Capital Re Ltd., Class A(c)		33		240
Hamilton Lane, Inc., Class A		27		1,974

	Shares		Value
Financials-(continued)
Hancock Whitney Corp.		109	$	2,181
Hanmi Financial Corp.		36		343
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		79		3,354
Hanover Insurance Group, Inc. (The)		45		4,612
HarborOne Bancorp, Inc.		47		407
HCI Group, Inc.		9		492
Heartland Financial USA, Inc.		42		1,446
Heritage Commerce Corp.		76		527
Heritage Financial Corp.		43		857
Heritage Insurance Holdings, Inc.		33		431
Hilltop Holdings, Inc.		88		1,813
Home BancShares, Inc.		193		3,129
HomeStreet, Inc.		30		821
HomeTrust Bancshares, Inc.		21		295
Hope Bancorp, Inc.		153		1,294
Horace Mann Educators Corp.		49		1,914
Horizon Bancorp, Inc.		49		548
Houlihan Lokey, Inc.		52		3,047
Independence Holding Co.		6		210
Independent Bank Corp.		42		2,640
Independent Bank Corp.		25		373
Independent Bank Group, Inc.		42		1,953
Interactive Brokers Group, Inc., Class A		88		4,666
International Bancshares Corp.		67		2,116
Invesco Mortgage Capital, Inc.(b)(d)		88		264
Investors Bancorp, Inc.		286		2,217
James River Group Holdings Ltd.		37		1,802
Janus Henderson Group PLC (United Kingdom)		183		3,792
Jefferies Financial Group, Inc.		270		4,736
Kearny Financial Corp.		103		799
Kemper Corp.		75		5,825
Kinsale Capital Group, Inc.		25		5,181
KKR Real Estate Finance Trust, Inc.		31		564
Ladder Capital Corp.		111		827
Lakeland Bancorp, Inc.		58		617
Lakeland Financial Corp.		31		1,416
LendingClub Corp.(c)		25		133
LendingTree, Inc.(b)(c)		9		2,780
Live Oak Bancshares, Inc.(b)		28		621
LPL Financial Holdings, Inc.		94		7,723
Luther Burbank Corp.		22		204
MBIA, Inc.(c)		102		827
Mercantile Bank Corp.		18		393
Merchants Bancorp		10		204
Mercury General Corp.		33		1,476
Meridian Bancorp, Inc.		60		698
Meta Financial Group, Inc.		42		810
MFA Financial, Inc.		275		737
MGIC Investment Corp.		397		3,641
Midland States Bancorp, Inc.		25		365
MidWestOne Financial Group, Inc.		18		342
Moelis & Co., Class A		60		1,915
Morningstar, Inc.		28		4,484
Mr. Cooper Group, Inc.(c)		85		1,558
National Bank Holdings Corp., Class A		36		1,024
National General Holdings Corp.		82		2,792
National Western Life Group, Inc., Class A		3		660
Navient Corp.		217		1,973
NBT Bancorp, Inc.		52		1,584

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

23

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
Nelnet, Inc., Class A		24	$	1,572
New Residential Investment Corp.		480		3,715
New York Community Bancorp, Inc.		560		5,068
New York Mortgage Trust, Inc.		477		1,259
Nicolet Bankshares, Inc.(c)		10		600
NMI Holdings, Inc., Class A(c)		102		1,749
Northfield Bancorp, Inc.		52		502
Northwest Bancshares, Inc.		157		1,587
OceanFirst Financial Corp.		75		1,171
OFG Bancorp		63		809
Old National Bancorp		210		2,936
Old Republic International Corp.		349		5,622
OneMain Holdings, Inc.		99		2,879
Origin Bancorp, Inc.		21		497
Pacific Premier Bancorp, Inc.		101		2,282
PacWest Bancorp		144		2,748
Palomar Holdings, Inc.(c)		21		2,359
Park National Corp.(b)		18		1,618
Peapack-Gladstone Financial Corp.		19		323
PennyMac Financial Services, Inc.		76		4,007
PennyMac Mortgage Investment Trust		124		2,125
Peoples Bancorp, Inc.		24		507
Pinnacle Financial Partners, Inc.		88		3,516
Piper Sandler Cos		21		1,584
PJT Partners, Inc., Class A		25		1,480
Popular, Inc.		110		4,074
PRA Group, Inc.(c)		55		2,567
Preferred Bank		18		673
Premier Financial Corp.		49		896
Primerica, Inc.		48		5,993
ProAssurance Corp.		28		429
ProSight Global, Inc.(c)		13		123
Prosperity Bancshares, Inc.		112		6,106
Provident Financial Services, Inc.		76		1,002
QCR Holdings, Inc.		18		539
Radian Group, Inc.		233		3,598
Ready Capital Corp.		57		583
Redwood Trust, Inc.		136		943
Renasant Corp.		70		1,776
Republic Bancorp, Inc., Class A		12		369
RLI Corp.		49		4,596
S&T Bancorp, Inc.		48		969
Safety Insurance Group, Inc.		18		1,303
Sandy Spring Bancorp, Inc.		58		1,387
Seacoast Banking Corp. of Florida(c)		63		1,275
Selective Insurance Group, Inc.		72		4,306
ServisFirst Bancshares, Inc.		55		2,016
Simmons First National Corp., Class A		141		2,407
SLM Corp.		448		3,423
South State Corp.		84		4,677
Southside Bancshares, Inc.		39		1,075
Starwood Property Trust, Inc.		342		5,335
State Auto Financial Corp.		21		324
Sterling Bancorp		227		2,649
Stewart Information Services Corp.		28		1,195
Stifel Financial Corp.		84		4,260
Stock Yards Bancorp, Inc.		25		1,073
StoneX Group, Inc.(c)		19		1,077
Synovus Financial Corp.		178		3,893
TCF Financial Corp.		176		4,731

	Shares		Value
Financials-(continued)
Texas Capital Bancshares, Inc.(c)		61	$	1,976
TFS Financial Corp.		66		1,020
Third Point Reinsurance Ltd. (Bermuda)(c)		88		753
Tompkins Financial Corp.		16		1,059
Towne Bank		88		1,560
TPG RE Finance Trust, Inc.		52		459
TriCo Bancshares		33		914
TriState Capital Holdings, Inc.(c)		27		375
Triumph Bancorp, Inc.(c)		30		857
Trupanion, Inc.(c)		36		2,258
TrustCo Bank Corp.		114		679
Trustmark Corp.		73		1,714
Two Harbors Investment Corp.		218		1,188
UMB Financial Corp.		57		3,062
Umpqua Holdings Corp.		267		3,012
United Bankshares, Inc.		157		4,104
United Community Banks, Inc.		96		1,740
United Fire Group, Inc.		25		630
United Insurance Holdings Corp.		25		189
Universal Insurance Holdings, Inc.		39		723
Univest Financial Corp.		34		547
Unum Group		240		4,435
Valley National Bancorp		439		3,297
Veritex Holdings, Inc.		51		917
Victory Capital Holdings, Inc., Class A		15		261
Virtu Financial, Inc., Class A		64		1,653
Virtus Investment Partners, Inc.		9		1,277
Waddell & Reed Financial, Inc., Class A		70		1,103
Walker & Dunlop, Inc.		36		1,972
Washington Federal, Inc.		96		2,251
Washington Trust Bancorp, Inc.		19		634
Waterstone Financial, Inc.		30		465
Watford Holdings Ltd., Class A (Bermuda)(c)		25		400
Webster Financial Corp.		112		3,080
WesBanco, Inc.		78		1,733
Westamerica Bancorporation		33		2,008
Western Alliance Bancorporation		113		3,989
White Mountains Insurance Group Ltd.		4		3,566
Wintrust Financial Corp.		69		3,003
WisdomTree Investments, Inc.		144		539
World Acceptance Corp.(c)		5		455
WSFS Financial Corp.		61		1,787
				526,680
Health Care-16.11%
1Life Healthcare, Inc.(b)(c)		30		875
Acadia Healthcare Co., Inc.(c)		94		2,906
ACADIA Pharmaceuticals, Inc.(c)		136		5,384
Accelerate Diagnostics, Inc.(b)(c)		34		414
Acceleron Pharma, Inc.(c)		55		5,361
Adaptive Biotechnologies Corp.(c)		90		3,745
Addus HomeCare Corp.(c)		18		1,686
Adverum Biotechnologies, Inc.(c)		76		927
Aerie Pharmaceuticals, Inc.(b)(c)		17		187
Agenus, Inc.(c)		130		566
Agios Pharmaceuticals, Inc.(c)		73		2,994
Aimmune Therapeutics, Inc.(b)(c)		51		1,745
Akcea Therapeutics, Inc.(c)		21		384
Akebia Therapeutics, Inc.(c)		134		1,395
Akero Therapeutics, Inc.(c)		21		685

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

24

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Health Care-(continued)
Alder Biopharmaceuticals, Inc., CVR(c)(e)		48	$	42
Alector, Inc.(c)		51		659
Alkermes PLC(c)		190		3,143
Allakos, Inc.(b)(c)		30		2,687
Allogene Therapeutics, Inc.(c)		66		2,353
Allscripts Healthcare Solutions, Inc.(c)		201		1,795
AMAG Pharmaceuticals, Inc.(b)(c)		40		414
Amedisys, Inc.(c)		38		9,192
Amicus Therapeutics, Inc.(c)		309		4,511
AMN Healthcare Services, Inc.(c)		57		3,069
Amneal Pharmaceuticals, Inc.(c)		85		349
Amphastar Pharmaceuticals, Inc.(c)		43		876
AnaptysBio, Inc.(c)		14		243
AngioDynamics, Inc.(c)		43		403
ANI Pharmaceuticals, Inc.(c)		10		314
Anika Therapeutics, Inc.(c)		16		613
Antares Pharma, Inc.(c)		187		529
Apellis Pharmaceuticals, Inc.(c)		73		2,251
Apollo Medical Holdings, Inc.(c)		30		567
Applied Therapeutics, Inc.(c)		16		386
Aprea Therapeutics, Inc. (Sweden)(b)(c)		11		298
Arcturus Therapeutics Holdings, Inc.(c)		18		868
Arcus Biosciences, Inc.(c)		43		1,023
Arcutis Biotherapeutics, Inc.(c)		11		276
Ardelyx, Inc.(c)		68		390
Arena Pharmaceuticals, Inc.(c)		66		4,608
Arrowhead Pharmaceuticals, Inc.(c)		115		4,858
Arvinas, Inc.(c)		25		649
Assembly Biosciences, Inc.(c)		36		787
Atara Biotherapeutics, Inc.(c)		86		1,159
Athenex, Inc.(c)		57		655
Athersys, Inc.(c)		221		482
Atreca, Inc., Class A(c)		39		555
AtriCure, Inc.(c)		54		2,415
Atrion Corp.		2		1,263
Avanos Medical, Inc.(c)		58		1,879
Avrobio, Inc.(c)		26		450
AxoGen, Inc.(c)		40		475
Axonics Modulation Technologies, Inc.(b)(c)		28		1,183
Axsome Therapeutics, Inc.(c)		34		2,493
Beam Therapeutics, Inc.(b)(c)		15		377
BioCryst Pharmaceuticals, Inc.(c)		180		747
BioDelivery Sciences International, Inc.(c)		97		379
Biohaven Pharmaceutical Holding Co. Ltd.(c)		57		3,613
BioSpecifics Technologies Corp.(c)		6		387
Bio-Techne Corp.		45		11,496
BioTelemetry, Inc.(c)		40		1,583
Bioxcel Therapeutics, Inc.(c)		12		489
Black Diamond Therapeutics, Inc.(c)		11		316
Bluebird Bio, Inc.(c)		75		4,447
Blueprint Medicines Corp.(c)		61		4,723
Brookdale Senior Living, Inc.(c)		66		181
Bruker Corp.		126		5,295
Calithera Biosciences, Inc.(c)		57		230
Cantel Medical Corp.		45		2,362
Cara Therapeutics, Inc.(c)		49		759
Cardiovascular Systems, Inc.(c)		43		1,405
CareDx, Inc.(c)		46		1,571
Castle Biosciences, Inc.(c)		15		686
Catalyst Pharmaceuticals, Inc.(c)		109		358

	Shares		Value
Health Care-(continued)
CEL-SCI Corp.(b)(c)		42	$	543
Cerus Corp.(c)		214		1,363
Change Healthcare, Inc.(c)		276		3,905
Charles River Laboratories International, Inc.(c)		58		12,699
Chemed Corp.		19		9,825
ChemoCentryx, Inc.(c)		46		2,461
Clovis Oncology, Inc.(b)(c)		99		516
Codexis, Inc.(c)		67		925
Co-Diagnostics, Inc.(b)(c)		29		316
Coherus Biosciences, Inc.(b)(c)		63		1,195
Collegium Pharmaceutical, Inc.(c)		31		591
Community Health Systems, Inc.(c)		145		750
Computer Programs & Systems, Inc.		15		410
CONMED Corp.		34		2,935
Constellation Pharmaceuticals, Inc.(c)		27		568
Corbus Pharmaceuticals Holdings, Inc.(b)(c)		77		715
Corcept Therapeutics, Inc.(b)(c)		121		1,537
Cortexyme, Inc.(c)		17		747
CorVel Corp.(c)		12		996
Covetrus, Inc.(c)		123		2,818
Crinetics Pharmaceuticals, Inc.(c)		22		353
CRISPR Therapeutics AG (Switzerland)(c)		61		5,701
CryoLife, Inc.(c)		43		869
CryoPort, Inc.(b)(c)		43		2,386
Cue Biopharma, Inc.(c)		25		447
Cytokinetics, Inc.(b)(c)		75		1,797
CytomX Therapeutics, Inc.(c)		36		263
Deciphera Pharmaceuticals, Inc.(c)		42		1,890
Denali Therapeutics, Inc.(c)		93		2,967
Dicerna Pharmaceuticals, Inc.(c)		80		1,482
Durect Corp.(c)		231		401
Dynavax Technologies Corp.(b)(c)		102		610
Eagle Pharmaceuticals, Inc.(c)		13		516
Editas Medicine, Inc.(b)(c)		69		2,431
Eidos Therapeutics, Inc.(c)		9		390
Emergent BioSolutions, Inc.(c)		51		5,817
Enanta Pharmaceuticals, Inc.(c)		18		939
Encompass Health Corp.		115		7,503
Endo International PLC(c)		247		743
Ensign Group, Inc. (The)		61		3,571
Envista Holdings Corp.(c)		187		4,486
Epizyme, Inc.(c)		88		1,144
Esperion Therapeutics, Inc.(b)(c)		30		1,083
Evolent Health, Inc., Class A(c)		91		1,304
Exelixis, Inc.(c)		361		8,021
Fate Therapeutics, Inc.(c)		68		2,475
FibroGen, Inc.(c)		90		4,035
Flexion Therapeutics, Inc.(b)(c)		54		630
G1 Therapeutics, Inc.(c)		30		460
GenMark Diagnostics, Inc.(c)		83		1,076
Geron Corp.(c)		368		754
Glaukos Corp.(b)(c)		48		2,296
Global Blood Therapeutics, Inc.(c)		65		4,081
Globus Medical, Inc., Class A(c)		93		5,256
Gossamer Bio., Inc.(c)		62		862
Guardant Health, Inc.(c)		67		6,398
Haemonetics Corp.(c)		59		5,290
Halozyme Therapeutics, Inc.(c)		160		4,639
Hanger, Inc.(c)		39		771
Health Catalyst, Inc.(b)(c)		20		624

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

25

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Health Care-(continued)
HealthEquity, Inc.(c)		82	$	4,713
HealthStream, Inc.(c)		30		621
Heron Therapeutics, Inc.(c)		102		1,459
Heska Corp.(c)		9		932
Hill-Rom Holdings, Inc.		79		7,409
HMS Holdings Corp.(c)		106		2,956
Homology Medicines, Inc.(c)		22		234
Horizon Therapeutics PLC(c)		225		16,902
ICU Medical, Inc.(c)		24		4,806
IGM Biosciences, Inc.(b)(c)		9		387
ImmunoGen, Inc.(c)		187		692
Immunomedics, Inc.(c)		233		10,382
Immunovant, Inc.(c)		39		1,324
Innoviva, Inc.(c)		84		984
Inogen, Inc.(c)		8		242
Inovalon Holdings, Inc., Class A(c)		81		2,004
Inovio Pharmaceuticals, Inc.(b)(c)		172		2,062
Insmed, Inc.(c)		114		3,214
Inspire Medical Systems, Inc.(c)		26		3,106
Integer Holdings Corp.(c)		40		2,770
Integra LifeSciences Holdings Corp.(c)		85		4,062
Intellia Therapeutics, Inc.(b)(c)		57		1,230
Intercept Pharmaceuticals, Inc.(b)(c)		29		1,447
Intersect ENT, Inc.(c)		36		723
Intra-Cellular Therapies, Inc.(c)		76		1,385
Invitae Corp.(b)(c)		142		4,964
Iovance Biotherapeutics, Inc.(c)		128		4,266
iRhythm Technologies, Inc.(c)		31		6,826
Ironwood Pharmaceuticals, Inc.(c)		190		1,919
Kadmon Holdings, Inc.(c)		142		710
Kala Pharmaceuticals, Inc.(c)		39		347
Karuna Therapeutics, Inc.(c)		14		1,070
Karyopharm Therapeutics, Inc.(c)		60		913
Kiniksa Pharmaceuticals Ltd., Class A(c)		20		353
Kodiak Sciences, Inc.(c)		26		1,367
Krystal Biotech, Inc.(c)		13		622
Kura Oncology, Inc.(c)		66		1,643
Lannett Co., Inc.(c)		39		205
Lantheus Holdings, Inc.(c)		73		980
LeMaitre Vascular, Inc.(b)		21		678
LHC Group, Inc.(c)		35		7,295
Ligand Pharmaceuticals, Inc.(c)		21		2,142
LivaNova PLC(c)		58		2,720
Livongo Health, Inc.(c)		46		6,316
Luminex Corp.		48		1,281
MacroGenics, Inc.(c)		50		1,447
Madrigal Pharmaceuticals, Inc.(c)		13		1,400
Magellan Health, Inc.(c)		28		2,113
MEDNAX, Inc.(c)		103		1,914
Medpace Holdings, Inc.(c)		34		4,413
MeiraGTx Holdings PLC(c)		18		234
Meridian Bioscience, Inc.(c)		49		693
Merit Medical Systems, Inc.(c)		59		2,897
Mersana Therapeutics, Inc.(c)		52		996
Merus N.V. (Netherlands)(c)		18		217
Mesa Laboratories, Inc.		6		1,476
Mirati Therapeutics, Inc.(c)		34		5,079
Molecular Templates, Inc.(c)		24		279
Momenta Pharmaceuticals, Inc.(c)		132		6,886
MyoKardia, Inc.(c)		58		6,348

	Shares		Value
Health Care-(continued)
Myovant Sciences Ltd.(c)		49	$	999
Myriad Genetics, Inc.(c)		90		1,203
NanoString Technologies, Inc.(c)		40		1,619
Natera, Inc.(c)		78		4,969
National HealthCare Corp.		13		828
National Research Corp.		15		840
Natus Medical, Inc.(c)		42		763
Nektar Therapeutics(c)		213		4,119
Neogen Corp.(c)		62		4,724
NeoGenomics, Inc.(c)		119		4,635
Neoleukin Therapeutics, Inc.(c)		32		407
Nevro Corp.(c)		36		4,951
NextGen Healthcare, Inc.(c)		60		796
Novavax, Inc.(c)		69		7,613
Novocure Ltd.(c)		99		8,192
NuVasive, Inc.(c)		63		3,284
Odonate Therapeutics, Inc.(c)		18		291
Omeros Corp.(b)(c)		55		657
Omnicell, Inc.(c)		51		3,401
Ontrak, Inc.(c)		8		584
OPKO Health, Inc.(b)(c)		488		1,581
Option Care Health, Inc.(c)		42		488
OraSure Technologies, Inc.(c)		91		1,067
Orthofix Medical, Inc.(c)		22		667
OrthoPediatrics Corp.(c)		10		504
Owens & Minor, Inc.		76		1,260
Pacific Biosciences of California, Inc.(c)		151		997
Pacira BioSciences, Inc.(c)		45		2,813
Passage Bio, Inc.(c)		16		265
Patterson Cos., Inc.		103		2,988
PDL BioPharma, Inc.(c)		171		573
Pennant Group, Inc. (The)(c)		36		1,333
Penumbra, Inc.(c)		39		8,157
PetIQ, Inc.(b)(c)		22		774
Phathom Pharmaceuticals, Inc.(c)		9		331
Phibro Animal Health Corp., Class A		24		515
Phreesia, Inc.(c)		27		852
PRA Health Sciences, Inc.(c)		75		8,018
Precigen, Inc.(c)		53		321
Precision BioSciences, Inc.(c)		43		243
Premier, Inc., Class A		84		2,751
Prestige Consumer Healthcare, Inc.(c)		61		2,222
Principia Biopharma, Inc.(c)		30		3,000
Progyny, Inc.(c)		20		571
Prothena Corp. PLC (Ireland)(c)		24		311
Provention Bio, Inc.(c)		39		509
Providence Service Corp. (The)(c)		13		1,204
PTC Therapeutics, Inc.(c)		64		3,163
Puma Biotechnology, Inc.(c)		51		525
Quanterix Corp.(c)		27		961
Quidel Corp.(c)		45		7,918
Quotient Ltd.(b)(c)		85		430
R1 RCM, Inc.(c)		109		1,580
Radius Health, Inc.(c)		51		631
RadNet, Inc.(c)		49		707
Reata Pharmaceuticals, Inc., Class A(c)		27		2,834
REGENXBIO, Inc.(c)		40		1,221
Relmada Therapeutics, Inc.(b)(c)		14		500
Repligen Corp.(c)		59		9,140
Replimune Group, Inc.(c)		14		378

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

26

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Health Care-(continued)
Repro-Med Systems, Inc.(c)		30	$	261
Retrophin, Inc.(c)		43		842
Revance Therapeutics, Inc.(c)		63		1,841
REVOLUTION Medicines, Inc.(c)		14		397
Rhythm Pharmaceuticals, Inc.(c)		24		708
Rigel Pharmaceuticals, Inc.(c)		196		488
Rocket Pharmaceuticals, Inc.(c)		39		997
Rubius Therapeutics, Inc.(c)		12		58
Sage Therapeutics, Inc.(c)		57		2,989
Sangamo Therapeutics, Inc.(c)		141		1,556
Scholar Rock Holding Corp.(c)		22		332
Schrodinger, Inc.(c)		15		907
Select Medical Holdings Corp.(c)		123		2,469
Shockwave Medical, Inc.(c)		29		1,843
SI-BONE, Inc.(c)		25		545
SIGA Technologies, Inc.(c)		64		445
Silk Road Medical, Inc.(c)		33		2,012
Simulations Plus, Inc.		15		894
SmileDirectClub, Inc.(c)		67		544
Sorrento Therapeutics, Inc.(b)(c)		139		1,113
Spectrum Pharmaceuticals, Inc.(c)		110		463
SpringWorks Therapeutics, Inc.(c)		15		666
STAAR Surgical Co.(c)		40		1,918
Stemline Therapeutics, Inc.(c)		64		21
Stoke Therapeutics, Inc.(b)(c)		10		294
Supernus Pharmaceuticals, Inc.(c)		58		1,275
Surgery Partners, Inc.(c)		22		420
SurModics, Inc.(c)		16		724
Syneos Health, Inc.(c)		72		4,543
Tabula Rasa HealthCare, Inc.(b)(c)		22		1,113
Tactile Systems Technology, Inc.(c)		21		807
Tandem Diabetes Care, Inc.(c)		66		7,440
Tenet Healthcare Corp.(c)		106		2,987
TG Therapeutics, Inc.(c)		117		2,902
TherapeuticsMD, Inc.(c)		184		269
Theravance Biopharma, Inc.(c)		55		1,008
Tilray, Inc., Class 2 (Canada)(c)		9		60
Tivity Health, Inc.(c)		31		507
Translate Bio, Inc.(c)		55		775
Tricida, Inc.(c)		34		359
Triple-S Management Corp., Class B(c)		30		558
Turning Point Therapeutics, Inc.(c)		39		3,049
Twist Bioscience Corp.(c)		36		2,517
Ultragenyx Pharmaceutical, Inc.(c)		66		5,614
uniQure N.V. (Netherlands)(c)		37		1,508
United Therapeutics Corp.(c)		51		5,455
US Physical Therapy, Inc.		16		1,422
Vanda Pharmaceuticals, Inc.(c)		58		597
Vapotherm, Inc.(c)		11		342
Varex Imaging Corp.(c)		45		499
Veracyte, Inc.(c)		68		2,265
Verastem, Inc.(c)		124		156
Vericel Corp.(c)		49		777
ViewRay, Inc.(c)		141		384
Viking Therapeutics, Inc.(b)(c)		75		502
Vocera Communications, Inc.(c)		36		1,008
Voyager Therapeutics, Inc.(c)		33		389
WaVe Life Sciences Ltd.(c)		14		175
Wright Medical Group N.V.(c)		151		4,565
XBiotech, Inc.(c)		18		341

	Shares		Value
Health Care-(continued)
Xencor, Inc.(c)		61	$	2,181
Xenon Pharmaceuticals, Inc. (Canada)(c)		33		401
Y-mAbs Therapeutics, Inc.(c)		20		861
ZIOPHARM Oncology, Inc.(b)(c)		289		812
Zogenix, Inc.(c)		56		1,326
Zymeworks, Inc. (Canada)(c)		40		1,297
Zynex, Inc.(b)(c)		22		326
				651,748
Industrials-15.02%
AAON, Inc.		51		2,903
AAR Corp.		40		807
ABM Industries, Inc.		81		3,089
ACCO Brands Corp.		120		778
Acuity Brands, Inc.		47		5,137
ADT, Inc.(b)		178		1,896
Advanced Disposal Services, Inc.(c)		91		2,742
Advanced Drainage Systems, Inc.		63		3,495
AECOM(c)		185		7,309
Aegion Corp.(c)		37		599
Aerojet Rocketdyne Holdings, Inc.(c)		77		3,185
AeroVironment, Inc.(c)		28		2,139
AGCO Corp.		74		5,261
Air Lease Corp.		129		4,009
Air Transport Services Group, Inc.(c)		18		458
Alamo Group, Inc.		12		1,331
Alaska Air Group, Inc.		36		1,402
Albany International Corp., Class A		37		1,920
Allegiant Travel Co.		6		772
Allison Transmission Holdings, Inc.		141		5,058
Altra Industrial Motion Corp.		78		3,046
Ameresco, Inc., Class A(c)		24		819
American Airlines Group, Inc.(b)		150		1,957
American Woodmark Corp.(c)		18		1,575
Apogee Enterprises, Inc.		30		628
Applied Industrial Technologies, Inc.		46		2,770
ArcBest Corp.		30		1,015
Arcosa, Inc.		60		2,777
Argan, Inc.		16		677
Armstrong World Industries, Inc.		57		4,203
ASGN, Inc.(c)		64		4,593
Astec Industries, Inc,		25		1,318
Astronics Corp.(c)		26		235
Atkore International Group, Inc.(c)		57		1,524
Atlas Air Worldwide Holdings, Inc.(c)		7		395
Avis Budget Group, Inc.(b)(c)		66		2,251
Axon Enterprise, Inc.(c)		69		5,912
AZZ, Inc.		31		1,077
Barnes Group, Inc.		58		2,297
Barrett Business Services, Inc.		9		518
Beacon Roofing Supply, Inc.(c)		65		2,203
Bloom Energy Corp., Class A(b)(c)		106		1,660
Blue Bird Corp.(c)		16		182
BMC Stock Holdings, Inc.(c)		79		3,154
Brady Corp., Class A		60		2,813
BrightView Holdings, Inc.(c)		37		454
Brink’s Co. (The)		57		2,757
Builders FirstSource, Inc.(c)		139		4,256
BWX Technologies, Inc.		112		6,228
CAI International, Inc.(c)		21		458

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

27

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Industrials-(continued)
Carlisle Cos., Inc.		66	$	8,643
Casella Waste Systems, Inc., Class A(c)		54		3,032
CBIZ, Inc.(c)		61		1,484
Chart Industries, Inc.(c)		42		2,760
Cimpress PLC (Ireland)(c)		23		2,132
Clean Harbors, Inc.(c)		64		3,910
Colfax Corp.(c)		114		3,794
Columbus McKinnon Corp.		27		982
Comfort Systems USA, Inc.		45		2,280
Construction Partners, Inc.(c)		22		411
CoreLogic, Inc.		94		6,242
Cornerstone Building Brands, Inc.(c)		81		645
Covanta Holding Corp.		144		1,359
Crane Co.		58		3,279
CSW Industrials, Inc.		18		1,300
Cubic Corp.		36		1,695
Curtiss-Wright Corp.		49		5,014
Deluxe Corp.		52		1,477
Donaldson Co., Inc.		147		7,403
Douglas Dynamics, Inc.		27		1,037
Ducommun, Inc.(c)		13		486
DXP Enterprises, Inc.(c)		21		404
Dycom Industries, Inc.(b)(c)		37		2,276
Echo Global Logistics, Inc.(c)		33		902
EMCOR Group, Inc.		65		4,876
Encore Wire Corp.		25		1,290
Energy Recovery, Inc.(b)(c)		37		315
Enerpac Tool Group Corp.		75		1,560
EnerSys		51		3,671
Ennis, Inc.		30		550
EnPro Industries, Inc.		24		1,404
ESCO Technologies, Inc.		31		2,788
Evoqua Water Technologies Corp.(c)		97		1,985
Exponent, Inc.		63		5,069
Federal Signal Corp.		73		2,345
Flowserve Corp.		154		4,571
Fluor Corp.		162		1,542
Forrester Research, Inc.(c)		13		461
Forward Air Corp.		34		2,006
Foundation Building Materials, Inc.(c)		25		406
Franklin Covey Co.(c)		12		237
Franklin Electric Co., Inc.		48		2,849
FTI Consulting, Inc.(b)(c)		45		5,164
Gates Industrial Corp. PLC(c)		67		756
GATX Corp.		37		2,475
Genco Shipping & Trading Ltd.		19		135
Generac Holdings, Inc.(c)		74		14,058
Gibraltar Industries, Inc.(c)		39		2,435
GMS, Inc.(c)		52		1,377
Gorman-Rupp Co. (The)		22		703
Graco, Inc.		199		11,546
GrafTech International Ltd.		85		566
Granite Construction, Inc.		19		353
Great Lakes Dredge & Dock Corp.(c)		66		618
Greenbrier Cos., Inc. (The)		45		1,224
Griffon Corp.		43		934
H&E Equipment Services, Inc.		39		790
Harsco Corp.(c)		97		1,373
Hawaiian Holdings, Inc.		13		175
Healthcare Services Group, Inc.		90		1,872

	Shares		Value
Industrials-(continued)
Heartland Express, Inc.		52	$	1,076
Heidrick & Struggles International, Inc.		22		476
Helios Technologies, Inc.		34		1,398
Herc Holdings, Inc.(c)		25		1,024
Heritage-Crystal Clean, Inc.(c)		18		264
Herman Miller, Inc.		72		1,716
Hexcel Corp.		96		3,781
Hillenbrand, Inc.		90		2,854
HNI Corp.		52		1,656
Hub Group, Inc., Class A(c)		40		2,154
Hubbell, Inc.		64		9,275
Huron Consulting Group, Inc.(c)		28		1,215
Hyster-Yale Materials Handling, Inc.		7		282
IAA, Inc.(c)		155		8,110
ICF International, Inc.		22		1,503
IES Holdings, Inc.(c)		10		288
Insperity, Inc.		43		2,897
Insteel Industries, Inc.		21		387
Interface, Inc.		70		529
ITT, Inc.		104		6,532
JELD-WEN Holding, Inc.(c)		79		1,663
JetBlue Airways Corp.(c)		80		922
John Bean Technologies Corp.		39		3,998
Kadant, Inc.		13		1,514
Kaman Corp.		30		1,387
KAR Auction Services, Inc.		144		2,497
Kelly Services, Inc., Class A		37		703
Kennametal, Inc.		100		2,902
Kforce, Inc.		27		927
Kimball International, Inc., Class B		43		482
Kirby Corp.(c)		18		764
Knoll, Inc.		58		746
Korn Ferry		69		2,104
Kratos Defense & Security Solutions, Inc.(c)		143		2,796
Landstar System, Inc.		48		6,388
Lincoln Electric Holdings, Inc.		68		6,576
Lindsay Corp.		13		1,299
Luxfer Holdings PLC (United Kingdom)		33		469
Macquarie Infrastructure Corp.		91		2,550
Manitowoc Co., Inc. (The)(c)		17		160
ManpowerGroup, Inc.		69		5,058
Marten Transport Ltd.		72		1,308
Masonite International Corp.(c)		30		2,739
MasTec, Inc.(c)		73		3,373
Matson, Inc.		13		521
Matthews International Corp., Class A		37		810
Maxar Technologies, Inc.		72		1,667
McGrath RentCorp.		30		1,991
Mercury Systems, Inc.(c)		64		4,847
Meritor, Inc.(c)		88		2,003
Middleby Corp. (The)(c)		66		6,461
Moog, Inc., Class A		39		2,351
MRC Global, Inc.(c)		33		188
MSA Safety, Inc.		43		5,416
MSC Industrial Direct Co., Inc., Class A		53		3,493
Mueller Industries, Inc.		66		1,960
Mueller Water Products, Inc., Class A		190		2,052
MYR Group, Inc.(c)		19		737
National Presto Industries, Inc.		6		540
Navistar International Corp.(c)		54		1,727

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

28

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Industrials-(continued)
NOW, Inc.(c)		132	$	960
NV5 Global, Inc.(c)		12		621
nVent Electric PLC		187		3,575
Omega Flex, Inc.		4		527
Oshkosh Corp.		81		6,238
PAE, Inc.(c)		65		574
Park Aerospace Corp.		21		233
Parsons Corp.(c)		30		998
Patrick Industries, Inc.		27		1,518
PGT Innovations, Inc.(c)		69		1,251
Pitney Bowes, Inc.		238		1,307
Plug Power, Inc.(b)(c)		382		4,958
Powell Industries, Inc.		12		324
Primoris Services Corp.		51		972
Proto Labs, Inc.(c)		31		4,557
Quanex Building Products Corp.		39		656
Quanta Services, Inc.		168		8,610
Raven Industries, Inc.		43		1,069
RBC Bearings, Inc.(c)		29		3,829
Regal Beloit Corp.		47		4,646
Resideo Technologies, Inc.(c)		137		1,830
Resources Connection, Inc.		36		442
REV Group, Inc.		11		85
Rexnord Corp.		140		4,054
Rush Enterprises, Inc., Class A		34		1,643
Rush Enterprises, Inc., Class B		4		167
Ryder System, Inc.		64		2,618
Saia, Inc.(c)		30		4,026
Schneider National, Inc., Class B		61		1,651
Shyft Group, Inc. (The)		39		779
Simpson Manufacturing Co., Inc.		46		4,524
SiteOne Landscape Supply, Inc.(c)		51		6,378
SkyWest, Inc.		15		505
SP Plus Corp.(c)		28		574
Spirit AeroSystems Holdings, Inc., Class A		124		2,549
Spirit Airlines, Inc.(b)(c)		21		375
SPX Corp.(c)		54		2,259
SPX FLOW, Inc.(c)		51		2,217
Standex International Corp.		15		868
Steelcase, Inc., Class A		108		1,129
Stericycle, Inc.(c)		106		6,796
Sterling Construction Co., Inc.(c)		33		467
Sunrun, Inc.(b)(c)		102		5,769
Systemax, Inc.		15		333
Tennant Co.		21		1,396
Terex Corp.		87		1,703
Tetra Tech, Inc.		66		6,092
Thermon Group Holdings, Inc.(c)		39		513
Timken Co. (The)		82		4,444
Toro Co. (The)		127		9,561
TPI Composites, Inc.(c)		33		1,013
Trex Co., Inc.(c)		69		10,315
TriMas Corp.(c)		54		1,365
TriNet Group, Inc.(c)		55		3,731
Trinity Industries, Inc.		113		2,313
Triton International Ltd. (Bermuda)		64		2,308
Triumph Group, Inc.		20		145
TrueBlue, Inc.(c)		46		778
Tutor Perini Corp.(c)		46		577
UFP Industries, Inc.		75		4,451

	Shares		Value
Industrials-(continued)
UniFirst Corp.		19	$	3,660
Univar Solutions, Inc.(c)		200		3,638
Upwork, Inc.(c)		92		1,401
US Ecology, Inc.		31		1,151
Valmont Industries, Inc.		25		3,176
Vectrus, Inc.(c)		13		564
Vertiv Holdings Co.(c)		252		4,090
Viad Corp.		24		514
Vicor Corp.(c)		22		1,915
Virgin Galactic Holdings, Inc.(b)(c)		153		2,739
Vivint Solar, Inc.(c)		61		1,884
Wabash National Corp.		64		781
Watsco, Inc.		39		9,555
Watts Water Technologies, Inc., Class A		30		2,872
Welbilt, Inc.(c)		66		487
Werner Enterprises, Inc.		77		3,543
WESCO International, Inc.(c)		59		2,764
Willdan Group, Inc.(c)		12		338
WillScot Mobile Mini Holdings Corp.(c)		201		3,598
Woodward, Inc.		70		5,998
				607,808
Information Technology-16.83%
2U, Inc.(c)		76		3,146
3D Systems Corp.(b)(c)		138		758
8x8, Inc.(c)		120		2,026
A10 Networks, Inc.(c)		61		522
Acacia Communications, Inc.(c)		46		3,104
ACI Worldwide, Inc.(c)		141		4,143
ACM Research, Inc., Class A(c)		13		1,155
ADTRAN, Inc.		55		610
Advanced Energy Industries, Inc.(c)		46		3,410
Agilysys, Inc.(c)		24		609
Alarm.com Holdings, Inc.(c)		52		3,113
Alliance Data Systems Corp.		53		2,391
Altair Engineering, Inc., Class A(c)		43		1,807
Alteryx, Inc., Class A(b)(c)		62		7,491
Ambarella, Inc.(c)		36		1,897
American Software, Inc., Class A		36		510
Amkor Technology, Inc.(c)		127		1,549
Anaplan, Inc.(c)		129		7,901
AppFolio, Inc., Class A(c)		18		3,025
Appian Corp.(c)		34		2,082
Aspen Technology, Inc.(c)		80		10,162
Avaya, Inc.(c)		113		1,754
Avnet, Inc.		114		3,136
Axcelis Technologies, Inc.(c)		39		922
Badger Meter, Inc.		36		2,221
Belden, Inc.		55		1,852
Benchmark Electronics, Inc.		45		882
Benefitfocus, Inc.(c)		22		227
Bill.Com Holdings, Inc.(c)		60		5,939
Blackbaud, Inc.		60		3,831
Blackline, Inc.(c)		56		4,893
Bottomline Technologies (DE), Inc.(c)		51		2,429
Box, Inc., Class A(c)		171		3,357
Brooks Automation, Inc.		87		4,492
Cabot Microelectronics Corp.		34		5,178
CACI International, Inc., Class A(c)		29		6,791
Calix, Inc.(c)		60		1,167

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

29

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
Cardtronics PLC, Class A(c)		46	$	999
Casa Systems, Inc.(c)		12		55
Cass Information Systems, Inc.		15		587
Cerence, Inc.(c)		42		2,234
Ceridian HCM Holding, Inc.(c)		137		10,894
CEVA, Inc.(c)		25		1,056
ChannelAdvisor Corp.(c)		30		505
Ciena Corp.(c)		181		10,275
Cirrus Logic, Inc.(c)		70		4,241
Cloudera, Inc.(c)		238		3,144
Coherent, Inc.(c)		28		3,154
Cohu, Inc.		48		826
CommScope Holding Co., Inc.(c)		235		2,420
CommVault Systems, Inc.(c)		52		2,248
Comtech Telecommunications Corp.		30		498
Conduent, Inc.(c)		73		247
Cornerstone OnDemand, Inc.(c)		63		2,222
Cree, Inc.(c)		128		8,077
CSG Systems International, Inc.		40		1,703
CTS Corp.		36		752
Diebold Nixdorf, Inc.(c)		85		709
Digital Turbine, Inc.(c)		90		2,177
Diodes, Inc.(c)		52		2,541
Dolby Laboratories, Inc., Class A		78		5,448
Domo, Inc., Class B(c)		25		1,018
DSP Group, Inc.(c)		26		373
DXC Technology Co.		300		5,994
Ebix, Inc.(b)		29		669
EchoStar Corp., Class A(c)		60		1,763
Elastic N.V.(c)		63		6,841
Endurance International Group Holdings, Inc.(c)		76		495
Enphase Energy, Inc.(c)		107		8,264
Entegris, Inc.		160		10,702
Envestnet, Inc.(c)		62		5,145
ePlus, Inc.(c)		16		1,228
Euronet Worldwide, Inc.(c)		62		6,410
Everbridge, Inc.(c)		41		6,093
EVERTEC, Inc.		70		2,451
Evo Payments, Inc., Class A(c)		54		1,551
ExlService Holdings, Inc.(c)		42		2,675
Extreme Networks, Inc.(c)		147		642
Fabrinet (Thailand)(c)		45		3,140
FARO Technologies, Inc.(c)		21		1,186
Fastly, Inc., Class A(b)(c)		84		7,799
FireEye, Inc.(c)		261		3,831
First Solar, Inc.(c)		96		7,353
Fitbit, Inc., Class A(c)		276		1,755
Five9, Inc.(c)		72		9,176
Flex Ltd.(c)		596		6,473
FormFactor, Inc.(c)		91		2,378
GTT Communications, Inc.(b)(c)		18		90
Hackett Group, Inc. (The)		30		378
Harmonic, Inc.(c)		108		637
HubSpot, Inc.(c)		49		14,684
Ichor Holdings Ltd.(c)		25		629
II-VI, Inc.(c)		119		5,295
Impinj, Inc.(b)(c)		19		465
Infinera Corp.(c)		196		1,429
Inphi Corp.(c)		54		6,155
Inseego Corp.(b)(c)		74		850

	Shares		Value
Information Technology-(continued)
Insight Enterprises, Inc.(c)		43	$	2,572
InterDigital, Inc.		39		2,385
International Money Express, Inc.(c)		27		457
Itron, Inc.(c)		43		2,561
j2 Global, Inc.(c)		54		3,779
Jabil, Inc.		158		5,396
KBR, Inc.		171		4,273
Kimball Electronics, Inc.(c)		30		405
Knowles Corp.(c)		111		1,672
Kulicke & Soffa Industries, Inc. (Singapore)		78		1,870
Lattice Semiconductor Corp.(c)		164		4,690
Limelight Networks, Inc.(c)		135		765
Littelfuse, Inc.		29		5,244
LivePerson, Inc.(c)		75		4,474
LiveRamp Holdings, Inc.(c)		78		4,356
Lumentum Holdings, Inc.(c)		88		7,568
MACOM Technology Solutions Holdings, Inc.(c)		52		1,853
MagnaChip Semiconductor Corp. (South Korea)(b)(c)		37		444
Manhattan Associates, Inc.(c)		74		7,196
ManTech International Corp., Class A		33		2,470
Maxeon Solar Technologies Ltd. (Singapore)(c)		13		270
MAXIMUS, Inc.		74		5,739
MaxLinear, Inc.(c)		82		1,997
Medallia, Inc.(c)		90		3,257
Methode Electronics, Inc.		45		1,274
MicroStrategy, Inc., Class A(c)		10		1,444
Mimecast Ltd.(c)		70		3,447
Mitek Systems, Inc.(c)		45		571
MKS Instruments, Inc.		64		7,650
MobileIron, Inc.(c)		75		490
Model N, Inc.(c)		28		1,101
Monolithic Power Systems, Inc.		50		13,356
MTS Systems Corp.		24		586
Napco Security Technologies, Inc.(c)		15		374
National Instruments Corp.		144		5,168
NCR Corp.(c)		145		2,964
NeoPhotonics Corp.(c)		55		366
NETGEAR, Inc.(c)		37		1,234
NetScout Systems, Inc.(c)		91		2,106
New Relic, Inc.(c)		58		3,563
NIC, Inc.		81		1,732
nLight, Inc.(c)		33		771
Novanta, Inc.(c)		40		4,287
Nuance Communications, Inc.(c)		334		10,007
Nutanix, Inc., Class A(c)		203		5,828
NVE Corp.		6		321
OneSpan, Inc.(c)		37		797
Onto Innovation, Inc.(c)		60		1,874
OSI Systems, Inc.(c)		21		1,654
PagerDuty, Inc.(c)		29		947
Paylocity Holding Corp.(c)		41		6,037
Paysign, Inc.(b)(c)		34		219
PC Connection, Inc.		15		664
PDF Solutions, Inc.(c)		33		683
Pegasystems, Inc.		48		6,167
Perficient, Inc.(c)		40		1,716
Perspecta, Inc.		177		3,676
Photronics, Inc.(c)		79		792
Ping Identity Holding Corp.(c)		42		1,448

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

30

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
Plantronics, Inc.		13	$	161
Plexus Corp.(c)		36		2,739
Pluralsight, Inc., Class A(c)		124		2,373
Power Integrations, Inc.		72		4,030
Progress Software Corp.		54		2,046
Proofpoint, Inc.(c)		67		7,348
PROS Holdings, Inc.(c)		49		1,911
Pure Storage, Inc., Class A(c)		270		4,120
Q2 Holdings, Inc.(c)		57		5,546
QAD, Inc., Class A		13		591
Qualys, Inc.(c)		40		4,246
Rambus, Inc.(c)		135		1,813
Rapid7, Inc.(c)		57		3,680
RealPage, Inc.(c)		109		6,826
Repay Holdings Corp.(c)		54		1,366
Ribbon Communications, Inc.(c)		63		270
Rogers Corp.(c)		21		2,379
Rosetta Stone, Inc.(c)		24		729
Sabre Corp.		324		2,265
SailPoint Technologies Holding, Inc.(c)		109		4,276
Sanmina Corp.(c)		84		2,377
ScanSource, Inc.(c)		30		741
Science Applications International Corp.		63		5,258
SecureWorks Corp., Class A(c)		9		116
Semtech Corp.(c)		81		4,751
ShotSpotter, Inc.(c)		10		300
Silicon Laboratories, Inc.(c)		50		5,120
SMART Global Holdings, Inc.(c)		16		403
Smartsheet, Inc., Class A(c)		125		6,816
SolarEdge Technologies, Inc.(c)		59		13,048
SolarWinds Corp.(c)		74		1,556
Sprout Social, Inc., Class A(c)		14		542
SPS Commerce, Inc.(c)		43		3,435
SunPower Corp.(b)(c)		109		1,220
Super Micro Computer, Inc.(c)		52		1,424
SVMK, Inc.(c)		127		3,161
Switch, Inc., Class A		77		1,324
Sykes Enterprises, Inc.(c)		48		1,589
Synaptics, Inc.(c)		40		3,413
SYNNEX Corp.		51		6,485
Tenable Holdings, Inc.(c)		64		2,409
Teradata Corp.(c)		138		3,360
TTEC Holdings, Inc.		19		1,077
TTM Technologies, Inc.(c)		121		1,387
Tucows, Inc., Class A(c)		12		759
Ultra Clean Holdings, Inc.(c)		46		1,128
Unisys Corp.(c)		75		874
Universal Display Corp.		50		8,775
Upland Software, Inc.(c)		25		980
Varonis Systems, Inc.(c)		37		4,571
Veeco Instruments, Inc.(c)		57		678
Verint Systems, Inc.(c)		77		3,662
Verra Mobility Corp.(c)		160		1,690
ViaSat, Inc.(c)		58		2,306
Viavi Solutions, Inc.(c)		277		3,694
VirnetX Holding Corp.		75		373
Virtusa Corp.(c)		34		1,344
Vishay Intertechnology, Inc.		160		2,558
Vishay Precision Group, Inc.(c)		13		324
WEX, Inc.(c)		51		8,145

	Shares		Value
Information Technology-(continued)
Workiva, Inc.(c)		39	$	2,301
Xerox Holdings Corp.		214		4,036
Xperi Holding Corp.		128		1,604
Yext, Inc.(c)		101		2,006
Zendesk, Inc.(c)		134		12,915
Zuora, Inc.(c)		120		1,631
				680,899
Materials-4.55%
AdvanSix, Inc.(c)		34		433
Alcoa Corp.(c)		101		1,477
Allegheny Technologies, Inc.(c)		149		1,241
American Vanguard Corp.		31		439
Amyris, Inc.(c)		63		207
AptarGroup, Inc.		75		8,879
Arconic Corp.(c)		117		2,603
Ashland Global Holdings, Inc.		64		4,716
Avient Corp.		104		2,654
Balchem Corp.		39		3,810
Berry Global Group, Inc.(c)		157		8,092
Boise Cascade Co.		48		2,198
Cabot Corp.		70		2,591
Carpenter Technology Corp.		58		1,220
Century Aluminum Co.(c)		79		780
Chase Corp.		9		878
Chemours Co. (The)		198		4,091
Clearwater Paper Corp.(c)		19		640
Cleveland-Cliffs, Inc.(b)		492		3,237
Coeur Mining, Inc.(c)		316		2,673
Commercial Metals Co.		142		2,964
Compass Minerals International, Inc.		40		2,277
Domtar Corp.		62		1,768
Eagle Materials, Inc.		45		3,680
Element Solutions, Inc.(c)		280		3,010
Ferro Corp.(c)		93		1,160
Forterra, Inc.(c)		24		318
FutureFuel Corp.		31		375
GCP Applied Technologies, Inc.(c)		56		1,459
Graphic Packaging Holding Co		335		4,683
Greif, Inc., Class A		31		1,142
Greif, Inc., Class B		6		246
H.B. Fuller Co.		61		2,938
Hawkins, Inc.		12		603
Haynes International, Inc.		15		281
Hecla Mining Co.		595		3,582
Huntsman Corp.		234		5,059
Ingevity Corp.(c)		51		2,865
Innospec, Inc.		30		2,241
Kaiser Aluminum Corp.		19		1,221
Kraton Corp.(c)		37		519
Kronos Worldwide, Inc.		27		337
Livent Corp.(b)(c)		171		1,450
Louisiana-Pacific Corp.		132		4,348
Materion Corp.		25		1,365
McEwen Mining, Inc. (Canada)(b)(c)		388		489
Mercer International, Inc. (Germany)		49		411
Minerals Technologies, Inc.		42		2,132
Myers Industries, Inc.		37		566
Neenah, Inc.		21		930
NewMarket Corp.		11		4,097

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

31

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Materials-(continued)
O-I Glass, Inc.		189	$	2,056
Olin Corp.		82		923
Orion Engineered Carbons S.A. (Germany)		72		875
PH Glatfelter Co.		52		780
PQ Group Holdings, Inc.(c)		48		559
Quaker Chemical Corp.		16		3,040
Ranpak Holdings Corp.(c)		33		295
Reliance Steel & Aluminum Co.		78		8,180
Royal Gold, Inc.		78		10,633
Schnitzer Steel Industries, Inc., Class A		31		612
Schweitzer-Mauduit International, Inc., Class A		37		1,122
Scotts Miracle-Gro Co. (The)		49		8,258
Sensient Technologies Corp.		51		2,816
Silgan Holdings, Inc.		94		3,578
Sonoco Products Co.		119		6,311
Stepan Co.		25		2,882
Summit Materials, Inc., Class A(c)		136		2,025
SunCoke Energy, Inc.		105		376
Tredegar Corp.		31		525
Trinseo S.A.		32		797
Tronox Holdings PLC, Class A		111		995
United States Lime & Minerals, Inc.		3		276
United States Steel Corp.(b)		127		994
US Concrete, Inc.(c)		19		507
Valvoline, Inc.		228		4,651
Verso Corp., Class A		40		524
W.R. Grace & Co.		67		2,728
Warrior Met Coal, Inc.		57		882
Westlake Chemical Corp.		45		2,669
Worthington Industries, Inc.		48		1,993
				184,237
Real Estate-8.39%
Acadia Realty Trust		102		1,157
Agree Realty Corp.		64		4,283
Alexander & Baldwin, Inc.		50		605
Alexander’s, Inc.		3		765
American Assets Trust, Inc.		61		1,559
American Campus Communities, Inc.		162		5,492
American Finance Trust, Inc.		129		882
American Homes 4 Rent, Class A		319		9,136
Americold Realty Trust		237		9,089
Apartment Investment & Management Co., Class A		173		6,233
Apple Hospitality REIT, Inc.		258		2,624
Armada Hoffler Properties, Inc.		64		646
Brandywine Realty Trust		214		2,382
Brixmor Property Group, Inc.		361		4,260
CareTrust REIT, Inc.		120		2,324
CatchMark Timber Trust, Inc., Class A		58		576
Chatham Lodging Trust		49		339
City Office REIT, Inc.		66		531
Colony Capital, Inc.		561		1,520
Columbia Property Trust, Inc.		142		1,676
Community Healthcare Trust, Inc.		22		1,027
CoreCivic, Inc.		144		1,341
CoreSite Realty Corp.		44		5,388
Corporate Office Properties Trust		136		3,351
Cousins Properties, Inc.		173		5,164
CubeSmart		229		7,241

	Shares		Value
Real Estate-(continued)
Cushman & Wakefield PLC(c)		118	$	1,370
CyrusOne, Inc.		138		11,527
DiamondRock Hospitality Co.		243		1,288
Diversified Healthcare Trust		106		403
Douglas Emmett, Inc.		192		5,361
Easterly Government Properties, Inc.		94		2,274
EastGroup Properties, Inc.		45		5,992
Empire State Realty Trust, Inc., Class A		82		517
EPR Properties		94		3,037
Equity Commonwealth		148		4,646
Essential Properties Realty Trust, Inc.		107		1,816
eXp World Holdings, Inc.(c)		25		1,112
First Industrial Realty Trust, Inc.		150		6,397
Five Point Holdings LLC, Class A(c)		58		302
Forestar Group, Inc.(c)		19		338
Four Corners Property Trust, Inc.		78		1,969
Franklin Street Properties Corp.		126		558
Front Yard Residential Corp.		60		585
FRP Holdings, Inc.(c)		9		370
Gaming and Leisure Properties, Inc.		249		9,051
GEO Group, Inc. (The)		147		1,641
Getty Realty Corp.		42		1,230
Gladstone Commercial Corp.		37		726
Global Medical REIT, Inc.		58		742
Global Net Lease, Inc.		99		1,732
Healthcare Realty Trust, Inc.		156		4,501
Healthcare Trust of America, Inc., Class A		258		6,809
Highwoods Properties, Inc.		126		4,695
Howard Hughes Corp. (The)(c)		47		2,778
Hudson Pacific Properties, Inc.		187		4,391
Independence Realty Trust, Inc.		109		1,276
Industrial Logistics Properties Trust		79		1,704
Innovative Industrial Properties, Inc.(b)		25		3,077
Investors Real Estate Trust		13		924
iStar, Inc.		79		978
JBG SMITH Properties		144		3,984
Jernigan Capital, Inc.		27		465
Kennedy-Wilson Holdings, Inc.		156		2,229
Kilroy Realty Corp.		123		7,198
Kimco Realty Corp.		511		6,127
Kite Realty Group Trust		102		1,146
Lamar Advertising Co., Class A		100		6,923
Lexington Realty Trust		311		3,536
Life Storage, Inc.		54		5,693
LTC Properties, Inc.		48		1,752
Macerich Co. (The)(b)		50		396
Mack-Cali Realty Corp.		109		1,377
Marcus & Millichap, Inc.(c)		28		790
MGM Growth Properties LLC, Class A		155		4,351
Monmouth Real Estate Investment Corp.		109		1,582
National Health Investors, Inc.		51		3,175
National Storage Affiliates Trust		72		2,470
Newmark Group, Inc., Class A		180		797
NexPoint Residential Trust, Inc.		28		1,159
Office Properties Income Trust		42		1,001
One Liberty Properties, Inc.		16		307
Outfront Media, Inc.		174		2,946
Paramount Group, Inc.		226		1,672
Park Hotels & Resorts, Inc.		281		2,667
Pebblebrook Hotel Trust		159		2,007

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

32

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

	Shares		Value
Real Estate-(continued)
Physicians Realty Trust		237	$	4,302
Piedmont Office Realty Trust, Inc., Class A		153		2,342
PotlatchDeltic Corp.		81		3,729
Preferred Apartment Communities, Inc., Class A		39		257
PS Business Parks, Inc.		25		3,155
QTS Realty Trust, Inc., Class A		67		4,544
Rayonier, Inc.		157		4,597
RE/MAX Holdings, Inc., Class A		21		738
Realogy Holdings Corp.		150		1,662
Redfin Corp.(c)		105		4,995
Retail Opportunity Investments Corp.		138		1,536
Retail Properties of America, Inc., Class A		259		1,634
Rexford Industrial Realty, Inc.		138		6,621
RLJ Lodging Trust		208		1,963
RMR Group, Inc. (The), Class A		18		508
RPT Realty		94		551
Ryman Hospitality Properties, Inc.		60		2,290
Sabra Health Care REIT, Inc.		244		3,618
Safehold, Inc.		15		832
Saul Centers, Inc.		16		448
Seritage Growth Properties, Class A(b)(c)		16		224
Service Properties Trust		76		624
SITE Centers Corp.		166		1,247
SL Green Realty Corp.		92		4,302
Spirit Realty Capital, Inc.		124		4,403
St. Joe Co. (The)(c)		42		975
STAG Industrial, Inc.		177		5,717
STORE Capital Corp.		270		7,301
Summit Hotel Properties, Inc.		127		748
Sunstone Hotel Investors, Inc.		273		2,274
Tanger Factory Outlet Centers, Inc.		39		222
Taubman Centers, Inc.		75		2,872
Tejon Ranch Co.(c)		25		358
Terreno Realty Corp.		78		4,652
UMH Properties, Inc.		40		582
Uniti Group, Inc.		202		1,984
Universal Health Realty Income Trust		16		1,068
Urban Edge Properties		150		1,584
Urstadt Biddle Properties, Inc., Class A		34		316
Washington REIT		97		2,128
Weingarten Realty Investors		148		2,586
Whitestone REIT		42		270
Xenia Hotels & Resorts, Inc.		136		1,221
				339,438
Utilities-2.26%
ALLETE, Inc.		63		3,399
American States Water Co.		45		3,424
Avista Corp.		77		2,838
Black Hills Corp.		76		4,262
Cadiz, Inc.(b)(c)		41		429
California Water Service Group		58		2,630
Chesapeake Utilities Corp.		21		1,718
Clearway Energy, Inc., Class A		40		966
Investment Abbreviations:
CVR -Contingent Value Rights
REIT -Real Estate Investment Trust

	Shares		Value
Utilities-(continued)
Clearway Energy, Inc., Class C		88	$	2,245
Hawaiian Electric Industries, Inc.		132		4,568
IDACORP, Inc.		61		5,484
MDU Resources Group, Inc.		237		5,598
MGE Energy, Inc.		42		2,730
Middlesex Water Co.		22		1,411
National Fuel Gas Co.		94		4,290
New Jersey Resources Corp.		109		3,285
NextEra Energy Partners L.P.(b)		76		4,584
Northwest Natural Holding Co.		37		1,891
NorthWestern Corp.		61		3,150
ONE Gas, Inc.		64		4,744
Ormat Technologies, Inc.		46		2,800
Otter Tail Corp.		43		1,670
PNM Resources, Inc.		88		3,844
Portland General Electric Co.		108		4,120
SJW Group		30		1,876
South Jersey Industries, Inc.		112		2,481
Southwest Gas Holdings, Inc.		66		4,149
Spire, Inc.		60		3,493
Star Group L.P.		58		568
Sunnova Energy International, Inc.(c)		58		1,376
Unitil Corp.		18		760
York Water Co. (The)		15		684
				91,467
Total Common Stocks & Other Equity Interests (Cost $3,528,687)				4,012,547
Money Market Funds-0.15%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(f) (Cost $6,187)		6,187		6,187
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.31% (Cost $3,534,874)				4,018,734
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.01%
Invesco Private Government Fund, 0.03%(d)(f)(g)		151,867		151,867
Invesco Private Prime Fund, 0.14%(d)(f)(g)		50,590		50,600
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $202,467)				202,467
TOTAL INVESTMENTS IN SECURITIES-104.32% (Cost $3,737,341)				4,221,201
OTHER ASSETS LESS LIABILITIES-(4.32)%				(174,802	)
NET ASSETS-100.00%			$	4,046,399

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

33

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

August 31, 2020

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at August 31, 2020.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

								Change in
								Unrealized			Realized
	Value		Purchases		Proceeds			Appreciation			Gain			Value			Dividend
	August 31, 2019		at Cost		from Sales			(Depreciation)			(Loss)			August 31, 2020			Income
Invesco Mortgage Capital, Inc.		$    1,503		$        852		$        (500	)		$216			$(1,807	)			$        264			$    121
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		24,959		140,484		(159,256	)		-			-				6,187			94
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		79,372		474,170		(553,542	)		-			-				-			804	*
Invesco Liquid Assets Portfolio, Institutional Class		27,558		111,027		(138,577	)		(1	)		(7	)			-			300	*
Invesco Private Government Fund		-		536,324		(384,457	)		-			-				151,867			20	*
Invesco Private Prime Fund		-		98,412		(47,816	)		-			4				50,600			14	*
Total		$133,392		$1,361,269		$(1,284,148	)		$215			$(1,810	)		$	208,918		$	1,353

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

^(e) Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

34

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

August 31, 2020

Schedule of Investments^(a)

	Principal         Amount		Value
U.S. Treasury Securities-40.94%
U.S. Treasury Bonds-11.08%
7.63%, 11/15/2022	$	75,000	$	87,420
6.25%, 08/15/2023		20,000		23,608
6.50%, 11/15/2026		20,000		27,522
6.63%, 02/15/2027		50,000		69,818
6.25%, 05/15/2030		25,000		38,222
5.38%, 02/15/2031		30,000		44,275
4.50%, 02/15/2036		15,000		22,696
4.25%, 05/15/2039		200,000		306,266
4.50%, 08/15/2039		100,000		157,805
4.38%, 11/15/2039		100,000		155,899
4.63%, 02/15/2040		25,000		40,190
1.13%, 05/15/2040		135,000		133,059
1.13%, 08/15/2040		20,000		19,645
4.75%, 02/15/2041		100,000		164,637
2.75%, 08/15/2042		100,000		127,836
2.75%, 11/15/2042		20,000		25,538
2.88%, 05/15/2043		100,000		130,234
3.75%, 11/15/2043		50,000		74,115
3.63%, 02/15/2044		155,000		226,003
2.88%, 08/15/2045		115,000		150,789
2.50%, 02/15/2046		110,000		135,528
2.25%, 08/15/2046		130,000		153,227
3.00%, 05/15/2047		150,000		202,887
2.75%, 08/15/2047		80,000		103,781
3.13%, 05/15/2048		50,000		69,492
3.00%, 08/15/2048		50,000		68,150
3.38%, 11/15/2048		60,000		87,293
3.00%, 02/15/2049		50,000		68,387
2.88%, 05/15/2049		25,000		33,488
2.25%, 08/15/2049		55,000		65,461
2.38%, 11/15/2049		65,000		79,427
2.00%, 02/15/2050		25,000		28,305
1.25%, 05/15/2050		165,000		156,776
				3,277,779
U.S. Treasury Notes-29.86%
1.13%, 09/30/2021		200,000		202,086
2.00% - 2.88%, 11/15/2021		150,000		153,879
1.75% - 1.88%, 11/30/2021		400,000		408,258
2.00% - 2.50%, 02/15/2022		250,000		257,101
0.38% - 1.88%, 03/31/2022		300,000		305,852
0.13%, 04/30/2022		50,000		49,990
1.75% - 2.13%, 05/15/2022		300,000		308,852
2.13%, 06/30/2022		200,000		207,246
0.13%, 07/31/2022		250,000		249,941
1.50% - 1.63%, 08/15/2022		160,000		164,516
1.50%, 09/15/2022		50,000		51,395
1.63%, 11/15/2022		100,000		103,277
2.00%, 11/30/2022		100,000		104,184
2.13%, 12/31/2022		100,000		104,621
1.38% - 2.00%, 02/15/2023		150,000		156,099
1.50% - 2.63%, 02/28/2023		300,000		313,004
1.75%, 05/15/2023		100,000		104,348
2.75%, 05/31/2023		100,000		107,152
0.25%, 06/15/2023		50,000		50,154

	Principal         Amount		Value
U.S. Treasury Notes-(continued)
0.13%, 07/15/2023	$	200,000	$	199,906
0.13% - 2.50%, 08/15/2023		150,000		156,916
2.75%, 11/15/2023		200,000		216,562
2.63%, 12/31/2023		40,000		43,266
2.25%, 01/31/2024		200,000		214,172
2.75%, 02/15/2024		50,000		54,449
2.38%, 02/29/2024		100,000		107,664
2.13%, 03/31/2024		50,000		53,476
2.50%, 05/15/2024		100,000		108,570
2.00%, 05/31/2024		50,000		53,375
1.75% - 2.00%, 06/30/2024		240,000		256,148
1.75%, 07/31/2024		100,000		106,049
2.38%, 08/15/2024		200,000		217,148
2.25%, 11/15/2024		150,000		162,809
1.50%, 11/30/2024		30,000		31,626
1.75%, 12/31/2024		50,000		53,289
1.38%, 01/31/2025		50,000		52,516
2.00%, 02/15/2025		200,000		215,687
1.13%, 02/28/2025		75,000		78,003
2.88%, 04/30/2025		75,000		84,158
2.13%, 05/15/2025		100,000		108,766
0.25%, 06/30/2025		75,000		74,994
0.25% - 2.88%, 07/31/2025		250,000		251,163
2.00%, 08/15/2025		100,000		108,527
0.25%, 08/31/2025		30,000		29,982
2.25%, 11/15/2025		200,000		220,219
2.88%, 11/30/2025		60,000		68,065
1.63%, 02/15/2026		100,000		107,031
1.63%, 05/15/2026		50,000		53,604
1.50%, 08/15/2026		100,000		106,602
2.00%, 11/15/2026		200,000		219,594
2.25%, 02/15/2027		50,000		55,813
0.50%, 04/30/2027		25,000		25,081
2.38%, 05/15/2027		100,000		112,727
0.50%, 06/30/2027		50,000		50,109
0.38%, 07/31/2027		145,000		144,026
2.25%, 08/15/2027		150,000		168,264
2.25%, 11/15/2027		50,000		56,232
2.75%, 02/15/2028		100,000		116,371
2.88%, 05/15/2028		100,000		117,666
2.88%, 08/15/2028		50,000		59,032
3.13%, 11/15/2028		50,000		60,228
2.63%, 02/15/2029		100,000		116,742
2.38%, 05/15/2029		100,000		114,973
1.63%, 08/15/2029		100,000		108,723
1.75%, 11/15/2029		50,000		54,990
1.50%, 02/15/2030		60,000		64,655
0.63%, 05/15/2030		140,000		139,245
0.63%, 08/15/2030		50,000		49,668
				8,830,836
Total U.S. Treasury Securities          (Cost $11,095,191)				12,108,615

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

35

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

August 31, 2020

	Principal         Amount		Value
U.S. Dollar Denominated Bonds & Notes-31.43%
Aerospace & Defense-0.51%
Boeing Co. (The), 4.88%, 05/01/2025	$	50,000	$	54,463
Raytheon Technologies Corp., 4.50%, 06/01/2042		75,000		95,493
				149,956
Agricultural & Farm Machinery-0.35%
B.A.T. Capital Corp. (United Kingdom), 2.76%, 08/15/2022		50,000		51,983
CNH Industrial Capital LLC, 4.38%, 04/05/2022		50,000		52,535
				104,518
Air Freight & Logistics-0.20%
United Parcel Service, Inc., 3.63%, 10/01/2042		50,000		58,167
Asset Management & Custody Banks-0.38%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(b)		50,000		58,697
Bank of New York Mellon Corp. (The), 2.20%, 08/16/2023		50,000		52,488
				111,185
Automobile Manufacturers-0.40%
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028		100,000		118,428
Biotechnology-0.64%
AbbVie, Inc., 3.60%, 05/14/2025		50,000		55,838
Amgen, Inc., 4.66%, 06/15/2051		50,000		66,235
Gilead Sciences, Inc., 4.75%, 03/01/2046		50,000		67,027
				189,100
Brewers-0.38%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.65%, 02/01/2026		100,000		113,298
Broadcasting-0.19%
Discovery Communications LLC, 3.95%, 03/20/2028		50,000		56,655
Cable & Satellite-0.59%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		50,000		58,221
Comcast Corp.      4.15%, 10/15/2028		50,000		60,678
3.25%, 11/01/2039		50,000		55,578
				174,477
Consumer Finance-0.72%
American Express Credit Corp., 2.70%, 03/03/2022		100,000		103,385
Capital One Financial Corp., 3.75%, 07/28/2026		100,000		109,871
				213,256
Diversified Banks-4.94%
Asian Development Bank (Supranational), 0.63%, 04/29/2025		100,000		101,098
Bank of America Corp.
2.82%, 07/21/2023(c)		50,000		52,062
3.88%, 08/01/2025		100,000		114,174
Bank of Montreal (Canada), 4.34%, 10/05/2028(c)		50,000		54,026

	Principal         Amount		Value
Diversified Banks-(continued)
Citigroup, Inc., 8.13%, 07/15/2039	$	75,000	$	132,501
European Investment Bank (Supranational), 2.25%, 03/15/2022		100,000		103,181
HSBC Holdings PLC (United Kingdom), 4.58%, 06/19/2029(c)		200,000		233,835
Inter-American Development Bank (Supranational), 3.00%, 02/21/2024		100,000		109,347
JPMorgan Chase & Co., 3.96%, 11/15/2048(c)		100,000		123,072
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.76%, 07/26/2023		50,000		54,512
Natwest Group PLC (United Kingdom), 6.00%, 12/19/2023		100,000		112,850
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.20%, 09/17/2029		50,000		54,365
Toronto-Dominion Bank (The) (Canada), 3.63%, 09/15/2031(c)		50,000		56,957
U.S. Bancorp, 3.38%, 02/05/2024		50,000		54,718
Wells Fargo & Co., 3.07%, 01/24/2023		100,000		103,482
				1,460,180
Diversified Chemicals-0.38%
Dow Chemical Co. (The), 4.38%, 11/15/2042		100,000		113,001
Diversified Metals & Mining-0.19%
Glencore Funding LLC (Australia), 4.00%, 03/27/2027(b)		50,000		54,981
Electric Utilities-1.80%
Duke Energy Corp., 3.75%, 09/01/2046		50,000		57,895
Entergy Louisiana LLC, 4.00%, 03/15/2033		100,000		125,909
Georgia Power Co., 4.30%, 03/15/2043		100,000		120,086
NextEra Energy Capital Holdings, Inc., 2.75%, 05/01/2025		100,000		108,757
Oncor Electric Delivery Co. LLC, 3.75%, 04/01/2045		50,000		59,989
Xcel Energy, Inc., 4.00%, 06/15/2028		50,000		58,981
				531,617
Environmental & Facilities Services-0.32%
Waste Management, Inc., 4.15%, 07/15/2049		75,000		94,690
Health Care Equipment-0.24%
Abbott Laboratories, 4.90%, 11/30/2046		50,000		71,839
Health Care Facilities-0.19%
HCA, Inc., 5.00%, 03/15/2024		50,000		56,544
Health Care Services-0.46%
Cigna Corp., 3.20%, 03/15/2040		25,000		26,707
CVS Health Corp., 2.88%, 06/01/2026(d)		100,000		109,084
				135,791
Home Improvement Retail-0.25%
Home Depot, Inc. (The), 5.88%, 12/16/2036		50,000		74,998
Household Products-0.29%
Procter & Gamble Co. (The), 3.00%, 03/25/2030		75,000		86,796
Hypermarkets & Super Centers-0.18%
Walmart, Inc., 2.55%, 04/11/2023		50,000		52,809

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

36

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

August 31, 2020

	Principal         Amount		Value
Industrial Conglomerates-0.63%
3M Co., 3.70%, 04/15/2050	$	50,000	$	60,929
General Electric Co., 6.75%, 03/15/2032		100,000		125,393
				186,322
Integrated Oil & Gas-1.27%
BP Capital Markets PLC (United Kingdom),
3.12%, 05/04/2026		100,000		109,436
Exxon Mobil Corp.
2.73%, 03/01/2023		50,000		52,780
4.33%, 03/19/2050		50,000		64,339
Shell International Finance B.V. (Netherlands),
6.38%, 12/15/2038		100,000		150,150
				376,705
Integrated Telecommunication Services-0.61%
AT&T, Inc., 3.40%, 05/15/2025		100,000		111,350
Verizon Communications, Inc., 5.01%, 04/15/2049		50,000		69,920
				181,270
Internet & Direct Marketing Retail-0.41%
Amazon.com, Inc., 2.50%, 11/29/2022		115,000		120,234
Investment Banking & Brokerage-0.86%
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025		125,000		142,552
Morgan Stanley, Series F, 3.88%, 04/29/2024		100,000		111,297
				253,849
IT Consulting & Other Services-0.46%
International Business Machines Corp., 6.50%, 01/15/2028		100,000		135,721
Life & Health Insurance-0.61%
MetLife, Inc., 6.40%, 12/15/2036		100,000		126,329
Prudential Financial, Inc., 5.20%, 03/15/2044(c)		50,000		53,042
				179,371
Managed Health Care-0.27%
UnitedHealth Group, Inc., 2.00%, 05/15/2030		75,000		78,731
Movies & Entertainment-0.23%
Walt Disney Co. (The), 4.70%, 03/23/2050		50,000		66,675
Multi-line Insurance-0.46%
American International Group, Inc., 2.50%, 06/30/2025		50,000		53,545
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(b)		75,000		82,401
				135,946
Multi-Sector Holdings-0.58%
Berkshire Hathaway Energy Co.
3.75%, 11/15/2023		50,000		54,932
4.25%, 10/15/2050(b)		50,000		63,712
Berkshire Hathaway, Inc., 2.75%, 03/15/2023		50,000		52,898
				171,542
Multi-Utilities-0.18%
Delmarva Power & Light Co., 3.50%, 11/15/2023		50,000		54,441
Office REITs-0.37%
Boston Properties L.P., 3.80%, 02/01/2024		100,000		108,833

	Principal         Amount		Value
Oil & Gas Exploration & Production-0.26%
ConocoPhillips, 4.95%, 03/15/2026	$	65,000	$	78,387
Oil & Gas Refining & Marketing-0.37%
Valero Energy Corp., 3.40%, 09/15/2026		100,000		110,373
Oil & Gas Storage & Transportation-0.75%
Energy Transfer Operating L.P., 6.13%, 12/15/2045		100,000		102,458
TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034		100,000		120,520
				222,978
Packaged Foods & Meats-0.41%
Conagra Brands, Inc., 3.80%, 10/22/2021		50,000		51,889
Tyson Foods, Inc., 5.10%, 09/28/2048		50,000		68,861
				120,750
Paper Products-0.18%
Georgia-Pacific LLC, 2.30%, 04/30/2030(b)		50,000		53,194
Pharmaceuticals-0.81%
Bristol-Myers Squibb Co., 5.88%, 11/15/2036		50,000		73,359
Pfizer, Inc., 3.40%, 05/15/2024		150,000		165,870
				239,229
Railroads-0.52%
CSX Corp., 2.40%, 02/15/2030(d)		50,000		52,841
Union Pacific Corp., 4.50%, 09/10/2048		75,000		99,935
				152,776
Restaurants-0.21%
McDonald’s Corp., 4.20%, 04/01/2050		50,000		61,238
Retail REITs-0.37%
Simon Property Group L.P., 3.38%, 12/01/2027		100,000		108,200
Semiconductors-0.65%
Broadcom, Inc., 5.00%, 04/15/2030		50,000		59,624
Intel Corp., 2.70%, 12/15/2022		100,000		105,652
QUALCOMM, Inc., 3.25%, 05/20/2050		25,000		28,248
				193,524
Soft Drinks-0.19%
PepsiCo, Inc., 2.63%, 07/29/2029		50,000		55,671
Sovereign Debt-3.43%
Hungary Government International Bond (Hungary), 5.38%, 02/21/2023		200,000		221,289
Indonesia Government International Bond (Indonesia), 8.50%, 10/12/2035(b)		100,000		162,859
International Bank for Reconstruction &
Development (Supranational), 0.63%, 04/22/2025		50,000		50,565
Japan Bank for International Cooperation (Japan), 2.88%, 06/01/2027		200,000		227,057
Mexico Government International Bond (Mexico)
4.75%, 03/08/2044		100,000		112,580
5.75%, 10/12/2110		100,000		122,079
Province of Alberta Canada (Canada), 2.20%, 07/26/2022		115,000		119,010
				1,015,439
Specialized REITs-0.36%
American Tower Corp., 3.50%, 01/31/2023		100,000		106,928

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

37

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

August 31, 2020

	Principal   Amount		Value
Specialty Chemicals-0.17%
DuPont de Nemours, Inc., 2.17%, 05/01/2023	$	50,000	$	51,010
Steel-0.20%
Vale Overseas Ltd. (Brazil), 6.25%, 08/10/2026		50,000		59,487
Systems Software-0.77%
Microsoft Corp., 3.70%, 08/08/2046		100,000		125,526
Oracle Corp., 1.90%, 09/15/2021		100,000		101,596
				227,122
Technology Hardware, Storage & Peripherals-0.41%
Apple, Inc., 2.40%, 05/03/2023		115,000		121,451
Tobacco-0.20%
Philip Morris International, Inc., 4.13%, 03/04/2043		50,000		59,414
Trading Companies & Distributors-0.34%
Air Lease Corp., 3.63%, 04/01/2027		100,000		100,350
Wireless Telecommunication Services-0.29%
T-Mobile USA, Inc., 3.88%, 04/15/2030(b)		75,000		86,061
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,670,512)				9,295,508
U.S. Government Sponsored Agency Mortgage-Backed Securities-23.78%
Federal Home Loan Bank (FHLB)-0.36%
2.13%, 06/09/2023		100,000		105,184
Federal Home Loan Mortgage Corp. (FHLMC)-6.60%
2.38%, 01/13/2022		200,000		206,149
2.50%, 09/01/2028 to 05/01/2050		322,389		342,380
3.00%, 11/01/2028 to 09/01/2049		485,477		514,122
3.50%, 02/01/2043 to 10/01/2047		407,892		439,662
4.00%, 08/01/2047 to 09/01/2049		293,736		315,147
4.50%, 03/01/2049 to 06/01/2050		123,630		134,033
				1,951,493
Federal National Mortgage Association (FNMA)-10.40%
2.63%, 09/06/2024		200,000		218,820
3.50%, 12/01/2028 to 03/01/2050		709,848		758,013
2.50%, 02/01/2032 to 05/01/2050		331,988		350,844
3.00%, 09/01/2032 to 03/01/2050		894,149		952,462
4.00%, 09/01/2047 to 06/01/2049		463,136		495,507
5.00%, 05/01/2048 to 07/01/2049		161,602		180,179
4.50%, 04/01/2049		110,033		121,336
				3,077,161
Government National Mortgage Association (GNMA)-6.42%
3.50%, 04/20/2033 to 03/20/2050		614,817		655,319
4.00%, 11/15/2046 to 05/20/2050		311,206		334,519
3.00%, 11/20/2046 to 05/20/2050		536,147		569,971
5.00%, 05/20/2048		38,688		42,093
4.50%, 01/20/2049 to 07/20/2049		117,732		126,781
2.50%, 06/20/2049		160,635		170,581
				1,899,264
Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $6,815,416)				7,033,102

Investment Abbreviations:

GO -General Obligation

REIT -Real Estate Investment Trust

	Principal   Amount		Value
Asset-Backed Securities-2.73%
American Express Credit Account Master Trust, Series 2017-6, Class A, 2.04%, 05/15/2023	$	100,000	$	100,222
CarMax Auto Owner Trust, Series 2017-2, Class A4, 2.25%, 09/15/2022		100,000		101,211
Commercial Mortgage Trust, Series 2015-CR22, Class A5, 3.31%, 03/10/2048		100,000		109,229
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 07/15/2031(b)		100,000		110,567
Verizon Owner Trust, Series 2017-3A, Class A1A, 2.06%, 04/20/2022(b)		15,601		15,657
Wells Fargo Commercial Mortgage Trust
Series 2015-LC20, Class B, 3.72%, 04/15/2050		100,000		103,739
Series 2015-NXS2, Class A4, 3.50%, 07/15/2058		200,000		219,568
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class C, 4.54%, 11/15/2045(e)		50,000		48,762
Total Asset-Backed Securities (Cost $776,329)				808,955
Municipal Obligations-0.60%
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039 (Cost $149,116)		100,000		177,173
	Shares
Money Market Funds-0.14%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(f)(g) (Cost $41,331)		41,331		41,331
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $27,547,895)				29,464,684
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.55%
Invesco Private Government Fund, 0.03%(f)(g)(h)		123,130		123,130
Invesco Private Prime Fund, 0.14%(f)(g)(h)		41,202		41,210
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $164,340)				164,340
TOTAL INVESTMENTS IN SECURITIES-100.17% (Cost $27,712,235)				29,629,024
OTHER ASSETS LESS LIABILITIES-(0.17)%				(51,571	)
NET ASSETS-100.00%			$	29,577,453

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

38

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

August 31, 2020

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $688,129, which represented 2.33% of the Fund’s Net Assets.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  All or a portion of this security was out on loan at August 31, 2020.

^(e)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2020.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	August 31, 2019			at Cost			from Sales				Appreciation			Gain			August 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	24,081		$	2,300,377		$	(2,283,127	)		$	-		$	-		$	41,331		$	355
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			-			986,576			(986,576	)			-			-			-			249	*
Invesco Liquid Assets Portfolio, Institutional Class			-			219,861			(219,864	)			-			3			-			93	*
Invesco Private Government Fund			-			866,195			(743,065	)			-			-			123,130			15	*
Invesco Private Prime Fund			-			194,665			(153,461	)			-			6			41,210			12	*
Total		$	24,081		$	4,567,674		$	(4,386,093	)		$	-		$	9		$	205,671		$	724

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

^(g) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

39

Statements of Assets and Liabilities

August 31, 2020

	Invesco PureBetaSM MSCI USA ETF (PBUS)		Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)		Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Assets:
Unaffiliated investments in securities, at value(a)		$8,842,918		$4,012,283		$29,423,353
Affiliated investments in securities, at value		21,114		208,918		205,671
Cash		83		-		750
Receivable for:
Dividends and interest		12,738		3,472		158,374
Securities lending		3		180		33
Investments sold		-		-		394,598
Investments sold - affiliated broker		16,511		39,680		-
Total assets		8,893,367		4,264,533		30,182,779
Liabilities:
Payable for:
Investments purchased		-		-		439,779
Investments purchased - affiliated broker		19,231		15,463		-
Collateral upon return of securities loaned		19,185		202,467		164,340
Accrued unitary management fees		288		204		1,207
Total liabilities		38,704		218,134		605,326
Net Assets		$8,854,663		$4,046,399		$29,577,453
Net assets consist of:
Shares of beneficial interest		$6,766,139		$3,590,331		$27,683,054
Distributable earnings		2,088,524		456,068		1,894,399
Net Assets		$8,854,663		$4,046,399		$29,577,453
Shares outstanding (unlimited amount authorized, $0.01 par value)		250,001		150,001		1,100,001
Net asset value		$35.42		$26.98		$26.89
Market price		$35.61		$27.00		$26.93
Unaffiliated investments in securities, at cost		$6,739,779		$3,528,453		$27,506,564
Affiliated investments in securities, at cost		$     21,884		$   208,888		$     205,671
(a) Includes securities on loan with an aggregate value of:		$     18,573		$   195,315		$     160,305

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

40

Statements of Operations

For the year ended August 31, 2020

	Invesco PureBetaSM MSCI USA ETF (PBUS)				Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)				Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Investment income:
Unaffiliated interest income		$	-			$	-			$	634,446
Unaffiliated dividend income			84,302				43,794				-
Affiliated dividend income			126				215				355
Securities lending income			78				1,824				217
Foreign withholding tax			(9	)			(29	)			-
Total investment income			84,497				45,804				635,018
Expenses:
Unitary management fees			1,816				1,776				13,180
Less: Waivers			(11	)			(11	)			(78	)
Net expenses			1,805				1,765				13,102
Net investment income			82,692				44,039				621,916
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(32,210	)			(14,471	)			212,633
Affiliated investment securities			(180	)			(1,810	)			9
Net realized gain (loss)			(32,390	)			(16,281	)			212,642
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			1,688,828				354,753				788,325
Affiliated investment securities			39				215				-
Change in net unrealized appreciation			1,688,867				354,968				788,325
Net realized and unrealized gain			1,656,477				338,687				1,000,967
Net increase in net assets resulting from operations		$	1,739,169			$	382,726			$	1,622,883

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

41

Statements of Changes in Net Assets

For the years ended August 31, 2020 and 2019

	Invesco PureBetaSM MSCI USA ETF (PBUS)
	2020				2019
Operations:
Net investment income		$	82,692			$	47,560
Net realized gain (loss)			(32,390	)			(1,083	)
Change in net unrealized appreciation (depreciation)			1,688,867				19,713
Net increase (decrease) in net assets resulting from operations			1,739,169				66,190
Distributions to Shareholders from:
Distributable earnings			(66,477	)			(59,334	)
Shareholder Transactions:
Proceeds from shares sold			4,266,114				-
Net increase (decrease) in net assets			5,938,806				6,856
Net assets:
Beginning of year			2,915,857				2,909,001
End of year		$	8,854,663			$	2,915,857
Changes in Shares Outstanding:
Shares sold			150,000				-
Shares outstanding, beginning of year			100,001				100,001
Shares outstanding, end of year			250,001				100,001

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

42

Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)								Invesco PureBetaSM US Aggregate Bond ETF (PBND)
2020				2019				2020				2019
	$	44,039			$	30,840			$	621,916			$	666,029
		(16,281	)			(7,557	)			212,642				(93,021	)
		354,968				(297,294	)			788,325				1,832,143
		382,726				(274,011	)			1,622,883				2,405,151
		(43,279	)			(120,640	)			(691,688	)			(698,051	)
		1,090,306				-				2,705,966				-
		1,429,753				(394,651	)			3,637,161				1,707,100
		2,616,646				3,011,297				25,940,292				24,233,192
	$	4,046,399			$	2,616,646			$	29,577,453			$	25,940,292
		50,000				-				100,000				-
		100,001				100,001				1,000,001				1,000,001
		150,001				100,001				1,100,001				1,000,001

43

Financial Highlights

Invesco PureBeta^SM MSCI USA ETF (PBUS)

	Years Ended August 31,						Ten Months Ended August 31, 2018			For the Period September 19, 2017(a) Through October 31, 2017
	2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$29.16			$29.09			$25.70			$25.00
Net investment income(b)		0.56			0.48			0.43			0.04
Net realized and unrealized gain on investments		6.21			0.19			3.32			0.66
Total from investment operations		6.77			0.67			3.75			0.70
Distributions to shareholders from:
Net investment income		(0.51	)		(0.53	)		(0.36	)		-
Net realized gains		-			(0.07	)		-			-
Total distributions		(0.51	)		(0.60	)		(0.36	)		-
Net asset value at end of period		$35.42			$29.16			$29.09			$25.70
Market price at end of period(c)		$35.61			$29.16			$29.09			$25.70
Net Asset Value Total Return(d)		23.71	%		2.48	%		14.68	%		2.80	%(e)
Market Price Total Return(d)		24.36	%		2.48	%		14.68	%		2.80	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$8,855			$2,916			$2,909			$2,570
Ratio to average net assets of:
Expenses		0.04	%		0.29	%(f)		0.04	%(g)		0.04	%(g)
Net investment income		1.82	%		1.70	%(f)		1.91	%(g)		1.31	%(g)
Portfolio turnover rate(h)		5	%		5	%		4	%		0	%(i)

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 2.96%. The market price total return from Fund Inception to October 31, 2017 was 3.09%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.25%.

^(g) Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

⁽ⁱ⁾  Amount represents less than 0.5%.

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

44

Financial Highlights–(continued)

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

	Years Ended August 31,						Ten Months Ended August 31, 2018			For the Period September 19, 2017(a) Through October  31, 2017
	2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$26.17			$30.11			$26.06			$25.00
Net investment income(b)		0.38			0.31			0.32			0.04
Net realized and unrealized gain (loss) on investments		0.82			(3.05	)		4.00			1.02
Total from investment operations		1.20			(2.74	)		4.32			1.06
Distributions to shareholders from:
Net investment income		(0.38	)		(0.38	)		(0.27	)		-
Net realized gains		(0.01	)		(0.82	)		-			-
Total distributions		(0.39	)		(1.20	)		(0.27	)		-
Net asset value at end of period		$26.98			$26.17			$30.11			$26.06
Market price at end of period(c)		$27.00			$26.21			$30.11			$26.08
Net Asset Value Total Return(d)		4.87	%		(8.54	)%		16.66	%		4.24	%(e)
Market Price Total Return(d)		4.79	%		(8.40	)%		16.57	%		4.32	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$4,046			$2,617			$3,011			$2,606
Ratio to average net assets of:
Expenses		0.06	%		0.32	%(f)		0.06	%(g)		0.06	%(g)
Net investment income		1.49	%		1.16	%(f)		1.39	%(g)		1.21	%(g)
Portfolio turnover rate(h)		21	%		17	%		15	%		1	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 3.66%. The market price total return from Fund Inception to October 31, 2017 was 3.66%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.26%.

^(g) Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

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Financial Highlights–(continued)

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

	Years Ended August 31,								Ten Months Ended August 31, 2018				For the Period September 27, 2017(a) Through October 31, 2017
	2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.94			$	24.23			$	24.96			$	25.00
Net investment income(b)			0.62				0.67				0.52				0.06
Net realized and unrealized gain (loss) on investments			1.02				1.74				(0.70	)			(0.05	)
Total from investment operations			1.64				2.41				(0.18	)			0.01
Distributions to shareholders from:
Net investment income			(0.69	)			(0.70	)			(0.54	)			(0.05	)
Return of capital			-				-				(0.01	)			-
Total distributions			(0.69	)			(0.70	)			(0.55	)			(0.05	)
Net asset value at end of period		$	26.89			$	25.94			$	24.23			$	24.96
Market price at end of period(c)		$	26.93			$	25.96			$	24.25			$	24.96
Net Asset Value Total Return(d)			6.42	%			10.14	%			(0.72	)%			0.05	%(e)
Market Price Total Return(d)			6.49	%			10.14	%			(0.64	)%			0.05	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	29,577			$	25,940			$	24,233			$	24,964
Ratio to average net assets of:
Expenses, after Waivers			0.05	%			0.08	%(f)			0.05	%(g)			0.04	%(g)
Expenses, prior to Waivers			0.05	%			0.08	%(f)			0.05	%(g)			0.05	%(g)
Net investment income			2.36	%			2.71	%(f)			2.55	%(g)			2.44	%(g)
Portfolio turnover rate(h)			30	%			29	%			20	%			0	%(i)

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (September 29, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.01%. The market price total return from Fund Inception to October 31, 2017 was 0.29%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(g) Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

⁽ⁱ⁾  Amount represents less than 0.5%.

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

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco PureBetaSM MSCI USA ETF (PBUS)	“PureBetaSM MSCI USA ETF”
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)	“PureBetaSM MSCI USA Small Cap ETF”
Invesco PureBetaSM US Aggregate Bond ETF (PBND)	“PureBetaSM US Aggregate Bond ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.

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

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

Fund	Underlying Index
PureBetaSM MSCI USA ETF	MSCI USA Index
PureBetaSM MSCI USA Small Cap ETF	MSCI USA Small Cap Index
PureBetaSM US Aggregate Bond ETF	ICE BofAML US Broad Market IndexSM

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 the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are

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subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Changing U.S. Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes

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or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and a Fund’s transaction costs.

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

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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

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

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities may be prepaid at a price less than the original purchase value. In addition, TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction and counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns.

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

49

performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

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

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

U.S. Government Obligation Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

C.  Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D.  Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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E.  Dividends and Distributions to Shareholders - Each Fund (except for PureBeta^SM US Aggregate Bond ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. PureBeta^SM US Aggregate Bond ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F.  Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

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

H.  Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I.  Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J.  Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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

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securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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

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

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
PureBetaSM MSCI USA ETF	0.04%
PureBetaSM MSCI USA Small Cap ETF	0.06%
PureBetaSM US Aggregate Bond ETF	0.05%

Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees for each Fund in the following amounts:

PureBetaSM MSCI USA ETF	$	11
PureBetaSM MSCI USA Small Cap ETF		11
PureBetaSM US Aggregate Bond ETF		78

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.

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

Fund	Licensor
PureBetaSM MSCI USA ETF	MSCI Inc.
PureBetaSM MSCI USA Small Cap ETF	MSCI Inc.
PureBetaSM US Aggregate Bond ETF	ICE Data Indices, LLC

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

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

Portfolio transactions executed on behalf of each Fund with Invesco Capital Markets, Inc., an affiliate of the Adviser and Distributor, that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended August 31, 2020, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains
PureBetaSM MSCI USA ETF	$352	$-	$-

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 a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
PureBetaSM MSCI USA ETF
Investments in Securities
Common Stocks & Other Equity Interests		$8,844,030	$	-	$	-	$	8,844,030
Money Market Funds		817		19,185		-		20,002
Total Investments		$8,844,847	$	19,185	$	-	$	8,864,032

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	Level 1			Level 2			Level 3			Total
PureBetaSM MSCI USA Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	4,012,484		$	21		$	42		$	4,012,547
Money Market Funds			6,187			202,467			-			208,654
Total Investments		$	4,018,671		$	202,488		$	42		$	4,221,201
PureBetaSM US Aggregate Bond ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	12,108,615		$	-		$	12,108,615
U.S. Dollar Denominated Bonds & Notes			-			9,295,508			-			9,295,508
U.S. Government Sponsored Agency Mortgage-Backed Securities			-			7,033,102			-			7,033,102
Asset-Backed Securities			-			808,955			-			808,955
Municipal Obligations			-			177,173			-			177,173
Money Market Funds			41,331			164,340			-			205,671
Total Investments		$	41,331		$	29,587,693		$	-		$	29,629,024

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:

	2020						2019
	Ordinary Income*			Long-Term Capital Gains			Ordinary Income*			Long-Term Capital Gains
PureBetaSM MSCI USA ETF		$	66,477		$	-		$	57,036		$	2,298
PureBetaSM MSCI USA Small Cap ETF			42,620			659			116,041			4,599
PureBetaSM US Aggregate Bond ETF			691,688			-			698,051			-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-end:

	Undistributed Ordinary Income		Net Unrealized Appreciation- Investments		Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
PureBetaSM MSCI USA ETF		$22,382		$2,087,971		$(21,829	)	$	6,766,139	$	8,854,663
PureBetaSM MSCI USA Small Cap ETF		3,714		456,906		(4,552	)		3,590,331		4,046,399
PureBetaSM US Aggregate Bond ETF		-		1,916,643		(22,244	)		27,683,054		29,577,453

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

The following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
PureBetaSM MSCI USA ETF	$	-		$21,829	$	21,829
PureBetaSM MSCI USA Small Cap ETF		-		4,552		4,552
PureBetaSM US Aggregate Bond ETF		22,244		-		22,244

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

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NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
PureBetaSM MSCI USA ETF	$	294,554	$	246,459
PureBetaSM MSCI USA Small Cap ETF		625,766		609,520
PureBetaSM US Aggregate Bond ETF		5,879,851		5,318,963

For the fiscal year ended August 31, 2020, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for PureBeta^SM US Aggregate Bond ETF amounted to $2,594,622 and $2,503,437, respectively.

For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of	Value of
	Securities	Securities
	Received	Delivered
PureBetaSM MSCI USA ETF	$4,230,000	$-
PureBetaSM MSCI USA Small Cap ETF	1,067,870	-
PureBetaSM US Aggregate Bond ETF	2,111,004	-

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

At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross		Gross			Net
	Unrealized		Unrealized			Unrealized
	Appreciation		(Depreciation)			Appreciation		Cost
PureBetaSM MSCI USA ETF		$2,290,257		$(202,286	)		$2,087,971		$  6,776,061
PureBetaSM MSCI USA Small Cap ETF		816,236		(359,330	)		456,906		3,764,295
PureBetaSM US Aggregate Bond ETF		1,948,984		(32,341	)		1,916,643		27,712,381

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions and paydowns, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
PureBetaSM MSCI USA ETF		$	-		$	-			$	-
PureBetaSM MSCI USA Small Cap ETF			262			(262	)			-
PureBetaSM US Aggregate Bond ETF			69,772			(67,244	)			(2,528	)

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

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

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the

55

transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

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

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Significant Event

On October 9, 2020, the Funds changed their classification from “non-diversified” to “diversified” and therefore are now required to meet certain diversification requirements under the Investment Company Act of 1940.

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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 PureBetaSM MSCI USA ETF, Invesco PureBetaSM MSCI USA Small Cap ETF and Invesco PureBetaSM US Aggregate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco PureBetaSM MSCI USA ETF, Invesco PureBetaSM MSCI USA Small Cap ETF and Invesco PureBetaSM US Aggregate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets for each of the two years in the period ended August 31, 2020, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 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.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

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

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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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	March 1, 2020			August 31, 2020			Six-Month Period			Six-Month Period(1)
Invesco PureBetaSM MSCI USA ETF (PBUS)
Actual		$	1,000.00		$	1,210.50		0.04	%		$	0.22
Hypothetical (5% return before expenses)			1,000.00			1,024.94		0.04				0.20
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
Actual			1,000.00			1,068.40		0.06				0.31
Hypothetical (5% return before expenses)			1,000.00			1,024.83		0.06				0.31
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Actual			1,000.00			1,029.50		0.05				0.26
Hypothetical (5% return before expenses)			1,000.00			1,024.89		0.05				0.25

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. 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

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 August 31, 2020:

	Qualified	Qualified			Business	Qualified
	Business	Dividend	Dividends-Received	U.S. Treasury	Interest	Interest	Long Term	Qualified Short
	Income*	Income*	Deduction*	Obligations*	Income*	Income*	Capital Gains	Term Gains
Invesco PureBetaSM MSCI USA ETF	0%	95%	93%	0%	0%	0%	$    -	$    -
Invesco PureBetaSM MSCI USA Small Cap ETF	21%	67%	66%	0%	1%	1%	$659	$601
Invesco PureBetaSM US Aggregate Bond ETF	0%	0%	0%	36%	99%	89%	$    -	$    -

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

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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 August 31, 2020

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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

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

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

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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
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

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

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

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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
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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

62

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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

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

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

63

Trustees and Officers–(continued)

Name, Address and Year of Birth of 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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

64

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, 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.	214	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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

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

65

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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); 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.	214	None

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

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

66

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present);formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

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

67

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
Adam Henkel– 1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

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

68

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
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

69

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^{SM 0-5 Yr US TIPS ETF}

Invesco PureBeta^SM FTSE Developed ex-North America ETF Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of

70

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

scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

● 0.04%: Invesco PureBeta^SM MSCI USA ETF

● 0.05%: Invesco PureBeta^SM US Aggregate Bond ETF

● 0.06%: Invesco PureBeta^SM MSCI USA Small Cap ETF

● 0.07%: Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF

● 0.08%: Invesco Treasury Collateral ETF

● 0.10%: Invesco S&P 500 Minimum Variance ETF

● 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

● 0.14%: Invesco PureBeta^SM FTSE Emerging Markets ETF

● 0.20%: Invesco Russell 1000 Equal Weight ETF

● 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF

71

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

● 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

● 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

● 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

● 0.30%: Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

● 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

● 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

● 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

● 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

● 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

● 0.55%: Invesco International BuyBack Achievers^TM ETF

● 0.60%: Invesco DWA SmallCap Momentum ETF

● 0.65%: Invesco Senior Loan ETF

● 0.70%: Invesco China Technology ETF

● 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF

● 0.80%: Invesco DWA Developed Markets Momentum ETF

● 0.90%: Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end

72

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

actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF	X	X	X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF			X
Invesco PureBetaTM FTSE Developed ex-North America ETF			X
Invesco PureBetaTM FTSE Emerging Markets ETF	X		X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF	X	X	X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF		X	X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500® High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF		X	X

73

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

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco S&P 500 Revenue ETF		X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X		X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF			X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF		X	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

74

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

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

75

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

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

76

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PBETA-AR-2	invesco.com/ETFs

Invesco Annual Report to Shareholders
August 31, 2020
DWAS	Invesco DWA SmallCap Momentum ETF
PSCD	Invesco S&P SmallCap Consumer Discretionary ETF
PSCC	Invesco S&P SmallCap Consumer Staples ETF
PSCE	Invesco S&P SmallCap Energy ETF
PSCF	Invesco S&P SmallCap Financials ETF
PSCH	Invesco S&P SmallCap Health Care ETF
PSCI	Invesco S&P SmallCap Industrials ETF
PSCT	Invesco S&P SmallCap Information Technology ETF
PSCM	Invesco S&P SmallCap Materials ETF
PSCU	Invesco S&P SmallCap Utilities & Communication Services ETF

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
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	24
Schedules of Investments
Invesco DWA SmallCap Momentum ETF (DWAS)	25
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)	28
Invesco S&P SmallCap Consumer Staples ETF (PSCC)	30
Invesco S&P SmallCap Energy ETF (PSCE)	32
Invesco S&P SmallCap Financials ETF (PSCF)	34
Invesco S&P SmallCap Health Care ETF (PSCH)	37
Invesco S&P SmallCap Industrials ETF (PSCI)	39
Invesco S&P SmallCap Information Technology ETF (PSCT)	41
Invesco S&P SmallCap Materials ETF (PSCM)	43
Invesco S&P SmallCap Utilities  & Communication Services ETF (PSCU)	45
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	52
Financial Highlights	56
Notes to Financial Statements	64
Report of Independent Registered Public Accounting Firm	75
Fund Expenses	76
Tax Information	78
Trustees and Officers	79
Approval of Investment Advisory and Sub-Advisory Contracts	89

2

The Market Environment

Domestic Equity

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the US Federal Reserve (“the Fed”) cut interest rates by 0.25% each time, based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the Fed cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and reopenings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.² Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

3

Management’s Discussion of Fund Performance Invesco DWA SmallCap Momentum ETF (DWAS)

As an index fund, the Invesco DWA SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® SmallCap Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of small-capitalization companies that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates (“Dorsey Wright” or the “Index Provider”) selects securities for inclusion in the Index pursuant to a proprietary selection methodology, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index Provider selects securities for inclusion in the Index from an eligible universe of the smallest 2,000 constituents by market capitalization that trade on a U.S. exchange and that are included within the NASDAQ US Benchmark Index. The Index Provider assigns a relative strength score to each eligible security and selects approximately 200 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 11.77%. On a net asset value (“NAV”) basis, the Fund returned 11.67%. During the same time period, the Index returned 12.08%. 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 that were partially offset by revenue generated from the securities lending program in which the Fund participates. During this same time period, the Russell 2000^® Index returned 6.02%.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the real estate and utilities sectors, respectively. The health care, consumer discretionary and industrials sectors detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Axsome Therapeutics, Inc., a health care company (no longer held at fiscal year-end), and Novavax, Inc., a health care company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return included Caesars

Entertainment, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Arrowhead Pharmaceuticals, Inc., a health care company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Health Care	39.62
Consumer Discretionary	18.13
Information Technology	16.91
Industrials	12.55
Financials	4.88
Sector Types Each Less Than 3%	7.89
Money Market Funds Plus   Other Assets Less Liabilities	0.02

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Overstock.com, Inc.	2.63
CryoPort, Inc.	2.60
Novavax, Inc.	2.32
Mirati Therapeutics, Inc.	1.86
Heska Corp.	1.32
Sunrun, Inc.	1.23
Plug Power, Inc.	1.21
Casella Waste Systems, Inc., Class A	1.20
AppFolio, Inc., Class A	1.14
Mersana Therapeutics, Inc.	1.10
Total	16.61

* Excluding money market fund holdings.

4

Invesco DWA SmallCap Momentum ETF (DWAS) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2020

												Fund Inception
				3 Years				5 Years
				Average		3 Years		Average		5 Years		Average
Index	1 Year			Annualized		Cumulative		Annualized		Cumulative		Annualized		Cumulative
Dorsey Wright® SmallCap Technical Leaders Index		12.08	%		11.07%		37.04%		9.20%		55.27%		12.20%		154.44%
Russell 2000® Index		6.02			5.03		15.85		7.65		44.57		10.07		117.89
Fund
NAV Return		11.67			10.51		34.96		8.62		51.23		11.57		143.21
Market Price Return		11.77			10.56		35.13		8.66		51.46		11.57		143.17

Fund Inception: July 19, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.60% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Russell 2000^® Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

5

Management’s Discussion of Fund Performance Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

As an index fund, the Invesco S&P SmallCap Consumer Discretionary ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small-capitalization U.S. consumer discretionary companies that comprise the Index. These companies are principally engaged in the business of providing consumer goods and services that are cyclical in nature, including, but not limited to, household durables, leisure products and services, apparel and luxury goods, computers and electronics, automobiles and auto components, hotel and restaurant services and television and other entertainment goods and services.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 14.74%. On a net asset value (“NAV”) basis, the Fund returned 14.68%. During the same time period, the Index returned 14.86%. 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, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the specialty retail industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocations in the internet & direct marketing retail, leisure products, and household durables industries.

For the fiscal year ended August 31, 2020, the internet & direct marketing retail industry contributed most significantly to the Fund’s return, followed by the leisure products and household durables industries, respectively. The textiles apparel & luxury goods industry detracted most significantly from the Fund’s

return, followed by the specialty retail and diversified consumer services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Stamps.com, Inc., an internet & direct marketing retail company (portfolio average weight of 2.38%), and Wingstop, Inc., a hotels, restaurants & leisure company (portfolio average weight of 3.24%). Positions that detracted most significantly from the Fund’s return included Kontoor Brands, Inc., a textiles, apparel & luxury goods company (portfolio average weight of 1.41%), and Steven Madden Ltd., a textiles, apparel & luxury goods company (portfolio average weight of 2.52%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Specialty Retail	20.63
Household Durables	17.69
Hotels, Restaurants & Leisure	15.04
Auto Components	14.23
Textiles, Apparel & Luxury Goods	11.01
Leisure Products	7.17
Internet & Direct Marketing Retail	5.50
Multiline Retail	3.73
Industry Types Each Less Than 3%	4.61
Money Market Funds Plus   Other Assets Less Liabilities	0.39

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Wingstop, Inc.	4.50
Fox Factory Holding Corp.	3.85
Stamps.com, Inc.	3.77
YETI Holdings, Inc.	3.20
Meritage Homes Corp.	3.16
LCI Industries	2.66
Crocs, Inc.	2.50
Dorman Products, Inc.	2.28
LGI Homes, Inc.	2.27
Shake Shack, Inc., Class A	2.23
Total	30.42

* Excluding money market fund holdings.

6

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

																Fund Inception
Index	1 Year			3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Capped Consumer Discretionary Index		14.86	%		9.21%		30.26%		6.39%		36.32%		13.17%		244.66%		10.48%		181.96%
S&P SmallCap 600® Index		(0.55	)		3.82		11.90		7.47		43.35		12.31		219.24		10.34		178.24
Fund
NAV Return		14.68			9.04		29.64		6.22		35.24		12.94		237.62		10.25		175.77
Market Price Return		14.74			9.08		29.79		6.23		35.27		12.94		237.56		10.26		176.08

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

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

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 Fund.

7

Management’s Discussion of Fund Performance Invesco S&P SmallCap Consumer Staples ETF (PSCC)

As an index fund, the Invesco S&P SmallCap Consumer Staples ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small-capitalization U.S. consumer staples companies that comprise the Index. These companies are principally engaged in the business of providing consumer goods and services that have non-cyclical characteristics, including tobacco, food and beverage, and non-discretionary retail.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 11.60%. On a net asset value (“NAV”) basis, the Fund returned 10.97%. During the same time period, the Index returned 11.20%. 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, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation in the household products industry, followed by a lack of allocation to the equity real estate investment trusts and banks industries.

For the fiscal year ended August 31, 2020, the household products industry contributed most significantly to the Fund’s return, followed by the personal products and food products industries, respectively. Tobacco was the only industry to detract from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included United

Natural Foods, Inc., a food & staples retailing company (portfolio average weight of 2.77%), and B&G Foods, Inc., a food products company (portfolio average weight of 4.70%). Positions that detracted most significantly from the Fund’s return included Dean Foods Co., a food products company (no longer held at fiscal year-end), and Chefs’ Warehouse, Inc. (The), a food & staples retailing company (portfolio average weight of 2.61%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Food Products	32.88
Household Products	18.19
Food & Staples Retailing	16.15
Personal Products	13.33
Beverages	10.66
Tobacco	8.79
Money Market Funds Plus   Other Assets Less Liabilities	0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
WD-40 Co.	10.95
J&J Snack Foods Corp.	7.95
B&G Foods, Inc.	7.82
Medifast, Inc.	6.06
Central Garden & Pet Co., Class A	5.71
Cal-Maine Foods, Inc.	5.51
PriceSmart, Inc.	4.75
Coca-Cola Consolidated, Inc.	4.73
Vector Group Ltd.	4.71
Calavo Growers, Inc.	4.36
Total	62.55

* Excluding money market fund holdings.

8

Invesco S&P SmallCap Consumer Staples ETF (PSCC) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

																Fund Inception
Index	1 Year			3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Capped Consumer Staples Index		11.20	%		6.57%		21.04%		9.45%		57.05%		13.60%		257.91%		13.03%		257.21%
S&P SmallCap 600® Index		(0.55	)		3.82		11.90		7.47		43.35		12.31		219.24		10.34		178.24
Fund
NAV Return		10.97			6.35		20.27		9.11		54.65		13.32		249.33		12.75		248.35
Market Price Return		11.60			6.51		20.83		9.18		55.13		13.37		250.69		12.78		249.28

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

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

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 Fund.

9

Management’s Discussion of Fund Performance Invesco S&P SmallCap Energy ETF (PSCE)

As an index fund, the Invesco S&P SmallCap Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small capitalization U.S. energy companies that comprise the Index. These companies are principally engaged in the business of producing, distributing or servicing energy related products, including oil and gas exploration and production, refining, oil services and pipelines.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (49.09)%. On a net asset value (“NAV”) basis, the Fund returned (49.31)%. During the same time period, the Index returned (49.21)%. 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, which were partially offset by revenue generated from the securities lending program in which the Fund participates and the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s single-sector energy allocation.

For the fiscal year ended August 31, 2020, the energy equipment & services industry detracted most significantly from the Fund’s return, followed by the oil, gas & consumable fuels industry. There were no contributing industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Southwestern Energy Co., an oil,

gas & consumable fuels company (portfolio average weight of 5.07%), and Range Resources Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.77%). Positions that detracted most significantly from the Fund’s return included Valaris PLC, Class A, an energy equipment & services company (no longer held at fiscal year-end), and Callon Petroleum Co., an oil, gas & consumable fuels company (portfolio average weight of 2.84%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Oil, Gas & Consumable Fuels	51.05
Energy Equipment & Services	48.93
Money Market Funds Plus   Other Assets Less Liabilities	0.02

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Helmerich & Payne, Inc.	8.75
Range Resources Corp.	7.83
Southwestern Energy Co.	7.45
PDC Energy, Inc.	7.15
Renewable Energy Group, Inc.	6.45
Dril-Quip, Inc.	5.74
Matador Resources Co.	5.17
Core Laboratories N.V.	4.62
Archrock, Inc.	4.19
Patterson-UTI Energy, Inc.	3.57
Total	60.92

* Excluding money market fund holdings.

10

Invesco S&P SmallCap Energy ETF (PSCE) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

															Fund Inception
Index	1 Year		3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Capped Energy Index		(49.21)%		(33.39)%		(70.45)%		(28.97)%		(81.92)%		(16.19)%		(82.91)%		(16.84)%		(85.29)%
S&P SmallCap 600® Index		(0.55)		3.82		11.90		7.47		43.35		12.31		219.24		10.34		178.24
Fund
NAV Return		(49.31)		(33.58)		(70.70)		(29.13)		(82.12)		(16.42)		(83.36)		(17.06)		(85.70)
Market Price Return		(49.09)		(33.47)		(70.56)		(29.02)		(81.99)		(16.36)		(83.25)		(17.01)		(85.60)

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

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

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 Fund.

11

Management’s Discussion of Fund Performance Invesco S&P SmallCap Financials ETF (PSCF)

As an index fund, the Invesco S&P SmallCap Financials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Financials & Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities, which may include real estate investment trusts (“REITs”), of small-capitalization U.S. financial service companies that comprise the Index. These companies are principally engaged in the business of providing financial services and products, including banking, investment services, insurance and real estate finance services.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (17.72)%. On a net asset value (“NAV”) basis, the Fund returned (18.02)%. During the same time period, the Index returned (17.93)%. 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 that was offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the machinery industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the overweight allocation to the banks industry, followed by the mortgage REITs and equity REITs industries, respectively.

For the fiscal year ended August 31, 2020, the consumer finance industry contributed most significantly to the Fund’s return, followed by the capital markets and real estate management & development industries, respectively. The banks industry detracted most significantly from the Fund’s return, followed by the equity REITs and mortgage REITs industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Kinsale

Capital Group, Inc., an insurance company (portfolio average weight of 1.35%), and Green Dot Corp., Class A, a consumer finance company (portfolio average weight of 0.69%). Positions that detracted most significantly from the Fund’s return included Invesco Mortgage Capital, Inc., a mortgage REITs company (portfolio average weight of 0.87%), and New York Mortgage Trust, Inc., a mortgage REITs company (portfolio average weight of 0.78%).

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

as of August 31, 2020

Banks	33.09
Equity REITs	31.99
Insurance	13.90
Thrifts & Mortgage Finance	6.01
Mortgage REITs	4.65
Consumer Finance	4.34
Capital Markets	3.89
Real Estate Management & Development	1.99
Money Market Funds Plus   Other Assets Less Liabilities	0.14

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
Kinsale Capital Group, Inc.	2.58
Agree Realty Corp.	2.17
Lexington Realty Trust	1.89
Community Bank System, Inc.	1.89
Innovative Industrial Properties, Inc.	1.58
Green Dot Corp., Class A	1.53
CVB Financial Corp.	1.41
Old National Bancorp	1.39
American Equity Investment Life Holding Co.	1.32
BankUnited, Inc.	1.30
Total	17.06

* Excluding money market fund holdings.

12

Invesco S&P SmallCap Energy ETF (PSCF) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

															Fund Inception
Index	1 Year		3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Capped Financials & Real Estate Index		(17.93)%		(2.62)%		(7.66)%		4.25%		23.14%		9.46%		146.89%		7.82%		118.78%
S&P SmallCap 600® Index		(0.55)		3.82		11.90		7.47		43.35		12.31		219.24		10.34		178.24
Fund
NAV Return		(18.02)		(2.80)		(8.18)		4.03		21.82		9.18		140.73		7.54		112.99
Market Price Return		(17.72)		(2.72)		(7.95)		4.06		22.01		9.21		141.35		7.56		113.35

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

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

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 Fund.

13

Management’s Discussion of Fund Performance Invesco S&P SmallCap Health Care ETF (PSCH)

As an index fund, the Invesco S&P SmallCap Health Care ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small capitalization U.S. health care companies that comprise the Index. These companies are principally engaged in the business of providing health care-related products, facilities and services including biotechnology, pharmaceuticals, medical technology and supplies.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 15.69%. On a net asset value (“NAV”) basis, the Fund returned 15.58%. During the same time period, the Index returned 15.91%. 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 S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipment & supplies industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the biotechnology industry.

For the fiscal year ended August 31, 2020, the biotechnology industry contributed most significantly to the Fund’s return, followed by the pharmaceuticals and life sciences tools & services industries, respectively. The health care equipment & supplies industry detracted most significantly from the Fund’s return, followed by health care technology.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Momenta Pharmaceuticals, Inc., a biotechnology company (portfolio average weight of 3.42%), and Medicines Co., a pharmaceuticals

company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included AMN Healthcare Services, Inc., a health care providers & services company (portfolio average weight of 3.09%), and US Physical Therapy, Inc., a health care providers & services company (portfolio average weight of 1.47%).

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

as of August 31, 2020

Health Care Equipment & Supplies	27.56
Health Care Providers & Services	24.61
Biotechnology	17.28
Health Care Technology	11.21
Life Sciences Tools & Services	9.93
Pharmaceuticals	9.43
Money Market Funds Plus   Other Assets Less Liabilities	(0.02	)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Momenta Pharmaceuticals, Inc.	6.85
NeoGenomics, Inc.	4.77
Neogen Corp.	4.50
Medpace Holdings, Inc.	3.89
Ensign Group, Inc. (The)	3.29
Omnicell, Inc.	3.17
Merit Medical Systems, Inc.	3.03
Pacira BioSciences, Inc.	2.94
AMN Healthcare Services, Inc.	2.82
HMS Holdings Corp.	2.75
Total	38.01

* Excluding money market fund holdings.

14

Invesco S&P SmallCap Health Care ETF (PSCH) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

															Fund Inception
Index	1 Year		3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Capped Health Care Index		15.91%		14.95%		51.89%		13.80%		90.88%		20.33%		536.46%		18.18%		468.00%
S&P SmallCap 600® Index		(0.55)		3.82		11.90		7.47		43.35		12.31		219.24		10.34		178.24
Fund
NAV Return		15.58		14.66		50.73		13.52		88.53		20.00		519.18		17.86		452.01
Market Price Return		15.69		14.69		50.84		13.55		88.75		20.00		519.31		17.88		452.84

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.

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

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 Fund.

15

Management’s Discussion of Fund Performance Invesco S&P SmallCap Industrials ETF (PSCI)

As an index fund, the Invesco S&P SmallCap Industrials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small capitalization U.S. industrial companies that comprise the Index. These companies are principally engaged in the business of providing industrial products and services including engineering, heavy machinery, construction, electrical equipment, aerospace and defense, and general manufacturing.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 3.76%. On a net asset value (“NAV”) basis, the Fund returned 3.68%. During the same time period, the Index returned 3.94%. 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 S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the building products and machinery industries.

For the fiscal year ended August 31, 2020, the building products industry contributed most significantly to the Fund’s return, followed by the machinery and electrical equipment industries. The aerospace & defense industry detracted most significantly from the Fund’s return, followed by the commercial services & supplies and airlines industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Proto Labs, Inc., a machinery company (portfolio average weight of 2.28%), and Sunrun, Inc., an electrical equipment company (no longer held

at fiscal year-end). Positions that detracted most significantly from the Fund’s return included SkyWest, Inc., an airlines company (portfolio average weight of 1.81%), and Viad Corp., a commercial services & supplies company (portfolio average weight of 0.68%).

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

as of August 31, 2020

Machinery	32.57
Building Products	15.39
Commercial Services & Supplies	10.77
Aerospace & Defense	8.52
Professional Services	6.43
Road & Rail	4.97
Construction & Engineering	4.75
Air Freight & Logistics	4.41
Trading Companies & Distributors	3.96
Airlines	3.12
Industry Types Each Less Than 3%	5.02
Money Market Funds Plus Other Assets Less Liabilities	0.09

Top Ten Fund Holdings* (% of the Fund’s Net

Assets) as of August 31, 2020

Security
Exponent, Inc.	3.23
Proto Labs, Inc.	3.05
Simpson Manufacturing Co., Inc.	3.03
UFP Industries, Inc.	2.83
Saia, Inc.	2.73
John Bean Technologies Corp.	2.53
Aerojet Rocketdyne Holdings, Inc.	2.33
UniFirst Corp.	2.29
Watts Water Technologies, Inc., Class A	2.05
ABM Industries, Inc.	1.98
Total	26.05

* Excluding money market fund holdings.

16

Invesco S&P SmallCap Industrials ETF (PSCI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

															Fund Inception
Index	1 Year		3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Capped Industrials Index		3.94%		7.27%		23.44%		9.50%		57.39%		12.92%		236.93%		10.90%		193.20%
S&P SmallCap 600® Index		(0.55)		3.82		11.90		7.47		43.35		12.31		219.24		10.34		178.24
Fund
NAV Return		3.68		6.96		22.37		9.22		55.44		12.60		227.53		10.59		184.77
Market Price Return		3.76		7.04		22.65		9.28		55.82		12.61		228.02		10.61		185.30

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the

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

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 Fund.

17

Management’s Discussion of Fund Performance Invesco S&P SmallCap Information Technology ETF (PSCT)

As an index fund, the Invesco S&P SmallCap Information Technology ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small-capitalization U.S. information technology companies that comprise the Index. These companies are principally engaged in the business of providing information technology-related products and services including computer hardware and software, internet, electronics and semiconductors, and communication technologies.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 9.35%. On a net asset value (“NAV”) basis, the Fund returned 9.14%. During the same time period, the Index returned 9.43%. 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 S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the electronic equipment instruments & components industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s single-sector information technology allocation.

For the fiscal year ended August 31, 2020, the semiconductors & semiconductor equipment industry contributed most significantly to the Fund’s return, followed by the software and distributors industries, respectively. The electronic equipment instruments & components industry detracted most significantly from the Fund’s return, followed by the communications equipment and IT services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Brooks

Automation, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 3.00%), and LivePerson, Inc., a software company (portfolio average weight of 2.28%). Positions that detracted most significantly from the Fund’s return included MTS Systems Corp., an electronic equipment, instruments & components company (portfolio average weight of 0.63%), and ExlService Holdings, Inc., an IT services company (portfolio average weight of 2.26%).

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

as of August 31, 2020

Semiconductors & Semiconductor Equipment	28.12
Electronic Equipment, Instruments & Components	26.82
Software	19.60
IT Services	16.28
Communications Equipment	7.80
Technology Hardware, Storage & Peripherals	1.37
Money Market Funds Plus Other Assets Less Liabilities	0.01

Top Ten Fund Holdings* (% of the Fund’s Net

Assets) as of August 31, 2020

Security
Brooks Automation, Inc.	4.03
LivePerson, Inc.	3.88
Power Integrations, Inc.	3.53
Viavi Solutions, Inc.	3.21
Advanced Energy Industries, Inc.	3.00
SPS Commerce, Inc.	2.95
Fabrinet	2.71
Alarm.com Holdings, Inc.	2.68
Plexus Corp.	2.35
ExlService Holdings, Inc.	2.31
Total	30.65

* Excluding money market fund holdings.

18

Invesco S&P SmallCap Information Technology ETF (PSCT) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

															Fund Inception
Index	1 Year		3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Capped Information Technology Index		9.43%		7.36%		23.73%		13.68%		89.82%		16.13%		346.18%		13.58%		275.78%
S&P SmallCap 600® Index		(0.55)		3.82		11.90		7.47		43.35		12.31		219.24		10.34		178.24
Fund
NAV Return		9.14		7.10		22.85		13.40		87.51		15.82		334.29		13.26		265.11
Market Price Return		9.35		7.18		23.13		13.40		87.56		15.83		334.76		13.28		265.65

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the

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

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 Fund.

19

Management’s Discussion of Fund Performance Invesco S&P SmallCap Materials ETF (PSCM)

As an index fund, the Invesco S&P SmallCap Materials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small capitalization U.S. basic materials companies that comprise the Index. These companies are principally engaged in the business of producing raw materials, including paper or wood products, chemicals, construction materials, and mining and metals.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 4.59%. On a net asset value (“NAV”) basis, the Fund returned 4.91%. During the same time period, the Index returned 4.86%. 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 the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s single-sector materials allocation.

For the fiscal year ended August 31, 2020, the chemicals industry contributed most significantly to the Fund’s return, followed by the paper & forests products and metals & mining industries, respectively. The construction materials industry detracted most significantly from the Fund’s return, followed by the containers & packaging industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Arconic Corp., a metals & mining company (portfolio average weight of 1.70%), and Stepan Co., a chemicals company (portfolio average weight of 6.00%). Positions that detracted most significantly from the Fund’s return included Kaiser Aluminum Corp., a metals &

mining company (portfolio average weight of 4.19%), and Neenah, Inc., a paper & forest products company (portfolio average weight of 2.91%).

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

as of August 31, 2020

Chemicals	55.74
Metals & Mining	27.28
Paper & Forest Products	13.86
Industry Types Each Less Than 3%	2.73
Money Market Funds Plus Other Assets Less Liabilities	0.39

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Balchem Corp.	8.81
Cleveland-Cliffs, Inc.	7.32
H.B. Fuller Co.	6.91
Quaker Chemical Corp.	6.87
Stepan Co.	6.43
Arconic Corp.	5.34
Innospec, Inc.	5.12
Boise Cascade Co.	4.71
GCP Applied Technologies, Inc.	3.96
Livent Corp.	3.50
Total	58.97

^*  Excluding money market fund holdings.

20

Invesco S&P SmallCap Materials ETF (PSCM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

															Fund Inception
Index	1 Year		3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized ��		10 Years Cumulative			Average Annualized		Cumulative
S&P SmallCap 600® Capped Materials Index	4.86	%	(1.24	)%	(3.68	)%	5.31	%	29.53	%	8.07	%	117.20	%		6.14	%	85.84	%
S&P SmallCap 600® Index	(0.55	)	3.82		11.90		7.47		43.35		12.31		219.24			10.34		178.24
Fund
NAV Return	4.91		(1.37	)	(4.05	)	5.11		28.28		7.80		111.90			5.88		81.16
Market Price Return	4.59		(1.40	)	(4.14	)	5.05		27.95		7.77		111.26			5.85		80.53

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the

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

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 Fund.

21

Management’s Discussion of Fund Performance Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

As an index fund, the Invesco S&P SmallCap Utilities & Communication Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Utilities & Communication Services Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of small-capitalization U.S. utility companies and companies in the communication services sector that comprise the Index. The utilities companies are principally engaged in providing either energy, water, electric or natural gas utilities. These companies may include, but are not limited to, companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater. The communication services sector includes companies that facilitate communication or offer related content and information through various types of media and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media and services.

S&P Dow Jones Indices, LLC, the Index provider, defines sectors according to the Global Industry Classification Standard (“GICS”) and compiles, maintains and calculates the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (5.70)%. On a net asset value (“NAV”) basis, the Fund returned (5.92)%. During the same time period, the Index returned (5.69)%. 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 incurred by the Fund during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (0.55)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the diversified telecommunication services industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s utilities & communication services sectors allocations.

For the fiscal year ended August 31, 2020, the diversified telecommunication services industry contributed most significantly to the Fund’s return, followed by the wireless telecommunication services and interactive media & services industries, respectively. The media industry detracted most significantly from the Fund’s return, followed by the gas utilities and water utilities industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Cincinnati Bell, Inc., a diversified telecommunication services company (portfolio average weight of 3.10%), and Shenandoah Telecommunications Co., a wireless telecommunication services company (portfolio average weight of 4.40%). Positions that detracted most significantly from the Fund’s return included Gannett Co., Inc., a media company (portfolio average weight of 2.25%), and South Jersey Industries, Inc., a gas utilities company (portfolio average weight of 6.99%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Diversified Telecommunication Services	35.60
Media	16.39
Water Utilities	14.39
Gas Utilities	8.63
Multi-Utilities	8.49
Entertainment	6.55
Wireless Telecommunication Services	6.28
Interactive Media & Services	3.37
Money Market Funds Plus Other Assets Less Liabilities	0.30

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Cogent Communications Holdings, Inc.	9.66
American States Water Co.	9.60
Iridium Communications, Inc.	9.38
Avista Corp.	8.49
Vonage Holdings Corp.	5.80
Shenandoah Telecommunications Co.	5.23
TechTarget, Inc.	4.98
California Water Service Group	4.79
Glu Mobile, Inc.	4.56
Northwest Natural Holding Co.	4.34
Total	66.83

^*  Excluding money market fund holdings.    

22

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

															Fund Inception
Index	1 Year		3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative			Average Annualized		Cumulative
S&P SmallCap 600® Capped Utilities & Communication Services Index	(5.69	)%	(1.13	)%	(3.34	)%	9.46	%	57.11	%	10.50	%	171.51	%		10.10	%	171.82	%
S&P SmallCap 600® Index	(0.55	)	3.82		11.90		7.47		43.35		12.31		219.24			10.34		178.24
Fund
NAV Return	(5.92	)	(1.28	)	(3.79	)	9.24		55.59		10.23		164.80			9.82		164.83
Market Price Return	(5.70	)	(1.24	)	(3.68	)	9.28		55.83		�� 10.24		165.04			9.83		165.18

Fund Inception: April 7, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would

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

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 Fund.

23

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”)has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”)in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”)has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”),which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment)are required to establish a “Highly Liquid Investment Minimum” (“HLIM”),which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

24

Invesco DWA SmallCap Momentum ETF (DWAS)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-2.76%
AMC Entertainment Holdings, Inc., Class A(b)		146,083	$	858,968
ANGI Homeservices, Inc., Class A(c)		62,702		869,990
Bandwidth, Inc., Class A(c)		13,305		2,095,272
EverQuote, Inc., Class A(c)		45,722		1,623,131
TechTarget, Inc.(c)		25,924		1,028,664
				6,476,025
Consumer Discretionary-18.13%
1-800-Flowers.com, Inc., Class A(c)		33,732		1,009,599
America’s Car-Mart, Inc.(c)		9,235		928,117
At Home Group, Inc.(c)		120,015		2,293,487
Bed Bath & Beyond, Inc.(b)		78,101		951,270
Big Lots, Inc.		23,247		1,096,096
Camping World Holdings, Inc., Class A		50,260		1,460,556
Cavco Industries, Inc.(c)		4,187		799,340
Chewy, Inc., Class A(b)(c)		15,345		937,119
Collectors Universe, Inc.		24,407		1,085,867
Franchise Group, Inc.		30,709		754,213
Installed Building Products, Inc.(c)		11,347		985,147
Jack in the Box, Inc.		10,954		902,500
KB Home		23,241		831,098
Lithia Motors, Inc., Class A		5,274		1,313,015
Lovesac Co. (The)(b)(c)		51,730		1,369,293
Lumber Liquidators Holdings, Inc.(c)		61,546		1,476,489
M/I Homes, Inc.(c)		23,279		990,754
Malibu Boats, Inc., Class A(c)		16,177		838,777
MasterCraft Boat Holdings, Inc.(c)		41,226		862,036
Ollie’s Bargain Outlet Holdings, Inc.(c)		7,507		717,219
Overstock.com, Inc.(c)		70,458		6,165,075
Peloton Interactive, Inc., Class A(c)		14,706		1,127,509
Red Rock Resorts, Inc., Class A		64,691		1,104,599
Smith & Wesson Brands, Inc.(c)		44,996		821,627
Sonic Automotive, Inc., Class A		25,996		1,098,591
Sportsman’s Warehouse Holdings, Inc.(c)		73,055		1,146,598
TopBuild Corp.(c)		10,521		1,618,130
Twin River Worldwide Holdings, Inc.		33,408		799,453
Universal Technical Institute, Inc.(c)		125,859		887,306
Vivint Smart Home, Inc.(b)(c)		43,306		768,682
Winnebago Industries, Inc.		11,818		637,936
Workhorse Group, Inc.(b)(c)		135,792		2,459,193
XPEL, Inc.(c)(d)		62,011		1,544,074
Zumiez, Inc.(c)		27,731		712,132
				42,492,897
Consumer Staples-0.67%
Boston Beer Co., Inc. (The), Class A(c)		1,767		1,558,459
Energy-1.55%
Antero Midstream Corp.(b)		136,406		923,468
Liberty Oilfield Services, Inc., Class A		119,607		771,465
Range Resources Corp.		129,606		966,861
Renewable Energy Group, Inc.(c)		29,286		979,031
				3,640,825
Financials-4.88%
Cohen & Steers, Inc.		10,915		660,358
Goosehead Insurance, Inc., Class A		11,831		1,215,754
Green Dot Corp., Class A(c)		18,617		969,201
Hamilton Lane, Inc., Class A		13,950		1,019,884

	Shares		Value
Financials-(continued)
Kinsale Capital Group, Inc.		11,975	$	2,481,579
NMI Holdings, Inc., Class A(c)		46,323		794,439
Palomar Holdings, Inc.(c)		14,835		1,666,712
PennyMac Financial Services, Inc.		19,354		1,020,343
PennyMac Mortgage Investment Trust		46,753		801,346
TPG RE Finance Trust, Inc.		91,141		803,864
				11,433,480
Health Care-39.62%
AdaptHealth Corp.(c)		36,162		767,719
Addus HomeCare Corp.(c)		11,269		1,055,455
Adverum Biotechnologies, Inc.(c)		58,461		713,224
Aeglea BioTherapeutics, Inc.(c)		70,608		513,673
Amneal Pharmaceuticals, Inc.(c)		152,441		626,533
Anavex Life Sciences Corp.(b)(c)		150,872		639,697
Arcturus Therapeutics Holdings, Inc.(c)		33,743		1,627,762
Arena Pharmaceuticals, Inc.(c)		11,955		834,698
Atreca, Inc., Class A(c)		37,001		526,154
AtriCure, Inc.(c)		17,359		776,468
Axonics Modulation Technologies, Inc.(b)(c)		21,394		904,110
Biohaven Pharmaceutical Holding Co. Ltd.(c)		14,447		915,795
BioTelemetry, Inc.(c)		33,078		1,309,227
Bioxcel Therapeutics, Inc.(b)(c)		13,842		564,062
Castle Biosciences, Inc.(c)		18,862		862,559
ChemoCentryx, Inc.(c)		37,341		1,997,744
Concert Pharmaceuticals, Inc.(c)		67,598		650,293
Covetrus, Inc.(c)		41,836		958,463
CRISPR Therapeutics AG (Switzerland)(c)		11,038		1,031,612
CryoPort, Inc.(b)(c)		109,677		6,084,880
Cytokinetics, Inc.(b)(c)		34,357		823,194
Deciphera Pharmaceuticals, Inc.(c)		13,192		593,772
Dicerna Pharmaceuticals, Inc.(c)		31,108		576,120
Dyadic International, Inc.(b)(c)		76,613		609,073
Fate Therapeutics, Inc.(c)		23,678		861,879
Five Prime Therapeutics, Inc.(c)		121,966		520,795
Halozyme Therapeutics, Inc.(c)		30,471		883,507
Heska Corp.(c)		29,790		3,086,244
Immunovant, Inc.(c)		29,246		993,194
Inovalon Holdings, Inc., Class A(c)		39,566		979,061
Inovio Pharmaceuticals, Inc.(b)(c)		130,079		1,559,647
Insmed, Inc.(c)		26,473		746,274
Inspire Medical Systems, Inc.(c)		11,484		1,371,764
Integer Holdings Corp.(c)		11,225		777,444
Intellia Therapeutics, Inc.(b)(c)		34,057		734,950
Intra-Cellular Therapies, Inc.(c)		33,591		612,028
Invitae Corp.(b)(c)		28,858		1,008,876
iRadimed Corp.(c)		33,505		710,306
IVERIC bio, Inc.(c)		289,887		1,301,593
Jounce Therapeutics, Inc.(c)		116,450		563,618
Kala Pharmaceuticals, Inc.(b)(c)		77,270		687,703
Karuna Therapeutics, Inc.(c)		21,797		1,665,291
Kiniksa Pharmaceuticals Ltd., Class A(c)		57,106		1,009,063
Kodiak Sciences, Inc.(c)		39,751		2,090,505
Liquidia Technologies, Inc.(c)		86,576		443,269
Livongo Health, Inc.(b)(c)		15,686		2,153,688
Medpace Holdings, Inc.(c)		10,171		1,320,094
Meridian Bioscience, Inc.(c)		40,660		574,932
Mersana Therapeutics, Inc.(c)		134,909		2,584,856

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

25

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

August 31, 2020

	Shares		Value
Health Care-(continued)
Mirati Therapeutics, Inc.(c)		29,218	$	4,364,293
Momenta Pharmaceuticals, Inc.(c)		27,681		1,444,118
Morphic Holding, Inc.(c)		26,414		699,971
NantKwest, Inc.(b)(c)		72,632		530,214
National Research Corp.		15,722		880,432
Novavax, Inc.(c)		49,374		5,447,927
Ocular Therapeutix, Inc.(c)		97,323		846,710
Odonate Therapeutics, Inc.(c)		19,356		312,599
OrthoPediatrics Corp.(c)		18,146		914,558
Ovid therapeutics, Inc.(c)		107,649		617,905
Oyster Point Pharma, Inc.(b)(c)		24,791		564,243
Phathom Pharmaceuticals, Inc.(c)		17,404		639,771
Precigen, Inc.(b)(c)		142,838		864,170
Provention Bio, Inc.(c)		128,761		1,679,043
Quidel Corp.(c)		11,970		2,106,241
R1 RCM, Inc.(c)		142,560		2,067,120
Relmada Therapeutics, Inc.(b)(c)		62,648		2,235,281
Revance Therapeutics, Inc.(c)		32,326		944,889
Rocket Pharmaceuticals, Inc.(c)		34,648		885,949
Simulations Plus, Inc.		29,734		1,771,552
STAAR Surgical Co.(c)		37,255		1,786,377
TCR2 Therapeutics, Inc.(c)		47,101		952,382
Turning Point Therapeutics, Inc.(c)		11,676		912,830
Ultragenyx Pharmaceutical, Inc.(c)		10,160		864,210
Vapotherm, Inc.(c)		37,840		1,177,202
Vir Biotechnology, Inc.(c)		22,935		928,409
Y-mAbs Therapeutics, Inc.(c)		15,801		679,917
Zynex, Inc.(b)(c)		35,469		524,941
				92,846,122
Industrials-12.55%
Advanced Drainage Systems, Inc.		15,742		873,366
Alamo Group, Inc.		8,595		953,186
Ameresco, Inc., Class A(c)		48,587		1,658,760
Atlas Air Worldwide Holdings, Inc.(c)		19,245		1,085,226
Avis Budget Group, Inc.(c)		31,901		1,088,143
Bloom Energy Corp., Class A(b)(c)		98,409		1,541,085
Builders FirstSource, Inc.(c)		37,662		1,153,210
Casella Waste Systems, Inc., Class A(c)		50,188		2,818,056
CBIZ, Inc.(c)		32,712		795,556
Federal Signal Corp.		26,363		846,780
Fluor Corp.		57,657		548,895
Kadant, Inc.		8,727		1,016,172
Kratos Defense & Security Solutions, Inc.(c)		56,469		1,103,969
Meritor, Inc.(c)		39,106		890,053
Patrick Industries, Inc.		12,940		727,357
Plug Power, Inc.(b)(c)		218,498		2,836,104
Proto Labs, Inc.(c)		6,867		1,009,449
Resideo Technologies, Inc.(c)		66,647		890,404
Saia, Inc.(c)		9,231		1,238,800
Shyft Group, Inc. (The)		48,088		960,317
Sunrun, Inc.(b)(c)		50,927		2,880,177
Tutor Perini Corp.(c)		69,453		871,635
Vectrus, Inc.(c)		15,384		667,819
Vicor Corp.(c)		10,878		946,712
				29,401,231
Information Technology-16.91%
2U, Inc.(c)		21,915		907,062
Alarm.com Holdings, Inc.(c)		16,243		972,468
AppFolio, Inc., Class A(c)		15,910		2,673,357

	Shares		Value
Information Technology-(continued)
Axcelis Technologies, Inc.(c)		27,810	$	657,150
Badger Meter, Inc.		12,466		769,028
Blackline, Inc.(c)		9,855		861,031
Bottomline Technologies (DE), Inc.(c)		15,374		732,264
Brooks Automation, Inc		21,628		1,116,654
Calix, Inc.(c)		57,366		1,115,769
Cloudera, Inc.(c)		61,854		817,091
CyberOptics Corp.(c)		22,644		725,740
Datadog, Inc., Class A(c)		9,275		774,926
Digital Turbine, Inc.(c)		71,035		1,718,337
Diodes, Inc.(c)		15,574		760,946
Domo, Inc., Class B(c)		24,658		1,004,074
eGain Corp.(c)		184,832		2,473,052
ExlService Holdings, Inc.(c)		12,353		786,763
Fastly, Inc., Class A(b)(c)		15,295		1,419,988
FormFactor, Inc.(c)		26,312		687,533
Infinera Corp.(c)		128,422		936,196
Inphi Corp.(c)		11,014		1,255,376
Lattice Semiconductor Corp.(c)		56,843		1,625,710
Limelight Networks, Inc.(c)		140,273		795,348
MACOM Technology Solutions Holdings, Inc.(c)		23,496		837,162
Mimecast Ltd.(c)		27,536		1,355,873
Model N, Inc.(c)		28,947		1,138,196
OneSpan, Inc.(c)		31,147		671,218
PDF Solutions, Inc.(c)		41,323		855,386
Power Integrations, Inc.		13,136		735,222
Rapid7, Inc.(c)		19,342		1,248,913
Repay Holdings Corp.(c)		31,695		801,883
SPS Commerce, Inc.(c)		11,160		891,461
Super Micro Computer, Inc.(c)		25,514		698,828
SVMK, Inc.(c)		34,021		846,783
Synaptics, Inc.(c)		12,474		1,064,406
TTEC Holdings, Inc.		17,206.		975,408
Ultra Clean Holdings, Inc.(c)		35,618		873,353
Workiva, Inc.		17,955		1,059,345
				39,639,300
Materials-1.59%
Chase Corp.		12,749		1,243,920
Clearwater Paper Corp.(c)		22,093		743,650
Forterra, Inc.(c)		80,787		1,070,428
Kraton Corp.(c)		48,221		677,023
				3,735,021
Real Estate-1.32%
Realogy Holdings Corp.		104,762		1,160,763
Redfin Corp.(c)		20,432		971,950
Safehold, Inc.		17,392		964,734
				3,097,447
Total Common Stocks & Other Equity Interests (Cost $189,695,608)				234,320,807

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

26

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

August 31, 2020

	Shares		Value
Money Market Funds-0.04%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(e)(f) (Cost $95,743)		95,743	$	95,743
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $189,791,351)				234,416,550
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.87%
Invesco Private Government Fund, 0.03%(e)(f)(g)		19,112,455		19,112,455

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.14%(e)(f)(g)		6,369,644	$	6,370,917
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,483,373)				25,483,372
TOTAL INVESTMENTS IN SECURITIES-110.89% (Cost $215,274,724)				259,899,922
OTHER ASSETS LESS LIABILITIES-(10.89)%				(25,526,810	)
NET ASSETS-100.00%			$	234,373,112

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at August 31, 2020.

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)					Value August 31, 2020		Dividend Income
Investments in Affiliated   Money Market Funds:
Invesco Premier   U.S. Government Money   Portfolio, Institutional Class	$	249,702	$	8,027,152	$	(8,181,111	)	$	-					$	-	$	95,743	$	4,477
Investments Purchased with   Cash Collateral from   Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		16,063,301		81,907,103		(97,970,404	)		-						-		-		99,419	*
Invesco Liquid Assets Portfolio, Institutional Class		5,486,419		23,426,344		(28,911,342	)		-			(1,421	)				-		36,831	*
Invesco Private Government   Fund		-		83,892,688		(64,780,233	)		-						-		19,112,455		2,748	*
Invesco Private Prime Fund		-		17,793,637		(11,423,194	)		(1	)		475					6,370,917		2,092	*
Total	$	21,799,422	$	215,046,924	$	(211,266,284	)	$	(1	)		$ (946)				$	25,579,115	$	145,567

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

^(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

27

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.61%
Auto Components-14.23%
American Axle & Manufacturing Holdings, Inc.(b)		20,492	$	159,428
Cooper Tire & Rubber Co.		9,112		315,002
Cooper-Standard Holdings, Inc.(b)		3,060		55,447
Dorman Products, Inc.(b)		5,232		443,098
Fox Factory Holding Corp.(b)		7,430		749,018
Garrett Motion, Inc. (Switzerland)(b)		13,697		37,667
Gentherm, Inc.(b)		5,907		267,174
LCI Industries		4,555		517,585
Motorcar Parts of America, Inc.(b)		3,437		59,838
Standard Motor Products, Inc.		3,639		165,356
				2,769,613
Automobiles-1.69%
Winnebago Industries, Inc.		6,106		329,602
Distributors-1.40%
Core-Mark Holding Co., Inc.		8,170		273,041
Diversified Consumer Services-1.52%
American Public Education, Inc.(b)		2,678		84,196
Perdoceo Education Corp.(b)		12,515		179,841
Regis Corp.(b)		4,383		32,390
				296,427
Hotels, Restaurants & Leisure-15.04%
BJ’s Restaurants, Inc.		4,034		127,151
Bloomin’ Brands, Inc.		15,853		227,332
Brinker International, Inc.		8,146		366,896
Cheesecake Factory, Inc. (The)(c)		7,579		223,808
Chuy’s Holdings, Inc.(b)		3,016		67,076
Dave & Buster’s Entertainment, Inc.(c)		8,587		142,802
Dine Brands Global, Inc.		2,975		177,191
El Pollo Loco Holdings, Inc.(b)(c)		3,562		63,653
Fiesta Restaurant Group, Inc.(b)		3,669		36,763
Monarch Casino & Resort, Inc.(b)		2,173		99,980
Red Robin Gourmet Burgers, Inc.(b)(c)		2,339		25,963
Ruth’s Hospitality Group, Inc.		5,701		58,578
Shake Shack, Inc., Class A(b)(c)		6,364		434,343
Wingstop, Inc.		5,361		875,987
				2,927,523
Household Durables-17.69%
Cavco Industries, Inc.(b)		1,563		298,392
Century Communities, Inc.(b)		5,195		185,358
Ethan Allen Interiors, Inc.		4,177		59,480
Installed Building Products, Inc.(b)		3,833		332,781
iRobot Corp.(b)(c)		5,053		374,074
La-Z-Boy, Inc.		8,342		271,115
LGI Homes, Inc.(b)		3,953		442,182
M.D.C. Holdings, Inc.		9,141		396,537
M/I Homes, Inc.(b)		5,169		219,993
Meritage Homes Corp.(b)		6,404		614,976
Tupperware Brands Corp.		8,882		144,688
Universal Electronics, Inc.(b)		2,521		103,563
				3,443,139
Internet & Direct Marketing Retail-5.50%
Liquidity Services, Inc.(b)		4,932		35,560
PetMed Express, Inc.(c)		3,654		127,013

	Shares		Value
Internet & Direct Marketing Retail-(continued)
Shutterstock, Inc.		3,487	$	175,466
Stamps.com, Inc.(b)		2,941		733,309
				1,071,348
Leisure Products-7.17%
Callaway Golf Co.		17,053		355,726
Sturm Ruger & Co., Inc.		3,010		213,289
Vista Outdoor, Inc.(b)		10,513		204,057
YETI Holdings, Inc.(b)		12,133		623,393
				1,396,465
Multiline Retail-3.73%
Big Lots, Inc.		7,109		335,189
Macy’s, Inc.(c)		56,115		391,122
				726,311
Specialty Retail-20.63%
Abercrombie & Fitch Co., Class A		11,162		145,218
America’s Car-Mart, Inc.(b)		1,127		113,263
Asbury Automotive Group, Inc.(b)		3,496		369,842
Barnes & Noble Education, Inc.(b)		7,002		15,965
Bed Bath & Beyond, Inc.(c)		22,933		279,324
Boot Barn Holdings, Inc.(b)(c)		5,221		147,389
Buckle, Inc. (The)		5,193		97,317
Caleres, Inc.		7,291		56,943
Cato Corp. (The), Class A		3,831		30,648
Chico’s FAS, Inc.		21,815		27,923
Children’s Place, Inc. (The)(c)		2,636		52,628
Conn’s, Inc.(b)(c)		3,471		44,359
Designer Brands, Inc., Class A		9,843		69,393
Express, Inc.(b)		11,681		12,966
GameStop Corp., Class A(b)(c)		11,735		78,390
Genesco, Inc.(b)		2,528		49,296
Group 1 Automotive, Inc.		3,096		267,618
Guess?, Inc.		7,968		91,632
Haverty Furniture Cos., Inc.		3,129		66,084
Hibbett Sports, Inc.(b)		2,996		99,976
Lumber Liquidators Holdings, Inc.(b)		5,222		125,276
MarineMax, Inc.(b)		3,891		114,434
Michaels Cos., Inc. (The)(b)(c)		13,884		156,195
Monro, Inc.		6,031		277,969
ODP Corp. (The)		9,538		222,998
Rent-A-Center, Inc. (c)		8,771		269,270
Shoe Carnival, Inc.		1,608		52,871
Signet Jewelers Ltd. (b)		9,485		163,806
Sleep Number Corp.		5,008		240,384
Sonic Automotive, Inc., Class A(b)		4,366		184,507
Zumiez, Inc.		3,641		93,501
				4,017,385
Textiles, Apparel & Luxury Goods-11.01%
Capri Holdings Ltd.(b)		27,066		428,725
Crocs, Inc.(b)		12,209		487,261
Fossil Group, Inc.(b)		8,431		54,254
G-III Apparel Group Ltd.(b)		7,837		86,677
Kontoor Brands, Inc.		8,485		187,519
Movado Group, Inc.		2,994		32,665
Oxford Industries, Inc.		3,040		150,571
Steven Madden Ltd.		13,863		293,341

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

28

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

August 31, 2020

	Shares		Value
Textiles, Apparel & Luxury Goods-(continued)
Unifi, Inc.(b)		2,641	$	32,299
Vera Bradley, Inc.(b)		4,164		21,944
Wolverine World Wide, Inc.		14,712		367,506
				2,142,762
Total Common Stocks & Other Equity Interests (Cost $21,644,337)				19,393,616
Money Market Funds-0.10%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $19,479)		19,479		19,479
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.71% (Cost $21,663,816)				19,413,095

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.46%
Invesco Private Government Fund, 0.03%(d)(e)(f)		1,965,473	$	1,965,473
Invesco Private Prime Fund, 0.14%(d)(e)(f)		655,040		655,171
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,620,644)				2,620,644
TOTAL INVESTMENTS IN SECURITIES-113.17% (Cost $24,284,460)				22,033,739
OTHER ASSETS LESS LIABILITIES-(13.17)%				(2,563,742	)
NET ASSETS-100.00%			$	19,469,997

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	5,021	$	743,809	$	(729,351	)	$	-	$	-		$	19,479	$	227
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		1,274,237		10,871,367		(12,145,604	)		-		-			-		9,628	*
Invesco Liquid Assets Portfolio, Institutional Class		424,746		2,856,679		(3,281,390	)		-		(35	)		-		3,560	*
Invesco Private Government Fund		-		11,201,121		(9,235,648	)		-		-			1,965,473		233	*
Invesco Private Prime Fund		-		2,146,756		(1,491,631	)		-		46			655,171		158	*
Total	$	1,704,004	$	27,819,732	$	(26,883,624	)	$	-	$	11		$	2,640,123	$	13,806

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

29

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Beverages-10.66%
Coca-Cola Consolidated, Inc.		6,783	$	1,853,794
MGP Ingredients, Inc.		21,617		768,484
National Beverage Corp.(b)(c)		19,116		1,554,513
				4,176,791
Food & Staples Retailing-16.15%
Andersons, Inc. (The)		53,967		956,835
Chefs’ Warehouse, Inc. (The)(b)		50,707		750,971
PriceSmart, Inc.		28,330		1,862,697
SpartanNash Co.		58,529		1,169,409
United Natural Foods, Inc.(b)		87,953		1,587,552
				6,327,464
Food Products-32.88%
B&G Foods, Inc.(c)		98,455		3,065,889
Calavo Growers, Inc.		26,908		1,707,851
Cal-Maine Foods, Inc.(b)		55,943		2,158,840
Fresh Del Monte Produce, Inc.		49,316		1,143,638
J&J Snack Foods Corp.		22,914		3,115,158
John B. Sanfilippo & Son, Inc.		14,664		1,167,841
Seneca Foods Corp., Class A(b)		11,076		524,559
				12,883,776
Household Products-18.19%
Central Garden & Pet Co.(b)		14,751		600,218
Central Garden & Pet Co., Class A(b)		60,208		2,237,329
WD-40 Co.		20,988		4,289,528
				7,127,075
Personal Products-13.33%
Inter Parfums, Inc.		28,964		1,293,822
Medifast, Inc.		14,591		2,374,248
USANA Health Sciences, Inc.(b)		19,810		1,553,302
				5,221,372

	Shares		Value
Tobacco-8.79%
Universal Corp.		36,839	$	1,599,181
Vector Group Ltd.		183,356		1,846,395
				3,445,576
Total Common Stocks & Other Equity Interests (Cost $42,984,823)				39,182,054
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $3,119)		3,119		3,119
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $42,987,942)				39,185,173
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.46%
Invesco Private Government Fund, 0.03%(d)(e)(f)		2,923,102		2,923,102
Invesco Private Prime Fund, 0.14%(d)(e)(f)		1,176,998		1,177,233
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,100,335)				4,100,335
TOTAL INVESTMENTS IN SECURITIES-110.47% (Cost $47,088,277)				43,285,508
OTHER ASSETS LESS LIABILITIES-(10.47)%				(4,103,365	)
NET ASSETS-100.00%			$	39,182,143

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class	$	12,409	$	1,771,176	$	(1,780,466	)	$	-	$	-		$	3,119	$	309
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class		3,778,679		33,424,875		(37,203,554	)		-		-			-		35,619	*
Invesco Liquid Assets Portfolio,   Institutional Class		1,259,560		7,704,755		(8,963,885	)		-		(430	)		-		13,348	*

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

30

Invesco S&P SmallCap Consumer Staples ETF (PSCC)–(continued)

August 31, 2020

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain (Loss)	Value August 31, 2020	Dividend Income
Invesco Private Government Fund		$              -		$28,923,143		$(26,000,041	)	$-	$      -	$2,923,102		$     752	*
Invesco Private Prime Fund		-		6,527,840		(5,350,889	)	-	282	1,177,233		482	*
Total		$5,050,648		$78,351,789		$(79,298,835	)	$-	$(148)	$4,103,454		$50,510

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

31

Invesco S&P SmallCap Energy ETF (PSCE)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Energy Equipment & Services-48.93%
Archrock, Inc.		93,915	$	616,082
Bristow Group, Inc.(b)		4,899		92,640
Core Laboratories N.V.		32,442		679,011
DMC Global, Inc.		10,790		382,290
Dril-Quip, Inc.(b)		25,506		845,014
Exterran Corp.(b)		20,456		94,098
Geospace Technologies Corp.(b)		10,055		65,860
Helix Energy Solutions Group, Inc.(b)		104,253		373,226
Helmerich & Payne, Inc.		78,129		1,287,566
Matrix Service Co.(b)		19,150		176,946
Nabors Industries Ltd.(c)		4,972		198,781
Newpark Resources, Inc.(b)		65,939		128,581
Oceaneering International, Inc.(b)		72,602		391,325
Oil States International, Inc.(b)		44,532		195,495
Patterson-UTI Energy, Inc.		136,380		525,063
ProPetro Holding Corp.(b)		60,241		378,313
RPC, Inc.(b)		37,885		118,580
SEACOR Holdings, Inc.(b)		12,938		408,970
US Silica Holdings, Inc.(c)		53,932		240,537
				7,198,378
Oil, Gas & Consumable Fuels-51.05%
Bonanza Creek Energy, Inc.(b)		13,678		274,107
Callon Petroleum Co.(b)(c)		29,081		192,807
CONSOL Energy, Inc.(b)		19,114		98,819
Dorian LPG Ltd.(b)		19,725		166,479
Green Plains, Inc.(b)		24,412		326,633
Gulfport Energy Corp.(b)		106,912		75,448
Laredo Petroleum, Inc.(b)		6,674		109,120
Matador Resources Co.(b)(c)		78,214		761,022
Oasis Petroleum, Inc.(b)		213,811		118,751
Par Pacific Holdings, Inc.(b)		28,388		246,408
PDC Energy, Inc.(b)		69,520		1,052,533
Penn Virginia Corp.(b)(c)		9,894		112,989
QEP Resources, Inc.		177,225		230,393

	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
Range Resources Corp.(c)		154,396	$	1,151,794
Renewable Energy Group, Inc.(b)		28,405		949,579
REX American Resources Corp.(b)		4,028		248,850
SM Energy Co.		77,601		188,570
Southwestern Energy Co.(b)		394,021		1,095,378
Talos Energy, Inc.(b)		14,855		111,561
				7,511,241
Total Common Stocks & Other Equity Interests (Cost $22,431,042)				14,709,619
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $3,793)		3,793		3,793
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $22,434,835)				14,713,412
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.31%
Invesco Private Government Fund, 0.03%(d)(e)(f)		696,441		696,441
Invesco Private Prime Fund, 0.14%(d)(e)(f)		232,121		232,167
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $928,608)				928,608
TOTAL INVESTMENTS IN SECURITIES-106.32% (Cost $23,363,443)				15,642,020
OTHER ASSETS LESS LIABILITIES-(6.32)%				(929,365	)
NET ASSETS-100.00%			$	14,712,655

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$    9,419		$    364,328		$    (369,954)		$-		$    -		$    3,793		$    101

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

32

Invesco S&P SmallCap Energy ETF (PSCE)–(continued)

August 31, 2020

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value August 31, 2020		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		$1,130,963		$17,319,524		$(18,450,487)		$-		$      -		$          -		$19,816*
Invesco Liquid Assets Portfolio, Institutional Class		390,071		4,991,331		(5,381,013)		-		(389)		-		7,404*
Invesco Private Government Fund		-		13,542,939		(12,846,498)		-		-		696,441		208*
Invesco Private Prime Fund		-		2,495,625		(2,263,546)		-		88		232,167		133*
Total		$1,530,453		$38,713,747		$(39,311,498)		$-		$(301)		$932,401		$27,662

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

33

Invesco S&P SmallCap Financials ETF (PSCF)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Banks-33.09%
Allegiance Bancshares, Inc.		2,972	$	75,548
Ameris Bancorp		10,336		253,439
Banc of California, Inc.		7,001		76,941
BancFirst Corp.		2,843		125,092
BankUnited, Inc.		14,630		342,049
Banner Corp.		5,567		201,080
Berkshire Hills Bancorp, Inc.		6,834		62,736
Boston Private Financial Holdings, Inc.		12,953		76,941
Brookline Bancorp, Inc.		12,496		119,962
Cadence BanCorp		19,941		189,440
Central Pacific Financial Corp.		4,452		68,961
City Holding Co.		2,557		163,597
Columbia Banking System, Inc.		11,333		316,304
Community Bank System, Inc.		8,249		496,342
Customers Bancorp, Inc.(b)		4,585		58,550
CVB Financial Corp.		20,385		371,211
Dime Community Bancshares, Inc.		4,536		58,514
Eagle Bancorp, Inc.		5,098		146,720
FB Financial Corp.		4,858		131,166
First Bancorp (Puerto Rico)		34,545		197,943
First Commonwealth Financial Corp.		15,539		127,420
First Financial Bancorp		15,512		212,825
First Hawaiian, Inc.		20,558		339,824
First Midwest Bancorp, Inc.		18,085		225,339
Great Western Bancorp, Inc.		8,712		121,358
Hanmi Financial Corp.		4,849		46,211
Heritage Financial Corp.		5,683		113,319
Hope Bancorp, Inc.		19,507		165,029
Independent Bank Corp.		5,215		327,763
Independent Bank Group, Inc.		5,793		269,375
National Bank Holdings Corp., Class A		4,840		137,650
NBT Bancorp, Inc.		6,902		210,304
OFG Bancorp (Puerto Rico)		8,129		104,376
Old National Bancorp		26,090		364,738
Pacific Premier Bancorp, Inc.		12,797		289,084
Park National Corp.(c)		2,245		201,848
Preferred Bank		2,149		80,373
S&T Bancorp, Inc.		6,028		121,735
Seacoast Banking Corp. of Florida(b)		8,346		168,923
ServisFirst Bancshares, Inc.		7,333		268,754
Simmons First National Corp., Class A		17,255		294,543
Southside Bancshares, Inc.		4,914		135,405
Tompkins Financial Corp.		1,936		128,125
Triumph Bancorp, Inc.(b)		3,511		100,274
United Community Banks, Inc.		12,397		224,634
Veritex Holdings, Inc.		7,260		130,535
Westamerica Bancorporation		4,266		259,629
				8,701,929
Capital Markets-3.89%
Blucora, Inc.(b)		7,577		90,394
Brightsphere Investment Group, Inc.		9,871		136,812
Donnelley Financial Solutions, Inc.(b)		4,861		52,985
Greenhill & Co., Inc.		2,320		26,030
Piper Sandler Cos.		2,296		173,233
StoneX Group, Inc.(b)		2,586		146,626
Virtus Investment Partners, Inc.		1,148		162,901

	Shares		Value
Capital Markets-(continued)
Waddell & Reed Financial, Inc., Class A		10,392	$	163,674
WisdomTree Investments, Inc.		18,825		70,406
				1,023,061
Consumer Finance-4.34%
Encore Capital Group, Inc.(b)		4,402		202,228
Enova International, Inc.(b)		4,757		81,249
EZCORP, Inc., Class A(b)		8,249		44,380
Green Dot Corp., Class A(b)		7,718		401,799
PRA Group, Inc.(b)		7,211		336,573
World Acceptance Corp.(b)(c)		832		75,704
				1,141,933
Equity REITs-31.99%
Acadia Realty Trust		13,632		154,587
Agree Realty Corp.		8,527		570,627
Alexander & Baldwin, Inc.		10,762		130,328
American Assets Trust, Inc.		7,610		194,435
Armada Hoffler Properties, Inc.		8,946		90,355
Brandywine Realty Trust		26,998		300,488
CareTrust REIT, Inc.		15,155		293,552
Chatham Lodging Trust		7,437		51,464
Community Healthcare Trust, Inc.		3,261		152,289
CoreCivic, Inc.		18,943		176,359
DiamondRock Hospitality Co.		31,550		167,215
Diversified Healthcare Trust		37,670		143,146
Easterly Government Properties, Inc.		11,895		287,740
Essential Properties Realty Trust, Inc.		14,567		247,202
Four Corners Property Trust, Inc.		11,136		281,184
Franklin Street Properties Corp.		16,986		75,248
Getty Realty Corp.		5,440		159,338
Global Net Lease, Inc.		14,166		247,905
Hersha Hospitality Trust		5,701		36,657
Independence Realty Trust, Inc.		14,996		175,603
Industrial Logistics Properties Trust		10,322		222,645
Innovative Industrial Properties, Inc.(c)		3,373		415,182
Investors Real Estate Trust		1,927		137,010
iStar, Inc.(c)		11,507		142,457
Kite Realty Group Trust		13,320		149,717
Lexington Realty Trust		43,744		497,369
LTC Properties, Inc.		6,210		226,603
National Storage Affiliates Trust		9,819		336,890
NexPoint Residential Trust, Inc.		3,463		143,368
Office Properties Income Trust		7,633		181,971
Pennsylvania REIT(c)		9,617		10,579
Retail Opportunity Investments Corp.		18,425		205,070
Retail Properties of America, Inc., Class A		33,906		213,947
RPT Realty		12,761		74,779
Safehold, Inc.		2,102		116,598
Saul Centers, Inc.		1,874		52,509
SITE Centers Corp.		23,550		176,860
Summit Hotel Properties, Inc.		16,722		98,493
Tanger Factory Outlet Centers, Inc.(c)		14,801		84,218
Uniti Group, Inc.		30,738		301,847
Universal Health Realty Income Trust		2,005		133,774
Urstadt Biddle Properties, Inc., Class A		4,750		44,175
Washington Prime Group, Inc.(c)		29,668		20,174
Washington REIT		13,035		285,988

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

34

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

August 31, 2020

		Shares		Value
Equity REITs-(continued)
Whitestone REIT			6,672	$	42,901
Xenia Hotels & Resorts, Inc.			17,965		161,326
					8,412,172
Insurance-13.90%
Ambac Financial Group, Inc.(b)			7,249		91,555
American Equity Investment Life Holding Co.			14,493		346,528
AMERISAFE, Inc.			3,057		203,994
eHealth, Inc.(b)			4,056		256,015
Employers Holdings, Inc.			4,810		156,710
HCI Group, Inc.			998		54,611
Horace Mann Educators Corp.			6,538		255,374
James River Group Holdings Ltd.			4,833		235,415
Kinsale Capital Group, Inc.			3,278		679,300
Palomar Holdings, Inc.(b)			2,804		315,029
ProAssurance Corp.			8,526		130,618
Safety Insurance Group, Inc.			2,303		166,737
Stewart Information Services Corp.			3,750		160,012
Third Point Reinsurance Ltd. (Bermuda)(b)			12,771		109,320
Trupanion, Inc.(b)			4,725		296,399
United Fire Group, Inc.			3,367		84,781
United Insurance Holdings Corp.			3,267		24,731
Universal Insurance Holdings, Inc.			4,721		87,575
	��
					3,654,704
Mortgage REITs-4.65%
Apollo Commercial Real Estate Finance, Inc.			22,653		202,518
ARMOUR Residential REIT, Inc.			10,227		99,100
Capstead Mortgage Corp.			15,264		94,179
Granite Point Mortgage Trust, Inc.			8,731		57,974
Invesco Mortgage Capital, Inc.(c)(d)			28,703		86,109
KKR Real Estate Finance Trust, Inc.			3,689		67,140
New York Mortgage Trust, Inc.			59,771		157,795
PennyMac Mortgage Investment Trust			15,810		270,983
Ready Capital Corp.			5,992		61,298
Redwood Trust, Inc.			18,183		126,008
					1,223,104
Real Estate Management & Development-1.99%
Marcus & Millichap, Inc.(b)			3,731		105,251
RE/MAX Holdings, Inc., Class A			2,870		100,852
Realogy Holdings Corp.			18,269		202,421
St. Joe Co. (The)(b)			4,944		114,750
					523,274
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Thrifts & Mortgage Finance-6.01%
Axos Financial, Inc.(b)		8,218	$	203,642
Flagstar Bancorp, Inc.		6,467		203,193
HomeStreet, Inc.		3,704		101,378
Meta Financial Group, Inc.		5,041		97,190
NMI Holdings, Inc., Class A(b)		13,420		230,153
Northfield Bancorp, Inc.		6,869		66,355
Northwest Bancshares, Inc.		18,787		189,937
Provident Financial Services, Inc.		11,092		146,193
TrustCo Bank Corp.		15,270		91,009
Walker & Dunlop, Inc.		4,574		250,564
				1,579,614
Total Common Stocks & Other Equity Interests (Cost $35,053,266)				26,259,791
Money Market Funds-0.05%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $12,423)		12,423		12,423
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $35,065,689)				26,272,214
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.12%
Invesco Private Government Fund, 0.03%(d)(e)(f)		812,376		812,376
Invesco Private Prime Fund, 0.14%(d)(e)(f)		270,744		270,798
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,083,174)				1,083,174
TOTAL INVESTMENTS IN SECURITIES-104.03% (Cost $36,148,863)				27,355,388
OTHER ASSETS LESS LIABILITIES-(4.03)%				(1,058,515	)
NET ASSETS-100.00%			$	26,296,873

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

35

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

August 31, 2020

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Invesco Mortgage Capital, Inc.	$	1,486,407	$	352,758	$	(1,393,637	)	$	(110,509	)	$	(248,910	)	$	86,109	$	83,622
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		87,739		5,488,949		(5,564,265	)		-			-			12,423		1,507
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		3,127,354		17,058,979		(20,186,333	)		-			-			-		23,633*
Invesco Liquid Assets Portfolio, Institutional Class		1,163,251		5,050,542		(6,213,628	)		-			(165	)		-		8,831*
Invesco Private Government Fund		-		6,191,307		(5,378,931	)		-			-			812,376		125*
Invesco Private Prime Fund		-		1,178,131		(907,371	)		-			38			270,798		80*
Total	$	5,864,751	$	35,320,666	$	(39,644,165	)	$	(110,509	)	$	(249,037	)	$	1,181,706	$	117,798

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

36

Invesco S&P SmallCap Health Care ETF (PSCH)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Biotechnology-17.28%
Anika Therapeutics, Inc.(b)		61,200	$	2,345,796
Coherus Biosciences, Inc.(b)(c)		262,800		4,985,316
Cytokinetics, Inc.(b)(c)		286,550		6,865,738
Eagle Pharmaceuticals, Inc.(b)		43,640		1,731,635
Enanta Pharmaceuticals, Inc.(b)		69,823		3,644,063
Momenta Pharmaceuticals, Inc.(b)		505,626		26,378,509
Myriad Genetics, Inc.(b)		321,276		4,295,460
REGENXBIO, Inc.(b)		136,408		4,163,172
Spectrum Pharmaceuticals, Inc.(b)		494,697		2,082,674
Vanda Pharmaceuticals, Inc.(b)		233,746		2,405,246
Xencor, Inc.(b)		212,896		7,611,032
				66,508,641
Health Care Equipment & Supplies-27.56%
AngioDynamics, Inc.(b)		162,436		1,521,213
Cardiovascular Systems, Inc.(b)		152,004		4,965,971
CONMED Corp.		122,506		10,573,493
CryoLife, Inc.(b)		162,631		3,288,399
Cutera, Inc.(b)		75,253		1,231,892
Glaukos Corp.(b)(c)		170,864		8,172,425
Heska Corp.(b)		36,425		3,773,630
Inogen, Inc.(b)		78,858		2,383,877
Integer Holdings Corp.(b)		140,953		9,762,405
Invacare Corp.		148,320		1,005,610
Lantheus Holdings, Inc.(b)		284,577		3,819,023
LeMaitre Vascular, Inc.		71,305		2,301,725
Meridian Bioscience, Inc.(b)		184,579		2,609,947
Merit Medical Systems, Inc.(b)		237,824		11,677,158
Mesa Laboratories, Inc.		17,431		4,286,632
Natus Medical, Inc.(b)		145,662		2,645,222
Neogen Corp.(b)		227,289		17,319,422
OraSure Technologies, Inc.(b)		305,443		3,579,792
Orthofix Medical, Inc.(b)		82,750		2,510,635
SurModics, Inc.(b)		58,640		2,653,460
Tactile Systems Technology, Inc.(b)		82,880		3,185,078
Varex Imaging Corp.(b)		168,491		1,868,565
Zynex, Inc.(b)(c)		65,798		973,810
				106,109,384
Health Care Providers & Services-24.61%
Addus HomeCare Corp.(b)		58,044		5,436,401
AMN Healthcare Services, Inc.(b)		201,726		10,860,928
BioTelemetry, Inc.(b)		146,476		5,797,520
Community Health Systems, Inc.(b)		515,665		2,665,988
CorVel Corp.(b)		37,942		3,149,945
Covetrus, Inc.(b)		417,995		9,576,265
Cross Country Healthcare, Inc.(b)		161,429		1,031,531
Ensign Group, Inc. (The)		216,637		12,681,930
Hanger, Inc.(b)		162,859		3,218,094
Magellan Health, Inc.(b)		95,395		7,198,507
Owens & Minor, Inc.		271,517		4,501,752
Pennant Group, Inc. (The)(b)		113,051		4,187,409
Providence Service Corp. (The)(b)		49,306		4,565,243
RadNet, Inc.(b)		180,264		2,599,407

	Shares		Value
Health Care Providers & Services-(continued)
Select Medical Holdings Corp.(b)		461,272	$	9,257,729
Tivity Health, Inc.(b)(c)		188,044		3,076,400
US Physical Therapy, Inc.		55,348		4,920,437
				94,725,486
Health Care Technology-11.21%
Allscripts Healthcare Solutions, Inc.(b)		696,942		6,223,692
Computer Programs & Systems, Inc.		54,406		1,488,548
HealthStream, Inc.(b)		108,931		2,256,506
HMS Holdings Corp.(b)		379,715		10,590,251
NextGen Healthcare, Inc.(b)		210,799		2,795,195
Omnicell, Inc.(b)		183,045		12,205,441
Simulations Plus, Inc.		52,831		3,147,671
Tabula Rasa HealthCare, Inc.(b)(c)		87,850		4,445,210
				43,152,514
Life Sciences Tools & Services-9.93%
Luminex Corp.		182,765		4,877,998
Medpace Holdings, Inc.(b)		115,477		14,987,760
NeoGenomics, Inc.(b)		471,668		18,371,468
				38,237,226
Pharmaceuticals-9.43%
AMAG Pharmaceuticals, Inc.(b)(c)		147,691		1,530,079
Amphastar Pharmaceuticals, Inc.(b)		145,327		2,961,764
ANI Pharmaceuticals, Inc.(b)		40,913		1,283,032
Corcept Therapeutics, Inc.(b)		442,759		5,623,039
Endo International PLC(b)		880,971		2,651,723
Innoviva, Inc.(b)		288,165		3,374,412
Lannett Co., Inc.(b)		144,323		759,139
Pacira BioSciences, Inc.(b)		180,856		11,307,117
Phibro Animal Health Corp., Class A		87,427		1,876,183
Supernus Pharmaceuticals, Inc.(b)		225,348		4,955,403
				36,321,891
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $443,928,316)				385,055,142
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.97%
Invesco Private Government Fund, 0.03%(d)(e)(f)		14,338,219		14,338,219
Invesco Private Prime Fund, 0.14%(d)(e)(f)		4,778,540		4,779,495
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,117,714)				19,117,714
TOTAL INVESTMENTS IN SECURITIES-104.99% (Cost $463,046,030)				404,172,856
OTHER ASSETS LESS LIABILITIES-(4.99)%				(19,215,428	)
NET ASSETS-100.00%			$	384,957,428

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

37

Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)

August 31, 2020

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$                -		$ 47,040,844		$ (47,040,844)		$-		$        -		$               -		$  11,075
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		9,247,252		119,189,080		(128,436,332)		-		-		-		137,207	*
Invesco Liquid Assets Portfolio, Institutional Class		3,103,587		37,405,309		(40,507,636)		-		(1,260)		-		51,035	*
Invesco Private Government Fund		-		60,625,639		(46,287,420)		-		-		14,338,219		1,673	*
Invesco Private Prime Fund		-		13,365,798		(8,586,583)		-		280		4,779,495		1,204	*
Total		$ 12,350,839		$ 277,626,670		$ (270,858,815)		$-		$    (980)		$ 19,117,714		$202,194

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

38

Invesco S&P SmallCap Industrials ETF (PSCI)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Aerospace & Defense-8.52%
AAR Corp.		11,894	$	240,021
Aerojet Rocketdyne Holdings, Inc.(b)		26,013		1,076,158
AeroVironment, Inc.(b)		7,784		594,620
Cubic Corp.		11,282		531,157
Kaman Corp.		9,965		460,881
Moog, Inc., Class A		10,816		652,097
National Presto Industries, Inc.		1,821		163,762
Park Aerospace Corp.		7,027		77,929
Triumph Group, Inc.		18,689		135,121
				3,931,746
Air Freight & Logistics-4.41%
Atlas Air Worldwide Holdings, Inc.(b)		9,418		531,081
Echo Global Logistics, Inc.(b)		9,593		262,081
Forward Air Corp.		10,083		594,796
Hub Group, Inc., Class A(b)		12,085		650,656
				2,038,614
Airlines-3.12%
Allegiant Travel Co.		4,730		608,278
Hawaiian Holdings, Inc.		16,563		222,607
SkyWest, Inc.		18,073		608,156
				1,439,041
Building Products-15.39%
AAON, Inc.		14,669		835,106
American Woodmark Corp.(b)		5,613		491,138
Apogee Enterprises, Inc.		9,488		198,584
Gibraltar Industries, Inc.(b)		11,681		729,420
Griffon Corp.		18,391		399,636
Insteel Industries, Inc.		6,595		121,612
Patrick Industries, Inc.		7,964		447,657
PGT Innovations, Inc.(b)		21,240		385,081
Quanex Building Products Corp.		11,825		198,778
Resideo Technologies, Inc.(b)		44,390		593,050
Simpson Manufacturing Co., Inc.		14,242		1,400,558
UFP Industries, Inc.		22,008		1,306,175
				7,106,795
Commercial Services & Supplies-10.77%
ABM Industries, Inc.		24,012		915,818
Brady Corp., Class A		17,426		817,105
Deluxe Corp.		15,078		428,215
Harsco Corp.(b)		28,434		402,341
Interface, Inc.		21,079		159,357
Matthews International Corp., Class A		11,271		246,835
Pitney Bowes, Inc.		62,225		341,615
RR Donnelley & Sons Co.		25,701		33,926
Team, Inc.(b)		11,041		70,331
UniFirst Corp.		5,490		1,057,484
US Ecology, Inc.		9,198		341,522
Viad Corp.		7,347		157,446
				4,971,995
Construction & Engineering-4.75%
Aegion Corp.(b)		11,060		179,006
Arcosa, Inc.		17,346		802,946
Comfort Systems USA, Inc.		13,120		664,791

	Shares		Value
Construction & Engineering-(continued)
Granite Construction, Inc.		16,847	$	313,186
MYR Group, Inc.(b)		6,015		233,442
				2,193,371
Electrical Equipment-2.98%
AZZ, Inc.		9,430		327,504
Encore Wire Corp.		7,409		382,379
Powell Industries, Inc.		3,181		85,855
Vicor Corp.(b)		6,667		580,229
				1,375,967
Industrial Conglomerates-0.69%
Raven Industries, Inc.		12,918		321,012
Machinery-32.57%
Alamo Group, Inc.		3,505		388,704
Albany International Corp., Class A		11,065		574,273
Astec Industries, Inc.		8,142		429,246
Barnes Group, Inc.		17,092		676,843
Chart Industries, Inc.(b)		12,720		835,958
CIRCOR International, Inc.(b)		7,206		213,658
Enerpac Tool Group Corp.		19,167		398,674
EnPro Industries, Inc.		7,394		432,697
ESCO Technologies, Inc.		9,411		846,237
Federal Signal Corp.		21,715		697,486
Franklin Electric Co., Inc.		13,788		818,456
Greenbrier Cos., Inc. (The)		11,775		320,162
Hillenbrand, Inc.		26,891		852,714
John Bean Technologies Corp.		11,405		1,169,126
Lindsay Corp.		3,906		390,327
Lydall, Inc.(b)		6,379		119,798
Meritor, Inc.(b)		26,045		592,784
Mueller Industries, Inc.		20,464		607,781
Proto Labs, Inc.(b)		9,585		1,408,995
SPX Corp.(b)		16,030		670,535
SPX FLOW, Inc.(b)		15,373		668,418
Standex International Corp.		4,474		258,776
Tennant Co.		6,648		441,893
Titan International, Inc.		18,131		43,152
Wabash National Corp.		19,051		232,613
Watts Water Technologies, Inc., Class A		9,894		947,350
				15,036,656
Marine-1.35%
Matson, Inc.		15,514		621,646
Professional Services-6.43%
Exponent, Inc.		18,565		1,493,647
Forrester Research, Inc.(b)		3,854		136,663
Heidrick & Struggles International, Inc.		6,947		150,264
Kelly Services, Inc., Class A		12,011		228,089
Korn Ferry		19,840		605,120
Resources Connection, Inc.		10,891		133,850
TrueBlue, Inc.(b)		13,022		220,332
				2,967,965
Road & Rail-4.97%
ArcBest Corp.		9,105		307,931
Heartland Express, Inc.		16,715		345,750

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

39

Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)

August 31, 2020

	Shares		Value
Road & Rail-(continued)
Marten Transport Ltd.		21,059	$	382,431
Saia, Inc.(b)		9,388		1,259,870
				2,295,982
Trading Companies & Distributors-3.96%
Applied Industrial Technologies, Inc.		13,988		842,218
DXP Enterprises, Inc.(b)		5,813		111,842
Foundation Building Materials, Inc.(b)		6,385		103,629
GMS, Inc.(b)		15,256		404,131
NOW, Inc.(b)		39,400		286,438
Veritiv Corp.(b)		4,519		78,540
				1,826,798
Total Common Stocks & Other Equity Interests (Cost $50,144,061)				46,127,588

	Shares		Value
Money Market Funds-0.04%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $17,286)		17,286	$	17,286
TOTAL INVESTMENTS IN SECURITIES-99.95% (Cost $50,161,347)				46,144,874
OTHER ASSETS LESS LIABILITIES-0.05%				22,916
NET ASSETS-100.00%			$	46,167,790

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$  874,278		$     640,155		$ (1,497,147)		$-		$  -		$17,286		$    269
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		152,184		5,841,808		(5,993,992)		-		-		-		3,999	*
Invesco Liquid Assets Portfolio, Institutional Class		50,728		1,755,700		(1,806,490)		-		62		-		1,478	*
Invesco Private Government Fund		-		2,888,039		(2,888,039)		-		-		-		16	*
Invesco Private Prime Fund		-		95,326		(95,327)		-		1		-		1	*
Total		$1,077,190		$11,221,028		$(12,280,995)		$-		$63		$17,286		$5,763

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

^(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

40

Invesco S&P SmallCap Information Technology ETF (PSCT)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communications Equipment-7.80%
ADTRAN, Inc.		123,988	$	1,375,027
Applied Optoelectronics, Inc.(b)(c)		49,957		581,000
CalAmp Corp.(b)		88,838		725,806
Comtech Telecommunications Corp.		63,941		1,061,421
Digi International, Inc.(b)		74,859		1,019,580
Extreme Networks, Inc.(b)		310,784		1,358,126
Harmonic, Inc.(b)		249,692		1,473,183
NETGEAR, Inc.(b)		76,393		2,547,706
Plantronics, Inc.		86,249		1,066,038
Viavi Solutions, Inc.(b)		589,386		7,859,462
				19,067,349
Electronic Equipment, Instruments & Components-26.82%
Arlo Technologies, Inc.(b)		201,725		1,155,884
Badger Meter, Inc.		75,277		4,643,838
Bel Fuse, Inc., Class B		26,165		314,503
Benchmark Electronics, Inc.		94,149		1,846,262
CTS Corp.		83,403		1,743,123
Daktronics, Inc.		96,726		427,529
ePlus, Inc.(b)		34,903		2,677,758
Fabrinet (Thailand)(b)		94,939		6,624,843
FARO Technologies, Inc.(b)		45,810		2,588,265
Insight Enterprises, Inc.(b)		91,170		5,452,422
Itron, Inc.(b)		92,409		5,504,804
Knowles Corp.(b)		222,425		3,349,721
Methode Electronics, Inc.		95,892		2,714,703
MTS Systems Corp.		46,251		1,128,524
OSI Systems, Inc.(b)		43,305		3,410,269
PC Connection, Inc.		28,348		1,255,533
Plexus Corp.(b)		75,456		5,739,938
Rogers Corp.(b)		48,248		5,466,981
Sanmina Corp.(b)		176,340		4,990,422
ScanSource, Inc.(b)		65,529		1,617,911
TTM Technologies, Inc.(b)		255,448		2,927,434
				65,580,667
IT Services-16.28%
Cardtronics PLC, Class A(b)		93,111		2,021,440
CSG Systems International, Inc.		85,487		3,639,181
EVERTEC, Inc. (Puerto Rico)		154,209		5,400,399
ExlService Holdings, Inc.(b)		88,718		5,650,449
ManTech International Corp., Class A		69,996		5,239,201
NIC, Inc.		173,140		3,701,733
Perficient, Inc.(b)		85,528		3,670,006
Sykes Enterprises, Inc.(b)		97,387		3,223,997
TTEC Holdings, Inc.		45,778		2,595,155
Unisys Corp.(b)		135,123		1,575,534
Virtusa Corp.(b)		77,903		3,080,285
				39,797,380
Semiconductors & Semiconductor Equipment-28.12%
Advanced Energy Industries, Inc.(b)		98,931		7,332,766
Axcelis Technologies, Inc.(b)		84,993		2,008,385
Brooks Automation, Inc.		190,692		9,845,428
CEVA, Inc.(b)		56,889		2,403,560
Cohu, Inc.		107,815		1,854,418
Diodes, Inc.(b)		107,819		5,268,036
DSP Group, Inc.(b)		60,001		860,414

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
FormFactor, Inc.(b)		196,905	$	5,145,128
Ichor Holdings Ltd.(b)		58,966		1,483,585
Kulicke & Soffa Industries, Inc. (Singapore)		161,397		3,870,300
MaxLinear, Inc.(b)		170,232		4,145,149
Onto Innovation, Inc.(b)		123,013		3,842,926
PDF Solutions, Inc.(b)		72,887		1,508,761
Photronics, Inc.(b)		168,356		1,688,611
Power Integrations, Inc.		154,292		8,635,723
Rambus, Inc.(b)		292,854		3,933,029
SMART Global Holdings, Inc.(b)		35,357		890,996
Ultra Clean Holdings, Inc.(b)		103,155		2,529,361
Veeco Instruments, Inc.(b)		127,789		1,519,411
				68,765,987
Software-19.60%
8x8, Inc.(b)		267,949		4,522,979
Agilysys, Inc.(b)		52,029		1,319,976
Alarm.com Holdings, Inc.(b)		109,664		6,565,584
Bottomline Technologies (DE), Inc.(b)		98,111		4,673,027
Ebix, Inc.(c)		57,576		1,328,278
LivePerson, Inc.(b)		159,165		9,495,784
MicroStrategy, Inc., Class A(b)		19,982		2,886,200
OneSpan, Inc.(b)		84,423		1,819,315
Progress Software Corp.		115,793		4,387,397
SPS Commerce, Inc.(b)		90,301		7,213,244
Xperi Holding Corp.		297,343		3,725,708
				47,937,492
Technology Hardware, Storage & Peripherals-1.37%
3D Systems Corp.(b)(c)		307,340		1,687,296
Diebold Nixdorf, Inc.(b)		200,343		1,670,861
				3,358,157
Total Common Stocks & Other Equity Interests (Cost $240,681,440)				244,507,032
Money Market Funds-0.00%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $13,058)		13,058		13,058
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $240,694,498)				244,520,090
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.54%
Invesco Private Government Fund, 0.03%(d)(e)(f)		2,815,934		2,815,934

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

41

Invesco S&P SmallCap Information Technology ETF (PSCT)–(continued)

August 31, 2020

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.14%(d)(e)(f)		938,482	$	938,669
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,754,603)				3,754,603
TOTAL INVESTMENTS IN SECURITIES-101.53% (Cost $244,449,101)				248,274,693
OTHER ASSETS LESS LIABILITIES-(1.53)%				(3,733,318	)
NET ASSETS-100.00%			$	244,541,375

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government
Money Portfolio, Institutional Class		$     26,379		$11,318,348	$	(11,331,669	)		$-	$	-		$      13,058		$     804
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		3,210,992		25,482,777		(28,693,769	)		-		-		-		26,241	*
Invesco Liquid Assets Portfolio, Institutional Class		1,070,331		6,911,501		(7,981,844	)		-		12		-		9,793	*
Invesco Private Government Fund		-		22,467,807		(19,651,873	)		-		-		2,815,934		384	*
Invesco Private Prime Fund		-		2,879,433		(1,940,869	)		-		105		938,669		236	*
Total		$4,307,702		$69,059,866	$	(69,600,024	)		$-	$	117		$3,767,661		$37,458

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

42

Invesco S&P SmallCap Materials ETF (PSCM)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.61%
Chemicals-55.74%
AdvanSix, Inc.(b)		6,623	$	84,311
American Vanguard Corp.		6,279		88,848
Balchem Corp.		7,600		742,520
Ferro Corp.(b)		19,553		243,826
FutureFuel Corp.		6,104		73,858
GCP Applied Technologies, Inc.(b)		12,823		334,167
H.B. Fuller Co.		12,091		582,423
Hawkins, Inc.		2,233		112,141
Innospec, Inc.		5,778		431,559
Koppers Holdings, Inc.(b)		4,970		119,578
Kraton Corp.(b)		7,540		105,862
Livent Corp.(b)		34,742		294,612
Quaker Chemical Corp.		3,049		579,310
Rayonier Advanced Materials, Inc.(b)		11,791		37,260
Stepan Co.		4,704		542,324
Tredegar Corp.		5,870		99,379
Trinseo S.A.		9,090		226,432
				4,698,410
Construction Materials-1.19%
US Concrete, Inc.(b)		3,748		100,034
Containers & Packaging-1.54%
Myers Industries, Inc.		8,473		129,637
Metals & Mining-27.28%
Arconic Corp.(b)		20,239		450,318
Carpenter Technology Corp.		11,342		238,522
Century Aluminum Co.(b)		11,930		117,749
Cleveland-Cliffs, Inc.(c)		93,744		616,835
Haynes International, Inc.		2,967		55,602
Kaiser Aluminum Corp.		3,743		240,600
Materion Corp.		4,828		263,561
Olympic Steel, Inc.		2,139		23,529

	Shares		Value
Metals & Mining-(continued)
SunCoke Energy, Inc.		19,571	$	70,064
TimkenSteel Corp.(b)		9,427		35,540
Warrior Met Coal, Inc.		12,126		187,589
				2,299,909
Paper & Forest Products-13.86%
Boise Cascade Co.		8,672		397,178
Clearwater Paper Corp.(b)		3,925		132,116
Mercer International, Inc. (Germany)		9,493		79,551
Neenah, Inc.		3,994		176,854
PH Glatfelter Co.		10,544		158,055
Schweitzer-Mauduit International, Inc., Class A		7,395		224,290
				1,168,044
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.61% (Cost $10,374,722)				8,396,034
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.34%
Invesco Private Government Fund, 0.03%(d)(e)(f)		463,942		463,942
Invesco Private Prime Fund, 0.14%(d)(e)(f)		154,622		154,653
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $618,595)				618,595
TOTAL INVESTMENTS IN SECURITIES-106.95% (Cost $10,993,317)				9,014,629
OTHER ASSETS LESS LIABILITIES-(6.95)%				(585,942	)
NET ASSETS-100.00%			$	8,428,687

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$        201		$      528,936		$      (529,137)		$  -		$      -		$            -		$      105

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

43

Invesco S&P SmallCap Materials ETF (PSCM)–(continued)

August 31, 2020

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2020		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		$275,653		$  3,187,809		$ (3,463,462)		$ -		$      -		$           -		$4,431*
Invesco Liquid Assets Portfolio, Institutional Class		91,885		814,885		(906,652)		(2)		(116)		-		1,677*
Invesco Private Government Fund		-		7,307,897		(6,843,955)		-		-		463,942		87*
Invesco Private Prime Fund		-		938,667		(784,035)		-		21		154,653		59*
Total		$367,739		$12,778,194		$(12,527,241)		$(2)		$  (95)		$618,595		$6,359

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

44

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.70%
Diversified Telecommunication Services-35.60%
ATN International, Inc.		13,113	$	760,554
Cincinnati Bell, Inc.(b)		61,013		918,856
Cogent Communications Holdings, Inc.		31,566		2,123,129
Consolidated Communications Holdings, Inc.(b)		88,135		685,690
Iridium Communications, Inc.(b)		73,605		2,061,676
Vonage Holdings Corp.(b)		111,423		1,275,794
				7,825,699
Entertainment-6.55%
Glu Mobile, Inc.(b)		126,257		1,002,481
Marcus Corp. (The)		27,912		437,381
				1,439,862
Gas Utilities-8.63%
Northwest Natural Holding Co.		18,674		954,428
South Jersey Industries, Inc.		42,573		942,992
				1,897,420
Interactive Media & Services-3.37%
QuinStreet, Inc.(b)		56,420		741,923
Media-16.39%
E.W. Scripps Co. (The), Class A		66,209		736,244
Gannett Co., Inc.(c)		159,394		275,752
Meredith Corp.(c)		48,633		680,862
Scholastic Corp.		36,337		817,582
TechTarget, Inc.(b)		27,571		1,094,017
				3,604,457
Multi-Utilities-8.49%
Avista Corp.		50,620		1,865,853
Water Utilities-14.39%
American States Water Co.		27,745		2,110,840
California Water Service Group		23,218		1,052,704
				3,163,544

	Shares		Value
Wireless Telecommunication Services-6.28%
Shenandoah Telecommunications Co.		20,773	$	1,148,747
Spok Holdings, Inc.		21,327		231,184
				1,379,931
Total Common Stocks & Other Equity Interests (Cost $25,188,330)				21,918,689
Money Market Funds-0.05%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $11,301)		11,301		11,301
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.75% (Cost $25,199,631)				21,929,990
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.38%
Invesco Private Government Fund, 0.03%(d)(e)(f)		557,235		557,235
Invesco Private Prime Fund, 0.14%(d)(e)(f)		185,709		185,746
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $742,981)				742,981
TOTAL INVESTMENTS IN SECURITIES-103.13% (Cost $25,942,612)				22,672,971
OTHER ASSETS LESS LIABILITIES-(3.13)%				(688,286	)
NET ASSETS-100.00%			$	21,984,685

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c) All or a portion of this security was out on loan at August 31, 2020.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		��	Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$102,756		$  5,509,097			$  (5,600,552)		$-		$    -		$  11,301		$      600

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

45

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)–(continued)

August 31, 2020

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		$210,052		$  9,592,830		$  (9,802,882)		$-		$  -		$            -		$  8,403*
Invesco Liquid Assets Portfolio, Institutional Class		70,010		2,863,006		(2,933,020)		-		4		-		3,092*
Invesco Private Government Fund		-		4,063,675		(3,506,440)		-		-		557,235		37*
Invesco Private Prime Fund		-		694,342		(508,606)		-		10		185,746		29*
Total		$382,818		$22,722,950		$(22,351,500)		$-		$14		$754,282		$12,161

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

46

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47

Statements of Assets and Liabilities

August 31, 2020

	Invesco DWA SmallCap Momentum ETF (DWAS)			Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)			Invesco S&P SmallCap Consumer Staples ETF (PSCC)			Invesco S&P SmallCap Energy ETF (PSCE)
Assets:
Unaffiliated investments in securities, at value(a)	$	234,320,807		$	19,393,616		$	39,182,054		$	14,709,619
Affiliated investments in securities, at value(a)		25,579,115			2,640,123			4,103,454			932,401
Receivable for:
Dividends		16,945			4,578			6,639			-
Securities lending		65,485			1,418			3,182			5,927
Investments sold		-			1,112,851			11,926,333			29,334
Investments sold - affiliated broker		-			2,187,963			-			-
Total assets		259,982,352			25,340,549			55,221,662			15,677,281
Liabilities:
Due to custodian		8,685			-			-			-
Payable for:
Investments purchased		-			-			-			32,194
Collateral upon return of securities loaned		25,483,373			2,620,644			4,100,335			928,608
Fund shares repurchased		-			3,245,181			11,926,696			-
Accrued unitary management fees		117,182			4,727			12,488			3,824
Total liabilities		25,609,240			5,870,552			16,039,519			964,626
Net Assets	$	234,373,112		$	19,469,997		$	39,182,143		$	14,712,655
Net assets consist of:
Shares of beneficial interest	$	477,315,163		$	30,891,380		$	54,527,196		$	89,119,770
Distributable earnings (loss)		(242,942,051	)		(11,421,383	)		(15,345,053	)		(74,407,115	)
Net Assets	$	234,373,112		$	19,469,997		$	39,182,143		$	14,712,655
Shares outstanding (unlimited amount authorized, $0.01 par value)		3,950,000			300,000			500,000			4,200,000
Net asset value	$	59.33		$	64.90		$	78.36		$	3.50
Market price	$	59.39		$	64.92		$	78.57		$	3.52
Unaffiliated investments in securities, at cost	$	189,695,608		$	21,644,337		$	42,984,823		$	22,431,042
Affiliated investments in securities, at cost	$	25,579,116		$	2,640,123		$	4,103,454		$	932,401
(a) Includes securities on loan with an aggregate value of:	$	25,049,500		$	2,563,446		$	3,982,143		$	864,139

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

48

Invesco S&P SmallCap Financials ETF (PSCF)			Invesco S&P SmallCap Health Care ETF (PSCH)			Invesco S&P SmallCap Industrials ETF (PSCI)			Invesco S&P SmallCap Information Technology ETF (PSCT)			Invesco S&P SmallCap Materials ETF (PSCM)			Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
$	26,173,682		$	385,055,142		$	46,127,588		$	244,507,032		$	8,396,034		$	21,918,689
	1,181,706			19,117,714			17,286			3,767,661			618,595			754,282
	34,003			9,564			32,992			82,594			12,406			60,168
	1,658			4,017			2			574			152			105
	633,916			-			-			-			-			-
	-			-			-			-			29,353			-
	28,024,965			404,186,437			46,177,868			248,357,861			9,056,540			22,733,244
	-			16,939			-			-			7,173			-
	638,429			-			-			-			-			-
	1,083,174			19,117,714			-			3,754,603			618,595			742,981
	-			-			-			-			-			-
	6,489			94,356			10,078			61,883			2,085			5,578
	1,728,092			19,229,009			10,078			3,816,486			627,853			748,559
$	26,296,873		$	384,957,428		$	46,167,790		$	244,541,375		$	8,428,687		$	21,984,685
$	39,464,846		$	516,799,761		$	56,485,255		$	259,414,878		$	13,920,430		$	31,745,103
	(13,167,973	)		(131,842,333	)		(10,317,465	)		(14,873,503	)		(5,491,743	)		(9,760,418	)
$	26,296,873		$	384,957,428		$	46,167,790		$	244,541,375		$	8,428,687		$	21,984,685
	650,000			2,900,000			700,000			2,700,000			200,000			450,000
$	40.46		$	132.74		$	65.95		$	90.57		$	42.14		$	48.85
$	40.54		$	132.83		$	66.05		$	90.67		$	41.99		$	48.91
$	34,583,780		$	443,928,316		$	50,144,061		$	240,681,440		$	10,374,722		$	25,188,330
$	1,565,083		$	19,117,714		$	17,286		$	3,767,661		$	618,595		$	754,282
$	1,030,493		$	18,652,636		$	-		$	3,533,790		$	609,736		$	678,644

49

Statements of Operations

For the year ended August 31, 2020

	Invesco DWA SmallCap Momentum ETF (DWAS)			Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)			Invesco S&P SmallCap Consumer Staples ETF (PSCC)			Invesco S&P SmallCap Energy ETF (PSCE)
Investment income:
Unaffiliated dividend income	$	1,391,626		$	238,330		$	811,362		$	165,421
Affiliated dividend income		4,477			227			309			101
Securities lending income		694,412			29,238			66,412			55,727
Foreign withholding tax		(2,053	)		-			-			(104	)
Total investment income		2,088,462			267,795			878,083			221,145
Expenses:
Unitary management fees		1,270,120			56,696			130,410			49,234
Less: Waivers		(593	)		(27	)		(45	)		(14	)
Net expenses		1,269,527			56,669			130,365			49,220
Net investment income (loss)		818,935			211,126			747,718			171,925
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(57,139,509	)		(3,864,216	)		(5,058,359	)		(20,472,894	)
Affiliated investment securities		(946	)		11			(148	)		(301	)
Unaffiliated in-kind redemptions		56,244,096			1,475,251			6,232,240			1,226,098
Affiliated in-kind redemptions		-			-			-			-
Net realized gain (loss)		(896,359	)		(2,388,954	)		1,173,733			(19,247,097	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		5,778,307			5,091,787			3,019,613			9,081,669
Affiliated investment securities		(1	)		-			-			-
Change in net unrealized appreciation (depreciation)		5,778,306			5,091,787			3,019,613			9,081,669
Net realized and unrealized gain (loss)		4,881,947			2,702,833			4,193,346			(10,165,428	)
Net increase (decrease) in net assets resulting from operations	$	5,700,882		$	2,913,959		$	4,941,064		$	(9,993,503	)

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

50

Invesco S&P SmallCap Financials ETF (PSCF)			Invesco S&P SmallCap Health Care ETF (PSCH)			Invesco S&P SmallCap Industrials ETF (PSCI)			Invesco S&P SmallCap Information Technology ETF (PSCT)			Invesco S&P SmallCap Materials ETF (PSCM)			Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
$	2,312,408		$	402,152		$	484,852		$	1,168,956		$	206,179		$	684,522
	85,129			11,075			269			804			105			600
	38,833			44,606			565			14,955			7,802			28,621
	(2,153	)		-			-			-			(1,284	)		-
	2,434,217			457,833			485,686			1,184,715			212,802			713,743
	226,465			1,250,954			136,738			821,640			33,006			100,076
	(189	)		(1,789	)		(31	)		(279	)		(18	)		(98	)
	226,276			1,249,165			136,707			821,361			32,988			99,978
	2,207,941			(791,332	)		348,979			363,354			179,814			613,765
	(4,562,314	)		(45,725,522	)		(3,345,988	)		(5,467,872	)		(1,898,221	)		(4,808,122	)
	(129,377	)		(980	)		63			117			(95	)		14
	1,931,914			51,149,550			(511,082	)		32,719,972			(1,120,920	)		2,775,182
	(119,660	)		-			-			-			-			-
	(2,879,437	)		5,423,048			(3,857,007	)		27,252,217			(3,019,236	)		(2,032,926	)
	(4,685,863	)		42,905,790			2,344,318			(7,922,730	)		3,599,601			(662,580	)
	(110,509	)		-			-			-			(2	)		-
	(4,796,372	)		42,905,790			2,344,318			(7,922,730	)		3,599,599			(662,580	)
	(7,675,809	)		48,328,838			(1,512,689	)		19,329,487			580,363			(2,695,506	)
$	(5,467,868	)	$	47,537,506		$	(1,163,710	)	$	19,692,841		$	760,177		$	(2,081,741	)

51

Statements of Changes in Net Assets

For the years ended August 31, 2020 and 2019

	Invesco DWA SmallCap Momentum ETF (DWAS)						Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	818,935		$	(85,314	)	$	211,126		$	600,065
Net realized gain (loss)		(896,359	)		(15,499,347	)		(2,388,954	)		428,508
Change in net unrealized appreciation (depreciation)		5,778,306			(48,298,523	)		5,091,787			(15,935,546	)
Net increase (decrease) in net assets resulting from operations		5,700,882			(63,883,184	)		2,913,959			(14,906,973	)
Distributions to Shareholders from:
Distributable earnings		(729,666	)		-			(234,072	)		(792,177	)
Shareholder Transactions:
Proceeds from shares sold		280,618,408			225,176,675			19,431,251			13,006,122
Value of shares repurchased		(315,226,495	)		(351,255,273	)		(25,590,390	)		(67,075,644	)
Net increase (decrease) in net assets resulting from share transactions		(34,608,087	)		(126,078,598	)		(6,159,139	)		(54,069,522	)
Net increase (decrease) in net assets		(29,636,871	)		(189,961,782	)		(3,479,252	)		(69,768,672	)
Net assets:
Beginning of year		264,009,983			453,971,765			22,949,249			92,717,921
End of year	$	234,373,112		$	264,009,983		$	19,469,997		$	22,949,249
Changes in Shares Outstanding:
Shares sold		5,250,000			4,200,000			350,000			200,000
Shares repurchased		(6,250,000	)		(6,900,000	)		(450,000	)		(1,100,000	)
Shares outstanding, beginning of year		4,950,000			7,650,000			400,000			1,300,000
Shares outstanding, end of year		3,950,000			4,950,000			300,000			400,000

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

52

Invesco S&P SmallCap Consumer Staples ETF (PSCC)						Invesco S&P SmallCap Energy ETF (PSCE)						Invesco S&P SmallCap Financials ETF (PSCF)
2020			2019			2020			2019			2020			2019
$	747,718		$	1,035,473		$	171,925		$	(66,464	)	$	2,207,941		$	4,370,364
	1,173,733			(1,017,338	)		(19,247,097	)		(12,023,404	)		(2,879,437	)		20,891,462
	3,019,613			(15,486,237	)		9,081,669			(17,126,028	)		(4,796,372	)		(48,340,473	)
	4,941,064			(15,468,102	)		(9,993,503	)		(29,215,896	)		(5,467,868	)		(23,078,647	)
	(860,763	)		(1,108,459	)		(116,495	)		(67,203	)		(4,431,775	)		(7,581,864	)
	25,313,403			24,629,279			12,794,138			5,097,304			11,130,955			13,732,604
	(36,933,651	)		(51,011,220	)		(7,494,212	)		(16,766,857	)		(98,588,944	)		(126,586,776	)
	(11,620,248	)		(26,381,941	)		5,299,926			(11,669,553	)		(87,457,989	)		(112,854,172	)
	(7,539,947	)		(42,958,502	)		(4,810,072	)		(40,952,652	)		(97,357,632	)		(143,514,683	)
	46,722,090			89,680,592			19,522,727			60,475,379			123,654,505			267,169,188
$	39,182,143		$	46,722,090		$	14,712,655		$	19,522,727		$	26,296,873		$	123,654,505
	350,000			300,000			2,550,000			550,000			200,000			250,000
	(500,000	)		(700,000	)		(1,150,000	)		(1,450,000	)		(1,900,000	)		(2,350,000	)
	650,000			1,050,000			2,800,000			3,700,000			2,350,000			4,450,000
	500,000			650,000			4,200,000			2,800,000			650,000			2,350,000

53

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2020 and 2019

	Invesco S&P SmallCap Health Care ETF (PSCH)						Invesco S&P SmallCap Industrials ETF (PSCI)
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	(791,332	)	$	(1,052,728	)	$	348,979		$	507,129
Net realized gain (loss)		5,423,048			13,255,461			(3,857,007	)		14,820,610
Change in net unrealized appreciation (depreciation)		42,905,790			(307,211,301	)		2,344,318			(40,566,278	)
Net increase (decrease) in net assets resulting from operations		47,537,506			(295,008,568	)		(1,163,710	)		(25,238,539	)
Distributions to Shareholders from:
Distributable earnings		-			(51,156	)		(379,899	)		(548,473	)
Shareholder Transactions:
Proceeds from shares sold		166,002,432			444,665,077			16,499,914			16,943,354
Value of shares repurchased		(293,724,183	)		(857,032,957	)		(23,335,122	)		(90,814,418	)
Net increase (decrease) in net assets resulting from share transactions		(127,721,751	)		(412,367,880	)		(6,835,208	)		(73,871,064	)
Net increase (decrease) in net assets		(80,184,245	)		(707,427,604	)		(8,378,817	)		(99,658,076	)
Net assets:
Beginning of year		465,141,673			1,172,569,277			54,546,607			154,204,683
End of year	$	384,957,428		$	465,141,673		$	46,167,790		$	54,546,607
Changes in Shares Outstanding:
Shares sold		1,350,000			3,300,000			250,000			250,000
Shares repurchased		(2,500,000	)		(7,350,000	)		(400,000	)		(1,450,000	)
Shares outstanding, beginning of year		4,050,000			8,100,000			850,000			2,050,000
Shares outstanding, end of year		2,900,000			4,050,000			700,000			850,000

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

54

Invesco S&P SmallCap Information Technology ETF (PSCT)						Invesco S&P SmallCap Materials ETF (PSCM)						Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
2020			2019			2020			2019			2020			2019
$	363,354		$	1,088,443		$	179,814		$	193,991		$	613,765		$	1,392,024
	27,252,217			37,285,395			(3,019,236	)		(1,118,318	)		(2,032,926	)		2,307,103
	(7,922,730	)		(82,316,420	)		3,599,599			(6,007,807	)		(662,580	)		(6,803,443	)
	19,692,841			(43,942,582	)		760,177			(6,932,134	)		(2,081,741	)		(3,104,316	)
	(419,646	)		(1,350,753	)		(202,623	)		(233,740	)		(832,908	)		(1,441,686	)
	57,560,906			40,581,225			-			4,777,183			7,655,636			27,992,459
	(135,701,019	)		(167,837,979	)		(6,455,764	)		(13,850,155	)		(33,177,725	)		(34,405,985	)
	(78,140,113	)		(127,256,754	)		(6,455,764	)		(9,072,972	)		(25,522,089	)		(6,413,526	)
	(58,866,918	)		(172,550,089	)		(5,898,210	)		(16,238,846	)		(28,436,738	)		(10,959,528	)
	303,408,293			475,958,382			14,326,897			30,565,743			50,421,423			61,380,951
$	244,541,375		$	303,408,293		$	8,428,687		$	14,326,897		$	21,984,685		$	50,421,423
	650,000			500,000			-			100,000			150,000			500,000
	(1,600,000	)		(2,150,000	)		(150,000	)		(300,000	)		(650,000	)		(650,000	)
	3,650,000			5,300,000			350,000			550,000			950,000			1,100,000
	2,700,000			3,650,000			200,000			350,000			450,000			950,000

55

Financial Highlights

Invesco DWA SmallCap Momentum ETF (DWAS)

	Years Ended August 31,						Ten Months Ended August 31,			��	Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	53.34		$	59.34		$	48.11			$	35.42		$	38.19		$	38.24
Net investment income (loss)(a)		0.20			(0.01	)		(0.01	)			0.14			0.15			0.02
Net realized and unrealized gain (loss) on investments		5.97			(5.99	)		11.34				12.71			(2.81	)		(0.04	)
Total from investment operations		6.17			(6.00	)		11.33				12.85			(2.66	)		(0.02	)
Distributions to shareholders from:
Net investment income		(0.18	)		-			(0.10	)			(0.16	)		(0.11	)		(0.03	)
Net asset value at end of period	$	59.33		$	53.34		$	59.34			$	48.11		$	35.42		$	38.19
Market price at end of period(b)	$	59.39		$	53.34		$	59.36			$	48.16		$	35.40		$	38.18
Net Asset Value Total Return(c)		11.65	%		(10.11	)%		23.60	%			36.38	%		(6.97	)%		(0.05	)%
Market Price Total Return(c)		11.77	%		(10.14	)%		23.51	%			36.60	%		(7.00	)%		(0.08	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	234,373		$	264,010		$	453,972			$	228,517		$	155,857		$	416,316
Ratio to average net assets of:
Expenses		0.60	%		0.60	%		0.60	%(d)			0.60	%		0.60	%		0.60	%
Net investment income (loss)		0.39	%		(0.03	)%		(0.02	)%(d)			0.34	%		0.41	%		0.06	%
Portfolio turnover rate(e)		185	%		159	%		100	%			131	%		169	%		141	%

^(a) Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	57.37		$	71.32		$	55.45		$	46.40		$	49.35		$	47.26
Net investment income(a)		0.61			0.57			0.56			0.66			0.41			0.50
Net realized and unrealized gain (loss) on investments		7.57			(13.81	)		15.78			9.12			(2.99	)		2.10
Total from investment operations		8.18			(13.24	)		16.34			9.78			(2.58	)		2.60
Distributions to shareholders from:
Net investment income		(0.65	)		(0.71	)		(0.47	)		(0.73	)		(0.37	)		(0.51	)
Net asset value at end of period	$	64.90		$	57.37		$	71.32		$	55.45		$	46.40		$	49.35
Market price at end of period(b)	$	64.92		$	57.36		$	71.31		$	55.51		$	46.41		$	49.37
Net Asset Value Total Return(c)		14.68	%		(18.57	)%		29.58	%		21.15	%		(5.23	)%		5.43	%
Market Price Total Return(c)		14.74	%		(18.58	)%		29.43	%		21.26	%		(5.24	)%		5.45	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	19,470		$	22,949		$	92,718		$	66,543		$	74,235		$	115,974
Ratio to average net assets of:
Expenses		0.29	%		0.30	%(d)		0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income		1.08	%		0.93	%(d)		1.07	%(e)		1.25	%		0.86	%		0.96	%
Portfolio turnover rate(f)		27	%		27	%		9	%		19	%		33	%		19	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

56

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	71.88		$	85.41		$	72.47		$	63.05		$	57.26		$	53.83
Net investment income(a)		1.21			1.09			0.56			0.94			0.90			0.61
Net realized and unrealized gain (loss) on investments		6.60			(13.48	)		12.91			9.64			5.75			3.88
Total from investment operations		7.81			(12.39	)		13.47			10.58			6.65			4.49
Distributions to shareholders from:
Net investment income		(1.33	)		(1.14	)		(0.53	)		(1.16	)		(0.86	)		(0.36	)
Net realized gains		-			-			-			-			-			(0.70	)
Total distributions		(1.33	)		(1.14	)		(0.53	)		(1.16	)		(0.86	)		(1.06	)
Net asset value at end of period	$	78.36		$	71.88		$	85.41		$	72.47		$	63.05		$	57.26
Market price at end of period(b)	$	78.57		$	71.66		$	85.34		$	72.54		$	62.99		$	57.31
Net Asset Value Total Return(c)		10.97	%		(14.52	)%		18.70	%		16.88	%		11.79	%		8.43	%
Market Price Total Return(c)		11.60	%		(14.71	)%		18.49	%		17.11	%		11.59	%		8.54	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	39,182		$	46,722		$	89,681		$	54,350		$	69,360		$	31,494
Ratio to average net assets of:
Expenses		0.29	%		0.30	%(d)		0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income		1.66	%		1.41	%(d)		0.89	%(e)		1.38	%		1.46	%		1.11	%
Portfolio turnover rate(f)		40	%		59	%		42	%		62	%		68	%		39	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

57

Financial Highlights–(continued)

Invesco S&P SmallCap Energy ETF (PSCE)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	6.97		$	16.34		$	14.26		$	16.73		$	18.12		$	37.85
Net investment income (loss)(a)		0.05			(0.02	)		(0.00	)(b)		(0.01	)		0.06			0.14
Net realized and unrealized gain (loss) on investments		(3.49	)		(9.33	)		2.09			(2.44	)		(1.36	)		(19.74	)
Total from investment operations		(3.44	)		(9.35	)		2.09			(2.45	)		(1.30	)		(19.60	)
Distributions to shareholders from:
Net investment income		(0.03	)		(0.02	)		(0.01	)		(0.01	)		(0.09	)		(0.13	)
Return of capital		-			-			-			(0.01	)		-			-
Total distributions		(0.03	)		(0.02	)		(0.01	)		(0.02	)		(0.09	)		(0.13	)
Net asset value at end of period	$	3.50		$	6.97		$	16.34		$	14.26		$	16.73		$	18.12
Market price at end of period(c)	$	3.52		$	6.98		$	16.33		$	14.30		$	16.75		$	18.13
Net Asset Value Total Return(d)		(49.31	)%		(57.29	)%		14.64	%		(14.69	)%		(7.11	)%		(51.89	)%
Market Price Total Return(d)		(49.09	)%		(57.20	)%		14.25	%		(14.55	)%		(7.05	)%		(51.85	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	14,713		$	19,523		$	60,475		$	48,477		$	52,686		$	37,149
Ratio to average net assets of:
Expenses		0.29	%		0.31	%(e)		0.29	%(f)		0.29	%		0.29	%		0.29	%
Net investment income (loss)		1.01	%		(0.20	)%(e)		0.04	%(f)		(0.05	)%		0.38	%		0.57	%
Portfolio turnover rate(g)		74	%		48	%		40	%		39	%		21	%		38	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(f) Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

58

Financial Highlights–(continued)

Invesco S&P SmallCap Financials ETF (PSCF)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	52.62		$	60.04		$	54.25		$	43.73		$	42.41		$	40.98
Net investment income(a)		1.45			1.48			1.05			1.25			1.14			0.98
Net realized and unrealized gain (loss) on investments		(10.89	)		(6.48	)		5.63			10.58			1.44			1.32
Total from investment operations		(9.44	)		(5.00	)		6.68			11.83			2.58			2.30
Distributions to shareholders from:
Net investment income		(2.23	)		(1.85	)		(0.89	)		(1.09	)		(1.18	)		(0.87	)
Net realized gains		(0.49	)		(0.57	)		-			(0.22	)		(0.08	)		-
Total distributions		(2.72	)		(2.42	)		(0.89	)		(1.31	)		(1.26	)		(0.87	)
Net asset value at end of period	$	40.46		$	52.62		$	60.04		$	54.25		$	43.73		$	42.41
Market price at end of period(b)	$	40.54		$	52.54		$	60.09		$	54.31		$	43.73		$	42.45
Net Asset Value Total Return(c)		(18.02	)%		(8.05	)%		12.44	%		27.23	%		6.29	%		5.68	%
Market Price Total Return(c)		(17.72	)%		(8.27	)%		12.41	%		27.37	%		6.19	%		5.80	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	26,297		$	123,655		$	267,169		$	254,975		$	196,797		$	182,347
Ratio to average net assets of:
Expenses		0.29	%		0.30	%(d)		0.29	%(e)		0.29	%		0.29	%		0.29	%(f)
Net investment income		2.83	%		2.73	%(d)		2.26	%(e)		2.44	%		2.73	%		2.38	%
Portfolio turnover rate(g)		31	%		16	%		17	%		21	%		16	%		16	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

59

Financial Highlights–(continued)

Invesco S&P SmallCap Health Care ETF (PSCH)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	114.85		$	144.76		$	91.43		$	67.03		$	66.81		$	60.07
Net investment income (loss)(a)		(0.22	)		(0.16	)		(0.04	)		(0.03	)		0.00	(b)		(0.01	)
Net realized and unrealized gain (loss) on investments		18.11			(29.74	)		53.37			24.45			0.22			8.22
Total from investment operations		17.89			(29.90	)		53.33			24.42			0.22			8.21
Distributions to shareholders from:
Net investment income		-			(0.01	)		-			(0.02	)		-			(0.03	)
Net realized gains		-			-			-			-			-			(1.44	)
Total distributions		-			(0.01	)		-			(0.02	)		-			(1.47	)
Net asset value at end of period	$	132.74		$	114.85		$	144.76		$	91.43		$	67.03		$	66.81
Market price at end of period(c)	$	132.83		$	114.81		$	144.99		$	91.58		$	67.00		$	66.86
Net Asset Value Total Return(d)		15.58	%		(20.66	)%		58.32	%		36.44	%		0.33	%		13.96	%
Market Price Total Return(d)		15.69	%		(20.82	)%		58.31	%		36.72	%		0.21	%		14.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	384,957		$	465,142		$	1,172,569		$	237,717		$	167,586		$	230,504
Ratio to average net assets of:
Expenses		0.29	%		0.29	%		0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income (loss)		(0.18	)%		(0.13	)%		(0.04	)%(e)		(0.04	)%		0.01	%		(0.02	)%
Portfolio turnover rate(f)		19	%		36	%		20	%		19	%		23	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

60

Financial Highlights–(continued)

Invesco S&P SmallCap Industrials ETF (PSCI)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	64.17		$	75.22		$	62.13		$	47.51		$	45.55		$	44.89
Net investment income(a)		0.47			0.37			0.36			0.53			0.34			0.45
Net realized and unrealized gain (loss) on investments		1.81			(11.03	)		13.07			14.62			1.96			0.68
Total from investment operations		2.28			(10.66	)		13.43			15.15			2.30			1.13
Distributions to shareholders from:
Net investment income		(0.50	)		(0.39	)		(0.34	)		(0.53	)		(0.34	)		(0.47	)
Net asset value at end of period	$	65.95		$	64.17		$	75.22		$	62.13		$	47.51		$	45.55
Market price at end of period(b)	$	66.05		$	64.21		$	75.25		$	62.21		$	47.42		$	45.57
Net Asset Value Total Return(c)		3.68	%		(14.16	)%		21.69	%		32.00	%		5.10	%		2.51	%
Market Price Total Return(c)		3.76	%		(14.14	)%		21.59	%		32.42	%		4.86	%		2.69	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	46,168		$	54,547		$	154,205		$	99,414		$	57,007		$	70,608
Ratio to average net assets of:
Expenses		0.29	%		0.30	%(d)		0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income		0.74	%		0.58	%(d)		0.66	%(e)		0.94	%		0.75	%		0.98	%
Portfolio turnover rate(f)		10	%		9	%		2	%		7	%		16	%		11	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco S&P SmallCap Information Technology ETF (PSCT)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	83.13		$	89.80		$	81.13		$	61.26		$	51.70		$	48.02
Net investment income(a)		0.11			0.25			0.27			0.19			0.10			0.08
Net realized and unrealized gain (loss) on investments		7.46			(6.62	)		8.69			19.83			9.58			3.64
Total from investment operations		7.57			(6.37	)		8.96			20.02			9.68			3.72
Distributions to shareholders from:
Net investment income		(0.13	)		(0.30	)		(0.29	)		(0.15	)		(0.12	)		(0.04	)
Net asset value at end of period	$	90.57		$	83.13		$	89.80		$	81.13		$	61.26		$	51.70
Market price at end of period(b)	$	90.67		$	83.05		$	89.71		$	81.23		$	61.28		$	51.77
Net Asset Value Total Return(c)		9.12	%		(7.08	)%		11.09	%		32.71	%		18.75	%		7.75	%
Market Price Total Return(c)		9.35	%		(7.08	)%		10.85	%		32.84	%		18.63	%		7.92	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	244,541		$	303,408		$	475,958		$	575,996		$	508,447		$	390,315
Ratio to average net assets of:
Expenses		0.29	%		0.29	%		0.29	%(d)		0.29	%		0.29	%		0.29	%
Net investment income		0.13	%		0.32	%		0.40	%(d)		0.26	%		0.18	%		0.16	%
Portfolio turnover rate(e)		19	%		11	%		15	%		16	%		15	%		15	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

61

Financial Highlights–(continued)

Invesco S&P SmallCap Materials ETF (PSCM)

	Years Ended August 31,						Ten Months Ended August 31,			Years Ended October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	40.93		$	55.57		$	50.96		$	38.70		$	34.36		$	43.97
Net investment income(a)		0.66			0.44			0.40			0.41			0.35			0.35
Net realized and unrealized gain (loss) on investments		1.27			(14.56	)		4.54			12.19			4.36			(9.50	)
Total from investment operations		1.93			(14.12	)		4.94			12.60			4.71			(9.15	)
Distributions to shareholders from:
Net investment income		(0.72	)		(0.52	)		(0.33	)		(0.34	)		(0.37	)		(0.46	)
Net asset value at end of period	$	42.14		$	40.93		$	55.57		$	50.96		$	38.70		$	34.36
Market price at end of period(b)	$	41.99		$	40.91		$	55.57		$	51.00		$	38.77		$	34.37
Net Asset Value Total Return(c)		4.91	%		(25.50	)%		9.73	%		32.62	%		13.89	%		(20.94	)%
Market Price Total Return(c)		4.59	%		(25.54	)%		9.65	%		32.48	%		14.07	%		(20.88	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	8,429		$	14,327		$	30,566		$	48,411		$	17,414		$	10,309
Ratio to average net assets of:
Expenses		0.29	%		0.32	%(d)		0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income		1.58	%		0.93	%(d)		0.91	%(e)		0.87	%		1.01	%		0.87	%
Portfolio turnover rate(f)		25	%		24	%		9	%		21	%		16	%		17	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

62

Financial Highlights–(continued)

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

	Years Ended August 31,							Ten Months Ended August 31,			Years Ended October 31,
	2020				2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	53.08			$	55.80		$	55.67		$	45.61		$	41.99		$	38.34
Net investment income(a)		0.91				1.22			1.14			0.87			1.06			1.02
Net realized and unrealized gain (loss) on investments		(4.03	)			(2.70	)		0.23			11.81			3.67			3.96
Total from investment operations		(3.12	)			(1.48	)		1.37			12.68			4.73			4.98
Distributions to shareholders from:
Net investment income		(1.11	)			(1.24	)		(1.24	)		(0.86	)		(1.11	)		(1.33	)
Net realized gains		-				-			-			(1.76	)		-			-
Total distributions		(1.11	)			(1.24	)		(1.24	)		(2.62	)		(1.11	)		(1.33	)
Net asset value at end of period	$	48.85			$	53.08		$	55.80		$	55.67		$	45.61		$	41.99
Market price at end of period(b)	$	48.91		��	$	53.01		$	55.82		$	55.70		$	45.57		$	42.01
Net Asset Value Total Return(c)		(5.94	)%			(2.58	)%		2.55	%		28.66	%		11.38	%		13.43	%
Market Price Total Return(c)		(5.70	)%			(2.74	)%		2.54	%		28.83	%		11.23	%		13.52	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	21,985			$	50,421		$	61,381		$	52,887		$	47,895		$	39,887
Ratio to average net assets of:
Expenses		0.29	%			0.30	%(d)		0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income		1.78	%			2.27	%(d)		2.58	%(e)		1.73	%		2.35	%		2.63	%
Portfolio turnover rate(f)		64	%			66	%		48	%		48	%		69	%		18	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

FullName	Short Name
Invesco DWA SmallCap Momentum ETF (DWAS)	“DWA SmallCap Momentum ETF”
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)	“S&P SmallCap Consumer Discretionary ETF”
Invesco S&P SmallCap Consumer Staples ETF (PSCC)	“S&P SmallCap Consumer Staples ETF”
Invesco S&P SmallCap Energy ETF (PSCE)	“S&P SmallCap Energy ETF”
Invesco S&P SmallCap Financials ETF (PSCF)	“S&P SmallCap Financials ETF”
Invesco S&P SmallCap Health Care ETF (PSCH)	“S&P SmallCap Health Care ETF”
Invesco S&P SmallCap Industrials ETF (PSCI)	“S&P SmallCap Industrials ETF”
Invesco S&P SmallCap Information Technology ETF (PSCT)	“S&P SmallCap Information Technology ETF”
Invesco S&P SmallCap Materials ETF (PSCM)	“S&P SmallCap Materials ETF”
Invesco S&P SmallCap Utilities& Communication Services ETF (PSCU)	“S&P SmallCap Utilities& Communication Services ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market.

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

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

Fund	Underlying Index
DWA SmallCap Momentum ETF	Dorsey Wright® SmallCap TechnicalLeaders Index
S&P SmallCap Consumer Discretionary ETF	S&P SmallCap 600® Capped Consumer Discretionary Index
S&P SmallCap Consumer Staples ETF	S&P SmallCap 600® Capped Consumer Staples Index
S&P SmallCap Energy ETF	S&P SmallCap 600® Capped Energy Index
S&P SmallCap Financials ETF	S&P SmallCap 600® Capped Financials& RealEstate Index
S&P SmallCap Health Care ETF	S&P SmallCap 600® Capped Health Care Index
S&P SmallCap Industrials ETF	S&P SmallCap 600® Capped Industrials Index
S&P SmallCap Information Technology ETF	S&P SmallCap 600® Capped Information Technology Index
S&P SmallCap Materials ETF	S&P SmallCap 600® Capped Materials Index
S&P SmallCap Utilities& Communication Services ETF	S&P SmallCap 600® Capped Utilities& Communication Services Index

NOTE 2–Significant Accounting Policies

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

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 the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed

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options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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 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

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agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

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

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

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

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. S&P SmallCap Consumer Staples ETF, S&P SmallCap Energy ETF, S&P SmallCap Materials ETF and S&P SmallCap Utilities & Communication Services ETF are non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small Capitalization Company Risk. Investing in securities of small 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

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significantly, from the overall securities market. Often small 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.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund

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administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

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

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees,

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distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
DWA SmallCap Momentum ETF	0.60%
S&P SmallCap Consumer Discretionary ETF	0.29%
S&P SmallCap Consumer Staples ETF	0.29%
S&P SmallCap Energy ETF	0.29%
S&P SmallCap Financials ETF	0.29%
S&P SmallCap Health Care ETF	0.29%
S&P SmallCap Industrials ETF	0.29%
S&P SmallCap Information Technology ETF	0.29%
S&P SmallCap Materials ETF	0.29%
S&P SmallCap Utilities & Communication Services ETF	0.29%

Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees for each Fund in the following amounts:

DWA SmallCap Momentum ETF	$	593
S&P SmallCap Consumer Discretionary ETF		27
S&P SmallCap Consumer Staples ETF		45
S&P SmallCap Energy ETF		14
S&P SmallCap Financials ETF		189
S&P SmallCap Health Care ETF		1,789
S&P SmallCap Industrials ETF		31
S&P SmallCap Information Technology ETF		279
S&P SmallCap Materials ETF		18
S&P SmallCap Utilities & Communication Services ETF		98

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

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

Fund	Licensor
DWA SmallCap Momentum ETF	Dorsey Wright& Associates, LLC
S&P SmallCap Consumer Discretionary ETF	S&P DowJones Indices LLC
S&P SmallCap Consumer Staples ETF	S&P DowJones Indices LLC
S&P SmallCap Energy ETF	S&P DowJones Indices LLC
S&P SmallCap Financials ETF	S&P DowJones Indices LLC
S&P SmallCap Health Care ETF	S&P DowJones Indices LLC
S&P SmallCap Industrials ETF	S&P DowJones Indices LLC
S&P SmallCap Information Technology ETF	S&P DowJones Indices LLC
S&P SmallCap Materials ETF	S&P DowJones Indices LLC
S&P SmallCap Utilities& Communication Services ETF	S&P DowJones Indices LLC

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

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

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For fiscal year ended August 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

DWA SmallCap Momentum ETF	$	30,009
S&P SmallCap Consumer Discretionary ETF		1,953
S&P SmallCap Consumer Staples ETF		2,403
S&P SmallCap Energy ETF		11,487
S&P SmallCap Financials ETF		6,466
S&P SmallCap Health Care ETF		13,515
S&P SmallCap Industrials ETF		717
S&P SmallCap Information Technology ETF		8,222
S&P SmallCap Materials ETF		531
S&P SmallCap Utilities & Communication Services ETF		5,690

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended August 31, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*
DWA SmallCap Momentum ETF	$	663,890	$	4,073,210	$	142,783
S&P SmallCap Consumer Discretionary ETF		729,656		23,519		(7,450	)
S&P SmallCap Consumer Staples ETF		-		42,203		(1,462	)
S&P SmallCap Energy ETF		1,907,286		-		-
S&P SmallCap Financials ETF		2,026,486		183,835		(9,007	)
S&P SmallCap Health Care ETF		164,893		-		-
S&P SmallCap Materials ETF		241,316		-		-

^*  Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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, pre Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.payment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for all the securities in Invesco S&P SmallCap Industrials ETF, the following is a summary of the tiered valuation input levels, as of August 31, 2020. All of the securities in Invesco S&P SmallCap Industrials ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories).The level assigned to the securities valuations may not be an indication

70

of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
DWA SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	234,320,807	$	-	$	-	$	234,320,807
Money Market Funds		95,743		25,483,372		-		25,579,115
Total Investments	$	234,416,550	$	25,483,372	$	-	$	259,899,922
S&P SmallCap Consumer Discretionary ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	19,393,616	$	-	$	-	$	19,393,616
Money Market Funds		19,479		2,620,644		-		2,640,123
Total Investments	$	19,413,095	$	2,620,644	$	-	$	22,033,739
S&P SmallCap Consumer Staples ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	39,182,054	$	-	$	-	$	39,182,054
Money Market Funds		3,119		4,100,335		-		4,103,454
Total Investments	$	39,185,173	$	4,100,335	$	-	$	43,285,508
S&P SmallCap Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	14,709,619	$		$	-	$	14,709,619
Money Market Funds		3,793		928,608		-		932,401
Total Investments	$	14,713,412	$	928,608	$	-	$	15,642,020
S&P SmallCap Financials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	26,259,791			$	-	$	26,259,791
Money Market Funds		12,423		1,083,174		-		1,095,597
Total Investments	$	26,272,214	$	1,083,174	$	-	$	27,355,388
S&P SmallCap Health Care ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	385,055,142	$	-	$	-	$	385,055,142
Money Market Funds		-		19,117,714		-		19,117,714
Total Investments	$	385,055,142	$	19,117,714	$	-	$	404,172,856
S&P SmallCap Information Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	244,507,032	$	-	$	-	$	244,507,032
Money Market Funds		13,058		3,754,603		-		3,767,661
Total Investments	$	244,520,090	$	3,754,603	$	-	$	248,274,693
S&P SmallCap Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	8,396,034	$	-	$	-	$	8,396,034
Money Market Funds		-		618,595		-		618,595
Total Investments	$	8,396,034	$	618,595	$	-	$	9,014,629
S&P SmallCap Utilities & Communication Services ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	21,918,689	$	-	$	-	$	21,918,689
Money Market Funds		11,301		742,981		-		754,282
Total Investments	$	21,929,990	$	742,981	$	-	$	22,672,971

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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:

	2020				2019
	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
DWA SmallCap Momentum ETF	$	729,666	$	-	$	-	$	-
S&P SmallCap Consumer Discretionary ETF		234,072		-		792,177		-
S&P SmallCap Consumer Staples ETF		860,763		-		1,108,459		-
S&P SmallCap Energy ETF		116,495		-		67,203		-
S&P SmallCap Financials ETF		3,392,383		1,039,392		6,294,395		1,287,469
S&P SmallCap Health Care ETF		-		-		51,156		-
S&P SmallCap Industrials ETF		379,899		-		548,473		-
S&P SmallCap Information Technology ETF		419,646		-		1,350,753		-
S&P SmallCap Materials ETF		202,623		-		233,740		-
S&P SmallCap Utilities & Communication Services ETF		832,908		-		1,441,686		-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-end:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral			Post-October Capital Losses Deferrals			Shares of Beneficial Interest		Total Net Assets
DWA SmallCap Momentum ETF	$	89,486	$	43,977,575		$	(287,009,112	)	$	-		$	-		$	477,315,163	$	234,373,112
S&P SmallCap Consumer Discretionary ETF		9,909		(3,215,302	)		(8,215,990	)		-			-			30,891,380		19,469,997
S&P SmallCap Consumer Staples ETF		103,359		(5,553,253	)		(9,895,159	)		-			-			54,527,196		39,182,143
S&P SmallCap Energy ETF		55,430		(13,190,702	)		(61,271,843	)		-			-			89,119,770		14,712,655
S&P SmallCap Financials ETF		-		(9,577,650	)		(3,584,265	)		-			(6,058	)		39,464,846		26,296,873
S&P SmallCap Health Care ETF		-		(64,220,099	)		(67,082,895	)		(539,339	)		-			516,799,761		384,957,428
S&P SmallCap Industrials ETF		59,983		(5,594,296	)		(4,783,152	)		-			-			56,485,255		46,167,790
S&P SmallCap Information Technology ETF		-		(630,682	)		(14,242,821	)		-			-			259,414,878		244,541,375
S&P SmallCap Materials ETF		20,414		(2,055,965	)		(3,456,192	)		-			-			13,920,430		8,428,687
S&P SmallCap Utilities & Communication Services ETF		72,988		(4,558,844	)		(5,274,562	)		-			-			31,745,103		21,984,685

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

The following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
DWA SmallCap Momentum ETF	$	283,384,237	$	3,624,875	$	287,009,112
S&P SmallCap Consumer Discretionary ETF		375,082		7,840,908		8,215,990
S&P SmallCap Consumer Staples ETF		3,830,733		6,064,426		9,895,159
S&P SmallCap Energy ETF		14,646,211		46,625,632		61,271,843
S&P SmallCap Financials ETF		248,221		3,336,044		3,584,265
S&P SmallCap Health Care ETF		23,960,646		43,122,249		67,082,895
S&P SmallCap Industrials ETF		984,350		3,798,802		4,783,152
S&P SmallCap Information Technology ETF		222,401		14,020,420		14,242,821
S&P SmallCap Materials ETF		147,518		3,308,674		3,456,192
S&P SmallCap Utilities & Communication Services ETF		1,407,630		3,866,932		5,274,562

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

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NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
DWA SmallCap Momentum ETF	$	427,842,975	$	425,206,840
S&P SmallCap Consumer Discretionary ETF		5,205,287		7,490,764
S&P SmallCap Consumer Staples ETF		17,771,830		17,670,358
S&P SmallCap Energy ETF		12,615,906		12,668,887
S&P SmallCap Financials ETF		24,126,839		27,005,407
S&P SmallCap Health Care ETF		82,272,764		84,453,371
S&P SmallCap Industrials ETF		4,910,567		10,168,098
S&P SmallCap Information Technology ETF		52,213,860		56,438,198
S&P SmallCap Materials ETF		2,843,059		2,913,815
S&P SmallCap Utilities & Communication Services ETF		21,991,416		21,756,343

For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
DWA SmallCap Momentum ETF	$	279,909,451	$	316,683,533
S&P SmallCap Consumer Discretionary ETF		19,379,896		23,342,552
S&P SmallCap Consumer Staples ETF		25,281,241		36,855,512
S&P SmallCap Energy ETF		12,759,919		7,356,859
S&P SmallCap Financials ETF		11,069,866		97,175,453
S&P SmallCap Health Care ETF		166,004,126		292,373,667
S&P SmallCap Industrials ETF		16,497,150		18,127,872
S&P SmallCap Information Technology ETF		57,551,718		131,513,040
S&P SmallCap Materials ETF		-		6,450,788
S&P SmallCap Utilities & Communication Services ETF		7,634,586		33,312,738

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
DWA SmallCap Momentum ETF	$	53,199,845	$	(9,222,270	)	$	43,977,575		$	215,922,347
S&P SmallCap Consumer Discretionary ETF		1,701,003		(4,916,305	)		(3,215,302	)		25,249,041
S&P SmallCap Consumer Staples ETF		2,686,196		(8,239,449	)		(5,553,253	)		48,838,761
S&P SmallCap Energy ETF		1,213,592		(14,404,294	)		(13,190,702	)		28,832,722
S&P SmallCap Financials ETF		1,643,402		(11,221,052	)		(9,577,650	)		36,933,038
S&P SmallCap Health Care ETF		54,887,094		(119,107,193	)		(64,220,099	)		468,392,955
S&P SmallCap Industrials ETF		4,257,764		(9,852,060	)		(5,594,296	)		51,739,170
S&P SmallCap Information Technology ETF		38,257,737		(38,888,419	)		(630,682	)		248,905,375
S&P SmallCap Materials ETF		896,205		(2,952,170	)		(2,055,965	)		11,070,594
S&P SmallCap Utilities & Communication Services ETF		1,502,492		(6,061,336	)		(4,558,844	)		27,231,815

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NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
DWA SmallCap Momentum ETF	$	-	$	(55,191,753	)	$	55,191,753
S&P SmallCap Consumer Discretionary ETF		-		(973,617	)		973,617
S&P SmallCap Consumer Staples ETF		43,716		(4,708,833	)		4,665,117
S&P SmallCap Energy ETF		-		1,367,913			(1,367,913	)
S&P SmallCap Financials ETF		346,417		1,754,964			(2,101,381	)
S&P SmallCap Health Care ETF		1,064,722		(33,520,581	)		32,455,859
S&P SmallCap Industrials ETF		46		1,667,972			(1,668,018	)
S&P SmallCap Information Technology ETF		5,296		(29,156,691	)		29,151,395
S&P SmallCap Materials ETF		-		1,330,908			(1,330,908	)
S&P SmallCap Utilities & Communication Services ETF		-		(935,593	)		935,593

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

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

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

74

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco DWA SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco DWA SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended August 31, 2020, ten months in the period ended August 31, 2018 and three years in the period ended October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets for each of the two years in the period ended August 31, 2020, and each of the financial highlights for each of the two years in the period ended August 31, 2020, ten months in the period ended August 31, 2018 and three years in the period ended October 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 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.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

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

75

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.

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. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco DWA SmallCap Momentum ETF (DWAS)
Actual		$1,000.00		$1,138.50		0.60%		$3.23
Hypothetical (5% return before expenses)		1,000.00		1,022.12		0.60		3.05
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Actual		1,000.00		1,190.10		0.29		1.60
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
Actual		1,000.00		1,192.20		0.29		1.60
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P SmallCap Energy ETF (PSCE)
Actual		1,000.00		757.10		0.29		1.28
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P SmallCap Financials ETF (PSCF)
Actual		1,000.00		843.20		0.29		1.34
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P SmallCap Health Care ETF (PSCH)
Actual		1,000.00		1,102.40		0.29		1.53
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48

76

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco S&P SmallCap Industrials ETF (PSCI)
Actual		$1,000.00		$1,065.10		0.29%		$1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P SmallCap Information Technology ETF (PSCT)
Actual		1,000.00		1,075.80		0.29		1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P SmallCap Materials ETF (PSCM)
Actual		1,000.00		1,109.30		0.29		1.54
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Actual		1,000.00		971.60		0.29		1.44
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

77

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 August 31, 2020:

	Qualified Business Income*			Qualified Dividend Income*			Dividends-Received Deduction*			Qualified Interest Income*			Long Term Capital Gains
Invesco DWA SmallCap Momentum ETF		0	%		100	%		100	%		0	%	$	-
Invesco S&P SmallCap Consumer Discretionary ETF		0	%		87	%		89	%		0	%	$	-
Invesco S&P SmallCap Consumer Staples ETF		0	%		61	%		62	%		0	%	$	-
Invesco S&P SmallCap Energy ETF		0	%		80	%		80	%		0	%	$	-
Invesco S&P SmallCap Financials ETF		36	%		48	%		47	%		0	%	$	1,039,392
Invesco S&P SmallCap Health Care ETF		0	%		0	%		0	%		0	%	$	-
Invesco S&P SmallCap Industrials ETF		0	%		100	%		100	%		0	%	$	-
Invesco S&P SmallCap Information Technology ETF		0	%		100	%		100	%		0	%	$	-
Invesco S&P SmallCap Materials ETF		0	%		100	%		96	%		0	%	$	-
Invesco S&P SmallCap Utilities & Communication Services ETF		0	%		96	%		96	%		0	%	$	-

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

78

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 August 31, 2020

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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

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

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

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
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

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

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

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
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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

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
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 D owners 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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

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

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

82

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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

83

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 D owners Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, 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.	214	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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

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

84

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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); 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.	214	None

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

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

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
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present);formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

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

86

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
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

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

87

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
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

88

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF Invesco California AMT-Free Municipal Bond ETF Invesco CEF Income Composite ETF Invesco China Technology ETF Invesco DWA Developed Markets Momentum ETF Invesco DWA Emerging Markets Momentum ETF Invesco DWA SmallCap Momentum ETF Invesco Emerging Markets Sovereign Debt ETF Invesco FTSE International Low Beta Equal Weight ETF Invesco FTSE RAFI Developed Markets ex-U.S. ETF Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF Invesco FTSE RAFI Emerging Markets ETF Invesco Fundamental High Yield^® Corporate Bond ETF Invesco Fundamental Investment Grade Corporate Bond ETF Invesco Global Clean Energy ETF Invesco Global Short Term High Yield Bond ETF Invesco Global Water ETF Invesco International BuyBack Achievers^™ ETF Invesco International Corporate Bond ETF Invesco KBW Bank ETF Invesco KBW High Dividend Yield Financial ETF Invesco KBW Premium Yield Equity REIT ETF Invesco KBW Property & Casualty Insurance ETF Invesco KBW Regional Banking ETF Invesco National AMT-Free Municipal Bond ETF Invesco New York AMT-Free Municipal Bond ETF Invesco Preferred ETF Invesco PureBetaSM 0-5 Yr US TIPS ETF Invesco PureBetaSM FTSE Developed ex-North America ETF Invesco PureBetaSM FTSE Emerging Markets ETF Invesco PureBetaSM MSCI USA ETF Invesco PureBetaSM MSCI USA Small Cap ETF Invesco PureBetaSM US Aggregate Bond ETF Invesco Russell 1000 Enhanced Equal Weight ETF Invesco Russell 1000 Equal Weight ETF Invesco Russell 1000 Low Beta Equal Weight ETF Invesco S&P 500 Enhanced Value ETF Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF Invesco S&P 500^® High Beta ETF Invesco S&P 500^® High Dividend Low Volatility ETF Invesco S&P 500^® Low Volatility ETF Invesco S&P 500 Minimum Variance ETF Invesco S&P 500 Momentum ETF Invesco S&P 500 Revenue ETF Invesco S&P Emerging Markets Low Volatility ETF Invesco S&P Emerging Markets Momentum ETF Invesco S&P International Developed High Dividend Low Volatility ETF Invesco S&P International Developed Low Volatility ETF Invesco S&P International Developed Momentum ETF Invesco S&P International Developed Quality ETF Invesco S&P MidCap 400 Revenue ETF Invesco S&P MidCap Low Volatility ETF Invesco S&P SmallCap 600 Revenue ETF Invesco S&P SmallCap Consumer Discretionary ETF Invesco S&P SmallCap Consumer Staples ETF Invesco S&P SmallCap Energy ETF Invesco S&P SmallCap Financials ETF Invesco S&P SmallCap Health Care ETF Invesco S&P SmallCap High Dividend Low Volatility ETF Invesco S&P SmallCap Industrials ETF Invesco S&P SmallCap Information Technology ETF Invesco S&P SmallCap Low Volatility ETF Invesco S&P SmallCap Materials ETF Invesco S&P SmallCap Quality ETF Invesco S&P SmallCap Utilities & Communication Services ETF Invesco S&P Ultra Dividend Revenue ETF Invesco Senior Loan ETF Invesco Taxable Municipal Bond ETF Invesco Treasury Collateral ETF Invesco Variable Rate Preferred ETF Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of

89

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

scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

• 0.04%: Invesco PureBeta^SM MSCI USA ETF

• 0.05%: Invesco PureBeta^SM US Aggregate Bond ETF

• 0.06%: Invesco PureBeta^SM MSCI USA Small Cap ETF

• 0.07%: Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF

• 0.08%: Invesco Treasury Collateral ETF

• 0.10%: Invesco S&P 500 Minimum Variance ETF

• 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

• 0.14%: Invesco PureBeta^SM FTSE Emerging Markets ETF

• 0.20%: Invesco Russell 1000 Equal Weight ETF

• 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF

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

• 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

• 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

• 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

• 0.30%: Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

• 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

• 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

• 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

• 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

• 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

• 0.55%: Invesco International BuyBack Achievers^™ ETF

• 0.60%: Invesco DWA SmallCap Momentum ETF

• 0.65%: Invesco Senior Loan ETF

• 0.70%: Invesco China Technology ETF

• 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF

• 0.80%: Invesco DWA Developed Markets Momentum ETF

• 0.90%: Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end

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

actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF	X	X	X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF			X
Invesco PureBetaTM FTSE Developed ex-North America ETF			X
Invesco PureBetaTM FTSE Emerging Markets ETF	X		X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF	X	X	X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF		X	X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500® High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF		X	X

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

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco S&P 500 Revenue ETF		X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X		X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF			X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF		X	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

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

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-SCS-AR-1 invesco.com/ETFs

	Invesco Annual Report to Shareholders August 31, 2020 TAN Invesco Solar ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s 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
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	6
Schedule of Investments
Invesco Solar ETF (TAN)	7
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	13
Report of Independent Registered Public Accounting Firm	21
Fund Expenses	22
Tax Information	23
Trustees and Officers	24
Approval of Investment Advisory Contracts	34

2

The Market Environment

Domestic Equity

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the US Federal Reserve (“the Fed”) cut interest rates by 0.25% each time, based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the Fed cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and reopenings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.² Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

3

Management’s Discussion of Fund Performance Invesco Solar ETF (TAN)

As an index fund, the Invesco Solar ETF (the “Fund”) is passively managed and attempts to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the MAC Global Solar Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index. The depositary receipts included in the Index may be sponsored or unsponsored.

Strictly in accordance with its guidelines and mandated procedures, MAC Indexing LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to companies listed on exchanges in developed markets that derive a significant amount of their revenues from the following business segments of the solar industry: solar power equipment producers including ancillary or enabling products such as tracking systems, inverters, or batteries; suppliers of raw materials, components or services to solar producers or developers; companies that produce solar equipment fabrication systems; companies involved in solar power system installation, development, integration, maintenance, or finance; or companies that sell electricity derived from solar power. While the equity securities comprising the Index are traded in developed markets, the issuers of such securities may be located in emerging markets. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 86.67%. On a net asset value (“NAV”) basis, the Fund returned 85.82%. During the same time period, the Index returned 87.30%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as portfolio slippage around thinly traded securities.

During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 16.79%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,601 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to target solar stocks whereas the Benchmark Index tracks a broad market universe.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductor equipment industry and most underweight in the diversified banks industry during the fiscal year ended August 31, 2020. 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 semiconductor equipment industry.

For the fiscal year ended August 31, 2020, the semiconductor equipment industry contributed most significantly to the Fund’s return, followed by the renewable electricity and electrical components & equipment industries, respectively. There was no industry that detracted from the Fund’s performance.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included SolarEdge Technologies, Inc., a semiconductor equipment company (portfolio average weight of 9.38%), and Sunrun, Inc., an electrical component & equipment company (portfolio average weight of 5.75%). Positions that detracted most significantly from the Fund’s return during this period included GCL-Poly Energy Holdings Ltd., a semiconductor equipment company (portfolio average weight of 3.26%), and Beijing Enterprises Clean Energy Group Ltd., a semiconductor equipment company (no longer held at fiscal year-end).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Semiconductors & Semiconductor Equipment	53.15
Independent Power and Renewable Electricity Producers	26.61
Electrical Equipment	16.25
Mortgage REITs	4.01
Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
Sunrun, Inc.	9.90
SolarEdge Technologies, Inc.	8.54
Enphase Energy, Inc.	7.27
First Solar, Inc.	6.92
Vivint Solar, Inc.	6.35
Xinyi Solar Holdings Ltd.	6.16
Canadian Solar, Inc.	4.68
Solaria Energia y Medio Ambiente S.A.	4.61
Scatec Solar ASA	4.42
Daqo New Energy Corp., ADR	4.27
Total	63.12

* Excluding money market fund holdings.

4

Invesco Solar ETF (TAN) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

																						Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
MAC Global Solar Energy Index (Net)		87.30	%		38.26	%		164.27	%		14.15	%		93.81	%		(2.10	)%		(19.13	)%		(10.88	)%		(75.97	)%
MSCI World Index (Net)		16.79			9.82			32.43			10.42			64.15			10.74			177.42			6.48			117.44
Fund
NAV Return		85.82			39.22			169.85			15.94			109.51			0.41			4.20			(9.16	)		(69.56	)
Market Price Return		86.67			39.12			169.27			16.09			110.88			0.48			4.94			(9.15	)		(69.52	)

Guggenheim Solar ETF (the “Predecessor Fund”) Inception: April 15, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.71% includes the management fee of 0.50% and 0.21% of other expenses. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

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

- Net returns reflect reinvested dividends net of withholding taxes.

5

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Fund’s portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of the Fund’s portfolio. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

• The Fund’s investment strategy remained appropriate for an open-end fund;

• The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Fund did not breach the 15% limit on Illiquid Investments; and

• The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

6

Invesco Solar ETF (TAN)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Electrical Equipment-16.25%
Sunrun, Inc.(b)		2,336,219	$	132,124,866
Vivint Solar, Inc.(b)		2,747,779		84,851,415
				216,976,281
Independent Power and Renewable Electricity Producers-26.61%
Atlantica Sustainable Infrastructure PLC (Spain)		1,267,529		38,063,896
Encavis AG (Germany)(c)		3,019,378		55,248,708
Neoen S.A. (France)(b)(c)(d)		798,284		44,202,988
Scatec Solar ASA (Norway)(d)		2,702,764		59,082,085
Solaria Energia y Medio Ambiente S.A. (Spain)(b)		3,011,978		61,597,220
Sunnova Energy International, Inc.(b)		1,316,591		31,229,538
West Holdings Corp. (Japan)		1,104,333		30,210,477
Xinyi Energy Holdings Ltd. (China)		102,050,266		35,683,983
				355,318,895
Mortgage REITs-4.01%
Hannon Armstrong Sustainable
Infrastructure Capital, Inc		1,261,975		53,583,459
Semiconductors & Semiconductor Equipment-53.15%
Canadian Solar, Inc. (Canada)(b)		1,922,172		62,451,368
Daqo New Energy Corp., ADR (China)(b)		505,982		57,079,829
Enphase Energy, Inc.(b)(c)		1,256,613		97,048,222
First Solar, Inc.(b)		1,206,317		92,391,819
Flat Glass Group Co. Ltd., H Shares (China)(c)(e)		24,702,047		37,546,385
GCL-Poly Energy Holdings Ltd. (China)(b)(c)		814,378,542		33,099,907
JinkoSolar Holding Co. Ltd., ADR (China)(b)(c)		1,674,141		38,237,381

Investment Abbreviations:

ADR -American Depositary Receipt

REIT-Real Estate Investment Trust

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Maxeon Solar Technologies Ltd. (Singapore)(b)		527,116	$	10,953,471
SMA Solar Technology AG (Germany)(b)		824,251		37,360,433
SolarEdge Technologies, Inc.(b)		515,516		114,006,363
SunPower Corp.(b)(c)		4,216,939		47,187,547
Xinyi Solar Holdings Ltd. (China)		65,165,056		82,316,587
				709,679,312
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $743,821,359)				1,335,557,947
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.04%
Invesco Private Government Fund, 0.03%(e)(f)(g)		140,619,171		140,619,171
Invesco Private Prime Fund, 0.14%(e)(f)(g) .		46,864,245		46,873,617
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $187,492,789)				187,492,788
TOTAL INVESTMENTS IN SECURITIES-114.06% (Cost $931,314,148)				1,523,050,735
OTHER ASSETS LESS LIABILITIES-(14.06)%				(187,776,813	)
NET ASSETS-100.00%			$	1,335,273,922

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

7

Invesco Solar ETF (TAN)–(continued)

August 31, 2020

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $103,285,073, which represented 7.74% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	97,412	$	33,212,526	$	(33,309,938	)	$	—		$	—		$	—	$	10,327
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		68,752,694		353,350,207		(422,102,901	)		—			—			—		633,807	*
Invesco Liquid Assets Portfolio, Institutional Class		22,917,565		87,562,201		(110,468,699	)		—			(11,067	)		—		236,396	*
Invesco Private Government Fund		—		385,081,647		(244,462,476	)		—			—			140,619,171		16,168	*
Invesco Private Prime Fund		—		85,847,122		(38,976,679	)		(1	)		3,175			46,873,617		11,642	*
Investments in Other Affiliates:
Flat Glass Group Co. Ltd., H Shares		—		22,558,970		(276,985	)		15,270,498			(6,098	)		37,546,385		—
Total	$	91,767,671	$	967,612,673	$	(849,597,678	)	$	15,270,497		$	(13,990	)	$	225,039,173	$	908,340

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

^(f)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

China 21.27 % 

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

8

Statement of Assets and Liabilities

August 31, 2020

	Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value(a)	$	1,298,011,562
Affiliated investments in securities, at value		225,039,173
Deposits with brokers:
Cash segregated as collateral		12,200,680
Receivable for:
Dividends		2,321,636
Securities lending		70,342
Fund shares sold		10,047,980
Foreign tax reclaims		23,422
Total assets		1,547,714,795
Liabilities:
Due to custodian		1,131,100
Due to foreign custodian		8,144
Payable for:
Investments purchased		10,119,735
Collateral upon return of securities loaned		187,492,789
Collateral upon receipt of securities in-kind		12,200,680
Accrued advisory fees		466,719
Accrued trustees’ and officer’s fees		24,757
Accrued expenses		996,949
Total liabilities		212,440,873
Net Assets	$	1,335,273,922
Net assets consist of:
Shares of beneficial interest	$	1,198,768,372
Distributable earnings		136,505,550
Net Assets	$	1,335,273,922
Shares outstanding (unlimited amount authorized, $0.01 par value)		23,528,000
Net asset value	$	56.75
Market price	$	56.84
Unaffiliated investments in securities, at cost	$	721,545,472
Affiliated investments in securities, at cost	$	209,768,676
Foreign currencies (due to foreign custodian), at cost	$	(7,745	)
(a) Includes securities on loan with an aggregate value of:	$	174,890,698

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

9

Statement of Operations

For the year ended August 31, 2020

	Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income	$	6,219,189
Affiliated dividend income		10,327
Securities lending income		636,171
Foreign withholding tax		(249,331	)
Total investment income		6,616,356
Expenses:
Advisory fees		2,823,155
Sub-licensing fees		806,823
Accounting & administration fees		39,739
Custodian & transfer agent fees		18,258
Trustees’ and officer’s fees		12,512
Recapture (Note 3)		78,522
Other expenses		97,491
Total expenses		3,876,500
Less: Waivers		(1,671	)
Net expenses		3,874,829
Net investment income		2,741,527
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(60,605,753	)
Affiliated investment securities		(15,806	)
Unaffiliated in-kind redemptions		43,762,622
Affiliated in-kind redemptions		1,816
Foreign currencies		(17,873	)
Net realized gain (loss)		(16,874,994	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		474,270,567
Affiliated investment securities		15,270,497
Foreign currencies		2,299
Change in net unrealized appreciation		489,543,363
Net realized and unrealized gain		472,668,369
Net increase in net assets resulting from operations	$	475,409,896

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

10

Statement of Changes in Net Assets

For the years ended August 31, 2020 and 2019

	Invesco Solar ETF (TAN)
	2020			2019
Operations:
Net investment income	$	2,741,527		$	670,099
Net realized gain (loss)		(16,874,994	)		(17,707,844	)
Change in net unrealized appreciation		489,543,363			121,978,800
Net increase in net assets resulting from operations		475,409,896			104,941,055
Distributions to Shareholders from:
Distributable earnings		(1,308,390	)		(1,690,755	)
Shareholder Transactions:
Proceeds from shares sold		510,224,198			107,850,010
Value of shares repurchased		(105,138,215	)		(74,397,063	)
Net increase in net assets resulting from share transactions		405,085,983			33,452,947
Net increase in net assets		879,187,489			136,703,247
Net assets:
Beginning of year		456,086,433			319,383,186
End of year	$	1,335,273,922		$	456,086,433
Changes in Shares Outstanding:
Shares sold		12,240,000			3,840,000
Shares repurchased		(3,600,000	)		(3,520,000	)
Shares outstanding, beginning of year		14,888,000			14,568,000
Shares outstanding, end of year		23,528,000			14,888,000

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

11

Financial Highlights

Invesco Solar ETF (TAN)

	Years Ended August 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	30.63		$	21.92		$	21.62		$	20.89		$	29.72
Net investment income(a)		0.17			0.05			0.54			0.49			0.80
Net realized and unrealized gain (loss) on investments		26.04			8.79			0.20			1.07			(9.14	)
Total from investment operations		26.21			8.84			0.74			1.56			(8.34	)
Distributions to shareholders from:
Net investment income		(0.09	)		(0.13	)		(0.44	)		(0.83	)		(0.49	)
Net asset value at end of year	$	56.75		$	30.63		$	21.92		$	21.62		$	20.89
Market price at end of year	$	56.84	(b)	$	30.54	(b)	$	21.82	(b)	$	21.70		$	20.91
Net Asset Value Total Return(c)		85.82	%		40.73	%		3.19	%		8.72	%		(28.59	)%
Market Price Total Return(c)		86.67	%		40.96	%		2.33	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,335,274		$	456,086		$	319,383		$	360,008		$	230,754
Ratio to average net assets of:
Expenses, after Waivers		0.69	%		0.70	%		0.65	%		0.70	%		0.71	%
Expenses, prior to Waivers		0.69	%		0.71	%		0.69	%		0.76	%		0.88	%
Net investment income		0.49	%		0.22	%		2.23	%		2.57	%		3.26	%
Portfolio turnover rate(d)		28	%		29	%		54	%		57	%		53	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

12

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolio:

Full Name	Short Name
Invesco Solar ETF (TAN)	“Solar ETF”

The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.

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

The investment objective of the Fund is to seek to track the investment results (before the Fund’s fees and expenses) of the MAC Global Solar Energy Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

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

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

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

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the 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

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value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

B. Other Risks

ADR and GDR Risk. The Fund may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Currency Risk. Because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing 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.

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

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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 the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

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

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

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

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to the Fund’s NAV.

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

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to 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. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase 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.

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

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C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

G. Expenses - Expenses of the Trust that are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.

The Fund is responsible for all of its expenses, including the investment advisory fees, cost of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and extraordinary expenses.

To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests.

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The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. 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.

J. Securities Lending - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund 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, the 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 the 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 the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the 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. The 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 the Fund. Some of these losses may be indemnified by the lending agent. The 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 Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities.

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

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

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets.

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The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2022 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

Further, the Adviser agreed to reimburse the Fund in the amount equal to the licensing fees that the Fund paid that caused the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.70% through May 18, 2020.

Further, through at least August 31, 2022, the Adviser has agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees and/or paid Fund expenses of $1,671.

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap for the Fund are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. There are no amounts available for potential recapture by the Adviser as of August 31, 2020.

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

The Adviser has entered into a licensing agreement on behalf of the Fund with MAC Indexing LLC (the “Licensor”).

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

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

For fiscal year ended August 31, 2020, the Fund incurred $6,266 in brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund. Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statement of Assets and Liabilities under the receivable caption Investments sold - due from an affiliate and/or payable caption Investments purchased - due to an affiliate.

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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

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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,335,557,947	$	-	$	-	$	1,335,557,947
Money Market Funds		-		187,492,788		-		187,492,788
Total Investments	$	1,335,557,947	$	187,492,788	$	-	$	1,523,050,735

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:

	2020		2019
	Ordinary Income*		Ordinary Income*
Solar ETF	$	1,308,390	$	1,690,755

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation- Investments		Net Unrealized Depreciation - Foreign Currencies			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
Solar ETF	$	3,055,858	$	(5,900	)	$	560,995,638	$	(1,988	)	$	(427,538,058	)	$	1,198,768,372	$	1,335,273,922

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

The following table presents available capital loss carryforwards for the Fund as of August 31, 2020:

No expiration
Short-Term		Long-Term		Total*
$	97,821,939	$	329,716,119	$	427,538,058

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

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were $168,973,222 and $163,810,691, respectively.

For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were $507,836,300 and $105,270,112, respectively.

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

At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

Federal Tax Cost	$	962,055,097
Aggregate unrealized appreciation of investments		594,313,059
Aggregate unrealized (depreciation) of investments		(33,317,421	)
Net unrealized appreciation of investments	$	560,995,638

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NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of the Fund. For the fiscal year ended August 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Solar ETF	$	1,526,909	$	(36,326,257	)	$	34,799,348

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Fund 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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

NOTE 9–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate to the transaction to the NAV per Share of the Fund on the transaction date. However, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

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

Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Fund’s investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

20

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Solar ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Solar ETF, (hereafter referred to as the “Fund”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statement of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the three years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year ended August 31, 2020, and the changes in its net assets for each of the two years in the period ended August 31, 2020, and the financial highlights for each of the three years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Solar ETF (Predecessor Fund Guggenheim Solar ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 30, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 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 opinion.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

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

21

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco Solar ETF (the “Fund”), a series of the Invesco Exchange-Traded Fund Trust II, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

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

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

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the  Six-Month Period(1)
Invesco Solar ETF (TAN)
Actual		$1,000.00		$1,572.90		0.67%		$4.33
Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.67		3.40

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

22

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2020:

	Qualified Business Income*	Qualified Dividend Income*	Dividends-Received Deduction*	Business Interest Income*	Qualified  Interest Income*
Invesco Solar ETF	0%	29%	1%	0%	0%

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

23

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 August 31, 2020

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 Com plex** 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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

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

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

24

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
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

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

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

25

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
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 7 00 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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

26

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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

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

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

27

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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

28

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, 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.	214	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 - 195 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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

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

29

Trustees and Officers–(continued)

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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); 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.	214	None

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

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

30

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present);formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

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

31

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Adam Henkel—1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

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

32

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

33

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratio. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2022, as set forth below:

● 0.55% for Invesco MSCI Global Timber ETF;

● 0.63% for Invesco S&P Global Water Index ETF; and

● 0.65% for Invesco Solar ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) actively-managed funds and open-end (non-ETF) index funds, noting that comparative information for an open-end (non-ETF) index fund was only available for the Invesco MSCI Global Timber ETF. The Trustees noted that each Fund’s contractual advisory fee was higher than the median net advisory fees of its ETF peer funds and lower than the median net advisory fees of their open-end actively-managed peer funds. The Trustees noted that each Fund’s net expense ratio was higher than the median

34

Approval of Investment Advisory Contracts—(continued)

net expense ratio of its ETF peers and lower than the median net expense ratio of its open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-license fees paid by the Funds, and noted, with the exception of Invesco S&P Global Water Index ETF, the Adviser has agreed to reimburse the amount equal to the sub-licensing fee paid that causes a Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed the percentage of the Fund’s average daily net assets as set forth below:

Invesco Fund	Percentage of Average Daily Net Assets	Termination Date
Invesco MSCI Global Timber ETF	0.55%	December 31, 2020
Invesco Solar ETF	0.70%	May 18, 2020

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have comparable investment strategies to the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

35

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-TRST2-AR-2 invesco.com/ETFs

	Invesco Annual Report to Shareholders
	August 31, 2020
	PLW	Invesco 1-30 Laddered Treasury ETF
	PWZ	Invesco California AMT-Free Municipal Bond ETF
	PCEF	Invesco CEF Income Composite ETF
	PHB	Invesco Fundamental High Yield® Corporate Bond ETF
	PFIG	Invesco Fundamental Investment Grade Corporate Bond ETF
	PZA	Invesco National AMT-Free Municipal Bond ETF
	PZT	Invesco New York AMT-Free Municipal Bond ETF
	PGX	Invesco Preferred ETF
	BAB	Invesco Taxable Municipal Bond ETF
	CLTL	Invesco Treasury Collateral ETF
	VRP	Invesco Variable Rate Preferred ETF
	PVI	Invesco VRDO Tax-Free Weekly ETF

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
Management’s Discussion of Fund Performance	5
Liquidity Risk Management Program	36
Schedules of Investments
Invesco 1-30 Laddered Treasury ETF (PLW)	37
Invesco California AMT-Free Municipal Bond ETF (PWZ)	38
Invesco CEF Income Composite ETF (PCEF)	42
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)	45
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)	50
Invesco National AMT-Free Municipal Bond ETF (PZA)	61
Invesco New York AMT-Free Municipal Bond ETF (PZT)	74
Invesco Preferred ETF (PGX)	76
Invesco Taxable Municipal Bond ETF (BAB)	81
Invesco Treasury Collateral ETF (CLTL)	91
Invesco Variable Rate Preferred ETF (VRP)	92
Invesco VRDO Tax-Free Weekly ETF (PVI)	98
Statements of Assets and Liabilities	100
Statements of Operations	102
Statements of Changes in Net Assets	104
Financial Highlights	108
Notes to Financial Statements	120
Report of Independent Registered Public Accounting Firm	134
Fund Expenses	135
Tax Information	137
Trustees and Officers	138
Approval of Investment Advisory and Sub-Advisory Contracts	148

2

The Market Environment

Domestic Equity Overview

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the US Federal Reserve (“the Fed”) cut interest rates by 0.25% each time, based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the Fed cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and reopenings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.² Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

Fixed Income

At the beginning of the fiscal year, despite US and China trade tensions, potential for new tariffs, and weakening global economic growth, US economic data remained supportive of slow but continued domestic economic expansion as 2019 third and fourth quarter gross domestic product grew at approximately 2.50%.¹ The US economy continued to add jobs, stabilizing the unemployment rate to 3.50% at the close of 2019, while inflation remained subdued.² In response to third quarter economic weakness, the Fed maintained accommodative policies, cutting the federal funds target rate from a range of 2.00% to 2.25% at the start of the fiscal year to a range of 1.50% to 1.75% at the close of 2019.³ Despite the UK’s general election in December, which delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union, macroeconomic and geopolitical issues mostly abated during the fourth quarter of 2019, providing a favorable backdrop for continued US growth.

Fixed income markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the Fed took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25%.³ The unemployment rate reached a peak of 14.7%² while real gross domestic product decreased at an annual rate of 31.7%¹ (second estimate) in the second quarter of 2020.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter. In this environment, the broader bond market, both developed and emerging, ended the fiscal year in positive territory.

The 10-year US Treasury yield continued to decline at the start of the fiscal year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the fiscal year at 0.68%, 82 basis points lower than at the beginning of the fiscal year.⁴ (A basis point is one one-hundredth of a percentage point.)

3

The Market Environment (continued)

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.47% for the fiscal year. The strong performance by the index was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index–government-related, corporate, securitized and treasury–posted positive returns for the fiscal year.

¹  Source: Bureau of Economic Analysis

²  Source: Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: US Department of the Treasury

4

Management’s Discussion of Fund Performance Invesco 1-30 Laddered Treasury ETF (PLW)

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 9.50%. On a net asset value (“NAV”) basis, the Fund returned 9.82%. During the same time period, the Index returned 10.14%. 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 Bloomberg Barclays U.S. Treasury Index (the “Benchmark Index”) returned 6.98%. The Benchmark Index is an unmanaged index weighted by market capitalization, which is based on the average performance of approximately 250 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the roughly 5-year average duration U.S. Treasury market.

Relative to the Benchmark Index, the Fund was most overweight in bonds with maturities between 10-20 years duration and most underweight in bonds with maturities between 0-5 years duration during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to bonds with maturities greater than ten years.

For the fiscal year ended August 31, 2020, bonds with maturities with between 10 and 19 years contributed most significantly to the Fund’s return, followed by bonds with maturities between 20 to 30 years. No maturity bands detracted from the Fund’s return over the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included U.S. Treasury Bond, 4.50% coupon, due 02/15/2036 (portfolio average weight of 10.10%), and U.S. Treasury Bond, 5.38% coupon, due 02/15/2031 (portfolio average weight of 9.83%). No positions detracted from the Fund’s return over the period.

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

as of August 31, 2020

Maturing in 0-5 Years	15.40
Maturing in 6-10 Years	16.23
Maturing in 11-15 Years	9.83
Maturing in 16-20 Years	23.65
Maturing in 21-25 Years	17.23
Maturing in 26-30 Years	17.49
Money Market Funds Plus Other Assets Less Liabilities	0.17

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
U.S. Treasury Bonds, 4.50%, 02/15/2036	10.09
U.S. Treasury Bonds, 5.38%, 02/15/2031	9.83
U.S. Treasury Bonds, 2.00%, 02/15/2050	3.57
U.S. Treasury Bonds, 2.50%, 02/15/2046	3.49
U.S. Treasury Bonds, 3.00%, 02/15/2049	3.48
U.S. Treasury Bonds, 2.50%, 02/15/2045	3.48
U.S. Treasury Bonds, 3.00%, 02/15/2048	3.48
U.S. Treasury Bonds, 3.00%, 02/15/2047	3.47
U.S. Treasury Bonds, 3.13%, 02/15/2043	3.46
U.S. Treasury Bonds, 3.13%, 02/15/2042	3.45
Total	47.80

* Excluding money market fund holdings.

5

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years						5 Years						10 Years						Fund Inception
Index	1 Year			Average Annualized			3 Years Cumulative			Average Annualized			5 Years Cumulative			Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index		10.14	%		7.90	%		25.63	%		6.14	%		34.69	%		5.20	%		66.07	%		6.47	%		124.30	%
Bloomberg Barclays U.S. Treasury Index		6.98			5.15			16.26			3.90			21.08			3.13			36.15			4.18			69.44
Fund
NAV Return		9.82			7.64			24.72			5.87			33.03			4.94			62.01			6.17			116.43
Market Price Return		9.50			7.58			24.50			5.89			33.10			4.91			61.57			6.14			115.54

Fund Inception: October 11, 2007

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

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

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 Fund.

6

Management’s Discussion of Fund Performance Invesco California AMT-Free Municipal Bond ETF (PWZ)

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 2.34%. On a net asset value (“NAV”) basis, the Fund returned 2.53%. During the same time period, the Index returned 3.60%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the sampling approach employed by the portfolio management team as well as fees and operating expenses incurred by the Fund as well as costs associated with portfolio rebalancing and sampling during the period.

During this same time period, the Bloomberg Barclays Municipal Bond 20 Year Index (the “Benchmark Index”) returned 3.35%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 900 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in the State of California and most underweight in the State of New York during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s lack of exposure to New York State bonds, as well as fees and operating expenses incurred by the Fund during the period.

For the fiscal year ended August 31, 2020, the State of California contributed most significantly to the Fund’s return. There were no states that detracted from the Fund’s return over the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Los Angeles County California Public Works Rev. Bond, 5.00% coupon, due 12/01/2049 (portfolio average weight of 3.00%), and Los Angeles California Department of Water & Power Rev. Bond, 5.00% coupon, due 07/01/2049 (portfolio average weight of

1.48%). Positions that detracted most significantly from the Fund’s return included California Health Facilities Financing Refunding Sutter Health Series A, 5.00% coupon, due 11/15/2048 (no longer held at fiscal year end), and Sacramento California Convention Center Complex Rev. Bond, 5.00% coupon, due 06/01/2048 (portfolio average weight of 1.49%).

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of August 31, 2020

Ad Valorem Property Tax	26.34
Health, Hospital, Nursing Home Revenue	11.46
Port, Airport & Marina Revenue	8.98
Water Revenue	8.58
Lease Revenue	8.48
College & University Revenue	5.75
Electric Power Revenue	5.17
Sewer Revenue	5.07
Sales Tax Revenue	4.54
Revenue Types Each Less Than 3%	13.61
Other Assets Less Liabilities	2.02

7

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

Top Ten Fund Holdings (% of the Fund’s Net Assets)  as of August 31, 2020
Security
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB, 4.00%, 08/15/2050	5.66
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds, 5.00%, 07/01/2041	3.71
San Diego Unified School District, Series 2020 D-2, GO Bonds, 5.00%, 07/01/2022	3.61
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB, 5.00%, 08/01/2049	3.09
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB, 5.00%, 12/01/2049	2.97
Metropolitan Water District of Southern California, Series 2020 A, RB, 5.00%, 10/01/2045	2.02
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB, 5.00%, 05/01/2048	1.86
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB, 5.00%, 07/01/2042	1.79
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB, 5.00%, 07/01/2049	1.48
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB, 5.00%, 06/01/2048	1.47
Total	27.66

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years						5 Years						10 Years						Fund Inception
Index	1 Year			Average Annualized			3 Years Cumulative			Average Annualized			5 Years Cumulative			Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended–ICE BofAML California Long-Term Core Plus Municipal Securities Index		3.60	%		4.84	%		15.24	%		4.74	%		26.05	%		5.02	%		63.16	%		4.99	%		87.31	%
Bloomberg Barclays Municipal Bond 20 Year Index		3.35			5.04			15.88			4.92			27.15			5.02			63.19			5.31			94.69
Fund
NAV Return		2.53			4.30			13.47			4.46			24.39			4.59			56.59			4.50			76.35
Market Price Return		2.34			4.16			13.01			4.36			23.81			4.57			56.39			4.42			74.71

8

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

Fund Inception: October 11, 2007

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

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended – ICE BofAML California Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch California Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch California Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2020.

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

9

Management’s Discussion of Fund Performance Invesco CEF Income Composite ETF (PCEF)

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 1.80%. On a net asset value (“NAV”) basis, the Fund returned 1.84%. During the same time period, the Index returned 1.94%. 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, which were partially offset by income received from securities lending practices, as well as beneficial effects associated with rebalancing.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 21.94%. The Benchmark Index is an unmanaged index weighted by market capitalization, which is based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

Relative to the Benchmark Index, the Fund was most overweight in investment grade and high yield fixed-income closed-end funds during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index can be attributed to the Fund’s fixed-income exposure, which generally underperformed the equity markets during the period.

For the fiscal year ended August 31, 2020, the BlackRock Science & Technology Trust (portfolio average weight of 0.77%) contributed most significantly to the Fund’s return, followed by the AllianzGI Dividend Interest & Premium Strategy Fund (portfolio average weight of 2.13%). Positions that detracted most significantly from the Fund’s return included Highland Floating Rate Opportunities Fund (no longer held at fiscal year-end), and NexPoint Strategic Opportunities Fund (portfolio average weight of 1.54%).

Asset Class Breakdown* (% of the Fund’s Net

Assets)

as of August 31, 2020

Bonds	38.16
Option Income	31.70
Bonds/High Yield	27.18
Domestic Equity	3.02
Money Market Funds Plus Other Assets Less Liabilities	(0.06)

* Reflects exposure acheved through investments in underlying funds.

Top Ten Fund Holdings* (% of the Fund’s Net

Assets)

as of August 31, 2020

Security
Eaton Vance Tax-Managed Global Diversified Equity Income Fund	3.93
BlackRock Enhanced Equity Dividend Trust	2.64
Eaton Vance Limited Duration Income Fund	2.61
AllianzGI Dividend Interest & Premium Strategy Fund	2.47
Nuveen Preferred & Income Securities Fund	2.32
Eaton Vance Tax-Managed Diversified Equity Income Fund	2.28
Aberdeen Asia-Pacific Income Fund, Inc.	2.25
BlackRock Corporate High Yield Fund, Inc.	2.20
Nuveen S&P 500 Buy-Write Income Fund	2.09
AllianceBernstein Global High Income Fund, Inc.	1.78
Total	24.57

* Excluding money market fund holdings.

10

Invesco CEF Income Composite ETF (PCEF) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years Average Annualized						5 Years Average Annualized						10 Years Average Annualized						Fund Inception
							3 Years						5 Years						10 Years			Average
Index	1 Year						Cumulative						Cumulative						Cumulative			Annualized			Cumulative
S-Network Composite Closed-End Fund IndexSM		1.94	%		3.77	%		11.73	%		7.72	%		45.05	%		6.70	%		91.20	%		6.82	%		100.24	%
S&P 500® Index		21.94			14.52			50.17			14.46			96.47			15.16			310.38			13.87			292.35
Fund
NAV Return		1.84			3.45			10.72			7.31			42.33			6.24			83.24			6.36			91.32
Market Price Return		1.80			3.39			10.52			7.32			42.39			6.22			82.88			6.34			90.92

Fund Inception: February 19, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 2.55% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 2.05%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

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

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 Fund.

11

Management’s Discussion of Fund Performance Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

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

The Index is comprised of U.S. dollar-denominated high yield corporate bonds that are securities registered with the U.S. Securities and Exchange Commission or Rule 144A securities with registration rights (issued after July 31, 2013) and whose issuers are public companies listed on a major U.S. stock exchange. Strictly in accordance with its guidelines and mandated procedures, Research Affiliates, LLC (the “Index Provider”) or its agent compiles and calculates the Index. The Index selects and weights securities based on the Fundamental Index^® approach developed by the Index Provider that uses four fundamental factors of company size: book value of assets, sales, dividends and cash flow. Only investible, non-convertible, non-exchangeable, non-zero, fixed coupon high-yield corporate bonds qualify for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 3.28%. On a net asset value (“NAV”) basis, the Fund returned 3.33%. During the same time period, the Index returned 4.74%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. high-yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the technology hardware, storage & peripherals industry and most underweight in the media industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and security selection within the oil, gas & consumable fuels industry.

For the fiscal year ended August 31, 2020, the media industry contributed most significantly to the Fund’s return, followed by the diversified telecommunications services and health care providers & services industries, respectively. Industries that detracted most significantly from the Fund’s return for the period

included energy equipment & services, followed by metals & mining.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Occidental Petroleum Corp., 3.50% coupon, due 08/15/2029, an oil, gas & consumable fuels company (portfolio average weight of 1.07%), and Occidental Petroleum Corp., 2.90% coupon, due 08/15/2024, an oil, gas & consumable fuels company (portfolio average weight of 1.00%). Positions that detracted most significantly from the Fund’s return included Nabors Industries, Inc., 5.75% coupon, due 02/01/2025, an energy equipment & services company (no longer held at fiscal year-end), and AK Steel Corp., 7.00% coupon, due 03/15/2027, metals & mining company (portfolio average weight of 0.15%).

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

  as of August 31, 2020

Consumer Discretionary	21.83
Energy	13.32
Industrials	11.70
Information Technology	9.79
Materials	9.10
Communication Services	8.21
Health Care	7.05
Financials	6.72
Real Estate	5.23
Consumer Staples	3.23
Utilities	2.30
Money Market Funds Plus Other Assets Less Liabilities	1.52

  Credit Quality Rating (S&P)*

  (% of the Fund’s Net Assets)

  as of August 31, 2020

BBB	12.01
BB	62.49
B	22.02
CCC	0.36
Not Rated	1.60
Money Market Funds Plus Other Assets Less Liabilities	1.52

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

12

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets)   as of August 31, 2020
Security
EMC Corp., 3.38%, 06/01/2023	1.80
Ford Motor Co., 4.35%, 12/08/2026	1.66
United Airlines Holdings, Inc., 4.25%, 10/01/2022	1.55
Ford Motor Credit Co. LLC, 5.58%, 03/18/2024	1.48
Macy’s Retail Holdings, Inc., 2.88%, 02/15/2023	1.28
Centene Corp., 4.63%, 12/15/2029	1.20
Western Digital Corp., 4.75%, 02/15/2026	1.10
Genworth Holdings, Inc., 7.63%, 09/24/2021	1.06
Occidental Petroleum Corp., 3.50%, 08/15/2029	1.05
Occidental Petroleum Corp., 2.90%, 08/15/2024	1.00
Total	13.18

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years						5 Years						10 Years						Fund Inception
				Average			3 Years			Average			5 Years			Average			10 Years			Average
Index	1 Year			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative
Blended–RAFI® Bonds U.S. High Yield 1-10 Index		4.74	%		5.00	%		15.76	%		6.12	%		34.61	%		6.42	%		86.39	%		5.39	%		95.77	%
Bloomberg Barclays US Corporate High Yield Index		4.71			4.88			15.37			6.45			36.69			6.90			94.83			7.30			146.34
Fund
NAV Return		3.33			4.05			12.66			5.16			28.63			5.39			69.12			3.68			58.69
Market Price Return		3.28			4.01			12.51			5.14			28.45			5.39			69.08			3.49			55.02

13

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

Fund Inception: November 15, 2007

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-RAFI^® Bonds U.S. High Yield 1-10 Index is comprised of the performance of the Wells Fargo^® High Yield Bond Index, the Fund’s previous index, from Fund inception through the conversion date, August 2, 2010, followed by the performance of the Index starting at the conversion date through August 31, 2020.

14

Management’s Discussion of Fund Performance Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

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

The Index is comprised of U.S. dollar denominated investment grade corporate bonds which are securities registered with the U.S. Securities and Exchange Commission or Rule 144A securities with registration rights (issued after July 31, 2013) and whose issuers are public companies listed on a major U.S. stock exchange. Strictly in accordance with its guidelines and mandated procedures, Research Affiliates, LLC (the “Index Provider”) or its agent compiles and calculates the Index. The Index selects and weights securities based on the Fundamental Index^® approach developed by the Index Provider that uses four fundamental factors of company size: book value of assets, sales, dividends and cash flows. Only investible, non-convertible, non-exchangeable, non-zero, fixed coupon investment grade corporate bonds qualify for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 6.95%. On a net asset value (“NAV”) basis, the Fund returned 6.87%. During the same time period, the Index returned 7.23%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period, as well as rebalance-related trading and sampling costs.

During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 6,600 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its under-allocation to the banks industry.

For the fiscal year ended August 31, 2020, the banks industry contributed most significantly to the Fund’s return, followed by the insurance and health care providers & services industries, respectively. The construction & engineering and trading companies & distributors industries detracted from the Fund’s return over the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included JPMorgan Chase & Co., 2.95% coupon, due 10/01/2026, a banks company (portfolio average weight of 0.56%), and Apple, Inc., 3.25% coupon, due 02/23/2026, a technology hardware, storage & peripherals company (portfolio average weight of 0.51%). Positions that detracted most significantly from the Fund’s return included Occidental Petroleum Corp., 3.50% coupon, due 08/15/2029, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Occidental Petroleum Corp., 2.90% coupon, due 08/15/2024, an oil, gas & consumable fuels company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Financials	20.62
Information Technology	11.78
Health Care	10.35
Industrials	10.20
Consumer Staples	9.57
Consumer Discretionary	8.80
Energy	6.60
Utilities	6.12
Real Estate	5.63
Communication Services	5.27
Materials	4.90
Money Market Funds Plus Other Assets Less Liabilities	0.16

Credit Quality Rating (S&P)*

(% of the Fund’s Net Assets)

as of August 31, 2020

AAA	1.42
AA	9.67
A	34.39
BBB	54.06
BB	0.19
Not Rated	0.11
Money Market Funds Plus Other Assets Less Liabilities	0.16

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

15

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets)   as of August 31, 2020
Security
JPMorgan Chase & Co., 2.95%, 10/01/2026	0.56
JPMorgan Chase & Co., 4.50%, 01/24/2022	0.52
Apple, Inc., 3.25%, 02/23/2026	0.51
Walmart, Inc., 3.70%, 06/26/2028	0.50
Wells Fargo & Co., 3.00%, 04/22/2026	0.50
Apple, Inc., 2.40%, 05/03/2023	0.50
Walmart, Inc., 3.40%, 06/26/2023	0.49
Exxon Mobil Corp., 3.04%, 03/01/2026	0.49
Wells Fargo & Co., 2.63%, 07/22/2022	0.48
Bank of America Corp., 3.25%, 10/21/2027	0.48
Total	5.03

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2020

				3 Years						5 Years						Fund Inception
				Average			3 Years			Average			5 Years			Average
Index	1 Year			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative
RAFI® Bonds U.S. Investment Grade 1-10 Index		7.23	%		5.28	%		16.69	%		4.82	%		26.54	%		4.17	%		44.15	%
Bloomberg Barclays U.S. Corporate Index		7.50			6.45			20.61			6.20			35.06			5.30			58.89
Fund
NAV Return		6.87			4.98			15.69			4.56			25.00			3.77			39.36
Market Price Return		6.95			4.90			15.42			4.51			24.70			3.79			39.51

16

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

Fund Inception: September 15, 2011

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

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

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 Fund.

17

Management’s Discussion of Fund Performance Invesco National AMT-Free Municipal Bond ETF (PZA)

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 2.42%. On a net asset value (“NAV”) basis, the Fund returned 2.56%. During the same time period, the Index returned 3.32%. 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 as well as costs associated with portfolio rebalancing and sampling.

During this same time period, the Bloomberg Barclays Municipal Bond 20 Year Index (the “Benchmark Index”) returned 3.35%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 900 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in the State of California and most underweight in the State of Washington during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to differences in state weightings relative to the Benchmark Index as well as fees and trading costs incurred by the Fund.

For the fiscal year ended August 31, 2020, the State of California contributed most significantly to the Fund’s return, followed by the State of Texas and the State of New York, respectively. The State of Minnesota was the only state to detract from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Weld County School District No. 6 Greeley GO Bond, 5.00% coupon, due 12/01/2044 (portfolio average weight of 0.97%), and Chino Valley University School District GO Bond, 3.38% coupon, due 08/01/2050 (portfolio average weight of 0.41%). Positions that

detracted most significantly from the Fund’s return included Hillsborough County Florida Aviation, 5.00% coupon, due 10/01/2043 (no longer held at fiscal year-end), and Massachusetts State School Building Authority, 5.25% coupon, due 02/15/2048 (no longer held at fiscal year-end).

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of August 31, 2020

Ad Valorem Property Tax	19.53
Water Revenue	11.58
College & University Revenue	9.48
Health, Hospital, Nursing Home Revenue	8.66
Highway Tolls Revenue	7.62
Port, Airport & Marina Revenue	6.72
Sales Tax Revenue	6.26
Electric Power Revenue	6.06
Income Tax Revenue	5.95
Lease Revenue	3.60
Revenue Types Each Less Than 3%	13.21
Other Assets Less Liabilities	1.33

18

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

Top Ten Fund Holdings (% of the Fund’s Net Assets)   as of August 31, 2020
Security
New York (City of), NY Water & Sewer System, Series 2020 GG-1, RB, 5.00%, 06/15/2048	1.56
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB, 5.25%, 07/01/2049	1.44
San Diego Unified School District, Series 2020 M-2, GO Bonds, 5.00%, 07/01/2022	1.32
Bay Area Toll Authority, Series 2019 D, Ref. VRD RB, 0.02%, 04/01/2047	1.20
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB, 3.00%, 09/01/2050	1.17
New York (City of), NY, Subseries 2010 G-4, VRD GO Bonds, 0.07%, 03/01/2039	1.12
Weld County School District No. 6 Greeley, Series 2020, GO Bonds, 5.00%, 12/01/2044	0.96
New York (State of) Dormitory Authority, Series 2020 B, RN, 5.00%, 03/31/2021	0.96
Chicago (City of), IL, Series 2012, RB, 5.00%, 01/01/2037	0.95
Weld County School District Re-2, Series 2019, GO Bonds, 5.00%, 12/01/2044	0.94
Total	11.62

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years						5 Years						10 Years						Fund Inception
				Average			3 Years			Average			5 Years			Average			10 Years			Average
Index	1 Year			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative
Blended–ICE BofAML National Long-Term Core Plus Municipal Securities Index		3.32	%		4.83	%		15.21	%		4.81	%		26.48	%		4.99	%		62.79	%		5.04	%		88.44	%
Bloomberg Barclays Municipal Bond 20 Year Index		3.35			5.04			15.88			4.92			27.15			5.02			63.19			5.31			94.69
Fund
NAV Return		2.56			4.29			13.44			4.47			24.42			4.55			56.04			4.51			76.66
Market Price Return		2.42			4.29			13.43			4.46			24.39			4.53			55.80			4.44			75.00

19

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

Fund Inception: October 11, 2007

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

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-ICE BofAML National Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch National Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2020.

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

20

Management’s Discussion of Fund Performance Invesco New York AMT-Free Municipal Bond ETF (PZT)

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 2.83%. On a net asset value (“NAV”) basis, the Fund returned 2.66%. During the same time period, the Index returned 2.24%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the Fund’s sampling methodology and by the Fund holding cash to pay distributions in March, which coincided with overall market declines, which were partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Barclays Municipal Bond 20 Year Index (the “Benchmark Index”) returned 3.35%. The Benchmark Index is an unmanaged index weighted by market capitalization based and on the average performance of approximately 900 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the market for municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in the State of New York and most underweight in the State of California during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to underweight allocations to the states of California, Massachusetts, and Texas, respectively.

For the fiscal year ended August 31, 2020, the State of New York contributed most significantly to the Fund’s return, followed by the US territory of Guam. Puerto Rico was the only detractor from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included New York State Dormitory Authority Rev. Bond, 4.00% coupon, due 02/15/2044 (portfolio average weight of 5.70%), and New York City Industrial Development Agency (Queens Baseball Stadium)

Rev. Bond, 6.50% coupon, due 01/01/2046 (portfolio average weight of 2.57%). Positions that detracted most significantly from the Fund’s return included New York City Municipal Water Finance Authority, 4.00% coupon, due 06/15/2042 (no longer held at fiscal year-end), and New York Convention Center Development, 5.00% coupon, due 11/05/2040 (no longer held at fiscal year-end).

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of August 31, 2020

College & University Revenue	18.52
Income Tax Revenue	18.42
Miscellaneous Revenue	9.73
Electric Power Revenue	7.67
Lease Revenue	6.99
Ad Valorem Property Tax	6.64
Highway Tolls Revenue	5.36
Water Revenue	4.66
Health, Hospital, Nursing Home Revenue	4.00
Transit Revenue	3.34
Port, Airport & Marina Revenue	3.02
Revenue Types Each Less Than 3%	8.31
Other Assets Less Liabilities	3.34

21

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

Top Ten Fund Holdings (% of the Fund’s Net Assets)

as of August 31, 2020

Security
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB, 4.00%, 02/15/2044	5.69
Battery Park (City of), NY Authority, Series 2019, RB, 5.00%, 11/01/2049	3.25
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB, 5.00%, 12/01/2043	3.22
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB, 5.00%, 07/01/2050	2.56
Utility Debt Securitization Authority, Series 2017, RB, 5.00%, 12/15/2038	2.55
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2009, RB, 6.50%, 01/01/2046	2.54
New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2039	2.54
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB, 5.00%, 07/01/2035	2.33
New York State Urban Development Corp., Series 2019 A, Ref. RB, 4.00%, 03/15/2044	2.33
New York (City of), NY Transitional Finance Authority, Series 2019, RB, 4.00%, 11/01/2042	2.32
Total	29.33

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years						5 Years						10 Years						Fund Inception
Index	1 Year			Average Annualized			3 Years Cumulative			Average Annualized			5 Years Cumulative			Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended–ICE BofAML New York Long-Term Core Plus Municipal Securities Index		2.24	%		4.23	%		13.24	%		4.47	%		24.45	%		4.53	%		55.78	%		4.62	%		79.05	%
Bloomberg Barclays Municipal Bond 20 Year Index		3.35			5.04			15.88			4.92			27.15			5.02			63.19			5.31			94.69
Fund
NAV Return		2.66			4.31			13.51			4.41			24.07			4.21			51.03			4.09			67.53
Market Price Return		2.83			4.44			13.93			4.49			24.58			4.23			51.31			4.03			66.33

22

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

Fund Inception: October 11, 2007

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

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-ICE BofAML New York Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch New York Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2020.

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

23

Management’s Discussion of Fund Performance Invesco Preferred ETF (PGX)

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 5.04%. On a net asset value (“NAV”) basis, the Fund returned 4.98%. During the same time period, the Index returned 5.17%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive impact of the Fund’s sampling methodology.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned 4.61%. The Benchmark Index is an unmanaged index weighted by modified market capitalization, which is based on the average performance of approximately 300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the preferred stock market, which includes convertible preferred stocks.

Relative to the Benchmark Index, the Fund was most overweight in the electric utilities industry and most underweight in the mortgage REITs industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the underweight allocations to the mortgage REITs and equity REITs industries.

For the fiscal year ended August 31, 2020, the banks industry contributed most significantly to the Fund’s return, followed by the insurance and capital markets industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the real estate management & development industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Citigroup, Inc., 6.88%, Series K, a banks company (portfolio average weight 1.64%), and Bank of America Corp., 6.00%, Series GG, a banks company (portfolio average weight 1.16%). Positions that detracted most significantly from the Fund’s return included Truist Financial Corp., 5.63%, Series H, a banks company (portfolio average weight of 0.35%), and Diversified Healthcare Trust, 5.63%, an equity REIT company (portfolio average weight of 0.20%).

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

as of August 31, 2020

Financials	64.08
Utilities	13.46
Real Estate	9.09
Communication Services	7.35
Sector Types Each Less Than 3%	5.61
Money Market Funds Plus Other Assets Less Liabilities	0.41

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
Citigroup, Inc., Series K, Pfd., 6.88%	1.64
Wells Fargo & Co., Series Z, Pfd., 4.75%	1.37
PNC Financial Services Group, Inc. (The),
Series P, Pfd., 6.13%	1.35
Wells Fargo & Co., Series Q, Pfd., 5.85%	1.33
JPMorgan Chase & Co., Series DD, Pfd., 5.75%	1.31
Bank of America Corp., Series KK, Pfd., 5.38%	1.24
AT&T, Inc., Series C, Pfd., 4.75%	1.17
JPMorgan Chase & Co., Series EE, Pfd., 6.00%	1.17
Bank of America Corp., Series GG, Pfd., 6.00%	1.16
Bank of America Corp., Series LL, Pfd., 5.00%	1.09
Total	12.83

* Excluding money market fund holdings.

24

Invesco Preferred ETF (PGX) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years						5 Years						10 Years						Fund Inception
Index	1 Year			Average Annualized			3 Years Cumulative			Average Annualized			5 Years Cumulative			Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended–ICE BofAML Core Plus Fixed Rate Preferred Securities Index		5.17	%		5.43	%		17.18	%		6.35	%		36.07	%		6.95	%		95.81	%		4.74	%		79.17	%
S&P U.S. Preferred Stock Index		4.61			4.53			14.21			5.40			30.07			6.15			81.60			5.63			99.18
Fund
NAV Return		4.98			5.13			16.20			6.15			34.75			6.57			88.95			4.15			66.90
Market Price Return		5.04			5.27			16.65			6.20			35.09			6.57			88.99			4.05			64.72

Fund Inception: January 31, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.52% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 0.02%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-ICE BofAML Core Plus Fixed Rate Preferred Securities Index is comprised of the performance of The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, the Fund’s previous underlying index, from Fund inception through the conversion date, April 1, 2012, followed by the performance of the Index starting from the conversion date through August 31, 2020.

25

Management’s Discussion of Fund Performance Invesco Taxable Municipal Bond ETF (BAB)

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

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 4.88%. On a net asset value (“NAV”) basis, the Fund returned 5.25%. During the same time period, the Index returned 6.01%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the Fund’s sampling methodology, which was partially offset by fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing.

During this same time period, ICE BofAML U.S. Corporate Master Index returned 7.45% and Bloomberg Barclays U.S. Aggregate Bond Index returned 6.47% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 8,100 securities and 10,800 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their

performance comparisons are a useful measure for investors as broad representations of the market for investment grade corporate debt with at least one year to maturity, and the market for U.S. investment grade, fixed-rate bonds, respectively.

Relative to the ICE BofAML U.S. Corporate Master Index, the majority of the Fund’s underperformance during the period can be attributed to the limited supply of taxable municipal securities held by the Benchmark Index.

Relative to the Bloomberg Barclays U.S. Aggregate Bond Index, the majority of the Fund’s underperformance during the period can be attributed to the limited supply of taxable municipal securities held by the Benchmark Index.

For the fiscal year ended August 31, 2020, the State of California contributed most significantly to the Fund’s return, followed by the State of New York and the State of Texas, respectively. The state of Kentucky was the only state to detract from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included University of California Rev. Bonds, 4.13% coupon, due 05/15/2045 (portfolio average weight of 1.54%), and California State GO Bonds, 7.30% coupon, due 10/01/2039 (portfolio average weight of 1.20%). Positions that detracted most significantly from the Fund’s return included Pennsylvania State University Rev. Bonds, 2.89% coupon, due 09/01/2050 (no longer held at fiscal year-end), and Metropolitan Transit Authority of New York Rev. Bonds, 6.81% coupon, due 11/15/2040 (portfolio average weight of 0.42%).

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of August 31, 2020

Ad Valorem Property Tax	17.13
College & University Revenue	15.33
Port, Airport & Marina Revenue	9.38
General Fund	9.11
Electric Power Revenue	8.13
Miscellaneous Revenue	5.78
Sales Tax Revenue	5.28
Water Revenue	4.93
Health, Hospital, Nursing Home Revenue	3.40
Appropriations	3.13
Revenue and Security Types Each Less Than 3%	14.96
Money Market Funds Plus Other Assets Less Liabilities	3.44

26

Invesco Taxable Municipal Bond ETF (BAB) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds, 2.34%, 11/01/2037	1.92
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039	1.67
University of California, Series 2015 J, Ref. RB, 4.13%, 05/15/2045	1.53
California (State of), Series 2009, GO Bonds, 7.30%, 10/01/2039	1.17
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB, 1.09%, 07/01/2023	1.14
Fort Lauderdale (City of), FL, Series 2020, Ref. RB, 0.75%, 01/01/2024	1.13
Commonwealth Financing Authority, Series 2019 A, RB, 3.66%, 06/01/2038	1.13
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 C, Ref. RB, 2.92%, 11/01/2050	1.00
California (State of), Series 2009, GO Bonds, 7.50%, 04/01/2034	0.96
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB, 8.08%, 02/15/2050	0.94
Total	12.59

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

				3 Years						5 Years						10 Years						Fund Inception
Index	1 Year			Average Annualized			3 Years Cumulative			Average Annualized			5 Years Cumulative			Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Blended–ICE BofAML US Taxable Municipal Securities Plus Index		6.01	%		7.04	%		22.65	%		7.01	%		40.29	%		7.08	%		98.12	%		7.63	%		121.10	%
ICE BofAML U.S. Corporate Master Index		7.45			6.39			20.42			6.13			34.62			5.23			66.54			5.78			83.40
Bloomberg Barclays U.S. Aggregate Bond Index		6.47			5.09			16.07			4.33			23.60			3.65			43.14			4.01			52.84
Fund
NAV Return		5.25			7.00			22.52			7.01			40.35			6.87			94.42			7.56			119.56
Market Price Return		4.88			6.97			22.41			7.13			41.09			6.88			94.54			7.54			118.93

27

Invesco Taxable Municipal Bond ETF (BAB) (continued)

Fund Inception: November 17, 2009

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-ICE BofAML US Taxable Municipal Securities Plus Index is comprised of the performance of the ICE BofAML Build America Bond Index, the Fund’s previous underlying index, from Fund inception through the conversion date, May 31, 2017, followed by the performance of the Index starting at the conversion date through August 31, 2020.

28

Management’s Discussion of Fund Performance Invesco Treasury Collateral ETF (CLTL)

As an index fund, the Invesco Treasury Collateral ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE U.S. Treasury Short Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index. The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. They include U.S. Treasury notes, bills and bonds. The Fund expects to invest 100% of its total assets in cash and U.S. Treasury Obligations with a maximum remaining maturity of 12 months. The Index includes all publicly-issued, non-convertible U.S. Treasury Obligations that: (i) are issued in U.S. dollars, (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of 12 months at the time of rebalance, and (iii) have a minimum amount outstanding of $300 million.

The Index excludes inflation-linked securities, floating rate notes, cash management bills, and any government agency debt issued with or without a government guarantee and Separate Trading of Registered Interest and Principal of Securities. The Index uses a market value-weighted methodology. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective. In managing the Fund, Invesco Advisers, Inc., the sub-adviser, selects component securities that are expected to have, in the aggregate, investment characteristics, risk factors and liquidity measures that are similar to, and therefore are representative of, the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 1.55%. On a net asset value (“NAV”) basis, the Fund returned 1.55%. During the same time period, the Index returned 1.58%. 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.

For the fiscal year ended August 31, 2020, the bonds with maturities between 61-90 days duration contributed most significantly to the Fund’s return, followed by the bonds with maturities between 120-360 days duration. There were no maturity ranges that detracted from the Fund’s return over the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included U.S. Treasury Note, 1.38% coupon, due 10/31/2020 (portfolio average weight of 3.06%), and U.S. Treasury Note, zero-coupon, due 08/31/2020 (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included U.S. Treasury Bill, zero-coupon, due 01/14/2021 (portfolio average weight of 1.50%), and U.S. Treasury Bill, zero coupon, due 02/04/2021 (portfolio average weight of 1.50%).

Security Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

U.S. Treasury Bills	60.87
U.S. Treasury Notes	39.10
Money Market Funds Plus Other Assets Less Liabilities	0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
U.S. Treasury Bills, 0.01%-1.49%, 10/08/2020	3.59
U.S. Treasury Bills, 0.04%-1.48%, 11/05/2020	3.58
U.S. Treasury Bills, 0.09%-0.16%, 11/12/2020	3.17
U.S. Treasury Bills, 0.09%-0.16%, 10/22/2020	3.17
U.S. Treasury Bills, 0.10%-0.16%, 12/31/2020	3.15
U.S. Treasury Notes, 1.38%, 10/31/2020	3.05
U.S. Treasury Bills, 0.09%-0.15%, 10/15/2020	3.00
U.S. Treasury Bills, 0.09-0.16%, 12/03/2020	2.95
U.S. Treasury Bills, 0.09%-0.17%, 10/01/2020	2.82
U.S. Treasury Bills, 0.12%-0.17%, 03/25/2021	2.67
Total	31.15

* Excluding money market fund holdings.

29

Invesco Treasury Collateral ETF (CLTL) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2020

				3 Years						Fund Inception
Index	1 Year			Average Annualized			3 Years Cumulative			Average Annualized			Cumulative
ICE U.S. Treasury Short Bond Index		1.58	%		1.86	%		5.69	%		1.66	%		6.18	%
Fund
NAV Return		1.55			1.79			5.45			1.59			5.90
Market Price Return		1.55			1.78			5.44			1.58			5.86

Fund Inception: January 12, 2017

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

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

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

Notes Regarding Index and Fund Performance History:

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

30

Management’s Discussion of Fund Performance Invesco Variable Rate Preferred ETF (VRP)

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

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

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 3.51%. On a net asset value (“NAV”) basis, the Fund returned 3.44%. During the same time period, the Index returned 3.58%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive impact of the Fund’s sampling methodology.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned 4.61%. The Benchmark Index is an unmanaged index weighted by modified market capitalization and based on the average performance of approximately 300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the primarily fixed-rate preferred stock market.

Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the equity REITs industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s

overweight allocation to the industrial conglomerates industry, followed by the Fund’s lack of holdings in both the semiconductors & semiconductor equipment and diversified telecommunication services industries.

For the fiscal year ended August 31, 2020, the banks industry contributed most significantly to the Fund’s return, followed by the capital markets and insurance industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return, followed by the industrial conglomerates and mortgage REITs industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Vodafone Group PLC, 7.00%, a wireless telecommunications company (portfolio average weight of 1.19%), and BP Capital Markets PLC, 4.88%, an oil, gas & consumable fuel company (portfolio average weight of 1.32%). Positions that detracted most significantly from the Fund’s return included General Electric Co., 5.00%, an industrial conglomerates company (portfolio average weight of 2.15%), and Plains All American Pipeline L.P., 6.13%, an oil, gas & consumable fuels company (portfolio average weight of 0.27%).

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

as of August 31, 2020

Financials	77.11
Energy	10.80
Utilities	4.81
Industrials	3.32
Sector Types Each Less Than 3%	2.96
Money Market Funds Plus Other Assets Less Liabilities	1.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020

Security
General Electric Co., Series D, 5.00%	2.12
JPMorgan Chase & Co., Series HH, 4.60%	1.46
JPMorgan Chase & Co., Series I, 3.74%	1.37
BP Capital Markets PLC, 4.88%	1.32
Charles Schwab Corp. (The), Series G, 5.38%	1.30
GMAC Capital Trust I, Series 2, Pfd., 6.07%	1.28
BP Capital Markets PLC, 4.38%	1.26
Bank of America Corp., Series FF, 5.88%	1.22
Wachovia Capital Trust III, 5.57%	1.20
Citigroup Capital XIII, Pfd., 6.64%	1.18
Total	13.71

* Excluding money market fund holdings.

31

Invesco Variable Rate Preferred ETF (VRP) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2020

				3 Years						5 Years						Fund Inception
				Average			3 Years			Average			5 Years			Average
Index	1 Year			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative
Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index		3.58	%		3.83	%		11.94	%		5.83	%		32.77	%		5.30	%		38.68	%
S&P U.S. Preferred Stock Index		4.61			4.53			14.21			5.40			30.07			5.46			40.03
Fund
NAV Return		3.44			3.60			11.21			5.65			31.63			5.06			36.65
Market Price Return		3.51			3.66			11.38			5.61			31.38			5.06			36.66

Fund Inception: May 1, 2014

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

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

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 Fund.

32

Management’s Discussion of Fund Performance Invesco VRDO Tax-Free Weekly ETF (PVI)

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

Bloomberg Index Services Limited compiles and calculates the Index, which is comprised of municipal securities issued in the primary market as VRDOs. Bonds in the Index must be rated by at least one of the following statistical rating agencies: Moody’s Investors Services, Inc. as A-3 for long-term bonds or Prime-2 for short-term bonds; by S&P Global Ratings, a division of S&P Global Inc. as A- for long-term bonds or A-2 for short-term bonds; and by Fitch Ratings, Inc. as A- for long-term bonds or F-2 for short-term bonds. To be eligible for inclusion in the Index, bonds must also have a minimum amount outstanding of $10 million and a minimum maturity of one month at the time of the Underlying Index’s last rebalance. 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 August 31, 2020, on a market price basis, the Fund returned 0.58%. On a net asset value (“NAV”) basis, the Fund returned 0.69%. During the same time period, the Index returned 0.86%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling, which were partially offset by the positive impact of the impact of the Fund’s sampling methodology.

During this same time period, the Bloomberg Barclays Municipal 1-Year Index (the “Benchmark Index”) returned 1.95%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 3,900 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the market for municipal securities with no more than a 1-year duration.

Relative to the Benchmark Index, the Fund was most overweight in the State of New York and most underweight in the State of California during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the State of California and the State of Texas.

For the fiscal year ended August 31, 2020, the State of New York contributed most significantly to the Fund’s return, followed by the State of Florida and the State of Massachusetts, respectively. There were no detracting states during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Arizona Health Facilities Authority (Catholic Healthcare West Loan Program) Rev. Bond, 0.10% coupon, due 07/01/2035 (portfolio average weight of 5.01%), and Franklin County Ohio Hospital (OhioHealth Corp.) Rev. Bond, 0.08% coupon, due 11/15/2041 (portfolio average weight of 5.01%). There were no detracting positions.

Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Health, Hospital, Nursing Home Revenue	24.77
Miscellaneous Revenue	15.64
Port, Airport & Marina Revenue	14.04
College & University Revenue	9.83
Water Revenue	9.23
Local or GTD Housing	7.92
Ad Valorem Property Tax	4.41
Sales Tax Revenue	3.21
Lease Revenue	3.01
Revenue Types Each Less Than 3%	4.95
Other Assets Less Liabilities	2.99

33

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

Top Ten Fund Holdings (% of the Fund’s Net Assets)   as of August 31, 2020
Security
Franklin (County of), OH (OhioHealth Corp.), Series 2009 A, Ref. VRD RB, 0.08%, 11/15/2041	5.02
Massachusetts (State of) Health & Educational Facilities Authority (Partners Healthcare), Series 1997 P1, VRD RB, 0.09%, 07/01/2027	5.02
Arizona (State of) Health Facilities Authority (Catholic Healthcare West Loan Program), Series 2005 B, VRD RB, 0.10%, 07/01/2035	5.01
Houston (City of), TX, Series 2010, Ref. VRD RB, 0.10%, 07/01/2030	5.01
Indianapolis (City of), IN, Series 2008, VRD RB, 0.06%, 05/15/2038	5.01
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, 0.09%, 07/01/2029	5.01
Build NYC Resource Corp., Series 2015, Ref. VRD RB, 0.09%, 04/01/2045	5.01
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB, 0.07%, 05/15/2038	4.82
Colorado Springs (City of), CO, Series 2006 B, VRD RB, 0.11%, 11/01/2036	4.61
University of Massachusetts Building Authority, Series 2008 1, VRD RB, 0.08%, 05/01/2038	4.61
Total	49.13

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020
				3 Years						5 Years						10 Years						Fund Inception
				Average			3 Years			Average			5 Years			Average			10 Years			Average
Index	1 Year			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative			Annualized			Cumulative
Blended–Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index		0.86	%		1.15	%		3.50	%		0.87	%		4.44	%		0.51	%		5.23	%		0.73	%		9.69	%
Bloomberg Barclays Municipal 1-Year Index		1.95			1.75			5.33			1.41			7.24			1.13			11.84			1.67			23.62
Fund
NAV Return		0.69			0.96			2.90			0.67			3.40			0.39			4.02			0.71			9.43
Market Price Return		0.58			0.97			2.95			0.66			3.36			0.39			4.02			0.71			9.43

34

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

Fund Inception: November 15, 2007

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index is comprised of the performance of the Thomson Municipal Market Data VRDO Index, the Fund’s previous underlying index, from Fund inception through the conversion date, August 5, 2010, followed by the performance of the Index starting at the conversion date through August 31, 2020.

35

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

36

Invesco 1-30 Laddered Treasury ETF (PLW)

August 31, 2020

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-99.83%
U.S. Treasury Bonds-86.83%
7.88%, 02/15/2021	$	5,779,200	$	5,981,744
7.13%, 02/15/2023		5,284,300		6,191,300
7.63%, 02/15/2025		4,761,300		6,323,602
6.00%, 02/15/2026		4,923,700		6,436,776
6.63%, 02/15/2027		4,622,800		6,455,126
5.25%, 02/15/2029		4,763,700		6,607,959
5.38%, 02/15/2031		13,575,900		20,035,589
4.50%, 02/15/2036		13,598,500		20,575,699
4.75%, 02/15/2037		4,358,100		6,864,178
4.38%, 02/15/2038		4,494,700		6,911,128
3.50%, 02/15/2039		4,970,400		6,966,132
4.63%, 02/15/2040		4,298,800		6,910,657
4.75%, 02/15/2041		4,207,600		6,927,255
3.13%, 02/15/2042		5,212,400		7,041,423
3.13%, 02/15/2043		5,215,800		7,049,276
3.63%, 02/15/2044		4,813,000		7,017,768
2.50%, 02/15/2045		5,784,500		7,102,733
2.50%, 02/15/2046		5,770,900		7,110,155
3.00%, 02/15/2047		5,236,700		7,075,068
3.00%, 02/15/2048		5,221,000		7,092,810
3.00%, 02/15/2049		5,194,000		7,104,012
2.00%, 02/15/2050		6,425,000		7,274,305
				177,054,695

	Principal Amount		Value
U.S. Treasury Notes-13.00%
2.00%, 02/15/2022	$	6,231,200	$	6,399,028
2.75%, 02/15/2024		5,968,000		6,499,059
2.75%, 02/15/2028		5,755,000		6,697,156
1.50%, 02/15/2030		6,410,000		6,907,276
				26,502,519
Total U.S. Treasury Securities (Cost $204,326,806)				203,557,214
	Shares
Money Market Funds-0.06%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(a)(b) (Cost $115,706)		115,706		115,706
TOTAL INVESTMENTS IN SECURITIES-99.89% (Cost $204,442,512)				203,672,920
OTHER ASSETS LESS LIABILITIES-0.11%				230,175
NET ASSETS-100.00%			$	203,903,095

Notes to Schedule of Investments:

^(a)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	41,740		$	3,498,721		$	(3,424,755	)		$	-		$	-			$	115,706		$	1,108
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			-			36,202,654			(36,202,654	)			-			-				-			4,587	*
Invesco Liquid Assets Portfolio, Institutional Class			-			5,566,546			(5,566,420	)			-			(126	)			-			1,134	*
Invesco Private Government Fund			-			57,889,353			(57,889,353	)			-			-				-			41	*
Total		$	41,740		$	103,157,274		$	(103,083,182	)		$	-		$	(126	)		$	115,706		$	6,870

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

^(b) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

37

Invesco California AMT-Free Municipal Bond ETF (PWZ)

August 31, 2020

Schedule of Investments

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations-97.98%
California-97.63%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)		3.00	%		10/01/2034	$	2,000	$	2,107,680
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)		5.00	%		10/01/2035		1,500		1,754,385
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB		5.00	%		05/01/2039		540		597,056
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00	%		04/01/2042		3,000		3,408,690
California (State of), Series 2012, Ref. GO Bonds		5.00	%		02/01/2038		775		822,880
California (State of), Series 2013, GO Bonds		5.00	%		04/01/2037		1,160		1,288,574
California (State of), Series 2013, GO Bonds		5.00	%		04/01/2043		2,000		2,217,880
California (State of), Series 2013, GO Bonds		5.00	%		11/01/2043		1,965		2,225,677
California (State of), Series 2014, GO Bonds		5.00	%		10/01/2044		1,000		1,162,110
California (State of), Series 2015, GO Bonds		5.00	%		03/01/2045		1,000		1,172,100
California (State of), Series 2015, Ref. GO Bonds		5.00	%		08/01/2035		1,500		1,808,085
California (State of), Series 2016, GO Bonds		5.00	%		09/01/2046		2,000		2,441,840
California (State of), Series 2016, Ref. GO Bonds		5.00	%		09/01/2036		1,000		1,235,940
California (State of), Series 2020, GO Bonds		4.00	%		03/01/2046		660		783,110
California (State of), Series 2020, GO Bonds		3.00	%		03/01/2050		2,860		3,063,889
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00	%		10/01/2037		1,500		1,754,985
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB		5.00	%		12/01/2033		1,000		1,257,100
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB		5.00	%		10/01/2046		1,500		1,794,270
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00	%		10/01/2053		2,000		2,371,600
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		5.00	%		08/15/2035		500		606,135
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00	%		08/15/2042		1,500		1,708,395
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Series 2017 A-2, RB		5.00	%		11/01/2047		1,000		1,561,680
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB		5.00	%		08/15/2055		1,000		1,157,240
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00	%		10/01/2036		500		562,545
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00	%		08/15/2050		22,000		25,586,440
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2011 D, Ref. RB		5.00	%		08/15/2035		3,000		3,108,390
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB		5.00	%		08/15/2043		1,000		1,158,230
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		4.00	%		11/15/2041		685		760,994
California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB		4.00	%		10/01/2045		1,000		1,132,230
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00	%		08/01/2049		1,250		1,579,325
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB		4.00	%		03/01/2050		3,085		3,323,625
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00	%		02/01/2042		1,000		1,088,350
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00	%		07/01/2042		1,000		1,135,630
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.00	%		11/01/2047		1,000		1,088,180
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25	%		11/01/2047		500		550,985
California (State of) Municipal Finance Authority (Orange (County of) Civic Center Infrastructure
Improvement Program - Phase I), Series 2017 A, RB		5.00	%		06/01/2042		1,000		1,182,140
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB		5.00	%		01/01/2048		1,000		1,247,350
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB		5.00	%		05/15/2049		2,000		2,305,400
California (State of) Public Works Board, Series 2016 C, Ref. RB		5.00	%		11/01/2034		670		828,515
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group), Series 2015, Ref. RB(b)(c)		5.00	%		11/01/2024		1,000		1,192,960
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00	%		08/15/2046		1,650		1,813,102

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

38

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

August 31, 2020

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		5.00	%		08/15/2051	$	1,000	$	1,155,420
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		5.00	%		12/01/2057		850		1,006,086
California (State of) Statewide Communities Development Authority (Kaiser Permanente), Series 2012 A, RB		5.00	%		04/01/2042		1,000		1,053,230
California (State of) Statewide Communities Development Authority (Marin General Hospital),
Series 2018, RB		4.00	%		08/01/2045		1,000		1,045,090
California (State of) Statewide Communities Development Authority (Trinity Health Credit Group),
Series 2011, Ref. RB(b)(c)		5.00	%		12/01/2021		1,045		1,108,264
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB		5.00	%		05/15/2040		1,000		1,098,570
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB		5.00	%		05/15/2047		1,500		1,654,995
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB		5.00	%		11/01/2041		1,000		1,112,360
California State University, Series 2012 A, RB		5.00	%		11/01/2037		2,940		3,219,182
California State University, Series 2016 A, Ref. RB		5.00	%		11/01/2045		1,500		1,822,140
California State University, Series 2017 A, Ref. RB		5.00	%		11/01/2037		500		619,350
California State University, Series 2018 A, Ref. RB		5.00	%		11/01/2048		3,000		3,784,590
Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds(d)		5.00	%		08/01/2050		800		871,056
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds		4.00	%		08/01/2047		4,750		5,443,500
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds		5.00	%		08/01/2044		2,000		2,326,020
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00	%		08/01/2055		5,000		6,436,550
Chula Vista (City of), CA (San Diego Gas & Electric Co.), Series 2004 A, RB		5.88	%		02/15/2034		2,500		2,509,325
Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)(a)		4.00	%		08/01/2045		1,500		1,680,015
East Bay Municipal Utility District Water System Revenue, Series 2015 A, Ref. RB		5.00	%		06/01/2037		1,500		1,790,310
East Bay Municipal Utility District Water System Revenue, Series 2017 A, RB		5.00	%		06/01/2042		1,500		1,863,825
East Bay Municipal Utility District Water System Revenue, Series 2017 A, RB		5.00	%		06/01/2045		2,000		2,472,860
East Whittier City School District, Series 2020 C, GO Bonds		4.00	%		08/01/2047		2,775		3,150,652
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95	%		01/15/2053		2,000		2,170,900
Fremont Union High School District, Series 2019 A, GO Bonds		4.00	%		08/01/2046		3,000		3,444,600
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)		5.00	%		09/01/2044		1,000		1,110,490
Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)(a)		5.00	%		09/01/2038		2,600		2,985,892
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00	%		08/01/2041		2,000		2,294,160
Lodi Unified School District, Series 2020, GO Bonds		3.00	%		08/01/2043		5,000		5,190,800
Long Beach (City of), CA, Series 2015, RB		5.00	%		05/15/2045		500		539,340
Long Beach (City of), CA, Series 2017 C, Ref. RB		5.00	%		05/15/2047		1,500		1,779,225
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB		5.00	%		05/15/2040		500		543,480
Long Beach Community College District, Series 2019 C, GO Bonds		4.00	%		08/01/2049		1,500		1,744,890
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25	%		06/01/2047		1,000		1,241,430
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB		5.00	%		05/15/2038		2,000		2,311,740
Los Angeles (City of), CA Department of Airports, Series 2017 B, RB		5.00	%		05/15/2042		3,500		4,196,850
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00	%		05/15/2040		3,000		3,807,090
Los Angeles (City of), CA Department of Water, Series 2011 A, RB		5.00	%		07/01/2041		1,250		1,268,125
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB		5.00	%		07/01/2046		1,000		1,199,830
Los Angeles (City of), CA Department of Water, Series 2018 A, RB		5.00	%		07/01/2048		2,000		2,482,880
Los Angeles (City of), CA Department of Water, Series 2018 B, Ref. RB		5.00	%		07/01/2048		5,000		6,284,800
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB		5.00	%		07/01/2043		2,000		2,157,280
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB		5.00	%		07/01/2043		4,445		4,790,288
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00	%		07/01/2039		1,000		1,156,920
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00	%		07/01/2044		1,000		1,150,380
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00	%		07/01/2046		2,500		2,992,400
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00	%		07/01/2042		1,500		1,804,050
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00	%		07/01/2042		1,500		1,830,720
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00	%		07/01/2049		5,235		6,671,798

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

39

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

August 31, 2020

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00	%		07/01/2039	$	2,250	$	2,983,972
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00	%		07/01/2042		6,500		8,079,565
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB.		5.00	%		07/01/2041		1,000		1,245,540
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB.		5.00	%		07/01/2044		2,000		2,541,480
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00	%		12/01/2044		2,000		2,308,880
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00	%		12/01/2045		1,050		1,230,432
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB		5.00	%		12/01/2049		10,645		13,438,142
Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB		5.00	%		08/01/2037		1,130		1,215,665
Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB		5.00	%		08/01/2042		2,330		2,498,342
Los Angeles Community College District, Series 2016, Ref. GO Bonds		5.00	%		08/01/2036		1,000		1,219,920
Los Angeles Community College District, Series 2016, Ref. GO Bonds		4.00	%		08/01/2037		1,215		1,395,598
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds		4.00	%		08/01/2041		250		289,418
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		3.00	%		08/01/2039		3,800		4,031,876
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00	%		12/01/2043		5,000		6,196,100
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00	%		07/01/2038		1,000		1,259,320
Madera Unified School District, Series 2017, GO Bonds		4.00	%		08/01/2046		3,000		3,413,130
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		5.00	%		08/01/2041		5,000		6,078,050
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00	%		10/01/2045		7,000		9,119,880
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00	%		08/01/2047		3,000		3,410,760
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)		5.00	%		08/01/2048		5,000		6,179,650
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00	%		02/15/2041		3,000		3,840,690
Orange (County of), CA Water District, Series 2017 A, Ref. RB		4.00	%		08/15/2041		2,000		2,321,760
Regents of the University of California, Series 2013 AI, RB		5.00	%		05/15/2038		1,500		1,675,185
Rio Elementary School District, Series 2020 C, GO Bonds, (INS - BAM)(a)		5.00	%		08/01/2047		1,340		1,660,662
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00	%		06/01/2043		4,500		5,014,935
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00	%		06/01/2048		6,000		6,654,120
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB		5.00	%		12/01/2044		1,525		1,754,451
San Bernardino Community College District, Series 2019 A, GO Bonds		4.00	%		08/01/2049		3,500		4,005,995
San Diego (City of), CA Association of Governments, Series 2017 A, RB		5.00	%		07/01/2042		1,000		1,156,480
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB .		5.00	%		10/15/2044		1,000		1,182,710
San Diego (City of), CA Public Facilities Financing Authority (Master), Series 2010 A, Ref. RB(b)(c)		5.25	%		09/01/2020		700		700,000
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00	%		07/01/2044		1,500		1,850,895
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00	%		07/01/2049		3,000		3,684,960
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00	%		04/01/2048		4,000		4,806,160
San Diego (County of), CA Water Authority, Series 2016 B, Ref. RB		5.00	%		05/01/2037		1,000		1,210,480
San Diego Unified School District, Series 2020 D-2, GO Bonds		5.00	%		07/01/2022		15,000		16,326,450
San Diego Unified School District (Election of 2012), Series 2013 C, GO Bonds		5.00	%		07/01/2035		1,000		1,124,850
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00	%		07/01/2040		1,000		1,196,000
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00	%		07/01/2041		13,535		16,778,257
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00	%		07/01/2047		3,000		3,686,250
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00	%		05/01/2044		2,000		2,255,920
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB		5.00	%		05/01/2046		4,465		5,198,912
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00	%		05/01/2047		2,000		2,360,780
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB		5.00	%		05/01/2048		7,000		8,404,340
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00	%		05/01/2049		3,000		3,668,790
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 F1, GO Bonds		3.00	%		08/01/2038		3,500		3,864,000
San Jose (City of), CA Financing Authority (Civic Center), Series 2013 A, Ref. RB		5.00	%		06/01/2039		3,000		3,284,250
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		5.00	%		08/01/2049		11,000		13,949,870
San Mateo Foster (City of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		4.00	%		08/01/2044		5,000		5,962,050

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

40

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds		4.00%		08/01/2047	$	5,000	$	5,776,500
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB		3.00%		05/01/2041		2,000		2,085,000
Santa Clara Valley Water District, Series 2016 A, Ref. RB		5.00%		06/01/2046		4,090		4,844,646
Santa Cruz (County of), CA Redevelopment Agency, Series 2015 A, Ref. RB, (INS - AGM)(a)		5.00%		09/01/2035		2,500		2,935,950
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2046		1,000		1,139,800
Sonoma Valley Unified School District, Series 2020, GO Bonds		4.00%		08/01/2047		1,300		1,510,197
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2049		2,200		2,724,832
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		4.00%		08/01/2039		2,000		2,322,160
University of California, Series 2012 G, RB(b)(c)		5.00%		05/15/2022		745		805,889
University of California, Series 2012 G, RB		5.00%		05/15/2037		755		811,474
University of California, Series 2017 AV, RB		5.25%		05/15/2042		2,000		2,486,660
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2048		1,500		1,867,320
University of California, Series 2018 O, Ref. RB		5.00%		05/15/2058		1,500		1,844,955
								441,190,745
Puerto Rico-0.35%
Puerto Rico (Commonwealth of), Series 2007 A-4, Ref. GO Bonds, (INS - AGM)(a)		5.00%		07/01/2031		1,100		1,106,182
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2008 A, RB, (INS - AGC)(a)		5.13%		07/01/2047		500		500,125
								1,606,307
TOTAL INVESTMENTS IN SECURITIES(e) -97.98% (Cost $413,488,723)								442,797,052
OTHER ASSETS LESS LIABILITIES-2.02%								9,120,503
NET ASSETS-100.00%							$	451,917,555

Investment Abbreviations:

AGC	-Assured Guaranty Corp.
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

Notes to Schedule of Investments:

^(a) Principal and/or interest payments are secured by the bond insurance company listed.

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

^(c) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d) Security subject to crossover refunding.

^(e) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

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

41

Invesco CEF Income Composite ETF (PCEF)

August 31, 2020

Schedule of Investments

	Shares		Value
Closed-End Funds-100.06%
Bonds-38.16%
Aberdeen Asia-Pacific Income Fund, Inc.(a)		4,115,414	$	16,996,660
BlackRock Core Bond Trust		517,595		8,136,593
BlackRock Credit Allocation Income Trust(a)		938,093		13,095,778
BlackRock Income Trust, Inc.(a)		606,060		3,751,511
BlackRock Limited Duration Income Trust(a)		507,073		7,575,671
BlackRock Multi-Sector Income Trust(a)		519,973		8,345,567
BlackRock Taxable Municipal Bond Trust(a)		404,842		10,687,829
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)		210,014		5,004,634
Cohen & Steers Select Preferred and Income Fund, Inc.		83,900		2,293,826
DoubleLine Income Solutions Fund		748,574		12,014,613
DoubleLine Opportunistic Credit Fund(a)		106,975		2,086,012
Duff & Phelps Utility and Corporate Bond Trust, Inc.(a)		269,011		2,488,352
Eaton Vance Limited Duration Income Fund(a)		1,682,446		19,751,916
Eaton Vance Short Duration Diversified Income Fund		256,981		2,945,002
Eaton Vance Tax-Managed Buy-Write Strategy Fund		94,985		908,057
First Trust Aberdeen Global Opportunity Income Fund(a)		178,199		1,815,848
First Trust Intermediate Duration Preferred & Income Fund(a)		518,056		11,485,301
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.(a)		132,298		3,507,220
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)		298,110		6,579,288
Flaherty & Crumrine Total Return Fund, Inc.		71,498		1,577,961
Franklin Ltd. Duration Income Trust(a)		369,719		3,227,647
Franklin Universal Trust(a)		397,662		2,783,634
Guggenheim Taxable Municipal Managed Duration Trust(a)		133,607		3,205,232
Invesco Bond Fund(a)(b)		109,525		2,212,405
John Hancock Preferred Income Fund(a)		171,897		3,460,287
John Hancock Preferred Income Fund II		149,922		2,754,067
John Hancock Preferred Income Fund III(a)		223,288		3,684,252
John Hancock Premium Dividend Fund		324,629		4,291,595
MFS Charter Income Trust(a)		441,332		3,760,149
MFS Government Markets Income Trust(a)		278,584		1,298,201
MFS Intermediate Income Trust(a)		1,140,490		4,368,077
MFS Multimarket Income Trust(a)		784,123		4,587,119
Nuveen Credit Strategies Income Fund		1,953,692		11,917,521
Nuveen Global High Income Fund(a)		364,779		5,143,384
Nuveen Preferred & Income Opportunities Fund		866,010		7,612,228
Nuveen Preferred & Income Securities Fund(a)		1,918,878		17,538,545
Nuveen Preferred & Income Term Fund		185,530		4,207,820
Nuveen Taxable Municipal Income Fund(a)		199,015		4,517,640
PIMCO Income Opportunity Fund		125,705		2,930,183
PIMCO Income Strategy Fund		208,179		2,102,608
PIMCO Income Strategy Fund II(a)		483,640		4,391,451
Pioneer Floating Rate Trust(a)		340,897		3,330,564
Putnam Master Intermediate Income Trust		381,922		1,584,976
Putnam Premier Income Trust(a)		729,650		3,341,797
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.(a)		132,545		1,882,139

		Shares		Value
Bonds-(continued)
TCW Strategic Income Fund, Inc.(a)			352,174	$	2,049,653
Templeton Global Income Fund(a)			2,170,673		11,569,687
Virtus Global Multi-Sector Income Fund(a)			140,767		1,628,674
Western Asset Global Corporate Defined Opportunity Fund, Inc.(a)			150,635		2,612,011
Western Asset Inflation-Linked Opportunities & Income Fund			957,601		11,069,868
Western Asset Inflation-Linked Securities & Income Fund(a)			407,237		5,204,489
Western Asset Investment Grade Defined Opportunity Trust, Inc.			76,692		1,670,352
Western Asset Premier Bond Fund(a)			112,957		1,511,365
	��				288,497,259
Bonds/High Yield-27.18%
AllianceBernstein Global High Income Fund, Inc.			1,239,724		13,475,800
AllianzGI Convertible & Income 2024 Target			179,632		1,647,226
Barings Global Short Duration High Yield Fund(a)			284,572		3,801,882
BlackRock Corporate High Yield Fund, Inc.			1,499,828		16,663,089
BlackRock Debt Strategies Fund, Inc.(a)			673,089		6,730,890
BlackRock Floating Rate Income Strategies Fund, Inc.			570,332		6,684,291
BlackRock Floating Rate Income Trust			355,649		4,065,068
BNY Mellon High Yield Strategies Fund(a)			1,060,948		2,906,998
Credit Suisse Asset Management Income Fund, Inc.(a)			757,992		2,152,697
Credit Suisse High Yield Bond Fund(a)			1,453,882		3,053,152
Eaton Vance Floating-Rate Income Trust(a)			627,765		7,558,291
Eaton Vance Senior Floating-Rate Trust(a)			578,302		6,870,228
First Eagle Senior Loan Fund			119,738		1,477,567
First Trust High Income Long/Short Fund(a)			484,530		6,822,182
First Trust Senior Floating Rate 2022 Target Term Fund			443,369		3,786,371
First Trust Senior Floating Rate Income Fund II(a)			406,040		4,551,708
Guggenheim Credit Allocation Fund(a)			62,112		1,127,333
Insight Select Income Fund			108,488		2,235,395
Invesco High Income 2023 Target Term Fund(b)			166,269		1,301,886
Invesco High Income Trust II(b)			121,323		1,540,802
Ivy High Income Opportunities Fund			238,534		2,860,023
Morgan Stanley Emerging Markets Debt Fund, Inc.			325,110		2,828,457
New America High Income Fund, Inc. (The)			340,673		2,841,213
Nuveen Mortgage and Income Fund(a)			67,318		1,312,028
Nuveen NASDAQ 100 Dynamic Overwrite Fund(a)			297,957		7,857,126
PGIM Global High Yield Fund, Inc.			652,495		8,776,058
PGIM High Yield Bond Fund, Inc.(a)			480,997		6,762,818
PIMCO High Income Fund(a)			891,407		4,884,910
Pioneer High Income Trust(a)			412,523		3,357,937
Stone Harbor Emerging Markets Total Income Fund(a)			71,022		564,625
Templeton Emerging Markets Income Fund(a)			750,295		5,709,745
Voya Prime Rate Trust			2,125,875		9,375,109
Wells Fargo Income Opportunities Fund(a)			874,436		6,567,014

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

42

Invesco CEF Income Composite ETF (PCEF)—(continued)

August 31, 2020

	Shares		Value
Bonds/High Yield-(continued)
Wells Fargo Multi-Sector Income Fund		398,339	$	4,497,247
Western Asset Emerging Markets Debt Fund, Inc.(a)		963,582		12,507,294
Western Asset Global High Income Fund, Inc.		544,821		5,355,591
Western Asset High Income Fund II, Inc		1,198,602		7,934,745
Western Asset High Income Opportunity Fund, Inc.(a)		1,777,253		8,957,355
Western Asset High Yield Defined Opportunity Fund, Inc.		278,014		4,100,707
				205,502,858
Domestic Equity-3.02%
Guggenheim Strategic Opportunities Fund(a)		292,804		5,305,608
John Hancock Tax-Advantaged Dividend Income Fund		435,362		8,515,681
NexPoint Strategic Opportunities Fund		961,797		9,040,892
				22,862,181
Option Income-31.70%
AllianzGI Dividend Interest & Premium Strategy Fund		1,490,540		18,691,371
BlackRock Energy and Resources Trust(a)		384,524		2,660,906
BlackRock Enhanced Capital and Income Fund, Inc.(a)		555,945		8,895,120
BlackRock Enhanced Equity Dividend Trust(a)		2,623,108		19,935,621
BlackRock Enhanced Global Dividend Trust		926,386		9,078,583
BlackRock Enhanced International Dividend Trust(a)		1,488,206		8,140,487
BlackRock Health Sciences Trust(a)		83,079		3,605,629
BlackRock Resources & Commodities Strategy Trust(a)		1,460,748		9,509,469
BlackRock Science & Technology Trust(a)		175,647		7,819,804
Brookfield Real Assets Income Fund, Inc.		634,808		10,747,299
Columbia Seligman Premium Technology Growth Fund, Inc.		104,140		2,391,054
Eaton Vance Enhanced Equity Income Fund		381,521		5,917,391
Eaton Vance Enhanced Equity Income Fund II(a)		353,784		6,951,856
Eaton Vance Risk-Managed Diversified Equity Income Fund(a)		530,348		5,446,674
Eaton Vance Tax-Managed Buy-Write Income Fund		180,022		2,558,113
Eaton Vance Tax-Managed Buy-Write Opportunities Fund(a)		608,744		8,978,974
Eaton Vance Tax-Managed Diversified Equity Income Fund(a)		1,502,139		17,259,577

	Shares		Value
Option Income-(continued)
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund(a)		1,318,969	$	11,870,721
Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a)		3,797,855		29,699,226
First Trust Enhanced Equity Income Fund(a)		200,701		3,169,069
GAMCO Natural Resources Gold & Income Trust		305,696		1,577,391
Guggenheim Enhanced Equity Income Fund(a)		497,507		2,845,740
John Hancock Hedged Equity & Income Fund(a)		147,882		1,675,503
Madison Covered Call & Equity Strategy Fund		302,772		1,831,771
Nuveen Dow 30sm Dynamic Overwrite Fund		458,475		6,487,421
Nuveen S&P 500 Buy-Write Income Fund		1,330,119		15,815,115
Nuveen S&P 500 Dynamic Overwrite Fund(a)		215,048		3,047,230
Voya Global Advantage and Premium Opportunity Fund		286,865		2,412,535
Voya Global Equity Dividend and Premium Opportunity Fund(a)		1,525,974		7,736,688
Voya Infrastructure Industrials and Materials Fund(a)		306,282		2,909,679
				239,666,017
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $777,951,396)				756,528,315
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.67%
Invesco Private Government Fund, 0.03%(b)(c)(d)		9,472,276		9,472,276
Invesco Private Prime Fund, 0.14%(b)(c)(d)		3,157,862		3,158,494
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,630,770)				12,630,770
TOTAL INVESTMENTS IN SECURITIES-101.73% (Cost $790,582,166)				769,159,085
OTHER ASSETS LESS LIABILITIES-(1.73)%				(13,052,639	)
NET ASSETS-100.00%			$	756,106,446

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

43

Invesco CEF Income Composite ETF (PCEF)—(continued)

August 31, 2020

Notes to Schedule of Investments:

^(a) All or a portion of this security was out on loan at August 31, 2020.

^(b) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				August 31, 2020			Income
Invesco Bond Fund		$	2,070,561		$	528,037		$	(408,087	)		$	14,325			$	7,569			$	2,212,405		$	108,431
Invesco High Income 2023 Target Term Fund			1,961,967			355,267			(489,093	)			(434,503	)			(91,752	)			1,301,886			113,117
Invesco High Income Trust II			-			1,387,657			(73,568	)			226,031				682				1,540,802			55,885
Invesco Senior Income Trust			9,522,696			2,029,914			(9,327,078	)			451,104				(2,676,636	)			-			405,751
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			29,351,944			(29,351,944	)			-				-				-			5,562
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			8,437,185			150,913,805			(159,350,990	)			-				-				-			124,807	*
Invesco Liquid Assets Portfolio, Institutional Class			2,812,395			41,359,407			(44,172,649	)			-				847				-			46,745	*
Invesco Private Government Fund			-			79,978,505			(70,506,229	)			-				-				9,472,276			1,737	*
Invesco Private Prime Fund			-			13,095,216			(9,937,246	)			-				524				3,158,494			1,008	*
Total		$	24,804,804		$	318,999,752		$	(323,616,884	)		$	256,957			$	(2,758,766	)		$	17,685,863		$	863,043

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

^(c) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

44

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

August 31, 2020

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.48%
Aerospace & Defense-2.13%
Howmet Aerospace, Inc.
5.13%, 10/01/2024	$	2,950,000	$	3,165,909
5.90%, 02/01/2027		2,731,000		3,092,113
Spirit AeroSystems, Inc., 4.60%, 06/15/2028		3,500,000		2,756,250
TransDigm, Inc.
6.50%, 07/15/2024		3,487,075		3,513,019
5.50%, 11/15/2027		3,700,000		3,618,970
				16,146,261
Airlines-3.19%
Delta Air Lines, Inc.
3.63%, 03/15/2022		5,916,000		5,883,562
4.38%, 04/19/2028		6,933,000		6,495,939
United Airlines Holdings, Inc., 4.25%, 10/01/2022(b)		12,706,100		11,773,028
				24,152,529
Auto Components-2.11%
American Axle & Manufacturing, Inc.
6.25%, 04/01/2025(b)		2,474,000		2,556,768
6.88%, 07/01/2028		2,485,000		2,592,799
Dana, Inc.
5.50%, 12/15/2024		1,938,000		1,983,824
5.63%, 06/15/2028		1,981,000		2,088,242
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		3,276,000		3,290,365
5.00%, 05/31/2026(b)		3,474,000		3,491,370
				16,003,368
Automobiles-3.14%
Ford Motor Co., 4.35%, 12/08/2026		12,536,000		12,585,392
Ford Motor Credit Co. LLC, 5.58%, 03/18/2024		10,515,000		11,224,762
				23,810,154
Banks-0.69%
CIT Group, Inc.
5.00%, 08/15/2022		2,481,000		2,599,319
6.13%, 03/09/2028		2,190,000		2,589,259
				5,188,578
Building Products-0.28%
Griffon Corp., 5.75%, 03/01/2028		2,010,000		2,137,936
Chemicals-4.06%
Ashland LLC, 4.75%, 08/15/2022		2,817,000		2,959,611
Avient Corp., 5.25%, 03/15/2023		2,721,000		2,958,203
Blue Cube Spinco LLC, 9.75%, 10/15/2023 .		1,808,000		1,871,669
CF Industries, Inc., 3.45%, 06/01/2023		5,035,000		5,250,624
Chemours Co. (The)
6.63%, 05/15/2023		2,112,000		2,126,436
5.38%, 05/15/2027		2,347,000		2,365,905
Huntsman International LLC
5.13%, 11/15/2022		2,344,000		2,522,335
4.50%, 05/01/2029		2,449,000		2,713,647
Olin Corp., 5.63%, 08/01/2029		1,939,000		1,941,433

	Principal Amount		Value
Chemicals-(continued)
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029	$	3,390,000	$	3,637,792
Valvoline, Inc., 4.38%, 08/15/2025		2,323,000		2,419,044
				30,766,699
Commercial Services & Supplies-1.01%
ADT Security Corp. (The), 3.50%, 07/15/2022		4,472,000		4,586,550
Covanta Holding Corp.
5.88%, 03/01/2024		1,451,000		1,483,858
6.00%, 01/01/2027		1,486,000		1,558,160
				7,628,568
Communications Equipment-0.42%
Hughes Satellite Systems Corp.
7.63%, 06/15/2021		1,477,150		1,534,389
6.63%, 08/01/2026		1,460,000		1,658,648
				3,193,037
Construction & Engineering-1.56%
AECOM
5.88%, 10/15/2024		2,835,000		3,164,866
5.13%, 03/15/2027		2,865,000		3,151,815
Fluor Corp.
3.50%, 12/15/2024		3,510,000		2,733,413
4.25%, 09/15/2028		3,430,000		2,749,762
				11,799,856
Consumer Finance-3.01%
Ally Financial, Inc.
5.13%, 09/30/2024		4,564,000		5,113,642
5.75%, 11/20/2025		4,433,000		4,975,024
Navient Corp.
6.50%, 06/15/2022		3,405,000		3,558,225
5.00%, 03/15/2027		3,860,000		3,720,577
OneMain Finance Corp.
6.13%, 03/15/2024		2,500,000		2,713,800
6.63%, 01/15/2028		2,400,000		2,743,680
				22,824,948
Containers & Packaging-2.91%
Ball Corp.
5.25%, 07/01/2025		2,315,000		2,628,358
2.88%, 08/15/2030		2,600,000		2,600,650
Berry Global, Inc., 5.13%, 07/15/2023		4,205,000		4,262,819
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023		2,566,000		2,702,293
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		2,582,000		2,700,798
Graphic Packaging International LLC, 4.75%, 04/15/2021		3,693,000		3,748,395
Silgan Holdings, Inc., 4.13%, 02/01/2028		3,282,000		3,409,178
				22,052,491
Diversified Consumer Services-0.49%
Service Corp. International
5.38%, 05/15/2024		1,709,000		1,744,727
5.13%, 06/01/2029		1,799,000		1,997,753
				3,742,480

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

45

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

August 31, 2020

	Principal     Amount		Value
Diversified Telecommunication Services-1.48%
CenturyLink, Inc.
Series G, 6.88%, 01/15/2028(b)	$	5,044,000	$	5,566,357
Series S, 6.45%, 06/15/2021		5,458,000		5,649,739
				11,216,096
Electric Utilities-1.13%
DPL, Inc., 4.13%, 07/01/2025(c)		3,600,000		3,802,500
NRG Energy, Inc., 6.63%, 01/15/2027		4,444,000		4,762,457
				8,564,957
Electronic Equipment, Instruments & Components-1.05%
CDW LLC/CDW Finance Corp.
5.50%, 12/01/2024		2,361,000		2,615,055
5.00%, 09/01/2025		2,459,000		2,554,299
3.25%, 02/15/2029		2,750,000		2,815,670
				7,985,024
Energy Equipment & Services-1.10%
Oceaneering International, Inc., 4.65%, 11/15/2024(b)		5,097,000		3,501,002
Patterson-UTI Energy, Inc.
3.95%, 02/01/2028		905,000		755,059
5.15%, 11/15/2029		4,925,000		4,071,255
SESI LLC, 7.75%, 09/15/2024		620		216
				8,327,532
Entertainment-0.73%
Netflix, Inc.
5.50%, 02/15/2022		2,514,000		2,652,270
4.88%, 04/15/2028		2,486,000		2,881,597
				5,533,867
Equity REITs-4.99%
CyrusOne L.P./CyrusOne Finance Corp.
2.90%, 11/15/2024		1,335,000		1,429,177
3.45%, 11/15/2029		1,365,000		1,492,935
Diversified Healthcare Trust, 4.75%, 02/15/2028		4,667,000		4,358,807
FelCor Lodging L.P., 6.00%, 06/01/2025		3,343,000		3,346,828
GEO Group, Inc. (The), 6.00%, 04/15/2026(b)		4,790,000		3,688,300
GLP Capital L.P./GLP Financing II, Inc.
5.38%, 11/01/2023		1,801,000		1,935,291
5.38%, 04/15/2026		1,778,000		1,976,460
iStar, Inc., 4.75%, 10/01/2024		2,345,000		2,343,300
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		3,010,000		3,188,418
RHP Hotel Properties L.P./RHP Finance Corp.
5.00%, 04/15/2023(b)		1,628,000		1,608,269
4.75%, 10/15/2027		1,684,000		1,535,286
Sabra Health Care L.P., 5.13%, 08/15/2026		2,563,000		2,795,565
SBA Communications Corp.
4.88%, 09/01/2024		1,643,000		1,689,743
3.88%, 02/15/2027(c)		1,655,000		1,720,588
Service Properties Trust
4.35%, 10/01/2024		2,530,000		2,383,741
4.75%, 10/01/2026		2,500,000		2,300,000
				37,792,708
Food Products-2.40%
B&G Foods, Inc., 5.25%, 04/01/2025		2,661,000		2,756,024

	Principal     Amount			Value
Food Products-(continued)
Kraft Heinz Foods Co. (The)
3.50%, 06/06/2022	$	5,745,000		$	6,043,303
3.00%, 06/01/2026		5,935,000			6,192,932
TreeHouse Foods, Inc., 4.88%, 03/15/2022		3,210,000			3,224,493
					18,216,752
Gas Utilities-0.68%
AmeriGas Partners L.P./AmeriGas Finance Corp.
5.63%, 05/20/2024		2,337,000			2,558,735
5.88%, 08/20/2026		2,285,000			2,594,640
					5,153,375
Health Care Equipment & Supplies-1.43%
Becton, Dickinson and Co.
2.89%, 06/06/2022		3,734,000			3,877,673
3.70%, 06/06/2027		3,623,000			4,112,070
Teleflex, Inc., 4.63%, 11/15/2027		2,692,000			2,866,482
					10,856,225
Health Care Providers & Services-5.22%
Centene Corp., 4.63%, 12/15/2029		8,276,000			9,091,393
Encompass Health Corp.
5.75%, 11/01/2024		1,673,000			1,685,706
4.75%, 02/01/2030		1,680,000			1,753,702
HCA, Inc.
5.38%, 02/01/2025		4,791,000			5,400,631
5.63%, 09/01/2028		4,750,000			5,657,677
Magellan Health, Inc., 4.90%, 09/22/2024		3,201,000			3,340,708
Molina Healthcare, Inc., 5.38%, 11/15/2022		5,072,000			5,323,698
Tenet Healthcare Corp., 4.88%, 01/01/2026(c)		7,040,000			7,330,329
					39,583,844
Hotels, Restaurants & Leisure-5.57%
Aramark Services, Inc., 4.75%, 06/01/2026		5,637,000			5,620,625
Churchill Downs, Inc., 5.50%, 04/01/2027(c) .		1,910,000			2,009,922
Cinemark USA, Inc., 4.88%, 06/01/2023		3,936,000			3,630,566
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030		2,339,000			2,414,269
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/2025		2,419,000			2,452,007
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/2026		2,757,000			2,868,576
MGM Resorts International
6.00%, 03/15/2023		2,956,000			3,124,123
5.50%, 04/15/2027		2,925,000			3,097,297
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022		4,334,000			3,887,056
3.70%, 03/15/2028		4,735,000			3,586,763
Wyndham Destinations, Inc. 4.25%, 03/01/2022		1,708,000			1,721,860
Series J, 5.75%, 04/01/2027		1,889,000			1,942,950
Yum! Brands, Inc., 3.75%, 11/01/2021		5,780,000			5,858,752
					42,214,766
			��
Household Durables-4.68%
Century Communities, Inc., 6.75%, 06/01/2027		1,875,000			2,014,041

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

46

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

August 31, 2020

	Principal Amount		Value
Household Durables-(continued)
KB Home, 7.00%, 12/15/2021	$	2,470,000	$	2,599,366
Lennar Corp.
4.50%, 04/30/2024		2,658,000		2,857,363
4.75%, 11/29/2027		2,727,000		3,112,189
M/I Homes, Inc., 4.95%, 02/01/2028		2,380,000		2,476,688
Meritage Homes Corp., 6.00%, 06/01/2025		2,535,000		2,880,660
Newell Brands, Inc.
4.35%, 04/01/2023		2,405,000		2,547,797
4.70%, 04/01/2026		2,324,000		2,507,433
PulteGroup, Inc.
4.25%, 03/01/2021		2,260,500		2,291,299
5.50%, 03/01/2026		2,153,000		2,460,674
Tempur Sealy International, Inc., 5.50%, 06/15/2026		2,946,000		3,089,073
Toll Brothers Finance Corp.
4.38%, 04/15/2023		1,760,340		1,850,373
4.88%, 03/15/2027		1,688,000		1,905,009
TRI Pointe Group, Inc., 5.70%, 06/15/2028.		1,335,000		1,475,175
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024		1,304,000		1,419,593
				35,486,733
Household Products-0.49%
Spectrum Brands, Inc., 5.75%, 07/15/2025		3,561,000		3,685,635
Independent Power and Renewable Electricity Producers-0.49%
AES Corp. (The), 5.13%, 09/01/2027		3,422,000		3,701,937
Insurance-1.06%
Genworth Holdings, Inc., 7.63%, 09/24/2021(b)		7,805,000		8,002,584
Internet & Direct Marketing Retail-0.88%
QVC, Inc.
4.38%, 03/15/2023		3,130,000		3,274,763
4.75%, 02/15/2027		3,185,000		3,402,997
				6,677,760
IT Services-0.33%
VeriSign, Inc.
4.63%, 05/01/2023		1,170,000		1,185,971
4.75%, 07/15/2027		1,239,000		1,322,279
				2,508,250
Machinery-1.32%
Hillenbrand, Inc., 4.50%, 09/15/2026		2,296,000		2,471,070
Trinity Industries, Inc., 4.55%, 10/01/2024.		3,844,000		3,874,752
Wabtec Corp.
4.40%, 03/15/2024		1,586,000		1,725,697
4.95%, 09/15/2028		1,695,000		1,951,670
				10,023,189
Media-3.83%
AMC Networks, Inc., 5.00%, 04/01/2024		3,646,000		3,721,199
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(c)		6,250,000		6,722,500
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		5,636,000		6,562,717

	Principal Amount		Value
Media-(continued)
DISH DBS Corp.
6.75%, 06/01/2021	$	3,570,000	$	3,662,820
7.75%, 07/01/2026		3,786,000		4,339,759
Lamar Media Corp., 5.75%, 02/01/2026		3,847,000		4,018,480
				29,027,475
Metals & Mining-2.13%
AK Steel Corp., 7.00%, 03/15/2027		760		643
Allegheny Technologies, Inc.
7.88%, 08/15/2023		1,349,000		1,420,908
5.88%, 12/01/2027(b)		1,444,000		1,393,424
Carpenter Technology Corp., 6.38%, 07/15/2028		2,600,000		2,719,593
Commercial Metals Co., 5.75%, 04/15/2026		3,174,000		3,310,371
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		3,220,000		3,340,364
5.25%, 09/01/2029(b)		3,634,000		3,985,371
				16,170,674
Mortgage REITs-0.80%
Starwood Property Trust, Inc., 5.00%, 12/15/2021		5,982,000		6,087,971
Multiline Retail-1.28%
Macy’s Retail Holdings, Inc., 2.88%, 02/15/2023		11,672,000		9,695,347
Oil, Gas & Consumable Fuels-12.22%
Apache Corp., 4.38%, 10/15/2028		7,490,000		7,452,250
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/2025		2,166,000		2,505,648
3.70%, 11/15/2029(c)		2,445,000		2,585,306
Continental Resources, Inc.
4.50%, 04/15/2023		3,325,000		3,362,257
4.38%, 01/15/2028(b)		3,868,000		3,691,194
Devon Energy Corp., 5.85%, 12/15/2025		5,502,000		6,317,121
Diamondback Energy, Inc.
2.88%, 12/01/2024		1,744,000		1,799,037
3.50%, 12/01/2029		1,870,000		1,907,683
EQM Midstream Partners L.P.
4.75%, 07/15/2023		1,660,000		1,706,065
5.50%, 07/15/2028		1,735,000		1,800,704
EQT Corp.
3.00%, 10/01/2022(b)		1,650,000		1,633,500
3.90%, 10/01/2027		1,865,000		1,808,453
Hess Corp., 4.30%, 04/01/2027		6,330,000		6,748,182
Murphy Oil Corp., 5.75%, 08/15/2025		6,464,000		6,214,199
Occidental Petroleum Corp.
2.90%, 08/15/2024		8,225,000		7,582,381
3.50%, 08/15/2029		9,205,000		7,931,028
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028(c)		7,950,000		6,718,744
PDC Energy, Inc., 6.13%, 09/15/2024		2,957,000		3,030,615
Range Resources Corp., 4.88%, 05/15/2025(b)		3,993,000		3,735,551
Southwestern Energy Co.
6.45%, 01/23/2025		1,466,000		1,466,894
7.75%, 10/01/2027		1,575,000		1,614,375
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030(c)		6,480,000		6,840,450

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

47

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

August 31, 2020

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
WPX Energy, Inc.
5.25%, 09/15/2024	$	2,043,380	$	2,089,591
5.25%, 10/15/2027		2,075,000		2,067,509
				92,608,737
Personal Products-0.34%
Edgewell Personal Care Co., 4.70%, 05/24/2022		2,414,000		2,530,150
Pharmaceuticals-0.40%
Elanco Animal Health, Inc.
5.27%, 08/28/2023		1,320,000		1,447,875
5.90%, 08/28/2028		1,300,000		1,542,957
				2,990,832
Professional Services-0.52%
IHS Markit Ltd.
4.13%, 08/01/2023		1,768,000		1,934,767
4.25%, 05/01/2029		1,740,000		2,034,173
				3,968,940
Real Estate Management & Development-0.66%
Kennedy-Wilson, Inc., 5.88%, 04/01/2024		2,598,000		2,632,891
Newmark Group, Inc., 6.13%, 11/15/2023		2,290,000		2,353,150
				4,986,041
Semiconductors & Semiconductor Equipment-0.96%
Amkor Technology, Inc., 6.63%, 09/15/2027(c)		3,531,000		3,874,619
Qorvo, Inc., 5.50%, 07/15/2026		3,210,000		3,410,850
				7,285,469
Software-1.88%
CDK Global, Inc.
5.00%, 10/15/2024		1,248,000		1,414,458
4.88%, 06/01/2027		1,361,000		1,439,673
Citrix Systems, Inc., 4.50%, 12/01/2027		2,572,000		2,946,076
NortonLifeLock, Inc., 4.20%, 09/15/2020		6,157,000		6,160,386
Nuance Communications, Inc., 5.63%, 12/15/2026		2,146,640		2,281,674
				14,242,267
Specialty Retail-3.72%
Group 1 Automotive, Inc., 5.00%, 06/01/2022		3,880,000		3,880,000
L Brands, Inc.
5.63%, 02/15/2022		4,472,000		4,604,930
5.25%, 02/01/2028		5,620,000		5,407,648
Murphy Oil USA, Inc., 4.75%, 09/15/2029		3,955,000		4,284,827
Penske Automotive Group, Inc.
5.75%, 10/01/2022		2,725,000		2,735,396
5.50%, 05/15/2026		3,030,000		3,161,699
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025		4,050,000		4,117,939
				28,192,439
Technology Hardware, Storage & Peripherals-5.15%
EMC Corp., 3.38%, 06/01/2023		13,201,000		13,671,154
NCR Corp., 6.38%, 12/15/2023		3,974,000		4,060,931
Seagate HDD Cayman
4.75%, 01/01/2025		3,145,000		3,434,691
4.09%, 06/01/2029(c)		3,760,000		4,038,369

	Principal Amount		Value
Technology Hardware, Storage & Peripherals-(continued)
Western Digital Corp., 4.75%, 02/15/2026	$	7,703,000	$	8,345,353
Xerox Corp., 4.50%, 05/15/2021		5,319,000		5,436,098
				38,986,596
Textiles, Apparel & Luxury Goods-0.44%
Under Armour, Inc., 3.25%, 06/15/2026(b)		3,530,000		3,318,200
Thrifts & Mortgage Finance-0.74%
MGIC Investment Corp., 5.75%, 08/15/2023		2,705,000		2,904,210
Radian Group, Inc.
4.50%, 10/01/2024		1,349,420		1,359,540
4.88%, 03/15/2027		1,352,000		1,359,436
				5,623,186
Trading Companies & Distributors-1.69%
H&E Equipment Services, Inc., 5.63%, 09/01/2025		2,219,000		2,304,986
United Rentals North America, Inc., 4.88%, 01/15/2028		6,118,000		6,462,138
WESCO Distribution, Inc., 5.38%, 12/15/2021		4,012,000		4,048,088
				12,815,212
Wireless Telecommunication Services-1.69%
Sprint Capital Corp., 6.88%, 11/15/2028		4,933,000		6,311,157
Sprint Corp., 7.88%, 09/15/2023		5,590,000		6,508,856
				12,820,013
Total U.S. Dollar Denominated Bonds & Notes (Cost $726,035,843)				746,327,688
	Shares
Money Market Funds-0.54%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $4,085,897)		4,085,897		4,085,897
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.02% (Cost $730,121,740)				750,413,585
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.94%
Invesco Private Government Fund, 0.03%(d)(e)(f)		16,700,947		16,700,947
Invesco Private Prime Fund, 0.14%(d)(e)(f)		5,574,985		5,576,100
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,277,047)				22,277,047
TOTAL INVESTMENTS IN SECURITIES-101.96% (Cost $752,398,787)				772,690,632
OTHER ASSETS LESS LIABILITIES-(1.96)%				(14,879,891	)
NET ASSETS-100.00%			$	757,810,741

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

48

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

August 31, 2020

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at August 31, 2020.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $45,643,327, which represented 6.02% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	322,733	$	141,836,638	$	(138,073,474	)	$	-		$	-		$	4,085,897	$	43,994
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		38,027,490		127,155,166		(165,182,656	)		-			-			-		307,363	*
Invesco Liquid Assets Portfolio, Institutional Class		12,267,205		38,909,196		(51,173,238	)		(285	)		(2,878	)		-		115,126	*
Invesco Private Government Fund		-		119,349,184		(102,648,237	)		-			-			16,700,947		2,109	*
Invesco Private Prime Fund		-		18,864,381		(13,288,728	)		-			447			5,576,100		1,435	*
Total	$	50,617,428	$	446,114,565	$	(470,366,333	)	$	(285	)	$	(2,431	)	$	26,362,944	$	470,027

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

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

49

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

August 31, 2020

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.84%
Aerospace & Defense-2.42%
Boeing Co. (The)
2.70%, 05/01/2022	$	160,000	$	163,326
5.15%, 05/01/2030		150,000		168,420
General Dynamics Corp.
3.00%, 05/11/2021		91,000		92,730
3.75%, 05/15/2028		81,000		95,436
Huntington Ingalls Industries, Inc.
3.84%, 05/01/2025(b)		40,000		43,878
3.48%, 12/01/2027		40,000		43,722
L3Harris Technologies, Inc.
3.85%, 06/15/2023		43,000		46,740
4.40%, 06/15/2028		58,000		69,354
Lockheed Martin Corp.
2.90%, 03/01/2025		125,000		136,942
3.55%, 01/15/2026		104,000		119,079
Northrop Grumman Corp.
2.55%, 10/15/2022		78,000		81,633
3.25%, 01/15/2028		76,000		86,086
Raytheon Technologies Corp.
2.50%, 12/15/2022(b)		100,000		104,167
4.13%, 11/16/2028		139,000		165,792
Textron, Inc., 3.00%, 06/01/2030		105,000		110,539
				1,527,844
Air Freight & Logistics-0.96%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028		80,000		94,594
FedEx Corp.
3.80%, 05/15/2025		100,000		113,064
3.10%, 08/05/2029		108,000		119,991
United Parcel Service, Inc.
3.13%, 01/15/2021		136,000		137,414
3.05%, 11/15/2027		124,000		140,604
				605,667
Airlines-0.26%
Southwest Airlines Co.
5.25%, 05/04/2025		75,000		81,941
2.63%, 02/10/2030		85,000		80,062
				162,003
Auto Components-0.35%
BorgWarner, Inc.
3.38%, 03/15/2025(c)		42,000		45,794
2.65%, 07/01/2027		40,000		42,444
Lear Corp., 3.80%, 09/15/2027		125,000		133,658
				221,896
Automobiles-0.61%
General Motors Financial Co., Inc.
3.20%, 07/06/2021		177,000		179,847
4.35%, 01/17/2027		189,000		205,133
				384,980
Banks-7.16%
Bank of America Corp.
3.30%, 01/11/2023		271,000		289,225
3.25%, 10/21/2027		270,000		300,810

	Principal Amount		Value
Banks-(continued)
Citigroup, Inc.
4.50%, 01/14/2022	$	254,000	$	268,487
4.45%, 09/29/2027		250,000		290,813
Citizens Bank N.A.
3.25%, 02/14/2022		50,000		51,914
3.75%, 02/18/2026		76,000		87,451
Comerica, Inc.
3.70%, 07/31/2023		50,000		54,275
4.00%, 02/01/2029		53,000		61,234
Fifth Third Bancorp, 2.55%, 05/05/2027		100,000		108,493
Fifth Third Bank, 2.25%, 06/14/2021		76,000		77,086
First Horizon National Corp., 3.50%, 12/15/2020		71,000		71,399
First Republic Bank, 2.50%, 06/06/2022		101,000		104,296
Huntington Bancshares, Inc.
3.15%, 03/14/2021		66,000		66,850
2.55%, 02/04/2030		67,000		70,429
JPMorgan Chase & Co.
4.50%, 01/24/2022		307,000		324,791
2.95%, 10/01/2026		316,000		350,453
KeyCorp
5.10%, 03/24/2021		69,000		70,867
2.25%, 04/06/2027		70,000		74,158
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025		88,000		96,756
People’s United Financial, Inc., 3.65%, 12/06/2022		81,000		86,073
PNC Bank N.A., 2.15%, 04/29/2021		102,000		103,133
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030		125,000		136,174
Regions Financial Corp., 3.80%, 08/14/2023		134,000		146,153
SVB Financial Group, 3.13%, 06/05/2030		100,000		111,454
Truist Bank
3.20%, 04/01/2024		96,000		104,913
3.63%, 09/16/2025		86,000		97,673
U.S. Bancorp
3.38%, 02/05/2024		109,000		119,286
Series V, 2.38%, 07/22/2026		156,000		171,054
Wells Fargo & Co.
2.63%, 07/22/2022		292,000		303,892
3.00%, 04/22/2026		286,000		313,696
				4,513,288
Beverages-1.65%
Coca-Cola Co. (The)
3.30%, 09/01/2021		160,000		165,019
2.88%, 10/27/2025		147,000		163,089
Constellation Brands, Inc.
4.25%, 05/01/2023		54,000		59,145
3.60%, 02/15/2028		58,000		65,418
Keurig Dr Pepper, Inc.
4.06%, 05/25/2023		55,000		60,132
4.60%, 05/25/2028		71,000		85,985
Molson Coors Beverage Co.
2.10%, 07/15/2021		59,000		59,753
3.00%, 07/15/2026		58,000		62,042

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

50

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

August 31, 2020

	Principal Amount		Value
Beverages-(continued)
PepsiCo, Inc.
2.75%, 03/01/2023	$	150,000	$	159,080
3.00%, 10/15/2027		144,000		163,277
				1,042,940
Biotechnology-1.66%
AbbVie, Inc.
2.60%, 11/21/2024(b)		130,000		139,253
3.20%, 11/21/2029(b)		124,000		137,872
Amgen, Inc.
3.88%, 11/15/2021		141,686		146,353
2.20%, 02/21/2027		125,000		132,878
Biogen, Inc.
3.63%, 09/15/2022		75,000		79,815
4.05%, 09/15/2025		56,000		64,606
Gilead Sciences, Inc.
3.50%, 02/01/2025		110,000		123,439
3.65%, 03/01/2026		108,000		123,985
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		100,000		98,174
				1,046,375
Building Products-0.26%
Fortune Brands Home & Security, Inc.
4.00%, 09/21/2023		29,000		31,895
3.25%, 09/15/2029		38,000		42,445
Masco Corp.
4.45%, 04/01/2025		35,000		40,439
4.38%, 04/01/2026		41,000		48,136
				162,915
Capital Markets-4.03%
Ameriprise Financial, Inc.
4.00%, 10/15/2023		69,000		76,687
2.88%, 09/15/2026		78,000		86,315
Bank of New York Mellon Corp. (The)
2.20%, 08/16/2023		122,000		128,072
3.85%, 04/28/2028		109,000		132,336
BlackRock, Inc.
3.50%, 03/18/2024		99,000		109,367
2.40%, 04/30/2030		120,000		131,342
Charles Schwab Corp. (The)
2.65%, 01/25/2023		90,000		94,862
3.20%, 03/02/2027		91,000		102,279
CME Group, Inc.
3.00%, 03/15/2025		51,000		55,933
3.75%, 06/15/2028		65,000		77,227
E*TRADE Financial Corp., 2.95%, 08/24/2022		86,000		89,912
Goldman Sachs Group, Inc. (The)
5.75%, 01/24/2022		167,000		179,301
3.50%, 11/16/2026		167,000		186,449
Jefferies Group LLC, 6.88%, 04/15/2021		48,000		49,796
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		50,000		56,570
Morgan Stanley
3.63%, 01/20/2027		152,000		173,795
Series F, 3.88%, 04/29/2024		163,000		181,413
Nasdaq, Inc.
4.25%, 06/01/2024		36,000		40,378
3.85%, 06/30/2026		38,000		43,806

	Principal Amount		Value
Capital Markets-(continued)
Northern Trust Corp.
3.45%, 11/04/2020	$	73,000	$	73,403
1.95%, 05/01/2030		65,000		68,103
Raymond James Financial, Inc., 3.63%, 09/15/2026		91,000		104,168
State Street Corp.
3.55%, 08/18/2025		71,000		81,040
2.40%, 01/24/2030		90,000		97,923
TD Ameritrade Holding Corp.
2.95%, 04/01/2022		54,000		56,041
3.30%, 04/01/2027		55,000		62,250
				2,538,768
Chemicals-2.91%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030		125,000		132,015
Celanese US Holdings LLC, 4.63%, 11/15/2022		86,000		92,837
DuPont de Nemours, Inc.
4.21%, 11/15/2023		100,000		110,556
4.73%, 11/15/2028		100,000		121,551
Eastman Chemical Co.
3.80%, 03/15/2025		53,000		58,694
4.50%, 12/01/2028		50,000		59,338
Ecolab, Inc.
4.35%, 12/08/2021		51,000		53,584
2.70%, 11/01/2026		120,000		134,845
EI du Pont de Nemours and Co.
1.70%, 07/15/2025		50,000		52,048
2.30%, 07/15/2030		60,000		63,721
FMC Corp., 3.20%, 10/01/2026		58,000		64,612
LYB International Finance II B.V., 3.50%, 03/02/2027		101,000		112,280
LyondellBasell Industries N.V., 5.75%, 04/15/2024		96,000		110,896
Mosaic Co. (The)
4.25%, 11/15/2023		53,000		57,558
4.05%, 11/15/2027		49,000		54,406
PPG Industries, Inc., 3.75%, 03/15/2028		126,000		152,303
Praxair, Inc.
2.45%, 02/15/2022		95,000		97,466
3.20%, 01/30/2026		91,000		102,204
Sherwin-Williams Co. (The)
3.13%, 06/01/2024		50,000		54,351
3.45%, 06/01/2027		48,000		54,550
Westlake Chemical Corp., 3.60%, 08/15/2026		89,000		97,340
				1,837,155
Commercial Services & Supplies-0.51%
Cintas Corp. No. 2
2.90%, 04/01/2022		38,000		39,401
3.70%, 04/01/2027		38,000		43,454
Republic Services, Inc.
3.55%, 06/01/2022		47,000		49,200
3.95%, 05/15/2028		49,000		58,025
Waste Management, Inc.
3.13%, 03/01/2025		70,000		76,936
3.15%, 11/15/2027		50,000		55,847
				322,863

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

51

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

August 31, 2020

	Principal Amount		Value
Communications Equipment-0.78%
Cisco Systems, Inc.
3.63%, 03/04/2024	$	144,000	$	160,282
2.50%, 09/20/2026		140,000		155,021
Juniper Networks, Inc.
4.50%, 03/15/2024		37,000		41,614
3.75%, 08/15/2029		38,000		43,348
Motorola Solutions, Inc.
4.00%, 09/01/2024		38,000		42,226
4.60%, 05/23/2029		43,000		50,520
				493,011
Construction Materials-0.24%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027		66,000		74,008
Vulcan Materials Co., 3.50%, 06/01/2030		70,000		79,398
				153,406
Consumer Finance-1.49%
American Express Co., 2.50%, 08/01/2022		110,000		114,202
American Express Credit Corp., 3.30%, 05/03/2027		106,000		121,231
Capital One Financial Corp.
3.30%, 10/30/2024		130,000		141,593
4.20%, 10/29/2025		131,000		146,978
Discover Bank
4.20%, 08/08/2023		100,000		110,282
3.45%, 07/27/2026		86,000		94,422
GE Capital Funding LLC, 4.40%, 05/15/2030(b)		200,000		211,440
				940,148
Containers & Packaging-1.05%
Avery Dennison Corp., 4.88%, 12/06/2028		86,000		105,971
Bemis Co., Inc., 2.63%, 06/19/2030		100,000		107,654
International Paper Co.
3.65%, 06/15/2024		68,000		75,308
3.00%, 02/15/2027		73,000		80,495
Packaging Corp. of America
4.50%, 11/01/2023		40,000		44,241
3.40%, 12/15/2027		35,000		39,354
Sonoco Products Co., 3.13%, 05/01/2030		75,000		82,352
WRKCo, Inc.
3.75%, 03/15/2025		50,000		56,271
4.90%, 03/15/2029		55,000		67,807
				659,453
Diversified Consumer Services-0.12%
Block Financial LLC
4.13%, 10/01/2020		37,000		37,086
3.88%, 08/15/2030		40,000		40,763
				77,849
Diversified Financial Services-1.36%
Berkshire Hathaway, Inc.
2.75%, 03/15/2023		251,000		265,550
3.13%, 03/15/2026		238,000		266,505
Equitable Holdings, Inc.
3.90%, 04/20/2023		76,000		81,927
4.35%, 04/20/2028		81,000		92,701
Voya Financial, Inc., 3.65%, 06/15/2026		135,000		153,026
				859,709

	Principal Amount		Value
Diversified Telecommunication Services-1.79%
AT&T, Inc.
3.40%, 05/15/2025	$	260,000	$	289,510
4.30%, 02/15/2030		250,000		298,937
Verizon Communications, Inc.
5.15%, 09/15/2023		243,000		276,601
4.33%, 09/21/2028		215,000		260,519
				1,125,567
Electric Utilities-4.09%
American Electric Power Co., Inc., 3.20%, 11/13/2027		86,000		94,827
Avangrid, Inc.
3.15%, 12/01/2024		53,000		58,052
3.80%, 06/01/2029		48,000		56,141
Consolidated Edison Co. of New York, Inc., Series D, 4.00%, 12/01/2028		61,000		72,777
Duke Energy Corp.
3.75%, 04/15/2024		119,000		131,240
2.65%, 09/01/2026		121,000		132,147
Edison International, 4.13%, 03/15/2028		91,000		95,131
Entergy Corp.
4.00%, 07/15/2022		63,000		66,873
2.95%, 09/01/2026		55,000		61,212
Evergy, Inc.
2.45%, 09/15/2024		40,000		42,503
2.90%, 09/15/2029		50,000		54,247
Eversource Energy, Series K, 2.75%, 03/15/2022		62,000		64,120
Exelon Corp.
3.50%, 06/01/2022		79,000		82,743
4.05%, 04/15/2030		105,000		124,668
FirstEnergy Corp.
Series B, 4.25%, 03/15/2023		73,000		77,487
Series B, 3.90%, 07/15/2027		68,000		74,737
Interstate Power and Light Co.
3.25%, 12/01/2024		44,000		48,568
4.10%, 09/26/2028		33,000		39,316
NextEra Energy Capital Holdings, Inc.
2.75%, 05/01/2025		100,000		108,757
2.25%, 06/01/2030		101,000		106,124
NSTAR Electric Co., 3.20%, 05/15/2027		53,000		59,819
Ohio Power Co., Series M, 5.38%, 10/01/2021		86,000		90,741
Pinnacle West Capital Corp., 1.30%, 06/15/2025		100,000		102,097
PPL Capital Funding, Inc.
3.40%, 06/01/2023		79,000		84,279
4.13%, 04/15/2030		75,000		88,860
Southern California Edison Co., Series E, 3.70%, 08/01/2025		70,000		78,080
Southern Co. (The)
2.35%, 07/01/2021		111,000		112,650
3.25%, 07/01/2026		108,000		121,278
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023		99,000		104,138
Xcel Energy, Inc.
3.30%, 06/01/2025		60,000		66,576
4.00%, 06/15/2028		65,000		76,675
				2,576,863

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

52

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

August 31, 2020

	Principal Amount		Value
Electrical Equipment-0.57%
Eaton Corp.
2.75%, 11/02/2022	$	81,000	$	85,088
3.10%, 09/15/2027		74,000		82,507
Emerson Electric Co.
3.15%, 06/01/2025		88,000		98,030
1.80%, 10/15/2027		90,000		94,778
				360,403
Electronic Equipment, Instruments & Components-1.24%
Amphenol Corp., 2.80%, 02/15/2030		95,000		104,396
Arrow Electronics, Inc.
3.25%, 09/08/2024		68,000		73,150
3.88%, 01/12/2028		68,000		74,471
Avnet, Inc., 4.63%, 04/15/2026		96,000		107,044
Flex Ltd.
4.75%, 06/15/2025		63,000		70,703
4.88%, 06/15/2029		60,000		69,058
FLIR Systems, Inc., 2.50%, 08/01/2030		50,000		51,371
Jabil, Inc.
4.70%, 09/15/2022		48,000		51,648
3.95%, 01/12/2028		53,000		58,389
Keysight Technologies, Inc.
4.55%, 10/30/2024		20,000		22,618
4.60%, 04/06/2027		28,000		33,025
Trimble, Inc., 4.90%, 06/15/2028		53,000		63,415
				779,288
Energy Equipment & Services-0.84%
Halliburton Co.
3.50%, 08/01/2023		70,000		74,653
3.80%, 11/15/2025		73,000		80,152
National Oilwell Varco, Inc., 3.60%, 12/01/2029		133,000		131,228
Schlumberger Investment S.A.
3.65%, 12/01/2023		109,000		118,284
2.65%, 06/26/2030		120,000		122,839
				527,156
Entertainment-0.85%
Activision Blizzard, Inc.
2.30%, 09/15/2021		48,000		48,890
3.40%, 09/15/2026		93,000		106,634
Electronic Arts, Inc., 3.70%, 03/01/2021		81,000		82,105
Walt Disney Co. (The)
1.75%, 08/30/2024(c)		139,000		144,828
2.00%, 09/01/2029		149,000		155,249
				537,706
Equity REITs-5.73%
Alexandria Real Estate Equities, Inc.
3.45%, 04/30/2025		53,000		59,052
4.90%, 12/15/2030		30,000		38,198
American Homes 4 Rent L.P., 4.25%, 02/15/2028		48,000		54,765
American Tower Corp.
3.50%, 01/31/2023		69,000		73,780
3.80%, 08/15/2029		63,000		73,013
AvalonBay Communities, Inc.
3.45%, 06/01/2025		50,000		56,103
2.30%, 03/01/2030		45,000		47,706

	Principal Amount		Value
Equity REITs-(continued)
Boston Properties L.P.
4.13%, 05/15/2021	$	56,000	$	56,924
3.25%, 01/30/2031		60,000		65,582
Brixmor Operating Partnership L.P.
3.85%, 02/01/2025		34,000		36,081
4.13%, 05/15/2029		30,000		32,560
Camden Property Trust, 2.80%, 05/15/2030		70,000		76,919
CBRE Services, Inc., 4.88%, 03/01/2026		105,000		121,898
Crown Castle International Corp.
5.25%, 01/15/2023		66,000		73,172
3.65%, 09/01/2027		66,000		74,895
Digital Realty Trust L.P., 3.70%, 08/15/2027		98,000		112,056
EPR Properties, 3.75%, 08/15/2029		68,000		60,189
Equinix, Inc.
2.63%, 11/18/2024		50,000		53,606
3.20%, 11/18/2029		50,000		55,240
ERP Operating L.P.
4.63%, 12/15/2021		58,000		60,500
2.85%, 11/01/2026		63,000		69,865
Essex Portfolio L.P.
3.50%, 04/01/2025		40,000		44,286
3.00%, 01/15/2030		40,000		43,413
Federal Realty Investment Trust, 3.95%, 01/15/2024		75,000		81,518
Healthcare Trust of America Holdings L.P., 3.10%, 02/15/2030		58,000		61,409
Healthpeak Properties, Inc.
3.88%, 08/15/2024		48,000		53,560
3.50%, 07/15/2029		43,000		48,356
Host Hotels & Resorts L.P.
Series E, 4.00%, 06/15/2025		60,000		62,774
Series H, 3.38%, 12/15/2029		64,000		62,298
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		43,000		48,583
Kilroy Realty L.P., 3.05%, 02/15/2030		58,000		60,390
Kimco Realty Corp.
3.30%, 02/01/2025		33,000		35,458
2.80%, 10/01/2026		40,000		41,989
LifeStorage L.P., 3.50%, 07/01/2026		50,000		54,847
Mid-America Apartments L.P., 3.60%, 06/01/2027		74,000		83,266
Omega Healthcare Investors, Inc.
4.38%, 08/01/2023		31,000		33,386
5.25%, 01/15/2026		28,000		30,753
Prologis L.P.
4.25%, 08/15/2023		19,000		20,967
2.25%, 04/15/2030		120,000		128,108
Public Storage
2.37%, 09/15/2022		58,000		60,287
3.09%, 09/15/2027		56,000		63,535
Realty Income Corp.
3.25%, 10/15/2022		41,000		43,152
3.25%, 01/15/2031		40,000		44,489
Regency Centers L.P., 3.60%, 02/01/2027		67,000		71,940
Simon Property Group L.P.
2.00%, 09/13/2024		86,000		88,999
2.45%, 09/13/2029		76,000		75,975
SL Green Operating Partnership L.P., 3.25%, 10/15/2022		78,000		79,702

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

53

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

August 31, 2020

	Principal Amount		Value
Equity REITs-(continued)
Spirit Realty L.P., 3.40%, 01/15/2030	$	63,000	$	62,841
UDR, Inc., 3.20%, 01/15/2030		70,000		77,928
Ventas Realty L.P., 4.40%, 01/15/2029		54,000		60,637
Ventas Realty L.P./Ventas Capital Corp., 3.25%, 08/15/2022		68,000		70,345
VEREIT Operating Partnership L.P.
4.60%, 02/06/2024		61,000		65,701
4.88%, 06/01/2026		43,000		48,035
Welltower, Inc.
4.00%, 06/01/2025		71,000		80,040
3.10%, 01/15/2030		70,000		73,752
Weyerhaeuser Co.
4.63%, 09/15/2023		52,000		57,977
4.00%, 11/15/2029		53,000		60,990
WP Carey, Inc., 4.60%, 04/01/2024		69,000		75,927
				3,609,717
Food & Staples Retailing-2.69%
Costco Wholesale Corp.
2.75%, 05/18/2024		119,000		128,813
1.60%, 04/20/2030		145,000		147,994
Kroger Co. (The)
3.85%, 08/01/2023		93,000		101,107
2.65%, 10/15/2026		117,000		128,088
Sysco Corp.
2.60%, 10/01/2020		91,000		91,000
5.65%, 04/01/2025		75,000		88,831
5.95%, 04/01/2030		80,000		101,158
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		122,000		134,891
3.45%, 06/01/2026		134,000		147,446
Walmart, Inc.
3.40%, 06/26/2023		283,000		306,941
3.70%, 06/26/2028		268,000		317,600
				1,693,869
Food Products-2.73%
Archer-Daniels-Midland Co.
2.75%, 03/27/2025		90,000		98,166
2.50%, 08/11/2026		90,000		98,172
Bunge Ltd. Finance Corp.
3.50%, 11/24/2020		79,000		79,456
3.25%, 08/15/2026		79,000		84,847
Campbell Soup Co.
3.95%, 03/15/2025		50,000		56,419
4.15%, 03/15/2028		43,000		50,284
Conagra Brands, Inc.
3.80%, 10/22/2021		53,000		55,003
4.85%, 11/01/2028		40,000		48,963
General Mills, Inc.
3.15%, 12/15/2021		83,000		85,369
4.20%, 04/17/2028		71,000		84,302
Hershey Co. (The)
3.38%, 05/15/2023		50,000		53,936
2.30%, 08/15/2026		58,000		62,942
Hormel Foods Corp., 1.80%, 06/11/2030		100,000		103,617
Ingredion, Inc., 3.20%, 10/01/2026		73,000		80,905
JM Smucker Co. (The)
3.50%, 03/15/2025		43,000		48,336
2.38%, 03/15/2030		50,000		52,191

	Principal Amount		Value
Food Products-(continued)
Kellogg Co.
4.00%, 12/15/2020	$	68,000	$	68,721
3.25%, 04/01/2026		61,000		68,768
McCormick & Co., Inc.
2.70%, 08/15/2022		33,000		34,394
3.40%, 08/15/2027		33,000		37,312
Mondelez International, Inc.
4.00%, 02/01/2024		91,000		101,240
2.75%, 04/13/2030		90,000		98,707
Tyson Foods, Inc.
3.95%, 08/15/2024		76,000		84,715
3.55%, 06/02/2027		76,000		86,141
				1,722,906
Gas Utilities-0.22%
Atmos Energy Corp., 3.00%, 06/15/2027		71,000		79,051
National Fuel Gas Co., 3.75%, 03/01/2023		60,000		62,129
				141,180
Health Care Equipment & Supplies-1.25%
Abbott Laboratories
3.40%, 11/30/2023		91,000		99,679
3.75%, 11/30/2026		87,000		101,903
Baxter International, Inc., 2.60%, 08/15/2026		104,000		114,119
Boston Scientific Corp.
3.45%, 03/01/2024		50,000		54,458
2.65%, 06/01/2030		50,000		53,376
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		50,000		54,281
Edwards Lifesciences Corp., 4.30%, 06/15/2028		57,000		68,922
Stryker Corp.
2.63%, 03/15/2021		66,000		66,622
3.50%, 03/15/2026		64,000		72,604
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		43,000		47,821
3.55%, 03/20/2030		50,000		55,896
				789,681
Health Care Providers & Services-4.14%
AmerisourceBergen Corp.
3.25%, 03/01/2025		110,000		121,061
3.45%, 12/15/2027		116,000		133,138
Anthem, Inc.
2.38%, 01/15/2025		125,000		133,482
3.65%, 12/01/2027		125,000		143,639
Cardinal Health, Inc.
2.62%, 06/15/2022		115,000		118,944
3.41%, 06/15/2027		109,000		122,241
Cigna Corp.
3.75%, 07/15/2023		91,000		99,127
4.38%, 10/15/2028		84,000		100,689
CVS Health Corp.
3.70%, 03/09/2023		142,000		152,940
4.30%, 03/25/2028		150,000		176,701
DH Europe Finance II S.a.r.l.
2.20%, 11/15/2024		73,000		77,386
2.60%, 11/15/2029		56,000		61,118
HCA, Inc.
5.00%, 03/15/2024		65,000		73,508
4.13%, 06/15/2029		90,000		103,809

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

54

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

August 31, 2020

	Principal Amount		Value
Health Care Providers & Services-(continued)
Humana, Inc.
3.15%, 12/01/2022	$	80,000	$	84,215
3.95%, 03/15/2027		74,000		85,274
Laboratory Corp. of America Holdings
3.60%, 02/01/2025		33,000		36,815
2.95%, 12/01/2029		55,000		60,280
McKesson Corp.
3.80%, 03/15/2024		135,000		148,335
3.95%, 02/16/2028		129,000		151,328
Quest Diagnostics, Inc.
4.70%, 04/01/2021		44,000		45,135
2.95%, 06/30/2030		45,000		49,228
UnitedHealth Group, Inc.
3.75%, 07/15/2025		144,000		165,184
2.00%, 05/15/2030		160,000		167,959
				2,611,536
Hotels, Restaurants & Leisure-1.46%
Darden Restaurants, Inc., 3.85%, 05/01/2027		99,000		102,222
Las Vegas Sands Corp.
3.20%, 08/08/2024		101,000		102,349
3.50%, 08/18/2026		106,000		108,219
Marriott International, Inc.
4.63%, 06/15/2030		60,000		65,865
Series EE, 5.75%, 05/01/2025		45,000		50,587
McDonald’s Corp.
2.63%, 01/15/2022		129,000		133,146
3.70%, 01/30/2026		127,000		145,252
Starbucks Corp.
3.80%, 08/15/2025		101,000		114,950
2.55%, 11/15/2030		90,000		95,677
				918,267
Household Durables-0.80%
D.R. Horton, Inc., 2.50%, 10/15/2024		90,000		96,043
Leggett & Platt, Inc., 3.50%, 11/15/2027		70,000		73,537
Mohawk Industries, Inc.
3.85%, 02/01/2023		46,000		48,937
3.63%, 05/15/2030		55,000		58,996
NVR, Inc.
3.95%, 09/15/2022		40,000		42,356
3.00%, 05/15/2030		40,000		43,451
Whirlpool Corp., 4.75%, 02/26/2029		114,000		139,861
				503,181
Household Products-1.34%
Clorox Co. (The)
3.05%, 09/15/2022		47,000		49,310
3.90%, 05/15/2028		45,000		53,525
Colgate-Palmolive Co., 3.25%, 03/15/2024		175,000		192,455
Kimberly-Clark Corp., 3.20%, 04/25/2029		147,000		169,209
Procter & Gamble Co. (The)
2.15%, 08/11/2022		185,000		191,978
3.00%, 03/25/2030		165,000		190,952
				847,429
Industrial Conglomerates-1.37%
3M Co.
3.25%, 02/14/2024		114,000		124,500
2.88%, 10/15/2027		113,000		127,240

	Principal Amount		Value
Industrial Conglomerates-(continued)
Carlisle Cos., Inc., 2.75%, 03/01/2030	$	70,000	$	74,333
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		215,000		215,875
Honeywell International, Inc.
1.85%, 11/01/2021		113,000		114,906
2.50%, 11/01/2026		108,000		119,063
Roper Technologies, Inc.
3.00%, 12/15/2020		39,000		39,209
3.80%, 12/15/2026		42,000		48,710
				863,836
Insurance-6.48%
Aflac, Inc.
3.63%, 11/15/2024		101,000		114,235
3.60%, 04/01/2030		90,000		105,645
Alleghany Corp., 3.63%, 05/15/2030		75,000		84,293
Allstate Corp. (The)
3.15%, 06/15/2023		86,000		92,777
3.28%, 12/15/2026		91,000		105,191
American International Group, Inc.
4.88%, 06/01/2022		143,000		153,931
3.90%, 04/01/2026		139,000		159,101
Aon Corp., 2.80%, 05/15/2030		75,000		81,442
Aon PLC, 3.50%, 06/14/2024		53,000		58,300
Brighthouse Financial, Inc., 3.70%, 06/22/2027		162,000		170,591
Brown & Brown, Inc., 4.20%, 09/15/2024		56,000		62,156
Chubb INA Holdings, Inc.
2.30%, 11/03/2020		118,000		118,213
3.35%, 05/03/2026		96,000		109,906
CNA Financial Corp.
3.95%, 05/15/2024		67,000		74,059
3.90%, 05/01/2029		57,000		65,189
CNO Financial Group, Inc.
5.25%, 05/30/2025		30,000		34,315
5.25%, 05/30/2029		38,000		44,380
Fidelity National Financial, Inc., 3.40%, 06/15/2030		80,000		86,543
Globe Life, Inc., 4.55%, 09/15/2028		66,000		78,524
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029(c)		124,000		134,175
Lincoln National Corp.
4.00%, 09/01/2023		71,000		77,716
3.80%, 03/01/2028		91,000		103,371
Loews Corp.
2.63%, 05/15/2023		63,000		66,382
3.75%, 04/01/2026		58,000		65,888
Marsh & McLennan Cos., Inc.
3.88%, 03/15/2024		69,000		76,604
4.38%, 03/15/2029		58,000		70,692
MetLife, Inc.
3.60%, 04/10/2024		139,000		154,778
4.55%, 03/23/2030		135,000		170,198
Old Republic International Corp., 3.88%, 08/26/2026		84,000		93,316
Principal Financial Group, Inc., 3.70%, 05/15/2029		167,000		194,988
Progressive Corp. (The)
3.75%, 08/23/2021		76,000		78,585
2.45%, 01/15/2027		73,000		79,371

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

55

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

August 31, 2020

	Principal Amount		Value
Insurance-(continued)
Prudential Financial, Inc.
3.50%, 05/15/2024	$	164,000	$	182,632
3.88%, 03/27/2028		157,000		184,978
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		104,000		118,002
Travelers Cos., Inc. (The), 3.90%, 11/01/2020		210,000		211,298
Unum Group, 4.50%, 03/15/2025		110,000		122,293
Willis North America, Inc.
3.60%, 05/15/2024		42,000		46,014
2.95%, 09/15/2029		50,000		54,300
				4,084,372
Interactive Media & Services-0.64%
Alphabet, Inc.
0.45%, 08/15/2025		200,000		200,091
2.00%, 08/15/2026		187,000		201,120
				401,211
Internet & Direct Marketing Retail-1.13%
Amazon.com, Inc.
2.80%, 08/22/2024		160,000		174,352
3.15%, 08/22/2027		155,000		177,505
Booking Holdings, Inc.
4.10%, 04/13/2025		61,000		69,291
4.63%, 04/13/2030		65,000		78,665
eBay, Inc.
2.60%, 07/15/2022		58,000		60,008
3.60%, 06/05/2027		50,000		56,589
Expedia Group, Inc.
4.50%, 08/15/2024(c)		43,000		45,210
3.80%, 02/15/2028		48,000		47,989
				709,609
IT Services-2.75%
Amdocs Ltd., 2.54%, 06/15/2030		70,000		73,040
Automatic Data Processing, Inc., 3.38%, 09/15/2025		106,000		119,951
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		57,000		62,276
DXC Technology Co., 4.25%, 04/15/2024		128,000		139,293
Fidelity National Information Services, Inc.
3.50%, 04/15/2023		58,000		61,953
3.00%, 08/15/2026		52,000		58,206
Fiserv, Inc.
2.75%, 07/01/2024		44,000		47,281
3.50%, 07/01/2029		38,000		43,313
Global Payments, Inc.
4.00%, 06/01/2023		30,000		32,647
3.20%, 08/15/2029		33,000		36,257
International Business Machines Corp.
3.00%, 05/15/2024		167,000		181,687
3.50%, 05/15/2029		175,000		203,275
Leidos, Inc.
2.95%, 05/15/2023(b)		50,000		52,806
4.38%, 05/15/2030(b)		40,000		46,878
Mastercard, Inc.
3.38%, 04/01/2024		53,000		58,585
3.35%, 03/26/2030		75,000		88,226

	Principal Amount		Value
IT Services-(continued)
PayPal Holdings, Inc.
2.40%, 10/01/2024	$	65,000	$	69,442
2.85%, 10/01/2029		55,000		61,066
Visa, Inc.
2.20%, 12/14/2020		100,000		100,361
3.15%, 12/14/2025		96,000		108,007
Western Union Co. (The), 3.60%, 03/15/2022		86,000		89,591
				1,734,141
Leisure Products-0.11%
Hasbro, Inc.
3.00%, 11/19/2024		43,000		45,603
3.90%, 11/19/2029		23,000		24,206
				69,809
Life Sciences Tools & Services-0.45%
Agilent Technologies, Inc.
3.88%, 07/15/2023		38,000		41,290
2.75%, 09/15/2029		38,000		41,233
PerkinElmer, Inc., 3.30%, 09/15/2029		43,000		47,839
Thermo Fisher Scientific, Inc.
4.15%, 02/01/2024		66,000		73,260
2.95%, 09/19/2026		71,000		79,491
				283,113
Machinery-2.22%
Caterpillar, Inc.
3.90%, 05/27/2021		89,000		91,382
2.60%, 09/19/2029		119,000		130,906
Cummins, Inc., 3.65%, 10/01/2023		141,000		154,013
Flowserve Corp., 3.50%, 09/15/2022		58,000		60,270
Fortive Corp.
2.35%, 06/15/2021		44,000		44,586
3.15%, 06/15/2026		43,000		47,613
IDEX Corp., 3.00%, 05/01/2030		60,000		65,645
Illinois Tool Works, Inc.
3.50%, 03/01/2024		66,000		72,488
2.65%, 11/15/2026		68,000		75,644
John Deere Capital Corp.
3.45%, 03/13/2025		96,000		108,256
2.80%, 07/18/2029		95,000		106,664
PACCAR Financial Corp., 2.65%, 05/10/2022		149,000		154,985
Parker-Hannifin Corp.
2.70%, 06/14/2024		58,000		62,198
3.25%, 06/14/2029		37,000		41,888
Stanley Black & Decker, Inc.
2.90%, 11/01/2022		55,000		57,993
2.30%, 03/15/2030		55,000		58,537
Xylem, Inc.
4.88%, 10/01/2021		28,000		29,298
3.25%, 11/01/2026		35,000		39,324
				1,401,690
Marine-0.10%
Kirby Corp., 4.20%, 03/01/2028		58,000		61,201
Media-1.63%
Comcast Corp.
3.70%, 04/15/2024		169,000		187,782
4.15%, 10/15/2028		162,000		196,596

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

56

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

August 31, 2020

	Principal Amount		Value
Media-(continued)
Discovery Communications LLC
2.95%, 03/20/2023	$	58,000	$	61,368
3.95%, 03/20/2028		58,000		65,720
Fox Corp.
4.03%, 01/25/2024		55,000		60,799
4.71%, 01/25/2029		50,000		60,154
Interpublic Group of Cos., Inc. (The)
4.20%, 04/15/2024		42,000		46,674
4.75%, 03/30/2030		65,000		78,332
Omnicom Group, Inc./Omnicom Capital, Inc.
3.63%, 05/01/2022		65,000		68,309
3.60%, 04/15/2026		58,000		65,409
ViacomCBS, Inc.
4.75%, 05/15/2025		75,000		86,643
4.95%, 01/15/2031		40,000		47,884
				1,025,670
Metals & Mining-0.70%
Newmont Corp., 2.80%, 10/01/2029		98,000		106,689
Nucor Corp.
4.13%, 09/15/2022		67,000		71,535
3.95%, 05/01/2028		59,000		68,923
Reliance Steel & Aluminum Co.
4.50%, 04/15/2023		41,000		44,262
2.15%, 08/15/2030		45,000		44,713
Steel Dynamics, Inc., 3.45%, 04/15/2030		96,000		105,708
				441,830
Multiline Retail-1.07%
Dollar General Corp.
3.25%, 04/15/2023		44,000		46,773
3.50%, 04/03/2030		60,000		68,771
Dollar Tree, Inc.
3.70%, 05/15/2023		55,000		59,305
4.20%, 05/15/2028		52,000		61,401
Kohl’s Corp., 4.25%, 07/17/2025		69,000		68,161
Nordstrom, Inc.
4.00%, 10/15/2021		60,000		59,997
4.38%, 04/01/2030(c)		73,000		59,050
Target Corp.
2.25%, 04/15/2025		120,000		128,842
2.50%, 04/15/2026		109,000		119,643
				671,943
Multi-Utilities-1.59%
Ameren Corp., 3.50%, 01/15/2031		110,000		126,483
Black Hills Corp., 4.25%, 11/30/2023		53,000		58,298
CenterPoint Energy Resources Corp., 4.50%, 01/15/2021		50,000		50,252
Consolidated Edison, Inc., 2.00%, 05/15/2021		85,000		85,899
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		115,000		131,120
DTE Energy Co., 2.85%, 10/01/2026		72,000		78,714
NiSource, Inc., 3.49%, 05/15/2027		43,000		48,671
PSEG Power LLC, 3.00%, 06/15/2021		80,000		81,496
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030		80,000		79,481

	Principal Amount		Value
Multi-Utilities-(continued)
Sempra Energy
2.90%, 02/01/2023	$	55,000	$	57,873
3.40%, 02/01/2028		71,000		79,372
WEC Energy Group, Inc., 3.55%, 06/15/2025		110,000		123,663
				1,001,322
Oil, Gas & Consumable Fuels-5.76%
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		40,000		46,272
Chevron Corp.
1.55%, 05/11/2025		220,000		229,230
2.95%, 05/16/2026		212,000		236,248
Cimarex Energy Co.
4.38%, 06/01/2024		21,000		22,621
3.90%, 05/15/2027		23,000		23,718
Concho Resources, Inc., 3.75%, 10/01/2027		91,000		99,970
ConocoPhillips Holding Co., 6.95%, 04/15/2029		200,000		279,868
Enable Midstream Partners L.P., 4.40%, 03/15/2027		90,000		88,476
EOG Resources, Inc.
2.63%, 03/15/2023		71,000		74,731
4.15%, 01/15/2026		64,000		74,191
Exxon Mobil Corp.
2.22%, 03/01/2021		282,000		284,311
3.04%, 03/01/2026		275,000		306,573
HollyFrontier Corp., 5.88%, 04/01/2026		111,000		122,179
Kinder Morgan, Inc.
4.30%, 06/01/2025		94,000		106,726
4.30%, 03/01/2028		85,000		98,604
Marathon Oil Corp.
2.80%, 11/01/2022		63,000		64,389
4.40%, 07/15/2027		68,000		69,830
Marathon Petroleum Corp.
4.70%, 05/01/2025		110,000		125,606
5.13%, 12/15/2026		131,000		155,582
Noble Energy, Inc.
3.90%, 11/15/2024		67,000		74,422
3.85%, 01/15/2028		58,000		65,899
ONEOK Partners L.P., 3.38%, 10/01/2022		59,000		61,497
ONEOK, Inc., 4.55%, 07/15/2028		76,000		80,969
Phillips 66
4.30%, 04/01/2022		118,000		125,079
3.90%, 03/15/2028(c)		119,000		134,976
Pioneer Natural Resources Co., 1.90%, 08/15/2030		100,000		97,482
Valero Energy Corp.
3.65%, 03/15/2025		128,000		140,427
3.40%, 09/15/2026		128,000		141,278
Williams Cos., Inc. (The)
3.60%, 03/15/2022		84,000		87,272
3.75%, 06/15/2027		100,000		110,549
				3,628,975
Personal Products-0.16%
Estee Lauder Cos., Inc. (The)
2.00%, 12/01/2024		40,000		42,430
2.38%, 12/01/2029		53,000		56,945
				99,375

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

57

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

August 31, 2020

	Principal Amount		Value
Pharmaceuticals-2.85%
Bristol-Myers Squibb Co.
2.90%, 07/26/2024	$	100,000	$	109,102
3.40%, 07/26/2029		94,000		109,912
Eli Lilly and Co.
2.35%, 05/15/2022		101,000		104,681
3.38%, 03/15/2029		86,000		100,283
Johnson & Johnson
2.25%, 03/03/2022		194,000		199,702
2.45%, 03/01/2026		203,000		223,207
Merck & Co., Inc.
2.75%, 02/10/2025		164,000		179,073
3.40%, 03/07/2029		135,000		157,974
Mylan N.V.
3.15%, 06/15/2021		64,000		65,194
3.95%, 06/15/2026		58,000		65,739
Pfizer, Inc.
1.95%, 06/03/2021		187,000		189,535
3.00%, 12/15/2026		173,000		197,396
Zoetis, Inc.
3.25%, 02/01/2023		43,000		45,595
3.00%, 09/12/2027		45,000		50,285
				1,797,678
Professional Services-0.24%
Equifax, Inc.
2.60%, 12/01/2024		38,000		40,655
3.10%, 05/15/2030		40,000		43,779
Verisk Analytics, Inc.
4.00%, 06/15/2025		30,000		34,378
4.13%, 03/15/2029		30,000		35,845
				154,657
Road & Rail-1.12%
CSX Corp.
3.40%, 08/01/2024		66,000		73,280
3.25%, 06/01/2027		72,000		81,432
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		70,000		81,065
Norfolk Southern Corp.
3.00%, 04/01/2022		71,000		73,458
2.90%, 06/15/2026		73,000		81,286
Ryder System, Inc., 3.65%, 03/18/2024		91,000		99,367
Union Pacific Corp.
4.16%, 07/15/2022		84,000		89,254
3.95%, 09/10/2028		104,000		123,880
				703,022
Semiconductors & Semiconductor Equipment-2.97%
Analog Devices, Inc.
2.88%, 06/01/2023		52,000		55,075
3.90%, 12/15/2025		43,000		49,456
Applied Materials, Inc., 3.30%, 04/01/2027		115,000		131,644
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.63%, 01/15/2024		80,000		86,469
3.88%, 01/15/2027		88,000		97,684
Intel Corp.
3.70%, 07/29/2025		150,000		171,049
2.45%, 11/15/2029		177,000		192,809

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
KLA Corp.
4.65%, 11/01/2024	$	43,000	$	49,450
4.10%, 03/15/2029		42,000		50,522
Lam Research Corp.
2.80%, 06/15/2021		43,000		43,756
4.00%, 03/15/2029		43,000		51,534
Marvell Technology Group Ltd.
4.20%, 06/22/2023		28,000		30,239
4.88%, 06/22/2028		28,000		33,788
Maxim Integrated Products, Inc.
3.38%, 03/15/2023		33,000		34,971
3.45%, 06/15/2027		35,000		38,889
Micron Technology, Inc.
4.64%, 02/06/2024		90,000		100,185
4.19%, 02/15/2027		91,000		104,449
NVIDIA Corp.
2.20%, 09/16/2021		50,000		50,915
2.85%, 04/01/2030		50,000		55,836
QUALCOMM, Inc.
3.00%, 05/20/2022		110,000		115,008
3.25%, 05/20/2027		110,000		124,466
Texas Instruments, Inc.
1.38%, 03/12/2025		100,000		103,760
2.25%, 09/04/2029		91,000		97,659
				1,869,613
Software-1.97%
Adobe, Inc.
3.25%, 02/01/2025		43,000		47,824
2.30%, 02/01/2030		50,000		54,083
Autodesk, Inc., 3.50%, 06/15/2027		33,000		37,465
Intuit, Inc.
0.95%, 07/15/2025		50,000		50,645
1.65%, 07/15/2030		50,000		51,182
Microsoft Corp.
1.55%, 08/08/2021		230,000		232,661
3.30%, 02/06/2027		210,000		240,726
Oracle Corp.
1.90%, 09/15/2021		148,000		150,362
2.65%, 07/15/2026		134,000		147,175
salesforce.com, inc.
3.25%, 04/11/2023		43,000		46,176
3.70%, 04/11/2028		42,000		49,199
ServiceNow, Inc., 1.40%, 09/01/2030		40,000		39,446
VMware, Inc.
2.95%, 08/21/2022		34,000		35,491
3.90%, 08/21/2027		53,000		58,882
				1,241,317
Specialty Retail-2.23%
AutoNation, Inc., 4.75%, 06/01/2030		110,000		129,232
AutoZone, Inc.
3.13%, 07/15/2023		56,000		59,882
4.00%, 04/15/2030		55,000		65,489
Best Buy Co., Inc.
5.50%, 03/15/2021		76,000		77,099
4.45%, 10/01/2028		61,000		72,236
Home Depot, Inc. (The)
2.63%, 06/01/2022		156,000		162,226
2.95%, 06/15/2029		150,000		169,249

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

58

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

August 31, 2020

	Principal Amount		Value
Specialty Retail-(continued)
Lowe’s Cos., Inc.
3.12%, 04/15/2022	$	105,000	$	109,050
2.50%, 04/15/2026		114,000		124,174
O’Reilly Automotive, Inc.
4.88%, 01/14/2021		51,000		51,271
3.60%, 09/01/2027		49,000		56,356
Ross Stores, Inc., 4.60%, 04/15/2025		100,000		115,352
TJX Cos., Inc. (The)
3.50%, 04/15/2025		85,000		95,001
3.88%, 04/15/2030		100,000		118,996
				1,405,613
Technology Hardware, Storage & Peripherals-2.07%
Apple, Inc.
2.40%, 05/03/2023		296,000		312,603
3.25%, 02/23/2026		284,000		321,276
Dell International LLC/EMC Corp.
4.42%, 06/15/2021(b)		84,000		86,181
6.02%, 06/15/2026(b)		111,000		131,111
Hewlett Packard Enterprise Co.
4.40%, 10/15/2022		80,000		85,801
4.90%, 10/15/2025		81,000		93,700
HP, Inc.
2.20%, 06/17/2025		90,000		94,872
3.00%, 06/17/2027		85,000		92,139
NetApp, Inc.
1.88%, 06/22/2025		35,000		36,460
2.70%, 06/22/2030		50,000		52,499
				1,306,642
Textiles, Apparel & Luxury Goods-0.92%
NIKE, Inc.
2.40%, 03/27/2025		90,000		97,184
2.85%, 03/27/2030		90,000		100,689
PVH Corp., 4.63%, 07/10/2025(b)		80,000		82,224
Ralph Lauren Corp., 2.95%, 06/15/2030		80,000		82,922
Tapestry, Inc.
4.25%, 04/01/2025		50,000		51,005
4.13%, 07/15/2027		50,000		48,890
VF Corp.
2.40%, 04/23/2025		55,000		58,508
2.95%, 04/23/2030		55,000		59,849
				581,271
Tobacco-1.00%
Altria Group, Inc.
2.85%, 08/09/2022		141,000		147,251
4.80%, 02/14/2029		125,000		149,553

	Principal Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
3.25%, 11/10/2024	$	146,000	$	161,977
3.38%, 08/15/2029		152,000		173,455
				632,236
Trading Companies & Distributors-0.17%
WW Grainger, Inc., 1.85%, 02/15/2025		100,000		105,070
Water Utilities-0.22%
American Water Capital Corp.
3.40%, 03/01/2025		32,000		35,492
3.75%, 09/01/2028		40,000		46,913
Essential Utilities, Inc., 2.70%, 04/15/2030		50,000		54,197
				136,602
Wireless Telecommunication Services-0.36%
T-Mobile USA, Inc.
3.50%, 04/15/2025(b)		100,000		110,592
3.88%, 04/15/2030(b)		100,000		114,748
				225,340
Total U.S. Dollar Denominated Bonds & Notes (Cost $58,900,839)				62,932,177
	Shares
Money Market Funds-0.37%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $232,848)		232,848		232,848
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.21% (Cost $59,133,687)				63,165,025
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.94%
Invesco Private Government Fund, 0.03%(d)(e)(f)		443,526		443,526
Invesco Private Prime Fund, 0.14%(d)(e)(f)		147,817		147,846
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $591,372)				591,372
TOTAL INVESTMENTS IN SECURITIES-101.15% (Cost $59,725,059)				63,756,397
OTHER ASSETS LESS LIABILITIES-(1.15)%				(726,724	)
NET ASSETS-100.00%			$	63,029,673

Investment Abbreviations:

REIT - Real Estate Investment Trust

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

59

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

August 31, 2020

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $1,261,150, which represented 2.00% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds  from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	128,387		$	8,269,376		$	(8,164,915	)		$	-		$	-			$	232,848		$	3,315
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			552,320			5,882,502			(6,434,822	)			-			-				-			5,556	*
Invesco Liquid Assets Portfolio, Institutional Class			184,107			1,611,085			(1,795,162	)			-			(30	)			-			2,072	*
Invesco Private Government Fund			-			4,093,521			(3,649,995	)			-			-				443,526			72	*
Invesco Private Prime Fund			-			739,916			(592,087	)			-			17				147,846			49	*
Total		$	864,814		$	20,596,400		$	(20,636,981	)		$	-		$	(13	)		$	824,220		$	11,064

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

60

Invesco National AMT-Free Municipal Bond ETF (PZA)

August 31, 2020

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.67%
Alabama-0.59%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB		5.00%		07/01/2048	$	3,000	$	3,212,670
Birmingham (City of), AL Water Works Board, Series 2015 A, Ref. RB(a)(b)		5.00%		01/01/2025		1,000		1,201,590
Jasper (City of), AL, Series 2014, GO Wts.(a)(b)		5.00%		03/01/2024		4,000		4,664,200
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(c)		5.50%		10/01/2053		5,000		5,582,050
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts		5.00%		08/01/2046		1,000		1,191,280
								15,851,790
Arizona-1.47%
Arizona (State of) Industrial Development Authority, Series 2020 A, RB		4.00%		11/01/2050		2,000		2,286,660
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		3.00%		02/01/2045		2,000		2,073,440
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		4.00%		02/01/2050		4,000		4,556,320
City of Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2049		5,000		5,990,350
Phoenix (City of), AZ Industrial Development Authority (Downtown Phoenix Student Housing, LLC-Arizona State University), Series 2018 A, Ref. RB		5.00%		07/01/2042		1,000		1,059,680
Phoenix Civic Improvement Corp., Series 2015 A, RB		5.00%		07/01/2045		2,000		2,272,960
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045		5,000		5,709,450
Phoenix Civic Improvement Corp., Series 2020, RB		5.00%		07/01/2044		5,000		6,524,700
Queen Creek (Town of), AZ, Series 2020, RB		4.00%		08/01/2045		1,250		1,480,187
Queen Creek (Town of), AZ, Series 2020, RB		4.00%		08/01/2050		2,500		2,930,550
University of Arizona (The), Series 2020, Ref. RB		4.00%		08/01/2044		4,000		4,589,040
								39,473,337
Arkansas-0.09%
University of Arkansas (Fayetteville Campus), Series 2017, RB		5.00%		11/01/2047		2,000		2,428,100
California-23.50%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)		5.00%		10/01/2036		1,000		1,166,110
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)		5.00%		10/01/2037		940		1,093,587
Bay Area Toll Authority, Series 2019 D, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking)(d)(e)		0.02%		04/01/2047		31,995		31,995,000
Bay Area Toll Authority, Series 2019 H, Ref. RB		5.00%		04/01/2049		4,000		4,962,360
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)(b)		5.00%		10/01/2024		2,500		2,972,825
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056		5,000		5,509,750
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00%		04/01/2042		2,500		2,840,575
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(c)		5.00%		09/01/2049		1,000		1,213,520
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039		5,000		5,834,600
California (State of), Series 2016, GO Bonds		5.00%		09/01/2046		3,000		3,662,760
California (State of), Series 2017, Ref. GO Bonds		4.00%		08/01/2038		1,000		1,149,180
California (State of), Series 2019, GO Bonds		5.00%		04/01/2045		4,000		5,067,320
California (State of), Series 2019, GO Bonds		5.00%		04/01/2049		1,000		1,257,680
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039		4,500		5,814,630
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00%		10/01/2037		3,500		4,094,965
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB		5.00%		10/01/2046		2,000		2,392,360
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB		5.00%		10/01/2049		3,000		3,579,630
California (State of) Educational Facilities Authority (Stanford University), Series 2007 T-1, RB		5.00%		03/15/2039		10,000		15,106,300
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2049		4,000		6,519,480
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		5.00%		08/15/2035		1,000		1,212,270
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		4.00%		02/01/2042		3,000		3,334,560
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		5.00%		02/01/2042		2,250		2,651,377
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Series 2017 A-2, RB		5.00%		11/01/2047		3,500		5,465,880
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref RB		4.00%		08/15/2050		3,425		3,983,343
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2011 D, Ref. RB		5.00%		08/15/2035		305		316,020
California (State of) Infrastructure & Economic Development Bank (California State Teachers’
Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2044		1,930		2,453,281

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

61

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00%		02/01/2042	$	4,000	$	4,353,400
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2042		1,715		1,984,066
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		2,500		2,872,450
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2041		1,000		1,113,090
California (State of) Municipal Finance Authority (Orange (County of) Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042		6,000		7,092,840
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB		5.00%		01/01/2048		1,000		1,247,350
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB		5.00%		06/01/2043		1,750		2,044,578
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		1,500		1,745,130
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		4.00%		12/01/2057		500		521,265
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038		2,500		3,089,450
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042		6,080		7,448,669
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2047		11,310		13,770,038
Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds(f)		5.00%		08/01/2050		600		653,292
Chino Valley Unified School District, Series 2020 B, GO Bonds		4.00%		08/01/2045		2,500		2,960,375
Chino Valley Unified School District, Series 2020 B, GO Bonds		3.38%		08/01/2050		10,000		10,948,500
Chula Vista (City of), CA (San Diego Gas & Electric Co.), Series 2004 A, RB		5.88%		02/15/2034		3,655		3,668,633
El Dorado Irrigation District, Series 2014 A, Ref. RB(a)(b)		5.00%		03/01/2024		3,000		3,495,870
El Dorado Irrigation District, Series 2014 A, Ref. RB(a)(b)		5.25%		03/01/2024		3,500		4,108,965
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95%		01/15/2053		3,000		3,256,350
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c)		5.00%		09/01/2044		17,000		18,878,330
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041		10,000		11,470,800
Livermore Valley Joint Unified School District, Series 2019, GO Bonds		4.00%		08/01/2046		7,000		7,832,090
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds		3.00%		08/01/2050		1,270		1,316,380
Los Angeles (City of), CA, Series 2015 A, RB		5.00%		06/01/2044		1,000		1,179,220
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB		5.00%		06/01/2045		1,500		1,766,550
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25%		06/01/2047		1,500		1,862,145
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB		5.00%		07/01/2043		8,000		8,629,120
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2035		2,500		2,949,450
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.25%		07/01/2049		30,025		38,546,996
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		12,360		15,836,497
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2049		9,000		11,470,140
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		4.00%		06/01/2036		5,000		6,124,600
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2036		10,000		13,269,600
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		4.00%		06/01/2037		3,750		4,571,737
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2037		9,000		11,897,190
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039		2,250		2,613,713
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2044		1,000		1,154,440
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		11,400		13,358,976
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2051		4,400		5,397,832
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		5.00%		07/01/2040		1,610		1,901,265
Madera Unified School District, Series 2017, GO Bonds		4.00%		08/01/2046		5,000		5,688,550
Manhattan Beach Unified School District, Series 2020 B, GO Bonds		4.00%		09/01/2045		5,635		6,770,396
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		3,000		3,396,210
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2049		7,500		9,726,825
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00%		08/01/2047		2,000		2,273,840
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB		5.00%		03/01/2042		1,300		1,551,979
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB		5.00%		03/01/2047		5,000		5,928,300
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(c)		5.00%		08/01/2045		10,000		12,072,700

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

62

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(c)		4.00%		09/01/2048	$	7,500	$	8,682,675
Sacramento (County of), CA, Series 2016 A, Ref. RB		5.00%		07/01/2041		2,400		2,818,920
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		2,250		2,627,843
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2050		13,600		18,010,208
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2048		6,620		7,954,195
San Diego Unified School District, Series 2020 D-2, GO Bonds		5.00%		07/01/2022		4,850		5,278,885
San Diego Unified School District, Series 2020 D-2, GO Bonds		2.00%		07/01/2045		20,000		18,991,600
San Diego Unified School District, Series 2020 M-2, GO Bonds		5.00%		07/01/2022		32,490		35,363,091
San Diego Unified School District, Series 2020 M-2, GO Bonds		4.00%		07/01/2050		20,000		23,732,400
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2047		5,000		5,711,600
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2047		14,165		17,405,244
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00%		05/01/2044		2,000		2,255,920
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB		5.00%		05/01/2046		17,315		20,161,067
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds		5.00%		08/01/2047		2,000		2,479,000
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2046		4,000		4,559,200
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2045		2,000		2,488,860
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		9,500		11,422,420
University of California, Series 2018 O, Ref. RB		5.00%		05/15/2043		1,500		1,872,975
Val Verde Unified School District, Series 2020 A, GO Bonds, (INS - BAM)(c)		4.00%		08/01/2046		700		805,455
Val Verde Unified School District, Series 2020 A, GO Bonds, (INS - BAM)(c)		2.75%		08/01/2049		2,750		2,787,372
Val Verde Unified School District, Series 2020 E, GO Bonds, (INS - BAM)(c)		2.75%		08/01/2046		2,200		2,236,498
								629,104,973
Colorado-2.97%
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB		5.00%		03/01/2047		2,000		2,327,540
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)), Series 2017, Ref. RB(a)(b)		5.00%		06/01/2027		1,750		2,269,137
Colorado (State of) Health Facilities Authority (Parkview Medical Center), Series 2020 A, RB		4.00%		09/01/2050		2,800		3,055,416
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2042		1,000		1,153,650
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2044		750		862,545
Denver (City & County of), CO Board of Water Commissioners (Green Bonds), Series 2017 A, RB		5.00%		09/15/2047		5,000		6,171,900
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00%		09/01/2040		2,725		3,110,424
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB		5.00%		12/01/2044		5,000		6,205,800
Weld County School District No. 6 Greeley, Series 2020, GO Bonds		5.00%		12/01/2039		2,750		3,587,485
Weld County School District No. 6 Greeley, Series 2020, GO Bonds		5.00%		12/01/2044		20,000		25,753,000
Weld County School District Re-2, Series 2019, GO Bonds		5.00%		12/01/2044		19,550		25,057,626
								79,554,523
Connecticut-0.77%
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2035		3,745		4,553,471
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2038		4,000		4,951,040
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2040		3,000		3,788,670
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2036		850		1,006,493
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2037		725		855,145
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2039		950		1,113,115
Connecticut (State of), Series 2020 C, GO Bonds		3.00%		06/01/2040		2,000		2,078,240
Connecticut (State of), Series 2020 C, GO Bonds		5.00%		06/01/2040		350		444,903
University of Connecticut, Series 2018 A, Special Obligation RB		5.00%		11/15/2043		1,450		1,771,827
								20,562,904
District of Columbia-0.82%
District of Columbia, Series 2011 G, RB(a)(b)		5.00%		12/01/2021		395		418,451
District of Columbia, Series 2011 G, RB		5.00%		12/01/2036		805		846,941
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2036		2,500		3,119,475
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2037		2,000		2,491,580

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

63

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-(continued)
District of Columbia, Series 2020 A, RB		2.63%		03/01/2045	$	6,000	$	6,139,680
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 A, Ref. RB		5.00%		10/01/2044		1,500		1,823,970
Washington (State of) Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045		5,500		7,051,990
								21,892,087
Florida-3.92%
Cape Coral (City of), FL, Series 2011, Ref. RB(a)(b)		5.00%		10/01/2021		200		210,088
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB		5.00%		04/01/2048		2,000		2,287,480
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		08/15/2050		5,000		5,149,750
Florida (State of) Municipal Loan Council, Series 2011 D, RB, (INS - AGM)(c)		5.50%		10/01/2041		1,500		1,577,340
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB		5.00%		10/01/2048		16,745		20,209,708
JEA Electric System Revenue, Series 2013 C, RB		5.00%		10/01/2037		950		1,032,679
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB		5.00%		11/15/2040		1,050		1,175,339
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045		2,000		2,323,980
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds		4.00%		05/01/2049		8,250		9,582,127
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(c)		5.00%		02/01/2040		4,000		4,572,400
Miami-Dade (County of), FL, Series 2010 B, RB, (INS - AGM)(c)		5.00%		10/01/2035		7,000		7,023,660
Miami-Dade (County of), FL, Series 2010, RB(a)(b)		5.00%		10/01/2020		1,000		1,003,930
Miami-Dade (County of), FL, Series 2012 B, Ref. RB		5.00%		10/01/2037		2,215		2,384,514
Miami-Dade (County of), FL, Series 2017 A, RB		3.38%		10/01/2047		10,000		10,910,000
Miami-Dade (County of), FL Transit System, Series 2012, RB(a)(b)		5.00%		07/01/2022		2,000		2,174,160
North Sumter County Utility Dependent District, Series 2010, RB, (INS - AGM)(c)		5.38%		10/01/2040		2,000		2,008,380
Orlando (City of), FL, Series 2018 B, RB		5.00%		10/01/2048		11,185		13,958,880
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00%		07/01/2048		2,000		2,408,980
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00%		07/01/2047		5,000		5,989,150
Tampa (City of), FL, Series 2016 A, RB		5.00%		11/15/2046		1,750		2,061,412
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		4.00%		07/01/2045		2,500		2,811,850
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		5.00%		07/01/2050		3,250		3,983,167
								104,838,974
Georgia-0.67%
Atlanta (City of), GA, Series 2018 B, RB		5.00%		11/01/2047		5,000		6,172,350
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB		5.00%		04/01/2050		850		1,050,736
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB		4.00%		04/01/2050		1,000		1,142,060
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB		5.50%		02/15/2042		2,000		2,444,560
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC		5.00%		08/01/2047		3,000		3,436,800
Municipal Electric Authority of Georgia, Series 2019 A, Ref. RB		5.00%		01/01/2044		1,000		1,232,560
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB		5.00%		05/01/2041		2,000		2,418,300
								17,897,366
Guam-0.44%
Guam (Territory of) Power Authority, Series 2010 A, RB(a)(b)		5.00%		10/01/2020		1,150		1,154,519
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(c)		5.00%		10/01/2030		9,835		10,539,088
								11,693,607
Hawaii-0.33%
Hawaii (State of) Department of Budget & Finance, Series 2015 A, Ref. RB		5.00%		07/01/2035		2,000		2,293,060
Honolulu (City & County of), HI, Series 2015 A, GO Bonds		5.00%		10/01/2039		4,000		4,748,280
Honolulu (City & County of), HI Wastewater System Revenue, Series 2019 A, RB		5.00%		07/01/2049		1,500		1,907,445
								8,948,785
Illinois-5.29%
Chicago (City of), IL, Series 2008, Ref. RB, (INS - AGM)(c)		5.25%		11/01/2033		440		441,545
Chicago (City of), IL, Series 2012, RB, (INS - AGM)(c)		5.00%		01/01/2037		24,375		25,407,281
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c)		5.25%		01/01/2042		2,500		3,019,200

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

64

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c)		4.00%		01/01/2052	$	7,000	$	7,626,640
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		1,000		1,154,300
Chicago (City of), IL, Series 2019 A, GO Bonds		5.00%		01/01/2044		2,000		2,191,600
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2049		1,500		1,702,320
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB		5.00%		01/01/2046		1,250		1,431,025
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2037		2,900		3,345,904
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2039		7,500		8,777,175
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(c)		4.00%		01/01/2053		16,375		18,193,771
Chicago (City of), IL Board of Education, Series 2016, RB		6.00%		04/01/2046		2,000		2,336,920
Chicago (City of), IL Board of Education, Series 2017 B, Ref. GO Bonds(g)		7.00%		12/01/2042		5,000		6,330,200
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB		5.00%		01/01/2046		6,000		6,729,360
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(c)		5.00%		12/01/2051		10,000		11,508,500
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB		3.00%		05/15/2047		5,000		5,039,150
Illinois (State of), Series 2020, GO Bonds		5.50%		05/01/2039		1,500		1,754,190
Illinois (State of) Finance Authority (Chicago LLC - University of Chicago), Series 2017 A, RB		5.00%		02/15/2047		1,000		957,560
Illinois (State of) Finance Authority (The Carle Foundation), Series 2011 A, RB, (INS - AGM)(c)		6.00%		08/15/2041		1,000		1,042,940
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2050		1,500		1,647,285
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2055		1,450		1,572,641
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2042		5,000		6,037,750
Regional Transportation Authority, Series 2000, RB, (INS - NATL)(c)		6.50%		07/01/2030		1,815		2,491,305
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2040		10,000		11,456,300
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00%		01/01/2038		1,000		1,085,780
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00%		01/01/2039		500		541,190
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(c)		5.00%		01/01/2037		1,750		2,115,505
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(c)		4.00%		01/01/2040		2,000		2,201,140
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB, (INS - AGM)(c)		5.00%		03/01/2040		3,000		3,481,410
								141,619,887
Indiana-0.84%
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB		5.00%		11/15/2046		3,000		3,564,630
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2044		5,000		6,247,200
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2049		9,000		11,176,650
Northern Indiana Commuter Transportation District, Series 2016, RB		5.00%		07/01/2041		1,250		1,463,663
								22,452,143
Kansas-0.20%
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2035		2,000		2,392,560
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2040		1,000		1,169,320
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2045		1,500		1,741,665
								5,303,545
Kentucky-0.08%
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2045		1,000		1,177,460
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2047		1,000		1,064,380
								2,241,840
Louisiana-1.24%
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c)		5.00%		11/01/2042		2,000		2,330,920
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c)		5.00%		11/01/2047		2,000		2,326,920
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(c)		5.00%		12/01/2042		2,750		3,300,467
Lafayette (City of), LA Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. - Housing & Parking), Series 2010, RB(a)(b)		5.50%		10/01/2020		1,000		1,004,290
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB		5.00%		10/01/2039		2,000		2,236,440
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(c)		5.00%		10/01/2048		3,500		4,029,760

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

65

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana-(continued)
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman’s Hospital Foundation), Series 2017 A, Ref. RB		5.00%		10/01/2041	$	3,285	$	3,887,436
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(c)		3.00%		06/01/2050		6,500		6,667,180
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System), Series 2018 A, RB, (INS - AGM)(c)		5.00%		10/01/2048		5,000		5,872,650
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(c)		4.00%		12/01/2049		1,250		1,423,563
								33,079,626
Maine-0.08%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2020 A, RB		4.00%		07/01/2050		2,000		2,275,180
Maryland-1.32%
Baltimore (City of), MD, Series 2017, Ref. RB		5.00%		09/01/2042		500		442,755
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB		5.00%		09/01/2039		1,000		888,880
Baltimore (City of), MD (Water), Series 2017 A, RB		5.00%		07/01/2046		9,510		11,126,890
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB		4.00%		07/01/2050		17,500		20,526,100
Maryland Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)(b)		5.00%		05/01/2026		1,900		2,397,477
								35,382,102
Massachusetts-6.17%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2036		4,000		4,789,320
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		5.00%		03/01/2041		7,150		8,139,775
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		5.00%		03/01/2046		5,000		5,665,500
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds		4.00%		12/01/2044		2,900		3,268,880
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2042		4,210		5,143,062
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2043		5,000		6,181,000
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2041		10,000		12,413,000
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.25%		01/01/2044		10,675		13,740,540
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2049		5,000		6,255,800
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB		5.25%		06/01/2043		5,000		6,327,800
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB		5.00%		06/01/2045		3,000		3,502,560
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c)		4.00%		10/01/2045		1,500		1,720,965
Massachusetts (State of) Bay Transportation Authority, Series 2015 A, RB		5.00%		07/01/2040		7,145		8,401,806
Massachusetts (State of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2050		15,380		18,935,702
Massachusetts (State of) Development Finance Agency (Boston University), Series 2013 X, RB		5.00%		10/01/2048		875		961,800
Massachusetts (State of) Development Finance Agency (Boston University), Series 2016 BB1, RB		5.00%		10/01/2046		4,500		5,283,360
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00%		12/01/2041		2,665		3,124,579
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00%		12/01/2046		2,000		2,328,740
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c)		3.00%		10/01/2045		3,500		3,588,515
Massachusetts (State of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2037		8,770		10,514,528
Massachusetts (State of) School Building Authority, Series 2016 A, RB		5.00%		11/15/2045		3,410		4,068,471
Massachusetts (State of) School Building Authority, Series 2019 A, RB		5.00%		02/15/2049		5,000		5,898,700
Massachusetts (State of) Water Resources Authority, Series 2018 B, RB		5.00%		08/01/2043		5,000		6,306,500
Massachusetts (State of) Water Resources Authority (Green Bonds), Series 2016 B, Ref. RB		5.00%		08/01/2040		10,000		12,233,400
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2050		5,000		6,287,350
								165,081,653
Michigan-0.78%
Detroit (City of), MI Water and Sewerage Department, Series 2012 A, Ref. RB(a)(b)		5.00%		07/01/2022		5,000		5,440,250
Michigan (State of) Hospital Finance Authority (Ascension Health), Series 2010, Ref. RB		5.00%		11/15/2047		3,000		3,780,480
Michigan State University Board of Trustees, Series 2019 B, RB		5.00%		02/15/2044		1,250		1,558,550
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2042		2,000		2,447,480
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2047		3,100		3,767,647

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

66

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Michigan-(continued)
Walled Lake Consolidated School District, Series 2020, GO Bonds		5.00%		05/01/2050	$	2,500	$	3,181,950
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB		5.00%		12/01/2040		500		578,240
								20,754,597
Minnesota-0.04%
Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB		5.00%		05/01/2047		1,000		1,067,820
Missouri-0.42%
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB		5.00%		03/01/2036		1,000		1,084,360
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB		5.00%		04/01/2040		2,190		2,510,485
Metropolitan St. Louis Sewer District, Series 2016 C, RB		5.00%		05/01/2046		1,000		1,201,840
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2047		750		919,275
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019A, Ref. RB		4.00%		02/15/2049		5,000		5,608,850
								11,324,810
Montana-0.10%
Missoula (City of), MT, Series 2019 A, RB		4.00%		07/01/2044		2,400		2,760,264
Nebraska-0.05%
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB		5.00%		02/01/2042		1,000		1,247,230
Nevada-0.70%
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB		5.00%		07/01/2040		5,000		5,767,050
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB		5.00%		07/01/2040		9,335		11,195,559
Las Vegas Valley Water District, Series 2012 B, GO Bonds		5.00%		06/01/2042		1,650		1,763,140
								18,725,749
New Jersey-0.54%
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB		5.00%		06/15/2043		1,000		1,158,790
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		3.00%		07/01/2050		1,000		973,240
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		4.00%		07/01/2050		2,800		3,039,568
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health), Series 2011 A, Ref. RB(a)(b)		5.63%		07/01/2021		500		522,240
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB		5.00%		07/01/2039		1,000		1,179,330
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 A, RB, (INS - AGM)(c)		5.00%		07/01/2046		3,000		3,353,850
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2040		1,000		1,200,630
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2038		2,500		2,982,700
								14,410,348
New Mexico-0.06%
Albuquerque (City of), NM, Series 2020, RB		5.00%		07/01/2046		1,335		1,699,562
New York-21.69%
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		04/01/2045		9,000		9,372,060
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		04/01/2050		3,750		3,880,837
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		4.00%		04/01/2050		3,000		3,448,380
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		5,000		5,157,750
Erie (County of), NY, Series 2020, GO Notes		3.00%		06/24/2021		5,000		5,105,900
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		5,000		5,943,150
Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b)		5.00%		09/01/2022		2,305		2,526,879
Long Island (City of), NY Power Authority, Series 2012 A, RB		5.00%		09/01/2037		4,630		4,974,102
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2039		2,500		2,873,450

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

67

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2042	$	1,300	$	1,578,148
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2047		1,000		1,206,610
Metropolitan Transportation Authority, Series 2012 A-1, RB		5.00%		11/15/2040		13,190		13,689,505
Metropolitan Transportation Authority, Series 2012 E, RB, (INS - AGM)(c)		5.00%		11/15/2042		1,510		1,601,476
Metropolitan Transportation Authority, Series 2015 C-1, Ref. RB		5.00%		11/15/2035		5,000		5,390,500
Metropolitan Transportation Authority (Green Bonds), Series 2016 B-1, RB		5.00%		11/15/2046		2,350		2,692,512
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB		5.00%		11/15/2052		7,025		7,685,069
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(c)		4.00%		11/15/2049		9,000		9,887,940
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		4.00%		11/15/2051		2,900		2,913,050
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(c)		4.00%		11/15/2050		5,000		5,596,750
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		6,000		6,753,960
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		2,000		2,314,980
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051		2,000		2,101,000
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(c)		5.00%		04/01/2049		5,000		6,271,000
New York & New Jersey (States of) Port Authority, Series 2014, RB		5.00%		09/01/2039		6,000		6,813,180
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		10/15/2041		4,460		5,204,998
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2045		3,500		4,019,645
New York & New Jersey (States of) Port Authority, Series 2017 200, Ref. RB		5.25%		10/15/2057		2,400		2,861,568
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00%		09/01/2048		6,590		7,979,304
New York & New Jersey (States of) Port Authority, Series 2020, Ref. RB		4.00%		07/15/2040		2,000		2,356,920
New York (City of), NY, Series 2017 B-1, GO Bonds		5.00%		12/01/2041		4,955		5,927,964
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2038		6,500		8,165,755
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00%		03/01/2038		6,250		7,933,562
New York (City of), NY, Subseries 2010 G-4, VRD GO Bonds, (CEP - Barclays Bank PLC)(d)		0.07%		03/01/2039		29,975		29,975,000
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2009, RB, (INS - AGC)(c)		6.50%		01/01/2046		500		502,435
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2009, RB, (INS - AGC)(c)		7.00%		03/01/2049		3,000		3,016,620
New York (City of), NY Municipal Water Finance Authority, Series 2012 BB, RB		5.00%		06/15/2044		3,295		3,482,024
New York (City of), NY Municipal Water Finance Authority, Series 2013 BB, RB		5.00%		06/15/2047		9,640		10,571,128
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB		5.00%		06/15/2047		500		557,780
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB		5.00%		06/15/2036		600		692,622
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.00%		06/15/2037		5,750		7,166,110
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		5.00%		06/15/2049		10,000		12,757,900
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		5.00%		06/15/2044		5,000		6,419,600
New York (City of), NY Municipal Water Finance Authority (Water & Sewer System), Series 2012 CC, Ref. RB(a)(b)		5.00%		12/15/2021		1,535		1,629,387
New York (City of), NY Municipal Water Finance Authority (Water & Sewer System), Series 2012 CC, Ref. RB		5.00%		06/15/2045		8,670		9,160,982
New York (City of), NY Municipal Water Finance Authority (Water & Sewer System), Series 2019 FF, RB		4.00%		06/15/2049		2,500		2,886,500
New York (City of), NY Municipal Water Finance Authority (Water & Sewer System), Series 2019 FF, RB		5.00%		06/15/2049		6,165		7,780,600
New York (City of), NY Transitional Finance Authority, Series 2011 S-1, RB		5.25%		07/15/2037		4,200		4,363,464
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2035		2,000		2,312,820
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB		5.00%		08/01/2042		4,330		4,974,824
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2040		3,000		3,474,990
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		4.00%		08/01/2041		1,850		2,053,925
New York (City of), NY Transitional Finance Authority, Series 2019 S-3A, Ref. RB		5.00%		07/15/2037		1,000		1,236,920
New York (City of), NY Transitional Finance Authority, Series 2019, RB		4.00%		11/01/2040		10,000		11,540,200
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		3.00%		11/01/2037		9,000		9,716,580
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		4.00%		11/01/2038		3,000		3,559,830
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		3.00%		11/01/2039		4,000		4,288,760
New York (City of), NY Water & Sewer System, Series 2020 GG-1, RB		5.00%		06/15/2048		32,500		41,631,850
New York (State of) Dormitory Authority, Series 2011 C, RB		5.00%		03/15/2041		4,000		4,089,920
New York (State of) Dormitory Authority, Series 2012 A, RB(a)(b)		5.00%		07/01/2022		5,000		5,437,350
New York (State of) Dormitory Authority, Series 2012 B, RB		5.00%		03/15/2042		4,500		4,768,245
New York (State of) Dormitory Authority, Series 2013 A, RB(a)(b)		5.00%		07/01/2023		5,000		5,670,950

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

68

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB		5.00%		02/15/2044	$	1,905	$	2,193,741
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		03/15/2025		5		6,048
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2035		7,525		8,803,046
New York (State of) Dormitory Authority, Series 2020 A, RB		3.00%		07/01/2048		4,000		4,142,040
New York (State of) Dormitory Authority, Series 2020 A, RB		4.00%		07/01/2053		4,000		4,498,200
New York (State of) Dormitory Authority, Series 2020 B, RN		5.00%		03/31/2021		25,000		25,705,250
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB		5.00%		10/01/2046		500		604,370
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00%		10/01/2038		5,000		6,342,850
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050		10,000		13,072,000
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB		5.00%		07/01/2041		750		876,398
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		2,000		2,279,060
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048		5,000		6,220,550
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2035		3,000		3,453,090
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2040		3,235		3,676,933
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB		3.00%		02/01/2050		2,000		2,089,680
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB, (INS - AGM)(c)		3.00%		09/01/2050		30,325		31,365,147
New York (State of) Dormitory Authority (New School (The)), Series 2015 A, Ref. RB		5.00%		07/01/2045		3,500		3,849,405
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		1,000		1,124,570
New York (State of) Dormitory Authority (New York University), Series 2012 A, RB(a)(b)		5.00%		07/01/2022		1,200		1,304,964
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2035		2,350		2,800,777
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2042		7,000		8,747,410
New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group), Series 2015 A, Ref. RB		5.00%		05/01/2036		2,440		2,771,938
New York (State of) Dormitory Authority (State University of New York), Series 2015 B, Ref. RB		5.00%		07/01/2045		6,325		7,235,231
New York (State of) Dormitory Authority (State University of New York), Series 2019 A, RB		4.00%		07/01/2049		1,000		1,130,240
New York (State of) Power Authority, Series 2020 A, Ref. RB		3.25%		11/15/2060		3,620		3,788,801
New York (State of) Thruway Authority, Series 2016 A, RB		5.25%		01/01/2056		4,000		4,601,600
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(c)		4.00%		01/01/2040		5,000		5,866,200
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		2,000		2,199,140
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045		3,000		3,286,320
New York Liberty Development Corp., Series 2019, Ref. RB		2.80%		09/15/2069		1,500		1,442,910
New York State Environmental Facilities Corp., Series 2020, Ref. RB		4.00%		06/15/2045		2,000		2,356,800
New York State Environmental Facilities Corp., Series 2020, Ref. RB		4.00%		06/15/2049		5,500		6,451,555
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2043		1,000		1,096,240
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		7,000		8,961,890
New York State Urban Development Corp., Series 2020 A, RB		3.00%		03/15/2050		12,000		12,709,200
New York State Urban Development Corp., Series 2020, Ref. RB		3.00%		03/15/2040		1,000		1,081,380
Triborough Bridge & Tunnel Authority, Series 2015 A, RB		5.00%		11/15/2040		525		613,069
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2041		4,000		4,708,280
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		3,000		3,518,760
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		1,500		1,813,680
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2054		1,500		1,889,355
								580,625,338
North Carolina-0.77%
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB		5.00%		07/01/2047		2,000		2,375,920
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB		5.00%		07/01/2049		11,750		14,464,603
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b)		5.00%		10/01/2025		3,000		3,705,270
								20,545,793
Ohio-1.76%
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041		2,000		2,346,440
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2046		2,000		2,324,920
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB		5.00%		12/01/2051		1,000		961,320

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

69

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Hamilton (County of), OH (Christ Hospital), Series 2012, RB(a)(b)		5.00%		06/01/2022	$	4,400	$	4,765,728
Miami University, Series 2020 A, Ref. RB		4.00%		09/01/2045		3,500		4,090,030
North Royalton City School District, Series 2017, GO Bonds		5.00%		12/01/2047		5,000		5,825,500
Ohio (State of) Higher Educational Facility Commission (Summa Health System-2010), Series 2010, RB, (INS - AGM)(c)		5.25%		11/15/2035		1,000		1,002,740
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		10,000		12,936,100
Ohio State University (The), Series 2014 A, RB		5.00%		12/01/2039		11,100		12,995,103
								47,247,881
Oklahoma-0.53%
Grand River Dam Authority, Series 2014 A, RB		5.00%		06/01/2039		3,500		3,976,525
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042		5,000		5,888,250
Oklahoma (State of) Turnpike Authority, Series 2017 C, RB		5.00%		01/01/2047		1,660		1,973,989
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB		5.00%		01/01/2043		2,000		2,397,200
								14,235,964
Oregon-1.68%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(c)		4.00%		08/15/2045		7,000		8,080,730
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(c)		3.00%		08/15/2050		15,000		15,443,400
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds		5.00%		08/01/2042		5,000		6,176,050
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds		5.00%		05/01/2042		2,500		3,069,175
Oregon (State of) Facilities Authority (Reed College), Series 2017, Ref. RB		5.00%		07/01/2047		1,000		1,204,230
University of Oregon, Series 2015 A, RB		5.00%		04/01/2045		7,515		8,577,771
University of Oregon, Series 2020 A, RB		5.00%		04/01/2050		2,000		2,533,420
								45,084,776
Pennsylvania-2.67%
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2045		3,875		4,626,595
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2049		5,000		5,939,600
Berks (County of), PA Industrial Development Authority (Tower Health), Series 2017, Ref. RB		3.75%		11/01/2042		1,000		967,110
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2042		1,000		1,218,150
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB		5.00%		04/01/2050		2,500		3,092,825
Lackawanna (County of), PA, Series 2010 B, GO Bonds, (INS - AGM)(c)		5.00%		09/01/2035		745		745,000
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2046		1,500		1,763,490
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043		250		301,703
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.25%		12/01/2048		5,000		6,125,150
Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania), Series 2017 A, RB		5.00%		08/15/2046		2,000		2,380,440
Pennsylvania (State of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB		5.00%		02/15/2048		1,410		1,710,823
Pennsylvania (State of) Turnpike Commission, Series 2012 B, RB(a)(b)		5.00%		12/01/2022		1,985		2,193,782
Pennsylvania (State of) Turnpike Commission, Series 2012 B, RB(a)(b)		5.00%		12/01/2022		6,815		7,548,090
Pennsylvania (State of) Turnpike Commission, Series 2014 B, RB		5.25%		12/01/2039		15,000		16,931,850
Philadelphia (City of), PA, Series 2010 A, RB, (INS - AGM)(c)		5.00%		06/15/2035		600		603,804
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045		1,500		1,922,640
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2050		2,400		3,035,976
Philadelphia (City of), PA (Philadelphia Gas Works Co.), Series 2017 15, Ref. RB		5.00%		08/01/2047		7,000		8,014,440
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042		1,950		2,264,886
								71,386,354
Puerto Rico-0.45%
Puerto Rico (Commonwealth of), Series 2007 A-4, Ref. GO Bonds, (INS - AGM)(c)		5.00%		07/01/2031		500		502,810
Puerto Rico (Commonwealth of), Series 2012 A, Ref. GO Bonds, (INS - AGM)(c)		5.00%		07/01/2035		7,150		7,459,380
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2008 A, RB, (INS - AGC)(c)		5.13%		07/01/2047		4,050		4,051,013
								12,013,203
Rhode Island-0.09%
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047		2,000		2,298,540

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

70

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-0.97%
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.00%		12/01/2048	$	4,660	$	5,113,418
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2039		2,000		2,267,860
South Carolina (State of) Public Service Authority, Series 2015 E, RB		5.25%		12/01/2055		2,500		2,902,700
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2035		6,250		7,396,688
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2037		7,000		8,243,550
								25,924,216
Tennessee-0.67%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Series 2016, RB		5.00%		07/01/2040		3,000		3,468,420
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Series 2017 A, RB		4.00%		07/01/2047		1,250		1,352,500
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB		5.00%		07/01/2045		1,500		1,713,630
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2035		2,000		2,332,520
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2046		2,750		3,150,345
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB		5.00%		07/01/2048		2,000		2,320,500
Tennessee (State of) School Bond Authority, Series 2017, RB		5.00%		11/01/2047		3,000		3,662,430
								18,000,345
Texas-10.95%
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2041		1,000		1,231,030
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045		1,000		1,223,640
Austin (City of), TX, Series 2019 B, RB		5.00%		11/15/2049		15,000		19,166,700
Central Texas Regional Mobility Authority, Series 2016, Ref. RB		5.00%		01/01/2040		1,250		1,444,213
Central Texas Regional Mobility Authority, Series 2016, Ref. RB		5.00%		01/01/2046		700		803,516
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, (CEP - Texas Permanent School Fund)		4.00%		08/15/2042		8,500		9,676,570
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046		6,000		7,419,300
Dallas (City of), TX, Series 2020 C, Ref. RB		5.00%		10/01/2045		11,000		14,467,200
Dallas (City of), TX (Civic Center Convention Complex), Series 2009, Ref. RB, (INS - AGC)(c)		5.25%		08/15/2034		2,500		2,509,425
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB		5.00%		12/01/2046		5,540		6,614,926
Grand Parkway Transportation Corp., Series 2018 A, RB		5.00%		10/01/2043		10,000		12,295,600
Harris County-Houston Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2053		3,950		4,124,116
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2043		3,500		4,194,330
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		3,500		4,587,625
Houston (City of), TX, Series 2020 C, Ref. RB		3.00%		11/15/2047		7,000		7,501,340
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2049		3,000		3,562,530
Hutto (City of), TX, Series 2017, GO Bonds, (INS - AGM)(c)		5.00%		08/01/2057		10,000		11,863,900
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2043		5,000		6,047,300
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		5,000		5,993,600
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		10,000		12,119,100
Lower Colorado River Authority, Series 2012 A, Ref. RB		5.00%		05/15/2039		1,900		2,027,357
Lower Colorado River Authority, Series 2013, Ref. RB		5.00%		05/15/2039		1,000		1,102,020
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2040		500		581,145
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2044		2,000		2,396,560
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2048		5,000		6,233,700
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		4,000		4,790,760
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB		5.00%		07/01/2046		1,000		978,630
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB		5.00%		07/01/2051		1,000		943,040
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC-Texas A&M University), Series 2014 A, RB, (INS - AGM)(c)		5.00%		04/01/2046		1,250		1,349,638

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

71

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

August 31, 2020

		Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
North Fort Bend Water Authority, Series 2011, RB, (INS - AGM)(c)			5.00%		12/15/2036	$	2,500	$	2,644,575
North Texas Tollway Authority, Series 2015 B, Ref. RB			5.00%		01/01/2040		2,500		2,707,250
North Texas Tollway Authority, Series 2016 A, Ref. RB			5.00%		01/01/2039		1,800		2,113,326
North Texas Tollway Authority, Series 2017 A, Ref. RB			5.00%		01/01/2048		11,270		13,621,485
North Texas Tollway Authority, Series 2018, Ref. RB			5.00%		01/01/2048		5,000		5,967,850
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)	��		5.00%		02/15/2047		1,000		1,223,180
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)			5.00%		02/15/2049		6,500		8,240,895
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)			5.00%		02/15/2042		2,285		2,737,476
Rockwall Independent School District, Series 2016, GO Bonds(a)(b)			5.00%		02/15/2025		2,045		2,473,857
San Antonio (City of), TX, Series 2017, RB			5.00%		02/01/2047		10,000		12,332,200
San Antonio (City of), TX, Series 2020, RB			5.00%		02/01/2049		4,000		5,140,280
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB			5.00%		05/15/2043		2,500		3,140,200
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB			5.00%		05/15/2050		10,000		12,839,500
San Antonio (City of), TX Water System, Series 2020 C, RB			5.00%		05/15/2046		5,000		6,457,950
San Jacinto College District, Series 2019 A, GO Bonds			5.00%		02/15/2049		2,000		2,455,800
San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGM)(c)			5.00%		10/01/2037		1,000		1,003,660
Sherman Independent School District, Series 2018 A, GO Bonds, (CEP - Texas Permanent School Fund)			5.00%		02/15/2045		6,785		8,389,245
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)			4.00%		08/15/2044		4,000		4,704,680
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)			5.00%		08/15/2042		2,000		2,460,080
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB			5.00%		11/15/2045		750		863,955
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b)			5.00%		10/01/2024		3,280		3,910,646
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB			5.00%		08/15/2042		2,500		2,793,975
Texas (State of) Water Development Board, Series 2015 A, RB			5.00%		10/15/2045		3,910		4,712,606
Texas (State of) Water Development Board, Series 2016, RB			5.00%		10/15/2046		1,000		1,231,180
Texas (State of) Water Development Board, Series 2017 A, RB			5.00%		10/15/2047		4,975		6,210,889
Texas (State of) Water Development Board, Series 2018 B, RB			5.00%		04/15/2049		10,000		12,645,900
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)			5.00%		08/15/2047		2,500		3,014,100
									293,285,551
Utah-0.40%
Salt Lake City Corp., Series 2017 B, RB			5.00%		07/01/2042		2,000		2,383,520
Salt Lake City Corp., Series 2017 B, RB			5.00%		07/01/2047		4,000		4,735,040
Salt Lake City Corp., Series 2018 B, RB			5.00%		07/01/2048		3,000		3,611,070
									10,729,630
Virginia-0.27%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB			5.00%		07/01/2051		3,395		3,845,109
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB			5.00%		01/01/2047		1,000		1,136,560
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB			4.00%		05/15/2036		2,000		2,337,560
									7,319,229
Washington-2.01%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB			5.00%		11/01/2041		6,500		7,937,865
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB			5.00%		11/01/2046		3,000		4,687,440
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)			5.00%		12/01/2036		2,000		2,552,980
King (County of), WA, Series 2016 B, Ref. RB(a)(b)			5.00%		07/01/2023		14,695		16,680,441
Snohomish (County of) Public Utility District No. 1, Series 2015, RB			5.00%		12/01/2040		1,000		1,203,070
Washington (State of), Series 2017 D, GO Bonds			5.00%		02/01/2038		5,000		6,188,650
Washington (State of), Series 2017 D, GO Bonds			5.00%		02/01/2041		4,855		5,969,951
Washington (State of) (SR 520 Corridor Program –Toll Revenue), Series 2011 C, GO Bonds(a)			5.00%		06/01/2041		1,340		1,385,935
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB			5.00%		09/01/2055		3,000		3,731,790
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB			4.00%		08/15/2042		1,000		1,047,100

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

72

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-(continued)
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB		4.00%		05/01/2045	$	1,000	$	1,105,120
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB		4.00%		05/01/2050		1,200		1,317,192
								53,807,534
Wisconsin-0.28%
Public Finance Authority (KU Campus Development Corp. - Central District Development), Series 2016, RB		5.00%		03/01/2041		5,000		5,750,500
Wisconsin (State of) Health & Educational Facilities Authority (ProHealth Care, Inc. Obligated Group), Series 2015, Ref. RB		5.00%		08/15/2039		1,500		1,674,705
								7,425,205
TOTAL INVESTMENTS IN SECURITIES(h)-98.67% (Cost $2,513,048,877)								2,641,602,361
OTHER ASSETS LESS LIABILITIES-1.33%								35,550,913
NET ASSETS-100.00%							$	2,677,153,274

Investment Abbreviations:
AGC	-Assured Guaranty Corp.
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
LOC	-Letter of Credit
NATL	-National Public Finance Guarantee Corp.
RAC	-Revenue Anticipation Certificates
RB	-Revenue Bonds
Ref.	-Refunding
RN	-Revenue Notes
VRD	-Variable Rate Demand
Wts.	-Warrants

Notes to Schedule of Investments:

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

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020.

^(e)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(f)  Security subject to crossover refunding.

^(g)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(h)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp.		11.59%

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

73

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

August 31, 2020

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-96.66%
Guam-1.08%
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(a)		5.00%		10/01/2030	$	1,000	$	1,071,590
New York-95.58%
Battery Park (City of), NY Authority, Series 2019, RB		4.00%		11/01/2044		1,000		1,180,110
Battery Park (City of), NY Authority, Series 2019, RB		5.00%		11/01/2049		2,500		3,213,825
Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB		5.00%		07/15/2042		2,000		2,175,820
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		1,000		1,031,550
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		5.00%		07/01/2046		500		567,245
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450		534,884
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		2,000		2,294,520
Metropolitan Transportation Authority (Green Bonds), Series 2016 A1, RB		5.25%		11/15/2056		1,000		1,080,010
Metropolitan Transportation Authority (Green Bonds), Series 2016 B-1, RB		5.00%		11/15/2046		1,500		1,718,625
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(a)		4.00%		11/15/2049		1,000		1,098,660
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		1,000		1,125,660
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		1,000		1,157,490
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051		1,240		1,302,620
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.25%		10/15/2055		1,000		1,168,560
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00%		09/01/2048		1,500		1,816,230
New York (City of), NY, Series 2017 A-1, GO Bonds		5.00%		08/01/2038		500		596,695
New York (City of), NY, Series 2017 B-1, GO Bonds		4.00%		12/01/2043		2,000		2,239,040
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2038		1,000		1,221,260
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2039		2,000		2,505,340
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2009, RB, (INS - AGC)(a)		6.50%		01/01/2046		2,500		2,512,175
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2009, RB, (INS - AGC)(a)		7.00%		03/01/2049		2,000		2,011,080
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.25%		06/15/2037		1,000		1,264,750
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB		3.63%		06/15/2048		2,000		2,178,480
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		4.00%		06/15/2049		1,000		1,162,590
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB		5.00%		07/15/2035		1,000		1,185,300
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2043		1,000		1,182,050
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		1,500		1,784,295
New York (City of), NY Transitional Finance Authority, Series 2018 B-1, RB		5.00%		08/01/2045		1,000		1,198,640
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		4.00%		07/15/2046		1,000		1,130,430
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2037		1,000		1,236,920
New York (City of), NY Transitional Finance Authority, Series 2019, RB		4.00%		11/01/2042		2,000		2,295,380
New York (State of) Dormitory Authority, Series 2012 B, RB		5.00%		03/15/2042		1,200		1,271,532
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2038		1,000		1,203,790
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		4.00%		02/15/2044		5,000		5,623,900
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2043		1,000		1,222,520
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB		4.00%		07/01/2045		500		544,735
New York (State of) Dormitory Authority (Columbia University), Series 2017 A, RB		5.00%		10/01/2047		1,000		1,630,510
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		1,000		1,139,530
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2035		2,000		2,302,060
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB		3.00%		02/01/2050		1,110		1,159,772
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		1,000		1,124,570
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(a)		5.50%		07/01/2040		1,500		2,187,135
New York (State of) Dormitory Authority (NYU Hospitals Center), Series 2014, Ref. RB		5.00%		07/01/2034		1,500		1,683,225
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB		5.00%		07/01/2050		2,000		2,526,160
New York (State of) Dormitory Authority (State University of New York), Series 2019 A, RB		4.00%		07/01/2049		1,785		2,017,478
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		1,000		1,147,340
New York (State of) Utility Debt Securitization Authority, Series 2013, RB		5.00%		12/15/2041		1,500		1,696,440

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

74

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

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040	$	1,885	$	2,072,690
New York Liberty Development Corp. (4 World Trade Center), Series 2011, Ref. RB		5.00%		11/15/2044		2,000		2,095,760
New York State Environmental Facilities Corp., Series 2016, Ref. RB		5.00%		06/15/2041		1,000		1,210,730
New York State Urban Development Corp., Series 2019 A, Ref. RB		4.00%		03/15/2044		2,000		2,299,460
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,280,270
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2043		2,500		3,186,500
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		1,470		1,724,192
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2037		1,000		1,212,680
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		1,000		1,209,120
Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2038		2,000		2,515,960
								94,458,293
TOTAL INVESTMENTS IN SECURITIES(b)-96.66% (Cost $90,174,567)								95,529,883
OTHER ASSETS LESS LIABILITIES-3.34%								3,298,878
NET ASSETS-100.00%							$	98,828,761

Investment Abbreviations:
AGC	-Assured Guaranty Corp.
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

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

75

Invesco Preferred ETF (PGX)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Preferred Stocks-99.59%
Automobiles-1.08%
Ford Motor Co.
Pfd., 6.00%		1,408,429	$	34,717,775
Pfd., 6.20%		1,319,651		32,780,131
				67,497,906
Banks-33.04%
Associated Banc-Corp., Series E, Pfd., 5.88%		175,562		4,798,109
BancorpSouth Bank, Series A, Pfd., 5.50%		259,675		6,816,469
Bank of America Corp.
Series LL, Pfd., 5.00%(b)		2,540,127		67,973,798
Series KK, Pfd., 5.38%(b)		2,863,685		77,720,411
Series HH, Pfd., 5.88%		1,820,022		49,814,002
Series EE, Pfd., 6.00%		1,626,830		42,834,434
Series GG, Pfd., 6.00%		2,623,588		72,699,623
Series CC, Pfd., 6.20%(b)		2,029,880		52,675,386
BOK Financial Corp., Pfd., 5.38%(b)		261,161		6,892,039
CIT Group, Inc., Series B, Pfd., 5.63%		336,868		7,872,605
Citigroup, Inc.
Series S, Pfd., 6.30%		1,772,195		45,598,577
Series K, Pfd., 6.88%(b)(c)		3,626,949		102,570,118
Series J, Pfd., 7.13%(b)(c)		450,350		12,871,003
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%(b)		784,128		19,712,978
Series D, Pfd., 6.35%(c)		532,908		14,356,541
Commerce Bancshares, Inc., Series B, Pfd., 6.00%		283,390		7,084,750
Dime Community Bancshares, Inc., Series A, Pfd., 5.50%		180,480		4,087,872
Fifth Third Bancorp
Series K, Pfd., 4.95%(b)		444,825		11,859,034
Series A, Pfd., 6.00%		200,714		5,399,207
Series I, Pfd., 6.63%(b)(c)		908,506		25,574,444
First Citizens BancShares, Inc., Series A, Pfd., 5.38%		570,028		15,008,837
First Horizon National Corp.
Series D, Pfd., 6.10%(b)(c)		173,169		4,614,954
Series A, Pfd., 6.20%(b)		177,198		4,738,275
Pfd., 6.50%(b)		251,941		6,754,538
First Midwest Bancorp, Inc.
Series A, Pfd., 7.00%(b)		24,860		655,310
Series C, Pfd., 7.00%		44,712		1,170,113
First Republic Bank
Series J, Pfd., 4.70%(b)		617,381		16,249,468
Series H, Pfd., 5.13%		345,150		9,094,702
Series G, Pfd., 5.50%(b)		295,738		7,659,614
Series I, Pfd., 5.50%(b)		555,398		15,190,135
Series F, Pfd., 5.70%(b)		258,539		6,561,720
Hancock Whitney Corp.
Pfd., 5.95%		288,439		7,447,495
Pfd., 6.25%(b)		319,398		8,387,391
Huntington Bancshares, Inc.
Series C, Pfd., 5.88%(b)		194,905		5,229,301
Series D, Pfd., 6.25%		1,038,832		26,646,041

	Shares		Value
Banks-(continued)
JPMorgan Chase & Co.
Series GG, Pfd., 4.75%(b)		1,549,874	$	41,257,646
Series DD, Pfd., 5.75%		3,004,234		82,225,885
Series EE, Pfd., 6.00%		2,622,391		73,033,589
Series AA, Pfd., 6.10%(b)		2,420,062		61,735,782
Series BB, Pfd., 6.15%(b)		2,241,365		57,939,285
KeyCorp
Series G, Pfd., 5.63%(b)		738,875		20,429,894
Series F, Pfd., 5.65%		722,000		19,075,240
Series E, Pfd., 6.13%(b)(c)		906,379		26,955,711
People’s United Financial, Inc., Series A, Pfd., 5.63%(c)		485,781		12,921,775
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%(c)		3,178,285		84,351,684
Regions Financial Corp.
Series C, Pfd., 5.70%(b)(c)		838,294		22,759,682
Series A, Pfd., 6.38%(b)		928,484		23,676,342
Series B, Pfd., 6.38%(c)		897,660		24,730,533
SVB Financial Group, Series A, Pfd., 5.25%(b)		603,732		15,805,704
Synovus Financial Corp.
Series E, Pfd., 5.88%(b)(c)		650,449		16,241,712
Series D, Pfd., 6.30%(c)		380,438		9,902,801
TCF Financial Corp., Series C, Pfd., 5.70%		350,535		9,078,856
Texas Capital Bancshares, Inc., Series A, Pfd., 6.50%(b)		474,804		12,202,463
Truist Financial Corp.
Series R, Pfd., 4.75%		1,523,148		40,256,802
Series G, Pfd., 5.20%(b)		52,022		1,318,237
Series O, Pfd., 5.25%(b)		373,423		10,306,475
Series H, Pfd., 5.63%(b)		842,874		22,032,726
U.S. Bancorp
Pfd., 5.15%(b)		884,418		23,003,712
Series K, Pfd., 5.50%		1,146,817		32,110,876
Series F, Pfd., 6.50%(b)(c)		1,784,471		48,055,804
Valley National Bancorp
Series B, Pfd., 5.50%(c)		183,560		4,480,700
Series A, Pfd., 6.25%(c)		234,271		6,533,818
Webster Financial Corp., Series F, Pfd., 5.25%(b)		287,775		7,617,404
Wells Fargo & Co.
Series Z, Pfd., 4.75%(b)		3,469,645		86,012,500
Series O, Pfd., 5.13%(b)		1,004,307		25,559,613
Pfd., 5.20%(b)		1,067,752		27,281,064
Series X, Pfd., 5.50%(b)		2,112,255		55,256,591
Series Y, Pfd., 5.63%(b)		1,511,145		40,559,132
Series W, Pfd., 5.70%		1,899,531		48,646,989
Series Q, Pfd., 5.85%(c)		3,190,612		83,243,067
Series T, Pfd., 6.00%(b)		214,910		5,568,318
Series V, Pfd., 6.00%		1,713,512		43,488,935
Series R, Pfd., 6.63%(c)		1,563,020		43,092,461
Wintrust Financial Corp.
Series D, Pfd., 6.50%(b)(c)		218,318		5,685,001
Series E, Pfd., 6.88%(c)		502,670		13,365,995

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

76

Invesco Preferred ETF (PGX)—(continued)

August 31, 2020

	Shares		Value
Banks-(continued)
Zions Bancorporation N.A
Series H, Pfd., 5.75%(b)		226,310	$	5,829,746
Series G, Pfd., 6.30%(c)		22,000		595,100
				2,068,844,944
Capital Markets-10.61%
Affiliated Managers Group, Inc., Pfd., 5.88%(b)		529,867		14,544,849
Apollo Global Management, Inc.
Series A, Pfd., 6.38%(b)		491,572		13,208,540
Series B, Pfd., 6.38%(b)		541,564		14,714,294
Ares Management Corp., Series A, Pfd., 7.00%		605,651		15,880,169
Bank of New York Mellon Corp. (The), Pfd., 5.20%		1,040,595		26,805,727
Brightsphere Investment Group, Inc., Pfd., 5.13%		224,669		5,650,425
Charles Schwab Corp. (The)
Series D, Pfd., 5.95%		1,298,476		33,903,208
Series C, Pfd., 6.00%(b)		1,024,649		26,087,564
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%(c)		1,774,464		48,052,485
Series N, Pfd., 6.30%		1,176,744		30,736,553
Series K, Pfd., 6.38%(c)		1,218,139		33,961,715
KKR & Co., Inc.
Series B, Pfd., 6.50%(b)		299,971		8,210,206
Series A, Pfd., 6.75%(b)		653,440		17,303,091
Legg Mason, Inc.
Pfd., 5.45%(b)		836,890		21,633,606
Pfd., 6.38%(b)		412,844		10,614,219
Morgan Stanley
Series L, Pfd., 4.88%(b)		848,401		22,287,494
Series K, Pfd., 5.85%(c)		1,742,640		49,212,154
Series I, Pfd., 6.38%(c)		1,920,157		54,167,629
Series F, Pfd., 6.88%(c)		1,106,846		31,224,126
Series E, Pfd., 7.13%(b)(c)		1,464,596		42,238,949
Northern Trust Corp., Series E, Pfd., 4.70%(b)		683,751		18,768,965
Oaktree Capital Group LLC
Series B, Pfd., 6.55%		441,159		12,092,168
Series A, Pfd., 6.63%		354,075		9,786,633
Prospect Capital Corp., Pfd., 6.25%		371,849		9,325,973
State Street Corp.
Series G, Pfd., 5.35%(c)		865,588		24,046,035
Series D, Pfd., 5.90%(b)(c)		1,290,498		35,540,315
Stifel Financial Corp.
Pfd., 5.20%(b)		437,847		11,576,675
Series C, Pfd., 6.13%		354,932		9,558,319
Series A, Pfd., 6.25%		301,260		7,817,697
Series B, Pfd., 6.25%(b)		208,318		5,645,418
				664,595,201
Chemicals-0.14%
EI du Pont de Nemours and Co., Series B, Pfd., 4.50%(b)		83,764		8,923,555
Commercial Services & Supplies-0.25%
Pitney Bowes, Inc., Pfd., 6.70%		846,775		15,622,999

	Shares		Value
Consumer Finance-3.68%
Capital One Financial Corp.
Series J, Pfd., 4.80%		2,006,670	$	48,701,881
Series I, Pfd., 5.00%		2,560,487		64,473,063
Series G, Pfd., 5.20%		1,038,529		26,555,187
Series H, Pfd., 6.00%(b)		892,141		23,061,845
Series F, Pfd., 6.20%(b)		882,017		22,350,311
Navient Corp., Pfd., 6.00%(b)		607,196		13,765,133
Synchrony Financial, Series A, Pfd., 5.63%(b)		1,284,586		31,241,131
				230,148,551
Diversified Financial Services-1.48%
Equitable Holdings, Inc., Series A, Pfd., 5.25%		1,362,501		34,212,400
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%		440,299		11,998,148
PartnerRe Ltd.
Series I, Pfd., 5.88% (Bermuda)(b)		683,323		17,499,902
Series H, Pfd., 7.25% (Bermuda)(b)		578,188		14,963,506
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)		502,171		14,141,135
				92,815,091
Diversified Telecommunication Services-5.80%
AT&T, Inc.
Series C, Pfd., 4.75%(b)		2,878,842		73,036,222
Series A, Pfd., 5.00%(b)		2,056,283		55,128,947
Pfd., 5.35%		2,258,512		60,415,196
Pfd., 5.63%(b)		1,438,871		39,482,620
Qwest Corp.
Pfd., 6.13%(b)		1,499,228		37,135,878
Pfd., 6.50%(b)		1,745,357		43,982,996
Pfd., 6.63%		701,497		17,719,814
Pfd., 6.75%(b)		1,039,682		27,208,478
Pfd., 7.00%		341,339		8,792,893
				362,903,044
Electric Utilities-8.90%
Alabama Power Co., Series A, Pfd., 5.00%		445,400		12,471,200
Duke Energy Corp.
Pfd., 5.13%		951,898		24,663,677
Pfd., 5.63%		917,490		25,854,868
Series A, Pfd., 5.75%		1,590,115		44,857,144
Entergy Arkansas LLC
Pfd., 4.88%(b)		552,637		14,700,144
Pfd., 4.90%(b)		61,241		1,619,824
Entergy Louisiana LLC
Pfd., 4.88%(b)		503,294		13,090,677
Pfd., 5.25%		500,670		13,392,923
Entergy Mississippi LLC, Pfd., 4.90%(b)		498,643		13,568,076
Entergy New Orleans LLC, Pfd., 5.50%(b)		505,121		13,890,828
Entergy Texas, Inc., Pfd., 5.63%(b)		614,702		16,289,603
Georgia Power Co., Series 2017A, Pfd., 5.00%(b)		501,653		13,865,689
Interstate Power and Light Co., Series D, Pfd., 5.10%		370,816		9,492,890
NextEra Energy Capital Holdings, Inc. Pfd., 5.00%		882,151		22,503,672
Series I, Pfd., 5.13%		877,288		22,441,027
Series K, Investment Units, 5.25%(b)		876,980		22,748,861
Series N, Pfd., 5.65%		1,225,990		34,082,522

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

77

Invesco Preferred ETF (PGX)—(continued)

August 31, 2020

	Shares		Value
Electric Utilities-(continued)
PPL Capital Funding, Inc., Series B, Pfd., 5.90%		780,071	$	20,196,038
SCE Trust II, Pfd., 5.10%(b)		336,583		8,306,868
SCE Trust III, Series H, Pfd., 5.75%(c)		408,194		9,380,298
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)		604,552		13,916,787
SCE Trust V, Series K, Pfd., 5.45%(c)		604,833		14,038,174
SCE Trust VI, Pfd., 5.00%		1,071,522		25,705,813
Southern Co. (The)
Series 2020, Pfd., 4.95%		1,713,077		45,944,725
Pfd., 5.25%(b)		1,365,703		35,467,307
Pfd., 5.25%		769,127		20,712,590
Pfd., 6.25%		1,711,748		43,786,514
				556,988,739
Equity REITs-8.66%
American Homes 4 Rent
Series F, Pfd., 5.88%(b)		488,832		13,076,256
Series G, Pfd., 5.88%		180,720		4,805,345
Series H, Pfd., 6.25%(b)		179,525		5,003,362
Series E, Pfd., 6.35%		261,199		6,830,354
Series D, Pfd., 6.50%		320,650		8,320,868
Boston Properties, Inc., Series B, Pfd., 5.25%(b)		220,986		5,613,044
Digital Realty Trust, Inc.
Series L, Pfd., 5.20%(b)		600,402		16,511,055
Series J, Pfd., 5.25%(b)		458,279		12,295,626
Series K, Pfd., 5.85%		351,808		9,713,419
Series G, Pfd., 5.88%		424,198		10,923,098
Series I, Pfd., 6.35%		440,294		11,143,841
Series C, Pfd., 6.63%(b)		306,947		8,078,845
Diversified Healthcare Trust
Pfd., 5.63%		634,599		12,203,339
Pfd., 6.25%		434,770		8,438,886
EPR Properties, Series G, Pfd., 5.75%		298,993		5,540,340
Federal Realty Investment Trust, Series C, Pfd., 5.00%(b)		275,423		7,262,905
Kimco Realty Corp.
Series L, Pfd., 5.13%(b)		396,947		10,463,523
Class M, Pfd., 5.25%(b)		450,660		11,942,490
National Retail Properties, Inc., Series F, Pfd., 5.20%(b)		628,437		16,219,959
Office Properties Income Trust
Pfd., 5.88%(b)		554,695		14,061,518
Pfd., 6.38%		67,246		1,785,381
PS Business Parks, Inc.
Series Z, Pfd., 4.88%		542,765		14,524,391
Series W, Pfd., 5.20%		336,751		8,738,688
Series Y, Pfd., 5.20%(b)		343,974		9,166,907
Series X, Pfd., 5.25%(b)		408,760		10,836,228

	Shares		Value
Equity REITs-(continued)
Public Storage
Series M, Pfd., 4.13%		237,524	$	6,299,136
Series L, Pfd., 4.63%(b)		409,919		11,223,582
Series J, Pfd., 4.70%(b)		25,852		712,223
Series K, Pfd., 4.75%(b)		284,574		7,854,242
Series I, Pfd., 4.88%(b)		233,030		6,364,049
Series E, Pfd., 4.90%		1,133,956		29,256,065
Series D, Pfd., 4.95%		911,772		23,432,540
Series G, Pfd., 5.05%		866,082		22,821,261
Series C, Pfd., 5.13%(b)		522,559		13,482,022
Series F, Pfd., 5.15%(b)		528,007		14,008,026
Series W, Pfd., 5.20%(b)		841,010		21,277,553
Series B, Pfd., 5.40%(b)		981,047		25,389,496
Series H, Pfd., 5.60%(b)		464,302		13,186,177
QTS Realty Trust, Inc., Series A, Pfd., 7.13%(b)		53,108		1,466,843
SITE Centers Corp.
Series K, Pfd., 6.25%		345,608		8,654,024
Series A, Pfd., 6.38%(b)		241,166		6,005,033
SL Green Realty Corp., Series I, Pfd., 6.50%		397,505		10,414,631
Spirit Realty Capital, Inc., Series A, Pfd., 6.00%		333,862		8,657,042
VEREIT, Inc., Series F, Pfd., 6.70%		1,079,899		27,159,460
Vornado Realty Trust
Series M, Pfd., 5.25%(b)		596,110		15,129,272
Series L, Pfd., 5.40%(b)		399,907		10,097,652
Series K, Pfd., 5.70%		628,362		15,910,126
				542,300,123
Gas Utilities-0.34%
South Jersey Industries, Inc., Pfd., 5.63%		347,823		8,907,747
Spire, Inc., Series A, Pfd., 5.90%		439,547		12,171,056
				21,078,803
Independent Power and Renewable Electricity Producers-0.14%
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)		333,059		9,039,221
Insurance-14.90%
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)		1,584,326		40,637,962
Allstate Corp. (The)
Series I, Pfd., 4.75%(b)		514,350		13,928,598
Pfd., 5.10%(c)		857,831		23,075,654
Series H, Pfd., 5.10%		1,946,565		52,518,324
Series G, Pfd., 5.63%		1,057,687		29,668,120
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%(b)(c)		677,337		16,195,128
Series B, Pfd., 6.63%(c)		281,892		7,185,427
American Financial Group, Inc.
Pfd., 5.13%(b)		373,990		10,004,233
Pfd., 5.63%		149,219		4,063,233
Pfd., 5.88%		74,751		2,066,865
Pfd., 6.00%		214,260		5,446,489
American International Group, Inc.,
Series A, Pfd., 5.85%(b)		867,638		23,729,899
Arch Capital Group Ltd.
Series E, Pfd., 5.25%		820,654		20,918,470
Series F, Pfd., 5.45%		572,754		15,069,158

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

78

Invesco Preferred ETF (PGX)—(continued)

August 31, 2020

	Shares		Value
Insurance-(continued)
Argo Group International Holdings Ltd., Pfd., 7.00%(c)		184,855	$	4,711,954
Argo Group U.S., Inc., Pfd., 6.50%(b)		224,789		5,736,615
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)(b)		454,660		11,252,835
Pfd., 5.63% (Bermuda)(b)		443,229		10,730,574
Pfd., 5.95% (Bermuda)(b)(c)		452,564		11,223,587
Assured Guaranty Municipal Holdings, Inc., Pfd., 6.25%(b)		635,341		17,046,199
Athene Holding Ltd.
Series B, Pfd., 5.63%		564,062		14,518,956
Series A, Pfd., 6.35%(c)		1,524,366		40,654,841
Series C, Pfd., 6.38%(c)		1,007,086		27,261,818
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%(b)		1,007,668		25,645,151
Brighthouse Financial, Inc.
Pfd., 6.25%(b)		724,562		19,592,156
Series A, Pfd., 6.60%		734,700		19,991,187
Series B, Pfd., 6.75%		584,505		16,237,549
Enstar Group Ltd.
Series D, Pfd., 7.00% (Bermuda)(c)		746,447		19,922,670
Series E, Pfd., 7.00% (Bermuda)(b)		176,842		4,739,366
Globe Life, Inc., Pfd., 6.13%		610,096		16,954,568
Hanover Insurance Group, Inc. (The), Pfd., 6.35%		328,615		8,330,390
Hartford Financial Services Group, Inc. (The)
Series G, Pfd., 6.00%(b)		578,169		15,986,373
Pfd., 7.88%(c)		1,091,375		30,733,120
MetLife, Inc.
Series F, Pfd., 4.75%(b)		1,604,306		42,498,066
Series E, Pfd., 5.63%(b)		1,497,916		41,552,190
Prudential Financial, Inc.
Pfd., 4.13%		389,000		9,870,875
Pfd., 5.63%		1,043,256		29,065,112
Pfd., 5.70%		1,212,245		30,306,125
Pfd., 5.75%(b)		1,023,867		25,658,107
Prudential PLC, Pfd., 6.50% (United Kingdom)		969,778		26,853,153
Reinsurance Group of America, Inc.
Pfd., 5.75%(c)		704,243		19,254,004
Pfd., 6.20%(c)		700,832		18,859,389
RenaissanceRe Holdings Ltd.
Series E, Pfd., 5.38% (Bermuda)(b)		737,361		18,581,497
Series F, Pfd., 5.75% (Bermuda)(b)		430,499		11,804,283
Unum Group, Pfd., 6.25%		563,015		14,925,528
W.R. Berkley Corp.
Pfd., 5.10%(b)		526,849		13,761,296
Pfd., 5.63%		660,732		16,835,451
Pfd., 5.70%(b)		315,484		8,423,423
Pfd., 5.75%(b)		606,587		15,583,220
Pfd., 5.90%(b)		124,317		3,237,215
				932,846,403
Internet & Direct Marketing Retail-1.05%
eBay, Inc., Pfd., 6.00%		1,344,942		35,008,840
QVC, Inc.
Pfd., 6.25%(b)		876,801		21,122,136
Pfd., 6.38%		385,803		9,664,365
				65,795,341

	Shares		Value
Leisure Products-0.40%
Brunswick Corp.
Pfd., 6.38%(b)		390,351	$	10,609,740
Pfd., 6.50%(b)		309,710		8,352,879
Pfd., 6.63%(b)		217,202		5,968,711
				24,931,330
Multi-Utilities-4.08%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(c)		614,336		16,857,380
Pfd., 6.88% (Canada)(c)		520,858		14,412,141
CMS Energy Corp.
Pfd., 5.63%(b)		371,675		10,035,225
Pfd., 5.88%(b)		484,614		13,292,962
Pfd., 5.88%		1,177,765		32,470,981
Dominion Energy, Inc., Series A, Investment Units, 5.25%		1,474,938		38,127,147
DTE Energy Co.
Series E, Investment Units, 5.25%		703,411		18,689,630
Series B, Investment Units, 5.38%		590,813		15,130,721
Series F, Investment Units, 6.00%		731,618		19,102,546
Integrys Holding, Inc., Pfd., 6.00%(b)(c)		624,421		16,965,519
NiSource, Inc., Series B, Pfd., 6.50%(c)		889,957		24,260,228
Sempra Energy, Pfd., 5.75%		1,324,023		35,947,224
				255,291,704
Oil, Gas & Consumable Fuels-1.95%
DCP Midstream L.P.
Series B, Pfd., 7.88%(c)		289,266		5,365,884
Series C, Pfd., 7.95%(c)		200,201		3,783,799
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)(c)		1,026,999		26,517,114
Energy Transfer Operating L.P.
Series C, Pfd., 7.38%(c)		842,888		17,068,482
Series E, Pfd., 7.60%(c)		1,394,720		29,777,272
Series D, Pfd., 7.63%(c)		761,849		15,404,587
NuStar Energy L.P.
Series B, Pfd., 7.63%(c)		654,228		11,161,130
Series A, Pfd., 8.50%(c)		386,439		7,299,833
Series C, Pfd., 9.00%(c)		296,195		5,965,367
				122,343,468
Real Estate Management & Development-0.43%
Brookfield Property Partners L.P.
Series A, Pfd., 5.75%		432,328		8,568,741
Series A2, Pfd., 6.38%(b)		551,811		12,195,023
Series A-1, Pfd., 6.50%(b)		272,635		6,066,129
				26,829,893
Thrifts & Mortgage Finance-0.37%
New York Community Bancorp, Inc.,
Series A, Pfd., 6.38%(c)		860,546		23,303,586
Trading Companies & Distributors-0.74%
Air Lease Corp., Series A, Pfd., 6.15%(b)(c)		463,068		10,854,314
GATX Corp., Pfd., 5.63%(b)		295,807		8,096,238
Triton International Ltd.
Pfd., 6.88% (Bermuda)		217,698		5,294,415
Pfd., 7.38% (Bermuda)		320,089		8,098,252
Pfd., 8.00% (Bermuda)		248,086		6,499,853
WESCO International, Inc., Series A, Pfd., 10.63%(c)		261,068		7,249,858
				46,092,930

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

79

Invesco Preferred ETF (PGX)—(continued)

August 31, 2020

	Shares		Value
Wireless Telecommunication Services-1.55%
Telephone & Data Systems, Inc.
Pfd., 5.88%		485,648	$	12,078,066
Pfd., 6.63%		923,365		24,025,957
United States Cellular Corp.
Pfd., 6.25%		796,929		20,863,601
Pfd., 6.95%(b)		603,634		15,368,522
Pfd., 7.25%(b)		543,698		13,755,559
Pfd., 7.25%(b)		429,785		10,813,391
				96,905,096
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.59% (Cost $6,142,728,213)				6,235,097,928

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.99%
Invesco Private Government Fund, 0.03%(d)(e)(f)		46,761,620	$	46,761,620
Invesco Private Prime Fund, 0.14%(d)(e)(f)		15,586,574		15,589,691
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,351,312)				62,351,311
TOTAL INVESTMENTS IN SECURITIES-100.58% (Cost $6,205,079,525)				6,297,449,239
OTHER ASSETS LESS LIABILITIES-(0.58)%				(36,492,909	)
NET ASSETS-100.00%			$	6,260,956,330

Investment Abbreviations:
Pfd.	-Preferred
REIT	-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at August 31, 2020.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	864,891,653		$	(864,891,653	)		$	-			$	-			$	-		$	400,656
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			20,242,227			331,450,994			(351,693,221	)			-				-				-			259,646	*
Invesco Liquid Assets Portfolio, Institutional Class			6,758,331			94,681,678			(101,436,584	)			-				(3,425	)			-			98,221	*
Invesco Private Government Fund			-			216,365,901			(169,604,281	)			-				-				46,761,620			5,022	*
Invesco Private Prime Fund			-			31,412,262			(15,823,349	)			(1	)			779				15,589,691			3,506	*
Total		$	27,000,558		$	1,538,802,488		$	(1,503,449,088	)		$	(1	)		$	(2,646	)		$	62,351,311		$	767,051

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

80

Invesco Taxable Municipal Bond ETF (BAB)

August 31, 2020

Schedule of Investments

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Municipal Obligations-93.81%
Alabama-0.88%
Auburn University, Series 2020 C, RB		2.53%		06/01/2040	$	7,500	$	7,555,275
Auburn University, Series 2020 C, RB		2.68%		06/01/2050		10,000		10,036,900
								17,592,175
Arizona-0.47%
Arizona (State of) Department of Transportation, Series 2020, Ref. RB		2.46%		07/01/2030		2,560		2,735,283
Flagstaff (City of), AZ, Series 2020 A, COP		3.01%		05/01/2040		5,000		5,069,250
Tucson (City of), AZ, Series 2010, RB		5.79%		07/01/2026		1,275		1,567,791
								9,372,324
California-22.36%
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB		7.04%		04/01/2050		3,605		6,544,481
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB		6.91%		10/01/2050		3,025		5,552,509
California (State of), Series 2009 B, GO Bonds		6.51%		04/01/2039		14,890		15,790,249
California (State of), Series 2009, GO Bonds		7.50%		04/01/2034		11,460		19,194,239
California (State of), Series 2009, GO Bonds		7.55%		04/01/2039		18,860		33,414,828
California (State of), Series 2009, GO Bonds		7.30%		10/01/2039		14,160		23,552,328
California (State of), Series 2009, GO Bonds		7.35%		11/01/2039		8,505		14,218,999
California (State of), Series 2010, GO Bonds		5.70%		11/01/2021		7,500		7,981,500
California (State of), Series 2010, GO Bonds		7.95%		03/01/2036		1		1,265
California (State of), Series 2010, GO Bonds		7.63%		03/01/2040		4,500		7,865,865
California (State of), Series 2018, Ref. GO Bonds		4.50%		04/01/2033		9,850		12,018,280
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.77%		12/01/2034		7,510		7,609,357
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.79%		12/01/2035		12,325		12,436,048
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB		6.49%		05/15/2049		1,000		1,519,910
California (State of) Public Works Board (California State University), Series 2010 B-2, RB		7.80%		03/01/2035		800		1,224,816
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB		4.82%		08/01/2045		2,000		2,239,600
California State University, Series 2010 B, RB		6.48%		11/01/2041		900		1,347,858
California State University, Series 2020 B, Ref. RB		2.98%		11/01/2051		5,000		5,289,250
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB		3.70%		01/15/2044		3,000		3,101,100
East Bay Municipal Utility District Wastewater System Revenue, Series 2010, RB		5.03%		06/01/2032		3,000		3,955,740
East Bay Municipal Utility District Water System Revenue, Series 2010, RB		5.87%		06/01/2040		3,000		4,678,350
El Monte (City of), CA, Series 2020, RB, (INS - AGM)(a)		3.92%		08/01/2050		10,000		10,188,000
Fresno (City of), CA, Series 2010 A2, Ref. RB		6.50%		06/01/2030		2,000		2,635,020
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a)		2.87%		08/01/2040		4,000		4,060,680
Hesperia Unified School District, Series 2020, Ref. COP, (INS - AGM)(a)		3.05%		02/01/2041		3,000		3,067,170
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a)		3.92%		09/01/2050		6,000		6,421,980
Jurupa Community Services District, Series 2010 B, COP		6.35%		09/01/2025		1,030		1,295,472
Jurupa Community Services District, Series 2010 B, COP		6.50%		09/01/2026		1,070		1,389,877
Jurupa Community Services District, Series 2010 B, COP		6.60%		09/01/2027		1,125		1,509,548
Jurupa Community Services District, Series 2010 B, COP		6.70%		09/01/2028		1,170		1,618,777
Jurupa Community Services District, Series 2010 B, COP		7.19%		09/01/2040		2,000		3,294,200
Long Beach (City of), CA, Series 2009 C, RB		7.77%		06/01/2039		250		251,110
Los Angeles (City of), CA Department of Water, Series 2009 C, RB		5.38%		07/01/2024		500		586,275
Los Angeles (City of), CA Department of Water, Series 2009 C, RB		6.01%		07/01/2039		2,270		3,146,447
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		7.00%		07/01/2041		1,500		1,570,410
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.57%		07/01/2045		10,000		17,503,700
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.60%		07/01/2050		1,715		3,118,402
Los Angeles Community College District, Series 2010, GO Bonds		6.60%		08/01/2042		3,000		5,163,660
Los Angeles Unified School District, Series 2010 J-05, GO Bonds		5.98%		05/01/2027		500		641,690
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)		4.06%		06/01/2039		6,000		6,552,000
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)		4.26%		06/01/2045		3,000		3,201,630

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

81

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
California-(continued)
Napa Valley Unified School District, Series 2010 B, GO Bonds		6.51%		08/01/2043	$	3,000	$	4,557,300
Northern California Power Agency, Series 2010, RB		7.31%		06/01/2040		1,000		1,552,730
Oak Valley Hospital District, Series 2010, RB		9.00%		11/01/2039		1,000		1,013,670
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		2.63%		08/01/2041		5,000		5,055,400
Pasadena (City of), CA, Series 2020 A, Ref. RB		3.24%		05/01/2045		5,000		5,237,250
Pomona (City of), CA, Series 2020 BJ, RB		3.72%		08/01/2040		3,250		3,335,150
Pomona (City of), CA, Series 2020 BJ, RB		3.82%		08/01/2046		1,500		1,542,870
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds		0.96%		09/01/2026		5,500		5,505,335
Regents of the University of California Medical Center, Series 2009 F, RB		6.46%		05/15/2029		500		633,920
Regents of the University of California Medical Center, Series 2009 F, RB		6.58%		05/15/2049		5,335		8,592,071
Riverside (City of), CA, Series 2009 B, RB		6.35%		10/01/2039		500		772,410
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB		3.86%		06/01/2045		2,000		2,154,720
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB		4.23%		10/15/2038		2,000		2,232,400
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.59%		05/01/2024		2,000		2,006,040
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.74%		05/01/2025		2,000		2,000,120
San Francisco (City & County of), CA (525 Golden Gate Avenue - San Francisco Public Utilities Commission Office), Series 2009 D, COP		6.49%		11/01/2041		3,000		4,593,330
San Francisco (City & County of), CA (Clean & Safe Neighborhood Parks), Series 2010 D, GO Bonds		6.26%		06/15/2030		3,850		5,227,376
San Francisco (City & County of), CA (San Francisco General Hospital), Series 2010 C, GO Bonds		6.26%		06/15/2030		1,500		2,087,955
San Francisco (City of), CA Public Utilities Commission, Series 2010 B, RB		6.00%		11/01/2040		2,245		3,284,031
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		5.70%		11/01/2027		3,000		3,892,830
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.00%		11/01/2040		2,480		3,685,503
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.95%		11/01/2050		4,600		8,067,664
San Jose (City of), CA Successor Agency to the Redevelopment Agency, Series 2017 A, Ref. RB		3.08%		08/01/2025		2,000		2,218,600
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a)		3.74%		09/01/2050		2,500		2,643,325
San Mateo Union High School District, Series 2010 B, GO Bonds(b)		6.73%		09/01/2020		1,000		1,000,000
Santa Clara Valley Transportation Authority, Series 2010, RB		5.88%		04/01/2032		1,025		1,314,993
Santa Clara Valley Water District, Series 2016 B, Ref. RB		4.35%		06/01/2046		3,000		3,398,160
Southern California Public Power Authority, Series 2010, RB		5.92%		07/01/2035		2,000		2,846,620
Tulare (County of), CA, Series 2018, RB		4.45%		06/01/2037		2,000		2,227,120
University of California, Series 2010 F, RB		5.95%		05/15/2045		8,745		13,072,288
University of California, Series 2015 AQ, RB		4.77%		05/15/2115		1,577		2,247,919
University of California, Series 2015 J, Ref. RB		4.13%		05/15/2045		24,670		30,730,185
University of California, Series 2016 AS, Ref. RB		3.55%		05/15/2039		1,500		1,792,455
University of California, Series 2019 BD, RB		3.35%		07/01/2029		15,000		17,417,400
University of California, Series 2020 BG, RB		0.88%		05/15/2025		10,000		10,135,600
University of California, Series 2020 BG, RB		1.32%		05/15/2027		6,000		6,107,700
University of California, Series 2020 BG, RB		1.61%		05/15/2030		7,500		7,644,900
								448,579,960
Colorado-0.75%
Brighton (City of), CO, Series 2010 B, COP, (INS - AGM)(a)		6.55%		12/01/2030		2,000		2,027,920
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB		3.70%		11/01/2039		1,200		1,323,540
Colorado (State of) State University System Board of Governors, Series 2010 B, RB		5.96%		03/01/2033		1,000		1,335,870
Colorado Mesa University, Series 2009 B, RB		5.80%		05/15/2040		1,215		1,756,744
Colorado Springs (City of), CO, Series 2010 B-2, RB		5.74%		11/15/2050		810		818,862
Denver (City & County of), CO, Series 2016 B, Ref. RB		3.82%		08/01/2032		1,000		1,114,730
Denver City & County School District No. 1, Series 2009 C, GO Bonds		5.66%		12/01/2033		500		686,435
Regional Transportation District, Series 2010, COP		7.67%		06/01/2040		3,000		4,672,320
Upper Eagle Regional Water Authority, Series 2010, RB		6.52%		12/01/2039		1,250		1,263,025
								14,999,446
Connecticut-1.01%
Metropolitan District (The) (Clean Water), Series 2020, Ref. RB		2.56%		04/01/2039		6,000		6,054,780
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a)		4.35%		03/01/2039		4,835		5,192,887
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a)		3.25%		09/01/2042		4,000		3,955,560

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

82

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Connecticut-(continued)
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.24%		08/01/2030	$	2,000	$	2,542,660
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.39%		08/01/2040		1,645		2,499,034
								20,244,921
Delaware-0.36%
University of Delaware, Series 2018, RB		4.07%		11/01/2050		5,770		7,305,455
District of Columbia-0.47%
District of Columbia, Series 2010 F, RB		4.91%		12/01/2023		4,500		5,078,790
Metropolitan Washington Airports Authority, Series 2009, RB		7.46%		10/01/2046		2,480		4,396,693
								9,475,483
Florida-3.17%
Davie (Town of), FL, Series 2010 B, RB(c)(d)		6.60%		10/01/2020		200		200,998
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(a)		3.61%		08/15/2040		5,750		6,049,000
Fort Lauderdale (City of), FL, Series 2020, Ref. RB		0.75%		01/01/2024		22,600		22,677,744
JEA Electric System Revenue, Series 2009 F, RB		6.41%		10/01/2034		500		667,745
JEA Water & Sewer System Revenue, Series 2010 A, RB		6.21%		10/01/2033		1,250		1,654,800
Lee Memorial Health System, Series 2010 A, RB		7.28%		04/01/2027		2,500		3,137,450
Miami-Dade (County of), FL, Series 2010 B, RB		5.53%		07/01/2032		2,500		3,067,600
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.14%		10/01/2027		5,000		5,207,450
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.18%		10/01/2028		3,600		3,757,932
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.28%		10/01/2029		2,700		2,831,355
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds		2.73%		06/01/2038		2,500		2,570,175
Sarasota (City of), FL, Series 2010, RB(c)(d)		5.43%		10/01/2020		200		200,808
Seminole (County of), FL, Series 2010 B, RB(c)(d)		6.44%		10/01/2020		2,000		2,009,720
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 A, Ref. RB, (INS - AGM)(a)		3.80%		10/01/2050		6,000		6,056,220
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref. RB, (INS - AGM)(a)		2.54%		10/01/2030		2,000		2,034,260
Sunrise (City of), FL, Series 2010 B, RB(c)(d)		5.81%		10/01/2020		1,500		1,506,615
								63,629,872
Georgia-1.67%
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB		3.13%		11/01/2049		8,500		9,717,625
Georgia (State of) Municipal Electric Authority, Series 2010, RB		7.06%		04/01/2057		9,761		14,157,159
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), Series 2010 A, RB		6.66%		04/01/2057		6,566		9,696,538
								33,571,322
Hawaii-3.15%
Hawaii (State of), Series 2010, GO Bonds		5.53%		02/01/2030		1,000		1,357,980
Hawaii (State of), Series 2017 A, RB		3.89%		07/01/2037		1,250		1,303,762
Hawaii (State of), Series 2020 FZ, GO Bonds		0.89%		08/01/2026		6,910		6,903,505
Hawaii (State of), Series 2020 FZ, GO Bonds		2.00%		08/01/2027		5,000		5,280,150
Hawaii (State of), Series 2020 FZ, GO Bonds		1.60%		08/01/2031		3,000		3,021,630
Hawaii (State of), Series 2020 FZ, GO Bonds		1.70%		08/01/2032		5,000		5,035,950
Hawaii (State of), Series 2020 FZ, GO Bonds		1.87%		08/01/2033		8,000		8,101,040
Hawaii (State of), Series 2020 FZ, GO Bonds		1.98%		08/01/2034		6,000		6,086,820
Hawaii (State of), Series 2020 FZ, GO Bonds		2.07%		08/01/2035		15,000		15,192,000
Kauai (County of), HI, Series 2010 A, GO Bonds		5.76%		08/01/2033		2,000		2,859,580
University of Hawaii, Series 2010 A-1, RB		5.83%		10/01/2030		3,000		3,012,330
University of Hawaii, Series 2010 A-1, RB		6.03%		10/01/2040		5,000		5,019,850
								63,174,597
Idaho-0.04%
Idaho (State of) Housing & Finance Association, Series 2010 A-2, RB		6.35%		07/15/2028		595		754,347
Illinois-5.38%
Chicago (City of), IL, Series 2009 C, GO Bonds		6.21%		01/01/2036		6,205		6,727,647
Chicago (City of), IL, Series 2009 D, GO Bonds		6.26%		01/01/2040		2,000		2,137,900

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

83

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Illinois-(continued)
Chicago (City of), IL, Series 2010 B, GO Bonds		7.52%		01/01/2040	$	2,000	$	2,349,540
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB		6.85%		01/01/2038		3,190		3,194,689
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB		6.40%		01/01/2040		5,750		8,962,180
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.47%		01/01/2049		10,000		13,336,300
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.57%		01/01/2054		9,580		13,069,419
Chicago (City of), IL Board of Education, Series 2009 E, GO Bonds		6.14%		12/01/2039		8,700		9,045,738
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.60%		12/01/2035		10,000		10,554,100
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.91%		12/01/2040		3,000		3,172,170
Illinois (State of), Series 2010 1, GO Bonds		5.56%		02/01/2021		14,795		14,931,706
Illinois (State of), Series 2010 2, GO Bonds		6.90%		03/01/2035		9,300		10,929,174
Itasca (Village of), IL, Series 2009 A, GO Bonds		6.10%		02/01/2034		200		200,716
Itasca (Village of), IL, Series 2009 A, GO Bonds		6.20%		02/01/2039		320		321,114
Northern Illinois Municipal Power Agency, Series 2010, RB		7.62%		01/01/2030		225		283,464
Sales Tax Securitization Corp., Series 2020 B, Ref. RB		2.96%		01/01/2032		2,500		2,547,250
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a)		3.41%		01/01/2043		6,000		6,240,900
								108,004,007
Indiana-0.28%
Indianapolis (State of) Local Public Improvement Bond Bank (The), Series 2010 A-2, RB		5.85%		01/15/2030		1,000		1,268,750
Indianapolis (State of) Local Public Improvement Bond Bank (The), Series 2010 B-2, RB		5.97%		01/15/2030		3,500		4,450,075
								5,718,825
Kansas-0.03%
Kansas (State of) Development Finance Authority, Series 2010 E2, RB		6.12%		11/01/2029		500		504,295
Kentucky-0.07%
Kenton (County of), KY Airport Board, Series 2019, RB		4.69%		01/01/2049		1,000		1,069,150
Louisville/Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds		5.45%		11/15/2027		200		252,580
								1,321,730
Louisiana-1.73%
Louisiana (State of), Series 2020 A-2, Ref. RB		2.23%		05/01/2036		2,000		2,011,920
Louisiana (State of), Series 2020 A-2, Ref. RB		2.53%		05/01/2041		3,000		2,981,730
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a)		2.59%		02/01/2043		9,225		9,132,473
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a)		2.64%		02/01/2048		9,000		8,876,430
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)		2.28%		06/01/2030		10,000		10,214,900
Tangipahoa (Parish of), LA Hospital Service District No. 1, Series 2009, RB, (INS - AGC)(a)		7.20%		02/01/2042		1,500		1,511,100
								34,728,553
Maryland-0.16%
Maryland (State of) Transportation Authority, Series 2010 B, RB		5.60%		07/01/2030		1,200		1,516,896
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB		4.75%		06/01/2042		1,500		1,614,615
								3,131,511
Massachusetts-3.11%
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.48%		05/01/2024		4,300		4,902,043
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.91%		05/01/2029		7,765		10,034,477
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds		0.39%		07/01/2022		4,000		4,000,680
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds		0.51%		07/01/2023		2,000		2,000,580
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds		3.28%		06/01/2046		1,500		1,724,070
Massachusetts (State of) Bay Transportation Authority, Series 2010, RB		5.87%		07/01/2040		2,000		2,812,260
Massachusetts (State of) Clean Water Trust (The), Series 2010, RB		5.19%		08/01/2040		1,125		1,377,394
Massachusetts (State of) College Building Authority, Series 2009 C, RB		5.83%		05/01/2030		5,000		6,390,600
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 D, RB, (INS - AGM)(a)		3.52%		10/01/2046		5,000		5,063,450
Massachusetts (State of) School Building Authority, Series 2009, RB		5.72%		08/15/2039		450		667,318
Massachusetts (State of) School Building Authority, Series 2020 B, Ref. RB		0.35%		08/15/2021		8,335		8,348,253

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

84

Invesco Taxable Municipal Bond ETF (BAB) - (continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Massachusetts-(continued)
Massachusetts (State of) School Building Authority, Series 2020 B, Ref. RB		0.40%		08/15/2022	$	13,285	$	13,329,903
University of Massachusetts Building Authority, Series 2010 2, RB		4.55%		11/01/2025		1,500		1,771,740
								62,422,768
Michigan-0.48%
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)		2.62%		07/01/2036		8,800		9,289,192
University of Michigan, Series 2010 A, RB		5.51%		04/01/2030		250		319,115
								9,608,307
Minnesota-0.17%
Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB		3.23%		01/01/2046		3,000		3,344,730
Mississippi-1.35%
Mississippi (State of), Series 2009 D, GO Bonds		5.54%		10/01/2029		3,000		3,801,900
Mississippi (State of), Series 2010, GO Bonds		5.25%		11/01/2034		1,000		1,342,460
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.04%		11/01/2027		5,000		5,047,600
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.63%		11/01/2031		7,500		7,656,150
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.73%		11/01/2032		7,000		7,151,760
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.78%		11/01/2033		2,000		2,033,880
								27,033,750
Missouri-1.64%
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB		4.20%		10/01/2049		5,000		5,946,000
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		4.96%		05/01/2023		2,250		2,466,765
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		5.06%		05/01/2024		6,000		6,789,120
Missouri (State of) Highway & Transportation Commission, Series 2010 B, RB		5.02%		05/01/2025		1,000		1,162,780
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB		6.89%		01/01/2042		10,000		15,105,500
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB		7.60%		01/01/2032		1,000		1,364,280
								32,834,445
Nebraska-0.34%
University of Nebraska Facilities Corp., Series 2019 A, Ref. RB		3.04%		10/01/2049		6,000		6,795,420
Nevada-0.54%
Clark (County of), NV, Series 2010 A, GO Bonds		6.55%		07/01/2030		1,500		1,916,400
Clark (County of), NV, Series 2010 A, GO Bonds		6.75%		07/01/2038		1,620		2,426,711
Nye (County of), NV, Series 2010 B, GO Bonds, (INS - AGM)(a)		6.30%		08/01/2035		1,000		1,003,010
Nye (County of), NV, Series 2010 B, GO Bonds, (INS - AGM)(a)		6.40%		08/01/2040		1,000		1,002,910
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB		7.45%		02/01/2040		3,000		4,530,510
								10,879,541
New Hampshire-0.02%
New Hampshire (State of) Turnpike System, Series 2009, RB		6.01%		11/01/2039		250		349,848
New Jersey-2.97%
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB		6.18%		01/15/2027		500		589,500
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2010 G, RB		6.19%		07/01/2040		3,000		3,008,850
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)(a)		3.96%		07/01/2048		1,400		1,466,304
New Jersey (State of) Educational Facilities Authority (The College of New Jersey), Series 2020, Ref. RB, (INS - AGM)(a)		3.61%		07/01/2050		10,000		10,128,300
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB		6.56%		12/15/2040		7,455		9,664,513
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB		5.75%		12/15/2028		1,990		2,248,302
New Jersey Institute of Technology, Series 2020 B, Ref. RB		3.42%		07/01/2042		6,955		7,212,544
Passaic (County of), NJ Improvement Authority, Series 2010, RB		6.54%		08/01/2031		1,000		1,003,910
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.57%		12/15/2029		500		683,585
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.82%		12/15/2039		500		809,160
Rutgers The State University of New Jersey, Series 2010, RB		5.55%		05/01/2029		905		1,094,190
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB		3.27%		05/01/2043		3,500		3,890,845

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

85

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.56%		05/01/2040	$	6,000	$	5,935,740
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.68%		05/01/2046		5,000		4,900,900
South Jersey Port Corp., Series 2009, RB		7.37%		01/01/2040		5,000		6,893,700
								59,530,343
New York-15.90%
Long Island (City of), NY Power Authority, Series 2020 C, Ref. RB		0.66%		03/01/2022		1,600		1,600,544
Long Island (City of), NY Power Authority, Series 2020 C, Ref. RB		0.76%		03/01/2023		5,250		5,254,095
Metropolitan Transportation Authority, Series 2009, RB		5.87%		11/15/2039		335		400,318
Metropolitan Transportation Authority, Series 2009, RB		7.34%		11/15/2039		2,015		3,267,302
Metropolitan Transportation Authority, Series 2010 A2, RB		6.09%		11/15/2040		2,500		3,574,950
Metropolitan Transportation Authority, Series 2010 E, RB		6.81%		11/15/2040		6,525		8,392,064
Metropolitan Transportation Authority, Series 2010, RB		6.65%		11/15/2039		1,800		2,313,792
Metropolitan Transportation Authority, Series 2010, RB		6.67%		11/15/2039		7,250		9,451,462
Metropolitan Transportation Authority, Series 2010, RB		6.69%		11/15/2040		3,745		4,856,891
Monroe County Industrial Development Corp. (University of Rochester), Series 2020, RB		2.85%		07/01/2050		10,000		10,056,900
New York & New Jersey (States of) Port Authority, Series 2011, RB		4.93%		10/01/2051		11,485		15,818,405
New York & New Jersey (States of) Port Authority, Series 2012, RB		4.46%		10/01/2062		13,200		17,312,724
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB		1.09%		07/01/2023		22,500		22,814,325
New York (City of), NY, Series 2010 D-1, GO Bonds		5.99%		12/01/2036		1,500		2,126,340
New York (City of), NY, Series 2010 G-1, GO Bonds		5.97%		03/01/2036		8,495		12,389,533
New York (City of), NY, Series 2010 H-1, GO Bonds		5.65%		06/01/2027		1,000		1,191,740
New York (City of), NY, Series 2010 H-1, GO Bonds		6.25%		06/01/2035		3,920		3,938,542
New York (City of), NY, Series 2010 H-1, GO Bonds		5.85%		06/01/2040		5,000		7,394,450
New York (City of), NY, Series 2011 C-1, GO Bonds		5.82%		10/01/2031		2,710		2,722,114
New York (City of), NY, Series 2011 F-1, GO Bonds		6.27%		12/01/2037		7,920		12,025,807
New York (City of), NY, Series 2019 A-2, GO Bonds		2.13%		08/01/2024		15,000		15,831,150
New York (City of), NY, Series 2019 A-2, GO Bonds		2.63%		08/01/2028		10,000		10,975,700
New York (City of), NY, Series 2020 D-3, GO Bonds		2.22%		03/01/2035		6,930		7,008,101
New York (City of), NY Educational Construction Fund, Series 2010 A, RB		6.00%		04/01/2035		2,000		2,912,280
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB		5.72%		06/15/2042		4,460		7,200,715
New York (City of), NY Transitional Finance Authority, Series 2010, RB.		5.51%		08/01/2037		1,575		2,224,215
New York (City of), NY Transitional Finance Authority, Series 2011 B-1, RB		5.93%		11/01/2036		6,475		6,530,361
New York (City of), NY Transitional Finance Authority, Series 2011 S-1B, RB		6.83%		07/15/2040		3,785		5,847,787
New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB		2.11%		11/01/2024		5,000		5,329,800
New York (State of) Dormitory Authority, Series 2009 F, RB		5.29%		03/15/2025		200		237,758
New York (State of) Dormitory Authority, Series 2010 C, RB		4.90%		02/15/2023		1,400		1,544,746
New York (State of) Dormitory Authority, Series 2010 D, RB		5.50%		03/15/2030		2,760		3,451,518
New York (State of) Dormitory Authority, Series 2010 H, RB		5.29%		03/15/2033		1,345		1,722,084
New York (State of) Dormitory Authority, Series 2010 H, RB		5.39%		03/15/2040		1,800		2,533,698
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB		3.14%		07/01/2043		2,000		2,108,100
New York (State of) Dormitory Authority, Series 2020 F, Ref. RB		3.19%		02/15/2043		5,000		5,587,100
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB		2.03%		02/15/2023		1,245		1,283,931
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB		3.03%		02/15/2033		6,970		7,707,984
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB		4.85%		07/01/2048		5,000		5,902,000
New York (State of) Dormitory Authority (New York University), Series 2020 B, Ref. RB		2.77%		07/01/2043		5,000		4,970,950
New York (State of) Dormitory Authority (New York University; Green Bonds), Series 2019, RB		4.01%		07/01/2049		3,000		3,569,070
New York (State of) Housing Finance Agency, Series 2019 A, Ref. VRD RB(e)		0.17%		11/01/2045		9,985		9,985,000
New York (State of) Housing Finance Agency, Series 2019 B, Ref. VRD RB(e)		0.14%		11/01/2045		14,100		14,100,000
New York (State of) Thruway Authority, Series 2019 M, Ref. RB		2.90%		01/01/2035		5,000		5,429,100
New York State Environmental Facilities Corp., Series 2010, RB		5.71%		06/15/2030		1,000		1,321,770
New York State Urban Development Corp., Series 2010 B, RB		5.84%		03/15/2040		2,000		2,703,220
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.02%		07/01/2024		2,000		2,018,380
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.12%		01/01/2025		2,750		2,787,290
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.22%		07/01/2025		2,500		2,545,650

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

86

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.27%		01/01/2026	$	2,000	$	2,033,180
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.32%		07/01/2026		1,000		1,020,390
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.42%		07/01/2027		2,000		2,050,780
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.47%		07/01/2028		3,000		3,066,900
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.57%		07/01/2029		2,000		2,050,740
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.67%		07/01/2030		1,000		1,029,990
Triborough Bridge & Tunnel Authority, Series 2009 B, RB		5.50%		11/15/2039		2,715		3,764,646
Triborough Bridge & Tunnel Authority, Series 2010, RB		5.45%		11/15/2032		2,280		3,008,300
Westchester County Local Development Corp. (Westchester Medical), Series 2020, Ref. RB, (INS - AGM)(a)		3.85%		11/01/2050		7,750		7,846,410
Western Nassau County Water Authority, Series 2010 B, RB		6.70%		04/01/2040		500		733,645
								318,876,737
North Carolina-0.07%
North Carolina State University at Raleigh, Series 2010 B, RB		5.93%		10/01/2030		1,000		1,004,500
University of North Carolina at Chapel Hill, Series 2009, RB		5.76%		12/01/2039		500		501,855
								1,506,355
Ohio-3.23%
American Municipal Power, Inc., Series 2009 B, RB		6.45%		02/15/2044		2,000		3,024,500
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB		8.08%		02/15/2050		9,930		18,803,845
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB		7.50%		02/15/2050		3,395		5,714,226
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB		6.27%		02/15/2050		2,090		3,027,783
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB		6.05%		02/15/2043		8,005		11,793,046
Columbus (City of), OH Regional Airport Authority, Series 2019, RB		4.20%		12/15/2048		1,000		1,042,480
Cuyahoga (County of), OH, Series 2010, RB		8.22%		02/15/2040		1,000		1,408,450
Franklin (County of), OH (Nationwide Childrens Hospital), Series 2019 B, RB		3.38%		11/01/2050		8,000		8,860,160
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB		6.39%		12/01/2030		1,000		1,322,520
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB		6.54%		12/01/2036		1,070		1,590,245
JobsOhio Beverage System, Series 2020 A, Ref. RB		2.83%		01/01/2038		2,000		2,163,240
Ohio (State of) (Cleveland Clinic Health), Series 2017, Ref. RB		3.70%		01/01/2043		1,000		1,186,650
Ohio State University (The), Series 2020, Ref. RB		3.02%		12/01/2050		5,000		4,780,600
								64,717,745
Oregon-1.38%
Metro, Series 2019, GO Bonds		3.25%		06/01/2028		10,000		11,646,100
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB		2.99%		09/01/2036		4,000		4,505,000
Oregon (State of), Series 2003, GO Bonds		5.89%		06/01/2027		2,000		2,534,240
Oregon (State of) Department of Transportation, Series 2010, RB		5.83%		11/15/2034		1,000		1,447,800
Oregon State University, Series 2019, RB		4.05%		04/01/2052		6,000		6,466,020
Portland (Port of), OR (Portland International Airport), Series 2019, RB		4.24%		07/01/2049		1,000		1,027,670
								27,626,830
Pennsylvania-5.98%
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds		2.09%		11/01/2033		18,000		18,441,180
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds		2.34%		11/01/2037		38,000		38,484,500
Commonwealth Financing Authority, Series 2010 C2, RB		5.59%		06/01/2030		2,000		2,509,000
Commonwealth Financing Authority, Series 2019 A, RB		3.81%		06/01/2041		5,000		5,732,500
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a)		3.66%		06/01/2038		20,000		22,653,600
Kiski Area School District, Series 2010, GO Bonds(c)(d)		6.53%		09/01/2020		2,000		2,000,000
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds		4.65%		02/15/2026		4,955		5,568,974
Pennsylvania (State of) Higher Educational Facilities Authority, Series 2010, RB		6.14%		04/01/2030		1,000		1,262,100
Pennsylvania (State of) Higher Educational Facilities Authority, Series 2019 B, Ref. RB		2.97%		08/15/2045		7,000		7,383,320

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

87

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (State of) Turnpike Commission, Series 2009, RB		6.11%		12/01/2039	$	1,443	$	2,169,146
Pennsylvania (State of) Turnpike Commission, Series 2020 A, Ref. RB		3.42%		12/01/2041		5,000		5,328,400
Pennsylvania (State of) Turnpike Commission, Series 2020 A, Ref. RB		3.44%		12/01/2043		3,000		3,192,000
Quaker Valley School District, Series 2010, GO Bonds(c)(d)		5.96%		10/01/2020		1,000		1,004,470
School District of Philadelphia (The), Series 2010, GO Bonds		6.62%		06/01/2030		1,000		1,253,210
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB		3.01%		09/15/2041		2,750		3,017,163
								119,999,563
South Carolina-1.15%
South Carolina (State of) Public Service Authority, Series 2010 C, RB		6.45%		01/01/2050		9,050		14,389,228
South Carolina (State of) Public Service Authority, Series 2016 D, RB, (INS - AGM)(a)		2.39%		12/01/2023		1,355		1,404,701
South Carolina Student Loan Corp., Series 2020, RB		3.59%		12/01/2039		5,000		4,942,100
Williamsburg County Public Facilities Corp. (Williamsburg County), Series 2010, RB		6.53%		12/01/2030		2,250		2,272,163
								23,008,192
Tennessee-0.05%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Seris 2016 B, RB		4.05%		07/01/2026		1,000		1,093,530
Texas-9.03%
Beaumont (City of), TX, Series 2010 B, RB		6.01%		09/01/2030		1,500		1,506,165
Board of Regents of The University of Texas System, Series 2010 C, RB		4.64%		08/15/2030		10,000		12,560,900
Channelview Independent School District, Series 2010 B, GO Bonds, (CEP -Texas Permanent School Fund)		5.93%		08/15/2035		2,000		2,006,800
Dallas Convention Center Hotel Development Corp., Series 2009, RB		7.09%		01/01/2042		2,780		3,726,117
Dallas Independent School District, Series 2010 C, GO Bonds, (CEP -Texas Permanent School Fund)		6.45%		02/15/2035		5,170		5,299,664
Dallas-Fort Worth (Cities of), TX International Airport, Series 2019 A, Ref. RB		1.89%		11/01/2021		11,820		11,981,579
Dallas-Fort Worth (Cities of), TX International Airport, Series 2019 A, Ref. RB		1.88%		11/01/2022		5,690		5,822,349
Dallas-Fort Worth (Cities of), TX International Airport, Series 2019 A, Ref. RB		1.94%		11/01/2023		5,800		5,982,178
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 C, Ref. RB		1.33%		11/01/2025		3,250		3,264,918
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 C, Ref. RB		1.65%		11/01/2026		2,400		2,414,040
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 C, Ref. RB		2.92%		11/01/2050		20,000		20,004,600
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP -Texas Permanent School Fund)		2.74%		08/01/2041		10,000		10,640,200
Hallettsville Independent School District, Series 2010, GO Bonds, (CEP -Texas Permanent School Fund)		6.27%		08/15/2030		605		607,287
Hallettsville Independent School District, Series 2010, GO Bonds, (CEP -Texas Permanent School Fund)		6.47%		08/15/2035		1,000		1,003,910
North Texas Tollway Authority, Series 2009, RB		6.72%		01/01/2049		1,700		3,065,916
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.36%		02/01/2022		5,000		5,001,400
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.48%		02/01/2023		13,000		13,028,340
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.84%		02/01/2025		10,000		10,021,400
San Antonio Education Facilities Corp. (Trinity University), Series 2020, Ref. RB		3.24%		06/01/2050		10,000		10,020,000
Texas (State of), Series 2009, GO Bonds		5.52%		04/01/2039		9,680		14,654,843
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB		3.03%		08/15/2041		2,000		2,004,700
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.03%		04/01/2026		2,000		2,359,960
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.18%		04/01/2030		11,715		15,205,250
Texas A&M University, Series 2019 A, RB		4.20%		05/15/2048		2,500		2,862,500
Texas A&M University System Board of Regents, Series 2019 B, Ref. RB		2.62%		05/15/2029		3,000		3,290,370
University of Texas System (The), Series 2020 B, Ref. RB		2.44%		08/15/2049		7,500		7,771,575
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB		2.84%		03/01/2040		5,000		5,062,100
								181,169,061
Utah-0.32%
Salt Lake (County of), UT Municipal Building Authority, Series 2009, RB		5.82%		12/01/2029		500		631,105
Utah (State of), Series 2009 D, GO Bonds		4.55%		07/01/2024		575		629,171

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

88

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Utah-(continued)
Utah (State of), Series 2010 B, GO Bonds		3.54%		07/01/2025	$	2,355	$	2,583,411
Utah (State of) Transit Authority, Series 2009 B, RB		5.94%		06/15/2039		1,815		2,620,189
								6,463,876
Virgin Islands-0.36%
Virgin Islands (Government of) Water & Power Authority, Series 2010, RB, (INS - AGM)(a)		6.85%		07/01/2035		5,795		7,165,460
Washington-2.76%
Benton (County of), WA Public Utility District No. 1, Series 2010, RB		6.55%		11/01/2030		750		1,045,320
Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB		5.49%		11/01/2039		1,855		2,720,246
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB		6.88%		09/01/2032		6,500		9,189,050
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB		5.25%		09/01/2030		2,000		2,390,320
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.73%		01/01/2030		2,500		3,315,200
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.83%		01/01/2040		2,750		3,964,015
King (County of), WA, Series 2020 B, Ref. RB		1.30%		01/01/2028		15,990		16,027,257
King (County of), WA, Series 2020 B, Ref. RB		1.46%		01/01/2029		5,915		5,943,451
Seattle (Port of), WA, Series 2017, Ref. RB		3.76%		05/01/2036		500		527,435
Snohomish (County of), WA Public Hospital District No. 3, Series 2010, GO Bonds		6.33%		12/01/2035		1,000		1,009,860
Tacoma (City of), WA, Series 2010 B, RB		5.37%		12/01/2030		1,000		1,277,270
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a)		5.79%		01/01/2032		2,570		3,434,394
Washington (State of), Series 2010, GO Bonds		5.09%		08/01/2033		2,000		2,662,520
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB		6.42%		07/01/2030		1,435		1,874,382
								55,380,720
Wisconsin-0.98%
Wisconsin (State of), Series 2017 A, Ref. RB		3.95%		05/01/2036		3,000		3,355,080
Wisconsin (State of), Series 2019 1, Ref. GO Bonds		2.38%		05/01/2030		7,500		8,303,925
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		1.88%		05/01/2025		2,500		2,642,625
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		2.35%		05/01/2031		1,000		1,103,780
Wisconsin (State of), Series 2020 A, Ref. RB		2.50%		05/01/2032		2,000		2,168,160
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a)		4.17%		12/15/2050		2,000		2,146,180
								19,719,750
Total Municipal Obligations (Cost $1,710,495,834)								1,881,635,794
U.S. Dollar Denominated Bonds & Notes-2.75%
California-0.79%
Claremont Mckenna College, Series 2019		3.38%		01/01/2050		7,500		8,388,495
Pepperdine University		3.30%		12/01/2059		5,000		5,434,973
University of Southern California, Series A		3.23%		10/01/2120		2,000		2,104,425
								15,927,893
Connecticut-0.19%
Wesleyan University		3.37%		07/01/2050		4,000		3,861,948
District of Columbia-0.15%
Association of American Medical Colleges		3.32%		10/01/2041		3,000		3,079,130
Maine-0.10%
Colby College		3.20%		07/01/2054		2,000		2,014,878
Massachusetts-0.22%
Whitehead Institute for Biomedical Research		3.28%		12/01/2050		4,000		4,336,782
Minnesota-0.13%
Mayo Clinic, Series 2016		4.13%		11/15/2052		2,000		2,630,748
New Hampshire-0.12%
Trustees of Dartmouth College		3.47%		06/01/2046		2,000		2,308,190
New York-0.87%
Ford Foundation (The)		2.42%		06/01/2050		3,000		3,102,065
Ford Foundation (The)		2.82%		06/01/2070		5,000		5,327,877

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

89

Invesco Taxable Municipal Bond ETF (BAB)—(continued)

August 31, 2020

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Montefiore Medical Center		2.90%		04/20/2032	$	1,170	$	1,271,032
Montefiore Obligated Group, (INS - AGM)(a)		3.79%		09/01/2050		7,000		7,775,893
								17,476,867
Texas-0.18%
Baylor Scott & White Holdings		3.97%		11/15/2046		3,000		3,614,854
Total U.S. Dollar Denominated Bonds & Notes (Cost $50,669,900)								55,251,290
					Shares
Money Market Funds-4.50%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(f)(g) (Cost $90,139,484)						90,139,484		90,139,484
TOTAL INVESTMENTS IN SECURITIES(h)-101.06% (Cost $1,851,305,218)								2,027,026,568
OTHER ASSETS LESS LIABILITIES-(1.06%)								(21,165,809	)
NET ASSETS-100.00%							$	2,005,860,759

Investment Abbreviations:
AGC	-Assured Guaranty Corp.
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding
VRD	-Variable Rate Demand

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Security subject to crossover refunding.

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

^(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	21,268,011		$	829,375,166		$	(760,503,693	)		$	-		$	-		$	90,139,484		$	342,090

^(g)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(h)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp		8.13%

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

90

Invesco Treasury Collateral ETF (CLTL)

August 31, 2020

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-99.97%
U.S. Treasury Bills-60.87%(a)
0.08%, 09/01/2020	$	1,782,000	$	1,782,000
0.09%–0.17%, 10/01/2020		26,481,000		26,478,959
0.08%, 10/06/2020		9,654,000		9,653,179
0.01%–1.49%, 10/08/2020		33,669,900		33,666,915
0.08%, 10/13/2020		9,654,000		9,652,986
0.09%–0.15%, 10/15/2020		28,134,000		28,130,905
0.09%–0.16%, 10/22/2020		29,712,800		29,708,801
0.09%–0.16%, 10/29/2020		24,684,000		24,680,321
0.04%–1.48%, 11/05/2020		33,563,000		33,557,395
0.09%–0.16%, 11/12/2020		29,789,000		29,783,340
0.10%–0.16%, 11/19/2020		24,002,000		23,996,865
0.10%–0.16%, 11/27/2020		23,291,000		23,285,301
0.09%–0.16%, 12/03/2020		27,675,000		27,667,136
0.10%–0.15%, 12/10/2020		14,903,000		14,898,757
0.10%–0.14%, 12/17/2020		13,610,000		13,605,854
0.10%–0.15%, 12/24/2020		19,868,000		19,861,079
0.10%–0.16%, 12/31/2020		29,571,000		29,560,067
0.09%–0.11%, 01/07/2021		13,811,100		13,805,453
0.09%, 01/14/2021		14,068,000		14,061,933
0.10%–0.13%, 01/21/2021		14,868,400		14,862,242
0.10%–0.17%, 01/28/2021		14,884,000		14,877,840
0.10%, 02/04/2021		14,067,000		14,060,447
0.10%, 02/11/2021		14,067,000		14,060,312
0.11%, 02/18/2021		14,067,000		14,059,693
0.11%–0.39%, 02/25/2021		19,560,000		19,548,941
0.12%, 03/04/2021		14,067,000		14,058,821
0.12%–0.17%, 03/25/2021		25,098,000		25,081,207
0.12%–0.17%, 04/22/2021		16,737,000		16,724,001
0.12%–0.16%, 06/17/2021		15,874,000		15,858,708
				571,029,458

	Principal Amount		Value
U.S. Treasury Notes-39.10%
2.75%, 09/30/2020	$	2,924,000	$	2,930,136
1.63%, 10/15/2020		19,941,000		19,977,298
1.38% - 2.88%, 10/31/2020		70,295,000		70,503,751
1.75% - 2.63%, 11/15/2020		20,558,000		20,646,016
1.63% - 2.75%, 11/30/2020		44,539,000		44,757,538
1.88%, 12/15/2020		11,783,000		11,842,256
1.75% - 2.50%, 12/31/2020		28,820,000		29,009,799
2.00%, 01/15/2021		6,477,000		6,521,771
1.38% - 2.13%, 01/31/2021		23,566,000		23,722,553
2.25% - 3.63%, 02/15/2021		24,065,000		24,351,421
1.13% - 2.50%, 02/28/2021		38,898,000		39,261,822
2.25%, 03/31/2021		12,872,000		13,025,609
2.25%, 04/30/2021		13,357,000		13,545,208
2.63%, 05/15/2021		4,320,000		4,395,234
2.00%, 05/31/2021		14,903,000		15,106,712
1.13% - 2.13%, 06/30/2021		26,911,000		27,227,834
				366,824,958
Total U.S. Treasury Securities (Cost $937,203,997)				937,854,416
	Shares
Money Market Funds-0.02%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(b)(c) (Cost $221,238)		221,238		221,238
TOTAL INVESTMENTS IN SECURITIES-99.99% (Cost $937,425,235)				938,075,654
OTHER ASSETS LESS LIABILITIES-0.01%				93,853
NET ASSETS-100.00%			$	938,169,507

Notes to Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	64,329,631		$	(64,108,393	)		$	-		$	-		$	221,238		$	8,878

^(c) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

91

Invesco Variable Rate Preferred ETF (VRP)

August 31, 2020

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-72.66%
Automobiles-0.72%
General Motors Financial Co., Inc.
Series A, 5.75%(b)(c)(d)	$	7,140,000	$	6,984,332
Series B, 6.50%(b)(c)(d)		3,515,000		3,561,569
				10,545,901
Banks-35.53%
Bank of America Corp.
Series AA, 6.10%(c)(d)		13,180,000		14,797,779
Series DD, 6.30%(c)(d)		7,095,000		8,208,420
Series FF, 5.88%(c)(d)		16,355,000		17,994,019
Series JJ, 5.13%(c)(d)		7,225,000		7,620,099
Series MM, 4.30%(c)(d)		7,775,000		7,701,215
Series U, 5.20%(b)(c)(d)		7,191,000		7,429,863
Series X, 6.25%(c)(d)		13,865,000		15,100,892
Series Z, 6.50%(c)(d)		9,738,000		11,005,546
Citigroup, Inc.
5.90%(c)(d)		5,325,000		5,644,287
Series A, 5.95%(c)(d)		10,616,000		11,125,249
Series D, 5.35%(b)(c)(d)		8,585,000		8,803,832
Series M, 6.30%(c)(d)		12,335,000		13,221,270
Series P, 5.95%(c)(d)		13,912,000		15,028,358
Series Q, 4.38% (3 mo. USD LIBOR + 4.10%)(d)(e)		8,783,000		8,742,291
Series R, 6.13%(c)(d)		10,413,000		10,477,544
Series T, 6.25%(c)(d)		10,702,000		12,155,706
Series U, 5.00%(c)(d)		10,650,000		10,778,291
Series V, 4.70%(c)(d)		10,600,000		10,566,875
Citizens Financial Group, Inc., Series F, 5.65%(c)(d)		2,880,000		3,096,000
Comerica, Inc., 5.63%(b)(c)(d)		2,900,000		3,168,279
Fifth Third Bancorp
5.10%(c)(d)		4,225,000		4,031,036
Series L, 4.50%(c)(d)		2,390,000		2,453,335
Huntington Bancshares, Inc.
Series E, 5.70%(c)(d)		3,629,000		3,458,283
Series F, 5.63%(c)(d)		3,680,000		4,121,600
Series G, 4.45%(c)(d)		3,485,000		3,511,068

	Principal Amount		Value
Banks-(continued)
JPMorgan Chase & Co.
Series CC, 4.63%(b)(c)(d)	$	8,975,000	$	8,845,227
Series FF, 5.00%(c)(d)		15,871,000		16,310,826
Series HH, 4.60%(c)(d)		21,375,000		21,481,875
Series I, 3.74% (3 mo. USD LIBOR + 3.47%)(d)(e)		20,741,000		20,119,035
Series II, 4.00%(c)(d)		10,350,000		9,826,031
Series Q, 5.15%(c)(d)		10,495,000		10,671,640
Series R, 6.00%(c)(d)		10,590,000		11,175,214
Series S, 6.75%(c)(d)		14,130,000		15,795,137
Series U, 1.20% (3 mo. USD LIBOR + 0.95%), 02/02/2037(e)		2,340,000		1,911,311
Series U, 6.13%(c)(d)		7,190,000		7,691,709
Series V, 3.62% (3 mo. USD LIBOR + 3.32%)(d)(e)		17,519,000		16,655,540
Series W, 1.28% (3 mo. USD LIBOR + 1.00%), 05/15/2047(e)		4,274,000		3,294,450
Series X, 6.10%(c)(d)		11,003,000		11,822,925
Series Z, 4.05% (3 mo. USD LIBOR + 3.80%)(d)(e)		14,240,000		14,193,222
KeyCorp, Series D, 5.00%(c)(d)		3,815,000		3,902,878
M&T Bank Corp.
Series E, 6.45%(c)(d)		2,490,000		2,703,381
Series F, 5.13%(c)(d)		3,620,000		3,816,512
Series G, 5.00%(c)(d)		2,825,000		2,934,469
PNC Financial Services Group, Inc. (The)
Series O, 6.75%(c)(d)		7,005,000		7,243,156
Series R, 4.85%(c)(d)		3,595,000		3,701,430
Series S, 5.00%(c)(d)		3,750,000		4,002,429
Regions Financial Corp., Series D, 5.75%(b)(c)(d)		2,530,000		2,751,375
Truist Financial Corp.
Series L, 5.05%(c)(d)		5,250,000		5,246,066
Series M, 5.13%(c)(d)		3,480,000		3,617,861
Series N, 4.80%(c)(d)		12,100,000		12,565,330
Series P, 4.95%(c)(d)		7,200,000		7,811,064
Series Q, 5.10%(c)(d)		7,100,000		7,810,000
U.S. Bancorp
Series I, 5.13%(b)(c)(d)		5,290,000		5,307,721
Series J, 5.30%(c)(d)		7,040,000		7,642,986
USB Capital IX, 3.50% (3 mo. USD LIBOR + 1.02%)(d)(e)		4,780,000		4,268,516
Wachovia Capital Trust III, 5.57% (3 mo. USD LIBOR + 0.93%)(d)(e)		17,599,000		17,718,145
Wells Fargo & Co.
Series S, 5.90%(c)(d)		13,964,000		14,673,242
Series U, 5.88%(c)(d)		14,096,000		15,565,138
				523,316,978
Capital Markets-9.69%
Bank of New York Mellon Corp. (The)
Series D, 4.50%(b)(c)(d)		3,595,000		3,543,574
Series E, 3.73% (3 mo. USD LIBOR + 3.42%)(d)(e)		7,240,000		7,220,927
Series F, 4.63%(c)(d)		7,111,000		7,441,374
Series G, 4.70%(c)(d)		7,190,000		7,826,315

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

92

Invesco Variable Rate Preferred ETF (VRP)—(continued)

August 31, 2020

	Principal Amount		Value
Capital Markets-(continued)
Charles Schwab Corp. (The)
7.00%(c)(d)	$	2,810,000	$	3,000,799
Series E, 4.63%(c)(d)		4,235,000		4,278,663
Series F, 5.00%(b)(c)(d)		3,615,000		3,744,927
Series G, 5.38%(c)(d)		17,400,000		19,140,000
E*TRADE Financial Corp.
Series A, 5.88%(b)(c)(d)		2,885,000		3,135,634
Series B, 5.30%(b)(c)(d)		2,050,000		2,053,136
Goldman Sachs Capital II, 4.00% (3 mo. USD LIBOR + 0.77%)(b)(d)(e)		5,607,000		5,162,673
Goldman Sachs Group, Inc. (The)
Series M, 4.17% (3 mo. USD LIBOR + 3.92%)(d)(e)		14,405,000		14,260,950
Series O, 5.30%(c)(d)		4,455,000		4,806,019
Series P, 5.00%(b)(c)(d)		10,410,000		10,052,150
Series Q, 5.50%(c)(d)		3,550,000		3,845,580
Series R, 4.95%(c)(d)		4,300,000		4,455,051
Mellon Capital IV, Series 1, 4.00% (3 mo. USD LIBOR + 0.57%)(d)(e)		3,580,000		3,562,100
Morgan Stanley
Series H, 3.89% (3 mo. USD LIBOR + 3.61%)(d)(e)		9,274,000		8,875,279
Series J, 4.09% (3 mo. USD LIBOR + 3.81%)(d)(e)		10,590,000		10,496,803
Northern Trust Corp., Series D, 4.60%(c)(d)		3,620,000		3,747,460
State Street Corp.
1.31% (3 mo. USD LIBOR + 1.00%), 06/15/2047(e)		3,636,000		2,986,987
Series F, 5.25%(c)(d)		5,350,000		5,379,425
Series H, 5.63%(c)(d)		3,540,000		3,647,220
				142,663,046
Consumer Finance-1.74%
American Express Co.
Series B, 3.71% (3 mo. USD LIBOR + 3.43%)(b)(d)(e)		5,455,000		5,194,524
Series C, 3.60% (3 mo. USD LIBOR + 3.29%)(d)(e)		6,133,000		5,697,680
Capital One Financial Corp., Series E, 4.05% (3 mo. USD LIBOR + 3.80%)(d)(e)		7,388,000		6,701,382
Discover Financial Services
Class C, 5.50%(c)(d)		4,130,000		4,054,179
Series D, 6.13%(c)(d)		3,695,000		3,993,925
				25,641,690
Diversified Financial Services-0.63%
Equitable Holdings, Inc., Series B, 4.95%(c)(d)		3,580,000		3,689,011
National Rural Utilities Cooperative Finance Corp.
4.75%, 04/30/2043(c)		2,864,000		2,956,748
5.25%, 04/20/2046(c)		2,470,000		2,694,940
				9,340,699
Electric Utilities-1.50%
Duke Energy Corp., 4.88%(c)(d)		7,175,000		7,579,337

	Principal Amount		Value
Electric Utilities-(continued)
NextEra Energy Capital Holdings, Inc. 2.36% (3 mo. USD LIBOR + 2.07%), 10/01/2066(e)	$	2,497,000	$	2,051,898
4.80%, 12/01/2077(c)		3,970,000		4,288,048
5.65%, 05/01/2079(c)		3,550,000		4,058,915
Southern Co. (The), Series B, 5.50%, 03/15/2057(c)		3,921,000		4,046,375
				22,024,573
Industrial Conglomerates-2.12%
General Electric Co., Series D, 5.00%(c)(d)		39,964,000		31,215,585
Insurance-7.41%
Aegon N.V. (Netherlands), 5.50%, 04/11/2048(c)		5,475,000		6,108,678
Allstate Corp. (The), Series B, 5.75%, 08/15/2053(c)		5,654,000		6,065,626
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(c)		5,329,000		5,889,896
AXIS Specialty Finance LLC, 4.90%, 01/15/2040(c)		2,909,000		2,858,842
Enstar Finance LLC, 5.75%, 09/01/2040(c)		2,390,000		2,451,200
Everest Reinsurance Holdings, Inc., 2.67% (3 mo. USD LIBOR + 2.38%), 05/15/2037(e)		1,724,000		1,469,226
Lincoln National Corp. 2.64% (3 mo. USD LIBOR + 2.36%), 05/17/2066(e)		5,205,000		3,913,874
2.31% (3 mo. USD LIBOR + 2.04%), 04/20/2067(e)		3,560,000		2,532,164
Markel Corp., 6.00%(c)(d)		4,320,000		4,638,600
MetLife, Inc.
Series C, 3.89% (3 mo. USD LIBOR + 3.58%)(d)(e)		10,775,000		10,647,047
Series D, 5.88%(c)(d)		3,515,000		3,900,246
Principal Financial Group, Inc., 3.32% (3 mo. USD LIBOR + 3.04%), 05/15/2055(e)		2,843,000		2,600,620
Progressive Corp. (The), Series B, 5.38%(c)(d)		3,540,000		3,577,135
Prudential Financial, Inc.
5.88%, 09/15/2042(c)		7,072,000		7,564,422
5.63%, 06/15/2043(c)		10,728,000		11,535,149
5.20%, 03/15/2044(c)		3,560,000		3,772,857
5.38%, 05/15/2045(c)		7,222,000		7,944,586
4.50%, 09/15/2047(c)		5,250,000		5,671,911
5.70%, 09/15/2048(b)(c)		7,140,000		8,250,349
3.70%, 10/01/2050(c)		5,700,000		5,886,846
Reinsurance Group of America, Inc., 2.98% (3 mo. USD LIBOR + 2.67%), 12/15/2065(e)		2,230,000		1,840,854
				109,120,128
Machinery-0.38%
Stanley Black & Decker, Inc., 4.00%, 03/15/2060(c)		5,325,000		5,592,364

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

93

Invesco Variable Rate Preferred ETF (VRP)—(continued)

August 31, 2020

	Principal Amount		Value
Media-0.61%
ViacomCBS, Inc.
5.88%, 02/28/2057(c)	$	3,655,000	$	3,799,007
6.25%, 02/28/2057(c)		4,671,000		5,218,535
				9,017,542
Multi-Utilities-2.09%
CenterPoint Energy, Inc., Series A, 6.13%(c)(d)		5,712,000		5,815,113
CMS Energy Corp., 4.75%, 06/01/2050(c)		3,600,000		3,913,182
Dominion Energy, Inc.
Series A, 5.75%, 10/01/2054(c)		4,875,000		5,223,421
Series B, 4.65%(b)(c)(d)		5,890,000		5,985,998
Sempra Energy, 4.88%(c)(d)		6,500,000		6,809,400
WEC Energy Group, Inc., 2.39% (3 mo. USD LIBOR + 2.11%), 05/15/2067(e)		3,616,000		2,994,537
				30,741,651
Oil, Gas & Consumable Fuels-8.79%
BP Capital Markets PLC (United Kingdom)
4.38%(c)(d)		17,625,000		18,550,312
4.88%(c)(d)		17,725,000		19,403,557
Enbridge, Inc. (Canada)
5.50%, 07/15/2077(c)		7,240,000		7,092,580
6.25%, 03/01/2078(c)		6,020,000		6,194,249
Series 20-A, 5.75%, 07/15/2080(c)		7,100,000		7,486,147
Energy Transfer Operating L.P.
Series A, 6.25%(c)(d)		6,745,000		4,926,852
Series G, 7.13%(c)(d)		7,900,000		6,905,785
Enterprise Products Operating LLC
5.38%, 02/15/2078(c)		4,951,000		4,521,525
Series D, 4.88%, 08/16/2077(c)		4,985,000		4,409,257
Series E, 5.25%, 08/16/2077(c)		7,089,000		6,817,810
Plains All American Pipeline L.P., Series B, 6.13%(c)(d)		5,628,000		3,945,273
TransCanada PipeLines Ltd. (Canada), 2.49% (3 mo. USD LIBOR + 2.21%), 05/15/2067(e)		7,358,000		5,270,704
Transcanada Trust (Canada)
5.63%, 05/20/2075(c)		5,450,000		5,661,603
5.30%, 03/15/2077(c)		10,605,000		10,858,937
5.50%, 09/15/2079(c)		7,675,000		8,187,268
Series 16-A, 5.88%, 08/15/2076(c)		8,472,000		9,265,775
				129,497,634
Trading Companies & Distributors-0.29%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(c)		5,218,000		4,222,953
Wireless Telecommunication Services-1.16%
Vodafone Group PLC (United Kingdom), 7.00%, 04/04/2079(c)		14,215,000		17,114,117
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,072,588,206)				1,070,054,861
	Shares
Preferred Stocks-26.34%
Banks-8.14%
Banco Santander S.A., Series 6, Pfd., (3 mo. USD LIBOR + 0.52%), 4.00% (Spain)(b)(e)		101,525		2,341,166

	Shares		Value
Banks-(continued)
Bank of America Corp.
Series 2, Pfd., (3 mo. USD LIBOR + 0.65%), 3.00%(e)		85,783	$	1,831,467
Series 4, Pfd., (3 mo. USD LIBOR + 0.75%), 4.00%(b)(e)		61,004		1,510,459
Series 5, Pfd., (3 mo. USD LIBOR + 0.50%), 4.00%(e)		120,682		2,937,400
Series E, Pfd., (3 mo. USD LIBOR + 0.35%), 4.00%(b)(e)		91,104		2,259,379
Series K, Pfd., 6.45%(b)(c)		302,269		8,067,560
Citigroup, Inc.
Series K, Pfd., 6.88%(b)(c)		430,166		12,165,094
Series J, Pfd., 7.13%(c)		273,813		7,825,576
Citizens Financial Group, Inc., Series D, Pfd., 6.35%(b)(c)		86,601		2,333,031
F.N.B. Corp., Pfd., 7.25%(c)		32,056		923,213
Fifth Third Bancorp, Series I, Pfd., 6.63%(b)(c)		128,977		3,630,703
First Horizon National Corp., Series D, Pfd., 6.10%(c)		29,206		778,340
Heartland Financial USA, Inc., Series E, Pfd., 7.00%(b)(c)		33,112		888,726
KeyCorp, Series E, Pfd., 6.13%(c)		144,307		4,291,690
People’s United Financial, Inc., Series A, Pfd., 5.63%(c)		70,797		1,883,200
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%(c)		431,593		11,454,478
Regions Financial Corp.
Series C, Pfd., 5.70%(c)		143,154		3,886,631
Series B, Pfd., 6.38%(b)(c)		144,394		3,978,055
Synovus Financial Corp.
Series E, Pfd., 5.88%(c)		100,485		2,509,110
Series D, Pfd., 6.30%(c)		57,656		1,500,786
Truist Financial Corp., Series I, Pfd., (3 mo. USD LIBOR + 0.53%), 4.00%(b)(e)		47,903		1,207,156
U.S. Bancorp
Series B, Pfd., (3 mo. USD LIBOR + 0.60%), 3.50%(e)		291,210		6,429,917
Series F, Pfd., 6.50%(c)		322,881		8,695,185
Valley National Bancorp
Series B, Pfd., 5.50%(c)		29,300		715,213
Series A, Pfd., 6.25%(c)		32,567		908,294
Wells Fargo & Co.
Series Q, Pfd., 5.85%(c)		496,767		12,960,651
Series R, Pfd., 6.63%(c)		242,482		6,685,229
WesBanco, Inc., Series A, Pfd., 6.75%(b)(c)		40,000		1,052,000
Wintrust Financial Corp.
Series D, Pfd., 6.50%(c)		35,808		932,440
Series E, Pfd., 6.88%(c)		82,214		2,186,070
Zions Bancorporation N.A., Series G, Pfd., 6.30%(c)		39,722		1,074,480
				119,842,699

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

94

Invesco Variable Rate Preferred ETF (VRP)—(continued)

August 31, 2020

		Shares		Value
Capital Markets-5.19%
Goldman Sachs Group, Inc. (The)
Series A, Pfd., (3 mo. USD LIBOR + 0.75%), 3.75%(e)			216,295	$	4,827,704
Series C, Pfd., (3 mo. USD LIBOR + 0.75%), 4.00%(b)(e)			57,307		1,366,772
Series D, Pfd., (3 mo. USD LIBOR + 0.67%), 4.00%(e)			389,738		9,065,306
Series J, Pfd., 5.50%(c)			287,005		7,772,095
Series K, Pfd., 6.38%(c)			203,001		5,659,668
Morgan Stanley
Series A, Pfd., (3 mo. USD LIBOR + 0.70%), 4.00%(e)			317,292		7,402,422
Series K, Pfd., 5.85%(c)			289,441		8,173,814
Series I, Pfd., 6.38%(b)(c)			287,584		8,112,745
Series F, Pfd., 6.88%(c)			245,701		6,931,225
Series E, Pfd., 7.13%(b)(c)			248,867		7,177,324
State Street Corp.
Series G, Pfd., 5.35%(c)			143,974		3,999,598
Series D, Pfd., 5.90%(c)			214,548		5,908,652
					76,397,325
Consumer Finance-1.28%
GMAC Capital Trust I, Series 2, Pfd., (3 mo. USD LIBOR + 5.79%), 6.07%(e)			769,177		18,867,912
Diversified Financial Services-1.40%
Citigroup Capital XIII, Pfd., (3 mo. USD LIBOR + 6.37%), 6.64%(e)			647,840		17,459,288
Compass Diversified Holdings, Series B, Pfd., 7.88%(c)			28,669		671,715
Voya Financial, Inc., Series B, Pfd., 5.35%(c)			86,883		2,446,625
					20,577,628
Electric Utilities-0.41%
SCE Trust III, Series H, Pfd., 5.75%(c)			79,713		1,831,805
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)			94,477		2,174,860
SCE Trust V, Series K, Pfd., 5.45%(c)			86,720		2,012,771
					6,019,436
Food Products-0.47%
CHS, Inc.
Series 3, Pfd., 6.75%(c)			142,264		3,748,656
Series 2, Pfd., 7.10%(c)			121,125		3,249,784
					6,998,440
Insurance-2.94%
Aegon N.V., Series 1, Pfd., (3 mo. USD LIBOR + 0.88%), 4.00% (Netherlands)(b)(e)			72,144		1,792,057
Allstate Corp. (The), Pfd., 5.10%(c)			144,705		3,892,565
American Equity Investment Life Holding Co.	��
Series A, Pfd., 5.95%(b)(c)			114,718		2,742,907
Series B, Pfd., 6.63%(c)			82,920		2,113,631
Argo Group International Holdings Ltd., Pfd., 7.00%(c)			43,146		1,099,792
Aspen Insurance Holdings Ltd., Pfd., 5.95% (Bermuda)(c)			78,877		1,956,150
Athene Holding Ltd.
Series A, Pfd., 6.35%(c)			249,450		6,652,831
Series C, Pfd., 6.38%(c)			171,988		4,655,715

	Shares		Value
Insurance-(continued)
Enstar Group Ltd., Series D, Pfd., 7.00% (Bermuda)(c)		114,819	$	3,064,519
Hartford Financial Services Group, Inc. (The), Pfd., 7.88%(c)		172,204		4,849,265
MetLife, Inc., Series A, Pfd., (3 mo. USD LIBOR + 1.00%), 4.00%(b)(e)		171,962		4,266,377
Reinsurance Group of America, Inc.
Pfd., 5.75%(c)		115,263		3,151,290
Pfd., 6.20%(c)		115,311		3,103,019
				43,340,118
Marine-0.07%
Atlas Corp., Series I, Pfd., 8.00% (Canada)(c)		42,698		981,627
Mortgage REITs-2.83%
AG Mortgage Investment Trust, Inc., Series C, Pfd., 8.00%(c)		32,872		478,288
AGNC Investment Corp.
Series F, Pfd., 6.13%(c)		164,753		3,711,885
Series E, Pfd., 6.50%(c)		115,443		2,689,822
Series D, Pfd., 6.88%(c)		67,063		1,591,405
Series C, Pfd., 7.00%(b)(c)		93,124		2,279,676
Annaly Capital Management, Inc.
Series G, Pfd., 6.50%(c)		121,998		2,642,477
Series I, Pfd., 6.75%(b)(c)		126,566		2,971,770
Series F, Pfd., 6.95%(b)(c)		206,362		4,760,771
Chimera Investment Corp.
Series C, Pfd., 7.75%(c)		74,512		1,534,947
Series B, Pfd., 8.00%(c)		93,319		2,021,290
Series D, Pfd., 8.00%(c)		57,828		1,237,519
Dynex Capital, Inc., Series C, Pfd., 6.90%(c)		32,012		727,953
Ellington Financial, Inc., Pfd., 6.75%(c)		32,302		700,630
Exantas Capital Corp., Pfd., 8.63%(c)		33,234		500,836
MFA Financial, Inc., Series C, Pfd., 6.50%(c)		11,820		227,062
New Residential Investment Corp.
Series C, Pfd., 6.38%(b)(c)		116,031		2,296,254
Series B, Pfd., 7.13%(b)(c)		80,097		1,749,318
Series A, Pfd., 7.50%(c)		44,448		1,033,860
New York Mortgage Trust, Inc.
Series E, Pfd., 7.88%(c)		49,603		1,028,766
Series D, Pfd., 8.00%(c)		38,487		812,076
PennyMac Mortgage Investment Trust
Series B, Pfd., 8.00%(c)		55,823		1,380,503
Series A, Pfd., 8.13%(c)		32,774		817,711
Two Harbors Investment Corp.
Series C, Pfd., 7.25%(c)		84,716		1,780,730
Series B, Pfd., 7.63%(b)(c)		82,073		1,809,710
Series A, Pfd., 8.13%(c)		41,317		946,986
				41,732,245
Multi-Utilities-0.81%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(c)		100,397		2,754,894
Pfd., 6.88% (Canada)(c)		82,809		2,291,325
Integrys Holding, Inc., Pfd., 6.00%(c)		112,550		3,057,984
NiSource, Inc., Series B, Pfd., 6.50%(c)		143,459		3,910,692
				12,014,895

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

95

Invesco Variable Rate Preferred ETF (VRP)—(continued)

August 31, 2020

	Shares		Value
Oil, Gas & Consumable Fuels-2.01%
Altera Infrastructure L.P., Series E, Pfd., 8.88%(c)		33,927	$	573,366
DCP Midstream L.P.
Series B, Pfd., 7.88%(c)		45,941		852,206
Series C, Pfd., 7.95%(c)		31,283		591,249
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)(c)		172,864		4,463,348
Energy Transfer Operating L.P.
Series C, Pfd., 7.38%(c)		129,244		2,617,191
Series E, Pfd., 7.60%(c)		228,045		4,868,761
Series D, Pfd., 7.63%(c)		127,288		2,573,763
GasLog Partners L.P.
Series B, Pfd., 8.20% (Greece)(c)		32,734		518,834
Series C, Pfd., 8.50% (Greece)(c)		28,464		468,233
Series A, Pfd., 8.63% (Greece)(c)		40,811		701,945
NGL Energy Partners L.P., Series B, Pfd., 9.00%(c)		94,247		1,314,746
NuStar Energy L.P.
Series B, Pfd., 7.63%(c)		109,077		1,860,854
Series A, Pfd., 8.50%(c)		63,568		1,200,799
Series C, Pfd., 9.00%(c)		49,405		995,017
NuStar Logistics L.P., Pfd., (3 mo. USD LIBOR + 6.73%), 7.01%(b)(e)		114,567		2,354,352
Targa Resources Partners L.P., Series A, Pfd., 9.00%(c)		35,398		865,481
Teekay LNG Partners L.P., Series B, Pfd., 8.50% (Bermuda)(c)		49,836		1,186,097
Tsakos Energy Navigation Ltd.
Series E, Pfd., 9.25% (Greece)(c)		33,351		667,020
Series F, Pfd., 9.50% (Greece)(c)		43,445		874,982
				29,548,244
Thrifts & Mortgage Finance-0.33%
Merchants Bancorp, Series B, Pfd., 6.00%(b)(c)		35,742		891,763
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(c)		148,493		4,021,190
				4,912,953

	Shares		Value
Trading Companies & Distributors-0.46%
Air Lease Corp., Series A, Pfd., 6.15%(b)(c)		71,919	$	1,685,781
Fortress Transportation & Infrastructure Investors LLC, Series B, Pfd., 8.00%(c)		32,924		617,654
WESCO International, Inc., Series A, Pfd., 10.63%(c)		159,998		4,443,145
				6,746,580
Total Preferred Stocks (Cost $407,840,178)				387,980,102
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.00% (Cost $1,480,428,384)				1,458,034,963
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.36%
Invesco Private Government Fund, 0.03%(f)(g)(h)		26,063,360		26,063,360
Invesco Private Prime Fund, 0.14%(f)(g)(h)		8,686,264		8,688,001
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,751,362)				34,751,361
TOTAL INVESTMENTS IN SECURITIES-101.36% (Cost $1,515,179,746)				1,492,786,324
OTHER ASSETS LESS LIABILITIES-(1.36)%				(19,978,880	)
NET ASSETS-100.00%			$	1,472,807,444

Investment Abbreviations:
LIBOR	-London Interbank Offered Rate
Pfd.	-Preferred
REIT	-Real Estate Investment Trust
USD	-U.S. Dollar

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

96

Invesco Variable Rate Preferred ETF (VRP)—(continued)

August 31, 2020

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at August 31, 2020.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Perpetual bond with no specified maturity date.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	166,680,518		$	(166,680,518	)		$	-			$	-			$	-		$	50,785
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			31,744,202			189,278,585			(221,022,787	)			-				-				-			335,128	*
Invesco Liquid Assets Portfolio, Institutional Class			10,598,241			54,944,895			(65,536,582	)			(47	)			(6,507	)			-			126,096	*
Invesco Private Government Fund			-			194,632,600			(168,569,240	)			-				-				26,063,360			4,251	*
Invesco Private Prime Fund			-			26,954,603			(18,267,576	)			(1	)			975				8,688,001			2,724	*
Total		$	42,342,443		$	632,491,201		$	(640,076,703	)		$	(48	)		$	(5,532	)		$	34,751,361		$	518,984

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

^(g)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

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

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

97

Invesco VRDO Tax-Free Weekly ETF (PVI)

August 31, 2020

Schedule of Investments

	Interest   Rate			Maturity   Date		Principal   Amount (000)		Value
Municipal Obligations-96.81%
Arizona-5.32%
Arizona (State of) Health Facilities Authority (Banner Health), Series 2008 F, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)		0.07	%		01/01/2029	$	150	$	150,000
Arizona (State of) Health Facilities Authority (Catholic Healthcare West Loan Program), Series 2005 B, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)		0.10	%		07/01/2035		2,500		2,500,000
									2,650,000
California-5.01%
Bay Area Toll Authority, Series 2007 G1, VRD RB, (LOC - Bank of America N.A.)(a)(b)		0.04	%		04/01/2047		1,000		1,000,000
Los Angeles (City of), CA Department of Water, Series 2001 B-1, VRD RB(a)		0.03	%		07/01/2035		1,500		1,500,000
									2,500,000
Colorado-4.61%
Colorado Springs (City of), CO, Series 2006 B, VRD RB(a)		0.11	%		11/01/2036		2,300		2,300,000
Florida-6.02%
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		0.09	%		09/01/2035		1,500		1,500,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c)		0.11	%		10/01/2038		1,500		1,500,000
									3,000,000
Indiana-5.01%
Indianapolis (City of), IN, Series 2008, VRD RB, (LOC - Fannie Mae)(a)(b)		0.06	%		05/15/2038		2,500		2,500,000
Louisiana-4.61%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)		0.10	%		09/01/2033		2,000		2,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B2, Ref. VRD RB, (LOC - Bank of New York Mellon)(a)(b)		0.08	%		07/01/2047		300		300,000
									2,300,000
Maryland-4.41%
Washington (State of) Suburban Sanitary District, Series 2015 A-2, VRD GO BAN(a)		0.09	%		06/01/2023		2,200		2,200,000
Massachusetts-9.63%
Massachusetts (State of) Health & Educational Facilities Authority (Partners Healthcare), Series 1997 P1, VRD RB(a)		0.09	%		07/01/2027		2,500		2,500,000
University of Massachusetts Building Authority, Series 2008 1, VRD RB(a)		0.08	%		05/01/2038		2,300		2,300,000
									4,800,000
Michigan-3.01%
Michigan (State of) Building Authority (Facilities Program), Series 2007, Ref. VRD RB, (LOC - Citibank N.A.)(a)(b)		0.10	%		10/15/2042		1,500		1,500,000
Missouri-5.42%
Kansas City (City of), MO (H Roe Bartle), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking)(a)(b)		0.09	%		04/15/2025		300		300,000
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB(a)		0.07	%		05/15/2038		2,400		2,400,000
									2,700,000
Nevada-5.01%
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, (LOC - Bank of America N.A.)(a)(b)		0.09	%		07/01/2029		2,500		2,500,000
New York-16.95%
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a)		0.07	%		11/01/2038		1,500		1,500,000
Build NYC Resource Corp., Series 2015, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		0.09	%		04/01/2045		2,500		2,500,000
Nassau (County of), NY Interim Finance Authority, Series 2008 B, VRD RB(a)		0.07	%		11/15/2021		1,600		1,600,000

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

98

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

August 31, 2020

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Housing Finance Agency (222 East 44th Street Housing), Series 2015 A, VRD RB, (LOC - Bank of China Ltd.)(a)(b)		0.10	%		05/01/2050	$	1,450	$	1,450,000
New York State Urban Development Corp., Series 2008 A-1, Ref. VRD RB, (LOC - Wells Fargo Bank N.A.)(a)(b)		0.08	%		01/01/2030		1,400		1,400,000
									8,450,000
North Carolina-0.20%
Charlotte (City of), NC, Series 2006 B, VRD RB(a)		0.08	%		07/01/2036		100		100,000
Ohio-5.02%
Franklin (County of), OH (OhioHealth Corp.), Series 2009 A, Ref. VRD RB(a)		0.08	%		11/15/2041		2,500		2,500,000
Pennsylvania-4.01%
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group), Series 2019 D, Ref. VRD RB(a)		0.14	%		06/01/2037		2,000		2,000,000
Tennessee-2.34%
Sevier (County of), TN Public Building Authority, Series 2010 D-1, VRD RB, (LOC - Bank of America N.A.)(a)(b)		0.11	%		06/01/2026		1,165		1,165,000
Texas-6.42%
Houston (City of), TX, Series 2010, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b)		0.10	%		07/01/2030		2,500		2,500,000
University of Texas System Board of Regents, Series 2008 B, VRD RB(a)		0.06	%		08/01/2025		700		700,000
									3,200,000
Washington-3.81%
Washington (State of) Higher Education Facilities Authority (Whitman College), Series 2004, VRD Ref. RB(a)		0.10	%		10/01/2029		1,900		1,900,000
TOTAL INVESTMENTS IN SECURITIES(d)-96.81% (Cost $48,265,000)									48,265,000
OTHER ASSETS LESS LIABILITIES-3.19%									1,590,428
NET ASSETS-100.00%								$	49,855,428

Investment Abbreviations:

AGC -Assured Guaranty Corp.

BAN -Bond Anticipation Notes

GO  -General Obligation

INS  -Insurer

LOC -Letter of Credit

RB   -Revenue Bonds

Ref. -Refunding

VRD -Variable Rate Demand

Notes to Schedule of Investments:

^(a) Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020.

^(b) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(c) Principal and/or interest payments are secured by the bond insurance company listed.

^(d) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Bank of America N.A		9.67%
JPMorgan Chase Bank, N.A		9.63%
TD Bank, N.A		8.29%
Barclays Bank PLC		5.18%
Fannie Mae		5.18%

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

99

Statements of Assets and Liabilities

August 31, 2020

	Invesco 1-30 Laddered Treasury ETF (PLW)				Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)				Invesco Fundamental High Yield® Corporate Bond ETF (PHB)				Invesco Fundamental Investment Grade  Corporate Bond ETF (PFIG)
Assets:
Unaffiliated investments in securities, at value(a)		$	203,557,214			$	442,797,052		$	751,473,222			$	746,327,688			$	62,932,177
Affiliated investments in securities, at value			115,706				-			17,685,863				26,362,944				824,220
Cash			-				5,604,410			-				-				-
Deposits with brokers:
Cash segregated as collateral			1,102,297				-			-				-				-
Receivable for:
Dividends and interest			273,690				3,622,749			1,016,875				10,201,900				567,396
Securities lending			-				-			122,812				5,714				198
Investments sold.			-				-			4,176,897				2,573,438				2,229,091
Fund shares sold.			-				-			-				7,560,284				-
Total assets			205,048,907				452,024,211			774,475,669				793,031,968				66,553,082
Liabilities:
Due to custodian.			-				-			1,233,370				59,275				-
Payable for:
Investments purchased			-				-			-				12,568,562				1,549,869
Collateral upon return of securities loaned			-				-			12,630,770				22,277,047				591,372
Collateral upon receipt of securities in-kind			1,102,297				-			-				-				-
Fund shares repurchased			-				-			4,183,161				-				1,370,194
Accrued unitary management fees			43,515				106,656			321,922				315,701				11,974
Accrued expenses.			-				-			-				642				-
Total liabilities			1,145,812				106,656			18,369,223				35,221,227				3,523,409
Net Assets		$	203,903,095			$	451,917,555		$	756,106,446			$	757,810,741			$	63,029,673
Net assets consist of:
Shares of beneficial interest		$	204,949,783			$	423,253,489		$	829,192,749			$	781,569,665			$	58,879,865
Distributable earnings (loss)			(1,046,688	)			28,664,066			(73,086,303	)			(23,758,924	)			4,149,808
Net Assets		$	203,903,095			$	451,917,555		$	756,106,446			$	757,810,741			$	63,029,673
Shares outstanding (unlimited amount authorized, $0.01 par value)			5,200,000				16,350,000			36,150,000				40,100,000				2,300,000
Net asset value		$	39.21			$	27.64		$	20.92			$	18.90			$	27.40
Market price		$	39.14			$	27.58		$	20.91			$	18.89			$	27.39
Unaffiliated investments in securities, at cost		$	204,326,806			$	413,488,723		$	772,905,418			$	726,035,843			$	58,900,839
Affiliated investments in securities, at cost		$	115,706			$	-		$	17,676,748			$	26,362,944			$	824,220
(a) Includes securities on loan with an aggregate value of:		$	-			$	-		$	12,319,458			$	21,441,760			$	575,829

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

100

Invesco National AMT-Free Municipal Bond ETF (PZA)			Invesco New York AMT-Free Municipal Bond ETF (PZT)			Invesco Preferred ETF (PGX)				Invesco Taxable Municipal Bond ETF (BAB)			Invesco Treasury Collateral ETF (CLTL)			Invesco Variable Rate Preferred ETF (VRP)				Invesco VRDO Tax- Free Weekly ETF (PVI)
	$	2,641,602,361		$	95,529,883		$	6,235,097,928			$	1,936,887,084		$	937,854,416		$	1,458,034,963			$	48,265,000
		-			-			62,351,311				90,139,484			221,238			34,751,361				-
		45,634,108			2,328,506			-				-			-			-				1,495,908
		-			-			6,639				-			-			-				-
		23,771,283			993,757			37,071,199				15,742,824			1,629,086			15,003,366				5,078
		-			-			257,203				-			-			70,271				-
		-			-			3,128,710				-			172,153,801			11,116,633				100,000
		-			-			60,194,673				11,679,286			-			2,498,170				-
		2,711,007,752			98,852,146			6,398,107,663				2,054,448,678			1,111,858,541			1,521,474,764				49,865,986
		-			-			6,668,422				-			2,204			3,391,391				-
		33,228,895			-			63,335,458				48,148,300			173,621,298			9,903,925				-
		-			-			62,351,312				-			-			34,751,362				-
		-			-			6,639				-			-			-				-
		-			-			2,232,331				-			-			-				-
		625,583			23,385			2,557,171				439,619			65,532			616,503				10,558
		-			-			-				-			-			4,139				-
		33,854,478			23,385			137,151,333				48,587,919			173,689,034			48,667,320				10,558
	$	2,677,153,274		$	98,828,761		$	6,260,956,330			$	2,005,860,759		$	938,169,507		$	1,472,807,444			$	49,855,428
	$	2,558,648,379		$	93,907,365		$	6,329,878,431			$	1,833,546,775		$	937,176,544		$	1,524,248,478			$	49,855,429
		118,504,895			4,921,396			(68,922,101	)			172,313,984			992,963			(51,441,034	)			(1	)
	$	2,677,153,274		$	98,828,761		$	6,260,956,330			$	2,005,860,759		$	938,169,507		$	1,472,807,444			$	49,855,428
		100,100,000			3,850,000			421,300,000				60,050,000			8,870,001			59,000,000				2,000,000
	$	26.74		$	25.67		$	14.86			$	33.40		$	105.77		$	24.96			$	24.93
	$	26.73		$	25.73		$	14.91			$	33.41		$	105.78		$	25.01			$	24.93
	$	2,513,048,877		$	90,174,567		$	6,142,728,213			$	1,761,165,734		$	937,203,997		$	1,480,428,384			$	48,265,000
	$	-		$	-		$	62,351,312			$	90,139,484		$	221,238		$	34,751,362			$	-
	$	-		$	-		$	60,708,104			$	-		$	-		$	33,536,950			$	-

101

Statements of Operations

For the year ended August 31, 2020

	Invesco 1-30 Laddered Treasury ETF (PLW)				Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)				Invesco Fundamental High Yield® Corporate Bond ETF (PHB)				Invesco Fundamental Investment Grade Corporate Bond ETF  (PFIG)
Investment income:
Unaffiliated interest income		$	2,753,043			$	10,845,348		$	-			$	31,010,723			$	2,140,161
Unaffiliated dividend income			-				-			48,761,102				-				-
Affiliated dividend income.			1,108				-			688,746				43,994				3,315
Securities lending income			11,103				-			2,260,698				265,045				3,038
Foreign withholding tax			-				-			-				-				-
Total investment income.			2,765,254				10,845,348			51,710,546				31,319,762				2,146,514
Expenses:
Unitary management fees			460,000				1,108,068			3,766,737				3,409,316				162,995
Tax expenses			-				-			-				2,142				-
Total expenses			460,000				1,108,068			3,766,737				3,411,458				162,995
Less: Waivers			(226	)			-			(1,179	)			(8,527	)			(617	)
Net expenses			459,774				1,108,068			3,765,558				3,402,931				162,378
Net investment income			2,305,480				9,737,280			47,944,988				27,916,831				1,984,136
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			207,047				101,589			(22,721,452	)			(16,761,297	)			563,019
Affiliated investment securities			(126	)			-			(2,768,763	)			(2,431	)			(13	)
Unaffiliated in-kind redemptions			13,590,853				1,363,230			6,065,943				(5,594,961	)			1,569,275
Affiliated in-kind redemptions.			-				-			9,997				-				-
Distributions of underlying fund shares			-				-			75,681				-				-
Net realized gain (loss)			13,797,774				1,464,819			(19,338,594	)			(22,358,689	)			2,132,281
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(10,100,653	)			5,525,914			(24,926,453	)			13,193,794				334,648
Affiliated investment securities			-				-			256,957				(285	)			-
Change in net unrealized appreciation (depreciation)			(10,100,653	)			5,525,914			(24,669,496	)			13,193,509				334,648
Net realized and unrealized gain (loss)			3,697,121				6,990,733			(44,008,090	)			(9,165,180	)			2,466,929
Net increase in net assets resulting from operations		$	6,002,601			$	16,728,013		$	3,936,898			$	18,751,651			$	4,451,065

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

102

Invesco National AMT-Free Municipal Bond ETF (PZA)				Invesco New York AMT-Free Municipal  Bond ETF (PZT)				Invesco Preferred ETF (PGX)				Invesco Taxable Municipal Bond ETF (BAB)				Invesco Treasury Collateral ETF (CLTL)				Invesco Variable Rate Preferred ETF (VRP)				Invesco VRDO Tax- Free Weekly ETF (PVI)
	$	62,154,361			$	2,639,638			$	-			$	51,332,868			$	9,009,122			$	50,994,283			$	502,157
		-				-				318,339,609				-				-				27,001,972				-
		-				-				400,656				342,090				8,878				50,785				-
		-				-				3,334,375				-				-				824,861				-
		-				-				-				-				-				(2,908	)			-
		62,154,361				2,639,638				322,074,640				51,674,958				9,018,000				78,868,993				502,157
		6,070,762				253,141				28,244,166				4,021,787				562,012				7,717,214				132,400
		-				-				-				-				-				5,639				-
		6,070,762				253,141				28,244,166				4,021,787				562,012				7,722,853				132,400
		-				-				(73,024	)			(97,438	)			(1,103	)			(7,997	)			-
		6,070,762				253,141				28,171,142				3,924,349				560,909				7,714,856				132,400
		56,083,599				2,386,497				293,903,498				47,750,609				8,457,091				71,154,137				369,757
		(5,225,584	)			(300,744	)			(43,462,717	)			1,954,698				455,447				(18,707,593	)			(1	)
		-				-				(2,646	)			-				-				(5,532	)			-
		983,504				-				(44,178,638	)			5,666,063				503,159				(14,694,734	)			-
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-
		(4,242,080	)			(300,744	)			(87,644,001	)			7,620,761				958,606				(33,407,859	)			(1	)
		(10,782,082	)			459,153				(16,793,392	)			26,074,006				(22,171	)			(8,783,980	)			-
		-				-				(1	)			-				-				(48	)			-
		(10,782,082	)			459,153				(16,793,393	)			26,074,006				(22,171	)			(8,784,028	)			-
		(15,024,162	)			158,409				(104,437,394	)			33,694,767				936,435				(42,191,887	)			(1	)
	$	41,059,437			$	2,544,906			$	189,466,104			$	81,445,376			$	9,393,526			$	28,962,250			$	369,756

103

Statements of Changes in Net Assets

For the years ended August 31, 2020 and 2019

	Invesco 1-30 Laddered Treasury ETF (PLW)						Invesco California AMT-Free Municipal Bond ETF (PWZ)
	2020			2019			2020			2019
Operations:
Net investment income	$	2,305,480		$	3,029,766		$	9,737,280		$	7,845,729
Net realized gain (loss)		13,797,774			(69,879	)		1,464,819			365,893
Change in net unrealized appreciation (depreciation)		(10,100,653	)		17,339,708			5,525,914			22,970,917
Net increase in net assets resulting from operations		6,002,601			20,299,595			16,728,013			31,182,539
Distributions to Shareholders from:
Distributable earnings		(2,310,988	)		(3,060,263	)		(9,796,658	)		(7,911,793	)
Shareholder Transactions:
Proceeds from shares sold		304,604,241			149,797,777			179,954,052			89,210,474
Value of shares repurchased		(283,516,270	)		(141,548,086	)		(81,617,562	)		(16,681,213	)
Transaction fees		-			-			47,470			6,370
Net increase (decrease) in net assets resulting from share transactions		21,087,971			8,249,691			98,383,960			72,535,631
Net increase (decrease) in net assets		24,779,584			25,489,023			105,315,315			95,806,377
Net assets:
Beginning of year		179,123,511			153,634,488			346,602,240			250,795,863
End of year	$	203,903,095		$	179,123,511		$	451,917,555		$	346,602,240
Changes in Shares Outstanding:
Shares sold		7,900,000			4,400,000			6,900,000			3,500,000
Shares repurchased		(7,650,000	)		(4,300,000	)		(3,100,000	)		(650,000	)
Shares outstanding, beginning of year		4,950,000			4,850,000			12,550,000			9,700,000
Shares outstanding, end of year		5,200,000			4,950,000			16,350,000			12,550,000

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

104

Invesco CEF Income Composite ETF (PCEF)								Invesco Fundamental High Yield® Corporate Bond (PHB)								Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)								Invesco National AMT-Free Municipal Bond ETF (PZA)
2020				2019				2020				2019				2020				2019				2020				2019
	$	47,944,988			$	38,910,835			$	27,916,831			$	32,770,827			$	1,984,136			$	3,904,391			$	56,083,599			$	50,423,341
		(19,338,594	)			5,728,368				(22,358,689	)			(13,209,716	)			2,132,281				2,845,166				(4,242,080	)			276,646
		(24,669,496	)			(9,759,032	)			13,193,509				23,020,540				334,648				5,576,458				(10,782,082	)			112,734,517
		3,936,898				34,880,171				18,751,651				42,581,651				4,451,065				12,326,015				41,059,437				163,434,504
		(61,569,372	)			(53,905,613	)			(28,061,635	)			(33,010,295	)			(1,990,881	)			(3,906,123	)			(56,650,368	)			(50,635,683	)
		142,234,540				153,858,756				453,998,450				367,872,568				5,409,386				53,554,180				1,113,812,258				393,969,271
		(89,454,197	)			(97,051,457	)			(447,423,697	)			(565,427,798	)			(37,011,091	)			(76,423,003	)			(427,602,641	)			(160,884,192	)
		-				-				-				-				-				-				536,331				133,834
		52,780,343				56,807,299				6,574,753				(197,555,230	)			(31,601,705	)			(22,868,823	)			686,745,948				233,218,913
		(4,852,131	)			37,781,857				(2,735,231	)			(187,983,874	)			(29,141,521	)			(14,448,931	)			671,155,017				346,017,734
		760,958,577				723,176,720				760,545,972				948,529,846				92,171,194				106,620,125				2,005,998,257				1,659,980,523
	$	756,106,446			$	760,958,577			$	757,810,741			$	760,545,972			$	63,029,673			$	92,171,194			$	2,677,153,274			$	2,005,998,257
		6,650,000				7,050,000				24,600,000				19,800,000				200,000				2,150,000				41,900,000				15,350,000
		(4,550,000	)			(4,450,000	)			(24,400,000	)			(31,000,000	)			(1,400,000	)			(2,950,000	)			(16,750,000	)			(6,500,000	)
		34,050,000				31,450,000				39,900,000				51,100,000				3,500,000				4,300,000				74,950,000				66,100,000
		36,150,000				34,050,000				40,100,000				39,900,000				2,300,000				3,500,000				100,100,000				74,950,000

105

Statements of Changes in Net Assets—(continued)

For the years ended August 31, 2020 and 2019

	Invesco New York  AMT-Free Municipal Bond ETF (PZT)						Invesco Preferred ETF (PGX)
	2020			2019			2020			2019
Operations:
Net investment income	$	2,386,497		$	1,871,847		$	293,903,498		$	266,239,505
Net realized gain (loss)		(300,744	)		(90,801	)		(87,644,001	)		(31,425,066	)
Change in net unrealized appreciation (depreciation)		459,153			4,774,119			(16,793,393	)		123,557,606
Net increase in net assets resulting from operations		2,544,906			6,555,165			189,466,104			358,372,045
Distributions to Shareholders from:
Distributable earnings		(2,399,843	)		(1,892,274	)		(296,096,193	)		(276,045,216	)
Shareholder Transactions:
Proceeds from shares sold		22,896,565			16,067,054			1,590,156,558			723,488,704
Value of shares repurchased		(3,813,813	)		(4,705,635	)		(575,184,908	)		(831,211,672	)
Transaction fees		-			-			-			-
Net increase (decrease) in net assets resulting from share transactions		19,082,752			11,361,419			1,014,971,650			(107,722,968	)
Net increase (decrease) in net assets		19,227,815			16,024,310			908,341,561			(25,396,139	)
Net assets:
Beginning of year		79,600,946			63,576,636			5,352,614,769			5,378,010,908
End of year	$	98,828,761		$	79,600,946		$	6,260,956,330		$	5,352,614,769
Changes in Shares Outstanding:
Shares sold		900,000			650,000			107,200,000			49,650,000
Shares repurchased		(150,000	)		(200,000	)		(44,350,000	)		(59,450,000	)
Shares outstanding, beginning of year		3,100,000			2,650,000			358,450,000			368,250,000
Shares outstanding, end of year		3,850,000			3,100,000			421,300,000			358,450,000

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

106

Invesco Taxable Municipal Bond ETF (BAB)						Invesco Treasury Collateral ETF (CLTL)							Invesco Variable Rate Preferred ETF (VRP)						Invesco VRDO Tax-Free Weekly ETF (PVI)
2020			2019			2020			2019				2020			2019			2020			2019
$	47,750,609		$	39,604,740		$	8,457,091		$	11,988,992			$	71,154,137		$	77,010,084		$	369,757		$	746,731
	7,620,761			4,015,522			958,606			175,715				(33,407,859	)		(43,259,104	)		(1	)		-
	26,074,006			107,823,051			(22,171	)		745,410				(8,784,028	)		32,252,471			-			-
												��
	81,445,376			151,443,313			9,393,526			12,910,117				28,962,250			66,003,451			369,756			746,731
	(48,233,360	)		(39,734,954	)		(8,689,595	)		(12,311,025	)			(71,331,749	)		(89,362,622	)		(372,291	)		(746,949	)
	820,344,063			341,027,100			623,230,093			163,576,734				224,131,741			50,163,388			2,492,708			8,725,062
	(156,954,488	)		(84,322,683	)		(232,782,080	)		(85,480,901	)			(238,556,105	)		(689,317,241	)		(9,972,306	)		(13,714,226	)
	1,035,983			939,411			-			-				-			-			-			-
	664,425,558			257,643,828			390,448,013			78,095,833				(14,424,364	)		(639,153,853	)		(7,479,598	)		(4,989,164	)
	697,637,574			369,352,187			391,151,944			78,694,925				(56,793,863	)		(662,513,024	)		(7,482,133	)		(4,989,382	)
	1,308,223,185			938,870,998			547,017,563			468,322,638				1,529,601,307			2,192,114,331			57,337,561			62,326,943
$	2,005,860,759		$	1,308,223,185		$	938,169,507		$	547,017,563			$	1,472,807,444		$	1,529,601,307		$	49,855,428		$	57,337,561
	24,950,000			11,100,000			5,890,000			1,550,000				8,800,000			2,000,000			100,000			350,000
	(4,750,000	)		(2,900,000	)		(2,200,000	)		(810,000	)			(10,300,000	)		(28,700,000	)		(400,000	)		(550,000	)
	39,850,000			31,650,000			5,180,001			4,440,001				60,500,000			87,200,000			2,300,000			2,500,000
	60,050,000			39,850,000			8,870,001			5,180,001				59,000,000			60,500,000			2,000,000			2,300,000

107

Financial Highlights

Invesco 1-30 Laddered Treasury ETF (PLW)

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	36.19		$	31.68			$	32.59		$	33.81		$	32.59		$	31.96
Net investment income(a)		0.47			0.69				0.57			0.66			0.65			0.70
Net realized and unrealized gain (loss) on investments		3.04			4.51				(0.91	)		(1.22	)		1.22			0.63
Total from investment operations		3.51			5.20				(0.34	)		(0.56	)		1.87			1.33
Distributions to shareholders from:
Net investment income		(0.49	)		(0.69	)			(0.57	)		(0.66	)		(0.65	)		(0.70	)
Net asset value at end of period	$	39.21		$	36.19			$	31.68		$	32.59		$	33.81		$	32.59
Market price at end of period(b)	$	39.14		$	36.23			$	31.64		$	32.59		$	33.84		$	32.60
Net Asset Value Total Return(c)		9.82	%		16.71	%			(1.04	)%		(1.63	)%		5.76	%		4.18	%
Market Price Total Return(c)		9.50	%		16.98	%			(1.17	)%		(1.72	)%		5.82	%		4.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	203,903		$	179,124			$	153,634		$	187,393		$	221,472		$	267,278
Ratio to average net assets of:
Expenses		0.25	%		0.26	%(d)			0.25	%(e)		0.25	%		0.25	%		0.25	%
Net investment income		1.25	%		2.13	%(d)			2.13	%(e)		2.02	%		1.94	%		2.14	%
Portfolio turnover rate(f)		9	%		5	%			5	%		5	%		6	%		7	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

108

Financial Highlights—(continued)

Invesco California AMT-Free Municipal Bond ETF (PWZ)

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	27.62		$	25.86			$	26.09		$	26.15		$	25.43		$	25.45
Net investment income(a)		0.67			0.67				0.54			0.65			0.74			0.82
Net realized and unrealized gain (loss) on investments		0.02			1.76				(0.23	)		(0.07	)		0.70			(0.06	)
Total from investment operations		0.69			2.43				0.31			0.58			1.44			0.76
Distributions to shareholders from:
Net investment income		(0.67	)		(0.67	)			(0.53	)		(0.65	)		(0.75	)		(0.83	)
Return of capital		-			-				(0.01	)		(0.01	)		(0.01	)		(0.00	)(b)
Total distributions		(0.67	)		(0.67	)			(0.54	)		(0.66	)		(0.76	)		(0.83	)
Transaction fees(a)		0.00	(b)		0.00	(b)			0.00	(b)		0.02			0.04			0.05
Net asset value at end of period.	$	27.64		$	27.62			$	25.86		$	26.09		$	26.15		$	25.43
Market price at end of period(c)	$	27.58		$	27.62			$	25.83		$	26.08		$	26.21		$	25.50
Net Asset Value Total Return(d)		2.56	%		9.58	%			1.22	%		2.36	%		5.84	%		3.25	%
Market Price Total Return(d)		2.34	%		9.70	%			1.15	%		2.08	%		5.79	%		2.87	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	451,918		$	346,602			$	250,796		$	237,413		$	189,620		$	109,369
Ratio to average net assets of:
Expenses		0.28	%		0.28	%			0.28	%(e)		0.28	%		0.28	%		0.28	%
Net investment income		2.46	%		2.55	%			2.49	%(e)		2.52	%		2.81	%		3.23	%
Portfolio turnover rate(f)		12	%		13	%			6	%		24	%		6	%		3	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

109

Financial Highlights—(continued)

Invesco CEF Income Composite ETF (PCEF)

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	22.35		$	22.99			$	23.96		$	22.23		$	21.91		$	24.41
Net investment income(a)(b)		1.35			1.18				1.26			1.13			1.30			1.53
Net realized and unrealized gain (loss) on investments		(1.05	)		(0.19	)			(0.84	)		2.28			0.77			(2.07	)
Total from investment operations		0.30			0.99				0.42			3.41			2.07			(0.54	)
Distributions to shareholders from:
Net investment income		(1.73	)		(1.63	)			(1.39	)		(1.13	)		(1.34	)		(1.49	)
Return of capital		-			-				-			(0.55	)		(0.41	)		(0.47	)
Total distributions		(1.73	)		(1.63	)			(1.39	)		(1.68	)		(1.75	)		(1.96	)
Net asset value at end of period.	$	20.92		$	22.35			$	22.99		$	23.96		$	22.23		$	21.91
Market price at end of period(c)	$	20.91		$	22.35			$	23.01		$	23.96		$	22.23		$	21.85
Net Asset Value Total Return(d)		1.84	%		4.72	%			1.85	%		15.86	%		10.11	%		(2.31	)%
Market Price Total Return(d)		1.80	%		4.62	%			1.94	%		15.86	%		10.41	%		(2.62	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	756,106		$	760,959			$	723,177		$	703,177		$	642,473		$	628,684
Ratio to average net assets of:
Expenses(e)		0.50	%		0.50	%			0.50	%(f)		0.50	%		0.50	%		0.50	%
Net investment income(b)		6.36	%		5.35	%			6.53	%(f)		4.85	%		5.99	%		6.61	%
Portfolio turnover rate(g)		21	%		20	%			12	%		15	%		20	%		20	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)�� In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

110

Financial Highlights—(continued)

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

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	19.06		$	18.56			$	19.08		$	18.79		$	18.25		$	19.24
Net investment income(a)		0.76			0.77				0.64			0.80			0.85			0.81
Net realized and unrealized gain (loss) on investments		(0.15	)		0.51				(0.52	)		0.29			0.54			(0.98	)
Total from investment operations		0.61			1.28				0.12			1.09			1.39			(0.17	)
Distributions to shareholders from:
Net investment income		(0.77	)		(0.78	)			(0.64	)		(0.80	)		(0.85	)		(0.82	)
Net asset value at end of period	$	18.90		$	19.06			$	18.56		$	19.08		$	18.79		$	18.25
						��
Market price at end of period(b)	$	18.89		$	19.07			$	18.55		$	19.07		$	18.70		$	18.23
Net Asset Value Total Return(c)		3.38	%		7.12	%			0.70	%		5.96	%		7.97	%		(0.90	)%
Market Price Total Return(c)		3.28	%		7.25	%			0.70	%		6.42	%		7.56	%		(0.75	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	757,811		$	760,546			$	948,530		$	1,197,922		$	1,088,137		$	666,301
Ratio to average net assets of:
Expenses		0.50	%		0.50	%			0.50	%(d)		0.50	%		0.50	%		0.50	%
Net investment income		4.09	%		4.18	%			4.12	%(d)		4.23	%		4.69	%		4.34	%
Portfolio turnover rate(e)		35	%		17	%			12	%		9	%		14	%		16	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

111

Financial Highlights—(continued)

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

	Years Ended August 31,						Ten Months Ended August 31,					Years Ended October 31,
	2020			2019			2018					2017			2016			2015
Per Share Operating Performance:											��
Net asset value at beginning of period	$	26.33		$	24.80			$	25.63			$	25.85		$	25.24		$	25.45
Net investment income(a)		0.71			0.76				0.57				0.65			0.65			0.62
Net realized and unrealized gain (loss) on investments		1.07			1.53				(0.83	)			(0.22	)		0.62			(0.19	)
Total from investment operations		1.78			2.29				(0.26	)			0.43			1.27			0.43
Distributions to shareholders from:
Net investment income		(0.71	)		(0.76	)			(0.57	)			(0.65	)		(0.66	)		(0.64	)
Return of capital		-			-				(0.00	)(b)			-			(0.00	)(b)		-
Total distributions		(0.71	)		(0.76	)			(0.57	)			(0.65	)		(0.66	)		(0.64	)
Net asset value at end of period	$	27.40		$	26.33			$	24.80			$	25.63		$	25.85		$	25.24
Market price at end of period(c)	$	27.39		$	26.31			$	24.80			$	25.62		$	25.87		$	25.27
Net Asset Value Total Return(d)		6.91	%		9.45	%			(1.01	)%			1.73	%		5.08	%		1.69	%
Market Price Total Return(d)		6.95	%		9.36	%			(0.98	)%			1.61	%		5.03	%		1.72	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	63,030		$	92,171			$	106,620			$	49,970		$	58,154		$	34,067
Ratio to average net assets of:
Expenses		0.22	%		0.23	%(e)			0.22	%(f)			0.22	%		0.22	%		0.22	%
Net investment income		2.68	%		3.03	%(e)			2.77	%(f)			2.53	%		2.55	%		2.45	%
Portfolio turnover rate(g)		36	%		28	%			24	%			42	%		20	%		16	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

112

Financial Highlights—(continued)

Invesco National AMT-Free Municipal Bond ETF (PZA)

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	26.76		$	25.11			$	25.58		$	25.69		$	25.10		$	25.17
Net investment income(a)		0.68			0.76				0.65			0.77			0.82			0.92
Net realized and unrealized gain (loss) on investments		(0.02	)		1.65				(0.46	)		(0.11	)		0.57			(0.09	)
Total from investment operations		0.66			2.41				0.19			0.66			1.39			0.83
Distributions to shareholders from:
Net investment income		(0.69	)		(0.76	)			(0.66	)		(0.78	)		(0.83	)		(0.92	)
Return of capital		-			-				-			-			(0.00	)(b)		(0.00	)(b)
Total distributions		(0.69	)		(0.76	)			(0.66	)		(0.78	)		(0.83	)		(0.92	)
Transaction fees(a)		0.01			0.00	(b)			0.00	(b)		0.01			0.03			0.02
Net asset value at end of period	$	26.74		$	26.76			$	25.11		$	25.58		$	25.69		$	25.10
Market price at end of period(c)	$	26.73		$	26.80			$	25.12		$	25.55		$	25.77		$	25.15
Net Asset Value Total Return(d)		2.60	%		9.83	%			0.77	%		2.70	%		5.71	%		3.45	%
Market Price Total Return(d)		2.42	%		9.96	%			0.93	%		2.25	%		5.82	%		3.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,677,153		$	2,005,998			$	1,659,981		$	1,611,258		$	1,379,633		$	897,395
Ratio to average net assets of:
Expenses		0.28	%		0.28	%			0.28	%(e)		0.28	%		0.28	%		0.28	%
Net investment income		2.59	%		2.99	%			3.10	%(e)		3.06	%		3.17	%		3.64	%
Portfolio turnover rate(f)		15	%		11	%			8	%		23	%		6	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

113

Financial Highlights—(continued)

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

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	25.68		$	23.99			$	24.47		$	24.64		$	24.14		$	24.33
Net investment income(a)		0.67			0.69				0.58			0.73			0.81			0.83
Net realized and unrealized gain (loss) on investments		(0.01	)		1.70				(0.47	)		(0.17	)		0.51			(0.19	)
Total from investment operations		0.66			2.39				0.11			0.56			1.32			0.64
Distributions to shareholders from:
Net investment income		(0.67	)		(0.70	)			(0.59	)		(0.73	)		(0.81	)		(0.83	)
Return of capital		-			-				-			-			(0.01	)		(0.00	)(b)
Total distributions		(0.67	)		(0.70	)			(0.59	)		(0.73	)		(0.82	)		(0.83	)
Net asset value at end of period	$	25.67		$	25.68			$	23.99		$	24.47		$	24.64		$	24.14
Market price at end of period(c)	$	25.73		$	25.70			$	23.92		$	24.53		$	24.67		$	24.05
Net Asset Value Total Return(d)		2.66	%		10.17	%			0.46	%		2.37	%		5.50	%		2.68	%
Market Price Total Return(d)		2.83	%		10.58	%			(0.08	)%		2.49	%		6.02	%		2.77	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	98,829		$	79,601			$	63,577		$	66,061		$	64,063		$	50,692
Ratio to average net assets of:
Expenses		0.28	%		0.29	%(e)			0.28	%(f)		0.28	%		0.28	%		0.28	%
Net investment income		2.64	%		2.84	%(e)			2.89	%(f)		3.01	%		3.26	%		3.42	%
Portfolio turnover rate(g)		12	%		11	%			7	%		22	%		21	%		18	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

114

Financial Highlights—(continued)

Invesco Preferred ETF (PGX)

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	14.93		$	14.60			$	14.97		$	14.96		$	14.78		$	14.57
Net investment income(a)		0.75			0.78				0.71			0.84			0.84			0.87
Net realized and unrealized gain (loss) on investments		(0.06	)		0.36				(0.40	)		0.02			0.20			0.21
Total from investment operations		0.69			1.14				0.31			0.86			1.04			1.08
Distributions to shareholders from:
Net investment income		(0.76	)		(0.81	)			(0.68	)		(0.85	)		(0.86	)		(0.87	)
Net asset value at end of period	$	14.86		$	14.93			$	14.60		$	14.97		$	14.96		$	14.78
Market price at end of period(b)	$	14.91		$	14.97			$	14.62		$	14.96		$	15.00		$	14.80
Net Asset Value Total Return(c)		4.98	%		8.23	%			2.18	%		5.97	%		7.22	%		7.66	%
Market Price Total Return(c)		5.04	%		8.37	%			2.39	%		5.60	%		7.36	%		7.43	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	6,260,956		$	5,352,615			$	5,378,011		$	5,333,535		$	4,730,845		$	3,117,091
Ratio to average net assets of:
Expenses		0.50	%(d)		0.50	%(d)			0.50	%(d)(e)		0.50	%		0.50	%		0.50	%
Net investment income		5.20	%(d)		5.45	%(d)			5.83	%(d)(e)		5.66	%		5.63	%		5.95	%
Portfolio turnover rate(f)		18	%		15	%			16	%		10	%		14	%		12	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

115

Financial Highlights—(continued)

Invesco Taxable Municipal Bond ETF (BAB)

	Years Ended August 31,						Ten Months Ended August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	32.83		$	29.66			$	30.38		$	30.68		$	29.11		$	29.77
Net investment income(a)		1.07			1.23				1.01			1.21			1.26			1.37
Net realized and unrealized gain (loss) on investments		0.58			3.14				(0.72	)		(0.32	)		1.54			(0.71	)
Total from investment operations		1.65			4.37				0.29			0.89			2.80			0.66
Distributions to shareholders from:
Net investment income		(1.10	)		(1.23	)			(1.02	)		(1.21	)		(1.27	)		(1.37	)
Transaction fees(a)		0.02			0.03				0.01			0.02			0.04			0.05
Net asset value at end of period	$	33.40		$	32.83			$	29.66		$	30.38		$	30.68		$	29.11
Market price at end of period(b)	$	33.41		$	32.97			$	29.51		$	30.45		$	30.74		$	29.17
Net Asset Value Total Return(c)		5.28	%		15.31	%			1.02	%		3.14	%		9.93	%		2.40	%
Market Price Total Return(c)		4.88	%		16.39	%			0.29	%		3.19	%		9.90	%		2.65	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,005,861		$	1,308,223			$	938,871		$	972,235		$	1,070,679		$	676,840
Ratio to average net assets of:
Expenses, after Waivers		0.27	%		0.28	%			0.28	%(d)		0.28	%(e)		0.27	%		0.28	%
Expenses, prior to Waivers		0.28	%		0.28	%			0.28	%(d)		0.28	%(e)		0.27	%		0.28	%
Net investment income		3.32	%		4.06	%			4.06	%(d)		4.05	%(e)		4.14	%		4.59	%
Portfolio turnover rate(f)		18	%		7	%			4	%		6	%		0	%(g)		9	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2017, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

^(g)  Amount represents less than 0.5%.

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

116

Financial Highlights—(continued)

Invesco Treasury Collateral ETF (CLTL)

	Years Ended August 31,						Ten Months Ended August 31,				For the Period January 10, 2017(a) Through October 31,
	2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	105.60		$	105.48			$	105.93			$	105.35
Net investment income(b)		1.27			2.39				1.28				0.66
Net realized and unrealized gain (loss) on investments		0.37			0.16				0.00	(c)			(0.08	)
Total from investment operations		1.64			2.55				1.28				0.58
Distributions to shareholders from:
Net investment income		(1.45	)		(2.43	)			(1.73	)			-
Net realized gains		(0.02	)		-				-				-
Total distributions		(1.47	)		(2.43	)			(1.73	)			-
Net asset value at end of period	$	105.77		$	105.60			$	105.48			$	105.93
Market price at end of period(d)	$	105.78		$	105.62			$	105.54			$	105.94
Net Asset Value Total Return(e)		1.56	%		2.44	%			1.22	%			0.55	%(f)
Market Price Total Return(e)		1.55	%		2.41	%			1.27	%			0.56	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	938,170		$	547,018			$	468,323			$	454,429
Ratio to average net assets of:
Expenses		0.08	%		0.08	%			0.08	%(g)			0.08	%(g)
Net investment income		1.20	%		2.27	%			1.45	%(g)			0.77	%(g)

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  Amount represents less than $0.005.

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

^(e)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f)  The net asset value total return from Fund Inception (January 12, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.55%. The market price total return from Fund Inception to October 31, 2017 was 0.54%.

^(g)  Annualized.

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

117

Financial Highlights—(continued)

Invesco Variable Rate Preferred ETF (VRP)

					Ten Months Ended
	Years Ended August 31,				August 31,				Years Ended October 31,
	2020			2019	2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	25.28		$25.14		$	25.87		$	25.33		$	24.36		$	24.85
Net investment income(a)		1.13		1.14			0.91			1.21			1.23			1.20
Net realized and unrealized gain (loss) on investments		(0.31	)	0.33			(0.66	)		0.56			0.98			(0.47	)
Total from investment operations		0.82		1.47			0.25			1.77			2.21			0.73
Distributions to shareholders from:
Net investment income		(1.14	)	(1.33)			(0.98	)		(1.23	)		(1.24	)		(1.20	)
Return of capital		-		-			-			-			-			(0.02	)
Total distributions		(1.14	)	(1.33)			(0.98	)		(1.23	)		(1.24	)		(1.22	)
Net asset value at end of period	$	24.96		$25.28		$	25.14		$	25.87		$	25.33		$	24.36
Market price at end of period(b)	$	25.01		$25.33		$	25.11		$	25.94		$	25.42		$	24.40
Net Asset Value Total Return(c)		3.48	%	6.17%			1.01	%		7.18	%		9.43	%		2.99	%
Market Price Total Return(c)		3.51	%	6.52%			0.62	%		7.08	%		9.63	%		2.85	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,472,807		$1,529,601		$	2,192,114		$	1,890,954		$	899,060		$	397,065
Ratio to average net assets of:
Expenses		0.50	%	0.50%			0.50	%(d)		0.50	%		0.50	%		0.50	%
Net investment income		4.61	%	4.63%			4.31	%(d)		4.72	%		5.03	%		4.88	%
Portfolio turnover rate(e)		22	%	13%			7	%		4	%		17	%		5	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

118

Financial Highlights—(continued)

Invesco VRDO Tax-Free Weekly ETF (PVI)

							Ten Months Ended
	Years Ended August 31,						August 31,				Years Ended October 31,
	2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	24.93		$	24.93			$	24.93		$	24.93		$	24.93		$	24.96
Net investment income (loss)(a)		0.17			0.31				0.20			0.13			0.02			(0.03	)
Net realized and unrealized gain on investments		(0.00	)(b)		-				-			(0.00	)(b)		-			.
Total from investment operations		0.17			0.31				0.20			0.13			0.02			(0.03	)
Distributions to shareholders from:
Net investment income		(0.17	)		(0.31	)			(0.20	)		(0.13	)		(0.02	)		-
Return of capital		-			-				-			(0.00	)(b)		(0.00	)(b)		(0.00	)(b)
Total distributions		(0.17	)		(0.31	)			(0.20	)		(0.13	)		(0.02	)		(0.00	)(b)
Net asset value at end of period	$	24.93		$	24.93			$	24.93		$	24.93		$	24.93		$	24.93
Market price at end of period(c)	$	24.93		$	24.96			$	24.93		$	24.93		$	24.91		$	24.93
Net Asset Value Total Return(d)		0.69	%		1.26	%			0.82	%		0.51	%		0.07	%		(0.12	)%
Market Price Total Return(d)		0.58	%		1.38	%			0.82	%		0.59	%		(0.01	)%		(0.16	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	49,855		$	57,338			$	62,327		$	83,512		$	59,831		$	81,010
Ratio to average net assets of:
Expenses		0.25	%		0.26	%(e)			0.25	%(f)		0.25	%		0.25	%		0.25	%
Net investment income (loss)		0.70	%		1.25	%(e)			0.98	%(f)		0.51	%		0.06	%		(0.15	)%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f) Annualized.

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

119

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco 1-30 Laddered Treasury ETF (PLW)	“1-30 Laddered Treasury ETF”
Invesco California AMT-Free Municipal Bond ETF (PWZ)	“California AMT-Free Municipal Bond ETF”
Invesco CEF Income Composite ETF (PCEF)	“CEF Income Composite ETF”
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)	“Fundamental High Yield® Corporate Bond ETF”
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)	“Fundamental Investment Grade Corporate Bond ETF”
Invesco National AMT-Free Municipal Bond ETF (PZA)	“National AMT-Free Municipal Bond ETF”
Invesco New York AMT-Free Municipal Bond ETF (PZT)	“New York AMT-Free Municipal Bond ETF”
Invesco Preferred ETF (PGX)	“Preferred ETF”
Invesco Taxable Municipal Bond ETF (BAB)	“Taxable Municipal Bond ETF”
Invesco Treasury Collateral ETF (CLTL)	“Treasury Collateral ETF”
Invesco Variable Rate Preferred ETF (VRP)	“Variable Rate Preferred ETF”
Invesco VRDO Tax-Free Weekly ETF (PVI)	“VRDO Tax-Free Weekly ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of 1-30 Laddered Treasury ETF, which are listed and traded on The Nasdaq Stock Market.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

To provide enhanced daily liquidity, Treasury Collateral ETF determines its NAV twice each day, at 12:00 p.m. ET and 4:00 p.m. ET. The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.

CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.

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

Fund	Underlying Index
1-30 Laddered Treasury ETF	Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index
California AMT-Free Municipal Bond ETF	ICE BofAML California Long-Term Core Plus Municipal Securities Index
CEF Income Composite ETF	S-Network Composite Closed-End Fund IndexSM
Fundamental High Yield® Corporate Bond ETF	RAFI® Bonds U.S. High Yield 1-10 Index
Fundamental Investment Grade Corporate Bond ETF	RAFI® Bonds U.S. Investment Grade 1-10 Index
National AMT-Free Municipal Bond ETF	ICE BofAML National Long-Term Core Plus Municipal Securities Index
New York AMT-Free Municipal Bond ETF	ICE BofAML New York Long-Term Core Plus Municipal Securities Index
Preferred ETF	ICE BofAML Core Plus Fixed Rate Preferred Securities Index
Taxable Municipal Bond ETF	ICE BofAML US Taxable Municipal Securities Plus Index
Treasury Collateral ETF	ICE U.S. Treasury Short Bond Index
Variable Rate Preferred ETF	Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index
VRDO Tax-Free Weekly ETF	Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index

120

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 the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity

121

to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

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

B. Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

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

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk

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refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Foreign Fixed-Income Investment Risk. For certain funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice 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.

Fund of Funds Risk. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise its Underlying Index. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, while continuing to pay its own unitary management fee. As a result, shareholders will absorb duplicate levels of fees with respect to investments in the Underlying Funds. In addition, at times certain segments of the market represented by constituent Underlying Funds in its Underlying Index may be out of favor and underperform other segments.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

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

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

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

LIBOR Risk. Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

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Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities may be prepaid at a price less than the original purchase value. In addition, TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction and counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns.

Municipal Insurance Risk. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.

Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Preferred ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Not a Money Market Fund. Treasury Collateral ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.

Preferred Stock Risk. With respect to certain Funds, preferred stock is subject to issuer-specific and overall market risks that are generally applicable to equity securities as a whole; however, there are special risks associated with investing in preferred stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, meaning that an issuer’s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. This subjects preferred stock to a greater risk of non-payment than more senior securities. Because of the subordinated position of preferred stock in an issuer’s capital structure, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, its quality and value are heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets. Also, in certain circumstances, an issuer of a preferred stock may call or redeem it prior to a specified date or may convert it to common stock, all of which may negatively impact its return.

Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The

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securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

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

Tax Risk. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

U.S. Government Obligation Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each

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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.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Treasury Collateral ETF and, for each Fund, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

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

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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

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temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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

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

NOTE 3—Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
1-30 Laddered Treasury ETF	0.25%
California AMT-Free Municipal Bond ETF	0.28%
CEF Income Composite ETF	0.50%
Fundamental High Yield® Corporate Bond ETF	0.50%
Fundamental Investment Grade Corporate Bond ETF	0.22%
National AMT-Free Municipal Bond ETF	0.28%
New York AMT-Free Municipal Bond ETF	0.28%
Preferred ETF	0.50%
Taxable Municipal Bond ETF	0.28%
Treasury Collateral ETF	0.08%
Variable Rate Preferred ETF	0.50%
VRDO Tax-Free Weekly ETF	0.25%

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Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees for each Fund in the following amounts:

1-30 Laddered Treasury ETF	$	226
California AMT-Free Municipal Bond ETF		-
CEF Income Composite ETF		1,179
Fundamental High Yield® Corporate Bond ETF		8,527
Fundamental Investment Grade Corporate Bond ETF		617
National AMT-Free Municipal Bond ETF		-
New York AMT-Free Municipal Bond ETF		-
Preferred ETF		73,024
Taxable Municipal Bond ETF		97,438
Treasury Collateral ETF		1,103
Variable Rate Preferred ETF		7,997
VRDO Tax-Free Weekly ETF		-

For Treasury Collateral ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

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

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

Fund	Licensor
1-30 Laddered Treasury ETF	Nasdaq, Inc.
California AMT-Free Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
CEF Income Composite ETF	S-Network Global Indexes, LLC
Fundamental High Yield® Corporate Bond ETF	Research Affiliates®
Fundamental Investment Grade Corporate Bond ETF	Research Affiliates®
National AMT-Free Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
New York AMT-Free Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
Preferred ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
Taxable Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
Treasury Collateral ETF	Interactive Data Pricing and Reference Data LLC
Variable Rate Preferred ETF	Wells Fargo & Company
VRDO Tax-Free Weekly ETF	Bloomberg Finance L.P.

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

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

For fiscal year ended August 31, 2020, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

CEF Income Composite ETF $ 6,648

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4—Additional Valuation Information

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

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market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of August 31, 2020, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
1-30 Laddered Treasury ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	203,557,214		$	-		$	203,557,214
Money Market Funds			115,706			-			-			115,706
Total Investments		$	115,706		$	203,557,214		$	-		$	203,672,920
CEF Income Composite ETF
Investments in Securities
Closed-End Funds		$	756,528,315		$	-		$	-		$	756,528,315
Money Market Funds			-			12,630,770			-			12,630,770
Total Investments		$	756,528,315		$	12,630,770		$	-		$	769,159,085
Fundamental High Yield® Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	746,327,688		$	-		$	746,327,688
Money Market Funds			4,085,897			22,277,047			-			26,362,944
Total Investments		$	4,085,897		$	768,604,735		$	-		$	772,690,632
Fundamental Investment Grade Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	62,932,177		$	-		$	62,932,177
Money Market Funds			232,848			591,372			-			824,220
Total Investments		$	232,848		$	63,523,549		$	-		$	63,756,397
Preferred ETF
Investments in Securities
Preferred Stocks		$	6,235,097,928		$	-		$	-		$	6,235,097,928
Money Market Funds			-			62,351,311			-			62,351,311
Total Investments		$	6,235,097,928		$	62,351,311		$	-		$	6,297,449,239
Taxable Municipal Bond ETF
Investments in Securities
Municipal Obligations		$	-		$	1,881,635,794		$	-		$	1,881,635,794
U.S. Dollar Denominated Bonds & Notes			-			55,251,290			-			55,251,290
Money Market Funds			90,139,484			-			-			90,139,484
Total Investments		$	90,139,484		$	1,936,887,084		$	-		$	2,027,026,568
Treasury Collateral ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	937,854,416		$	-		$	937,854,416
Money Market Funds			221,238			-			-			221,238
Total Investments		$	221,238		$	937,854,416		$	-		$	938,075,654

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	Level 1			Level 2			Level 3				Total
Variable Rate Preferred ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	1,070,054,861		$	-			$	1,070,054,861
Preferred Stocks			387,980,102			-			-				387,980,102
Money Market Funds			-			34,751,361			-				34,751,361
										��
Total Investments		$	387,980,102		$	1,104,806,222		$	-			$	1,492,786,324

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:

	2020									2019
				Ordinary									Ordinary
	Ordinary			Income-Tax-			Long-Term			Ordinary			Income-Tax-			Long-Term
	Income*			Exempt			Capital Gains			Income*			Exempt			Capital Gains
1-30 Laddered Treasury ETF		$	2,310,988		$	-		$	-		$	3,060,263		$	-		$	-
California AMT-Free Municipal Bond ETF			59,378			9,737,280			-			66,064			7,845,729			-
CEF Income Composite ETF			61,569,372			-			-			53,905,613			-			-
Fundamental High Yield® Corporate Bond ETF			28,061,635			-			-			33,010,295			-			-
Fundamental Investment Grade Corporate Bond ETF			1,984,493			-			6,388			3,906,123			-			-
National AMT-Free Municipal Bond ETF			566,769			56,083,599			-			212,341			50,423,342			-
New York AMT-Free Municipal Bond ETF			13,346			2,386,497			-			-			1,892,274			-
Preferred ETF			296,096,193			-			-			276,045,216			-			-
Taxable Municipal Bond ETF			48,233,360			-			-			39,734,954			-			-
Treasury Collateral ETF			8,688,360			-			1,235			12,311,025			-			-
Variable Rate Preferred ETF			71,331,749			-			-			89,362,622			-			-
VRDO Tax-Free Weekly ETF			2,374			369,917			-			340			746,609			-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

											Net
											Unrealized
	Undistributed			Undistributed			Temporary				Appreciation								Shares of
	Ordinary			Long-Term			Book/Tax				(Depreciation)-				Capital Loss				Beneficial			Total
	Income			Capital Gains			Differences				Investments				Carryforwards				Interest			Net Assets
1-30 Laddered Treasury ETF		$	-		$	-		$	-			$	(790,961	)		$	(255,727	)		$	204,949,783		$	203,903,095
California AMT-Free Municipal Bond ETF			-			-			-				29,224,562				(560,496	)			423,253,489			451,917,555
CEF Income Composite ETF			-			-			-				(39,969,570	)			(33,116,733	)			829,192,749			756,106,446
Fundamental High Yield® Corporate Bond ETF			-			-			-				20,249,785				(44,008,709	)			781,569,665			757,810,741
Fundamental Investment Grade Corporate Bond ETF			-			128,335			-				4,021,473				-				58,879,865			63,029,673
National AMT-Free Municipal Bond ETF			-			-			-				128,553,484				(10,048,589	)			2,558,648,379			2,677,153,274
New York AMT-Free Municipal Bond ETF			-			-			-				5,355,316				(433,920	)			93,907,365			98,828,761
Preferred ETF			2,020,274			-			(3,169,790	)			78,122,112				(145,894,697	)			6,329,878,431			6,260,956,330
Taxable Municipal Bond ETF			-			-			-				175,721,350				(3,407,366	)			1,833,546,775			2,005,860,759
Treasury Collateral ETF			345,772			-			-				647,191				-				937,176,544			938,169,507
Variable Rate Preferred ETF			8,484,043			-			(1,802,013	)			(29,520,484	)			(28,602,580	)			1,524,248,478			1,472,807,444
VRDO Tax-Free Weekly ETF			-			-			-				-				(1	)			49,855,429			49,855,428

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

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The following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
1-30 Laddered Treasury ETF	$	255,727	$	-	$	255,727
California AMT-Free Municipal Bond ETF		249,270		311,226		560,496
CEF Income Composite ETF		5,755,745		27,360,988		33,116,733
Fundamental High Yield® Corporate Bond ETF		18,137,887		25,870,822		44,008,709
Fundamental Investment Grade Corporate Bond ETF		-		-		-
National AMT-Free Municipal Bond ETF		7,456,076		2,592,513		10,048,589
New York AMT-Free Municipal Bond ETF		292,856		141,064		433,920
Preferred ETF		24,366,783		121,527,914		145,894,697
Taxable Municipal Bond ETF		1,759,440		1,647,926		3,407,366
Treasury Collateral ETF		-		-		-
Variable Rate Preferred ETF		6,828,588		21,773,992		28,602,580
VRDO Tax-Free Weekly ETF		1		-		1

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

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
1-30 Laddered Treasury ETF	$	-	$	-
California AMT-Free Municipal Bond ETF		208,669,771		46,455,891
CEF Income Composite ETF		155,845,124		154,968,943
Fundamental High Yield® Corporate Bond ETF		233,169,910		253,001,428
Fundamental Investment Grade Corporate Bond ETF		29,207,338		26,956,931
National AMT-Free Municipal Bond ETF		1,228,436,677		318,979,092
New York AMT-Free Municipal Bond ETF		30,221,183		10,842,662
Preferred ETF		1,158,437,383		1,034,911,712
Taxable Municipal Bond ETF		951,530,148		251,066,082
Treasury Collateral ETF		-		-
Variable Rate Preferred ETF		344,948,655		341,188,513
VRDO Tax-Free Weekly ETF		-		-

For the fiscal year ended August 31, 2020, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for the 1-30 Laddered Treasury ETF amounted to $19,433,834 and $16,764,041, respectively and for the Treasury Collateral ETF amounted to $0 and $0, respectively.

For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of		Value of
	Securities		Securities
	Received		Delivered
1-30 Laddered Treasury ETF	$	293,938,793	$	272,999,783
California AMT-Free Municipal Bond ETF		-		62,243,111
CEF Income Composite ETF		139,938,332		88,220,177
Fundamental High Yield® Corporate Bond ETF		408,810,098		385,489,585
Fundamental Investment Grade Corporate Bond ETF		2,320,396		35,310,511
National AMT-Free Municipal Bond ETF		-		223,472,828
New York AMT-Free Municipal Bond ETF		-		-
Preferred ETF		1,382,461,266		507,833,571
Taxable Municipal Bond ETF		-		57,727,646
Treasury Collateral ETF		-		-

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	Cost of		Value of
	Securities		Securities
	Received		Delivered
Variable Rate Preferred ETF	$	203,401,904	$	212,207,079
VRDO Tax-Free Weekly ETF		-		-

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

								Net
	Gross			Gross				Unrealized
	Unrealized			Unrealized				Appreciation
	Appreciation			(Depreciation)				(Depreciation)				Cost
1-30 Laddered Treasury ETF		$	1,206,065		$	(1,997,026	)		$	(790,961	)		$	204,463,881
California AMT-Free Municipal Bond ETF			29,717,806			(493,244	)			29,224,562				413,572,490
CEF Income Composite ETF			34,562,155			(74,531,725	)			(39,969,570	)			809,128,655
Fundamental High Yield® Corporate Bond ETF			25,542,774			(5,292,989	)			20,249,785				752,440,847
Fundamental Investment Grade Corporate Bond ETF			4,071,843			(50,370	)			4,021,473				59,734,924
National AMT-Free Municipal Bond ETF			134,144,184			(5,590,700	)			128,553,484				2,513,048,877
New York AMT-Free Municipal Bond ETF			5,493,248			(137,932	)			5,355,316				90,174,567
Preferred ETF			176,184,379			(98,062,267	)			78,122,112				6,219,327,127
Taxable Municipal Bond ETF			176,909,882			(1,188,532	)			175,721,350				1,851,305,218
Treasury Collateral ETF			662,322			(15,131	)			647,191				937,428,464
Variable Rate Preferred ETF			30,468,992			(59,989,476	)			(29,520,484	)			1,522,306,808
VRDO Tax-Free Weekly ETF			-			-				-				48,265,000

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, distributions, taxable overdistributions, partnerships, and hybrid securities, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2020, the reclassifications were as follows:

	Undistributed Net				Undistributed Net				Shares of
	Investment Income (Loss)				Realized Gain (Loss)				Beneficial Interest
1-30 Laddered Treasury ETF		$	5,508			$	(13,498,108	)		$	13,492,600
California AMT-Free Municipal Bond ETF			59,378				(1,363,231	)			1,303,853
CEF Income Composite ETF			13,624,385				(2,404,257	)			(11,220,128	)
Fundamental High Yield® Corporate Bond ETF			144,804				5,685,743				(5,830,547	)
Fundamental Investment Grade Corporate Bond ETF			6,745				(1,568,299	)			1,561,554
National AMT-Free Municipal Bond ETF			566,769				(983,505	)			416,736
New York AMT-Free Municipal Bond ETF			13,346				-				(13,346	)
Preferred ETF			(2,941,239	)			48,086,758				(45,145,519	)
Taxable Municipal Bond ETF			482,751				(5,666,064	)			5,183,313
Treasury Collateral ETF			80,708				(583,734	)			503,026
Variable Rate Preferred ETF			3,993,503				13,334,207				(17,327,710	)
VRDO Tax-Free Weekly ETF			2,374				-				(2,374	)

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

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NOTE 9—Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. For California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF, such transactions are principally in exchange for the deposit or delivery of cash.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 10—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

133

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free Weekly ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free Weekly ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 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.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

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

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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.

In addition to the fees and expenses which the Invesco CEF Income Composite ETF and Invesco Preferred ETF (collectively the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

Actual Expenses

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

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

	Beginning Account Value March 1, 2020			Ending Account Value August 31, 2020			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco 1-30 Laddered Treasury ETF (PLW)
Actual		$	1,000.00		$	1,047.00		0.25	%		$	1.29
Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27
Invesco California AMT-Free Municipal Bond ETF (PWZ)
Actual			1,000.00			990.10		0.28				1.40
Hypothetical (5% return before expenses)			1,000.00			1,023.73		0.28				1.42
Invesco CEF Income Composite ETF (PCEF)
Actual			1,000.00			1,022.40		0.50				2.54
Hypothetical (5% return before expenses)			1,000.00			1,022.62		0.50				2.54

135

Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	March 1, 2020			August 31, 2020			Six-Month Period			Six-Month Period(1)
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
Actual		$	1,000.00		$	1,024.20		0.50	%		$	2.54
Hypothetical (5% return before expenses)			1,000.00			1,022.62		0.50				2.54
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Actual			1,000.00			1,035.00		0.22				1.13
Hypothetical (5% return before expenses)			1,000.00			1,024.03		0.22				1.12
Invesco National AMT-Free Municipal Bond ETF (PZA)
Actual			1,000.00			989.50		0.28				1.40
Hypothetical (5% return before expenses)			1,000.00			1,023.73		0.28				1.42
Invesco New York AMT-Free Municipal Bond ETF (PZT)
Actual			1,000.00			991.80		0.28				1.40
Hypothetical (5% return before expenses)			1,000.00			1,023.73		0.28				1.42
Invesco Preferred ETF (PGX)
Actual			1,000.00			1,058.00		0.50				2.59
Hypothetical (5% return before expenses)			1,000.00			1,022.62		0.50				2.54
Invesco Taxable Municipal Bond ETF (BAB)
Actual			1,000.00			1,001.90		0.27				1.36
Hypothetical (5% return before expenses)			1,000.00			1,023.78		0.27				1.37
Invesco Treasury Collateral ETF (CLTL)
Actual			1,000.00			1,005.30		0.08				0.40
Hypothetical (5% return before expenses)			1,000.00			1,024.73		0.08				0.41
Invesco Variable Rate Preferred ETF (VRP)
Actual			1,000.00			1,011.60		0.50				2.53
Hypothetical (5% return before expenses)			1,000.00			1,022.62		0.50				2.54
Invesco VRDO Tax-Free Weekly ETF (PVI)
Actual			1,000.00			1,002.20		0.25				1.26
Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

136

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 advisors.

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

The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:

	Qualified			Qualified									Business			Qualified
	Business			Dividend			Dividends-Received			U.S. Treasury			Interest			Interest			Tax-Exempt			Long Term
	Income*			Income*			Deduction*			Obligations*			Income*			Income*			Income*			Capital Gains
Invesco 1-30 Laddered Treasury ETF		0	%		0	%		0	%		100	%		99	%		100	%		0	%		$	-
Invesco California AMT-Free Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		99	%		$	-
Invesco CEF Income Composite ETF		0	%		5	%		5	%		0	%		0	%		0	%		0	%		$	-
Invesco Fundamental High Yield® Corporate Bond ETF		0	%		0	%		0	%		0	%		98	%		96	%		0	%		$	-
Invesco Fundamental Investment Grade Corporate Bond ETF		0	%		0	%		0	%		0	%		100	%		97	%		0	%		$	6,388
Invesco National AMT-Free Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		99	%		$	-
Invesco New York AMT-Free Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		99	%		$	-
Invesco Preferred ETF		7	%		60	%		58	%		0	%		29	%		29	%		0	%		$	-
Invesco Taxable Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		0	%		$	-
Invesco Treasury Collateral ETF		0	%		0	%		0	%		100	%		94	%		96	%		0	%		$	1,235
Invesco Variable Rate Preferred ETF		0	%		74	%		70	%		0	%		10	%		15	%		0	%		$	-
Invesco VRDO Tax-Free Weekly ETF		0	%		0	%		0	%		0	%		0	%		0	%		99	%		$	-

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

137

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 August 31, 2020

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	Past 5 Years	Trustees	the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

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

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

138

Trustees and Officers—(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	Past 5 Years	Trustees	the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

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

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

139

Trustees and Officers—(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	Past 5 Years	Trustees	the Past 5 Years
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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

140

Trustees and Officers—(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	Past 5 Years	Trustees	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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

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

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

141

Trustees and Officers—(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	Past 5 Years	Trustees	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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

142

Trustees and Officers—(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	Past 5 Years	Trustees	the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, 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.	214	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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

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

143

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.

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Interested
Name, Address and Year of Birth	Held	Time	Occupation(s) During	Interested	Trustee During
of Interested Trustee	with Trust	Served*	Past 5 Years	Trustee	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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset	214	None
			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.

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

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

144

Trustees and Officers—(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present);formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

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

145

Trustees and Officers—(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	Past 5 Years
Adam Henkel—1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

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

146

Trustees and Officers—(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	Past 5 Years
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

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

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.

147

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco S&P 500 Enhanced Value ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® High Beta ETF
Invesco China Technology ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	Invesco S&P International Developed High Dividend Low Volatility ETF
Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Fundamental High Yield® Corporate Bond ETF	Invesco S&P International Developed Momentum ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Quality ETF
Invesco Global Clean Energy ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P MidCap Low Volatility ETF
Invesco Global Water ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Health Care ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap Industrials ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Information Technology ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco Preferred ETF	Invesco S&P SmallCap Materials ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF	Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM MSCI USA ETF	Invesco Senior Loan ETF
Invesco PureBetaSM MSCI USA Small Cap ETF	Invesco Taxable Municipal Bond ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Treasury Collateral ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Equal Weight ETF	Invesco VRDO Tax-Free Weekly ETF
Invesco Russell 1000 Low Beta Equal Weight ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of

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

scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

· 0.04%: Invesco PureBeta^SM MSCI USA ETF

· 0.05%: Invesco PureBeta^SM US Aggregate Bond ETF

· 0.06%: Invesco PureBeta^SM MSCI USA Small Cap ETF

· 0.07%: Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF

· 0.08%: Invesco Treasury Collateral ETF

· 0.10%: Invesco S&P 500 Minimum Variance ETF

· 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

· 0.14%: Invesco PureBeta^SM FTSE Emerging Markets ETF

· 0.20%: Invesco Russell 1000 Equal Weight ETF

· 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF

149

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

· 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

· 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

· 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

· 0.30%: Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

· 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

· 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

· 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

· 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

· 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

· 0.55%: Invesco International BuyBack Achievers^TM ETF

· 0.60%: Invesco DWA SmallCap Momentum ETF

· 0.65%: Invesco Senior Loan ETF

· 0.70%: Invesco China Technology ETF

· 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF

· 0.80%: Invesco DWA Developed Markets Momentum ETF

· 0.90%: Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end

150

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

actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

	Equal		Equal to/Lower
	to/Lower		than Open-End		Lower than
	than ETF		Index Fund		Open-Active Fund
Invesco Fund	Peer Median		Peer Median*		Peer Median
Invesco 1-30 Laddered Treasury ETF						X
Invesco California AMT-Free Municipal Bond ETF				N/A		X
Invesco CEF Income Composite ETF		X		N/A		X
Invesco China Technology ETF				N/A		X
Invesco DWA Developed Markets Momentum ETF						X
Invesco DWA Emerging Markets Momentum ETF						X
Invesco DWA SmallCap Momentum ETF						X
Invesco Emerging Markets Sovereign Debt ETF						X
Invesco FTSE International Low Beta Equal Weight ETF		X		X		X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF				X		X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		X		X		X
Invesco FTSE RAFI Emerging Markets ETF		X				X
Invesco Fundamental High Yield® Corporate Bond ETF				X		X
Invesco Fundamental Investment Grade Corporate Bond ETF						X
Invesco Global Clean Energy ETF				N/A		X
Invesco Global Short Term High Yield Bond ETF		X		N/A		X
Invesco Global Water ETF				N/A		X
Invesco International BuyBack AchieversTM ETF		X		X		X
Invesco International Corporate Bond ETF						X
Invesco KBW Bank ETF		X				X
Invesco KBW High Dividend Yield Financial ETF		X				X
Invesco KBW Premium Yield Equity REIT ETF		X				X
Invesco KBW Property & Casualty Insurance ETF		X				X
Invesco KBW Regional Banking ETF		X				X
Invesco National AMT-Free Municipal Bond ETF						X
Invesco New York AMT-Free Municipal Bond ETF				N/A		X
Invesco Preferred ETF				N/A		X
Invesco PureBetaTM 0-5 Yr US TIPS ETF						X
Invesco PureBetaTM FTSE Developed ex-North America ETF						X
Invesco PureBetaTM FTSE Emerging Markets ETF		X				X
Invesco PureBetaTM MSCI USA ETF		X		X		X
Invesco PureBetaTM MSCI USA Small Cap ETF		X		X		X
Invesco PureBetaTM US Aggregate Bond ETF		X		X		X
Invesco Russell 1000 Enhanced Equal Weight ETF		X		X		X
Invesco Russell 1000 Equal Weight ETF		X		X		X
Invesco Russell 1000 Low Beta Equal Weight ETF				X		X
Invesco S&P 500 Enhanced Value ETF		X		X		X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF		X		X		X
Invesco S&P 500® High Beta ETF		X		X		X
Invesco S&P 500® High Dividend Low Volatility ETF		X		X		X
Invesco S&P 500® Low Volatility ETF		X				X
Invesco S&P 500 Minimum Variance ETF		X		X		X
Invesco S&P 500 Momentum ETF				X		X

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

	Equal		Equal to/Lower
	to/Lower		than Open-End		Lower than
	than ETF		Index Fund		Open-Active Fund
Invesco Fund	Peer Median		Peer Median*		Peer Median
Invesco S&P 500 Revenue ETF				X		X
Invesco S&P Emerging Markets Low Volatility ETF		X		X		X
Invesco S&P Emerging Markets Momentum ETF		X				X
Invesco S&P International Developed High Dividend Low Volatility ETF		X				X
Invesco S&P International Developed Low Volatility ETF		X				X
Invesco S&P International Developed Momentum ETF						X
Invesco S&P International Developed Quality ETF		X				X
Invesco S&P MidCap 400 Revenue ETF						X
Invesco S&P MidCap Low Volatility ETF						X
Invesco S&P SmallCap 600 Revenue ETF				X		X
Invesco S&P SmallCap Consumer Discretionary ETF		X				X
Invesco S&P SmallCap Consumer Staples ETF		X				X
Invesco S&P SmallCap Energy ETF		X				X
Invesco S&P SmallCap Financials ETF		X				X
Invesco S&P SmallCap Health Care ETF		X				X
Invesco S&P SmallCap High Dividend Low Volatility ETF		X		X		X
Invesco S&P SmallCap Industrials ETF		X				X
Invesco S&P SmallCap Information Technology ETF		X		X		X
Invesco S&P SmallCap Low Volatility ETF		X		X		X
Invesco S&P SmallCap Materials ETF		X				X
Invesco S&P SmallCap Quality ETF		X				X
Invesco S&P SmallCap Utilities & Communication Services ETF		X		X		X
Invesco S&P Ultra Dividend Revenue ETF				X		X
Invesco Senior Loan ETF				X		X
Invesco Taxable Municipal Bond ETF				N/A		X
Invesco Treasury Collateral ETF		X				X
Invesco Variable Rate Preferred ETF				X		X
Invesco VRDO Tax-Free Weekly ETF				N/A		X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

152

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

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

153

Approval of Investment Advisory and Sub-Advisory Contracts—(continued)

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

154

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC          3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-FINC-AR-1	invesco.com/ETFs

	Invesco Annual Report to Shareholders August 31, 2020
	USEQ	Invesco Russell 1000 Enhanced Equal Weight ETF
	EQAL	Invesco Russell 1000 Equal Weight ETF
	USLB	Invesco Russell 1000 Low Beta Equal Weight ETF
	SPVU	Invesco S&P 500 Enhanced Value ETF
	XRLV	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
	SPHB	Invesco S&P 500® High Beta ETF
	SPHD	Invesco S&P 500® High Dividend Low Volatility ETF
	SPLV	Invesco S&P 500® Low Volatility ETF
	SPMV	Invesco S&P 500 Minimum Variance ETF
	SPMO	Invesco S&P 500 Momentum ETF
	XMLV	Invesco S&P MidCap Low Volatility ETF
	XSHD	Invesco S&P SmallCap High Dividend Low Volatility ETF
	XSLV	Invesco S&P SmallCap Low Volatility ETF
	XSHQ	Invesco S&P SmallCap Quality ETF

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
Liquidity Risk Management Program	��	34
Schedules of Investments
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)		35
Invesco Russell 1000 Equal Weight ETF (EQAL)		42
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)		52
Invesco S&P 500 Enhanced Value ETF (SPVU)		56
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)		58
Invesco S&P 500® High Beta ETF (SPHB)		60
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)		62
Invesco S&P 500® Low Volatility ETF (SPLV)		64
Invesco S&P 500 Minimum Variance ETF (SPMV)		66
Invesco S&P 500 Momentum ETF (SPMO)		68
Invesco S&P MidCap Low Volatility ETF (XMLV)		70
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)		72
Invesco S&P SmallCap Low Volatility ETF (XSLV)		74
Invesco S&P SmallCap Quality ETF (XSHQ)		77
Statements of Assets and Liabilities		80
Statements of Operations		82
Statements of Changes in Net Assets		84
Financial Highlights		89
Notes to Financial Statements		103
Report of Independent Registered Public Accounting Firm		116
Fund Expenses		117
Tax Information		119
Trustees and Officers		120
Approval of Investment Advisory and Sub-Advisory Contracts		130

2

The Market Environment

Domestic Equity

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the US Federal Reserve (“the Fed”) cut interest rates by 0.25% each time, based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the Fed cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and reopenings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.² Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

3

	Management’s Discussion of Fund Performance
	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

As an index fund, the Invesco Russell 1000 Enhanced Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Enhanced Value Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”) that exhibit upward price momentum and good relative valuation. The Index is a subset of the Russell 1000, which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies, by capitalization.

The Index Provider selects constituent securities for the Index using a three-step screening process (based on a security’s earnings, valuation and momentum) to all securities in the Russell 1000. First, the Index Provider excludes securities with zero or negative earnings over the past 12 months. Second, the Index Provider screens for value stocks. Those securities with value scores in the bottom 10% are excluded. Third, the Index Provider screens for securities with greater positive price “momentum.” Stocks are ranked from highest returns to lowest returns over that period within each of 10 industries (as defined using the Industry Classification Benchmark) and stocks with returns ranking in the bottom 10% of each industry are excluded. The remaining securities are included in the Index. Constituent securities in the Index are equally weighted. The Fund generally invests in all of the securities comprising of the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 1.88%. On a net asset value (“NAV”) basis, the Fund returned 1.72%. During the same time period, the Index returned 1.87%. 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 22.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the year can be primarily attributed to its allocation to the information technology sector and stock selection within the consumer discretionary sector.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and industrials sectors, respectively. The financial sector detracted most significantly from the Fund’s return, followed by the real estate and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Etsy, Inc., a consumer discretionary company (no longer held at fiscal year-end) and Apple, Inc., an information technology company (portfolio average weight of 0.19%). Positions that detracted most significantly from the Fund’s return included MFA Financial, Inc., a financial company (no longer held at fiscal year-end), and Howard Hughes Corp., a real estate company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials	16.83
Industrials	15.99
Consumer Discretionary	13.01
Information Technology	12.79
Health Care	9.75
Real Estate	7.99
Materials	6.29
Consumer Staples	6.14
Communication Services	4.65
Utilities	4.51
Energy	1.90
Money Market Funds Plus Other Assets Less Liabilities	0.15

4

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets)   as of August 31, 2020
Security
Amazon.com, Inc.	0.25
Generac Holdings, Inc.	0.25
United Parcel Service, Inc., Class B	0.23
First Solar, Inc.	0.23
Horizon Therapeutics PLC	0.23
Apple, Inc.	0.23
SolarEdge Technologies, Inc.	0.22
Dick’s Sporting Goods, Inc.	0.22
EPAM Systems, Inc.	0.21
Gap, Inc. (The)	0.21
Total	2.28
*  Excluding money market fund holdings.

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	Fund Inception
				Average Annualized	Cumulative
Index
Russell 1000® Enhanced Value Equal Weight Index	1.87%	5.36%	16.96%	5.16%	17.08%
Russell 1000® Index	22.50	14.58	50.43	14.38	52.32
Fund
NAV Return	1.72	5.12	16.18	4.93	16.26
Market Price Return	1.88	5.13	16.21	4.94	16.30

5

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

Fund Inception: July 13, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

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 Fund.

6

	Management’s Discussion of Fund Performance
	Invesco Russell 1000 Equal Weight ETF (EQAL)

As an index fund, the Invesco Russell 1000 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index which is designed to measure the performance of approximately 1000 equally-weighted securities. The Index is comprised of all of the securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”), which is composed of approximately 1,000 of the largest securities within the Russell 3000^® Index. The Index is constructed by applying a two-step process. First, the Index Provider assigns each component security of the Russell 1000 to a sector based on the Russell Global Sectors (the “RGS”) classification system. There are nine economic sectors within the RGS classification system. Next, once the component securities are assigned to a sector, the Index Provider allocates an equal weight to each sector and then assigns an equal weight to each constituent security within each sector. 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 August 31, 2020, on a market price basis, the Fund returned 8.87%. On a net asset value (“NAV”) basis, the Fund returned 8.71%. During the same time period, the Index returned 8.77%. 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, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned 22.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the information technology sector during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the year can be attributed to the Fund’s underweight allocation to the information technology sector.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the real estate and financial sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Wayfair, Inc., Class A, a consumer discretionary company (portfolio average weight of 0.11%) and Moderna, Inc., a health care company (portfolio average weight of 0.14%). Positions that detracted most significantly from the Fund’s return included Chesapeake Energy Corp., an energy company (no longer held at fiscal year-end), and Centennial Resources Development, Inc., an energy company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Industrials	13.70
Information Technology	13.53
Health Care	11.97
Consumer Staples	10.88
Materials	9.09
Utilities	8.97
Consumer Discretionary	8.66
Energy	8.61
Financials	6.37
Communication Services	4.77
Real Estate	3.32
Money Market Funds Plus Other Assets   Less Liabilities	0.13

Top Ten Fund Holdings* (% of the Fund’s Net Assets)   as of August 31, 2020
Security
Enphase Energy, Inc.	0.44
First Solar, Inc.	0.39
SolarEdge Technologies, Inc.	0.38
Boston Beer Co., Inc. (The), Class A	0.33
Halliburton Co.	0.32
AES Corp. (The)	0.31
EQT Corp.	0.30
Antero Midstream Corp.	0.30
Pioneer Natural Resources Co.	0.28
Cheniere Energy, Inc.	0.28
Total	3.33
* Excluding money market fund holdings.

7

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

Fund Performance History as of August 31, 2020

		3 Years		5 Years		Fund Inception
		Average	3 Years	Average	5 Years	Average
Index	1 Year	Annualized	Cumulative	Annualized	Cumulative	Annualized	Cumulative
Russell 1000® Equal Weight Index	8.77%	7.17%	23.10%	8.86%	52.87%	6.98%	46.80%
Russell 1000® Index	22.50	14.58	50.43	14.31	95.18	11.77	88.31
Fund
NAV Return	8.71	7.04	22.63	8.68	51.64	6.81	45.43
Market Price Return	8.87	7.10	22.86	8.71	51.81	6.82	45.53

Fund Inception: December 23, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

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 Fund.

8

	Management’s Discussion of Fund Performance
	Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

As an index fund, the Invesco Russell 1000 Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index which is comprised of securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”) that exhibit low beta characteristics. The Index is a subset of the Russell 1000, which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies, by capitalization.

The Index Provider selects constituent securities for the Index by calculating the beta score for each security in the Russell 1000. Beta is a measure of a security’s price sensitivity (i.e., volatility); it reflects the rate of change in a security’s price that results from overall market movements. To calculate the beta score, the Index Provider analyzes the security’s monthly returns over the past eighteen months to see the extent to which they correlate to overall market movements. Securities with a beta score of less than that of the overall U.S. equity market average (that is, securities whose price changes exhibit less volatility than the average amount of volatility in the market) are eligible for inclusion in the Index. The Index is equally weighted. 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 August 31, 2020, on a market price basis, the Fund returned 2.30%. On a net asset value (“NAV”) basis, the Fund returned 2.08%. During the same time period, the Index returned 2.27%. 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, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines, along with revenue generated from the securities lending program in which the Fund participates.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that is a subset of the Benchmark Index, consisting of securities within the Benchmark Index that exhibit low beta characteristics.

During this same time period, the Benchmark Index returned 22.50%. 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.

Relative to the Benchmark Index, the Fund was most overweight in the real estate and utilities sectors and most underweight in the information technology and communication services sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight position and security selection in the information technology sector as well as its overweight position and security selection in the real estate sector.

For the fiscal year ended August 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and industrials sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Newmont Corp., a materials company (portfolio average weight of 0.32%), and Advanced Micro Devices, Inc., an information technology company (portfolio average weight of 0.07%). Positions that detracted most significantly from the Fund’s return included MFA Financial, Inc., a financials company (no longer held at fiscal year-end), and Service Properties Trust, a real estate company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets)   as of August 31, 2020
Health Care	16.76
Information Technology	13.54
Industrials	12.32
Financials	11.51
Real Estate	11.26
Consumer Staples	8.92
Utilities	8.29
Consumer Discretionary	6.75
Communication Services	5.50
Materials	4.81
Energy	0.25
Money Market Funds Plus Other Assets   Less Liabilities	0.09

9

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

  Top Ten Fund Holdings* (% of the Fund’s Net Assets)

  as of August 31, 2020

Security
Advanced Micro Devices, Inc.	0.46
United Parcel Service, Inc., Class B	0.43
Amazon.com, Inc.	0.38
Watsco, Inc.	0.37
West Pharmaceutical Services, Inc.	0.36
Dell Technologies, Inc., Class C	0.36
Adobe, Inc.	0.36
Take-Two Interactive Software, Inc.	0.36
Deere & Co.	0.35
Veeva Systems, Inc., Class A	0.35
Total	3.78

* Excluding money market fund holdings.

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	Fund Inception
Index				Average Annualized	Cumulative
Russell 1000® Low Beta Equal Weight Index	2.27%	6.53%	20.90%	7.99%	44.83%
Russell 1000® Index	22.50	14.58	50.43	13.45	83.70
Fund
NAV Return	2.08	6.20	19.79	7.63	42.54
Market Price Return	2.30	6.28	20.05	7.65	42.68

10

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

Fund Inception: November 5, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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 Fund.

11

	Management’s Discussion of Fund Performance
	Invesco S&P 500 Enhanced Value ETF (SPVU)

As an index fund, the Invesco S&P 500 Enhanced Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500 Enhanced Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in 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 designed to track the performance of approximately 100 stocks in the S&P 500^® Index (the “Parent Index”) that have the highest “value score,” which the Index Provider calculates based on fundamental ratios of a company’s stock.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by evaluating each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price. The Index Provider then calculates the value score of each security based on a composite of those three factors and selects the 100 stocks with the highest value score for inclusion in the Index. The Index uses a modified market capitalization-weighted strategy, weighting securities by multiplying their market capitalization and their value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (10.97)%. On a net asset value (“NAV”) basis, the Fund returned (11.04)%. During the same time period, the Index returned (11.11)%. 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 which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines. During the same time period, the Parent Index returned 21.94%.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Morgan Stanley, a financial company (portfolio average weight of 2.25%), and Newmont Corp., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Wells Fargo & Co., a financials company (portfolio average weight of 4.38%), and AT&T, Inc. a communication services company (portfolio average weight of 5.39%).

Sector Breakdown (% of the   Fund’s Net Assets)   as of August 31, 2020
Financials	39.37
Health Care	13.52
Consumer Discretionary	9.75
Energy	8.86
Industrials	8.20
Communication Services	6.78
Consumer Staples	6.45
Sector Types Each Less Than 3%	6.58
Money Market Funds Plus Other Assets   Less Liabilities	0.49
Top Ten Fund Holdings* (% of the   Fund’s Net Assets)   as of August 31, 2020
Security
Bank of America Corp.	5.11
AT&T, Inc.	4.90
Citigroup, Inc.	4.83
CVS Health Corp.	4.48
Exxon Mobil Corp.	4.17
Wells Fargo & Co.	3.96
Raytheon Technologies Corp.	3.28
Cigna Corp.	2.70
General Motors Co.	2.46
Anthem, Inc.	2.42
Total	38.31

* Excluding money market fund holdings.

12

Invesco S&P 500 Enhanced Value ETF (SPVU)  (continued)

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	Fund Inception
Index				Average Annualized	Cumulative
S&P 500 Enhanced Value Index	(11.11)%	(0.13)%	(0.38)%	5.03%	27.14%
S&P 500® Index	21.94	14.52	50.17	14.24	91.84
Fund
NAV Return	(11.04)	(0.21)	(0.61)	4.87	26.20
Market Price Return	(10.97)	(0.14)	(0.41)	4.88	26.26

Fund Inception: October 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

13

	Management’s Discussion of Fund Performance
	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)

As an index fund, the Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility Rate Response Index (the “Index”). The Fund generally will invest at least 90% of its total assets in 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 designed to provide exposure to the 100 constituents of the S&P 500^® Index (the “Parent Index”) that exhibit both low volatility and low interest rate risk. The Index is designed to include stocks exhibiting low volatility characteristics, after removing stocks that historically have performed poorly in rising interest rate environments. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index Provider determines a stock’s “rate sensitivity” by performing a regression of the stock’s returns over a five-year period to changes in interest rates over that same period. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 3.99%. On a net asset value (“NAV”) basis, the Fund returned 3.86%. During the same time period, the Index returned 4.13%. 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 the same time period, the Parent Index returned 21.94%.

For the fiscal year ended August 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Citrix Systems, Inc., an information technology company (no longer held at fiscal year-end), and United Parcel Service, Inc., Class B, an industrials company (portfolio average weight of 0.34%). Positions that detracted most significantly from the Fund’s return included Simon Property Group, Inc., a real estate company (no longer held at fiscal year-end), and Boston Properties, Inc., a real estate company (no longer held at fiscal year-end).

Sector Breakdown   (% of the Fund’s Net Assets)   as of August 31, 2020
Health Care	29.60
Industrials	21.45
Information Technology	13.92
Financials	8.89
Communication Services	8.41
Consumer Discretionary	7.03
Consumer Staples	6.08
Materials	3.68
Real Estate	0.90
Money Market Funds Plus Other Assets   Less Liabilities	0.04
Top Ten Fund Holdings*   (% of the Fund’s Net Assets)   as of August 31, 2020
Security
Bristol-Myers Squibb Co.	1.32
Johnson & Johnson	1.27
salesforce.com, inc.	1.25
Amazon.com, Inc.	1.20
Merck & Co., Inc.	1.20
Expeditors International of Washington, Inc.	1.18
Tyler Technologies, Inc.	1.16
Charter Communications, Inc., Class A	1.16
Berkshire Hathaway, Inc., Class B	1.14
Danaher Corp.	1.14
Total	12.02

* Excluding money market fund holdings.

14

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV) (continued)

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Fund Inception
Index						Average Annualized	Cumulative
S&P 500® Low Volatility Rate Response Index	4.13%	10.43%	34.68%	12.56%	80.69%	10.90%	74.66%
S&P 500® Index	21.94	14.52	50.17	14.46	96.47	12.29	86.79
Fund
NAV Return	3.86	10.14	33.62	12.26	78.28	10.60	72.14
Market Price Return	3.99	10.20	33.82	12.25	78.25	10.61	72.27

Fund Inception: April 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

15

	Management’s Discussion of Fund Performance
	Invesco S&P 500® High Beta ETF (SPHB)

As an index fund, the Invesco S&P 500^® High Beta ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® High Beta Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its guidelines and mandated procedures, S&P DJI selects 100 securities from the S&P 500^® Index (the “Parent Index”) for inclusion in the Index that have the highest sensitivity to market movements, or “beta,” over the past 12 months as determined by the Index Provider. Beta is a measure of relative risk and is the rate of change of a security’s price. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 11.59%. On a net asset value (“NAV”) basis, the Fund returned 11.38%. During the same time period, the Index returned 11.53%. 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, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines. During the same time period, the Parent Index returned 21.94%.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the real estate and consumer discretionary sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials and consumer staples sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included NVIDIA Corp., an information technology company (portfolio average weight of 1.53%), and Advanced Micro Devices, Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included American Airlines Group, Inc., an industrials company (portfolio average weight of 0.63%), and Capri Holdings Ltd., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the   Fund’s Net Assets)   as of August 31, 2020
Financials	28.47
Consumer Discretionary	17.55
Energy	17.25
Information Technology	11.68
Industrials	9.69
Real Estate	5.91
Materials	4.89
Sector Types Each Less Than 3%	4.38
Money Market Funds Plus Other Assets   Less Liabilities	0.18
Top Ten Fund Holdings* (% of the     Fund’s Net Assets)   as of August 31, 2020
Security
Norwegian Cruise Line Holdings Ltd.	1.46
Lincoln National Corp.	1.40
Royal Caribbean Cruises Ltd.	1.37
Carnival Corp.	1.37
DXC Technology Co.	1.26
MGM Resorts International	1.22
Discover Financial Services	1.22
Weyerhaeuser Co.	1.20
Freeport-McMoRan, Inc.	1.20
Ameriprise Financial, Inc.	1.20
Total	12.90

* Excluding money market fund holdings.

16

Invesco S&P 500^® High Beta ETF (SPHB) (continued)

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Fund Inception
Index						Average Annualized	Cumulative
S&P 500® High Beta Index	11.53%	8.02%	26.06%	9.63%	58.38%	8.31%	110.44%
S&P 500® Index	21.94	14.52	50.17	14.46	96.47	13.24	218.51
Fund
NAV Return	11.38	7.79	25.25	9.37	56.46	8.03	105.36
Market Price Return	11.59	7.91	25.67	9.40	56.72	8.06	105.92

Fund Inception: May 5, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

17

	Management’s Discussion of Fund Performance
	Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)

As an index fund, the Invesco S&P 500^® High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 50 securities in the S&P 500^® Index (the “Parent Index”) that historically have provided high dividend yields with lower volatility. Strictly in accordance with its guidelines and mandated procedures, S&P DJI identifies from the Parent Index the 75 securities with the highest dividend yields over the past 12 months, with no one sector within the Parent Index allowed to contribute more than 10 securities. From those securities, S&P DJI selects for inclusion in the Index the 50 securities with the lowest realized volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index weights each constituent security by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (11.37)%. On a net asset value (“NAV”) basis, the Fund returned (11.46)%. During the same time period, the Index returned (11.24)%. 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, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines. During the same time period, the Parent Index returned 21.94%.

For the fiscal year ended August 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the energy and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included United Parcel Service, Inc., Class B, an industrials company (no longer held at fiscal year-end), and General Mills, Inc., a consumer staples company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Simon Property Group, Inc., a real estate company (no longer held at fiscal year-end), and ONEOK, Inc., an energy company (no longer held at fiscal year-end).

Sector Breakdown (% of the   Fund’s Net Assets)   as of August 31, 2020
Utilities	16.75
Real Estate	13.96
Information Technology	12.58
Materials	11.34
Communication Services	11.32
Consumer Staples	9.19
Energy	7.12
Consumer Discretionary	6.97
Health Care	4.69
Financials	4.52
Industrials	1.44
Money Market Funds Plus Other Assets   Less Liabilities	0.12
Top Ten Fund Holdings* (% of the   Fund’s Net Assets)   as of August 31, 2020
Security
Iron Mountain, Inc.	3.29
CenturyLink, Inc.	3.18
Altria Group, Inc.	3.11
Dow, Inc.	2.75
H&R Block, Inc.	2.73
Exxon Mobil Corp.	2.71
Vornado Realty Trust	2.68
Philip Morris International, Inc.	2.63
PPL Corp.	2.60
AT&T, Inc.	2.60
Total	28.28

* Excluding money market fund holdings.

18

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD) (continued)

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Fund Inception
Index						Average Annualized	Cumulative
S&P 500® Low Volatility High Dividend Index	(11.24)%	(0.78)%	(2.31)%	6.20%	35.10%	8.23%	86.34%
S&P 500® Index	21.94	14.52	50.17	14.46	96.47	14.11	182.49
Fund
NAV Return	(11.46)	(1.07)	(3.16)	5.87	33.03	7.89	81.80
Market Price Return	(11.37)	(0.99)	(2.94)	5.90	33.19	7.91	82.05

Fund Inception: October 18, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

19

	Management’s Discussion of Fund Performance
	Invesco S&P 500® Low Volatility ETF (SPLV)

As an index fund, the Invesco S&P 500^® Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its guidelines and mandated procedures, S&P DJI selects 100 securities from the S&P 500^® Index (the “Parent Index”) for inclusion in the Index that have the lowest realized volatility over the past 12 months as determined by the Index Provider. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (1.08)%. On a net asset value (“NAV”) basis, the Fund returned (1.19)%. During the same time period, the Index returned (0.93)%. 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 the same time period, the Parent Index returned 21.94%.

For the fiscal year ended August 31, 2020, the industrials sector contributed most significantly to the Fund’s return, followed by the health care and consumer staples sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the utilities and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included United Parcel Service, Inc., Class B, an industrials company (portfolio average weight of 0.32%), and Citrix Systems, Inc., an information technology company (portfolio average weight of 1.10%). Positions that detracted most significantly from the Fund’s return included Cincinnati Financial Corp., a financials company (no longer held at fiscal year-end), and Federal Realty Investment Trust, a real estate company (no longer held at fiscal year-end).

Sector Breakdown   (% of the Fund’s Net Assets)   as of August 31, 2020
Health Care	24.77
Consumer Staples	24.63
Industrials	14.31
Communication Services	8.37
Information Technology	6.81
Utilities	6.23
Financials	5.82
Consumer Discretionary	5.09
Sector Types Each Less Than 3%	3.85
Other Assets Less Liabilities	0.12
Top Ten Fund Holdings   (% of the Fund’s Net Assets)   as of August 31, 2020
Security
Verizon Communications, Inc.	1.43
Costco Wholesale Corp.	1.27
Bristol-Myers Squibb Co.	1.23
Walmart, Inc.	1.21
Clorox Co. (The)	1.21
Johnson & Johnson	1.19
General Mills, Inc.	1.18
Campbell Soup Co.	1.15
Kellogg Co.	1.15
Cerner Corp.	1.14
Total	12.16

20

Invesco S&P 500^® Low Volatility ETF (SPLV) (continued)

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative	Fund Inception
Index						Average Annualized	Cumulative
S&P 500® Low Volatility Index	(0.93)%	9.04%	29.64%	11.34%	71.11%	11.90%	185.10%
S&P 500® Index	21.94	14.52	50.17	14.46	96.47	13.24	218.51
Fund
NAV Return	(1.19)	8.75	28.61	11.05	68.87	11.60	178.20
Market Price Return	(1.08)	8.82	28.86	11.07	69.04	11.62	178.59

Fund Inception: May 5, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the Indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

21

	Management’s Discussion of Fund Performance
	Invesco S&P 500 Minimum Variance ETF (SPMV)

As an index fund, the Invesco S&P 500 Minimum Variance ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Minimum Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of constituent securities in the S&P 500^® Index (the “Parent Index”). The Index measures the performance of a portfolio of equity securities using a managed volatility strategy that seeks to achieve lower total risk than the Parent Index, while maintaining other similar characteristics of the Parent Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. Unlike the Parent Index, which is a traditional market capitalization-weighted index (meaning that companies with larger market capitalizations receive proportionally greater weight in the index, without regard to the volatility of those stocks), the Index weights its constituents using a managed volatility methodology that is designed to minimize the overall forecasted volatility (i.e., to reduce the magnitude of price fluctuations) of the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 11.22%. On a net asset value (“NAV”) basis, the Fund returned 11.02%. During the same time period, the Index returned 11.15%. 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 same time period, the Parent Index returned 21.94%.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to 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 industrials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 2.26%), and Adobe Inc., an information technology company (portfolio average weight of 2.32%). Positions that detracted most significantly from the Fund’s return included ONEOK, Inc., an energy company (portfolio average weight of 0.48%), and V.F. Corp., a consumer discretionary company (portfolio average weight of 1.28%).

Sector Breakdown   (% of the Fund’s Net Assets)   as of August 31, 2020
Information Technology	23.19
Consumer Discretionary	14.64
Health Care	13.12
Consumer Staples	12.39
Financials	9.75
Utilities	7.43
Real Estate	4.97
Industrials	4.81
Communication Services	4.35
Sector Types Each Less Than 3%	5.16
Money Market Funds Plus Other Assets Less Liabilities	0.19
Top Ten Fund Holdings*   (% of the Fund’s Net Assets)   as of August 31, 2020
Security
Adobe, Inc.	3.22
Amazon.com, Inc.	3.13
Microsoft Corp.	2.73
Accenture PLC, Class A	2.60
QUALCOMM, Inc.	2.52
McDonald’s Corp.	2.48
Berkshire Hathaway, Inc., Class B	2.46
Newmont Corp.	2.46
UnitedHealth Group, Inc.	2.32
NIKE, Inc., Class B	2.23
Total	26.15

* Excluding money market fund holdings.

22

Invesco S&P 500 Minimum Variance ETF (SPMV) (continued)

Fund Performance History as of August 31, 2020

	1 Year	3 Years		Fund Inception
Index		Average Annualized	3 Years Cumulative	Average Annualized	Cumulative
S&P 500® Minimum Volatility Index	11.15%	12.33%	41.73%	12.26%	43.63%
S&P 500® Index	21.94	14.52	50.17	14.32	52.08
Fund
NAV Return	11.02	12.09	40.82	12.02	42.67
�� Market Price Return	11.22	12.15	41.07	12.08	42.91

Fund Inception: July 13, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

23

	Management’s Discussion of Fund Performance
	Invesco S&P 500 Momentum ETF (SPMO)

As an index fund, the Invesco S&P 500 Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in 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 designed to track the performance of approximately 100 stocks in the S&P 500^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then selects the 100 stocks with the highest momentum score for inclusion in the Index using a modified market capitalization-weighted strategy, as the Index Provider weights securities by multiplying their market capitalization and their momentum score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 28.08%. On a net asset value (“NAV”) basis, the Fund returned 27.77%. During the same time period, the Index returned 27.92%. 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 the same time period, the Parent Index returned 21.94%.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Apple, Inc., an information technology company (portfolio average weight of 3.74%), and Microsoft Corp., an information technology company (portfolio average weight of 9.33%). Positions that detracted most significantly from the Fund’s return included Walt Disney Co. (The), a communication services company (no longer held at fiscal year-end) and Starbucks Corp., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Information Technology	49.58
Consumer Staples	12.04
Utilities	7.07
Consumer Discretionary	6.55
Communication Services	5.52
Real Estate	4.98
Industrials	4.90
Financials	4.37
Health Care	3.00
Materials	1.93
Other Assets Less Liabilities	0.06
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
Security
Apple, Inc.	12.93
Microsoft Corp.	9.11
NVIDIA Corp.	5.30
Visa, Inc., Class A	4.18
Mastercard, Inc., Class A	3.88
Procter & Gamble Co. (The)	3.67
Home Depot, Inc. (The)	3.44
Adobe, Inc.	3.04
NextEra Energy, Inc.	2.74
Coca-Cola Co. (The)	2.42
Total	50.71

24

Invesco S&P 500 Momentum ETF (SPMO) (continued)

Fund Performance History as of August 31, 2020

	1 Year	3 Years Average Annualized	3 Years Cumulative	Fund Inception
Index				Average Annualized	Cumulative
S&P 500® Momentum Index	27.92%	20.20%	73.67%	17.31%	118.39%
S&P 500® Index	21.94	14.52	50.17	14.24	91.84
Fund
NAV Return	27.77	20.01	72.86	17.07	116.23
Market Price Return	28.08	20.20	73.65	17.12	116.70

Fund Inception: October 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

25

	Management’s Discussion of Fund Performance
	Invesco S&P MidCap Low Volatility ETF (XMLV)

As an index fund, the Invesco S&P MidCap Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its guidelines and mandated procedures, S&P DJI selects for inclusion in the Index the 80 securities that it has determined have the lowest volatility over the past 12 months out of the 400 medium capitalization securities that are contained in the S&P MidCap 400^® Index (the “Parent Index”). Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index weights the 80 securities based upon the inverse of each security’s volatility, with the least volatile securities receiving the highest weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (13.17)%. On a net asset value (“NAV”) basis, the Fund returned (13.26)%. During the same time period, the Index returned (13.15)%. 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, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines. During the same time period, the Parent Index returned 4.22%.

For the fiscal year ended August 31, 2020, the industrials sector contributed most significantly to the Fund’s return, followed by the materials and information technology sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the utilities and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Watsco, Inc., an industrials company (portfolio average weight of 1.35%), and Lennox International Inc., an industrials company (portfolio average weight of 0.96%). Positions that detracted most significantly from the Fund’s return included Service Properties Trust, a real estate company (no longer held at fiscal year-end), and EPR Properties, a real estate company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Industrials	18.88
Consumer Staples	13.01
Health Care	11.51
Real Estate	11.00
Materials	10.64
Financials	9.37
Information Technology	8.79
Utilities	7.06
Consumer Discretionary	6.16
Communication Services	3.50
Money Market Funds Plus Other Assets Less Liabilities	0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security
Silgan Holdings, Inc.	1.81
Tootsie Roll Industries, Inc.	1.75
AptarGroup, Inc.	1.55
Post Holdings, Inc.	1.54
Masimo Corp.	1.51
Flowers Foods, Inc.	1.51
NewMarket Corp.	1.51
Watsco, Inc.	1.49
Qualys, Inc.	1.45
CoreSite Realty Corp.	1.45
Total	15.57

* Excluding money market fund holdings.

26

Invesco S&P MidCap Low Volatility ETF (XMLV) (continued)

Fund Performance History as of August 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P MidCap 400® Low Volatility Index		(13.15	)%		2.81	%		8.65	%		8.53	%		50.59	%		10.02	%		105.45	%
S&P MidCap 400® Index		4.22			5.38			17.02			8.11			47.71			9.25			94.76
Fund
NAV Return		(13.26	)		2.58			7.95			8.27			48.76			9.74			101.47
Market Price Return		(13.17	)		2.63			8.11			8.29			48.93			9.75			101.71

Fund Inception: February 15, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

27

	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

As an index fund, the Invesco S&P SmallCap High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in 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 composed of 60 securities in the S&P SmallCap 600^® Index (the “Parent Index”) that historically have provided high dividend yields with lower volatility. The Parent Index is designed to measure the small-capitalization segment of the U.S. equity market. S&P DJI identifies from the Parent Index the 90 securities with the highest dividend yields over the past 12 months, with no one sector within the Parent Index allowed to contribute more than 10 securities. From those securities, S&P DJI selects for inclusion in the Index the 60 securities with the lowest realized volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index Provider weights each of the constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (20.01)%. On a net asset value (“NAV”) basis, the Fund returned (20.38)%. During the same time period, the Index returned (20.28)%. 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, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines. During the same time period, the Parent Index returned (0.55)%.

For the fiscal year ended August 31, 2020, the consumer staples sector contributed most significantly to the Fund’s return, followed by the health care and industrials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included B&G Foods, Inc., a consumer staples company (portfolio average weight of 4.28%), and Meridian Bioscience, Inc., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Invesco Mortgage

Capital Inc., a financials company (no longer held at fiscal year-end) and New York Mortgage Trust, Inc., a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Consumer Staples	17.87
Industrials	14.74
Materials	14.24
Real Estate	11.85
Information Technology	11.35
Consumer Discretionary	9.62
Utilities	6.82
Financials	5.73
Communication Services	4.88
Health Care	2.84
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security
B&G Foods, Inc.	3.49
Vector Group Ltd.	3.49
KKR Real Estate Finance Trust, Inc.	3.24
Global Net Lease, Inc.	3.20
Brandywine Realty Trust	3.07
Trinseo S.A.	3.06
Universal Corp.	3.04
Office Properties Income Trust	2.89
Spok Holdings, Inc.	2.86
Franklin Street Properties Corp.	2.69
Total	31.03

* Excluding money market fund holdings.

28

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) (continued)

Fund Performance History as of August 31, 2020

		3 Years Average Annualized		Fund Inception
Index	1 Year		3 Years Cumulative	Average Annualized	Cumulative
S&P SmallCap 600® Low Volatility High Dividend Index	(20.28)%	(5.61)%	(15.89)%	(4.69)%	(16.46)%
S&P SmallCap 600® Index	(0.55)	3.82	11.90	4.39	17.46
Fund
NAV Return	(20.38)	(5.85)	(16.55)	(4.97)	(17.37)
Market Price Return	(20.01)	(5.79)	(16.39)	(4.92)	(17.22)

Fund Inception: December 1, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

29

	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Low Volatility ETF (XSLV)

As an index fund, the Invesco S&P SmallCap Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. Strictly in accordance with its guidelines and mandated procedures, the Index Provider selects for inclusion in the Index the 120 securities that it has determined have the lowest volatility over the past 12 months out of the 600 small-capitalization securities that are contained in the S&P SmallCap 600^® Index (the “Parent Index”). Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. S&P DJI weights the 120 securities within the Index based upon the inverse of each security’s volatility, with the least volatile securities receiving the highest weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned (23.12)%. On a net asset value (“NAV”) basis, the Fund returned (23.22)%. During the same time period, the Index returned (23.08)%. 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, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with overall market declines. During the same time period, the Parent Index returned (0.55)%.

For the fiscal year ended August 31, 2020, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Wabash National Corp., an industrials company (no longer held at fiscal year-end) and Matson, Inc., an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Granite Point Mortgage Trust Inc., a financials company (no longer held at fiscal year-end), and Redwood Trust, Inc., a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Industrials	21.47
Financials	18.02
Information Technology	17.72
Health Care	11.25
Consumer Staples	9.81
Real Estate	7.20
Materials	4.47
Consumer Discretionary	4.46
Utilities	3.08
Communication Services	2.46
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security
WD-40 Co.	1.11
Heartland Express, Inc.	1.10
Progress Software Corp.	1.07
CSG Systems International, Inc.	1.04
Easterly Government Properties, Inc.	1.04
National Beverage Corp.	1.02
Universal Corp.	1.01
MicroStrategy, Inc., Class A	1.01
Exponent, Inc.	0.99
HCI Group, Inc.	0.99
Total	10.38

* Excluding money market fund holdings.

30

Invesco S&P SmallCap Low Volatility ETF (XSLV) (continued)

Fund Performance History as of August 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative									Fund Inception
Index										5 Years Average Annualized			5 Years Cumulative			Average Annualized			Cumulative
S&P SmallCap 600® Low Volatility Index		(23.08	)%		(3.76	)%		(10.87	)%		4.70	%		25.80	%		7.29	%		69.99	%
S&P SmallCap 600® Index		(0.55	)		3.82			11.90			7.47			43.35			9.14			93.41
Fund
NAV Return		(23.22	)		(3.99	)		(11.50	)		4.45			24.31			7.01			66.67
Market Price Return		(23.12	)		(3.91	)		(11.29	)		4.48			24.53			7.02			66.73

Fund Inception: February 15, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

31

	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Quality ETF (XSHQ)

As an index fund, the Invesco S&P SmallCap Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI”) compiles, maintains and calculates the Index, which is composed of 120 securities in the S&P SmallCap 600^® Index (the “Parent Index”) that are of the highest quality–that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances.

S&P DJI first calculates the quality score of each security in the Parent Index. Each component stock’s quality-score is based on a composite of the following three equally-weighted factors: (1) return-on-equity (calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share); (2) accruals ratio (computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years); and (3) financial leverage ratio (calculated as the company’s latest total debt divided by the company’s book value). Based on its criteria, S&P DJI selects the 120 stocks with the highest quality score for inclusion in the Index. S&P DJI weights each component stock of the Index by the total of its quality score multiplied by its market capitalization; stocks with higher scores receive relatively greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 3.80%. On a net asset value (“NAV”) basis, the Fund returned 3.61%. During the same time period, the Index returned 3.95%. 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 the same time period, the Parent Index returned (0.55)%.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and consumer discretionary sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Proto Labs, Inc., an industrials company (portfolio average weight of 1.70%), and Medpace Holdings, Inc., a health care company (portfolio average weight of 1.59%). Positions that detracted most significantly from the Fund’s return included ProAssurance Corp.,

a financials company (no longer held at fiscal year-end), and Steven Madden, Ltd., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Industrials	32.09
Financials	18.44
Information Technology	16.21
Consumer Discretionary	10.59
Consumer Staples	8.89
Health Care	6.53
Materials	4.74
Sector Types Each Less Than 3%	2.50
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security
Exponent, Inc.	2.75
Stamps.com, Inc.	2.70
Proto Labs, Inc.	2.63
Medpace Holdings, Inc.	2.51
Simpson Manufacturing Co., Inc.	2.40
Brooks Automation, Inc.	2.30
UFP Industries, Inc.	2.18
Green Dot Corp., Class A	1.91
WD-40 Co.	1.91
Meritage Homes Corp.	1.89
Total	23.18

* Excluding money market fund holdings.

32

Invesco S&P SmallCap Quality ETF (XSHQ) (continued)

Fund Performance History as of August 31, 2020

Index	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
										Average Annualized			Cumulative
S&P SmallCap 600® Quality Index		3.95	%		5.12	%		16.16	%		4.55	%		16.32	%
S&P SmallCap 600® Index		(0.55	)		3.82			11.90			3.97			14.16
Fund
NAV Return		3.61			4.72			14.83			4.15			14.82
Market Price Return		3.80			4.79			15.05			4.22			15.09

Fund Inception: April 6, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

33

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

34

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-4.65%
Activision Blizzard, Inc.		58	$	4,844
Alphabet, Inc., Class A(b)		1		1,630
Alphabet, Inc., Class C(b)		1		1,634
Altice USA, Inc., Class A(b)		154		4,247
AT&T, Inc.		128		3,816
Cable One, Inc.		2		3,681
CenturyLink, Inc.		380		4,085
Charter Communications, Inc., Class A(b)		7		4,309
Comcast Corp., Class A		98		4,391
Discovery, Inc., Class A(b)(c)		63		1,390
Discovery, Inc., Class C(b)		130		2,596
DISH Network Corp., Class A(b)		119		4,227
Electronic Arts, Inc.(b)		34		4,742
Facebook, Inc., Class A(b)		18		5,278
Fox Corp., Class A		131		3,650
Fox Corp., Class B		133		3,697
GCI Liberty, Inc., Class A(b)		56		4,524
IAC/InterActiveCorp.(b)		14		1,862
Interpublic Group of Cos., Inc. (The)		220		3,907
John Wiley & Sons, Inc., Class A		98		3,102
Liberty Media Corp.-Liberty SiriusXM, Class A(b)		34		1,235
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		71		2,556
New York Times Co. (The), Class A		98		4,246
Nexstar Media Group, Inc., Class A		44		4,224
Omnicom Group, Inc.		71		3,840
Sirius XM Holdings, Inc.		645		3,786
Take-Two Interactive Software, Inc.(b)		31		5,307
Telephone & Data Systems, Inc.		191		4,418
T-Mobile US, Inc.(b)		40		4,667
Twitter, Inc.(b)		116		4,707
United States Cellular Corp.(b)		123		4,475
Verizon Communications, Inc.		71		4,208
Walt Disney Co. (The)		33		4,352
World Wrestling Entertainment, Inc., Class A(c)		84		3,702
				127,335
Consumer Discretionary-13.01%
Advance Auto Parts, Inc.		29		4,533
Amazon.com, Inc.(b)		2		6,902
Aptiv PLC		49		4,220
Aramark		145		3,996
AutoNation, Inc.(b)		95		5,402
AutoZone, Inc.(b)		4		4,785
Best Buy Co., Inc.		49		5,435
Booking Holdings, Inc.(b)		2		3,821
BorgWarner, Inc.		117		4,749
Bright Horizons Family Solutions, Inc.(b)		32		4,256
Burlington Stores, Inc.(b)		19		3,742
CarMax, Inc.(b)		43		4,598
Carter’s, Inc.		45		3,583
Choice Hotels International, Inc.		46		4,567
Columbia Sportswear Co.		50		4,278
D.R. Horton, Inc.		71		5,067
Darden Restaurants, Inc.		47		4,073
Dick’s Sporting Goods, Inc.		110		5,953
Dollar General Corp.		21		4,239
Dollar Tree, Inc.(b)		43		4,140

	Shares		Value
Consumer Discretionary-(continued)
Domino’s Pizza, Inc.		10	$	4,090
Dunkin’ Brands Group, Inc.		59		4,489
eBay, Inc.		87		4,766
Extended Stay America, Inc.		330		4,122
Five Below, Inc.(b)		38		4,159
Floor & Decor Holdings, Inc., Class A(b)		73		5,347
Foot Locker, Inc.		130		3,943
Frontdoor, Inc.(b)		88		3,834
Gap, Inc. (The)		337		5,860
Garmin Ltd.		42		4,352
General Motors Co.		139		4,119
Gentex Corp.		147		3,976
Genuine Parts Co.		45		4,250
Graham Holdings Co., Class B		11		4,707
Grand Canyon Education, Inc.(b)		40		3,762
H&R Block, Inc.		223		3,234
Hasbro, Inc.		52		4,105
Hilton Worldwide Holdings, Inc.		47		4,247
Home Depot, Inc. (The)		16		4,561
Hyatt Hotels Corp., Class A(c)		67		3,785
Las Vegas Sands Corp.		78		3,955
Lear Corp.		35		3,988
Leggett & Platt, Inc.		115		4,715
Lennar Corp., Class A		61		4,564
Lennar Corp., Class B		4		237
LKQ Corp.(b)		134		4,253
Lowe’s Cos., Inc.		31		5,105
Marriott International, Inc., Class A		41		4,219
McDonald’s Corp.		21		4,484
MGM Resorts International		199		4,477
NIKE, Inc., Class B		39		4,364
Nordstrom, Inc.(c)		207		3,312
NVR, Inc.(b)		1		4,168
Ollie’s Bargain Outlet Holdings, Inc.(b)		44		4,204
O’Reilly Automotive, Inc.(b)		10		4,656
Penske Automotive Group, Inc.		102		4,811
Planet Fitness, Inc., Class A(b)		52		3,161
Polaris, Inc.		44		4,446
Pool Corp.		15		4,918
PulteGroup, Inc.		112		4,994
Ross Stores, Inc.		40		3,643
Service Corp. International		101		4,611
ServiceMaster Global Holdings, Inc.(b)		120		4,788
Skechers U.S.A., Inc., Class A(b)		116		3,463
Starbucks Corp.		51		4,308
Target Corp.		33		4,990
Tempur Sealy International, Inc.(b)		59		5,047
Thor Industries, Inc.		43		4,060
Tiffany & Co.		36		4,410
TJX Cos., Inc. (The)		73		4,000
Toll Brothers, Inc.		113		4,771
Tractor Supply Co.		33		4,911
Ulta Beauty, Inc.(b)		16		3,715
Vail Resorts, Inc.		20		4,353
VF Corp.		63		4,142
Wendy’s Co. (The)		182		3,811
Whirlpool Corp.		31		5,509
Williams-Sonoma, Inc.(c)		47		4,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2020

	Shares		Value
Consumer Discretionary-(continued)
Wyndham Destinations, Inc.		114	$	3,305
Wyndham Hotels & Resorts, Inc.		81		4,241
Yum China Holdings, Inc. (China)		82		4,732
Yum! Brands, Inc.		43		4,122
				356,135
Consumer Staples-6.14%
Archer-Daniels-Midland Co.		100		4,476
Brown-Forman Corp., Class A		12		798
Brown-Forman Corp., Class B		50		3,658
Campbell Soup Co.		83		4,367
Casey’s General Stores, Inc.		24		4,268
Church & Dwight Co., Inc.		54		5,175
Clorox Co. (The)		20		4,470
Coca-Cola Co. (The)		84		4,160
Colgate-Palmolive Co.		56		4,439
Conagra Brands, Inc.		120		4,603
Costco Wholesale Corp.		13		4,520
Estee Lauder Cos., Inc. (The), Class A		20		4,434
Flowers Foods, Inc.		176		4,305
General Mills, Inc.		66		4,221
Grocery Outlet Holding Corp.(b)		111		4,565
Herbalife Nutrition Ltd.(b)		90		4,423
Hershey Co. (The)		30		4,459
Hormel Foods Corp.		85		4,333
Ingredion, Inc.		47		3,781
JM Smucker Co. (The)		35		4,206
Kellogg Co.		62		4,396
Keurig Dr Pepper, Inc.		142		4,236
Kimberly-Clark Corp.		29		4,575
Kraft Heinz Co. (The)		129		4,520
Kroger Co. (The)		123		4,389
Lamb Weston Holdings, Inc.		62		3,897
McCormick & Co., Inc.		23		4,743
Mondelez International, Inc., Class A		77		4,498
Monster Beverage Corp.(b)		56		4,696
Nu Skin Enterprises, Inc., Class A		104		4,916
PepsiCo, Inc.		31		4,342
Philip Morris International, Inc.		54		4,309
Pilgrim’s Pride Corp.(b)(c)		220		3,520
Procter & Gamble Co. (The)		34		4,703
Seaboard Corp.		1		2,683
Sprouts Farmers Market, Inc.(b)		157		3,666
Sysco Corp.		68		4,090
Tyson Foods, Inc., Class A		67		4,208
Walgreens Boots Alliance, Inc.		92		3,498
Walmart, Inc.		33		4,582
				168,128
Energy-1.90%
Cabot Oil & Gas Corp.		198		3,756
Cheniere Energy, Inc.(b)		81		4,216
Chevron Corp.		42		3,525
ConocoPhillips		89		3,372
EOG Resources, Inc.		73		3,310
Exxon Mobil Corp.		82		3,275
HollyFrontier Corp.		120		2,864
Kinder Morgan, Inc.		250		3,455
Marathon Oil Corp.		678		3,580
Murphy Oil Corp.(c)		285		3,916
ONEOK, Inc.		99		2,720

	Shares		Value
Energy-(continued)
Phillips 66		48	$	2,807
Pioneer Natural Resources Co.		40		4,157
Valero Energy Corp.		57		2,998
Williams Cos., Inc. (The)		195		4,048
				51,999
Financials-16.83%
Affiliated Managers Group, Inc.		54		3,707
Aflac, Inc.		106		3,850
Alleghany Corp.		7		3,882
Allstate Corp. (The)		40		3,720
Ally Financial, Inc.		199		4,553
American Express Co.		38		3,860
American Financial Group, Inc.		62		4,145
American National Group, Inc.		50		3,751
Ameriprise Financial, Inc.		27		4,234
Aon PLC, Class A		20		4,000
Arch Capital Group Ltd.(b)		125		3,943
Arthur J. Gallagher & Co.		41		4,317
Associated Banc-Corp.		270		3,629
Assurant, Inc.		37		4,498
Assured Guaranty Ltd.		143		3,067
Athene Holding Ltd., Class A(b)		126		4,607
AXIS Capital Holdings Ltd.		103		4,919
Bank of America Corp.		155		3,990
Bank of Hawaii Corp.(c)		62		3,412
Bank of New York Mellon Corp. (The)		102		3,772
Bank OZK		165		3,802
Berkshire Hathaway, Inc., Class B(b)		21		4,579
BlackRock, Inc.		7		4,159
BOK Financial Corp.		73		4,098
Brighthouse Financial, Inc.(b)		125		3,795
Brown & Brown, Inc.		95		4,408
Capital One Financial Corp.		54		3,728
Cboe Global Markets, Inc.		39		3,580
Charles Schwab Corp. (The)		102		3,624
Chubb Ltd.		32		4,000
Citigroup, Inc.		76		3,885
Citizens Financial Group, Inc.		150		3,881
CME Group, Inc., Class A		22		3,869
CNA Financial Corp.		127		4,086
Commerce Bancshares, Inc.		62		3,693
Credit Acceptance Corp.(b)(c)		10		3,868
Cullen/Frost Bankers, Inc.		52		3,612
E*TRADE Financial Corp.		83		4,490
East West Bancorp, Inc.		106		3,899
Eaton Vance Corp.		99		4,061
Erie Indemnity Co., Class A		22		4,696
Evercore, Inc., Class A		65		4,022
Everest Re Group Ltd.		19		4,182
F.N.B. Corp.		498		3,735
FactSet Research Systems, Inc.		13		4,555
Fidelity National Financial, Inc.		121		3,972
Fifth Third Bancorp		189		3,905
First American Financial Corp.		76		3,995
First Citizens BancShares, Inc., Class A		10		3,932
First Hawaiian, Inc.		224		3,703
First Horizon National Corp.		387		3,696
First Republic Bank		35		3,952
Franklin Resources, Inc.		191		4,022

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
Globe Life, Inc.		50	$	4,124
Goldman Sachs Group, Inc. (The)		19		3,893
Hanover Insurance Group, Inc. (The)		38		3,895
Hartford Financial Services Group, Inc. (The)		96		3,883
Huntington Bancshares, Inc.		407		3,830
Interactive Brokers Group, Inc., Class A		92		4,878
Intercontinental Exchange, Inc.		41		4,355
Jefferies Financial Group, Inc.		260		4,560
JPMorgan Chase & Co.		39		3,907
Kemper Corp.		59		4,582
KeyCorp.		320		3,942
Lazard Ltd., Class A		131		4,149
LendingTree, Inc.(b)(c)		15		4,634
Lincoln National Corp.		99		3,569
LPL Financial Holdings, Inc.		51		4,190
M&T Bank Corp.		36		3,717
Marsh & McLennan Cos., Inc.		37		4,252
Mercury General Corp.		95		4,249
MetLife, Inc.		106		4,077
MGIC Investment Corp.		449		4,117
Moody’s Corp.		14		4,125
Morgan Stanley		86		4,494
Morningstar, Inc.		27		4,324
Nasdaq, Inc.		34		4,570
New York Community Bancorp, Inc.		390		3,530
Northern Trust Corp.		47		3,849
Old Republic International Corp.		238		3,834
OneMain Holdings, Inc.		147		4,275
People’s United Financial, Inc.		331		3,502
Pinnacle Financial Partners, Inc.		94		3,755
PNC Financial Services Group, Inc. (The)		34		3,781
Popular, Inc.		97		3,593
Primerica, Inc.		34		4,245
Principal Financial Group, Inc.		94		3,958
Progressive Corp. (The)		51		4,847
Prosperity Bancshares, Inc.		61		3,326
Prudential Financial, Inc.		63		4,270
Raymond James Financial, Inc.		52		3,937
Regions Financial Corp.		327		3,780
Reinsurance Group of America, Inc.		47		4,309
RenaissanceRe Holdings Ltd. (Bermuda)		22		4,042
S&P Global, Inc.		12		4,397
Santander Consumer USA Holdings, Inc.(c)		216		3,717
SEI Investments Co.		70		3,665
Signature Bank		37		3,590
SLM Corp.		514		3,927
Starwood Property Trust, Inc.		257		4,009
State Street Corp.		61		4,153
SVB Financial Group(b)		18		4,597
T. Rowe Price Group, Inc.		32		4,455
TCF Financial Corp.		124		3,333
TD Ameritrade Holding Corp.		97		3,723
Tradeweb Markets, Inc., Class A		63		3,609
Travelers Cos., Inc. (The)		35		4,061
Truist Financial Corp.		101		3,920
U.S. Bancorp		104		3,786
W.R. Berkley Corp.		67		4,157
Wells Fargo & Co.		140		3,381
Western Alliance Bancorporation		100		3,530
White Mountains Insurance Group Ltd.		5		4,457

	Shares		Value
Financials-(continued)
Willis Towers Watson PLC		20	$	4,111
Zions Bancorporation N.A.		114		3,666
				460,733
Health Care-9.75%
Abbott Laboratories		44		4,817
AbbVie, Inc.		45		4,310
Agilent Technologies, Inc.		45		4,519
Alexion Pharmaceuticals, Inc.(b)		36		4,112
Amedisys, Inc.(b)		22		5,322
AmerisourceBergen Corp.		41		3,978
Amgen, Inc.		18		4,560
Anthem, Inc.		14		3,941
Baxter International, Inc.		45		3,918
Becton, Dickinson and Co.		17		4,127
Biogen, Inc.(b)		13		3,739
Bio-Rad Laboratories, Inc., Class A(b)		9		4,577
Boston Scientific Corp.(b)		106		4,348
Bristol-Myers Squibb Co.		67		4,167
Bruker Corp.		91		3,824
Centene Corp.(b)		62		3,802
Cerner Corp.		55		4,035
Charles River Laboratories International, Inc.(b)		21		4,598
Chemed Corp.		9		4,654
Cigna Corp.		20		3,547
Cooper Cos., Inc. (The)		13		4,087
CVS Health Corp.		60		3,727
Danaher Corp.		24		4,955
DaVita, Inc.(b)		51		4,425
Eli Lilly and Co.		27		4,007
Encompass Health Corp.		55		3,588
Exelixis, Inc.(b)		174		3,866
Gilead Sciences, Inc.		54		3,605
Globus Medical, Inc., Class A(b)		74		4,183
Haemonetics Corp.(b)		39		3,497
HCA Healthcare, Inc.		38		5,157
Hill-Rom Holdings, Inc.		40		3,752
Horizon Therapeutics PLC(b)		83		6,235
Humana, Inc.		10		4,152
Integra LifeSciences Holdings Corp.(b)		75		3,584
Ionis Pharmaceuticals, Inc.(b)		71		3,870
IQVIA Holdings, Inc.(b)		27		4,421
Jazz Pharmaceuticals PLC(b)		34		4,569
Johnson & Johnson		27		4,142
Laboratory Corp. of America Holdings(b)		23		4,042
McKesson Corp.		25		3,836
Medtronic PLC		42		4,514
Merck & Co., Inc.		49		4,178
Mettler-Toledo International, Inc.(b)		5		4,854
Molina Healthcare, Inc.(b)		23		4,254
Mylan N.V.(b)		230		3,767
PerkinElmer, Inc.		39		4,591
Perrigo Co. PLC		73		3,818
Pfizer, Inc.		111		4,195
PRA Health Sciences, Inc.(b)		37		3,956
Premier, Inc., Class A		118		3,865
Quest Diagnostics, Inc.		34		3,782
Regeneron Pharmaceuticals, Inc.(b)		7		4,340
STERIS PLC		25		3,991
Stryker Corp.		20		3,963

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2020

	Shares		Value
Health Care-(continued)
Syneos Health, Inc.(b)		65	$	4,102
Teleflex, Inc.		11		4,322
Thermo Fisher Scientific, Inc.		12		5,148
UnitedHealth Group, Inc.		13		4,063
Varian Medical Systems, Inc.(b)		32		5,557
Waters Corp.(b)		20		4,325
Zimmer Biomet Holdings, Inc.		31		4,367
Zoetis, Inc.		28		4,483
				267,030
Industrials-15.99%
3M Co.		25		4,076
A.O. Smith Corp.		81		3,967
AGCO Corp.		68		4,835
Alaska Air Group, Inc.		103		4,012
Allegion PLC		39		4,032
Allison Transmission Holdings, Inc.		103		3,695
AMERCO		13		4,614
AMETEK, Inc.		43		4,330
BWX Technologies, Inc.		65		3,615
C.H. Robinson Worldwide, Inc.		48		4,718
Carlisle Cos., Inc.		31		4,059
Caterpillar, Inc.		32		4,554
Cintas Corp.		15		4,999
Clean Harbors, Inc.(b)		62		3,788
Copart, Inc.(b)		45		4,649
CoreLogic, Inc.		79		5,246
CSX Corp.		54		4,129
Cummins, Inc.		23		4,767
Curtiss-Wright Corp.		38		3,888
Deere & Co.		26		5,462
Donaldson Co., Inc.		81		4,079
Dover Corp.		39		4,284
Eaton Corp. PLC		45		4,594
Emerson Electric Co.		64		4,446
Expeditors International of Washington, Inc.		52		4,596
Fastenal Co.		96		4,691
Fortive Corp.		60		4,327
Fortune Brands Home & Security, Inc.		64		5,381
FTI Consulting, Inc.(b)(c)		32		3,672
Gates Industrial Corp. PLC(b)		380		4,290
Generac Holdings, Inc.(b)		36		6,839
General Dynamics Corp.		26		3,883
Graco, Inc.		81		4,700
HD Supply Holdings, Inc.(b)		118		4,680
HEICO Corp.		15		1,649
HEICO Corp., Class A		26		2,324
Honeywell International, Inc.		27		4,470
Hubbell, Inc.		31		4,493
Huntington Ingalls Industries, Inc.		20		3,030
IAA, Inc.(b)		89		4,656
IDEX Corp.		25		4,506
IHS Markit Ltd.		57		4,555
Illinois Tool Works, Inc.		23		4,544
Ingersoll Rand, Inc.(b)		131		4,593
ITT, Inc.		67		4,208
J.B. Hunt Transport Services, Inc.		35		4,919
Jacobs Engineering Group, Inc.		46		4,152
JetBlue Airways Corp.(b)		358		4,124
Johnson Controls International PLC		120		4,888

	Shares		Value
Industrials-(continued)
Kansas City Southern		26	$	4,733
Knight-Swift Transportation Holdings, Inc.		101		4,591
L3Harris Technologies, Inc.		20		3,615
Landstar System, Inc.		35		4,658
Lennox International, Inc.		18		5,046
Lincoln Electric Holdings, Inc.		47		4,545
Lockheed Martin Corp.		10		3,903
Macquarie Infrastructure Corp.		132		3,699
ManpowerGroup, Inc.		54		3,959
Masco Corp.		83		4,839
MSA Safety, Inc.		33		4,156
MSC Industrial Direct Co., Inc., Class A		56		3,690
Nordson Corp.		21		3,916
Norfolk Southern Corp.		21		4,463
Northrop Grumman Corp.		12		4,111
nVent Electric PLC		206		3,939
Old Dominion Freight Line, Inc.		25		5,054
Oshkosh Corp.		53		4,082
PACCAR, Inc.		54		4,635
Parker-Hannifin Corp.		21		4,326
Pentair PLC		100		4,514
Quanta Services, Inc.		100		5,125
Raytheon Technologies Corp.		60		3,660
Regal Beloit Corp.		48		4,745
Republic Services, Inc.		46		4,265
Robert Half International, Inc.		73		3,884
Rockwell Automation, Inc.		18		4,150
Roper Technologies, Inc.		10		4,272
Schneider National, Inc., Class B		174		4,708
Sensata Technologies Holding PLC(b)		100		4,164
Snap-on, Inc.		29		4,300
Southwest Airlines Co.		111		4,171
Stanley Black & Decker, Inc.		30		4,839
Teledyne Technologies, Inc.(b)		11		3,450
Timken Co. (The)		91		4,931
Toro Co. (The)		58		4,366
Trane Technologies PLC		43		5,091
TransDigm Group, Inc.		9		4,497
TransUnion		44		3,816
Trinity Industries, Inc.		186		3,807
Union Pacific Corp.		23		4,426
United Parcel Service, Inc., Class B		39		6,381
United Rentals, Inc.(b)		27		4,780
Univar Solutions, Inc.(b)		237		4,311
Valmont Industries, Inc.		34		4,320
W.W. Grainger, Inc.		13		4,751
Wabtec Corp.		63		4,193
Waste Management, Inc.		37		4,218
Watsco, Inc.		23		5,635
XPO Logistics, Inc.(b)		50		4,413
Xylem, Inc.		58		4,650
				437,801
Information Technology-12.79%
Accenture PLC, Class A		20		4,799
Akamai Technologies, Inc.(b)		39		4,541
Amdocs Ltd.		63		3,857
Amphenol Corp., Class A		39		4,282
Analog Devices, Inc.		33		3,857
Apple, Inc.		48		6,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
Applied Materials, Inc.		70	$	4,312
Arista Networks, Inc.(b)		18		4,022
Aspen Technology, Inc.(b)		36		4,573
Automatic Data Processing, Inc.		27		3,755
Booz Allen Hamilton Holding Corp.		50		4,403
Broadcom, Inc.		13		4,513
Broadridge Financial Solutions, Inc.		33		4,534
CACI International, Inc., Class A(b)		16		3,747
Cadence Design Systems, Inc.(b)		44		4,880
CDK Global, Inc.		96		4,476
CDW Corp.		35		3,978
Ciena Corp.(b)		72		4,087
Cirrus Logic, Inc.(b)		56		3,393
Cisco Systems, Inc.		86		3,631
Citrix Systems, Inc.		29		4,211
Cognizant Technology Solutions Corp., Class A		73		4,881
Corning, Inc.		160		5,194
Dell Technologies, Inc., Class C(b)		83		5,485
Dolby Laboratories, Inc., Class A		64		4,470
Entegris, Inc.		65		4,348
EPAM Systems, Inc.(b)		18		5,888
F5 Networks, Inc.(b)		28		3,705
First Solar, Inc.(b)		83		6,357
Fiserv, Inc.(b)		37		3,684
FleetCor Technologies, Inc.(b)		16		4,023
FLIR Systems, Inc.		85		3,136
Genpact Ltd.		108		4,555
GoDaddy, Inc., Class A(b)		51		4,268
Intel Corp.		65		3,312
International Business Machines Corp.		31		3,823
Intuit, Inc.		14		4,835
IPG Photonics Corp.(b)		25		4,043
Jabil, Inc.		125		4,269
Jack Henry & Associates, Inc.		23		3,805
Juniper Networks, Inc.		165		4,125
KLA Corp.		22		4,513
Lam Research Corp.		14		4,709
Leidos Holdings, Inc.		38		3,439
Littelfuse, Inc.		23		4,159
Lumentum Holdings, Inc.(b)		52		4,472
Marvell Technology Group Ltd.		112		4,343
Mastercard, Inc., Class A		13		4,656
Maxim Integrated Products, Inc.		67		4,585
Microchip Technology, Inc.		37		4,059
Micron Technology, Inc.(b)		82		3,732
Microsoft Corp.		22		4,962
MKS Instruments, Inc.		37		4,423
Motorola Solutions, Inc.		28		4,333
National Instruments Corp.		97		3,481
NortonLifeLock, Inc.		195		4,586
Nuance Communications, Inc.(b)		176		5,273
Oracle Corp.		75		4,291
Paychex, Inc.		54		4,129
Qorvo, Inc.(b)		36		4,618
QUALCOMM, Inc.		48		5,717
RealPage, Inc.(b)		59		3,695
Science Applications International Corp.		45		3,756
Skyworks Solutions, Inc.		32		4,635
SolarEdge Technologies, Inc.(b)		27		5,971
SolarWinds Corp.(b)		208		4,374

	Shares		Value
Information Technology-(continued)
SS&C Technologies Holdings, Inc.		66	$	4,206
Switch, Inc., Class A		218		3,750
SYNNEX Corp.		36		4,577
Synopsys, Inc.(b)		22		4,869
Teradyne, Inc.		56		4,758
Texas Instruments, Inc.		32		4,549
Trimble, Inc.(b)		95		4,979
Ubiquiti, Inc.(c)		22		3,998
VeriSign, Inc.(b)		19		4,081
Visa, Inc., Class A		21		4,452
VMware, Inc., Class A(b)(c)		27		3,900
Western Union Co. (The)		176		4,152
Xilinx, Inc.		42		4,375
Zebra Technologies Corp., Class A(b)		15		4,298
				350,106
Materials-6.29%
Air Products and Chemicals, Inc.		16		4,676
Albemarle Corp.		51		4,642
Amcor PLC		384		4,247
AptarGroup, Inc.		36		4,262
Ardagh Group S.A		307		4,673
Avery Dennison Corp.		34		3,923
Axalta Coating Systems Ltd.(b)		165		3,935
Ball Corp.		55		4,420
Berry Global Group, Inc.(b)		88		4,536
Cabot Corp.		103		3,812
Celanese Corp.		42		4,248
Crown Holdings, Inc.(b)		59		4,534
Eastman Chemical Co.		56		4,094
Ecolab, Inc.		18		3,548
Element Solutions, Inc.(b)		358		3,849
FMC Corp.		40		4,274
Graphic Packaging Holding Co.		271		3,789
Huntsman Corp.		213		4,605
International Flavors & Fragrances, Inc.(c)		30		3,714
International Paper Co.		109		3,953
Linde PLC (United Kingdom)		19		4,745
LyondellBasell Industries N.V., Class A		57		3,732
Martin Marietta Materials, Inc.		19		3,855
NewMarket Corp.		9		3,352
Newmont Corp.		72		4,844
Nucor Corp.		91		4,137
Packaging Corp. of America		38		3,847
PPG Industries, Inc.		36		4,334
Reliance Steel & Aluminum Co.		40		4,195
RPM International, Inc.		52		4,408
Sealed Air Corp.		120		4,716
Sherwin-Williams Co. (The)		7		4,697
Silgan Holdings, Inc.		122		4,643
Sonoco Products Co.		74		3,924
Southern Copper Corp. (Peru)		105		5,051
Steel Dynamics, Inc.		145		4,280
Valvoline, Inc.		207		4,223
Vulcan Materials Co.		34		4,080
W.R. Grace & Co.		71		2,890
Westlake Chemical Corp.		77		4,568
Westrock Co.		135		4,095
				172,350

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2020

	Shares		Value
Real Estate-7.99%
American Campus Communities, Inc.		107	$	3,627
American Homes 4 Rent, Class A		147		4,210
Americold Realty Trust		112		4,295
Apartment Investment & Management Co., Class A		100		3,603
Apple Hospitality REIT, Inc.		352		3,580
AvalonBay Communities, Inc.		25		3,952
Boston Properties, Inc.		42		3,649
Brandywine Realty Trust		367		4,085
Brixmor Property Group, Inc.		294		3,469
Camden Property Trust		42		3,820
CBRE Group, Inc., Class A(b)		81		3,810
CoreSite Realty Corp.		34		4,163
Corporate Office Properties Trust		149		3,671
Cousins Properties, Inc.		114		3,403
CubeSmart		137		4,332
Douglas Emmett, Inc.		124		3,462
Duke Realty Corp.		110		4,241
Equity Commonwealth		121		3,798
Equity LifeStyle Properties, Inc.		63		4,176
Equity Residential		65		3,669
Essex Property Trust, Inc.		16		3,464
Extra Space Storage, Inc.		40		4,262
Federal Realty Investment Trust		43		3,407
First Industrial Realty Trust, Inc.		102		4,350
Gaming and Leisure Properties, Inc.		106		3,853
Healthcare Trust of America, Inc., Class A		147		3,879
Healthpeak Properties, Inc.		146		4,036
Highwoods Properties, Inc.		96		3,577
Host Hotels & Resorts, Inc.		320		3,594
Hudson Pacific Properties, Inc.		143		3,358
Invitation Homes, Inc.		145		4,151
Iron Mountain, Inc.(c)		142		4,273
JBG SMITH Properties		126		3,486
Jones Lang LaSalle, Inc.		35		3,606
Kilroy Realty Corp.		64		3,745
Kimco Realty Corp.		290		3,477
Lamar Advertising Co., Class A		58		4,015
Life Storage, Inc.		40		4,217
Medical Properties Trust, Inc.		206		3,828
Mid-America Apartment Communities, Inc.		33		3,865
National Retail Properties, Inc.		110		3,898
Omega Healthcare Investors, Inc.		122		3,778
Prologis, Inc.		42		4,278
Public Storage		20		4,248
Rayonier, Inc.		164		4,802
Realty Income Corp.		67		4,156
Regency Centers Corp.		82		3,256
Spirit Realty Capital, Inc.		119		4,226
STORE Capital Corp.		177		4,786
Taubman Centers, Inc.		95		3,639
UDR, Inc.		103		3,586
VICI Properties, Inc.		184		4,111
Vornado Realty Trust		98		3,511
Weingarten Realty Investors		191		3,337
Weyerhaeuser Co.		182		5,516
WP Carey, Inc.		62		4,301
				218,887

	Shares		Value
Utilities-4.51%
Alliant Energy Corp.		79	$	4,278
Ameren Corp.		53		4,193
American Electric Power Co., Inc.		46		3,626
American Water Works Co., Inc.		31		4,382
Atmos Energy Corp.		39		3,893
Avangrid, Inc.		87		4,179
CMS Energy Corp.		67		4,053
Consolidated Edison, Inc.		53		3,781
Dominion Energy, Inc.		47		3,687
DTE Energy Co.		36		4,272
Duke Energy Corp.		45		3,615
Edison International		66		3,464
Entergy Corp.		39		3,866
Essential Utilities, Inc.		89		3,783
Evergy, Inc.		64		3,406
Eversource Energy		46		3,943
FirstEnergy Corp.		93		2,659
Hawaiian Electric Industries, Inc.		102		3,530
IDACORP, Inc.		42		3,776
MDU Resources Group, Inc.		178		4,204
National Fuel Gas Co.		94		4,290
NextEra Energy, Inc.		16		4,467
NiSource, Inc.		159		3,523
NRG Energy, Inc.		111		3,820
Pinnacle West Capital Corp.		51		3,741
PPL Corp.		135		3,730
Public Service Enterprise Group, Inc.		76		3,970
Sempra Energy		31		3,833
Southern Co. (The)		69		3,600
Vistra Corp.		194		3,731
WEC Energy Group, Inc.		43		4,045
Xcel Energy, Inc.		60		4,169
				123,509
Total Common Stocks & Other Equity Interests (Cost $2,669,558)				2,734,013
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $210)		210		210
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,669,768)				2,734,223
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.04%
Invesco Private Government Fund, 0.03%(d)(e)(f)		42,741		42,741

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2020

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.14%(d)(e)(f)		13,090	$	13,093
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,834)				55,834
TOTAL INVESTMENTS IN SECURITIES-101.90% (Cost $2,725,602)				2,790,057
OTHER ASSETS LESS LIABILITIES-(1.90)%				(52,131	)
NET ASSETS-100.00%			$	2,737,926

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				Appreciation			(Loss)				August 31, 2020			Income
Invesco Ltd.		$	19,295		$	5,882		$	(19,176	)		$	5,863		$	(11,864	)		$	-		$	785
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			365,920			(365,710	)			-			-				210			145
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			164,481			1,400,057			(1,564,538	)			-			-				-			1,666	*
Invesco Liquid Assets Portfolio, Institutional Class			53,557			414,546			(468,085	)			-			(18	)			-			623	*
Invesco Private Government Fund			-			276,798			(234,057	)			-			-				42,741			5	*
Invesco Private Prime Fund			-			32,631			(19,539	)			-			1				13,093			3	*
Total		$	237,333		$	2,495,834		$	(2,671,105	)		$	5,863		$	(11,881	)		$	56,044		$	3,227

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco Russell 1000 Equal Weight ETF (EQAL)

August 31, 2020

Schedule of Investments^(a)

	Shares			Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-4.77%
Activision Blizzard, Inc.		4,245		$	354,542
Alphabet, Inc., Class A(b)		242			394,346
Altice USA, Inc., Class A(b)		13,193			363,863
AT&T, Inc.		36,952			1,101,539
Cable One, Inc.		186			342,301
CenturyLink, Inc.		110,497			1,187,843
Charter Communications, Inc., Class A(b)		604			371,828
Comcast Corp., Class A		8,232			368,876
Discovery, Inc., Class A(b)(c)		14,422			318,221
DISH Network Corp., Class A(b)		8,801			312,612
Electronic Arts, Inc.(b)		2,498			348,396
Facebook, Inc., Class A(b)		1,371	��		401,977
Fox Corp., Class A		11,186			311,642
GCI Liberty, Inc., Class A(b)		16,219			1,310,171
IAC/InterActiveCorp.(b)		1,066			141,767
Interpublic Group of Cos., Inc. (The)		18,496			328,489
John Wiley & Sons, Inc., Class A		7,923			250,763
Liberty Broadband Corp., Class C(b)		2,491			348,964
Liberty Media Corp.-Liberty Formula One, Class C(b)		9,559			372,610
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		8,911			320,752
Lions Gate Entertainment Corp., Class A(b)(c)		42,783			416,706
Live Nation Entertainment, Inc.(b)		6,726			382,037
Madison Square Garden Entertainment Corp.(b)		4,105			308,573
Madison Square Garden Sports Corp., Class A(b)		2,004			328,656
Match Group, Inc.(b)		5,682			634,566
Netflix, Inc.(b)		731			387,108
New York Times Co. (The), Class A		7,633			330,738
News Corp., Class A		27,218			411,536
Nexstar Media Group, Inc., Class A		3,675			352,837
Omnicom Group, Inc.		5,866			317,292
Pinterest, Inc., Class A(b)		13,982			514,398
Roku, Inc.(b)		2,542			440,986
Sirius XM Holdings, Inc.		53,582			314,526
Spotify Technology S.A.(b)		1,440			406,310
Take-Two Interactive Software, Inc.(b)		2,283			390,827
Telephone & Data Systems, Inc.		56,068			1,296,853
T-Mobile US, Inc.(b)		10,539			1,229,691
TripAdvisor, Inc.		17,117			400,024
Twitter, Inc.(b)		9,470			384,293
United States Cellular Corp.(b)		35,871			1,304,987
Verizon Communications, Inc.		19,706			1,167,975
ViacomCBS, Inc., Class B		13,259			369,263
Walt Disney Co. (The)		2,750			362,643
World Wrestling Entertainment, Inc., Class A		7,169			315,938
Zillow Group, Inc., Class C(b)		3,662			314,053
Zynga, Inc., Class A(b)		34,979			316,910
					22,651,228
Consumer Discretionary-8.66%
Advance Auto Parts, Inc.		2,203			344,351
Amazon.com, Inc.(b)		128			441,723
Aptiv PLC		4,240			365,149
Aramark		12,843			353,953

	Shares		Value
Consumer Discretionary-(continued)
AutoNation, Inc.(b)		8,253	$	469,266
AutoZone, Inc.(b)		285		340,948
Best Buy Co., Inc.		3,947		437,762
Booking Holdings, Inc.(b)		206		393,553
BorgWarner, Inc.		9,756		395,996
Bright Horizons Family Solutions, Inc.(b)		2,685		357,132
Brunswick Corp.		6,482		401,171
Burlington Stores, Inc.(b)		1,543		303,863
Capri Holdings Ltd.(b)		19,637		311,050
CarMax, Inc.(b)		3,323		355,328
Carnival Corp.		17,256		284,379
Carter’s, Inc.		3,787		301,521
Carvana Co.(b)		2,634		568,839
Chegg, Inc.(b)		5,142		379,171
Chipotle Mexican Grill, Inc.(b)		313		410,118
Choice Hotels International, Inc.		3,800		377,302
Columbia Sportswear Co.		4,098		350,666
D.R. Horton, Inc.		5,666		404,382
Darden Restaurants, Inc.		4,371		378,835
Dick’s Sporting Goods, Inc.		7,917		428,468
Dollar General Corp.		1,697		342,590
Dollar Tree, Inc.(b)		3,588		345,417
Domino’s Pizza, Inc.		864		353,341
Dunkin’ Brands Group, Inc.		5,039		383,367
eBay, Inc.		6,711		367,629
Etsy, Inc.(b)		3,729		446,361
Expedia Group, Inc.		3,856		378,466
Extended Stay America, Inc.		27,260		340,477
Five Below, Inc.(b)		2,912		318,718
Floor & Decor Holdings, Inc., Class A(b)		5,576		408,386
Foot Locker, Inc.		11,098		336,602
Ford Motor Co.		51,298		349,852
Frontdoor, Inc.(b)		7,162		312,048
Gap, Inc. (The)		29,763		517,579
Garmin Ltd.		3,411		353,414
General Motors Co.		11,980		354,967
Gentex Corp.		12,142		328,441
Genuine Parts Co.		3,680		347,539
Graham Holdings Co., Class B		963		412,116
Grand Canyon Education, Inc.(b)		3,405		320,206
Grubhub, Inc.(b)		5,062		366,236
H&R Block, Inc.		19,836		287,622
Hanesbrands, Inc.		27,495		420,399
Harley-Davidson, Inc.		13,055		361,754
Hasbro, Inc.		4,315		340,626
Hilton Worldwide Holdings, Inc.		4,162		376,078
Home Depot, Inc. (The)		1,311		373,687
Hyatt Hotels Corp., Class A		5,850		330,467
Kohl’s Corp.		13,900		296,904
L Brands, Inc.		20,781		610,961
Las Vegas Sands Corp.		6,742		341,887
Lear Corp.		3,022		344,296
Leggett & Platt, Inc.		9,380		384,580
Lennar Corp., Class A		5,235		391,683
LKQ Corp.(b)		12,497		396,655
Lowe’s Cos., Inc.		2,401		395,421
lululemon athletica, inc.(b)		1,076		404,221
Marriott International, Inc., Class A		3,494		359,568

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Consumer Discretionary-(continued)
Mattel, Inc.(b)		32,692	$	351,276
McDonald’s Corp.		1,713		365,760
MGM Resorts International		17,484		393,390
Mohawk Industries, Inc.(b)		3,420		315,769
Newell Brands, Inc.		21,014		335,804
NIKE, Inc., Class B		3,306		369,908
Nordstrom, Inc.(c)		17,824		285,184
Norwegian Cruise Line Holdings Ltd.(b)(c)		16,809		287,602
NVR, Inc.(b)		101		421,002
Ollie’s Bargain Outlet Holdings, Inc.(b)		3,162		302,098
O’Reilly Automotive, Inc.(b)		769		358,069
Peloton Interactive, Inc., Class A(b)		6,348		486,701
Penske Automotive Group, Inc.		8,048		379,624
Planet Fitness, Inc., Class A(b)		4,888		297,142
Polaris, Inc.		3,446		348,184
Pool Corp.		1,218		399,309
PulteGroup, Inc.		9,115		406,438
PVH Corp.		6,530		364,113
Qurate Retail, Inc., Class A(b)		34,547		381,744
Ralph Lauren Corp.		4,381		301,544
Ross Stores, Inc.		3,507		319,418
Royal Caribbean Cruises Ltd.		5,465		376,211
Service Corp. International		8,203		374,467
ServiceMaster Global Holdings, Inc.(b)		9,089		362,651
Six Flags Entertainment Corp.		13,877		301,547
Skechers U.S.A., Inc., Class A(b)		9,977		297,813
Starbucks Corp.		4,255		359,420
Tapestry, Inc.		23,228		342,148
Target Corp.		2,773		419,305
Tempur Sealy International, Inc.(b)		4,438		379,627
Tesla, Inc.(b)		1,605		799,804
Thor Industries, Inc.		2,830		267,237
Tiffany & Co.		2,676		327,810
TJX Cos., Inc. (The)		6,066		332,356
Toll Brothers, Inc.		10,043		424,015
Tractor Supply Co.		2,582		384,279
Ulta Beauty, Inc.(b)		1,478		343,162
Under Armour, Inc., Class A(b)(c)		33,199		325,682
Vail Resorts, Inc.		1,763		383,752
VF Corp.		5,113		336,180
Wayfair, Inc., Class A(b)(c)		1,624		481,613
Wendy’s Co. (The)		14,727		308,383
Whirlpool Corp.		2,563		455,496
Williams-Sonoma, Inc.		3,763		330,241
Wyndham Destinations, Inc.		10,672		309,381
Wyndham Hotels & Resorts, Inc.		6,939		363,326
Wynn Resorts Ltd.		3,675		321,379
Yum China Holdings, Inc. (China)		6,450		372,230
Yum! Brands, Inc.		3,609		345,923
				41,151,004
Consumer Staples-10.88%
Altria Group, Inc.		23,330		1,020,454
Archer-Daniels-Midland Co.		23,846		1,067,347
Beyond Meat, Inc.(b)(c)		6,126		832,217
Boston Beer Co., Inc. (The), Class A(b)		1,804		1,591,092
Brown-Forman Corp., Class B		14,493		1,060,453
Bunge Ltd.		23,487		1,071,477
Campbell Soup Co.		19,718		1,037,364
Casey’s General Stores, Inc.		6,278		1,116,542

	Shares		Value
Consumer Staples-(continued)
Church & Dwight Co., Inc.		12,439	$	1,192,029
Clorox Co. (The)		4,512		1,008,432
Coca-Cola Co. (The)		20,577		1,019,179
Colgate-Palmolive Co.		13,139		1,041,397
Conagra Brands, Inc.		28,245		1,083,478
Constellation Brands, Inc., Class A		5,241		966,860
Costco Wholesale Corp.		1,088		378,254
Coty, Inc., Class A		69,072		247,278
Energizer Holdings, Inc.		20,704		958,388
Estee Lauder Cos., Inc. (The), Class A		1,659		367,833
Flowers Foods, Inc.		42,276		1,034,071
General Mills, Inc.		15,664		1,001,713
Grocery Outlet Holding Corp.(b)		27,800		1,143,414
Hain Celestial Group, Inc. (The)(b)		31,206		1,023,245
Herbalife Nutrition Ltd.(b)		21,812		1,072,060
Hershey Co. (The)		7,307		1,086,112
Hormel Foods Corp.		20,101		1,024,749
Ingredion, Inc.		11,238		903,985
JM Smucker Co. (The)		8,903		1,069,962
Kellogg Co.		14,276		1,012,311
Keurig Dr Pepper, Inc.		33,292		993,100
Kimberly-Clark Corp.		6,796		1,072,137
Kraft Heinz Co. (The)		29,169		1,022,082
Kroger Co. (The)		30,416		1,085,243
Lamb Weston Holdings, Inc.		14,268		896,744
McCormick & Co., Inc.		5,573		1,149,153
Molson Coors Beverage Co., Class B		24,756		931,816
Mondelez International, Inc., Class A		18,222		1,064,529
Monster Beverage Corp.(b)		13,883		1,164,228
Nu Skin Enterprises, Inc., Class A		25,465		1,203,731
PepsiCo, Inc.		7,295		1,021,738
Philip Morris International, Inc.		12,978		1,035,515
Pilgrim’s Pride Corp.(b)		53,216		851,456
Post Holdings, Inc.(b)		10,870		956,777
Procter & Gamble Co. (The)		8,121		1,123,378
Reynolds Consumer Products, Inc.		9,570		318,011
Seaboard Corp.		312		837,096
Spectrum Brands Holdings, Inc.		20,845		1,242,362
Sprouts Farmers Market, Inc.(b)		43,395		1,013,273
Sysco Corp.		17,302		1,040,542
TreeHouse Foods, Inc.(b)		19,938		853,546
Tyson Foods, Inc., Class A		15,110		948,908
US Foods Holding Corp.(b)		48,396		1,178,443
Walgreens Boots Alliance, Inc.		23,046		876,209
Walmart, Inc.		2,758		382,948
				51,694,661
Energy-8.61%
Antero Midstream Corp.(c)		208,402		1,410,882
Apache Corp.		86,749		1,283,885
Baker Hughes Co., Class A		76,588		1,093,677
Cabot Oil & Gas Corp.		65,719		1,246,689
Cheniere Energy, Inc.(b)		25,490		1,326,755
Chevron Corp.		13,413		1,125,753
Cimarex Energy Co.		42,492		1,180,428
Concho Resources, Inc.		21,643		1,125,003
ConocoPhillips		27,761		1,051,864
Continental Resources, Inc.(c)		71,737		1,232,442
Devon Energy Corp.		95,258		1,035,454
Diamondback Energy, Inc.		26,475		1,031,466

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Energy-(continued)
EOG Resources, Inc.		23,307	$	1,056,739
EQT Corp.		90,193		1,431,363
Equitrans Midstream Corp.		128,109		1,316,961
Exxon Mobil Corp.		26,303		1,050,542
Halliburton Co.		93,527		1,513,267
Helmerich & Payne, Inc.		57,065		940,431
Hess Corp.		23,884		1,099,619
HollyFrontier Corp.		37,882		904,243
Kinder Morgan, Inc.		78,222		1,081,028
Marathon Oil Corp.		190,087		1,003,659
Marathon Petroleum Corp.		32,071		1,137,238
Murphy Oil Corp.(c)		82,737		1,136,806
National Oilwell Varco, Inc.		100,546		1,206,552
Noble Energy, Inc.		120,605		1,200,020
Occidental Petroleum Corp.		62,724		799,104
ONEOK, Inc.		33,925		932,259
Parsley Energy, Inc., Class A		110,839		1,191,519
Phillips 66		16,182		946,162
Pioneer Natural Resources Co.		13,051		1,356,390
Schlumberger Ltd.		61,130		1,162,081
Targa Resources Corp.		56,801		966,185
Valero Energy Corp.		19,084		1,003,628
Williams Cos., Inc. (The)		63,423		1,316,661
WPX Energy, Inc.(b)		182,510		1,014,756
				40,911,511
Financials-6.37%
Affiliated Managers Group, Inc.		2,769		190,092
Aflac, Inc.		5,573		202,411
AGNC Investment Corp.		15,652		220,850
Alleghany Corp.		456		252,879
Allstate Corp. (The)		2,083		193,719
Ally Financial, Inc.		10,353		236,877
American Express Co.		2,019		205,110
American Financial Group, Inc.		3,466		231,702
American International Group, Inc.		6,351		185,068
American National Group, Inc.		2,761		207,103
Ameriprise Financial, Inc.		1,375		215,600
Annaly Capital Management, Inc.		29,657		217,979
Aon PLC, Class A		1,085		216,989
Apollo Global Management, Inc.		4,179		195,870
Arch Capital Group Ltd.(b)		6,763		213,305
Ares Management Corp., Class A		5,241		211,998
Arthur J. Gallagher & Co.		2,075		218,498
Associated Banc-Corp.		15,661		210,484
Assurant, Inc.		1,934		235,097
Assured Guaranty Ltd.		8,063		172,951
Athene Holding Ltd., Class A(b)		6,598		241,223
AXIS Capital Holdings Ltd.		4,889		233,499
Bank of America Corp.		8,245		212,226
Bank of Hawaii Corp.		3,241		178,385
Bank of New York Mellon Corp. (The)		5,349		197,806
Bank OZK		8,435		194,342
Berkshire Hathaway, Inc., Class B(b)		1,142		249,002
BlackRock, Inc.		402		238,864
BOK Financial Corp.		3,391		190,371
Brighthouse Financial, Inc.(b)		7,132		216,528
Brown & Brown, Inc.		4,925		228,520
Capital One Financial Corp.		3,268		225,590
Carlyle Group, Inc. (The)(c)		6,050		156,151

	Shares		Value
Financials-(continued)
Cboe Global Markets, Inc.		1,889	$	173,391
Charles Schwab Corp. (The)		6,071		215,703
Chubb Ltd.		1,601		200,125
Cincinnati Financial Corp.		3,281		260,544
Citigroup, Inc.		3,899		199,317
Citizens Financial Group, Inc.		8,725		225,716
CME Group, Inc., Class A		1,075		189,060
CNA Financial Corp.		6,285		202,188
Comerica, Inc.		5,590		220,973
Commerce Bancshares, Inc.		3,370		200,751
Credit Acceptance Corp.(b)(c)		487		188,372
Cullen/Frost Bankers, Inc.		2,377		165,106
Discover Financial Services		3,821		202,819
E*TRADE Financial Corp.		4,215		228,032
East West Bancorp, Inc.		5,913		217,480
Eaton Vance Corp.		5,113		209,735
Equitable Holdings, Inc.		10,312		218,511
Erie Indemnity Co., Class A		1,143		243,962
Evercore, Inc., Class A		3,491		216,023
Everest Re Group Ltd.		1,040		228,883
F.N.B. Corp.		26,742		200,565
FactSet Research Systems, Inc.		745		261,048
Fidelity National Financial, Inc.		6,432		211,163
Fifth Third Bancorp		9,571		197,737
First American Financial Corp.		4,419		232,307
First Citizens BancShares, Inc., Class A		553		217,412
First Hawaiian, Inc.		11,567		191,203
First Horizon National Corp.		19,998		190,981
First Republic Bank		1,873		211,480
Franklin Resources, Inc.		9,148		192,657
Globe Life, Inc.		2,684		221,376
Goldman Sachs Group, Inc. (The)		1,022		209,377
Hanover Insurance Group, Inc. (The)		2,024		207,440
Hartford Financial Services Group, Inc. (The)		5,018		202,978
Huntington Bancshares, Inc.		22,377		210,568
Interactive Brokers Group, Inc., Class A		4,875		258,473
Intercontinental Exchange, Inc.		2,194		233,069
Invesco Ltd.(d)		18,221		185,854
Jefferies Financial Group, Inc.		13,411		235,229
JPMorgan Chase & Co.		2,080		208,395
Kemper Corp.		2,897		224,981
KeyCorp		13,825		170,324
KKR & Co., Inc., Class A		6,513		233,296
Lazard Ltd., Class A		6,813		215,768
LendingTree, Inc.(b)(c)		760		234,794
Lincoln National Corp.		5,567		200,690
Loews Corp.		6,085		218,208
LPL Financial Holdings, Inc.		2,533		208,111
M&T Bank Corp.		1,707		176,265
Markel Corp.(b)		223		242,363
MarketAxess Holdings, Inc.		403		195,834
Marsh & McLennan Cos., Inc.		1,911		219,593
Mercury General Corp.		4,917		219,937
MetLife, Inc.		5,416		208,299
MGIC Investment Corp.		24,123		221,208
Moody’s Corp.		759		223,632
Morgan Stanley		4,334		226,495
Morningstar, Inc.		1,490		238,624
MSCI, Inc.		665		248,225
Nasdaq, Inc.		1,729		232,412

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
New Residential Investment Corp.		27,055	$	209,406
New York Community Bancorp, Inc.		19,660		177,923
Northern Trust Corp.		2,732		223,723
Old Republic International Corp.		12,520		201,697
OneMain Holdings, Inc.		7,928		230,546
PacWest Bancorp		11,268		214,993
People’s United Financial, Inc.		17,255		182,558
Pinnacle Financial Partners, Inc.		4,769		190,522
PNC Financial Services Group, Inc. (The)		1,874		208,389
Popular, Inc.		5,308		196,608
Primerica, Inc.		1,919		239,587
Principal Financial Group, Inc.		4,883		205,623
Progressive Corp. (The)		2,553		242,637
Prosperity Bancshares, Inc.		3,320		181,006
Prudential Financial, Inc.		3,217		218,016
Raymond James Financial, Inc.		2,857		216,332
Regions Financial Corp.		18,345		212,068
Reinsurance Group of America, Inc.		2,442		223,883
RenaissanceRe Holdings Ltd. (Bermuda)		1,240		227,838
S&P Global, Inc.		627		229,745
Santander Consumer USA Holdings, Inc.		10,804		185,937
SEI Investments Co.		3,704		193,941
Signature Bank		1,931		187,365
SLM Corp.		29,654		226,557
Starwood Property Trust, Inc.		13,244		206,606
State Street Corp.		3,247		221,088
Sterling Bancorp		16,978		198,133
SVB Financial Group(b)		930		237,503
Synchrony Financial		9,290		230,485
Synovus Financial Corp.		10,228		223,686
T. Rowe Price Group, Inc.		1,649		229,557
TCF Financial Corp.		5,895		158,458
TD Ameritrade Holding Corp.		5,190		199,192
TFS Financial Corp.		14,019		216,594
Tradeweb Markets, Inc., Class A		3,235		185,333
Travelers Cos., Inc. (The)		1,774		205,855
Truist Financial Corp.		5,547		215,279
U.S. Bancorp		5,357		194,995
Umpqua Holdings Corp.		19,399		218,821
Unum Group		12,038		222,462
Virtu Financial, Inc., Class A		8,865		228,983
Voya Financial, Inc.		4,389		227,833
W.R. Berkley Corp.		3,527		218,850
Webster Financial Corp.		7,598		208,945
Wells Fargo & Co.		7,487		180,811
Western Alliance Bancorporation		5,229		184,584
White Mountains Insurance Group Ltd.		243		216,610
Willis Towers Watson PLC		1,059		217,656
Wintrust Financial Corp.		4,856		211,333
Zions Bancorporation N.A		5,202		167,296
				30,295,999
Health Care-11.97%
10X Genomics, Inc., Class A(b)		4,754		544,904
Abbott Laboratories		4,663		510,459
AbbVie, Inc.		4,374		418,898
ABIOMED, Inc.(b)		1,668		513,110
Acadia Healthcare Co., Inc.(b)		15,915		491,933
ACADIA Pharmaceuticals, Inc.(b)		8,550		338,495
Acceleron Pharma, Inc.(b)		4,246		413,858

	Shares		Value
Health Care-(continued)
Adaptive Biotechnologies Corp.(b)		9,457	$	393,506
Agilent Technologies, Inc.		4,785		480,510
Agios Pharmaceuticals, Inc.(b)		8,788		360,396
Alexion Pharmaceuticals, Inc.(b)		3,631		414,733
Align Technology, Inc.(b)		1,602		475,762
Alkermes PLC(b)		23,769		393,139
Alnylam Pharmaceuticals, Inc.(b)		2,961		392,747
Amedisys, Inc.(b)		2,228		538,953
AmerisourceBergen Corp.		4,211		408,593
Amgen, Inc.		1,822		461,549
Anthem, Inc.		1,597		449,587
Avantor, Inc.(b)		24,130		544,614
Baxter International, Inc.		5,036		438,485
Becton, Dickinson and Co.		1,779		431,888
Biogen, Inc.(b)		1,627		467,990
BioMarin Pharmaceutical, Inc.(b)		3,704		289,023
Bio-Rad Laboratories, Inc., Class A(b)		923		469,429
Bio-Techne Corp.		1,664		425,085
Bluebird Bio, Inc.(b)		6,577		390,016
Boston Scientific Corp.(b)		11,489		471,279
Bristol-Myers Squibb Co.		7,546		469,361
Bruker Corp.		10,262		431,209
Cardinal Health, Inc.		7,942		403,136
Catalent, Inc.(b)		5,959		551,208
Centene Corp.(b)		6,591		404,160
Cerner Corp.		6,043		443,375
Change Healthcare, Inc.(b)		35,051		495,972
Charles River Laboratories International, Inc.(b)		2,355		515,627
Chemed Corp.		931		481,429
Cigna Corp.		2,224		394,471
Cooper Cos., Inc. (The)		1,399		439,818
CVS Health Corp.		15,008		932,297
Danaher Corp.		2,387		492,844
DaVita, Inc.(b)		5,398		468,331
DENTSPLY SIRONA, Inc.		9,557		428,823
DexCom, Inc.(b)		1,056		449,233
Edwards Lifesciences Corp.(b)		6,023		517,014
Elanco Animal Health, Inc.(b)		19,280		560,277
Eli Lilly and Co.		2,614		387,891
Encompass Health Corp.		6,471		422,168
Envista Holdings Corp.(b)		20,198		484,550
Exact Sciences Corp.(b)		4,894		368,469
Exelixis, Inc.(b)		18,769		417,047
Gilead Sciences, Inc.		5,695		380,141
Global Blood Therapeutics, Inc.(b)		6,571		412,527
Globus Medical, Inc., Class A(b)		8,879		501,841
Guardant Health, Inc.(b)		5,309		507,010
Haemonetics Corp.(b)		4,910		440,231
HCA Healthcare, Inc.		4,217		572,331
Henry Schein, Inc.(b)		7,104		471,990
Hill-Rom Holdings, Inc.		4,463		418,585
Hologic, Inc.(b)		7,948		474,655
Horizon Therapeutics PLC(b)		8,716		654,746
Humana, Inc.		1,114		462,499
ICU Medical, Inc.(b)		2,351		470,764
IDEXX Laboratories, Inc.(b)		1,353		529,104
Illumina, Inc.(b)		1,160		414,375
Immunomedics, Inc.(b)		12,542		558,872
Incyte Corp.(b)		4,327		416,906

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Health Care-(continued)
Insulet Corp.(b)		2,229	$	486,479
Integra LifeSciences Holdings Corp.(b)		8,792		420,170
Intuitive Surgical, Inc.(b)		730		533,513
Ionis Pharmaceuticals, Inc.(b)		7,258		395,561
Iovance Biotherapeutics, Inc.(b)		14,094		469,753
IQVIA Holdings, Inc.(b)		3,059		500,911
Jazz Pharmaceuticals PLC(b)		3,797		510,279
Johnson & Johnson		2,934		450,105
Laboratory Corp. of America Holdings(b)		2,508		440,781
Livongo Health, Inc.(b)		6,011		825,310
Masimo Corp.(b)		1,911		428,064
McKesson Corp.		6,303		967,132
Medtronic PLC		4,472		480,606
Merck & Co., Inc.		5,524		471,032
Mettler-Toledo International, Inc.(b)		502		487,332
Moderna, Inc.(b)(c)		6,497		421,590
Molina Healthcare, Inc.(b)		2,471		457,061
Mylan N.V.(b)		25,830		423,095
Nektar Therapeutics(b)		19,202		371,367
Neurocrine Biosciences, Inc.(b)		3,479		405,025
Novocure Ltd.(b)		6,752		558,728
Penumbra, Inc.(b)		2,446		511,581
PerkinElmer, Inc.		4,301		506,314
Perrigo Co. PLC		7,725		404,018
Pfizer, Inc.		12,696		479,782
PPD, Inc.(b)		15,441		530,244
PRA Health Sciences, Inc.(b)		4,328		462,706
Premier, Inc., Class A		12,159		398,207
QIAGEN N.V.(b)		9,938		506,441
Quest Diagnostics, Inc.		3,789		421,488
Quidel Corp.(b)		2,024		356,143
Reata Pharmaceuticals, Inc., Class A(b)		2,623		275,284
Regeneron Pharmaceuticals, Inc.(b)		696		431,471
Repligen Corp.(b)		3,698		572,857
ResMed, Inc.		2,437		440,561
Sage Therapeutics, Inc.(b)		10,510		551,144
Sarepta Therapeutics, Inc.(b)		2,553		373,810
Seattle Genetics, Inc.(b)		2,630		416,434
STERIS PLC		2,757		440,127
Stryker Corp.		2,224		440,708
Syneos Health, Inc.(b)		7,794		491,801
Tandem Diabetes Care, Inc.(b)		4,806		541,732
Teladoc Health, Inc.(b)(c)		2,203		475,165
Teleflex, Inc.		1,152		452,678
Thermo Fisher Scientific, Inc.		1,208		518,208
United Therapeutics Corp.(b)		3,650		390,404
UnitedHealth Group, Inc.		1,445		451,635
Universal Health Services, Inc., Class B		4,310		475,609
Varian Medical Systems, Inc.(b)		3,521		611,492
Veeva Systems, Inc., Class A(b)		1,860		525,022
Vertex Pharmaceuticals, Inc.(b)		1,504		419,796
Waters Corp.(b)		2,006		433,818
West Pharmaceutical Services, Inc.		1,984		563,377
Zimmer Biomet Holdings, Inc.		3,317		467,299
Zoetis, Inc.		3,074		492,147
				56,907,625
Industrials-13.70%
3M Co.		2,449		399,236
A.O. Smith Corp.		15,135		741,161

	Shares		Value
Industrials-(continued)
Acuity Brands, Inc.		7,929	$	866,560
ADT, Inc.(c)		46,642		496,737
AECOM(b)		9,985		394,507
AGCO Corp.		7,168		509,645
Air Lease Corp.		12,701		394,747
Alaska Air Group, Inc.		10,386		404,535
Allegion PLC		3,767		389,470
Allison Transmission Holdings, Inc.		10,523		377,460
AMERCO		1,048		371,925
American Airlines Group, Inc.(c)		23,565		307,523
AMETEK, Inc.		4,349		437,944
Armstrong World Industries, Inc.		9,568		705,544
Axon Enterprise, Inc.(b)		4,234		362,769
Boeing Co. (The)		2,018		346,733
BWX Technologies, Inc.		6,589		366,414
C.H. Robinson Worldwide, Inc.		5,000		491,500
Carlisle Cos., Inc.		3,227		422,576
Carrier Global Corp.		34,146		1,019,258
Caterpillar, Inc.		3,051		434,188
Cintas Corp.		1,410		469,868
Clean Harbors, Inc.(b)		6,500		397,150
Colfax Corp.(b)		13,807		459,497
Copa Holdings S.A., Class A (Panama)		7,875		419,344
Copart, Inc.(b)		4,499		464,837
CoreLogic, Inc.		7,790		517,256
CoStar Group, Inc.(b)		555		470,973
Crane Co.		6,993		395,384
CSX Corp.		5,600		428,176
Cummins, Inc.		2,269		470,250
Curtiss-Wright Corp.		4,229		432,711
Deere & Co.		2,512		527,671
Delta Air Lines, Inc.		12,611		389,049
Donaldson Co., Inc.		8,635		434,859
Dover Corp.		3,990		438,262
Eaton Corp. PLC		4,447		454,039
Emerson Electric Co.		6,324		439,328
Equifax, Inc.		2,274		382,646
Expeditors International of Washington, Inc.		5,287		467,318
Fastenal Co.		17,286		844,594
FedEx Corp.		2,810		617,750
Flowserve Corp.		13,940		413,739
Fortive Corp.		5,698		410,883
Fortune Brands Home & Security, Inc.		5,185		435,955
FTI Consulting, Inc.(b)		3,640		417,726
Gates Industrial Corp. PLC(b)		36,412		411,091
Generac Holdings, Inc.(b)		3,502		665,310
General Dynamics Corp.		2,451		366,057
General Electric Co.		53,376		338,404
Graco, Inc.		8,026		465,669
GrafTech International Ltd.		91,276		607,898
HD Supply Holdings, Inc.(b)		11,048		438,164
HEICO Corp.		3,498		384,500
Hexcel Corp.		15,920		627,089
Honeywell International, Inc.		2,617		433,244
Howmet Aerospace, Inc.		49,769		871,953
Hubbell, Inc.		3,069		444,759
Huntington Ingalls Industries, Inc.		2,151		325,920
IAA, Inc.(b)		7,681		401,870
IDEX Corp.		2,539		457,604
IHS Markit Ltd.		4,504		359,960

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Industrials-(continued)
Illinois Tool Works, Inc.		2,279	$	450,216
Ingersoll Rand, Inc.(b)		13,235		464,019
ITT, Inc.		6,907		433,829
J.B. Hunt Transport Services, Inc.		3,247		456,333
Jacobs Engineering Group, Inc.		4,562		411,812
JetBlue Airways Corp.(b)		32,281		371,877
Johnson Controls International PLC		11,186		455,606
Kansas City Southern		2,670		486,047
Kirby Corp.(b)		7,128		302,512
Knight-Swift Transportation Holdings, Inc.		9,161		416,459
L3Harris Technologies, Inc.		1,713		309,608
Landstar System, Inc.		3,497		465,416
Lennox International, Inc.		3,217		901,822
Lincoln Electric Holdings, Inc.		4,640		448,734
Lockheed Martin Corp.		1,035		403,919
Lyft, Inc., Class A(b)		9,063		268,899
Macquarie Infrastructure Corp.		12,254		343,357
ManpowerGroup, Inc.		5,584		409,363
Masco Corp.		15,039		876,774
Mercury Systems, Inc.(b)		4,136		313,261
Middleby Corp. (The)(b)		4,876		477,360
MSA Safety, Inc.		3,601		453,546
MSC Industrial Direct Co., Inc., Class A		5,373		354,081
Nielsen Holdings PLC		21,520		328,826
Nordson Corp.		1,999		372,794
Norfolk Southern Corp.		2,232		474,367
Northrop Grumman Corp.		1,216		416,614
nVent Electric PLC		20,352		389,130
Old Dominion Freight Line, Inc.		2,353		475,730
Oshkosh Corp.		5,276		406,305
Otis Worldwide Corp.		6,763		425,393
Owens Corning		13,012		880,132
PACCAR, Inc.		5,210		447,226
Parker-Hannifin Corp.		2,089		430,355
Pentair PLC		10,245		462,459
Quanta Services, Inc.		10,137		519,521
Raytheon Technologies Corp.		5,800		353,800
Regal Beloit Corp.		4,668		461,478
Republic Services, Inc.		4,718		437,453
Robert Half International, Inc.		7,509		399,479
Rockwell Automation, Inc.		1,863		429,477
Rollins, Inc.		7,665		422,648
Roper Technologies, Inc.		958		409,248
Ryder System, Inc.		10,065		411,658
Schneider National, Inc., Class B		16,072		434,908
Sensata Technologies Holding PLC(b)		10,474		436,137
Snap-on, Inc.		2,864		424,645
Southwest Airlines Co.		10,835		407,179
Spirit AeroSystems Holdings, Inc., Class A		13,954		286,894
Stanley Black & Decker, Inc.		2,841		458,253
Stericycle, Inc.(b)		6,806		436,333
Teledyne Technologies, Inc.(b)		1,182		370,687
Textron, Inc.		11,097		437,555
Timken Co. (The)		16,447		891,263
Toro Co. (The)		5,915		445,281
Trane Technologies PLC		8,049		952,921
TransDigm Group, Inc.		836		417,724
TransUnion		2,307		200,063
Trex Co., Inc.(b)		6,043		903,368
Trinity Industries, Inc.		17,410		356,383

	Shares		Value
Industrials-(continued)
Uber Technologies, Inc.(b)		9,716	$	326,749
Union Pacific Corp.		2,274		437,609
United Airlines Holdings, Inc.(b)		9,882		355,752
United Parcel Service, Inc., Class B		3,618		591,977
United Rentals, Inc.(b)		2,529		447,759
Univar Solutions, Inc.(b)		40,780		741,788
Valmont Industries, Inc.		3,449		438,195
Verisk Analytics, Inc.		2,325		434,008
Vertiv Holdings Co.(b)		22,611		366,977
Virgin Galactic Holdings, Inc.(b)(c)		25,564		457,596
W.W. Grainger, Inc.		1,265		462,269
Wabtec Corp.		6,346		422,326
Waste Management, Inc.		3,712		423,168
Watsco, Inc.		4,047		991,475
Woodward, Inc.		4,887		418,767
XPO Logistics, Inc.(b)		4,828		426,168
Xylem, Inc.		5,859		469,775	��
				65,140,084
Information Technology-13.53%
2U, Inc.(b)		9,163		379,257
Accenture PLC, Class A		1,920		460,666
Adobe, Inc.(b)		773		396,850
Advanced Micro Devices, Inc.(b)		5,968		542,014
Akamai Technologies, Inc.(b)		3,197		372,227
Alliance Data Systems Corp.		4,235		191,041
Alteryx, Inc., Class A(b)		2,005		242,264
Amdocs Ltd.		5,208		318,886
Amphenol Corp., Class A		3,301		362,450
Analog Devices, Inc.		2,621		306,342
Anaplan, Inc.(b)		6,774		414,907
ANSYS, Inc.(b)		1,116		378,335
Apple, Inc.		3,648		470,738
Applied Materials, Inc.		5,346		329,314
Arista Networks, Inc.(b)		1,466		327,578
Arrow Electronics, Inc.(b)		4,897		384,708
Aspen Technology, Inc.(b)		3,184		404,464
Atlassian Corp. PLC, Class A(b)		1,808		346,702
Autodesk, Inc.(b)		1,360		334,152
Automatic Data Processing, Inc.		2,561		356,209
Avalara, Inc.(b)		2,598		344,001
Avnet, Inc.		11,932		328,249
Bill.Com Holdings, Inc.(b)		2,525		249,925
Black Knight, Inc.(b)		4,387		368,947
Booz Allen Hamilton Holding Corp.		4,839		426,122
Broadcom, Inc.		1,021		354,440
Broadridge Financial Solutions, Inc.		1,644		225,886
CACI International, Inc., Class A(b)		1,336		312,878
Cadence Design Systems, Inc.(b)		3,439		381,419
CDK Global, Inc.		7,834		365,221
CDW Corp.		2,758		313,447
Ceridian HCM Holding, Inc.(b)		4,104		326,350
Ciena Corp.(b)		6,039		342,834
Cirrus Logic, Inc.(b)		4,988		302,223
Cisco Systems, Inc.		7,042		297,313
Citrix Systems, Inc.		2,204		320,021
Cloudflare, Inc., Class A(b)		8,783		336,038
Cognex Corp.		5,754		398,119
Cognizant Technology Solutions Corp., Class A		5,883		393,337

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
Coherent, Inc.(b)		2,284	$	257,315
CommScope Holding Co., Inc.(b)		32,883		338,695
Corning, Inc.		11,803		383,125
Coupa Software, Inc.(b)(c)		1,234		404,431
Cree, Inc.(b)		5,391		340,172
Crowdstrike Holdings, Inc., Class A(b)		3,171		398,690
Datadog, Inc., Class A(b)		3,720		310,806
Dell Technologies, Inc., Class C(b)		6,803		449,542
DocuSign, Inc.(b)		1,987		443,101
Dolby Laboratories, Inc., Class A		4,878		340,728
Dropbox, Inc., Class A(b)		14,015		296,698
DXC Technology Co.		20,606		411,708
Dynatrace, Inc.(b)		7,979		352,911
EchoStar Corp., Class A(b)		10,692		314,131
Elastic N.V.(b)		3,610		391,974
Enphase Energy, Inc.(b)		26,984		2,083,974
Entegris, Inc.		5,197		347,627
EPAM Systems, Inc.(b)		1,338		437,660
Euronet Worldwide, Inc.(b)		2,042		211,102
Everbridge, Inc.(b)		2,367		351,760
F5 Networks, Inc.(b)		2,323		307,403
Fair Isaac Corp.(b)		493		207,449
Fastly, Inc., Class A(b)(c)		5,185		481,375
Fidelity National Information Services, Inc.		1,620		244,377
FireEye, Inc.(b)		25,883		379,962
First Solar, Inc.(b)		24,443		1,872,089
Fiserv, Inc.(b)		1,985		197,666
Five9, Inc.(b)		3,129		398,760
FleetCor Technologies, Inc.(b)		795		199,903
FLIR Systems, Inc.		9,659		356,417
Fortinet, Inc.(b)		2,370		312,852
Gartner, Inc.(b)		2,640		342,725
Genpact Ltd.		10,861		458,117
Global Payments, Inc.		1,144		202,053
Globant S.A. (Argentina)(b)		2,221		394,405
GoDaddy, Inc., Class A(b)		4,021		336,477
Guidewire Software, Inc.(b)		3,021		339,289
Hewlett Packard Enterprise Co.		31,809		307,593
HP, Inc.		19,060		372,623
HubSpot, Inc.(b)		1,508		451,917
Inphi Corp.(b)		2,860		325,983
Intel Corp.		5,370		273,602
International Business Machines Corp.		2,595		319,989
Intuit, Inc.		1,124		388,218
IPG Photonics Corp.(b)		1,985		321,034
Jabil, Inc.		9,844		336,173
Jack Henry & Associates, Inc.		1,062		175,676
Juniper Networks, Inc.		13,563		339,075
Keysight Technologies, Inc.(b)		3,781		372,504
KLA Corp.		1,668		342,174
Lam Research Corp.		1,033		347,439
Leidos Holdings, Inc.		3,238		293,007
Littelfuse, Inc.		2,366		427,867
Lumentum Holdings, Inc.(b)		4,364		375,304
Manhattan Associates, Inc.(b)		3,657		355,643
Marvell Technology Group Ltd.		9,353		362,709
Mastercard, Inc., Class A		749		268,284
Maxim Integrated Products, Inc.		5,331		364,854
Medallia, Inc.(b)		12,221		442,278
Microchip Technology, Inc.		3,095		339,522

	Shares		Value
Information Technology-(continued)
Micron Technology, Inc.(b)		6,377	$	290,217
Microsoft Corp.		1,647		371,448
MKS Instruments, Inc.		2,951		352,733
MongoDB, Inc.(b)		1,534		358,649
Monolithic Power Systems, Inc.		1,444		385,736
Motorola Solutions, Inc.		2,281		352,985
National Instruments Corp.		8,280		297,169
NCR Corp.(b)		17,954		366,980
NetApp, Inc.		7,547		357,652
New Relic, Inc.(b)		4,763		292,591
NortonLifeLock, Inc.		16,087		378,366
Nuance Communications, Inc.(b)		13,632		408,415
Nutanix, Inc., Class A(b)		14,076		404,122
NVIDIA Corp.		873		467,038
Okta, Inc.(b)		1,648		354,930
ON Semiconductor Corp.(b)		16,442		351,366
Oracle Corp.		6,004		343,549
PagerDuty, Inc.(b)(c)		10,412		340,160
Palo Alto Networks, Inc.(b)		1,402		360,889
Paychex, Inc.		5,142		393,209
Paycom Software, Inc.(b)		1,028		307,845
Paylocity Holding Corp.(b)		2,685		395,366
PayPal Holdings, Inc.(b)		1,222		249,459
Pegasystems, Inc.		3,347		429,989
Pluralsight, Inc., Class A(b)		22,459		429,865
Proofpoint, Inc.(b)		3,024		331,642
PTC, Inc.(b)		4,072		372,222
Pure Storage, Inc., Class A(b)		18,641		284,462
Qorvo, Inc.(b)		2,895		371,342
QUALCOMM, Inc.		3,595		428,164
RealPage, Inc.(b)		4,786		299,699
RingCentral, Inc., Class A(b)		1,132		329,152
Sabre Corp.		38,058		266,025
salesforce.com, inc.(b)		1,718		468,413
Science Applications International Corp.		3,930		327,998
ServiceNow, Inc.(b)		808		389,472
Skyworks Solutions, Inc.		2,503		362,560
Slack Technologies, Inc., Class A(b)		9,422		309,418
Smartsheet, Inc., Class A(b)		6,331		345,229
SolarEdge Technologies, Inc.(b)		8,175		1,807,901
SolarWinds Corp.(b)		16,853		354,419
Splunk, Inc.(b)		1,730		379,441
Square, Inc., Class A(b)		2,093		333,959
SS&C Technologies Holdings, Inc.		5,446		347,019
StoneCo Ltd., Class A (Brazil)(b)		8,353		426,003
Switch, Inc., Class A		17,714		304,681
SYNNEX Corp.		3,203		407,261
Synopsys, Inc.(b)		1,699		375,989
Teradata Corp.(b)		15,697		382,222
Teradyne, Inc.		4,046		343,789
Texas Instruments, Inc.		2,560		363,904
Trade Desk, Inc. (The), Class A(b)		825		397,073
Trimble, Inc.(b)		9,040		473,786
Twilio, Inc., Class A(b)		1,492		402,482
Tyler Technologies, Inc.(b)		935		322,865
Ubiquiti, Inc.(c)		1,833		333,148
Universal Display Corp.		2,082		365,391
VeriSign, Inc.(b)		1,546		332,081
ViaSat, Inc.(b)		7,870		312,911
Visa, Inc., Class A		1,070		226,829

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
VMware, Inc., Class A(b)(c)		2,250	$	324,990
Western Digital Corp.		7,542		289,764
Western Union Co. (The)		9,534		224,907
WEX, Inc.(b)		1,199		191,492
Workday, Inc., Class A(b)		1,716		411,342
Xerox Holdings Corp.		23,472		442,682
Xilinx, Inc.		3,448		359,144
Zebra Technologies Corp., Class A(b)		1,477		423,205
Zendesk, Inc.(b)		3,905		376,364
Zoom Video Communications, Inc., Class A(b)		1,341		435,959
Zscaler, Inc.(b)		2,852		408,806
				64,315,146
Materials-9.09%
Air Products and Chemicals, Inc.		3,053		892,270
Albemarle Corp.		9,199		837,201
Amcor PLC		70,604		780,880
AptarGroup, Inc.		6,785		803,276
Ardagh Group S.A.		56,704		863,035
Ashland Global Holdings, Inc.		10,503		773,966
Avery Dennison Corp.		6,232		719,110
Axalta Coating Systems Ltd.(b)		32,552		776,365
Ball Corp.		10,293		827,248
Berry Global Group, Inc.(b)		16,583		854,688
Cabot Corp.		19,441		719,511
Celanese Corp.		8,234		832,869
CF Industries Holdings, Inc.		24,194		789,450
Chemours Co. (The)		46,283		956,207
Corteva, Inc.		35,212		1,005,303
Crown Holdings, Inc.(b)		11,070		850,730
Dow, Inc.		17,444		787,073
DuPont de Nemours, Inc.		13,811		770,101
Eagle Materials, Inc.		9,939		812,712
Eastman Chemical Co.		10,297		752,814
Ecolab, Inc.		3,526		694,904
Element Solutions, Inc.(b)		66,704		717,068
FMC Corp.		7,335		783,818
Freeport-McMoRan, Inc.		68,723		1,072,766
Graphic Packaging Holding Co.		51,881		725,296
Huntsman Corp.		39,684		857,968
International Flavors & Fragrances, Inc.(c)		5,649		699,290
International Paper Co.		20,691		750,463
Linde PLC (United Kingdom)		3,481		869,345
LyondellBasell Industries N.V., Class A		10,838		709,672
Martin Marietta Materials, Inc.		3,422		694,221
Mosaic Co. (The)		55,436		1,010,598
NewMarket Corp.		1,765		657,445
Newmont Corp.		13,069		879,282
Nucor Corp.		16,681		758,318
Olin Corp.		57,369		645,401
Packaging Corp. of America		7,430		752,213
PPG Industries, Inc.		6,940		835,576
Reliance Steel & Aluminum Co.		7,606		797,641
Royal Gold, Inc.		6,465		881,309
RPM International, Inc.		9,624		815,827
Scotts Miracle-Gro Co. (The)		5,596		943,094
Sealed Air Corp.		22,935		901,346
Sherwin-Williams Co. (The)		1,239		831,431
Silgan Holdings, Inc.		23,180		882,231
Sonoco Products Co.		14,135		749,579

	Shares		Value
Materials-(continued)
Southern Copper Corp. (Peru)		19,672	$	946,223
Steel Dynamics, Inc.		27,100		799,992
Valvoline, Inc.		61,404		1,252,642
Vulcan Materials Co.		5,994		719,280
W.R. Grace & Co.		14,604		594,529
Westlake Chemical Corp.		13,474		799,278
Westrock Co.		25,596		776,327
				43,209,182
Real Estate-3.32%
Alexandria Real Estate Equities, Inc.		1,207		203,235
American Campus Communities, Inc.		5,568		188,755
American Homes 4 Rent, Class A		7,602		217,721
American Tower Corp.		877		218,505
Americold Realty Trust		5,723		219,477
Apartment Investment & Management Co., Class A		5,306		191,175
Apple Hospitality REIT, Inc.		19,625		199,586
AvalonBay Communities, Inc.		1,298		205,162
Boston Properties, Inc.		1,990		172,871
Brandywine Realty Trust		19,694		219,194
Brixmor Property Group, Inc.		15,907		187,703
Brookfield Property REIT, Inc., Class A(c)		20,377		234,947
Camden Property Trust		2,195		199,613
CBRE Group, Inc., Class A(b)		4,342	��	204,204
CoreSite Realty Corp.		1,721		210,736
Corporate Office Properties Trust		8,019		197,588
Cousins Properties, Inc.		6,571		196,144
Crown Castle International Corp.		1,241		202,593
CubeSmart		7,399		233,956
CyrusOne, Inc.		2,763		230,793
Digital Realty Trust, Inc.		1,441		224,292
Douglas Emmett, Inc.		6,708		187,287
Duke Realty Corp.		5,649		217,769
Empire State Realty Trust, Inc., Class A		29,837		187,973
EPR Properties		4,994		161,356
Equinix, Inc.		319		251,940
Equity Commonwealth		6,451		202,497
Equity LifeStyle Properties, Inc.		3,196		211,863
Equity Residential		3,339		188,487
Essex Property Trust, Inc.		783		169,527
Extra Space Storage, Inc.		2,170		231,214
Federal Realty Investment Trust		2,337		185,184
First Industrial Realty Trust, Inc.		5,327		227,197
Gaming and Leisure Properties, Inc.		5,525		200,834
Healthcare Trust of America, Inc., Class A		7,286		192,278
Healthpeak Properties, Inc.		7,375		203,845
Highwoods Properties, Inc.		5,277		196,621
Host Hotels & Resorts, Inc.		15,401		172,953
Howard Hughes Corp. (The)(b)		3,893		230,115
Hudson Pacific Properties, Inc.		7,920		185,962
Invitation Homes, Inc.		7,291		208,741
Iron Mountain, Inc.(c)		7,654		230,309
JBG SMITH Properties		6,777		187,520
Jones Lang LaSalle, Inc.		2,168		223,391
Kilroy Realty Corp.		2,899		169,649
Kimco Realty Corp.		15,499		185,833
Lamar Advertising Co., Class A		2,821		195,298
Life Storage, Inc.		2,164		228,151
Medical Properties Trust, Inc.		10,518		195,424

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

49

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

	Shares		Value
Real Estate-(continued)
Mid-America Apartment Communities, Inc.		1,759	$	206,014
National Retail Properties, Inc.		5,571		197,436
Omega Healthcare Investors, Inc.		6,377		197,496
Outfront Media, Inc.		13,436		227,471
Paramount Group, Inc.		25,496		188,670
Park Hotels & Resorts, Inc.		17,053		161,833
Prologis, Inc.		2,179		221,953
Public Storage		1,058		224,719
Rayonier, Inc.		8,649		253,243
Realty Income Corp.		3,589		222,626
Regency Centers Corp.		4,452		176,789
Rexford Industrial Realty, Inc.		4,928		236,445
SBA Communications Corp., Class A		724		221,595
Simon Property Group, Inc.		2,905		197,104
SL Green Realty Corp.		3,501		163,707
Spirit Realty Capital, Inc.		5,560		197,436
STORE Capital Corp.		8,239		222,783
Sun Communities, Inc.		1,534		228,689
Taubman Centers, Inc.		5,518		211,339
UDR, Inc.		5,440		189,366
Ventas, Inc.		5,237		215,817
VEREIT, Inc.		29,578		198,764
VICI Properties, Inc.		9,133		204,031
Vornado Realty Trust		4,720		169,118
Weingarten Realty Investors		10,721		187,296
Welltower, Inc.		3,699		212,766
Weyerhaeuser Co.		9,204		278,973
WP Carey, Inc.		2,899		201,104
				15,802,051
Utilities-8.97%
AES Corp. (The)		83,453		1,481,291
Alliant Energy Corp.		22,884		1,239,169
Ameren Corp.		15,465		1,223,436
American Electric Power Co., Inc.		13,710		1,080,759
American Water Works Co., Inc.		8,692		1,228,527
Atmos Energy Corp.		11,057		1,103,710
Avangrid, Inc.		26,884		1,291,507
CenterPoint Energy, Inc.		61,116		1,226,598
CMS Energy Corp.		19,002		1,149,431
Consolidated Edison, Inc.		14,985		1,069,030
Dominion Energy, Inc.		13,274		1,041,213
DTE Energy Co.		10,418		1,236,304
Duke Energy Corp.		13,075		1,050,446
Edison International		19,059		1,000,216
Entergy Corp.		11,489		1,139,019

	Shares		Value
Utilities-(continued)
Essential Utilities, Inc.		25,733	$	1,093,652
Evergy, Inc.		18,515		985,368
Eversource Energy		13,246		1,135,315
Exelon Corp.		29,352		1,083,382
FirstEnergy Corp.		27,676		791,257
Hawaiian Electric Industries, Inc.		31,036		1,074,156
IDACORP, Inc.		12,807		1,151,349
MDU Resources Group, Inc.		33,830		799,065
National Fuel Gas Co.		27,022		1,233,284
NextEra Energy, Inc.		4,508		1,258,498
NiSource, Inc.		47,254		1,047,149
NRG Energy, Inc.		33,341		1,147,264
OGE Energy Corp.		36,193		1,153,109
PG&E Corp.(b)		103,855		961,697
Pinnacle West Capital Corp.		14,642		1,073,991
PPL Corp.		41,726		1,152,889
Public Service Enterprise Group, Inc.		22,258		1,162,758
Sempra Energy		9,010		1,114,086
Southern Co. (The)		19,981		1,042,609
UGI Corp.		34,520		1,191,976
Vistra Corp.		55,284		1,063,111
WEC Energy Group, Inc.		12,482		1,174,307
Xcel Energy, Inc.		17,381		1,207,545
				42,658,473
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $456,677,050)				474,736,964
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.01%
Invesco Private Government Fund, 0.03%(d)(e)(f)		7,244,822		7,244,822
Invesco Private Prime Fund, 0.14%(d)(e)(f)		2,301,276		2,301,736
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,546,558)				9,546,558
TOTAL INVESTMENTS IN SECURITIES-101.88% (Cost $466,223,608)				484,283,522
OTHER ASSETS LESS LIABILITIES-(1.88)%				(8,944,312	)
NET ASSETS-100.00%			$	475,339,210

Investment Abbreviations:

REIT -Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

										Change in Unrealized		Realized
	Value		Purchases			Proceeds				Appreciation		Gain				Value		Dividend
	August 31, 2019		at Cost			from Sales				(Depreciation)		(Loss)				August 31, 2020		Income
Invesco Ltd.		$     192,215		$	130,818			$(56,927)			$(64,421)		$	(15,831	)		$   185,854		$	13,920
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		-			13,259,839			(13,259,839	)		-			-			-			2,622
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		9,793,835			68,810,438			(78,604,273	)		-			-			-			104,484	*
Invesco Liquid Assets Portfolio, Institutional Class		3,517,256			18,320,645			(21,836,667	)		-			(1,234	)		-			39,027	*
Invesco Private Government Fund		-			64,209,846			(56,965,024	)		-			-			7,244,822			1,083	*
Invesco Private Prime Fund		-			6,881,130			(4,579,607	)		-			213			2,301,736			603	*
Total		$13,503,306		$	171,612,716		$	(175,302,337	)		$(64,421)		$	(16,852	)		$9,732,412		$	161,739

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-5.50%
Activision Blizzard, Inc.		379	$	31,654
Alphabet, Inc., Class A(b)		9		14,666
Alphabet, Inc., Class C(b)		9		14,708
Altice USA, Inc., Class A(b)		1,014		27,966
AT&T, Inc.		841		25,070
Cable One, Inc.		14		25,765
Charter Communications, Inc., Class A(b)		48		29,549
Comcast Corp., Class A		642		28,768
Electronic Arts, Inc.(b)		227		31,660
John Wiley & Sons, Inc., Class A		642		20,319
Liberty Broadband Corp., Class C(b)		194		27,177
Match Group, Inc.(b)		288		32,164
Netflix, Inc.(b)		62		32,833
New York Times Co. (The), Class A		646		27,991
Omnicom Group, Inc.		464		25,098
Take-Two Interactive Software, Inc.(b)		206		35,265
T-Mobile US, Inc.(b)		264		30,803
United States Cellular Corp.(b)		807		29,359
Verizon Communications, Inc.		466		27,620
Zynga, Inc., Class A(b)		2,853		25,848
				544,283
Consumer Discretionary-6.75%
Amazon.com, Inc.(b)		11		37,961
AutoZone, Inc.(b)		23		27,515
Columbia Sportswear Co.		332		28,409
Dollar General Corp.		138		27,860
Dollar Tree, Inc.(b)		280		26,956
Domino’s Pizza, Inc.		67		27,400
Frontdoor, Inc.(b)		581		25,314
Garmin Ltd.		277		28,700
Grand Canyon Education, Inc.(b)		265		24,921
Hasbro, Inc.		343		27,076
Home Depot, Inc. (The)		107		30,499
McDonald’s Corp.		137		29,252
NIKE, Inc., Class B		257		28,756
Pool Corp.		98		32,128
Ross Stores, Inc.		265		24,136
Service Corp. International		667		30,449
ServiceMaster Global Holdings, Inc.(b)		787		31,401
Starbucks Corp.		333		28,129
Target Corp.		219		33,115
Tiffany & Co.		232		28,420
TJX Cos., Inc. (The)		480		26,299
Tractor Supply Co.		217		32,296
Yum China Holdings, Inc. (China)		541		31,221
				668,213
Consumer Staples-8.92%
Archer-Daniels-Midland Co.		654		29,273
Brown-Forman Corp., Class A		82		5,451
Brown-Forman Corp., Class B		328		24,000
Campbell Soup Co.		543		28,567
Casey’s General Stores, Inc.		157		27,922
Church & Dwight Co., Inc.		355		34,020
Clorox Co. (The)		127		28,385
Coca-Cola Co. (The)		553		27,390
Colgate-Palmolive Co.		370		29,326

	Shares		Value
Consumer Staples-(continued)
Costco Wholesale Corp.		86	$	29,899
Estee Lauder Cos., Inc. (The), Class A		130		28,824
Flowers Foods, Inc.		1,159		28,349
General Mills, Inc.		431		27,562
Hershey Co. (The)		197		29,282
Hormel Foods Corp.		556		28,345
Ingredion, Inc.		309		24,856
JM Smucker Co. (The)		231		27,762
Kellogg Co.		405		28,719
Keurig Dr Pepper, Inc.		931		27,772
Kimberly-Clark Corp.		187		29,501
Kroger Co. (The)		811		28,936
McCormick & Co., Inc.		152		31,342
Mondelez International, Inc., Class A		509		29,736
Monster Beverage Corp.(b)		365		30,609
PepsiCo, Inc.		201		28,152
Philip Morris International, Inc.		357		28,485
Procter & Gamble Co. (The)		225		31,124
Seaboard Corp.		9		24,147
Sprouts Farmers Market, Inc.(b)		1,034		24,144
Tyson Foods, Inc., Class A		441		27,695
Walgreens Boots Alliance, Inc.		608		23,116
Walmart, Inc.		216		29,992
				882,683
Energy-0.25%
Cabot Oil & Gas Corp.		1,302		24,699
Financials-11.51%
Aflac, Inc.		694		25,206
Alleghany Corp.		48		26,619
Allstate Corp. (The)		264		24,552
American Financial Group, Inc.		408		27,275
American National Group, Inc.		327		24,528
Aon PLC, Class A		133		26,599
Arch Capital Group Ltd.(b)		819		25,831
Arthur J. Gallagher & Co.		272		28,642
Assurant, Inc.		247		30,025
AXIS Capital Holdings Ltd.		679		32,429
Berkshire Hathaway, Inc., Class B(b)		139		30,308
Brown & Brown, Inc.		631		29,278
Cboe Global Markets, Inc.		255		23,406
Chubb Ltd.		211		26,375
Cincinnati Financial Corp.		415		32,955
CME Group, Inc., Class A		142		24,974
CNA Financial Corp.		838		26,959
Erie Indemnity Co., Class A		143		30,522
Everest Re Group Ltd.		124		27,290
FactSet Research Systems, Inc.		85		29,784
Hanover Insurance Group, Inc. (The)		254		26,032
Hartford Financial Services Group, Inc. (The)		630		25,484
Interactive Brokers Group, Inc., Class A		603		31,971
Intercontinental Exchange, Inc.		273		29,001
Kemper Corp.		392		30,443
MarketAxess Holdings, Inc.		50		24,297
Marsh & McLennan Cos., Inc.		239		27,464
Mercury General Corp.		623		27,867
MSCI, Inc.		83		30,981
Nasdaq, Inc.		222		29,841

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
Northern Trust Corp.		311	$	25,468
Old Republic International Corp.		1,564		25,196
Progressive Corp. (The)		335		31,838
RenaissanceRe Holdings Ltd. (Bermuda)		142		26,091
S&P Global, Inc.		79		28,947
TFS Financial Corp.		1,703		26,311
Travelers Cos., Inc. (The)		228		26,457
Virtu Financial, Inc., Class A		1,210		31,254
W.R. Berkley Corp.		440		27,302
White Mountains Insurance Group Ltd.		30		26,742
Willis Towers Watson PLC		129		26,513
				1,139,057
Health Care-16.76%
Abbott Laboratories		290		31,746
AbbVie, Inc.		294		28,156
Agilent Technologies, Inc.		293		29,423
AmerisourceBergen Corp.		266		25,810
Amgen, Inc.		121		30,652
Anthem, Inc.		93		26,181
Baxter International, Inc.		293		25,512
Becton, Dickinson and Co.		109		26,462
Biogen, Inc.(b)		89		25,600
BioMarin Pharmaceutical, Inc.(b)		238		18,571
Bio-Rad Laboratories, Inc., Class A(b)		56		28,481
Boston Scientific Corp.(b)		699		28,673
Bristol-Myers Squibb Co.		440		27,368
Centene Corp.(b)		405		24,835
Cerner Corp.		364		26,707
Chemed Corp.		56		28,958
Cigna Corp.		130		23,058
Cooper Cos., Inc. (The)		83		26,094
CVS Health Corp.		396		24,600
Danaher Corp.		156		32,209
DENTSPLY SIRONA, Inc.		554		24,858
DexCom, Inc.(b)		72		30,630
Edwards Lifesciences Corp.(b)		358		30,731
Eli Lilly and Co.		171		25,375
Encompass Health Corp.		360		23,486
Exelixis, Inc.(b)		1,144		25,420
Gilead Sciences, Inc.		356		23,763
Henry Schein, Inc.(b)		419		27,838
Hill-Rom Holdings, Inc.		257		24,104
Humana, Inc.		67		27,816
ICU Medical, Inc.(b)		134		26,832
IDEXX Laboratories, Inc.(b)		83		32,458
Illumina, Inc.(b)		73		26,077
Insulet Corp.(b)		146		31,864
Intuitive Surgical, Inc.(b)		46		33,619
Ionis Pharmaceuticals, Inc.(b)		466		25,397
Johnson & Johnson		178		27,307
Masimo Corp.(b)		115		25,760
McKesson Corp.		164		25,164
Medtronic PLC		273		29,339
Merck & Co., Inc.		323		27,542
Mettler-Toledo International, Inc.(b)		32		31,065
Molina Healthcare, Inc.(b)		148		27,376
Neurocrine Biosciences, Inc.(b)		219		25,496
Penumbra, Inc.(b)		150		31,372
Pfizer, Inc.		733		27,700

	Shares		Value
Health Care-(continued)
Premier, Inc., Class A		778	$	25,480
Regeneron Pharmaceuticals, Inc.(b)		44		27,277
ResMed, Inc.		162		29,286
STERIS PLC		162		25,862
Stryker Corp.		132		26,157
Teleflex, Inc.		71		27,899
Thermo Fisher Scientific, Inc.		76		32,602
United Therapeutics Corp.(b)		207		22,141
UnitedHealth Group, Inc.		88		27,504
Veeva Systems, Inc., Class A(b)		123		34,719
Vertex Pharmaceuticals, Inc.(b)		97		27,075
Waters Corp.(b)		133		28,763
West Pharmaceutical Services, Inc.		127		36,063
Zoetis, Inc.		186		29,779
				1,658,092
Industrials-12.32%
3M Co.		164		26,735
AMERCO		83		29,456
C.H. Robinson Worldwide, Inc.		316		31,063
Carlisle Cos., Inc.		204		26,714
Caterpillar, Inc.		210		29,885
CoStar Group, Inc.(b)		40		33,944
Deere & Co.		167		35,080
Eaton Corp. PLC		299		30,528
Expeditors International of Washington, Inc.		338		29,876
General Dynamics Corp.		168		25,091
Graco, Inc.		535		31,041
GrafTech International Ltd.		3,346		22,284
HD Supply Holdings, Inc.(b)		775		30,736
Honeywell International, Inc.		174		28,806
Hubbell, Inc.		202		29,274
IDEX Corp.		161		29,017
IHS Markit Ltd.		368		29,410
J.B. Hunt Transport Services, Inc.		230		32,324
Jacobs Engineering Group, Inc.		302		27,261
Kansas City Southern		173		31,493
L3Harris Technologies, Inc.		132		23,858
Landstar System, Inc.		232		30,877
Lennox International, Inc.		117		32,799
Lockheed Martin Corp.		65		25,367
Northrop Grumman Corp.		78		26,724
Old Dominion Freight Line, Inc.		159		32,147
PACCAR, Inc.		355		30,473
Republic Services, Inc.		307		28,465
Rollins, Inc.		594		32,753
Roper Technologies, Inc.		66		28,194
Schneider National, Inc., Class B		1,143		30,930
Southwest Airlines Co.		728		27,358
Teledyne Technologies, Inc.(b)		73		22,893
Toro Co. (The)		371		27,929
Trane Technologies PLC		281		33,268
United Parcel Service, Inc., Class B		258		42,214
Verisk Analytics, Inc.		155		28,934
W.W. Grainger, Inc.		83		30,331
Waste Management, Inc.		240		27,360
Watsco, Inc.		148		36,258
Xylem, Inc.		378		30,308
				1,219,458
				��

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

53

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2020

	Shares		Value
Information Technology-13.54%
Accenture PLC, Class A		126	$	30,231
Adobe, Inc.(b)		69		35,424
Advanced Micro Devices, Inc.(b)		503		45,682
Akamai Technologies, Inc.(b)		257		29,922
Amdocs Ltd.		416		25,472
Arista Networks, Inc.(b)		113		25,250
Aspen Technology, Inc.(b)		238		30,233
Automatic Data Processing, Inc.		172		23,923
Black Knight, Inc.(b)		351		29,519
Booz Allen Hamilton Holding Corp.		333		29,324
Broadcom, Inc.		86		29,855
Broadridge Financial Solutions, Inc.		213		29,266
CACI International, Inc., Class A(b)		100		23,419
Cadence Design Systems, Inc.(b)		285		31,609
Ciena Corp.(b)		475		26,966
Cisco Systems, Inc.		555		23,432
Citrix Systems, Inc.		187		27,152
Corning, Inc.		1,054		34,213
Dell Technologies, Inc., Class C(b)		543		35,881
Dolby Laboratories, Inc., Class A		419		29,267
Fidelity National Information Services, Inc.		190		28,661
Fiserv, Inc.(b)		243		24,198
GoDaddy, Inc., Class A(b)		325		27,196
HP, Inc.		1,572		30,733
Intel Corp.		428		21,807
Intuit, Inc.		91		31,430
Jack Henry & Associates, Inc.		150		24,813
Juniper Networks, Inc.		1,083		27,075
Leidos Holdings, Inc.		247		22,351
Marvell Technology Group Ltd.		737		28,581
Mastercard, Inc., Class A		86		30,804
Microsoft Corp.		143		32,251
Motorola Solutions, Inc.		179		27,700
NortonLifeLock, Inc.		1,280		30,106
Oracle Corp.		495		28,324
Paychex, Inc.		354		27,070
PTC, Inc.(b)		327		29,891
RealPage, Inc.(b)		385		24,109
Switch, Inc., Class A		1,433		24,648
Synopsys, Inc.(b)		142		31,425
Teradata Corp.(b)		1,220		29,707
Texas Instruments, Inc.		208		29,567
Tyler Technologies, Inc.(b)		70		24,172
VeriSign, Inc.(b)		122		26,206
Visa, Inc., Class A		133		28,195
VMware, Inc., Class A(b)(c)		177		25,566
Western Union Co. (The)		1,157		27,294
				1,339,920
Materials-4.81%
Air Products and Chemicals, Inc.		107		31,272
AptarGroup, Inc.		234		27,703
Avery Dennison Corp.		221		25,501
Ball Corp.		358		28,772
CF Industries Holdings, Inc.		831		27,115
FMC Corp.		260		27,784
Linde PLC (United Kingdom)		124		30,968
Martin Marietta Materials, Inc.		126		25,562
NewMarket Corp.		61		22,722
Newmont Corp.		473		31,823

	Shares		Value
Materials-(continued)
Packaging Corp. of America		249	$	25,209
Royal Gold, Inc.		212		28,900
RPM International, Inc.		339		28,737
Sherwin-Williams Co. (The)		45		30,197
Silgan Holdings, Inc.		805		30,638
Sonoco Products Co.		486		25,773
Vulcan Materials Co.		224		26,880
				475,556
Real Estate-11.26%
Alexandria Real Estate Equities, Inc.		171		28,793
American Homes 4 Rent, Class A		968		27,723
American Tower Corp.		99		24,666
Americold Realty Trust		736		28,226
Apartment Investment & Management Co., Class A		660		23,780
AvalonBay Communities, Inc.		161		25,448
Brandywine Realty Trust		2,416		26,890
Camden Property Trust		269		24,463
CoreSite Realty Corp.		221		27,061
Corporate Office Properties Trust		981		24,172
Cousins Properties, Inc.		750		22,387
Crown Castle International Corp.		153		24,977
CubeSmart		898		28,395
Digital Realty Trust, Inc.		190		29,573
Douglas Emmett, Inc.		814		22,727
Duke Realty Corp.		724		27,910
Empire State Realty Trust, Inc., Class A		3,406		21,458
Equinix, Inc.		38		30,012
Equity Commonwealth		792		24,861
Equity LifeStyle Properties, Inc.		413		27,378
Equity Residential		430		24,273
Essex Property Trust, Inc.		103		22,300
Extra Space Storage, Inc.		259		27,596
Healthcare Trust of America, Inc., Class A		964		25,440
Healthpeak Properties, Inc.		960		26,534
Highwoods Properties, Inc.		629		23,437
Hudson Pacific Properties, Inc.		937		22,001
Invitation Homes, Inc.		953		27,284
Iron Mountain, Inc.(c)		933		28,074
JBG SMITH Properties		827		22,883
Kilroy Realty Corp.		418		24,461
Life Storage, Inc.		260		27,412
Medical Properties Trust, Inc.		1,351		25,102
Mid-America Apartment Communities, Inc.		213		24,947
National Retail Properties, Inc.		720		25,517
Prologis, Inc.		272		27,706
Public Storage		127		26,975
Rayonier, Inc.		1,081		31,652
Realty Income Corp.		444		27,541
Sun Communities, Inc.		183		27,282
Taubman Centers, Inc.		625		23,937
UDR, Inc.		676		23,532
WP Carey, Inc.		401		27,817
				1,114,603
Utilities-8.29%
AES Corp. (The)		1,944		34,506
Alliant Energy Corp.		519		28,104
Ameren Corp.		348		27,530
American Electric Power Co., Inc.		308		24,280

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2020

	Shares		Value
Utilities-(continued)
American Water Works Co., Inc.		200	$	28,268
Atmos Energy Corp.		253		25,254
Avangrid, Inc.		574		27,575
CMS Energy Corp.		445		26,918
Consolidated Edison, Inc.		350		24,969
Dominion Energy, Inc.		306		24,003
DTE Energy Co.		234		27,769
Duke Energy Corp.		297		23,861
Edison International		435		22,829
Entergy Corp.		255		25,281
Essential Utilities, Inc.		587		24,947
Evergy, Inc.		418		22,246
Eversource Energy		305		26,142
Exelon Corp.		664		24,508
FirstEnergy Corp.		609		17,411
Hawaiian Electric Industries, Inc.		672		23,258
IDACORP, Inc.		272		24,453
MDU Resources Group, Inc.		1,171		27,659
National Fuel Gas Co.		617		28,160
NextEra Energy, Inc.		102		28,475
NiSource, Inc.		1,047		23,202
Pinnacle West Capital Corp.		338		24,792
PPL Corp.		886		24,480
Public Service Enterprise Group, Inc.		502		26,224
Sempra Energy		201		24,854

	Shares		Value
Utilities-(continued)
Southern Co. (The)		451	$	23,533
WEC Energy Group, Inc.		282		26,531
Xcel Energy, Inc.		400		27,790
				819,812
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $9,056,784)				9,886,376
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.55%
Invesco Private Government Fund, 0.03%(d)(e)(f)		41,433		41,433
Invesco Private Prime Fund, 0.14%(d)(e)(f)		13,296		13,298
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,731)				54,731
TOTAL INVESTMENTS IN SECURITIES-100.46% (Cost $9,111,515)				9,941,107
OTHER ASSETS LESS LIABILITIES-(0.46)%				(45,304	)
NET ASSETS-100.00%			$	9,895,803

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				Appreciation			(Loss)				August 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	58,684		$	1,833,838		$	(1,892,522	)		$	-		$	-			$	-		$	736
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			1,337,605			10,345,816			(11,683,421	)			-			-				-			10,708	*
Invesco Liquid Assets Portfolio, Institutional Class			445,868			2,756,233			(3,201,931	)			-			(170	)			-			3,968	*
Invesco Private Government Fund			-			1,121,431			(1,079,998	)			-			-				41,433			12	*
Invesco Private Prime Fund			-			111,387			(98,094	)			-			5				13,298			6	*
Total		$	1,842,157		$	16,168,705		$	(17,955,966	)		$	-		$	(165	)		$	54,731		$	15,430

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

55

Invesco S&P 500 Enhanced Value ETF (SPVU)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.51%
Communication Services-6.78%
AT&T, Inc.		113,467	$	3,382,451
CenturyLink, Inc.		36,751		395,073
Discovery, Inc., Class C(b)		8,645		172,641
DISH Network Corp., Class A(b)		5,383		191,204
ViacomCBS, Inc., Class B		19,417		540,764
				4,682,133
Consumer Discretionary-9.75%
Best Buy Co., Inc.		5,360		594,478
BorgWarner, Inc.		5,573		226,208
Carnival Corp.		17,640		290,707
D.R. Horton, Inc.		7,456		532,135
Ford Motor Co.		110,623		754,449
Gap, Inc. (The)		8,191		142,441
General Motors Co.		57,321		1,698,421
Hanesbrands, Inc.		8,314		127,121
Kohl’s Corp.		6,247		133,436
Lennar Corp., Class A		8,005		598,934
LKQ Corp.(b)		7,796		247,445
MGM Resorts International		15,077		339,232
Mohawk Industries, Inc.(b)		1,857		171,457
PulteGroup, Inc.		6,320		281,809
PVH Corp.		3,030		168,953
Ralph Lauren Corp.		1,196		82,321
Whirlpool Corp.		1,924		341,933
				6,731,480
Consumer Staples-6.45%
Archer-Daniels-Midland Co.		20,422		914,089
Kraft Heinz Co. (The)		16,676		584,327
Kroger Co. (The)		29,393		1,048,742
Molson Coors Beverage Co., Class B		5,479		206,229
Tyson Foods, Inc., Class A		8,676		544,853
Walgreens Boots Alliance, Inc.		30,383		1,155,162
				4,453,402
Energy-8.86%
ConocoPhillips		22,078		836,535
Diamondback Energy, Inc.		3,929		153,074
Exxon Mobil Corp.		72,005		2,875,880
HollyFrontier Corp.		5,704		136,154
Marathon Oil Corp.		22,567		119,154
Marathon Petroleum Corp.		12,598		446,725
Phillips 66		13,133		767,887
Valero Energy Corp.		14,876		782,329
				6,117,738
Financials-39.37%
Aflac, Inc.		19,269		699,850
Allstate Corp. (The)		9,084		844,812
American International Group, Inc.		35,718		1,040,822
Assurant, Inc.		1,502		182,583
Bank of America Corp.		137,091		3,528,722
Bank of New York Mellon Corp. (The)		22,364		827,021
Capital One Financial Corp.		14,184		979,121
Citigroup, Inc.		65,289		3,337,574
Citizens Financial Group, Inc.		14,065		363,861
Comerica, Inc.		4,288		169,505

	Shares		Value
Financials-(continued)
Everest Re Group Ltd.		1,034	$	227,563
Fifth Third Bancorp		19,818		409,440
Franklin Resources, Inc.		6,269		132,025
Goldman Sachs Group, Inc. (The)		7,790		1,595,937
Hartford Financial Services Group, Inc. (The)		11,137		450,492
Huntington Bancshares, Inc.		24,360		229,228
Invesco Ltd.(c)		13,012		132,722
KeyCorp		25,369		312,546
Lincoln National Corp.		7,808		281,478
Loews Corp.		7,780		278,991
M&T Bank Corp.		3,189		329,296
MetLife, Inc.		35,056		1,348,254
Morgan Stanley		29,341		1,533,361
People’s United Financial, Inc.		12,700		134,366
Principal Financial Group, Inc.		8,079		340,207
Prudential Financial, Inc.		17,926		1,214,845
Regions Financial Corp.		27,199		314,420
State Street Corp.		8,468		576,586
Synchrony Financial		13,644		338,508
Travelers Cos., Inc. (The)		6,342		735,926
Truist Financial Corp.		31,986		1,241,377
Unum Group		9,862		182,250
Wells Fargo & Co.		113,056		2,730,302
Zions Bancorporation N.A.		4,275		137,484
				27,181,475
Health Care-13.52%
AmerisourceBergen Corp.		5,345		518,625
Anthem, Inc.		5,928		1,668,850
Centene Corp.(b)		18,366		1,126,203
Cigna Corp.		10,510		1,864,159
CVS Health Corp.		49,723		3,088,793
McKesson Corp.		5,411		830,264
Mylan N.V.(b)		14,360		235,217
				9,332,111
Industrials-8.20%
Alaska Air Group, Inc.		3,835		149,373
Delta Air Lines, Inc.		20,310		626,563
Howmet Aerospace, Inc.		12,133		212,570
Johnson Controls International PLC		21,435		873,048
Quanta Services, Inc.		4,200		215,250
Raytheon Technologies Corp.		37,173		2,267,553
Southwest Airlines Co.		12,165		457,161
Textron, Inc.		6,478		255,428
United Airlines Holdings, Inc.(b)		9,640		347,040
United Rentals, Inc.(b)		1,461		258,670
				5,662,656
Information Technology-2.09%
DXC Technology Co.		6,600		131,868
Hewlett Packard Enterprise Co.		39,638		383,299
HP, Inc.		39,434		770,935
Xerox Holdings Corp.		8,427		158,933
				1,445,035
Materials-2.40%
Eastman Chemical Co.		2,969		217,064
International Paper Co.		8,761		317,761

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56

Invesco S&P 500 Enhanced Value ETF (SPVU)–(continued)

August 31, 2020

	Shares		Value
Materials-(continued)
LyondellBasell Industries N.V., Class A		5,952	$	389,737
Nucor Corp.		8,428		383,137
Westrock Co.		11,427		346,581
				1,654,280
Real Estate-0.83%
CBRE Group, Inc., Class A(b)		7,448		350,279
SL Green Realty Corp.		2,048		95,765
Vornado Realty Trust		3,635		130,242
				576,286
Utilities-1.26%
Exelon Corp.		23,475		866,462
Total Common Stocks & Other Equity Interests (Cost $82,245,427)				68,703,058

	Shares		Value
Money Market Funds-0.06%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $38,540)		38,540	$	38,540
TOTAL INVESTMENTS IN SECURITIES-99.57% (Cost $82,283,967)				68,741,598
OTHER ASSETS LESS LIABILITIES-0.43%				299,952
NET ASSETS-100.00%			$	69,041,550

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				August 31, 2020			Income
Invesco Ltd.		$	142,116		$	145,070		$	(70,009	)		$	(70,879	)		$	(13,576	)		$	132,722		$	11,390
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			3,547,458			(3,508,918	)			-				-				38,540			613
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			235,178			3,333,195			(3,568,373	)			-				-				-			2,145	*
Invesco Liquid Assets Portfolio, Institutional Class			78,393			962,142			(1,040,440	)			-				(95	)			-			826	*
Invesco Private Government Fund			-			1,549,073			(1,549,073	)			-				-				-			13	*
Invesco Private Prime Fund			-			195,814			(195,821	)			-				7				-			4	*
Total		$	455,687		$	9,732,752		$	(9,932,634	)		$	(70,879	)		$	(13,664	)		$	171,262		$	14,991

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

57

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-8.41%
Activision Blizzard, Inc.		8,230	$	687,370
Alphabet, Inc., Class C(b)		479		782,772
AT&T, Inc.		24,105		718,570
Charter Communications, Inc., Class A(b)		1,299		799,677
Comcast Corp., Class A		15,819		708,849
Electronic Arts, Inc.(b)		5,327		742,957
Facebook, Inc., Class A(b)		2,385		699,282
T-Mobile US, Inc.(b)		5,679		662,626
				5,802,103
Consumer Discretionary-7.03%
Amazon.com, Inc.(b)		241		831,681
AutoZone, Inc.(b)		517		618,492
eBay, Inc.		13,192		722,658
Garmin Ltd.		6,609		684,759
McDonald’s Corp.		3,055		652,304
NIKE, Inc., Class B		5,970		667,983
Tractor Supply Co.		4,517		672,265
				4,850,142
Consumer Staples-6.08%
Altria Group, Inc.		16,741		732,251
Archer-Daniels-Midland Co.		14,577		652,467
Conagra Brands, Inc.		17,387		666,965
Kroger Co. (The)		21,162		755,060
Monster Beverage Corp.(b)		8,730		732,098
Philip Morris International, Inc.		8,244		657,789
				4,196,630
Financials-8.89%
Allstate Corp. (The)		6,315		587,295
Aon PLC, Class A		3,368		673,566
Arthur J. Gallagher & Co.		5,949		626,430
Berkshire Hathaway, Inc., Class B(b)		3,623		789,959
Cboe Global Markets, Inc.		7,001		642,622
Intercontinental Exchange, Inc.		6,661		707,598
Marsh & McLennan Cos., Inc.		6,136		705,088
Progressive Corp. (The)		7,754		736,940
Willis Towers Watson PLC		3,240		665,917
				6,135,415
Health Care-29.60%
Abbott Laboratories		6,811		745,600
AbbVie, Inc.		8,142		779,759
Agilent Technologies, Inc.		7,162		719,208
Amgen, Inc.		2,906		736,148
Becton, Dickinson and Co.		2,786		676,357
Bio-Rad Laboratories, Inc., Class A(b)		1,293		657,607
Bristol-Myers Squibb Co.		14,619		909,302
Cooper Cos., Inc. (The)		2,192		689,121
CVS Health Corp.		10,260		637,351
Danaher Corp.		3,809		786,444
DaVita, Inc.(b)(c)		7,447		646,102
DENTSPLY SIRONA, Inc.		13,669		613,328
Gilead Sciences, Inc.		9,920		662,160
Henry Schein, Inc.(b)		9,252		614,703
IDEXX Laboratories, Inc.(b)		1,703		665,975
Illumina, Inc.(b)		1,791		639,781

	Shares		Value
Health Care-(continued)
Incyte Corp.(b)		6,875	$	662,406
Johnson & Johnson		5,705		875,204
Merck & Co., Inc.		9,692		826,437
Mettler-Toledo International, Inc.(b)		657		637,803
PerkinElmer, Inc.		6,252		735,985
Pfizer, Inc.		20,332		768,346
Quest Diagnostics, Inc.		5,491		610,819
STERIS PLC		4,239		676,714
Thermo Fisher Scientific, Inc.		1,727		740,849
Vertex Pharmaceuticals, Inc.(b)		2,401		670,167
Waters Corp.(b)		2,976		643,590
West Pharmaceutical Services, Inc.		2,581		732,901
Zoetis, Inc.		4,161		666,176
				20,426,343
Industrials-21.45%
3M Co.		4,041		658,764
A.O. Smith Corp.		13,732		672,456
C.H. Robinson Worldwide, Inc.		7,823		769,001
Expeditors International of Washington, Inc.		9,218		814,779
Fastenal Co.		12,734		622,183
General Dynamics Corp.		4,243		633,692
IDEX Corp.		3,904		703,618
J.B. Hunt Transport Services, Inc.		4,662		655,197
Jacobs Engineering Group, Inc.		6,928		625,391
Johnson Controls International PLC		15,261		621,581
L3Harris Technologies, Inc.		3,489		630,602
Lockheed Martin Corp.		1,641		640,417
Masco Corp.		10,844		632,205
Northrop Grumman Corp.		1,910		654,385
Old Dominion Freight Line, Inc.		3,240		655,063
PACCAR, Inc.		7,902		678,308
Republic Services, Inc.		8,418		780,517
Roper Technologies, Inc.		1,459		623,270
Union Pacific Corp.		3,189		613,691
United Parcel Service, Inc., Class B		4,106		671,824
Verisk Analytics, Inc.		3,599		671,825
Waste Management, Inc.		6,732		767,448
				14,796,217
Information Technology-13.92%
Accenture PLC, Class A		2,776		666,046
Akamai Technologies, Inc.(b)		6,539		761,336
Amphenol Corp., Class A		5,764		632,887
Apple, Inc.		5,292		682,880
Cisco Systems, Inc.		14,380		607,123
F5 Networks, Inc.(b)		4,674		618,510
International Business Machines Corp.		5,168		637,266
Juniper Networks, Inc.		28,840		721,000
Microsoft Corp.		2,992		674,786
Oracle Corp.		11,633		665,640
salesforce.com, inc.(b)		3,152		859,393
Tyler Technologies, Inc.(b)		2,320		801,119
Visa, Inc., Class A		3,123		662,045
Western Union Co. (The)		26,035		614,166
				9,604,197
Materials-3.68%
Air Products and Chemicals, Inc.		2,106		615,499

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

August 31, 2020

	Shares		Value
Materials-(continued)
Linde PLC (United Kingdom)		2,768	$	691,280
PPG Industries, Inc.		5,130		617,652
Sherwin-Williams Co. (The)		915		614,011
				2,538,442
Real Estate-0.90%
Alexandria Real Estate Equities, Inc.		3,695		622,164
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $61,473,585)				68,971,653
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.05%
Invesco Private Government Fund, 0.03%(d)(e)(f)		25,621		25,621

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.14%(d)(e)(f)		8,635	$	8,637
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,258)				34,258
TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $61,507,843)				69,005,911
OTHER ASSETS LESS LIABILITIES-(0.01)%				(3,529	)
NET ASSETS-100.00%			$	69,002,382

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				Appreciation			(Loss)				August 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	2,600,645		$	(2,600,645	)		$	-		$	-			$	-		$	742
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			908,778			5,811,389			(6,720,167	)			-			-				-			4,395	*
Invesco Liquid Assets Portfolio, Institutional Class			302,009			1,939,686			(2,241,447	)			-			(248	)			-			1,622	*
Invesco Private Government Fund			-			25,910			(289	)			-			-				25,621			-
Invesco Private Prime Fund			-			8,637			-				-			-				8,637			-
Total		$	1,210,787		$	10,386,267		$	(11,562,548	)		$	-		$	(248	)		$	34,258		$	6,759

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

59

Invesco S&P 500^® High Beta ETF (SPHB)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Communication Services-1.85%
DISH Network Corp., Class A(b)		35,476	$	1,260,108
ViacomCBS, Inc., Class B		41,797		1,164,046
				2,424,154
Consumer Discretionary-17.55%
Aptiv PLC		14,142		1,217,909
Carnival Corp.		108,870		1,794,178
Darden Restaurants, Inc.		16,230		1,406,654
Gap, Inc. (The)		88,831		1,544,771
Kohl’s Corp.		55,132		1,177,620
L Brands, Inc.		49,971		1,469,147
Leggett & Platt, Inc.		32,113		1,316,633
LKQ Corp.(b)		36,878		1,170,508
MGM Resorts International		71,075		1,599,188
Norwegian Cruise Line Holdings Ltd.(b)(c)		111,959		1,915,619
PVH Corp.		27,913		1,556,429
Royal Caribbean Cruises Ltd.		26,191		1,802,988
Tapestry, Inc.		96,990		1,428,663
Under Armour, Inc., Class A(b)(c)		109,187		1,071,124
Whirlpool Corp.		6,659		1,183,437
Wynn Resorts Ltd.		15,556		1,360,372
				23,015,240
Consumer Staples-0.79%
Coty, Inc., Class A		289,649		1,036,943
Energy-17.25%
Apache Corp.		104,998		1,553,970
Baker Hughes Co., Class A		74,540		1,064,431
Chevron Corp.		12,871		1,080,263
ConocoPhillips		30,675		1,162,276
Devon Energy Corp.		119,259		1,296,345
Diamondback Energy, Inc.		28,087		1,094,269
Halliburton Co.		95,904		1,551,727
Hess Corp.		23,230		1,069,509
Marathon Oil Corp.		206,609		1,090,896
Marathon Petroleum Corp.		36,870		1,307,410
National Oilwell Varco, Inc.		108,870		1,306,440
Noble Energy, Inc.		148,576		1,478,331
Occidental Petroleum Corp.		106,281		1,354,020
ONEOK, Inc.		47,068		1,293,429
Pioneer Natural Resources Co.		11,603		1,205,900
Schlumberger Ltd.		65,260		1,240,593
TechnipFMC PLC (United Kingdom)		160,410		1,235,157
Valero Energy Corp.		23,671		1,244,858
				22,629,824
Financials-28.47%
American Express Co.		12,694		1,289,583
American International Group, Inc.		42,832		1,248,124
Ameriprise Financial, Inc.		10,034		1,573,331
Bank of America Corp.		47,042		1,210,861
Capital One Financial Corp.		20,311		1,402,068
Citigroup, Inc.		26,721		1,365,978
Citizens Financial Group, Inc.		54,425		1,407,975
Comerica, Inc.		30,895		1,221,279
Discover Financial Services		30,086		1,596,965
E*TRADE Financial Corp.		25,010		1,353,041
Fifth Third Bancorp		68,321		1,411,512

	Shares		Value
Financials-(continued)
Invesco Ltd.(d)		134,116	$	1,367,983
KeyCorp		112,521		1,386,259
Lincoln National Corp.		50,772		1,830,331
Loews Corp.		31,682		1,136,117
MetLife, Inc.		32,376		1,245,181
Morgan Stanley		24,108		1,259,884
PNC Financial Services Group, Inc. (The)		10,793		1,200,182
Principal Financial Group, Inc.		28,826		1,213,863
Prudential Financial, Inc.		19,883		1,347,471
Raymond James Financial, Inc.		15,269		1,156,169
Regions Financial Corp.		111,994		1,294,651
State Street Corp.		16,414		1,117,629
SVB Financial Group(b)		5,297		1,352,748
Synchrony Financial		58,875		1,460,689
Truist Financial Corp.		32,279		1,252,748
Unum Group		81,151		1,499,670
Wells Fargo & Co.		47,250		1,141,087
				37,343,379
Health Care-1.74%
Align Technology, Inc.(b)		3,929		1,166,834
Universal Health Services, Inc., Class B		10,100		1,114,535
				2,281,369
Industrials-9.69%
Alaska Air Group, Inc.		33,203		1,293,257
American Airlines Group, Inc.(c)		87,676		1,144,172
Boeing Co. (The)		8,061		1,385,041
Howmet Aerospace, Inc.		69,569		1,218,849
Parker-Hannifin Corp.		6,073		1,251,099
Stanley Black & Decker, Inc.		8,319		1,341,855
Textron, Inc.		32,484		1,280,844
TransDigm Group, Inc.		2,308		1,153,238
United Airlines Holdings, Inc.(b)		37,550		1,351,800
United Rentals, Inc.(b)		7,291		1,290,871
				12,711,026
Information Technology-11.68%
Applied Materials, Inc.		18,537		1,141,879
DXC Technology Co.		82,683		1,652,006
Global Payments, Inc.		6,890		1,216,912
KLA Corp.		5,881		1,206,428
Lam Research Corp.		3,523		1,184,926
Microchip Technology, Inc.		12,745		1,398,126
Micron Technology, Inc.(b)		25,956		1,181,258
NVIDIA Corp.		2,506		1,340,660
Paycom Software, Inc.(b)		4,181		1,252,042
Skyworks Solutions, Inc.		7,867		1,139,535
Western Digital Corp.		36,509		1,402,676
Xerox Holdings Corp.		63,950		1,206,097
				15,322,545
Materials-4.89%
Dow, Inc.		26,524		1,196,763
Freeport-McMoRan, Inc.		100,845		1,574,191
LyondellBasell Industries N.V., Class A		18,807		1,231,482
Mosaic Co. (The)		65,771		1,199,005
Westrock Co.		40,229		1,220,146
				6,421,587

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

August 31, 2020

	Shares		Value
Real Estate-5.91%
CBRE Group, Inc., Class A(b)		25,014	$	1,176,409
Simon Property Group, Inc.		18,864		1,279,922
SL Green Realty Corp.		26,130		1,221,839
Ventas, Inc.		32,062		1,321,275
Welltower, Inc.		20,364		1,171,337
Weyerhaeuser Co.		52,152		1,580,727
				7,751,509
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $138,351,912)				130,937,576
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.89%
Invesco Private Government Fund, 0.03%(d)(e)(f)		2,842,878		2,842,878

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.14%(d)(e)(f)		947,461	$	947,650
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,790,528)				3,790,528
TOTAL INVESTMENTS IN SECURITIES-102.71% (Cost $142,142,440)				134,728,104
OTHER ASSETS LESS LIABILITIES-(2.71)%				(3,553,032	)
NET ASSETS-100.00%			$	131,175,072

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				August 31, 2020			Income
Invesco Ltd.		$	-		$	4,352,727		$	(2,670,424	)		$	(177,747	)		$	(136,573	)		$	1,367,983		$	38,074
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			4,865,026			(4,865,026	)			-				-				-			921
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			1,125,263			23,369,507			(24,494,770	)			-				-				-			13,256	*
Invesco Liquid Assets Portfolio, Institutional Class			375,088			6,047,067			(6,421,760	)			(1	)			(394	)			-			4,990	*
Invesco Private Government Fund			-			21,139,694			(18,296,816	)			-				-				2,842,878			263	*
Invesco Private Prime Fund			-			3,195,770			(2,248,208	)			-				88				947,650			172	*
Total		$	1,500,351		$	62,969,791		$	(58,997,004	)		$	(177,748	)		$	(136,879	)		$	5,158,511		$	57,676

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

61

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-11.32%
AT&T, Inc.		2,134,231	$	63,621,426
CenturyLink, Inc.		7,224,660		77,665,095
Interpublic Group of Cos., Inc. (The)		2,851,191		50,637,152
Omnicom Group, Inc.		779,722		42,175,163
Verizon Communications, Inc.		723,212		42,864,776
				276,963,612
Consumer Discretionary-6.97%
H&R Block, Inc.		4,603,949		66,757,261
Hanesbrands, Inc.		3,523,087		53,868,000
Newell Brands, Inc.		3,130,332		50,022,705
				170,647,966
Consumer Staples-9.19%
Altria Group, Inc.		1,741,857		76,188,825
Kraft Heinz Co. (The)		1,339,815		46,947,118
Philip Morris International, Inc.		804,995		64,230,551
Walgreens Boots Alliance, Inc.		986,924		37,522,850
				224,889,344
Energy-7.12%
Chevron Corp.		571,168		47,938,130
Exxon Mobil Corp.		1,659,407		66,276,716
Kinder Morgan, Inc.		4,337,663		59,946,503
				174,161,349
Financials-4.52%
Huntington Bancshares, Inc.		6,406,409		60,284,309
People’s United Financial, Inc.		4,752,608		50,282,592
				110,566,901
Health Care-4.69%
AbbVie, Inc.		437,094		41,860,492
Cardinal Health, Inc.		605,911		30,756,042
Pfizer, Inc.		1,112,988		42,059,817
				114,676,351
Industrials-1.44%
3M Co.		216,162		35,238,729
Information Technology-12.58%
Broadcom, Inc.		118,987		41,306,337
Hewlett Packard Enterprise Co.		4,674,931		45,206,583
HP, Inc.		2,091,328		40,885,462
International Business Machines Corp.		395,632		48,785,382
NetApp, Inc.		927,678		43,962,660
Seagate Technology PLC		1,027,408		49,305,310
Western Union Co. (The)		1,620,406		38,225,378
				307,677,112
Materials-11.34%
Amcor PLC(b)		3,910,478		43,249,887

	Shares		Value
Materials-(continued)
CF Industries Holdings, Inc.		1,291,461	$	42,140,372
Dow, Inc.		1,493,065		67,367,093
Eastman Chemical Co.		451,163		32,984,527
International Paper Co.		1,475,537		53,517,727
Nucor Corp.		838,979		38,139,985
				277,399,591
Real Estate-13.96%
Federal Realty Investment Trust		625,393		49,556,141
Healthpeak Properties, Inc.		1,895,304		52,386,203
Iron Mountain, Inc.(b)		2,676,095		80,523,698
Realty Income Corp.		747,888		46,391,493
Regency Centers Corp.		1,191,860		47,328,761
Vornado Realty Trust		1,827,654		65,484,843
				341,671,139
Utilities-16.75%
Consolidated Edison, Inc.		512,768		36,580,869
Dominion Energy, Inc.		527,072		41,343,528
Duke Energy Corp.		529,272		42,521,713
Edison International		761,000		39,937,280
Entergy Corp.		355,804		35,274,409
Exelon Corp.		1,005,934		37,129,024
FirstEnergy Corp.		1,247,531		35,666,911
Pinnacle West Capital Corp.		479,015		35,135,750
PPL Corp.		2,307,086		63,744,786
Southern Co. (The)		814,108		42,480,155
				409,814,425
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $2,710,750,901)				2,443,706,519
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.73%
Invesco Private Government Fund, 0.03%(c)(d)(e)		50,133,719		50,133,719
Invesco Private Prime Fund, 0.14%(c)(d)(e)		16,707,935		16,711,276
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $66,844,996)				66,844,995
TOTAL INVESTMENTS IN SECURITIES-102.61% (Cost $2,777,595,897)				2,510,551,514
OTHER ASSETS LESS LIABILITIES-(2.61)%				(63,812,627	)
NET ASSETS-100.00%			$	2,446,738,887

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)–(continued)

August 31, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at August 31, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in
											Unrealized		Realized
	Value			Purchases			Proceeds				Appreciation		Gain		Value		Dividend
	August 31, 2019			at Cost			from Sales				(Depreciation)		(Loss)		August 31, 2020		Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	85,692,547		$	(85,692,547	)		$   -		$          -		$                -		$	25,630
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			19,206,190			141,905,464			(161,111,654	)		-		-		-			107,470	*
Invesco Liquid Assets Portfolio, Institutional Class			6,402,063			43,665,513			(50,059,988	)		-		(7,588)		-			39,550	*
Invesco Private Government Fund			-			111,400,989			(61,267,270	)		-		-		50,133,719			600	*
Invesco Private Prime Fund			-			31,471,777			(14,760,883	)		(1)		383		16,711,276			524	*
Total		$	25,608,253		$	414,136,290		$	(372,892,342	)		$(1)		$(7,205)		$66,844,995		$	173,774

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

63

Invesco S&P 500^® Low Volatility ETF (SPLV)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-8.37%
Activision Blizzard, Inc.		1,036,355	$	86,556,370
Alphabet, Inc., Class C(b)		59,974		98,008,311
AT&T, Inc.		3,035,382		90,484,738
Charter Communications, Inc., Class A(b)		162,598		100,096,955
Comcast Corp., Class A		1,992,035		89,263,088
Electronic Arts, Inc.(b)		666,801		92,998,736
T-Mobile US, Inc.(b)		714,993		83,425,383
Verizon Communications, Inc.		2,231,294		132,248,795
				773,082,376
Consumer Discretionary-5.09%
Amazon.com, Inc.(b)		30,302		104,570,990
Dollar General Corp.		516,321		104,234,883
eBay, Inc.		1,660,915		90,984,924
Garmin Ltd.		832,077		86,211,498
Tractor Supply Co.		568,292		84,578,898
				470,581,193
Consumer Staples-24.63%
Altria Group, Inc.		2,108,061		92,206,588
Archer-Daniels-Midland Co.		1,835,151		82,141,359
Brown-Forman Corp., Class B		1,174,535		85,940,726
Campbell Soup Co.		2,024,747		106,521,940
Church & Dwight Co., Inc.		1,056,483		101,242,766
Clorox Co. (The)		498,370		111,385,695
Coca-Cola Co. (The)		2,030,251		100,558,332
Colgate-Palmolive Co.		1,309,852		103,818,869
Conagra Brands, Inc.		2,189,502		83,989,297
Costco Wholesale Corp.		336,033		116,825,233
General Mills, Inc.		1,698,595		108,625,150
Hershey Co. (The)		590,175		87,723,612
Hormel Foods Corp.		2,069,605		105,508,463
JM Smucker Co. (The)		871,234		104,704,902
Kellogg Co.		1,500,570		106,405,419
Kimberly-Clark Corp.		643,262		101,481,013
Kroger Co. (The)		2,648,901		94,512,788
McCormick & Co., Inc.		424,894		87,613,143
Mondelez International, Inc., Class A		1,695,490		99,050,526
Monster Beverage Corp.(b)		1,092,655		91,630,048
PepsiCo, Inc.		648,225		90,790,393
Procter & Gamble Co. (The)		725,500		100,358,415
Walmart, Inc.		804,049		111,642,203
				2,274,676,880
Financials-5.82%
Aon PLC, Class A		424,079		84,811,559
Berkshire Hathaway, Inc., Class B(b)		453,567		98,895,749
Intercontinental Exchange, Inc.		838,729		89,098,182
Marsh & McLennan Cos., Inc.		767,695		88,215,832
Progressive Corp. (The)		976,396		92,796,676
Willis Towers Watson PLC		407,948		83,845,552
				537,663,550
Health Care-24.77%
Abbott Laboratories		857,631		93,884,866
AbbVie, Inc.		1,019,422		97,630,045
Agilent Technologies, Inc.		901,848		90,563,576
Amgen, Inc.		365,926		92,696,374

	Shares		Value
Health Care-(continued)
Baxter International, Inc.		1,025,753	$	89,312,314
Becton, Dickinson and Co.		348,729		84,660,939
Bio-Rad Laboratories, Inc., Class A(b)		162,792		82,794,383
Bristol-Myers Squibb Co.		1,830,777		113,874,329
Cerner Corp.		1,438,908		105,572,680
Cooper Cos., Inc. (The)		276,020		86,775,168
CVS Health Corp.		1,292,012		80,259,786
Danaher Corp.		476,645		98,412,893
Eli Lilly and Co.		553,002		82,059,967
Gilead Sciences, Inc.		1,249,173		83,382,298
Incyte Corp.(b)		865,709		83,411,062
Johnson & Johnson		714,263		109,575,087
Medtronic PLC		825,649		88,732,498
Merck & Co., Inc.		1,213,755		103,496,889
PerkinElmer, Inc.		782,488		92,114,487
Pfizer, Inc.		2,545,710		96,202,381
Quest Diagnostics, Inc.		691,440		76,915,786
STERIS PLC		533,789		85,214,076
Thermo Fisher Scientific, Inc.		217,435		93,275,266
West Pharmaceutical Services, Inc.		324,993		92,285,012
Zoetis, Inc.		523,969		83,887,437
				2,286,989,599
Industrials-14.31%
3M Co.		508,912		82,962,834
A.O. Smith Corp.		1,729,257		84,681,715
C.H. Robinson Worldwide, Inc.		984,947		96,820,290
Equifax, Inc.		498,216		83,834,806
Expeditors International of Washington, Inc.		1,154,214		102,020,976
General Dynamics Corp.		534,350		79,805,173
IDEX Corp.		491,560		88,593,859
Northrop Grumman Corp.		240,469		82,387,084
PACCAR, Inc.		995,000		85,410,800
Republic Services, Inc.		1,053,694		97,698,508
Rollins, Inc.		1,689,979		93,185,442
Roper Technologies, Inc.		183,697		78,473,521
United Parcel Service, Inc., Class B		516,912		84,577,142
Verisk Analytics, Inc.		453,154		84,590,257
Waste Management, Inc.		842,749		96,073,386
				1,321,115,793
Information Technology-6.81%
Akamai Technologies, Inc.(b)		818,392		95,285,381
Broadridge Financial Solutions, Inc.		645,080		88,633,992
Citrix Systems, Inc.		627,011		91,041,997
Jack Henry & Associates, Inc.		469,008		77,583,303
Juniper Networks, Inc.		3,631,680		90,792,000
Tyler Technologies, Inc.(b)		290,517		100,318,425
VeriSign, Inc.(b)		396,265		85,117,722
				628,772,820
Materials-0.94%
Linde PLC (United Kingdom)		348,470		87,026,898
Real Estate-2.91%
Equinix, Inc.		107,911		85,225,950
Extra Space Storage, Inc.		801,381		85,387,145
Public Storage		460,522		97,814,873
				268,427,968

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

64

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

August 31, 2020

	Shares		Value
Utilities-6.23%
Alliant Energy Corp.		1,619,925	$	87,718,939
American Electric Power Co., Inc.		1,042,272		82,162,302
Atmos Energy Corp.		783,118		78,170,839
CMS Energy Corp.		1,404,115		84,934,916
Consolidated Edison, Inc.		1,112,560		79,370,030
Public Service Enterprise Group, Inc.		1,512,056		78,989,806
Xcel Energy, Inc.		1,204,112		83,655,681
				575,002,513
TOTAL INVESTMENTS IN SECURITIES-99.88% (Cost $8,381,602,277)				9,223,339,590
OTHER ASSETS LESS LIABILITIES-0.12%				10,627,343
NET ASSETS-100.00%			$	9,233,966,933

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	173,495,582		$	(173,495,582	)		$	-		$	-			$	-		$	41,571
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			-			69,095,340			(69,095,340	)			-			-				-			12,616	*
Invesco Liquid Assets Portfolio, Institutional Class			-			23,000,691			(23,000,527	)			-			(164	)			-			4,736	*
Invesco Private Government Fund			-			5,117,897			(5,117,897	)			-			-				-			8	*
Invesco Private Prime Fund			-			1,704,243			(1,704,243	)			-			-				-			6	*
Total		$	-		$	272,413,753		$	(272,413,589	)		$	-		$	(164	)		$	-		$	58,937

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

65

Invesco S&P 500 Minimum Variance ETF (SPMV)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-4.35%
AT&T, Inc.		3,350	$	99,863
CenturyLink, Inc.		678		7,289
Verizon Communications, Inc.		1,748		103,604
				210,756
Consumer Discretionary-14.64%
Amazon.com, Inc.(b)		44		151,842
Expedia Group, Inc.		287		28,169
H&R Block, Inc.		765		11,093
Home Depot, Inc. (The)		256		72,970
McDonald’s Corp.		564		120,425
NIKE, Inc., Class B		968		108,310
Ralph Lauren Corp.		136		9,361
Starbucks Corp.		342		28,889
Tapestry, Inc.		832		12,255
TJX Cos., Inc. (The)		1,460		79,993
VF Corp.		522		34,322
Yum! Brands, Inc.		544		52,142
				709,771
Consumer Staples-12.39%
Campbell Soup Co.		235		12,363
Clorox Co. (The)		193		43,136
Coca-Cola Co. (The)		1,009		49,976
Colgate-Palmolive Co.		926		73,395
Conagra Brands, Inc.		1,234		47,336
General Mills, Inc.		1,317		84,222
Hershey Co. (The)		66		9,810
Hormel Foods Corp.		894		45,576
JM Smucker Co. (The)		387		46,510
Kellogg Co.		325		23,046
Kimberly-Clark Corp.		133		20,982
McCormick & Co., Inc.		382		78,768
Monster Beverage Corp.(b)		135		11,321
Procter & Gamble Co. (The)		372		51,459
Walgreens Boots Alliance, Inc.		64		2,433
				600,333
Energy-2.23%
Chevron Corp.		178		14,939
Diamondback Energy, Inc.		175		6,818
Exxon Mobil Corp.		1,077		43,015
Occidental Petroleum Corp.		523		6,663
ONEOK, Inc.		393		10,800
Williams Cos., Inc. (The)		1,239		25,722
				107,957
Financials-9.75%
American International Group, Inc.		112		3,264
Aon PLC, Class A		154		30,798
Bank of America Corp.		1,105		28,443
Berkshire Hathaway, Inc., Class B(b)		547		119,268
Chubb Ltd.		764		95,500
Citigroup, Inc.		372		19,017
JPMorgan Chase & Co.		58		5,811
Marsh & McLennan Cos., Inc.		860		98,822

	Shares		Value
Financials-(continued)
Progressive Corp. (The)		635	$	60,350
Travelers Cos., Inc. (The)		99		11,488
				472,761
Health Care-13.12%
Becton, Dickinson and Co.		27		6,555
Cerner Corp.		613		44,976
Cigna Corp.		300		53,211
CVS Health Corp.		1,656		102,871
HCA Healthcare, Inc.		168		22,801
Humana, Inc.		25		10,379
Intuitive Surgical, Inc.(b)		20		14,617
Johnson & Johnson		568		87,137
Laboratory Corp. of America Holdings(b)		181		31,811
Medtronic PLC		749		80,495
Quest Diagnostics, Inc.		247		27,476
Stryker Corp.		174		34,480
UnitedHealth Group, Inc.		360		112,518
Universal Health Services, Inc., Class B		58		6,400
				635,727
Industrials-4.81%
Cintas Corp.		108		35,990
Republic Services, Inc.		785		72,785
Rollins, Inc.		522		28,783
Waste Management, Inc.		837		95,418
				232,976
Information Technology-23.19%
Accenture PLC, Class A		526		126,203
Adobe, Inc.(b)		304		156,071
Analog Devices, Inc.		132		15,428
Apple, Inc.		636		82,070
Applied Materials, Inc.		67		4,127
Automatic Data Processing, Inc.		194		26,984
Cisco Systems, Inc.		517		21,828
Citrix Systems, Inc.		271		39,349
Cognizant Technology Solutions Corp., Class A		847		56,630
Global Payments, Inc.		250		44,155
Intel Corp.		1,423		72,502
Intuit, Inc.		207		71,496
Micron Technology, Inc.(b)		189		8,601
Microsoft Corp.		587		132,386
NVIDIA Corp.		39		20,864
Oracle Corp.		252		14,419
QUALCOMM, Inc.		1,026		122,197
salesforce.com, inc.(b)		39		10,633
Texas Instruments, Inc.		690		98,084
				1,124,027
Materials-2.93%
Corteva, Inc.		799		22,811
Newmont Corp.		1,771		119,153
				141,964
Real Estate-4.97%
American Tower Corp.		295		73,499
Crown Castle International Corp.		469		76,564
Host Hotels & Resorts, Inc.		2,781		31,231

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

66

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

August 31, 2020

	Shares		Value
Real Estate-(continued)
Prologis, Inc.		331	$	33,716
Public Storage		123		26,125
				241,135
Utilities-7.43%
Ameren Corp.		184		14,556
American Electric Power Co., Inc.		106		8,356
CenterPoint Energy, Inc.		300		6,021
Consolidated Edison, Inc.		64		4,566
Dominion Energy, Inc.		545		42,750
DTE Energy Co.		40		4,747
Duke Energy Corp.		173		13,899
Eversource Energy		252		21,599
NextEra Energy, Inc.		325		90,730
Public Service Enterprise Group, Inc.		1,262		65,927
Sempra Energy		48		5,935
Southern Co. (The)		1,404		73,260
WEC Energy Group, Inc.		85		7,997
				360,343
Total Common Stocks & Other Equity Interests (Cost $4,483,833)				4,837,750

	Shares		Value
Money Market Funds-0.06%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $3,000)		3,000	$	3,000
TOTAL INVESTMENTS IN SECURITIES-99.87% (Cost $4,486,833)				4,840,750
OTHER ASSETS LESS LIABILITIES-0.13%				6,384
NET ASSETS-100.00%			$	4,847,134

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	4,664		$	116,153		$	(117,817	)		$	-		$	-		$	3,000		$	66
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			870			76,432			(77,302	)			-			-			-			9	*
Invesco Liquid Assets Portfolio, Institutional Class			-			23,558			(23,558	)			-			-			-			3	*
Invesco Private Government Fund			-			15,622			(15,622	)			-			-			-			-
Total		$	5,534		$	231,765		$	(234,299	)		$	-		$	-		$	3,000		$	78

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

67

Invesco S&P 500 Momentum ETF (SPMO)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-5.52%
Activision Blizzard, Inc.		6,948	$	580,297
AT&T, Inc.		59,185		1,764,305
Charter Communications, Inc., Class A(b)		2,253		1,386,969
T-Mobile US, Inc.(b)		2,979		347,590
				4,079,161
Consumer Discretionary-6.55%
CarMax, Inc.(b)		1,674		179,001
Chipotle Mexican Grill, Inc.(b)		200		262,056
D.R. Horton, Inc.		3,484		248,653
Dollar General Corp.		2,236		451,404
Home Depot, Inc. (The)		8,924		2,543,697
Lennar Corp., Class A		2,205		164,978
NVR, Inc.(b)		36		150,060
PulteGroup, Inc.		3,153		140,592
Target Corp.		4,629		699,951
				4,840,392
Consumer Staples-12.04%
Brown-Forman Corp., Class B		1,597		116,852
Campbell Soup Co.		1,619		85,176
Coca-Cola Co. (The)		36,084		1,787,240
Costco Wholesale Corp.		4,777		1,660,772
Hershey Co. (The)		1,682		250,012
Lamb Weston Holdings, Inc.		1,163		73,095
Mondelez International, Inc., Class A		9,956		581,630
PepsiCo, Inc.		11,598		1,624,416
Procter & Gamble Co. (The)		19,611		2,712,790
				8,891,983
Financials-4.37%
Aon PLC, Class A		1,941		388,180
Arthur J. Gallagher & Co.		1,772		186,592
Cboe Global Markets, Inc.		847		77,746
Intercontinental Exchange, Inc.		4,023		427,363
MarketAxess Holdings, Inc.		298		144,810
Moody’s Corp.		1,853		545,968
MSCI, Inc.		1,158		432,247
S&P Global, Inc.		2,581		945,730
W.R. Berkley Corp.		1,300		80,665
				3,229,301
Health Care-3.00%
Cerner Corp.		2,636		193,403
DaVita, Inc.(b)		728		63,161
Edwards Lifesciences Corp.(b)		4,149		356,150
Quest Diagnostics, Inc.		1,239		137,827
ResMed, Inc.		2,007		362,826
STERIS PLC		877		140,004
Zoetis, Inc.		6,030		965,403
				2,218,774
Industrials-4.90%
Allegion PLC		877		90,673
Cintas Corp.		787		262,260
Copart, Inc.(b)		2,522		260,573
Equifax, Inc.		1,210		203,607
Fortune Brands Home & Security, Inc.		1,254		105,436
IHS Markit Ltd.		4,872		389,370

	Shares		Value
Industrials-(continued)
Jacobs Engineering Group, Inc.		1,190	$	107,421
Kansas City Southern		1,071		194,965
Lockheed Martin Corp.		2,196		857,011
Old Dominion Freight Line, Inc.		804		162,553
Republic Services, Inc.		1,823		169,029
Trane Technologies PLC		2,080		246,251
TransDigm Group, Inc.		549		274,319
Verisk Analytics, Inc.		1,600		298,672
				3,622,140
Information Technology-49.58%
Adobe, Inc.(b)		4,378		2,247,621
Advanced Micro Devices, Inc.(b)		13,825		1,255,587
Akamai Technologies, Inc.(b)		1,297		151,010
ANSYS, Inc.(b)		814		275,954
Apple, Inc.		73,996		9,548,444
Applied Materials, Inc.		9,417		580,087
Fidelity National Information Services, Inc.		6,111		921,844
Fiserv, Inc.(b)		5,110		508,854
Global Payments, Inc.		3,531		623,645
KLA Corp.		1,281		262,784
Lam Research Corp.		1,759		591,622
Leidos Holdings, Inc.		1,914		173,198
Mastercard, Inc., Class A		8,001		2,865,878
Microsoft Corp.		29,831		6,727,785
Motorola Solutions, Inc.		1,189		183,998
NortonLifeLock, Inc.		5,272		123,998
NVIDIA Corp.		7,314		3,912,844
Paycom Software, Inc.(b)		489		146,436
Qorvo, Inc.(b)		961		123,268
QUALCOMM, Inc.		9,997		1,190,643
ServiceNow, Inc.(b)		1,498		722,066
Synopsys, Inc.(b)		1,391		307,828
Visa, Inc., Class A		14,566		3,087,846
Western Union Co. (The)		3,885		91,647
				36,624,887
Materials-1.93%
Air Products and Chemicals, Inc.		1,831		535,128
Ball Corp.		2,877		231,225
Martin Marietta Materials, Inc.		468		94,943
Newmont Corp.		8,326		560,173
				1,421,469
Real Estate-4.98%
American Tower Corp.		4,502		1,121,673
Crown Castle International Corp.		3,490		569,743
Equinix, Inc.		977		771,615
Mid-America Apartment Communities, Inc.		1,278		149,679
Prologis, Inc.		6,240		635,606
SBA Communications Corp., Class A		1,394		426,662
				3,674,978
Utilities-7.07%
Alliant Energy Corp.		1,970		106,676
Ameren Corp.		1,825		144,376
American Electric Power Co., Inc.		3,516		277,166
American Water Works Co., Inc.		1,796		253,847
CMS Energy Corp.		2,024		122,432

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

68

Invesco S&P 500 Momentum ETF (SPMO)–(continued)

August 31, 2020

	Shares		Value
Utilities-(continued)
Entergy Corp.		2,431	$	241,009
Evergy, Inc.		2,283		121,501
Eversource Energy		3,833		328,526
FirstEnergy Corp.		3,675		105,068
NextEra Energy, Inc.		7,242		2,021,749
Sempra Energy		2,492		308,136
Southern Co. (The)		11,332		591,304
WEC Energy Group, Inc.		3,284		308,959
Xcel Energy, Inc.		4,180		290,405
				5,221,154
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $58,338,530)				73,824,239
OTHER ASSETS LESS LIABILITIES-0.06%				47,815
NET ASSETS-100.00%			$	73,872,054

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				Appreciation			(Loss)				August 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	11,512		$	1,253,017		$	(1,264,529	)		$	-		$	-			$	-		$	481
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			35,166			1,639,525			(1,674,691	)			-			-				-			235	*
Invesco Liquid Assets Portfolio, Institutional Class			11,722			543,703			(555,395	)			-			(30	)			-			98	*
Total		$	58,400		$	3,436,245		$	(3,494,615	)		$	-		$	(30	)		$	-		$	814

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

69

Invesco S&P MidCap Low Volatility ETF (XMLV)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-3.50%
Cable One, Inc.		13,069	$	24,051,273
John Wiley & Sons, Inc., Class A		713,109		22,569,900
New York Times Co. (The), Class A		572,927		24,824,927
				71,446,100
Consumer Discretionary-6.16%
Columbia Sportswear Co.		284,177		24,317,026
Gentex Corp.		997,619		26,985,594
Grand Canyon Education, Inc.(b)		261,130		24,556,665
Pool Corp.		77,044		25,258,105
Service Corp. International		539,500		24,628,175
				125,745,565
Consumer Staples-13.01%
Casey’s General Stores, Inc.		140,166		24,928,523
Flowers Foods, Inc.		1,263,374		30,902,128
Grocery Outlet Holding Corp.(b)		545,300		22,428,189
Hain Celestial Group, Inc. (The)(b)		720,528		23,626,113
Ingredion, Inc.		304,491		24,493,256
Lancaster Colony Corp.		137,513		24,438,810
Post Holdings, Inc.(b)		358,126		31,522,251
Sprouts Farmers Market, Inc.(b)		928,907		21,689,978
Tootsie Roll Industries, Inc.(c)		1,118,711		35,787,565
TreeHouse Foods, Inc.(b)		605,029		25,901,292
				265,718,105
Financials-9.37%
Brown & Brown, Inc.		609,940		28,301,216
Commerce Bancshares, Inc.		369,648		22,019,931
FactSet Research Systems, Inc		65,901		23,091,710
Hanover Insurance Group, Inc. (The)		240,436		24,642,286
Mercury General Corp.		530,996		23,751,451
New York Community Bancorp, Inc.		2,216,916		20,063,090
RenaissanceRe Holdings Ltd. (Bermuda)		141,172		25,938,943
SEI Investments Co.		449,424		23,531,841
				191,340,468
Health Care-11.51%
Bio-Techne Corp.		111,285		28,428,866
Chemed Corp.		50,732		26,234,025
Encompass Health Corp.		390,231		25,458,670
Globus Medical, Inc., Class A(b)		428,383		24,212,207
Hill-Rom Holdings, Inc.		252,396		23,672,221
Integra LifeSciences Holdings Corp.(b)		528,677		25,265,474
Masimo Corp.(b)		138,162		30,948,288
Prestige Consumer Healthcare, Inc.(b)		673,517		24,536,224
United Therapeutics Corp.(b)		246,648		26,381,470
				235,137,445
Industrials-18.88%
Carlisle Cos., Inc.		183,150		23,983,492
Donaldson Co., Inc.		472,032		23,771,531
FTI Consulting, Inc.(b)(c)		202,743		23,266,787
Graco, Inc.		451,207		26,179,030
Hubbell, Inc.		160,468		23,255,023
Knight-Swift Transportation Holdings, Inc.		584,177		26,556,686
Landstar System, Inc.		203,955		27,144,371
Lennox International, Inc.		98,367		27,575,221
Lincoln Electric Holdings, Inc.		256,743		24,829,616

	Shares		Value
Industrials-(continued)
MSC Industrial Direct Co., Inc., Class A		395,716	$	26,077,684
Tetra Tech, Inc.		238,869		22,049,997
Toro Co. (The)		389,817		29,345,424
Valmont Industries, Inc.		179,711		22,832,283
Watsco, Inc.		124,602		30,526,244
Werner Enterprises, Inc.		616,804		28,379,152
				385,772,541
Information Technology-8.79%
CACI International, Inc., Class A(b)		106,660		24,978,705
CDK Global, Inc.		538,336		25,097,224
CommVault Systems, Inc.(b)		539,974		23,343,076
j2 Global, Inc.(b)		362,079		25,341,909
MAXIMUS, Inc.		335,645		26,029,270
PTC, Inc.(b)		276,409		25,266,547
Qualys, Inc.(b)		278,339		29,542,902
				179,599,633
Materials-10.64%
AptarGroup, Inc.		268,298		31,763,800
Ashland Global Holdings, Inc.		307,707		22,674,929
NewMarket Corp.		82,734		30,817,588
Reliance Steel & Aluminum Co.		211,729		22,204,020
RPM International, Inc.		287,819		24,398,417
Sensient Technologies Corp.		464,627		25,656,703
Silgan Holdings, Inc.		972,436		37,010,914
Sonoco Products Co.		430,880		22,849,566
				217,375,937
Real Estate-11.00%
Camden Property Trust		268,599		24,426,393
CoreSite Realty Corp.		241,222		29,537,634
CyrusOne, Inc.		279,694		23,362,840
First Industrial Realty Trust, Inc.		570,466		24,330,375
Healthcare Realty Trust, Inc.		936,783		27,026,190
JBG SMITH Properties		822,357		22,754,618
Life Storage, Inc.		250,496		26,409,793
PS Business Parks, Inc.		172,286		21,742,493
Rexford Industrial Realty, Inc.		521,747		25,033,421
				224,623,757
Utilities-7.06%
Essential Utilities, Inc.		496,691		21,109,367
Hawaiian Electric Industries, Inc.		664,964		23,014,404
IDACORP, Inc.		296,986		26,699,041
National Fuel Gas Co.		587,943		26,833,719
OGE Energy Corp.		783,710		24,969,001
Spire, Inc.		371,743		21,639,160
				144,264,692
Total Common Stocks & Other Equity Interests (Cost $1,946,745,403)				2,041,024,243

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

70

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

August 31, 2020

	Shares		Value
Money Market Funds-0.02%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $485,395)		485,395	$	485,395
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,947,230,798)				2,041,509,638
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.88%
Invesco Private Government Fund, 0.03%(d)(e)(f)		28,769,050		28,769,050

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.14%(d)(e)(f)		9,588,035	$	9,589,952
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,359,003)				38,359,002
TOTAL INVESTMENTS IN SECURITIES-101.82% (Cost $1,985,589,801)				2,079,868,640
OTHER ASSETS LESS LIABILITIES-(1.82)%				(37,166,433	)
NET ASSETS-100.00%			$	2,042,702,207

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				August 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	115,332,383		$	(114,846,988	)		$	-			$	-			$	485,395		$	28,401
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			39,847,925			130,685,403			(170,533,328	)			-				-				-			388,623	*
Invesco Liquid Assets Portfolio, Institutional Class			13,282,642			39,948,868			(53,227,199	)			-				(4,311	)			-			144,964	*
Invesco Private Government Fund			-			121,181,363			(92,412,313	)			-				-				28,769,050			3,633	*
Invesco Private Prime Fund			-			21,750,247			(12,161,133	)			(1	)			839				9,589,952			2,394	*
Total		$	53,130,567		$	428,898,264		$	(443,180,961	)		$	(1	)		$	(3,472	)		$	38,844,397		$	568,015

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

71

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-4.88%
Cogent Communications Holdings, Inc.		3,812	$	256,395
Scholastic Corp.		7,276		163,710
Spok Holdings, Inc.		54,924		595,376
				1,015,481
Consumer Discretionary-9.62%
Haverty Furniture Cos., Inc.		25,708		542,953
LCI Industries		1,839		208,965
M.D.C. Holdings, Inc.		8,295		359,837
Oxford Industries, Inc.		4,988		247,056
PetMed Express, Inc.		9,421		327,474
Rent-A-Center, Inc.		10,337		317,346
				2,003,631
Consumer Staples-17.87%
Andersons, Inc. (The)		25,368		449,775
B&G Foods, Inc.(b)		23,374		727,866
Calavo Growers, Inc.		2,744		174,162
J&J Snack Foods Corp.		1,296		176,191
Medifast, Inc.		1,751		284,923
MGP Ingredients, Inc.		2,937		104,410
SpartanNash Co.		15,465		308,991
Universal Corp.		14,594		633,525
Vector Group Ltd.		72,224		727,296
WD-40 Co.		663		135,504
				3,722,643
Financials-5.73%
Berkshire Hills Bancorp, Inc.		56,542		519,056
KKR Real Estate Finance Trust, Inc.		37,055		674,401
				1,193,457
Health Care-2.84%
Computer Programs & Systems, Inc.		6,723		183,941
LeMaitre Vascular, Inc.		4,066		131,251
Phibro Animal Health Corp., Class A		7,408		158,976
US Physical Therapy, Inc.		1,318		117,170
				591,338
Industrials-14.74%
Greenbrier Cos., Inc. (The)		16,407		446,106
Hillenbrand, Inc.		10,532		333,970
Matson, Inc.		8,152		326,651
Matthews International Corp., Class A		21,027		460,491
Park Aerospace Corp.		30,716		340,640
Powell Industries, Inc.		13,525		365,040
Resources Connection, Inc.		40,246		494,623
Wabash National Corp.		24,738		302,051
				3,069,572
Information Technology-11.35%
ADTRAN, Inc.		24,874		275,853
Benchmark Electronics, Inc.		13,822		271,050
Comtech Telecommunications Corp.		13,902		230,773

	Shares		Value
Information Technology-(continued)
CSG Systems International, Inc.		5,241	$	223,109
Daktronics, Inc.		78,124		345,308
Kulicke & Soffa Industries, Inc. (Singapore)		9,359		224,429
ManTech International Corp., Class A		2,488		186,227
Progress Software Corp.		4,617		174,938
Xperi Holding Corp.		34,442		431,558
				2,363,245
Materials-14.24%
Haynes International, Inc.		16,258		304,675
Kaiser Aluminum Corp.		4,961		318,893
Mercer International, Inc. (Germany)		38,137		319,588
Neenah, Inc.		7,375		326,565
PH Glatfelter Co.		18,764		281,272
Schweitzer-Mauduit International, Inc., Class A		15,144		459,318
Tredegar Corp.		18,785		318,030
Trinseo S.A.		25,546		636,351
				2,964,692
Real Estate-11.85%
Brandywine Realty Trust		57,453		639,452
Franklin Street Properties Corp.		126,320		559,598
Global Net Lease, Inc.		38,143		667,502
Office Properties Income Trust		25,246		601,865
				2,468,417
Utilities-6.82%
American States Water Co.		1,841		140,063
Avista Corp.		11,032		406,639
California Water Service Group		3,290		149,169
Northwest Natural Holding Co.		6,077		310,595
South Jersey Industries, Inc.		18,731		414,892
				1,421,358
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $21,427,559)				20,813,834
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.54%
Invesco Private Government Fund, 0.03%(c)(d)(e)		553,367		553,367
Invesco Private Prime Fund, 0.14%(c)(d)(e)		184,428		184,465
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $737,832)				737,832
TOTAL INVESTMENTS IN SECURITIES-103.48% (Cost $22,165,391)				21,551,666
OTHER ASSETS LESS LIABILITIES-(3.48)%				(724,691	)
NET ASSETS-100.00%			$	20,826,975

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

72

Invesco S&P SmallCap High Dividend Low Volatility ETF 
(XSHD)–(continued)

August 31, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at August 31, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				Appreciation			(Loss)				August 31, 2020			Income
Invesco Mortgage Capital, Inc.		$	679,191		$	467,498		$	(684,910	)		$	31,316		$	(493,095	)		$	-		$	71,843
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			1,842,084			(1,842,084	)			-			-				-			172
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			964,427			13,511,252			(14,475,679	)			-			-				-			9,780	*
Invesco Liquid Assets Portfolio, Institutional Class			324,524			3,538,442			(3,862,879	)			-			(87	)			-			3,639	*
Invesco Private Government Fund			-			6,594,042			(6,040,675	)			-			-				553,367			188	*
Invesco Private Prime Fund			-			1,356,757			(1,172,345	)			-			53				184,465			118	*
Total		$	1,968,142		$	27,310,075		$	(28,078,572	)		$	31,316		$	(493,129	)		$	737,832		$	85,740

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

73

Invesco S&P SmallCap Low Volatility ETF (XSLV)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.46%
Cogent Communications Holdings, Inc.		214,340	$	14,416,508
Scholastic Corp.		517,191		11,636,798
TechTarget, Inc.(b)		346,211		13,737,652
				39,790,958
Consumer Discretionary-4.46%
Dorman Products, Inc.(b)		160,677		13,607,735
Gentherm, Inc.(b)		326,482		14,766,781
Shutterstock, Inc.		276,332		13,905,026
Standard Motor Products, Inc.		305,625		13,887,600
Sturm Ruger & Co., Inc.		222,595		15,773,082
				71,940,224
Consumer Staples-9.81%
Calavo Growers, Inc.		217,107		13,779,781
Cal-Maine Foods, Inc.(b)		351,357		13,558,867
Central Garden & Pet Co., Class A(b)		337,153		12,528,606
Coca-Cola Consolidated, Inc.		48,396		13,226,627
J&J Snack Foods Corp.		95,719		13,012,998
John B. Sanfilippo & Son, Inc.		186,208		14,829,605
National Beverage Corp.(b)(c)		201,973		16,424,444
PriceSmart, Inc.		211,139		13,882,389
Universal Corp.		376,747		16,354,587
Vector Group Ltd.		1,281,840		12,908,129
WD-40 Co.		87,449		17,872,827
				158,378,860
Financials-18.02%
AMERISAFE, Inc.		214,704		14,327,198
Brookline Bancorp, Inc.		1,245,496		11,956,762
City Holding Co.		221,210		14,153,016
Community Bank System, Inc.		232,286		13,976,649
CVB Financial Corp.		714,883		13,018,019
Employers Holdings, Inc.		452,813		14,752,647
First Hawaiian, Inc.		680,798		11,253,591
HCI Group, Inc.		290,879		15,916,899
Horace Mann Educators Corp.		340,385		13,295,438
Independent Bank Corp.		180,967		11,373,776
National Bank Holdings Corp., Class A		431,872		12,282,440
NBT Bancorp, Inc.		437,398		13,327,517
Northwest Bancshares, Inc.		1,395,371		14,107,201
Old National Bancorp		908,172		12,696,245
S&T Bancorp, Inc.		568,176		11,474,314
Safety Insurance Group, Inc.		204,013		14,770,541
Southside Bancshares, Inc.		459,987		12,674,942
Third Point Reinsurance Ltd. (Bermuda)(b)		1,501,972		12,856,880
Tompkins Financial Corp.		177,978		11,778,584
Universal Insurance Holdings, Inc.		622,441		11,546,280
Waddell & Reed Financial, Inc., Class A		927,073		14,601,400
Westamerica Bancorporation		241,592		14,703,289
				290,843,628
Health Care-11.25%
Amphastar Pharmaceuticals, Inc.(b)		732,701		14,932,446
Corcept Therapeutics, Inc.(b)		908,850		11,542,395
Eagle Pharmaceuticals, Inc.(b)		323,344		12,830,290
Enanta Pharmaceuticals, Inc.(b)		255,219		13,319,880
HealthStream, Inc.(b)		652,456		13,515,626

	Shares		Value
Health Care-(continued)
HMS Holdings Corp.(b)		503,506	$	14,042,782
Innoviva, Inc.(b)		940,237		11,010,175
Luminex Corp.		426,521		11,383,846
Mesa Laboratories, Inc.		59,858		14,720,279
Natus Medical, Inc.(b)		715,640		12,996,022
Neogen Corp.(b)		177,797		13,548,132
Omnicell, Inc.(b)		190,670		12,713,876
Orthofix Medical, Inc.(b)		395,244		11,991,703
Pacira BioSciences, Inc.(b)		208,569		13,039,734
				181,587,186
Industrials-21.47%
Aerojet Rocketdyne Holdings, Inc.(b)		289,636		11,982,241
AeroVironment, Inc.(b)		150,418		11,490,431
Alamo Group, Inc.		110,376		12,240,698
Astec Industries, Inc.		247,612		13,054,105
Brady Corp., Class A		277,242		12,999,877
Encore Wire Corp.		255,787		13,201,167
ESCO Technologies, Inc.		150,850		13,564,432
Exponent, Inc.		197,891		15,921,321
Federal Signal Corp.		444,470		14,276,376
Forward Air Corp.		242,170		14,285,608
Franklin Electric Co., Inc.		207,759		12,332,574
Gibraltar Industries, Inc.(b)		180,029		11,241,911
Heartland Express, Inc.		854,981		17,685,282
Heidrick & Struggles International, Inc.		591,764		12,799,855
Hub Group, Inc., Class A(b)		276,957		14,911,365
Lindsay Corp.		126,981		12,689,211
Marten Transport Ltd.		658,213		11,953,148
National Presto Industries, Inc.		166,261		14,951,852
Park Aerospace Corp.(d)		1,253,799		13,904,631
Resources Connection, Inc.		1,077,785		13,245,978
Simpson Manufacturing Co., Inc.		121,508		11,949,097
Tennant Co.		174,744		11,615,234
TrueBlue, Inc.(b)		792,134		13,402,907
UniFirst Corp.		72,879		14,037,953
US Ecology, Inc.		328,408		12,193,789
Watts Water Technologies, Inc., Class A		153,290		14,677,518
				346,608,561
Information Technology-17.72%
Alarm.com Holdings, Inc.(b)		236,989		14,188,531
Badger Meter, Inc.		189,259		11,675,388
Bottomline Technologies (DE), Inc.(b)		242,398		11,545,417
CSG Systems International, Inc.		395,915		16,854,102
Diodes, Inc.(b)		238,861		11,670,748
DSP Group, Inc.(b)		1,056,087		15,144,288
EVERTEC, Inc.		433,355		15,176,092
Fabrinet (Thailand)(b)		183,785		12,824,517
FARO Technologies, Inc.(b)		207,257		11,710,020
Harmonic, Inc.(b)		1,827,265		10,780,864
Knowles Corp.(b)		925,961		13,944,973
Methode Electronics, Inc.		400,806		11,346,818
MicroStrategy, Inc., Class A(b)		112,326		16,224,367
NIC, Inc.		723,218		15,462,401
OSI Systems, Inc.(b)		199,662		15,723,382
Progress Software Corp.		454,131		17,207,024
Rambus, Inc.(b)		853,240		11,459,013
SPS Commerce, Inc.(b)		184,097		14,705,668

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

74

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
Sykes Enterprises, Inc.(b)		386,201	$	12,785,184
TTEC Holdings, Inc.		216,522		12,274,632
Viavi Solutions, Inc.(b)		994,498		13,261,631
				285,965,060
Materials-4.47%
Balchem Corp.		147,397		14,400,687
H.B. Fuller Co.		251,000		12,090,670
Hawkins, Inc.		214,772		10,785,850
Haynes International, Inc.		589,147		11,040,615
Neenah, Inc.		253,618		11,230,205
Stepan Co.		108,708		12,532,945
				72,080,972
Real Estate-7.20%
Agree Realty Corp.		209,148		13,996,184
Easterly Government Properties, Inc.		691,272		16,721,870
Industrial Logistics Properties Trust		655,438		14,137,798
Investors Real Estate Trust		188,546		13,405,621
Lexington Realty Trust		1,307,952		14,871,414
National Storage Affiliates Trust		407,038		13,965,474
St. Joe Co. (The)(b)		667,482		15,492,257
Washington REIT		617,759		13,553,632
				116,144,250
Utilities-3.08%
American States Water Co.		166,712		12,683,449

	Shares		Value
Utilities-(continued)
Avista Corp.		353,004	$	13,011,728
California Water Service Group		270,117		12,247,105
South Jersey Industries, Inc.		531,596		11,774,851
				49,717,133
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,591,019,268)				1,613,056,832
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.86%
Invesco Private Government Fund, 0.03%(d)(e)(f)		10,435,290		10,435,290
Invesco Private Prime Fund, 0.14%(d)(e)(f)		3,477,863		3,478,558
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,913,848)				13,913,848
TOTAL INVESTMENTS IN SECURITIES-100.80% (Cost $1,604,933,116)				1,626,970,680
OTHER ASSETS LESS LIABILITIES-(0.80)%				(12,865,547	)
NET ASSETS-100.00%			$	1,614,105,133

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

											Change in
											Unrealized			Realized
	Value			Purchases			Proceeds				Appreciation			Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				(Depreciation)			(Loss)				August 31, 2020			Income
Invesco Mortgage Capital, Inc.		$	22,332,386		$	8,995,419		$	(8,717,328	)		$	1,658,726		$	(24,269,203	)		$	-		$	1,568,755
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			2,928,891			114,337,335			(117,266,226	)			-			-				-			19,158

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

75

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

August 31, 2020

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	August 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				August 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		$	10,506,667		$	112,352,453		$	(122,859,120	)		$	-			$	-			$	-		$	78,095	*
Invesco Liquid Assets Portfolio, Institutional Class			3,502,223			32,279,537			(35,779,143	)			(1	)			(2,616	)			-			29,681	*
Invesco Private Government Fund			-			68,644,623			(58,209,333	)			-				-				10,435,290			1,574	*
Invesco Private Prime Fund			-			16,096,480			(12,618,375	)			-				453				3,478,558			1,186	*
Investments in Other Affiliates:
Park Aerospace Corp.			-			17,192,508			(2,621,565	)			(646,475	)			(19,837	)			13,904,631			79,537
Total		$	39,270,167		$	369,898,355		$	(358,071,090	)		$	1,012,250			$	(24,291,203	)		$	27,818,479		$	1,777,986

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

76

Invesco S&P SmallCap Quality ETF (XSHQ)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Consumer Discretionary-10.59%
American Public Education, Inc.(b)		365	$	11,475
Cavco Industries, Inc.(b)		192		36,655
Dorman Products, Inc.(b)		662		56,065
Ethan Allen Interiors, Inc.		499		7,106
Gentherm, Inc.(b)		795		35,958
Meritage Homes Corp.(b)		796		76,440
PetMed Express, Inc.(c)		641		22,281
Stamps.com, Inc.(b)		437		108,961
Sturm Ruger & Co., Inc.		356		25,226
Universal Electronics, Inc.(b)		323		13,269
Winnebago Industries, Inc.		640		34,547
				427,983
Consumer Staples-8.89%
Calavo Growers, Inc.		395		25,071
Inter Parfums, Inc.		416		18,583
J&J Snack Foods Corp.		364		49,486
John B. Sanfilippo & Son, Inc.		264		21,025
Medifast, Inc.		260		42,307
National Beverage Corp.(b)(c)		290		23,583
PriceSmart, Inc.		503		33,072
Seneca Foods Corp., Class A(b)		185		8,761
Universal Corp.		595		25,829
USANA Health Sciences, Inc.(b)		440		34,500
WD-40 Co.		378		77,256
				359,473
Energy-0.73%
Bonanza Creek Energy, Inc.(b)		360		7,214
Bristow Group, Inc.(b)		128		2,420
DMC Global, Inc.		302		10,700
Penn Virginia Corp.(b)(c)		244		2,787
QEP Resources, Inc.		2,736		3,557
Talos Energy, Inc.(b)		398		2,989
				29,667
Financials-18.44%
Allegiance Bancshares, Inc.		511		12,990
American Equity Investment Life Holding Co.		2,018		48,250
AMERISAFE, Inc.		494		32,965
Banner Corp.		755		27,271
Berkshire Hills Bancorp, Inc.		1,007		9,244
Boston Private Financial Holdings, Inc.		1,886		11,203
City Holding Co.		392		25,080
Community Bank System, Inc.		1,195		71,903
CVB Financial Corp.		3,377		61,495
Employers Holdings, Inc.		701		22,839
First Commonwealth Financial Corp.		2,429		19,918
Green Dot Corp., Class A(b)		1,487		77,413
HCI Group, Inc.		176		9,631
Heritage Financial Corp.		890		17,747
HomeStreet, Inc.		570		15,601
Hope Bancorp, Inc.		2,966		25,092
OFG Bancorp.		1,397		17,937
Pacific Premier Bancorp, Inc.		1,802		40,707
Preferred Bank		398		14,885
Seacoast Banking Corp. of Florida(b)		1,199		24,268
Stewart Information Services Corp.		497		21,207

	Shares		Value
Financials-(continued)
Third Point Reinsurance Ltd. (Bermuda)(b)		1,989	$	17,026
Tompkins Financial Corp.		326		21,575
United Community Banks, Inc.		2,044		37,037
United Insurance Holdings Corp.		485		3,671
Universal Insurance Holdings, Inc.		758		14,061
Virtus Investment Partners, Inc.		152		21,569
Waddell & Reed Financial, Inc., Class A		1,454		22,900
				745,485
Health Care-6.53%
AngioDynamics, Inc.(b)		932		8,728
Anika Therapeutics, Inc.(b)		363		13,914
CorVel Corp.(b)		266		22,083
Eagle Pharmaceuticals, Inc.(b)		245		9,722
Innoviva, Inc.(b)		1,972		23,092
Medpace Holdings, Inc.(b)		781		101,366
Mesa Laboratories, Inc.(c)		114		28,035
Natus Medical, Inc.(b)		742		13,475
Providence Service Corp. (The)(b)		269		24,907
Simulations Plus, Inc.		311		18,529
				263,851
Industrials-32.09%
AAON, Inc.		1,059		60,289
AAR Corp.		656		13,238
ABM Industries, Inc.		1,404		53,549
Albany International Corp., Class A		679		35,240
Arcosa, Inc.		1,090		50,456
Astec Industries, Inc.		545		28,732
AZZ, Inc.		565		19,622
Barnes Group, Inc.		997		39,481
Brady Corp., Class A		1,295		60,723
Encore Wire Corp.		497		25,650
ESCO Technologies, Inc.		584		52,513
Exponent, Inc.		1,383		111,269
Franklin Electric Co., Inc.		926		54,967
Gibraltar Industries, Inc.(b)		749		46,771
Hub Group, Inc., Class A(b)		776		41,780
Kaman Corp.		866		40,053
Korn Ferry		1,376		41,968
Marten Transport Ltd.		1,391		25,261
Mueller Industries, Inc.		1,421		42,204
National Presto Industries, Inc.		137		12,320
Powell Industries, Inc.		254		6,856
Proto Labs, Inc.(b)		722		106,134
Resources Connection, Inc.		676		8,308
Simpson Manufacturing Co., Inc.		988		97,160
UFP Industries, Inc.		1,484		88,075
UniFirst Corp.		382		73,581
Watts Water Technologies, Inc., Class A		638		61,089
				1,297,289
Information Technology-16.21%
Badger Meter, Inc.		744		45,897
Brooks Automation, Inc.		1,802		93,037
Daktronics, Inc.		747		3,302
Digi International, Inc.(b)		641		8,731
Diodes, Inc.(b)		955		46,661
Fabrinet (Thailand)(b)		832		58,057

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

77

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
Kulicke & Soffa Industries, Inc. (Singapore)		1,610	$	38,608
MicroStrategy, Inc., Class A(b)		259		37,410
Power Integrations, Inc.		1,258		70,410
Rogers Corp.(b)		404		45,777
Sanmina Corp.(b)		1,567		44,346
SPS Commerce, Inc.(b)		821		65,582
Viavi Solutions, Inc.(b)		4,826		64,355
Xperi Holding Corp.		2,666		33,405
				655,578
Materials-4.74%
FutureFuel Corp.		640		7,744
Hawkins, Inc.		248		12,455
Haynes International, Inc.		320		5,997
Innospec, Inc.		593		44,291
Kraton Corp.(b)		692		9,716
Myers Industries, Inc.		863		13,204
Neenah, Inc.		380		16,826
Stepan Co.		464		53,494
Tredegar Corp.		543		9,193
Warrior Met Coal, Inc.		1,201		18,579
				191,499
Real Estate-1.77%
LTC Properties, Inc.		863		31,491
Washington REIT		1,835		40,260
				71,751
Total Common Stocks & Other Equity Interests (Cost $3,951,558)				4,042,576
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $445)		445	$	445
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $3,952,003)				4,043,021
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.61%
Invesco Private Government Fund, 0.03%(d)(e)(f)		49,421		49,421
Invesco Private Prime Fund, 0.14%(d)(e)(f)		15,833		15,836
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $65,257)				65,257
TOTAL INVESTMENTS IN SECURITIES-101.61% (Cost $4,017,260)				4,108,278
OTHER ASSETS LESS LIABILITIES-(1.61)%				(65,229	)
NET ASSETS-100.00%			$	4,043,049

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	5,387		$	187,450		$	(192,392	)		$	-		$	-		$	445		$	80
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			94,278			997,751			(1,092,029	)			-			-			-			588	*
Invesco Liquid Assets Portfolio, Institutional Class			31,426			236,642			(268,074	)			-			6			-			217	*
Invesco Private Government Fund			-			1,213,273			(1,163,852	)			-			-			49,421			22	*
Invesco Private Prime Fund			-			326,596			(310,768	)			-			8			15,836			14	*
Total		$	131,091		$	2,961,712		$	(3,027,115	)		$	-		$	14		$	65,702		$	921

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

78

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

August 31, 2020

^*  Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

79

Statements of Assets and Liabilities

August 31, 2020

	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)			Invesco Russell 1000 Equal Weight ETF (EQAL)			Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)			Invesco S&P 500 Enhanced Value ETF (SPVU)			Invesco S&P 500®  ex-Rate Sensitive Low Volatility ETF (XRLV)			Invesco S&P 500® High Beta ETF (SPHB)
Assets:
Unaffiliated investments in securities, at value(a)		$ 2,734,013			$474,551,110			$   9,886,376			$  68,570,336			$  68,971,653			$129,569,593
Affiliated investments in securities, at value		56,044			9,732,412			54,731			171,262			34,258			5,158,511
Cash		47			-			-			-			-			-
Receivable for:
Dividends		4,313			841,805			12,445			307,675			95,844			330,028
Securities lending		8			4,687			8			-			1			490
Investments sold		-			-			-			-			-			-
Fund shares sold		-			-			-			-			-			-
Foreign tax reclaims		-			118			-			-			-			-
Total assets		2,794,425			485,130,132			9,953,560			69,049,273			69,101,756			135,058,622
Liabilities:
Due to custodian		-			168,645			128			-			50,342			62,491
Payable for:
Investments purchased		-			-			-			-			-			-
Collateral upon return of securities loaned		55,834			9,546,558			54,731			-			34,258			3,790,528
Fund shares repurchased		-			-			-			-			-			-
Accrued unitary management fees		665			75,719			2,898			7,723			14,774			30,531
Total liabilities		56,499			9,790,922			57,757			7,723			99,374			3,883,550
Net Assets		$ 2,737,926			$475,339,210			$   9,895,803			$  69,041,550			$  69,002,382			$131,175,072
Net assets consist of:
Shares of beneficial interest		$ 8,330,313			$529,149,404			$ 38,159,818			$  89,472,301			$  86,343,048			$217,555,747
Distributable earnings (loss)		(5,592,387	)		(53,810,194	)		(28,264,015	)		(20,430,751	)		(17,340,666	)		(86,380,675	)
Net Assets		$ 2,737,926			$475,339,210			$   9,895,803			$  69,041,550			$  69,002,382			$131,175,072
Shares outstanding (unlimited amount authorized, $0.01 par value)		100,001			14,200,001			300,001			2,400,001			1,750,001			3,000,000
Net asset value.		$        27.38			$           33.47			$          32.99			$           28.77			$           39.43			$           43.73
Market price		$        27.40			$           33.52			$          33.06			$           28.82			$           39.49			$           43.83
Unaffiliated investments in securities, at cost		$ 2,669,558			$456,316,757			$   9,056,784			$  82,004,701			$  61,473,585			$136,806,182
Affiliated investments in securities, at cost		$      56,044			$    9,906,851			$        54,731			$       279,266			$         34,258			$    5,336,258
(a) Includes securities on loan with an aggregate value of:		$      53,093			$    9,205,361			$        53,050			$                  -			$         33,489			$    3,543,513

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

80

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)				Invesco S&P 500® Low Volatility ETF (SPLV)				Invesco S&P 500 Minimum Variance ETF (SPMV)		Invesco S&P 500 Momentum ETF (SPMO)			Invesco S&P MidCap Low Volatility ETF (XMLV)				Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			Invesco S&P SmallCap Low Volatility ETF (XSLV)				Invesco S&P SmallCap Quality ETF (XSHQ)
	$	2,443,706,519			$	9,223,339,590			$4,837,750		$	73,824,239		$	2,041,024,243			$20,813,834			$	1,599,152,201			$ 4,042,576
		66,844,995				-			3,000			-			38,844,397			737,832				27,818,479			65,702
		-				-			-			-			5,323			-				-			-
		13,544,811				13,449,084			6,738			71,451			1,632,172			51,296				2,311,373			1,754
		1,091				-			-			-			4,600			455				10,575			39
		-				10,893,008			-			-			8,759,293			-				-			-
		-				73,784,889			-			-			-			-				-			-
		-				-			-			-			-			-				-			-
		2,524,097,416				9,321,466,571			4,847,488			73,895,690			2,090,270,028			21,603,417				1,629,292,628			4,110,071
		9,882,696				956,017			-			15,869			-			33,232				929,410			-
		-				73,705,615			-			-			-			-				-			-
		66,844,996				-			-			-			38,359,003			737,832				13,913,848			65,257
		-				10,903,005			-			-			8,765,786			-				-			-
		630,837				1,935,001			354			7,767			443,032			5,378				344,237			1,765
		77,358,529				87,499,638			354			23,636			47,567,821			776,442				15,187,495			67,022
	$	2,446,738,887			$	9,233,966,933			$4,847,134		$	73,872,054		$	2,042,702,207			$20,826,975			$	1,614,105,133			$ 4,043,049
	$	3,379,624,514			$	10,300,369,241			$4,544,698		$	62,968,968		$	2,590,675,244			$29,102,978			$	2,247,158,390			$ 6,118,209
		(932,885,627	)			(1,066,402,308	)		302,436			10,903,086			(547,973,037	)		(8,276,003	)			(633,053,257	)		(2,075,160	)
	$	2,446,738,887			$	9,233,966,933			$4,847,134		$	73,872,054		$	2,042,702,207			$20,826,975			$	1,614,105,133			$ 4,043,049
		71,750,000				168,850,000			150,001			1,450,001			46,800,000			1,250,001				45,800,000			150,001
	$	34.10			$	54.69			$       32.31		$	50.95		$	43.65			$16.66			$	35.24			$        26.95
	$	34.16			$	54.77			$       32.39		$	51.10		$	43.70			$16.69			$	35.30			$        26.99
	$	2,710,750,901			$	8,381,602,277			$4,483,833		$	58,338,530		$	1,946,745,403			$21,427,559			$	1,576,468,162			$ 3,951,558
	$	66,844,996			$	-			$       3,000		$	-		$	38,844,398			$     737,832			$	28,464,954			$      65,702
	$	64,882,117			$	-			$               -		$	-		$	37,202,358			$     717,995			$	13,470,739			$      63,621

81

Statements of Operations

For the year ended August 31, 2020

	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)				Invesco Russell 1000 Equal Weight ETF (EQAL)				Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)				Invesco S&P 500 Enhanced Value ETF (SPVU)				Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)				Invesco S&P 500® High Beta ETF (SPHB)
Investment income:
Unaffiliated dividend income		$	202,593			$	10,243,090			$	1,104,535			$	2,343,608			$	2,520,106			$	3,228,513
Affiliated dividend income			930				16,542				736				12,003				742				38,995
Securities lending income			752				349,443				4,761				3,235				3,410				22,685
Foreign withholding tax			(31	)			(3,720	)			-				-				-				-
Total investment income			204,244				10,605,355				1,110,032				2,358,846				2,524,258				3,290,193
Expenses:
Unitary management fees			27,637				984,949				183,717				93,786				297,009				311,752
Less: Waivers			(18	)			(475	)			(89	)			(109	)			(107	)			(179	)
Net expenses			27,619				984,474				183,628				93,677				296,902				311,573
Net investment income			176,625				9,620,881				926,404				2,265,169				2,227,356				2,978,620
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(540,283	)			(46,183,214	)			(2,334,160	)			(6,008,551	)			(14,336,170	)			(24,755,920	)
Affiliated investment securities			(2,680	)			(5,735	)			(165	)			(10,338	)			(248	)			(238,228	)
Unaffiliated in-kind redemptions			(1,160,391	)			15,654,384				4,100,682				4,519,144				13,471,366				23,079,386
Affiliated in-kind redemptions			(9,201	)			(11,117	)			-				(3,326	)			-				101,349
Net realized gain (loss)			(1,712,555	)			(30,545,682	)			1,766,357				(1,503,071	)			(865,052	)			(1,813,413	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			378,865				29,222,606				(7,091,515	)			(10,991,632	)			(5,089,290	)			8,709,454
Affiliated investment securities			5,863				(64,421	)			-				(70,879	)			-				(177,748	)
Change in net unrealized appreciation (depreciation)			384,728				29,158,185				(7,091,515	)			(11,062,511	)			(5,089,290	)			8,531,706
Net realized and unrealized gain (loss)			(1,327,827	)			(1,387,497	)			(5,325,158	)			(12,565,582	)			(5,954,342	)			6,718,293
Net increase (decrease) in net assets resulting from operations		$	(1,151,202	)		$	8,233,384			$	(4,398,754	)		$	(10,300,413	)		$	(3,726,986	)		$	9,696,913

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

82

Invesco S&P								Invesco												Invesco S&P
500® High				Invesco S&P				S&P 500				Invesco S&P				Invesco S&P				SmallCap High				Invesco S&P				Invesco S&P
Dividend Low				500® Low				Minimum				500				MidCap Low				Dividend Low				SmallCap Low				SmallCap
Volatility				Volatility				Variance				Momentum				Volatility				Volatility ETF				Volatility				Quality
ETF (SPHD)				ETF (SPLV)				ETF (SPMV)				ETF (SPMO)				ETF (XMLV)				(XSHD)				ETF (XSLV)				ETF (XSHQ)
	$	132,921,384			$	279,471,532			$	53,132			$	964,032			$	71,158,739			$	853,141			$	51,241,319			$	82,811
		25,630				41,571				66				481				28,401				72,015				1,667,450				80
		20,184				1,145				3				1,876				105,759				28,881				52,254				638
		-				-				-				-				-				-				(11,005	)			(16	)
		132,967,198				279,514,248				53,201				966,389				71,292,899				954,037				52,950,018				83,513
		9,237,538				27,081,977				2,405				78,216				7,485,690				64,256				4,729,998				14,574
		(4,433	)			(7,130	)			(10	)			(72	)			(4,625	)			(40	)			(3,038	)			(12	)
		9,233,105				27,074,847				2,395				78,144				7,481,065				64,216				4,726,960				14,562
		123,734,093				252,439,401				50,806				888,245				63,811,834				889,821				48,223,058				68,951
		(466,509,556	)			(1,453,783,796	)			(34,850	)			(3,259,399	)			(571,632,213	)			(5,642,119	)			(571,310,643	)			(316,034	)
		(7,205	)			(164	)			-				(30	)			(3,472	)			(518,734	)			(21,078,320	)			14
		24,398,377				1,065,228,773				533,992				2,601,217				89,815,727				1,280,311				(197,675	)			952,284
		-				-				-				-				-				25,605				(3,212,883	)			-
		(442,118,384	)			(388,555,187	)			499,142				(658,212	)			(481,819,958	)			(4,854,937	)			(595,799,521	)			636,264
		(130,835,551	)			(409,441,163	)			129,404				12,697,783				(138,578,399	)			954,774				(45,554,929	)			380,456
		(1	)			-				-				-				(1	)			31,316				1,012,250				-
		(130,835,552	)			(409,441,163	)			129,404				12,697,783				(138,578,400	)			986,090				(44,542,679	)			380,456
		(572,953,936	)			(797,996,350	)			628,546				12,039,571				(620,398,358	)			(3,868,847	)			(640,342,200	)			1,016,720
	$	(449,219,843	)		$	(545,556,949	)		$	679,352			$	12,927,816			$	(556,586,524	)		$	(2,979,026	)		$	(592,119,142	)		$	1,085,671

83

Statements of Changes in Net Assets

For the years ended August 31, 2020 and 2019

	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)						Invesco Russell 1000 Equal Weight ETF (EQAL)
	2020			2019			2020			2019
Operations:
Net investment income	$	176,625		$	1,110,244		$	9,620,881		$	8,349,649
Net realized gain (loss)		(1,712,555	)		(5,167,794	)		(30,545,682	)		12,702,382
Change in net unrealized appreciation (depreciation)		384,728			(10,714,361	)		29,158,185			(49,208,648	)
Net increase (decrease) in net assets resulting from operations		(1,151,202	)		(14,771,911	)		8,233,384			(28,156,617	)
Distributions to Shareholders from:
Distributable earnings.		(210,847	)		(1,520,785	)		(10,587,171	)		(7,723,638	)
Shareholder Transactions:
Proceeds from shares sold		1,512,476			11,278,350			91,719,158			337,112,809
Value of shares repurchased.		(15,435,876	)		(122,461,818	)		(174,958,378	)		(214,854,299	)
Net increase (decrease) in net assets resulting from share transactions		(13,923,400	)		(111,183,468	)		(83,239,220	)		122,258,510
Net increase (decrease) in net assets		(15,285,449	)		(127,476,164	)		(85,593,007	)		86,378,255
Net assets:
Beginning of year		18,023,375			145,499,539			560,932,217			474,553,962
End of year	$	2,737,926		$	18,023,375		$	475,339,210		$	560,932,217
Changes in Shares Outstanding:
Shares sold		50,000			450,000			2,800,000			10,900,000
Shares repurchased		(600,000	)		(4,850,000	)		(6,400,000	)		(7,350,000	)
Shares outstanding, beginning of year		650,001			5,050,001			17,800,001			14,250,001
Shares outstanding, end of year		100,001			650,001			14,200,001			17,800,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

84

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)								Invesco S&P 500 Enhanced Value ETF (SPVU)								Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)								Invesco S&P 500® High Beta ETF (SPHB)
2020				2019				2020				2019				2020				2019				2020				2019
	$	926,404			$	2,760,307			$	2,265,169			$	974,615			$	2,227,356			$	2,532,358			$	2,978,620			$	1,820,802
		1,766,357				6,108,250				(1,503,071	)			(178,528	)			(865,052	)			11,136,372				(1,813,413	)			(5,696,249	)
		(7,091,515	)			(5,831,764	)			(11,062,511	)			(3,705,995	)			(5,089,290	)			(478,006	)			8,531,706				(14,981,810	)
		(4,398,754	)			3,036,793				(10,300,413	)			(2,909,908	)			(3,726,986	)			13,190,724				9,696,913				(18,857,257	)
		(1,429,929	)			(2,991,612	)			(2,147,572	)			(780,361	)			(2,309,005	)			(2,615,963	)			(2,778,271	)			(1,882,965	)
		10,405,627				68,942,101				61,215,380				58,629,846				73,762,467				118,524,306				449,772,568				511,841,105
		(105,866,613	)			(122,579,609	)			(39,885,462	)			(21,775,533	)			(165,381,578	)			(108,630,536	)			(416,509,169	)			(572,041,756	)
		(95,460,986	)			(53,637,508	)			21,329,918				36,854,313				(91,619,111	)			9,893,770				33,263,399				(60,200,651	)
		(101,289,669	)			(53,592,327	)			8,881,933				33,164,044				(97,655,102	)			20,468,531				40,182,041				(80,940,873	)
		111,185,472				164,777,799				60,159,617				26,995,573				166,657,484				146,188,953				90,993,031				171,933,904
	$	9,895,803			$	111,185,472			$	69,041,550			$	60,159,617			$	69,002,382			$	166,657,484			$	131,175,072			$	90,993,031
		300,000				2,250,000				1,900,000				1,700,000				1,900,000				3,250,000				11,250,000				12,350,000
		(3,350,000	)			(3,850,000	)			(1,300,000	)			(650,000	)			(4,450,000	)			(3,000,000	)			(10,500,000	)			(13,900,000	)
		3,350,001				4,950,001				1,800,001				750,001				4,300,001				4,050,001				2,250,000				3,800,000
		300,001				3,350,001				2,400,001				1,800,001				1,750,001				4,300,001				3,000,000				2,250,000

85

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2020 and 2019

	Invesco S&P 500® High Dividend Low  Volatility ETF (SPHD)								Invesco S&P 500® Low Volatility ETF (SPLV)
	2020				2019				2020				2019
Operations:
Net investment income		$	123,734,093			$	117,254,030			$	252,439,401			$	214,746,320
Net realized gain (loss)			(442,118,384	)			24,150,196				(388,555,187	)			671,511,722
Change in net unrealized appreciation (depreciation)			(130,835,552	)			(102,384,419	)			(409,441,163	)			741,634,019
Net increase (decrease) in net assets resulting from operations			(449,219,843	)			39,019,807				(545,556,949	)			1,627,892,061
Distributions to Shareholders from:
Distributable earnings			(148,884,394	)			(125,050,260	)			(261,808,889	)			(212,616,965	)
Shareholder Transactions:
Proceeds from shares sold			1,047,961,731				1,743,813,300				6,809,880,526				8,792,834,411
Value of shares repurchased			(1,307,303,319	)			(1,010,466,400	)			(9,117,426,455	)			(5,240,593,236	)
Net increase (decrease) in net assets resulting from share transactions			(259,341,588	)			733,346,900				(2,307,545,929	)			3,552,241,175
Net increase (decrease) in net assets			(857,445,825	)			647,316,447				(3,114,911,767	)			4,967,516,271
Net assets:
Beginning of year			3,304,184,712				2,656,868,265				12,348,878,700				7,381,362,429
End of year		$	2,446,738,887			$	3,304,184,712			$	9,233,966,933			$	12,348,878,700
Changes in Shares Outstanding:
Shares sold			25,500,000				42,100,000				119,950,000				170,200,000
Shares repurchased			(35,300,000	)			(24,300,000	)			(168,700,000	)			(100,900,000	)
Shares outstanding, beginning of year			81,550,000				63,750,000				217,600,000				148,300,000
Shares outstanding, end of year			71,750,000				81,550,000				168,850,000				217,600,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

86

Invesco S&P 500 Minimum Variance ETF (SPMV)								Invesco S&P 500 Momentum ETF (SPMO)								Invesco S&P MidCap Low Volatility ETF (XMLV)								Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
2020				2019				2020				2019				2020				2019				2020				2019
	$	50,806			$	23,008			$	888,245			$	738,478			$	63,811,834			$	50,428,045			$	889,821			$	798,528
		499,142				38,936				(658,212	)			3,031,208				(481,819,958	)			79,422,534				(4,854,937	)			(113,041	)
		129,404				43,428				12,697,783				(546,724	)			(138,578,400	)			109,821,075				986,090				(2,057,901	)
		679,352				105,372				12,927,816				3,222,962				(556,586,524	)			239,671,654				(2,979,026	)			(1,372,414	)
		(76,277	)			(53,840	)			(931,171	)			(623,934	)			(83,397,290	)			(42,226,033	)			(1,357,406	)			(927,458	)
		5,819,406				-				52,017,847				97,162,753				1,173,463,453				2,258,903,703				15,374,655				25,912,303
		(3,086,540	)			-				(65,195,002	)			(74,791,195	)			(1,722,512,968	)			(668,254,758	)			(13,747,174	)			(12,162,724	)
		2,732,866				-				(13,177,155	)			22,371,558				(549,049,515	)			1,590,648,945				1,627,481				13,749,579
		3,335,941				51,532				(1,180,510	)			24,970,586				(1,189,033,329	)			1,788,094,566				(2,708,951	)			11,449,707
		1,511,193				1,459,661				75,052,564				50,081,978				3,231,735,536				1,443,640,970				23,535,926				12,086,219
	$	4,847,134			$	1,511,193			$	73,872,054			$	75,052,564			$	2,042,702,207			$	3,231,735,536			$	20,826,975			$	23,535,926
		200,000				-				1,250,000				2,550,000				22,200,000				46,300,000				800,000				1,100,000
		(100,000	)			-				(1,650,000	)			(1,950,000	)			(37,700,000	)			(13,450,000	)			(600,000	)			(500,000	)
		50,001				50,001				1,850,001				1,250,001				62,300,000				29,450,000				1,050,001				450,001
		150,001				50,001				1,450,001				1,850,001				46,800,000				62,300,000				1,250,001				1,050,001

87

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2020 and 2019

	Invesco S&P SmallCap Low Volatility ETF (XSLV)								Invesco S&P SmallCap Quality ETF (XSHQ)
	2020				2019				2020				2019
Operations:
Net investment income		$	48,223,058			$	43,430,842			$	68,951			$	176,663
Net realized gain (loss)			(595,799,521	)			1,513,917				636,264				(4,399,622	)
Change in net unrealized appreciation (depreciation)			(44,542,679	)			(89,022,647	)			380,456				(3,277,772	)
Net increase (decrease) in net assets resulting from operations			(592,119,142	)			(44,077,888	)			1,085,671				(7,500,731	)
Distributions to Shareholders from:
Distributable earnings			(61,636,699	)			(43,490,857	)			(57,762	)			(246,833	)
Shareholder Transactions:
Proceeds from shares sold			1,151,033,302				1,001,558,929				7,300,521				10,090,242
Value of shares repurchased			(928,774,382	)			(301,743,868	)			(8,245,185	)			(41,307,141	)
Net increase (decrease) in net assets resulting from share transactions			222,258,920				699,815,061				(944,664	)			(31,216,899	)
Net increase (decrease) in net assets			(431,496,921	)			612,246,316				83,245				(38,964,463	)
Net assets:
Beginning of year			2,045,602,054				1,433,355,738				3,959,804				42,924,267
End of year		$	1,614,105,133			$	2,045,602,054			$	4,043,049			$	3,959,804
Changes in Shares Outstanding:
Shares sold			27,800,000				21,300,000				300,000				350,000
Shares repurchased			(25,000,000	)			(6,350,000	)			(300,000	)			(1,550,000	)
Shares outstanding, beginning of year			43,000,000				28,050,000				150,001				1,350,001
Shares outstanding, end of year			45,800,000				43,000,000				150,001				150,001

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

88

Financial Highlights

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

	Years Ended August 31,								Ten Months Ended August 31,				For the Period July 11, 2017(a) Through October 31,
	2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	27.73			$	28.81			$	26.39			$	24.98
Net investment income(b)			0.53				0.45				0.39				0.11
Net realized and unrealized gain (loss) on investments			(0.15	)			(0.91	)			2.34				1.35
Total from investment operations			0.38				(0.46	)			2.73				1.46
Distributions to shareholders from:
Net investment income			(0.73	)			(0.62	)			(0.31	)			(0.05	)
Net asset value at end of period		$	27.38			$	27.73			$	28.81			$	26.39
Market price at end of period(c)		$	27.40			$	27.71			$	28.83			$	26.43
Net Asset Value Total Return(d)			1.72	%			(1.34	)%			10.38	%			5.84	%(e)
Market Price Total Return(d)			1.88	%			(1.49	)%			10.29	%			6.00	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,738			$	18,023			$	145,500			$	67,301
Ratio to average net assets of:
Expenses			0.29	%			0.30	%(f)			0.29	%(g)			0.29	%(g)
Net investment income			1.85	%			1.63	%(f)			1.69	%(g)			1.35	%(g)
Portfolio turnover rate(h)			28	%			23	%			34	%			2	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c) The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

89

Financial Highlights–(continued)

Invesco Russell 1000 Equal Weight ETF (EQAL)

																					For the Period December 22, 2014(a) Through October 31,
									Ten Months Ended August 31,
	Years Ended August 31,												Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	31.51			$	33.30			$	29.90			$	25.38			$	24.44			$	25.05
Net investment income(b)			0.61				0.53				0.41				0.42				0.41				0.32
Net realized and unrealized gain (loss) on investments			2.01				(1.84	)			3.31				4.50				0.95				(0.71	)
Total from investment operations			2.62				(1.31	)			3.72				4.92				1.36				(0.39	)
Distributions to shareholders from:
Net investment income			(0.66	)			(0.48	)			(0.32	)			(0.40	)			(0.42	)			(0.22	)
Net asset value at end of period		$	33.47			$	31.51			$	33.30			$	29.90			$	25.38			$	24.44
Market price at end of period(c)		$	33.52			$	31.51			$	33.31			$	29.91			$	25.41			$	24.48
Net Asset Value Total Return(d)			8.71	%			(3.88	)%			12.50	%			19.48	%			5.67	%			(1.58	)%(e)
Market Price Total Return(d)			8.87	%			(3.91	)%			12.49	%			19.38	%			5.62	%			(1.42	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	475,339			$	560,932			$	474,554			$	315,495			$	115,484			$	149,084
Ratio to average net assets of:
Expenses			0.20	%			0.20	%			0.20	%(f)			0.20	%			0.20	%			0.20	%(f)
Net investment income			1.95	%			1.67	%			1.57	%(f)			1.48	%			1.70	%			1.49	%(f)
Portfolio turnover rate(g)			29	%			27	%			19	%			29	%			31	%			24	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e) The net asset value total return from Fund Inception (December 23, 2014, the first day of trading on the Exchange) to October 31, 2015 was (2.01)%. The market price total return from Fund Inception to October 31, 2015 was (1.93)%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

90

Financial Highlights–(continued)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

																	For the Period November 2, 2015(a) Through October 31,
									Ten Months Ended August 31,
	Years Ended August 31,												Years Ended October 31,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	33.19			$	33.29			$	29.81			$	25.93			$	25.31
Net investment income(b)			0.59				0.58				0.42				0.45				0.42
Net realized and unrealized gain (loss) on investments			0.01				(0.07	)			3.44				3.83				0.53
Total from investment operations			0.60				0.51				3.86				4.28				0.95
Distributions to shareholders from:
Net investment income			(0.80	)			(0.61	)			(0.38	)			(0.40	)			(0.33	)
Net asset value at end of period		$	32.99			$	33.19			$	33.29			$	29.81			$	25.93
Market price at end of period(c)		$	33.06			$	33.19			$	33.29			$	29.81			$	25.95
Net Asset Value Total Return(d)			2.08	%			1.69	%			13.04	%			16.60	%			3.78	%(e)
Market Price Total Return(d)			2.30	%			1.69	%			13.04	%			16.51	%			3.86	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,896			$	111,185			$	164,778			$	153,515			$	138,704
Ratio to average net assets of:
Expenses			0.35	%			0.36	%(f)			0.35	%(g)			0.35	%			0.35	%(g)
Net investment income			1.76	%			1.82	%(f)			1.63	%(g)			1.60	%			1.66	%(g)
Portfolio turnover rate(h)			33	%			53	%			91	%			40	%			118	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (November 5, 2015, the first day of trading on the Exchange) to October 31, 2016 was 4.19%. The market price total return from Fund Inception to October 31, 2016 was 4.15%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

91

Financial Highlights–(continued)

Invesco S&P 500 Enhanced Value ETF (SPVU)

	Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,								For the Period October 6, 2015(a) Through October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	33.42			$	35.99			$	33.08			$	26.44			$	25.78			$	25.04
Net investment income(b)			0.99				0.93				0.68				0.57				0.63				0.01
Net realized and unrealized gain (loss) on investments			(4.69	)			(2.67	)			3.12				6.44				0.38				0.73
Total from investment operations			(3.70	)			(1.74	)			3.80				7.01				1.01				0.74
Distributions to shareholders from:
Net investment income			(0.95	)			(0.83	)			(0.89	)			(0.37	)			(0.35	)			-
Net asset value at end of period		$	28.77			$	33.42			$	35.99			$	33.08			$	26.44			$	25.78
Market price at end of period(c)		$	28.82			$	33.45			$	36.01			$	33.10			$	26.45			$	25.83
Net Asset Value Total Return(d)			(11.04	)%			(4.79	)%			11.61	%			26.58	%			4.03	%			2.96	%(e)
Market Price Total Return(d)			(10.97	)%			(4.76	)%			11.60	%			26.61	%			3.86	%			3.15	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	69,042			$	60,160			$	26,996			$	51,275			$	1,322			$	2,578
Ratio to average net assets of:
Expenses			0.13	%			0.15	%(f)			0.16	%(g)			0.25	%			0.25	%			0.25	%(g)
Net investment income			3.14	%			2.72	%(f)			2.35	%(g)			1.81	%			2.53	%			0.63	%(g)
Portfolio turnover rate(h)			39	%			54	%			34	%			36	%			42	%			0	%(i)

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (October 9, 2015, the first day of trading on the Exchange) to October 31, 2015 was 1.38%. The market price total return from Fund Inception to October 31, 2015 was 1.45%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

⁽ⁱ⁾  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

92

Financial Highlights–(continued)

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

	Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,								For the Period April 6, 2015(a) Through October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	38.76			$	36.10			$	32.38			$	26.74			$	25.36			$	25.14
Net investment income(b)			0.72				0.63				0.43				0.51				0.44				0.23
Net realized and unrealized gain on investments			0.71				2.68				3.73				5.62				1.39				0.18
Total from investment operations			1.43				3.31				4.16				6.13				1.83				0.41
Distributions to shareholders from:
Net investment income			(0.76	)			(0.65	)			(0.44	)			(0.49	)			(0.45	)			(0.19	)
Return of capital			-				-				-				-				-				(0.00	)(c)
Total distributions			(0.76	)			(0.65	)			(0.44	)			(0.49	)			(0.45	)			(0.19	)
Net asset value at end of period		$	39.43			$	38.76			$	36.10			$	32.38			$	26.74			$	25.36
Market price at end of period(d)		$	39.49			$	38.77			$	36.11			$	32.38			$	26.75			$	25.42
Net Asset Value Total Return(e)			3.86	%			9.35	%			12.92	%			23.11	%			7.29	%			1.62	%(f)
Market Price Total Return(e)			3.99	%			9.35	%			12.96	%			23.06	%			7.08	%			1.86	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	69,002			$	166,657			$	146,189			$	131,153			$	164,423			$	107,785
Ratio to average net assets of:
Expenses			0.25	%			0.26	%(g)			0.25	%(h)			0.25	%			0.25	%			0.25	%(h)
Net investment income			1.87	%			1.74	%(g)			1.52	%(h)			1.75	%			1.65	%			1.65	%(h)
Portfolio turnover rate(i)			84	%			62	%			68	%			61	%			52	%			32	%

^(a) Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  Amount represents less than $(0.005).

^(d)  The mean between the last bid and ask prices.

^(e)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f)  The net asset value total return from Fund Inception (April 9, 2015, the first day of trading on the Exchange) to October 31, 2015 was 1.62%. The market price total return from Fund Inception to October 31, 2015 was 1.78%.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

93

Financial Highlights–(continued)

Invesco S&P 500^® High Beta ETF (SPHB)

	Years Ended August 31,								Ten Months Ended August 31, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	40.44			$	45.25			$	40.12			$	32.29			$	31.38			$	34.04
Net investment income(a)			0.99	(b)			0.44				0.51				0.44				0.39				0.37
Net realized and unrealized gain (loss) on investments			3.25				(4.67	)			5.15				8.01				0.84				(2.58	)
Total from investment operations.			4.24				(4.23	)			5.66				8.45				1.23				(2.21	)
Distributions to shareholders from:
Net investment income			(0.95	)			(0.58	)			(0.53	)			(0.62	)			(0.32	)			(0.45	)
Net asset value at end of period		$	43.73			$	40.44			$	45.25			$	40.12			$	32.29			$	31.38
Market price at end of period(c)		$	43.83			$	40.46			$	45.28			$	40.12			$	32.32			$	31.42
Net Asset Value Total Return(d)			11.38	%			(9.32	)%			14.14	%			26.32	%			4.02	%			(6.56	)%
Market Price Total Return(d)			11.59	%			(9.33	)%			14.22	%			26.20	%			3.98	%			(6.47	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	131,175			$	90,993			$	171,934			$	359,072			$	489,204			$	80,025
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%(e)			0.25	%			0.25	%			0.25	%
Net investment income			2.39	%(b)			1.07	%			1.42	%(e)			1.18	%			1.28	%			1.09	%
Portfolio turnover rate(f)			113	%			69	%			76	%			80	%			55	%			90	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.79 and 1.91%, respectively.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

94

Financial Highlights–(continued)

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

	Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	40.52			$	41.68			$	41.24			$	37.69			$	33.22			$	32.14
Net investment income(a)			1.53				1.64				1.35				1.33				1.29				1.10
Net realized and unrealized gain (loss) on investments			(6.10	)			(1.06	)			0.45				3.68				4.51				1.13
Total from investment operations			(4.57	)			0.58				1.80				5.01				5.80				2.23
Distributions to shareholders from:
Net investment income			(1.85	)			(1.74	)			(1.36	)			(1.46	)			(1.33	)			(1.15	)
Net asset value at end of period		$	34.10			$	40.52			$	41.68			$	41.24			$	37.69			$	33.22
Market price at end of period(b)		$	34.16			$	40.55			$	41.68			$	41.25			$	37.72			$	33.27
Net Asset Value Total Return(c)			(11.46	)%			1.42	%			4.48	%			13.48	%			17.75	%			7.07	%
Market Price Total Return(c)			(11.37	)%			1.49	%			4.45	%			13.42	%			17.66	%			7.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,446,739			$	3,304,185			$	2,656,868			$	2,973,601			$	2,623,431			$	538,180
Ratio to average net assets of:
Expenses			0.30	%			0.30	%			0.30	%(d)			0.30	%			0.30	%			0.30	%
Net investment income			4.02	%			3.97	%			3.95	%(d)			3.31	%			3.48	%			3.38	%
Portfolio turnover rate(e)			76	%			43	%			46	%			56	%			50	%			48	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

95

Financial Highlights–(continued)

Invesco S&P 500^® Low Volatility ETF (SPLV)

	Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	56.75			$	49.77			$	46.56			$	40.47			$	38.34			$	36.60
Net investment income(a)			1.27				1.16				0.81				0.95				0.81				0.85
Net realized and unrealized gain (loss) on investments			(2.01	)			6.96				3.23				6.09				2.16				1.78
Total from investment operations			(0.74	)			8.12				4.04				7.04				2.97				2.63
Distributions to shareholders from:
Net investment income			(1.32	)			(1.14	)			(0.83	)			(0.95	)			(0.84	)			(0.89	)
Net asset value at end of period		$	54.69			$	56.75			$	49.77			$	46.56			$	40.47			$	38.34
Market price at end of period(b)		$	54.77			$	56.77			$	49.78			$	46.57			$	40.50			$	38.40
Net Asset Value Total Return(c)			(1.19	)%			16.57	%			8.77	%			17.57	%			7.80	%			7.28	%
Market Price Total Return(c)			(1.08	)%			16.59	%			8.76	%			17.51	%			7.72	%			7.39	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,233,967			$	12,348,879			$	7,381,362			$	7,140,364			$	6,451,015			$	5,051,233
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%(d)			0.25	%			0.25	%			0.25	%
Net investment income			2.33	%			2.24	%			2.06	%(d)			2.18	%			2.02	%			2.26	%
Portfolio turnover rate(e)			86	%			51	%			68	%			49	%			53	%			65	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

96

Financial Highlights–(continued)

Invesco S&P 500 Minimum Variance ETF (SPMV)

										For the Period
										July 11, 2017(a)
							Ten Months Ended			Through
	Years Ended August 31,						August 31,			October 31,
	2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$30.22			$29.19			$26.29			$24.92
Net investment income(b)		0.63			0.46			0.47			0.15
Net realized and unrealized gain on investments		2.57			1.65			3.04			1.30
Total from investment operations		3.20			2.11			3.51			1.45
Distributions to shareholders from:
Net investment income		(0.58	)		(0.55	)		(0.61	)		(0.08	)
Net realized gains		(0.53	)		(0.53	)		-			-
Total distributions		(1.11	)		(1.08	)		(0.61	)		(0.08	)
Net asset value at end of period		$32.31			$30.22			$29.19			$26.29
Market price at end of period(c)		$32.39			$30.24			$29.19			$26.30
Net Asset Value Total Return(d)		11.02	%		7.86	%		13.50	%		5.81	%(e)
Market Price Total Return(d)		11.22	%		7.94	%		13.45	%		5.85	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$4,847			$1,511			$1,460			$2,629
Ratio to average net assets of:
Expenses		0.10	%		0.58	%(f)		0.13	%(g)		0.13	%(g)
Net investment income		2.11	%		1.62	%(f)		2.08	%(g)		1.97	%(g)
Portfolio turnover rate(h)		20	%		34	%		30	%		14	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.48%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

97

Financial Highlights–(continued)

Invesco S&P 500 Momentum ETF (SPMO)

	Years Ended August 31,								Ten Months Ended August 31, 2018				Years Ended October 31,								For the Period October 6, 2015(a) Through October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	40.57			$	40.07			$	33.26			$	26.56			$	26.06			$	24.65
Net investment income(b)			0.62				0.51				0.34				0.46				0.41				0.01
Net realized and unrealized gain on investments			10.42				0.46				6.67				6.72				0.44				1.40
Total from investment operations			11.04				0.97				7.01				7.18				0.85				1.41
Distributions to shareholders from:
Net investment income			(0.66	)			(0.47	)			(0.20	)			(0.48	)			(0.35	)			-
Net asset value at end of period		$	50.95			$	40.57			$	40.07			$	33.26			$	26.56			$	26.06
Market price at end of period(c)		$	51.10			$	40.59			$	40.08			$	33.23			$	26.58			$	26.12
Net Asset Value Total Return(d)			27.77	%			2.52	%			21.12	%			27.35	%			3.28	%			5.72	%(e)
Market Price Total Return(d)			28.08	%			2.55	%			21.26	%			27.14	%			3.12	%			5.96	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	73,872			$	75,053			$	50,082			$	1,663			$	1,328			$	2,606
Ratio to average net assets of:
Expenses			0.13	%			0.14	%(f)			0.13	%(g)			0.25	%			0.25	%			0.25	%(g)
Net investment income			1.48	%			1.32	%(f)			1.10	%(g)			1.61	%			1.60	%			0.69	%(g)
Portfolio turnover rate(h)			90	%			83	%			41	%			140	%			105	%			1	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (October 9, 2015, the first day of trading on the Exchange) to October 31, 2015 was 3.62%. The market price total return from Fund Inception to October 31, 2015 was 3.77%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

98

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)

	Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	51.87			$	49.02			$	45.02			$	38.21			$	34.38			$	31.82
Net investment income(a)			1.02				1.09				0.96				0.69				0.69				0.66
Net realized and unrealized gain (loss) on investments			(7.93	)			2.72				3.92				6.80				3.72				2.55
Total from investment operations			(6.91	)			3.81				4.88				7.49				4.41				3.21
Distributions to shareholders from:
Net investment income			(1.31	)			(0.96	)			(0.88	)			(0.68	)			(0.58	)			(0.65	)
Net asset value at end of period		$	43.65			$	51.87			$	49.02			$	45.02			$	38.21			$	34.38
Market price at end of period(b)		$	43.70			$	51.88			$	49.04			$	45.02			$	38.23			$	34.42
Net Asset Value Total Return(c)			(13.26	)%			7.99	%			11.00	%			19.76	%			12.96	%			10.18	%
Market Price Total Return(c)			(13.17	)%			7.97	%			11.04	%			19.69	%			12.89	%			10.30	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,042,702			$	3,231,736			$	1,443,641			$	1,195,218			$	682,094			$	106,565
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%(d)			0.25	%			0.25	%			0.25	%
Net investment income			2.13	%			2.21	%			2.52	%(d)			1.64	%			1.86	%			1.97	%
Portfolio turnover rate(e)			84	%			61	%			50	%			57	%			51	%			57	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

99

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

	Years Ended August 31,								Ten Months Ended August 31,				For the Period November 29, 2016(a) Through October 31,
	2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.42			$	26.86			$	25.13			$	25.02
Net investment income(b)			0.82				1.02				0.78				0.81
Net realized and unrealized gain (loss) on investments			(5.31	)			(4.28	)			1.98				0.24
Total from investment operations			(4.49	)			(3.26	)			2.76				1.05
Distributions to shareholders from:
Net investment income			(1.27	)			(1.18	)			(1.03	)			(0.94	)
Net asset value at end of period		$	16.66			$	22.42			$	26.86			$	25.13
Market price at end of period(c)		$	16.69			$	22.35			$	26.85			$	25.15
Net Asset Value Total Return(d)			(20.41	)%			(12.29	)%			11.39	%			4.31	%(e)
Market Price Total Return(d)			(20.01	)%			(12.52	)%			11.26	%			4.39	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,827			$	23,536			$	12,086			$	7,538
Ratio to average net assets of:
Expenses			0.30	%			0.34	%(f)			0.30	%(g)			0.30	%(g)
Net investment income			4.15	%			4.29	%(f)			3.74	%(g)			3.58	%(g)
Portfolio turnover rate(h)			83	%			67	%			61	%			86	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the Exchange) to October 31, 2017 was 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.04%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

100

Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)

	Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	47.57			$	51.10			$	46.43			$	37.90			$	34.30			$	32.93
Net investment income(a)			1.08				1.24				0.87				0.97				0.78				0.77
Net realized and unrealized gain (loss) on investments			(12.05	)			(3.46	)			4.55				8.46				3.58				1.38
Total from investment operations			(10.97	)			(2.22	)			5.42				9.43				4.36				2.15
Distributions to shareholders from:
Net investment income			(1.36	)			(1.31	)			(0.75	)			(0.90	)			(0.76	)			(0.78	)
Net asset value at end of period		$	35.24			$	47.57			$	51.10			$	46.43			$	37.90			$	34.30
Market price at end of period(b)		$	35.30			$	47.59			$	51.10			$	46.47			$	37.93			$	34.30
Net Asset Value Total Return(c)			(23.22	)%			(4.17	)%			11.81	%			25.05	%			12.90	%			6.63	%
Market Price Total Return(c)			(23.12	)%			(4.14	)%			11.71	%			25.06	%			12.99	%			6.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,614,105			$	2,045,602			$	1,433,356			$	1,079,472			$	651,821			$	126,926
Ratio to average net assets of:
Expenses.			0.25	%			0.25	%			0.25	%(d)			0.25	%			0.25	%			0.25	%(e)
Net investment income			2.55	%			2.62	%			2.24	%(d)			2.25	%			2.15	%			2.33	%
Portfolio turnover rate(f)			103	%			56	%			66	%			59	%			48	%			57	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

101

Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)

											For the Period April 3, 2017(a)
	Years Ended August 31,						Ten Months Ended August 31,				Through October 31,
	2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$26.40			$31.80			$	26.11			$24.54
Net investment income(b)		0.36			0.35				0.26			0.16
Net realized and unrealized gain (loss) on investments.		0.54			(5.41	)			5.65			1.51
Total from investment operations		0.90			(5.06	)			5.91			1.67
Distributions to shareholders from:
Net investment income		(0.35	)		(0.34	)			(0.22	)		(0.10	)
Net realized gains		-			(0.00	)(c)			-			-
Total distributions		(0.35	)		(0.34	)			(0.22	)		(0.10	)
Net asset value at end of period		$26.95			$26.40			$	31.80			$26.11
Market price at end of period(d)		$26.99			$26.39			$	31.81			$26.14
Net Asset Value Total Return(e)		3.61	%		(15.88	)%			22.75	%		6.81	%(f)
Market Price Total Return(e)		3.80	%		(15.94	)%			22.65	%		6.93	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$4,043			$3,960			$	42,924			$1,305
Ratio to average net assets of:
Expenses		0.29	%		0.34	%(g)			0.29	%(h)		0.29	%(h)
Net investment income		1.37	%		1.23	%(g)			1.06	%(h)		1.11	%(h)
Portfolio turnover rate(i)		107	%		52	%			23	%		65	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  Amount represents less than $(0.005).

^(d)  The mean between the last bid and ask prices.

^(e)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f)  The net asset value total return from Fund Inception (April 6, 2017, the first day of trading on the Exchange) to October 31, 2017 was 7.33%. The market price total return from Fund Inception to October 31, 2017 was 7.54%.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.05%.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

102

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)	“Russell 1000 Enhanced Equal Weight ETF”
Invesco Russell 1000 Equal Weight ETF (EQAL)	“Russell 1000 Equal Weight ETF”
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)	“Russell 1000 Low Beta Equal Weight ETF”
Invesco S&P 500 Enhanced Value ETF (SPVU)	“S&P 500 Enhanced Value ETF”
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)	“S&P 500® ex-Rate Sensitive Low Volatility ETF”
Invesco S&P 500® High Beta ETF (SPHB)	“S&P 500® High Beta ETF”
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)	“S&P 500® High Dividend Low Volatility ETF”
Invesco S&P 500® Low Volatility ETF (SPLV)	“S&P 500® Low Volatility ETF”
Invesco S&P 500 Minimum Variance ETF (SPMV)	“S&P 500 Minimum Variance ETF”
Invesco S&P 500 Momentum ETF (SPMO)	“S&P 500 Momentum ETF”
Invesco S&P MidCap Low Volatility ETF (XMLV)	“S&P MidCap Low Volatility ETF”
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)	“S&P SmallCap High Dividend Low Volatility ETF”
Invesco S&P SmallCap Low Volatility ETF (XSLV)	“S&P SmallCap Low Volatility ETF”
Invesco S&P SmallCap Quality ETF (XSHQ)	“S&P SmallCap Quality ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of Russell 1000 Low Beta Equal Weight ETF, which is listed and traded on The Nasdaq Stock Market and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
Russell 1000 Enhanced Equal Weight ETF	Russell 1000® Enhanced Value Equal Weight Index
Russell 1000 Equal Weight ETF	Russell 1000® Equal Weight Index
Russell 1000 Low Beta Equal Weight ETF	Russell 1000® Low Beta Equal Weight Index
S&P 500 Enhanced Value ETF	S&P 500 Enhanced Value Index
S&P 500® ex-Rate Sensitive Low Volatility ETF	S&P 500® Low Volatility Rate Response Index
S&P 500® High Beta ETF	S&P 500® High Beta Index
S&P 500® High Dividend Low Volatility ETF	S&P 500® Low Volatility High Dividend Index
S&P 500® Low Volatility ETF	S&P 500® Low Volatility Index
S&P 500 Minimum Variance ETF	S&P 500® Minimum Volatility Index
S&P 500 Momentum ETF	S&P 500® Momentum Index
S&P MidCap Low Volatility ETF	S&P MidCap 400® Low Volatility Index
S&P SmallCap High Dividend Low Volatility ETF	S&P SmallCap 600® Low Volatility High Dividend Index
S&P SmallCap Low Volatility ETF	S&P SmallCap 600® Low Volatility Index
S&P SmallCap Quality ETF	S&P SmallCap 600® Quality Index

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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 the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity

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to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum

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are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. S&P 500 Momentum ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase 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. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Real Estate Securities Risk. Investing in securities of real estate companies includes risks such as: fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate industry.

Small-and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other

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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.

E. Dividends and Distributions to Shareholders - Each Fund (except for S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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

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temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of  average daily net assets)
Russell 1000 Enhanced Equal Weight ETF	0.29%
Russell 1000 Equal Weight ETF	0.20%
Russell 1000 Low Beta Equal Weight ETF	0.35%
S&P 500 Enhanced Value ETF	0.13%
S&P 500® ex-Rate Sensitive Low Volatility ETF	0.25%
S&P 500® High Beta ETF	0.25%
S&P 500® High Dividend Low Volatility ETF	0.30%
S&P 500® Low Volatility ETF	0.25%
S&P 500 Minimum Variance ETF	0.10%
S&P 500 Momentum ETF	0.13%
S&P MidCap Low Volatility ETF	0.25%
S&P SmallCap High Dividend Low Volatility ETF	0.30%
S&P SmallCap Low Volatility ETF	0.25%
S&P SmallCap Quality ETF	0.29%

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Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees for each Fund in the following amounts:

Russell 1000 Enhanced Equal Weight ETF	$	18
Russell 1000 Equal Weight ETF		475
Russell 1000 Low Beta Equal Weight ETF		89
S&P 500 Enhanced Value ETF		109
S&P 500® ex-Rate Sensitive Low Volatility ETF		107
S&P 500® High Beta ETF		179
S&P 500® High Dividend Low Volatility ETF		4,433
S&P 500® Low Volatility ETF		7,130
S&P 500 Minimum Variance ETF		10
S&P 500 Momentum ETF		72
S&P MidCap Low Volatility ETF		4,625
S&P SmallCap High Dividend Low Volatility ETF		40
S&P SmallCap Low Volatility ETF		3,038
S&P SmallCap Quality ETF		12

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
Russell 1000 Enhanced Equal Weight ETF	Frank Russell Company
Russell 1000 Equal Weight ETF	Frank Russell Company
Russell 1000 Low Beta Equal Weight ETF	Frank Russell Company
S&P 500 Enhanced Value ETF	S&P Dow Jones Indices LLC
S&P 500® ex-Rate Sensitive Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500® High Beta ETF	S&P Dow Jones Indices LLC
S&P 500® High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500® Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500 Minimum Variance ETF	S&P Dow Jones Indices LLC
S&P 500 Momentum ETF	S&P Dow Jones Indices LLC
S&P MidCap Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap Quality ETF	S&P Dow Jones Indices LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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For fiscal year ended August 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

Russell 1000 Enhanced Equal Weight ETF	$	248
Russell 1000 Equal Weight ETF		25,410
Russell 1000 Low Beta Equal Weight ETF		5,877
S&P 500 Enhanced Value ETF		6,860
S&P 500® ex-Rate Sensitive Low Volatility ETF		15,716
S&P 500® High Beta ETF		30,345
S&P 500® High Dividend Low Volatility ETF		50,486
S&P 500® Low Volatility ETF		90,772
S&P 500 Minimum Variance ETF		17
S&P 500 Momentum ETF		5,306
S&P MidCap Low Volatility ETF		11,221
S&P SmallCap High Dividend Low Volatility ETF		2,521
S&P SmallCap Low Volatility ETF		27,864
S&P SmallCap Quality ETF		1,826

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended August 31, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*
S&P 500 Enhanced Value ETF	$	-	$	11,158	$	(44,341)
S&P 500® ex-Rate Sensitive Low Volatility ETF		2,836,262		1,825,268		15,664
S&P 500® High Beta ETF		297,424		98,479		(21,703)
S&P 500® High Dividend Low Volatility ETF		119,787,157		19,418,033		(3,764,930)
S&P 500® Low Volatility ETF		1,290,356		2,836,262		(590,929)
S&P MidCap Low Volatility ETF		37,381		33,424,513		(507,095)
S&P SmallCap High Dividend Low Volatility ETF		33,129		17,808		(535)
S&P SmallCap Low Volatility ETF		208,736		157,385		(11,138)
S&P SmallCap Quality ETF		-		21,553		9,483

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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.

110

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of August 31, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Russell 1000 Enhanced Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,734,013		$	-		$-		$	2,734,013
Money Market Funds			210			55,834		-			56,044
Total Investments		$	2,734,223		$	55,834		$-		$	2,790,057
Russell 1000 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	474,736,964		$	-		$-		$	474,736,964
Money Market Funds			-			9,546,558		-			9,546,558
Total Investments		$	474,736,964		$	9,546,558		$-		$	484,283,522
Russell 1000 Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	9,886,376		$	-		$-		$	9,886,376
Money Market Funds			-			54,731		-			54,731
Total Investments		$	9,886,376		$	54,731		$-		$	9,941,107
S&P 500® ex-Rate Sensitive Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	68,971,653		$	-		$-		$	68,971,653
Money Market Funds			-			34,258		-			34,258
Total Investments		$	68,971,653		$	34,258		$-		$	69,005,911
S&P 500® High Beta ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	130,937,576		$	-		$-		$	130,937,576
Money Market Funds			-			3,790,528		-			3,790,528
Total Investments		$	130,937,576		$	3,790,528		$-		$	134,728,104
S&P 500® High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,443,706,519		$	-		$-		$	2,443,706,519
Money Market Funds			-			66,844,995		-			66,844,995
Total Investments		$	2,443,706,519		$	66,844,995		$-		$	2,510,551,514
S&P MidCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,041,024,243		$	-		$-		$	2,041,024,243
Money Market Funds			485,395			38,359,002		-			38,844,397
Total Investments		$	2,041,509,638		$	38,359,002		$-		$	2,079,868,640
S&P SmallCap High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	20,813,834		$	-		$-		$	20,813,834
Money Market Funds			-			737,832		-			737,832
Total Investments		$	20,813,834		$	737,832		$-		$	21,551,666

111

	Level 1			Level 2			Level 3		Total
S&P SmallCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,613,056,832		$	-		$-		$	1,613,056,832
Money Market Funds			-			13,913,848		-			13,913,848
Total Investments		$	1,613,056,832		$	13,913,848		$-		$	1,626,970,680
S&P SmallCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	4,042,576		$	-		$-		$	4,042,576
Money Market Funds			445			65,257		-			65,702
Total Investments		$	4,043,021		$	65,257		$-		$	4,108,278

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:

	2020				2019
	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
Russell 1000 Enhanced Equal Weight ETF	$	210,847		$         -	$	1,520,785		$         -
Russell 1000 Equal Weight ETF		10,587,171		-		7,723,638		-
Russell 1000 Low Beta Equal Weight ETF		1,429,929		-		2,991,612		-
S&P 500 Enhanced Value ETF		2,147,572		-		780,361		-
S&P 500® ex-Rate Sensitive Low Volatility ETF		2,309,005		-		2,615,963		-
S&P 500® High Beta ETF		2,778,271		-		1,882,965		-
S&P 500® High Dividend Low Volatility ETF		148,884,394		-		125,050,260		-
S&P 500® Low Volatility ETF		261,808,889		-		212,616,965		-
S&P 500 Minimum Variance ETF		53,897		22,380		30,598		23,242
S&P 500 Momentum ETF		931,171		-		623,934		-
S&P MidCap Low Volatility ETF		83,397,290		-		42,226,033		-
S&P SmallCap High Dividend Low Volatility ETF		1,357,406		-		927,458		-
S&P SmallCap Low Volatility ETF		61,636,699		-		43,490,857		-
S&P SmallCap Quality ETF		57,762		-		246,833		-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Post-October Capital Losses Deferrals			Shares of Beneficial Interest		Total Net Assets
Russell 1000 Enhanced Equal Weight ETF	$	29,281	$	51,047		$	(5,672,715	)	$	-		$	8,330,313	$	2,737,926
Russell 1000 Equal Weight ETF		1,416,401		7,962,305			(63,188,900	)		-			529,149,404		475,339,210
Russell 1000 Low Beta Equal Weight ETF		-		787,578			(29,051,593	)		-			38,159,818		9,895,803
S&P 500 Enhanced Value ETF		455,276		(15,599,044	)		(5,286,983	)		-			89,472,301		69,041,550
S&P 500® ex-Rate Sensitive Low Volatility ETF		-		7,248,234			(24,588,900	)		-			86,343,048		69,002,382
S&P 500® High Beta ETF		545,658		(11,268,755	)		(75,657,578	)		-			217,555,747		131,175,072
S&P 500® High Dividend Low Volatility ETF		-		(300,066,260	)		(632,819,367	)		-			3,379,624,514		2,446,738,887
S&P 500® Low Volatility ETF		-		822,938,398			(1,889,340,706	)		-			10,300,369,241		9,233,966,933
S&P 500 Minimum Variance ETF		152		351,056			-			(48,772	)		4,544,698		4,847,134
S&P 500 Momentum ETF		161,532		15,478,147			(4,736,593	)		-			62,968,968		73,872,054
S&P MidCap Low Volatility ETF		-		90,166,205			(638,139,242	)		-			2,590,675,244		2,042,702,207
S&P SmallCap High Dividend Low Volatility ETF		-		(939,520	)		(7,336,483	)		-			29,102,978		20,826,975
S&P SmallCap Low Volatility ETF		-		13,672,498			(646,725,755	)		-			2,247,158,390		1,614,105,133
S&P SmallCap Quality ETF		15,244		52,797			(2,143,201	)		-			6,118,209		4,043,049

112

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
Russell 1000 Enhanced Equal Weight ETF	$	3,377,267	$	2,295,448	$	5,672,715
Russell 1000 Equal Weight ETF		12,923,414		50,265,486		63,188,900
Russell 1000 Low Beta Equal Weight ETF		18,166,817		10,884,776		29,051,593
S&P 500 Enhanced Value ETF		3,514,684		1,772,299		5,286,983
S&P 500® ex-Rate Sensitive Low Volatility ETF		17,823,632		6,765,268		24,588,900
S&P 500® High Beta ETF		56,229,197		19,428,381		75,657,578
S&P 500® High Dividend Low Volatility ETF		328,586,450		304,232,917		632,819,367
S&P 500® Low Volatility ETF		1,482,621,950		406,718,756		1,889,340,706
S&P 500 Minimum Variance ETF		-		-		-
S&P 500 Momentum ETF		4,210,972		525,621		4,736,593
S&P MidCap Low Volatility ETF		404,341,313		233,797,929		638,139,242
S&P SmallCap High Dividend Low Volatility ETF		3,976,213		3,360,270		7,336,483
S&P SmallCap Low Volatility ETF		372,278,070		274,447,685		646,725,755
S&P SmallCap Quality ETF		1,812,819		330,382		2,143,201

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Russell 1000 Enhanced Equal Weight ETF	$	2,646,714	$	2,913,769
Russell 1000 Equal Weight ETF		142,487,898		144,161,625
Russell 1000 Low Beta Equal Weight ETF		17,405,896		17,412,211
S&P 500 Enhanced Value ETF		28,361,546		27,591,930
S&P 500® ex-Rate Sensitive Low Volatility ETF		99,514,740		99,132,251
S&P 500® High Beta ETF		138,778,342		137,150,049
S&P 500® High Dividend Low Volatility ETF		2,359,329,112		2,358,684,417
S&P 500® Low Volatility ETF		9,253,916,688		9,269,264,280
S&P 500 Minimum Variance ETF		533,944		548,641
S&P 500 Momentum ETF		55,293,716		54,813,486
S&P MidCap Low Volatility ETF		2,503,588,200		2,513,317,635
S&P SmallCap High Dividend Low Volatility ETF		18,648,611		18,158,344
S&P SmallCap Low Volatility ETF		1,945,018,637		1,938,313,609
S&P SmallCap Quality ETF		5,580,842		5,564,745

For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of		Value of
	Securities		Securities
	Received		Delivered
Russell 1000 Enhanced Equal Weight ETF	$	1,490,641	$	15,151,371
Russell 1000 Equal Weight ETF		91,602,290		173,645,532
Russell 1000 Low Beta Equal Weight ETF		10,351,361		106,005,128
S&P 500 Enhanced Value ETF		61,112,386		40,579,157
S&P 500® ex-Rate Sensitive Low Volatility ETF		73,201,588		165,167,035
S&P 500® High Beta ETF		448,344,233		416,777,319
S&P 500® High Dividend Low Volatility ETF		1,046,507,295		1,307,020,405

113

	Cost of		Value of
	Securities		Securities
	Received		Delivered
S&P 500® Low Volatility ETF	$	6,761,610,806	$	9,069,561,681
S&P 500 Minimum Variance ETF		5,795,823		3,082,269
S&P 500 Momentum ETF		51,957,817		65,582,427
S&P MidCap Low Volatility ETF		1,169,565,956		1,713,976,298
S&P SmallCap High Dividend Low Volatility ETF		15,361,248		14,279,825
S&P SmallCap Low Volatility ETF		1,145,255,359		925,478,881
S&P SmallCap Quality ETF		7,281,720		8,231,233

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
Russell 1000 Enhanced Equal Weight ETF	$	331,423	$	(280,376	)	$	51,047		$	2,739,010
Russell 1000 Equal Weight ETF		65,020,097		(57,057,792	)		7,962,305			476,321,217
Russell 1000 Low Beta Equal Weight ETF		1,278,553		(490,975	)		787,578			9,153,529
S&P 500 Enhanced Value ETF		1,713,294		(17,312,338	)		(15,599,044	)		84,340,642
S&P 500® ex-Rate Sensitive Low Volatility ETF		8,113,024		(864,790	)		7,248,234			61,757,677
S&P 500® High Beta ETF		4,987,579		(16,256,334	)		(11,268,755	)		145,996,859
S&P 500® High Dividend Low Volatility ETF		50,124,413		(350,190,673	)		(300,066,260	)		2,810,617,774
S&P 500® Low Volatility ETF		922,418,898		(99,480,500	)		822,938,398			8,400,401,192
S&P 500 Minimum Variance ETF		471,397		(120,341	)		351,056			4,489,694
S&P 500 Momentum ETF		15,720,541		(242,394	)		15,478,147			58,346,092
S&P MidCap Low Volatility ETF		177,334,514		(87,168,309	)		90,166,205			1,989,702,435
S&P SmallCap High Dividend Low Volatility ETF		1,120,904		(2,060,424	)		(939,520	)		22,491,186
S&P SmallCap Low Volatility ETF		106,559,017		(92,886,519	)		13,672,498			1,613,298,182
S&P SmallCap Quality ETF		284,439		(231,642	)		52,797			4,055,481

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions and investment in REITs, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Russell 1000 Enhanced Equal Weight ETF	$	2,122		$	1,318,978		$	(1,321,100	)
Russell 1000 Equal Weight ETF		5,052			(11,635,982	)		11,630,930
Russell 1000 Low Beta Equal Weight ETF		84,062			(3,384,766	)		3,300,704
S&P 500 Enhanced Value ETF		-			(3,398,704	)		3,398,704
S&P 500® ex-Rate Sensitive Low Volatility ETF		81,649			(11,691,936	)		11,610,287
S&P 500® High Beta ETF		-			(13,181,794	)		13,181,794
S&P 500® High Dividend Low Volatility ETF		26,834,448			9,212,278			(36,046,726	)
S&P 500® Low Volatility ETF		7,403,477			(1,011,252,426	)		1,003,848,949
S&P 500 Minimum Variance ETF		(877	)		(514,181	)		515,058
S&P 500 Momentum ETF		-			(2,375,337	)		2,375,337
S&P MidCap Low Volatility ETF		5,637,633			(68,441,381	)		62,803,748
S&P SmallCap High Dividend Low Volatility ETF		467,585			(1,066,203	)		598,618
S&P SmallCap Low Volatility ETF		6,750,803			21,001,360			(27,752,163	)
S&P SmallCap Quality ETF		661			(904,409	)		903,748

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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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

115

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco Russell 1000 Equal Weight ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P 500 Minimum Variance ETF, Invesco S&P 500 Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco S&P SmallCap Quality ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco Russell 1000 Equal Weight ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P 500 Minimum Variance ETF, Invesco S&P 500 Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco S&P SmallCap Quality ETF (fourteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets for each of the two years in the period ended August 31, 2020, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 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.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

116

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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.

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 the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	March 1, 2020			August 31, 2020			Six-Month Period			Six-Month Period(1)
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Actual		$	1,000.00		$	1,042.80		0.29	%		$	1.49
Hypothetical (5% return before expenses)			1,000.00			1,023.68		0.29				1.48
Invesco Russell 1000 Equal Weight ETF (EQAL)
Actual			1,000.00			1,123.30		0.20				1.07
Hypothetical (5% return before expenses)			1,000.00			1,024.13		0.20				1.02
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Actual			1,000.00			1,049.50		0.35				1.80
Hypothetical (5% return before expenses)			1,000.00			1,023.38		0.35				1.78
Invesco S&P 500 Enhanced Value ETF (SPVU)
Actual			1,000.00			919.70		0.13				0.63
Hypothetical (5% return before expenses)			1,000.00			1,024.48		0.13				0.66
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
Actual			1,000.00			1,069.50		0.25				1.30
Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27

117

Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	March 1, 2020			August 31, 2020			Six-Month Period			Six-Month Period(1)
Invesco S&P 500® High Beta ETF (SPHB)
Actual		$	1,000.00		$	1,100.80		0.25	%		$	1.32
Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
Actual			1,000.00			924.50		0.30				1.45
Hypothetical (5% return before expenses)			1,000.00			1,023.63		0.30				1.53
Invesco S&P 500® Low Volatility ETF (SPLV)
Actual			1,000.00			1,023.90		0.25				1.27
Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27
Invesco S&P 500 Minimum Variance ETF (SPMV)
Actual			1,000.00			1,114.30		0.10				0.53
Hypothetical (5% return before expenses)			1,000.00			1,024.63		0.10				0.51
Invesco S&P 500 Momentum ETF (SPMO)
Actual			1,000.00			1,294.40		0.13				0.75
Hypothetical (5% return before expenses)			1,000.00			1,024.48		0.13				0.66
Invesco S&P MidCap Low Volatility ETF (XMLV)
Actual			1,000.00			922.00		0.25				1.21
Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Actual			1,000.00			811.70		0.30				1.37
Hypothetical (5% return before expenses)			1,000.00			1,023.63		0.30				1.53
Invesco S&P SmallCap Low Volatility ETF (XSLV)
Actual			1,000.00			795.50		0.25				1.13
Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27
Invesco S&P SmallCap Quality ETF (XSHQ)
Actual			1,000.00			1,077.80		0.29				1.51
Hypothetical (5% return before expenses)			1,000.00			1,023.68		0.29				1.48

⁽¹⁾ Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

118

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 August 31, 2020:

	Qualified Business Income*	Qualified Dividend Income*	Dividends-Received Deduction*	Qualified Interest Income*	Long Term Capital Gains
Invesco Russell 1000 Enhanced Equal Weight ETF	8%	92%	89%	0%	$          -
Invesco Russell 1000 Equal Weight ETF	0%	90%	87%	0%	$          -
Invesco Russell 1000 Low Beta Equal Weight ETF	23%	76%	74%	0%	$          -
Invesco S&P 500 Enhanced Value ETF	0%	100%	99%	0%	$          -
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	0%	97%	90%	0%	$          -
Invesco S&P 500® High Beta ETF	1%	87%	87%	0%	$          -
Invesco S&P 500® High Dividend Low Volatility ETF	13%	67%	65%	0%	$          -
Invesco S&P 500® Low Volatility ETF	0%	82%	79%	0%	$          -
Invesco S&P 500 Minimum Variance ETF	0%	86%	82%	0%	$22,380
Invesco S&P 500 Momentum ETF	2%	95%	94%	0%	$          -
Invesco S&P MidCap Low Volatility ETF	30%	67%	66%	0%	$          -
Invesco S&P SmallCap High Dividend Low Volatility ETF	25%	30%	30%	0%	$          -
Invesco S&P SmallCap Low Volatility ETF	36%	51%	51%	1%	$          -
Invesco S&P SmallCap Quality ETF	0%	85%	93%	0%	$          -

* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.

119

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 August 31, 2020

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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

120

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
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

121

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

122

Trustees and Officers–(continued)

Name, Address and Year of Birth of 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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

123

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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of
					Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on
					Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

124

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term ofOffice andLength ofTime Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, 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.	214	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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

125

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 ofOffice andLength ofTime 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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); 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.	214	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

126

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present);formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

127

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length ofTime Served*	Principal Occupation(s) During Past 5 Years
Adam Henkel—1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length ofTime Served*	Principal Occupation(s) During Past 5 Years
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

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.

129

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of

130

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

● 0.04%: Invesco PureBeta^SM MSCI USA ETF

● 0.05%: Invesco PureBeta^SM US Aggregate Bond ETF

● 0.06%: Invesco PureBeta^SM MSCI USA Small Cap ETF

● 0.07%: Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF

● 0.08%: Invesco Treasury Collateral ETF

● 0.10%: Invesco S&P 500 Minimum Variance ETF

● 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

● 0.14%: Invesco PureBeta^SM FTSE Emerging Markets ETF

● 0.20%: Invesco Russell 1000 Equal Weight ETF

● 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF

131

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

● 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

● 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

● 0.30%: Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

● 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

● 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

● 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

● 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

● 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

● 0.55%: Invesco International BuyBack Achievers^TM ETF

● 0.60%: Invesco DWA SmallCap Momentum ETF

● 0.65%: Invesco Senior Loan ETF

● 0.70%: Invesco China Technology ETF

● 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF

● 0.80%: Invesco DWA Developed Markets Momentum ETF

● 0.90%: Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end

132

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF	X	X	X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF			X
Invesco PureBetaTM FTSE Developed ex-North America ETF			X
Invesco PureBetaTM FTSE Emerging Markets ETF	X		X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF	X	X	X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF		X	X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500® High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF		X	X

133

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco S&P 500 Revenue ETF		X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X		X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF			X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF		X	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

* The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

135

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

136

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515                                 P-TRST2-HBLV-AR- 1                                     invesco.com/ETFs

Invesco Annual Report to Shareholders
August 31, 2020
RWL	Invesco S&P 500 Revenue ETF
RWK	Invesco S&P MidCap 400 Revenue ETF
RWJ	Invesco S&P SmallCap 600 Revenue ETF
RDIV	Invesco S&P Ultra Dividend 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
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	12
Schedules of Investments
Invesco S&P 500 Revenue ETF (RWL)	13
Invesco S&P MidCap 400 Revenue ETF (RWK)	19
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	24
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	31
Statements of Assets and Liabilities	33
Statements of Operations	34
Statements of Changes in Net Assets	36
Financial Highlights	39
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	52
Fund Expenses	54
Tax Information	55
Trustees and Officers	56
Approval of Investment Advisory and Sub-Advisory Contracts	66

2

The Market Environment

Global Equity

At the start of the fiscal year, global equity markets faced volatility, hampered by US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK regarding its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

Macroeconomic and geopolitical issues mostly abated during the fourth quarter of 2019, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union.

Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter. In this environment, global equity markets, both developed and emerging, ended the fiscal year in positive territory.

3

Management’s Discussion of Fund Performance 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 includes positive revenue producing constituent securities of the S&P 500^® Index (the “Parent Index”). Unlike the Parent Index, which employs a market-capitalization weighted methodology, the Index weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. 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 August 31, 2020, on a market price basis, the Fund returned 9.26%. On a net asset value (“NAV”) basis, the Fund returned 9.09%. During the same time period, the Index returned 9.41%. 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 incurred by the Fund during the period, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline. During the same time period, the Parent Index returned 21.94%.

For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to 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 financials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Apple, Inc., an information technology company (portfolio average weight of

2.47%) and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 2.57%). Positions that detracted most significantly from the Fund’s return during the period included Exxon Mobil Corp., an energy company (portfolio average weight of 1.83%) and Boeing Co. (The), an industrials company (portfolio average weight of 0.57%).

Sector Breakdown (% of the Fund’s Net Assets)

as of August 31, 2020

Health Care	16.97
Consumer Discretionary	13.72
Financials	12.97
Consumer Staples	12.91
Industrials	11.38
Information Technology	11.25
Communication Services	8.09
Energy	6.26
Materials	3.07
Sector Types Each Less Than 3%	3.10
Money Market Funds Plus   Other Assets Less Liabilities	0.28

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
Walmart, Inc.	4.60
Apple, Inc.	2.97
Amazon.com, Inc.	2.93
Berkshire Hathaway, Inc., Class B	2.24
UnitedHealth Group, Inc.	1.97
CVS Health Corp.	1.85
McKesson Corp.	1.74
Exxon Mobil Corp.	1.53
AmerisourceBergen Corp.	1.39
Costco Wholesale Corp.	1.36
Total	22.58

* Excluding money market fund holdings.

4

Invesco S&P 500 Revenue ETF (RWL) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

																Fund Inception
Index	1 Year			3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P 500® Revenue-Weighted Index		9.41	%		8.90%		29.14%		10.21%		62.56%		13.66%		259.75%		9.01%		194.66%
S&P 500® Index		21.94			14.5   2		50.17		14.46		96.47		15.16		310.38		10.22		238.59
Fund
NAV Return		9.09			8.52		27.79		9.80		59.63		13.16		244.22		8.51		178.15
Market Price Return		9.26			8.56		27.95		9.83		59.78		13.18  5		244.99		8.52		178.65

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 the 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 recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes 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.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

5

Management’s Discussion of Fund Performance Invesco S&P MidCap 400 Revenue ETF (RWK)

As an index fund, the Invesco S&P 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 includes positive revenue producing constituent securities of the S&P MidCap 400® Index (the “Parent Index”), an index comprised of common stocks of 400 mid-cap companies that generally represents the mid-cap universe of the U.S. equity market. Unlike the Parent Index, which employs a market-capitalization weighted methodology, the Index weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. 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 August 31, 2020, on a market price basis, the Fund returned 2.03%. On a net asset value (“NAV”) basis, the Fund returned 1.89%. During the same time period, the Index returned 2.16%. 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 incurred by the Fund during the period, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline. During the same time period, the Parent Index returned 4.22%.

For the fiscal year ended August 31, 2020, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the information technology and health care sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the financials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Tech Data Corp., an information technology company (no longer held at fiscal year-end) and BJ’s Wholesale Club Holdings, Inc., a consumer staples company (portfolio average weight of 0.83%). Positions that detracted most significantly from the Fund’s return during the period included PBF Energy, Inc., Class A, an energy company (portfolio average weight of 1.42%) and World Fuel Services Corp., an energy company (portfolio average weight of 2.39%).

Sector Breakdown (% of the Fund’s Net Assets)

as of August 31, 2020

Industrials	20.85
Consumer Discretionary	20.73
Information Technology	13.86
Financials	11.39
Materials	8.51
Health Care	7.14
Consumer Staples	5.76
Energy	4.72
Real Estate	3.12
Sector Types Each Less Than 3%	3.77
Money Market Funds Plus Other Assets Less Liabilities	0.15

Top Ten Fund Holdings* (%of the Fund’s Net Assets)

as of August 31, 2020

Security
World Fuel Services Corp.	2.44
Arrow Electronics, Inc.	2.16
AutoNation, Inc.	1.96
SYNNEX Corp.	1.96
Jabil, Inc.	1.89
Tenet Healthcare Corp.	1.70
ManpowerGroup, Inc.	1.41
Lear Corp.	1.28
XPO Logistics, Inc.	1.25
Molina Healthcare, Inc.	1.22
Total	17.27

* Excluding money market fund holdings.

6

Invesco S&P MidCap 400 Revenue ETF (RWK) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

																Fund Inception
Index	1 Year			3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P MidCap 400® Revenue-Weighted Index		2.16	%		2.14%		6.56%		5.44%		30.34%		11.37%		193.53%		8.55%		179.43%
S&P MidCap 400® Index		4.22			5.38		17.02		8.11		47.71		12.05		212.06		8.90		190.80
Fund
NAV Return		1.89			1.83		5.59		5.03		27.84		10.78		178.32		7.93		160.03
Market Price Return		2.03			1.86		5.70		5.06		27.97		10.78		178.33		7.94		160.30

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 the 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 recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes 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.

- Effective June 26, 2020, the Fund changed its designated broad- based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

7

Management’s Discussion of Fund Performance 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 includes positive revenue producing constituent securities of the S&P SmallCap 600^® Index (the “Parent Index”), an index comprised of common stocks of 600 small-cap companies that generally represents the small-cap universe of the U.S. equity market. Unlike the Parent Index, which employs a market- capitalization weighted methodology, the Index weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. 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 August 31, 2020, on a market price basis, the Fund returned 9.70%. On a net asset value (“NAV”) basis, the Fund returned 9.63%. During the same time period, the Index returned 9.42%. 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 the Fund holding cash to pay distributions in March, which coincided with the overall market decline. During the same time period, the Parent Index returned (0.55)%.

For the fiscal year ended August 31, 2020, the consumer staples sector contributed most significantly to 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 financials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included United Natural Foods, Inc., a consumer staples company (portfolio average weight of 3.64%) and Owens & Minor, Inc., a health care company (portfolio average weight of 1.63%). Positions that detracted most significantly from the Fund’s return during the period included McDermott International, Inc., an energy company (no longer held at fiscal year-end) and J. C. Penney Co., Inc., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets)

as of August 31, 2020

Consumer Discretionary	29.75
Industrials	20.12
Health Care	10.50
Information Technology	9.47
Consumer Staples	8.41
Materials	6.34
Financials	6.13
Energy	4.68
Sector Types Each Less Than 3%	4.51
Money Market Funds Plus Other Assets Less Liabilities	0.09

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
United Natural Foods, Inc.	2.86
Macy’s, Inc.	2.41
Core-Mark Holding Co., Inc.	2.19
Community Health Systems, Inc.	2.18
Owens & Minor, Inc.	2.08
Bed Bath & Beyond, Inc.	1.67
Group 1 Automotive, Inc.	1.56
Sonic Automotive, Inc., Class A	1.52
Andersons, Inc. (The)	1.03
Asbury Automotive Group, Inc.	0.99
Total	18.49

* Excluding money market fund holdings.

8

Invesco S&P SmallCap 600 Revenue ETF (RWJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2020

																Fund Inception
Index	1 Year			3 Years Average Annualized		3 Years Cumulative		5 Years Average Annualized		5 Years Cumulative		10 Years Average Annualized		10 Years Cumulative		Average Annualized		Cumulative
S&P SmallCap 600® Revenue-Weighted Index		9.42	%		1.61%		4.91%		4.77%		26.25%		11.38%		193.89%		9.23%		202.27%
S&P SmallCap 600® Index		(0.55	)		3.82		11.90		7.47		43.35		12.31		219.24		8.78		187.04
Fund
NAV Return		9.63			1.56		4.77		4.52		24.73		10.90		181.43		8.62		181.64
Market Price Return		9.70			1.59		4.84		4.53		24.77		10.91		181.75		8.62		181.75

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 the 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 recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes 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.

- Effective June 26, 2020, the Fund changed its designated broad- based securities market benchmark index from the Parent Index to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

9

Management’s Discussion of Fund Performance 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 includes positive revenue producing constituent securities of the S&P 900^® Index (the “Parent Index” or “Benchmark Index”), an index that combines the S&P 500^® Index and S&P MidCap^® 400 Index to form an investable benchmark for the large- and mid-cap universe of the U.S. equity market. From a universe of components of the Parent Index, the Index (1) excludes the top 5% of securities by dividend yield, (2) excludes the top 5% of securities within each sector by dividend payout ratio and (3) then includes the top 60 securities by dividend yield. Unlike the Parent Index, which employs a market-capitalization weighted methodology, the Index weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. 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 August 31, 2020, on a market price basis, the Fund returned (16.17)%. On a net asset value (“NAV”) basis, the Fund returned (16.26)%. During the same time period, the Index returned (16.36)%. 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 that was offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline.

During this same time period, the Benchmark Index returned 20.79%. 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 marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large- and mid-cap 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 and materials sectors and most underweight in the information technology and industrials sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the

period can be attributed to the Fund being overweight and security selection in the consumer discretionary and energy sectors.

For the fiscal year ended August 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the materials and information technology sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the energy and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included AbbVie, Inc., a health care company (no longer held at fiscal year-end) and Halliburton Co., an energy company (portfolio average weight of 1.22%). Positions that detracted most significantly from the Fund’s return during the period included PBF Energy, Inc., Class A, an energy company (no longer held at fiscal year-end) and Kohl’s Corp., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020

Financials	28.80
Energy	26.90
Materials	17.74
Information Technology	8.07
Consumer Staples	4.20
Real Estate	3.04
Sector Types Each Less Than 3%	10.46
Other Assets Less Liabilities	0.79

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2020

Security
Dow, Inc.	5.31
Prudential Financial, Inc.	5.24
MetLife, Inc.	5.05
International Business Machines Corp.	4.92
LyondellBasell Industries N.V., Class A	4.80
Chevron Corp.	4.68
Wells Fargo & Co.	4.62
Marathon Petroleum Corp.	4.60
Valero Energy Corp.	4.56
Phillips 66	4.51
Total	48.29

* Excluding money market fund holdings.

10

Invesco S&P Ultra Dividend Revenue ETF (RDIV) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2020

							Fund Inception
Index	1 Year		3 Years Average Annualized	3 Years Cumulative	5 Years Average Annualized	5 Years Cumulative		Average Annualized	Cumulative
S&P 900® Dividend Revenue-Weighted Index	(16.36	)%	(0.72)%	(2.15)%	4.82%	26.52%		6.58%	55.35%
S&P 900® Index	20.79		13.92	47.86	14.04	92.92		13.12	134.60
Fund
NAV Return	(16.26	)	(0.94)	(2.80)	4.32	23.54		6.01	49.76
Market Price Return	(16.17	)	(0.87)	(2.58)	4.34	23.67		6.04	50.02

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 the 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 recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- 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.

11

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

12

Invesco S&P 500 Revenue ETF (RWL)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.72%
Communication Services-8.09%
Activision Blizzard, Inc.		5,090	$	425,117
Alphabet, Inc., Class A(b)		3,353		5,463,814
Alphabet, Inc., Class C(b)		3,348		5,471,235
AT&T, Inc.		334,825		9,981,133
CenturyLink, Inc.		123,898		1,331,903
Charter Communications, Inc., Class A(b)		5,038		3,101,443
Comcast Corp., Class A		157,134		7,041,175
Discovery, Inc., Class A(b)(c)		14,294		315,397
Discovery, Inc., Class C(b)		16,014		319,800
DISH Network Corp., Class A(b)		22,305		792,274
Electronic Arts, Inc.(b)		2,564		357,601
Facebook, Inc., Class A(b)		18,253		5,351,780
Fox Corp., Class A		12,448		346,801
Fox Corp., Class B		12,601		350,308
Interpublic Group of Cos., Inc. (The)		33,603		596,789
Live Nation Entertainment, Inc.(b)		12,939		734,935
Netflix, Inc.(b)		2,931		1,552,140
News Corp., Class A		23,150		350,028
News Corp., Class B		23,090		347,966
Omnicom Group, Inc		15,375		831,634
Take-Two Interactive Software, Inc.(b)		1,310		224,259
T-Mobile US, Inc.(b)		25,021		2,919,450
Twitter, Inc.(b)		5,920		240,234
Verizon Communications, Inc.		132,539		7,855,586
ViacomCBS, Inc., Class B		68,063		1,895,555
Walt Disney Co. (The)		38,635		5,094,797
				63,293,154
Consumer Discretionary-13.72%
Advance Auto Parts, Inc.		3,958		618,675
Amazon.com, Inc.(b)		6,631		22,883,316
Aptiv PLC		10,518		905,810
AutoZone, Inc.(b)		627		750,086
Best Buy Co., Inc.		31,466		3,489,894
Booking Holdings, Inc.(b)		507		968,598
BorgWarner, Inc.		16,739		679,436
CarMax, Inc.(b)		12,830		1,371,912
Carnival Corp.		59,548		981,351
Chipotle Mexican Grill, Inc.(b)		336		440,254
D.R. Horton, Inc.		19,428		1,386,576
Darden Restaurants, Inc.		6,559		568,469
Dollar General Corp.		9,143		1,845,789
Dollar Tree, Inc.(b)		15,593		1,501,138
Domino’s Pizza, Inc.		553		226,155
eBay, Inc.		12,495		684,476
Expedia Group, Inc.		8,032		788,341
Ford Motor Co.		1,322,956		9,022,560
Gap, Inc. (The)		88,311		1,535,728
Garmin Ltd.		2,383		246,903
General Motors Co.		275,582		8,165,495
Genuine Parts Co.		12,754		1,204,488
H&R Block, Inc.		10,056		145,812
Hanesbrands, Inc.		32,457		496,268
Hasbro, Inc.		3,891		307,156
Hilton Worldwide Holdings, Inc.		6,743		609,297
Home Depot, Inc. (The)		26,456		7,541,018
Kohl’s Corp.		44,811		957,163

	Shares		Value
Consumer Discretionary-(continued)
L Brands, Inc.		43,347	$	1,274,402
Las Vegas Sands Corp.		13,530		686,106
Leggett & Platt, Inc.		8,042		329,722
Lennar Corp., Class A		21,952		1,642,449
LKQ Corp.(b)		27,230		864,280
Lowe’s Cos., Inc.		33,710		5,551,700
Marriott International, Inc., Class A		12,709		1,307,883
McDonald’s Corp.		6,259		1,336,422
MGM Resorts International(c)		35,493		798,592
Mohawk Industries, Inc.(b)		5,706		526,835
Newell Brands, Inc.		33,705		538,606
NIKE, Inc., Class B		24,345		2,723,962
Norwegian Cruise Line Holdings Ltd.(b)(c)		17,474		298,980
NVR, Inc.(b)		130		541,884
O’Reilly Automotive, Inc.(b)		1,430		665,851
PulteGroup, Inc.		17,622		785,765
PVH Corp.		11,347		632,709
Ralph Lauren Corp.		4,680		322,124
Ross Stores, Inc.		8,653		788,115
Royal Caribbean Cruises Ltd.		9,791		674,012
Starbucks Corp.		19,828		1,674,871
Tapestry, Inc.		22,601		332,913
Target Corp.		39,256		5,935,900
Tiffany & Co.		2,109		258,353
TJX Cos., Inc. (The)		39,912		2,186,778
Tractor Supply Co.		4,080		607,226
Ulta Beauty, Inc.(b)		1,712		397,492
Under Armour, Inc., Class A(b)(c)		14,573		142,961
Under Armour, Inc., Class C(b)		16,286		144,131
VF Corp.		10,462		687,877
Whirlpool Corp.		9,301		1,652,974
Wynn Resorts Ltd.		3,640		318,318
Yum! Brands, Inc.		3,486		334,133
				107,286,490
Consumer Staples-12.91%
Altria Group, Inc.		29,698		1,298,991
Archer-Daniels-Midland Co.		93,636		4,191,147
Brown-Forman Corp., Class B		2,955		216,217
Campbell Soup Co.		10,111		531,940
Church & Dwight Co., Inc.		3,494		334,830
Clorox Co. (The)		1,773		396,265
Coca-Cola Co. (The)		46,292		2,292,843
Colgate-Palmolive Co.		12,418		984,251
Conagra Brands, Inc.		18,196		697,999
Constellation Brands, Inc., Class A		2,784		513,592
Costco Wholesale Corp.		30,698		10,672,467
Coty, Inc., Class A		92,525		331,240
Estee Lauder Cos., Inc. (The), Class A		4,592		1,018,138
General Mills, Inc.		15,841		1,013,032
Hershey Co. (The)		3,522		523,510
Hormel Foods Corp.		11,703		596,619
JM Smucker Co. (The)		4,234		508,842
Kellogg Co.		12,033		853,260
Kimberly-Clark Corp.		7,882		1,243,464
Kraft Heinz Co. (The)		44,975		1,575,924
Kroger Co. (The)		216,139		7,711,840
Lamb Weston Holdings, Inc.		3,454		217,084

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2020

	Shares		Value
Consumer Staples-(continued)
McCormick & Co., Inc.		1,831	$	377,552
Molson Coors Beverage Co., Class B		15,496		583,269
Mondelez International, Inc., Class A		29,160		1,703,527
Monster Beverage Corp.(b)		3,603		302,148
PepsiCo, Inc.		28,762		4,028,406
Philip Morris International, Inc.		24,359		1,943,605
Procter & Gamble Co. (The)		34,872		4,823,844
Sysco Corp.		62,303		3,746,902
Tyson Foods, Inc., Class A		39,743		2,495,860
Walgreens Boots Alliance, Inc.		191,033		7,263,075
Walmart, Inc.		258,944		35,954,374
				100,946,057
Energy-6.26%
Apache Corp.		24,776		366,685
Baker Hughes Co., Class A		84,287		1,203,618
Cabot Oil & Gas Corp.		4,877		92,517
Chevron Corp.		83,319		6,992,964
Concho Resources, Inc.		4,321		224,606
ConocoPhillips		38,204		1,447,550
Devon Energy Corp.		28,726		312,252
Diamondback Energy, Inc.		4,839		188,527
EOG Resources, Inc		18,384		833,531
Exxon Mobil Corp.		299,534		11,963,388
Halliburton Co.		96,503		1,561,418
Hess Corp.		7,278		335,079
HollyFrontier Corp.		30,751		734,026
Kinder Morgan, Inc.		46,736		645,891
Marathon Oil Corp.		42,197		222,800
Marathon Petroleum Corp.		187,235		6,639,353
National Oilwell Varco, Inc.		37,466		449,592
Noble Energy, Inc.		24,367		242,452
Occidental Petroleum Corp.		68,218		869,097
ONEOK, Inc.		15,741		432,563
Phillips 66		77,460		4,529,086
Pioneer Natural Resources Co.		5,456		567,042
Schlumberger Ltd.		97,162		1,847,050
TechnipFMC PLC (United Kingdom)		97,644		751,859
Valero Energy Corp.		94,930		4,992,369
Williams Cos., Inc. (The)		25,119		521,470
				48,966,785
Financials-12.97%
Aflac, Inc.		34,467		1,251,841
Allstate Corp. (The)		25,885		2,407,305
American Express Co.		26,141		2,655,664
American International Group, Inc.		83,154		2,423,108
Ameriprise Financial, Inc.		5,531		867,261
Aon PLC, Class A		3,463		692,565
Arthur J. Gallagher & Co.		4,117		433,520
Assurant, Inc.		5,423		659,220
Bank of America Corp.		272,911		7,024,729
Bank of New York Mellon Corp. (The)		30,625		1,132,513
Berkshire Hathaway, Inc., Class B(b)		80,232		17,493,785
BlackRock, Inc.		1,629		967,936
Capital One Financial Corp.		25,011		1,726,509
Cboe Global Markets, Inc.		1,601		146,956
Charles Schwab Corp. (The)		17,868		634,850
Chubb Ltd.		15,364		1,920,500
Cincinnati Financial Corp.		6,301		500,362
Citigroup, Inc.		114,020		5,828,702

	Shares		Value
Financials-(continued)
Citizens Financial Group, Inc.		16,497	$	426,777
CME Group, Inc., Class A		1,695		298,100
Comerica, Inc.		5,276		208,560
Discover Financial Services		15,081		800,500
E*TRADE Financial Corp.		3,667		198,385
Everest Re Group Ltd.		2,191		482,195
Fifth Third Bancorp		23,789		491,481
First Republic Bank		2,289		258,451
Franklin Resources, Inc.		14,450		304,317
Globe Life, Inc.		3,400		280,432
Goldman Sachs Group, Inc. (The)		14,781		3,028,183
Hartford Financial Services Group, Inc. (The)		29,129		1,178,268
Huntington Bancshares, Inc.		30,375		285,829
Intercontinental Exchange, Inc.		4,041		429,275
Invesco Ltd.(d)		35,610		363,222
JPMorgan Chase & Co.		78,289		7,843,775
KeyCorp		32,989		406,425
Lincoln National Corp.		24,650		888,633
Loews Corp.		24,731		886,854
M&T Bank Corp.		3,534		364,921
MarketAxess Holdings, Inc.		82		39,847
Marsh & McLennan Cos., Inc.		9,403		1,080,499
MetLife, Inc.		102,544		3,943,842
Moody’s Corp.		1,061		312,613
Morgan Stanley		63,850		3,336,801
MSCI, Inc.		297		110,861
Nasdaq, Inc.		2,266		304,596
Northern Trust Corp.		4,680		383,245
People’s United Financial, Inc.		11,020		116,592
PNC Financial Services Group, Inc. (The)		10,890		1,210,968
Principal Financial Group, Inc.		23,175		975,899
Progressive Corp. (The)		28,973		2,753,594
Prudential Financial, Inc.		57,083		3,868,515
Raymond James Financial, Inc.		6,542		495,360
Regions Financial Corp.		30,742		355,378
S&P Global, Inc.		1,250		458,025
State Street Corp.		11,079		754,369
SVB Financial Group(b)		975		248,996
Synchrony Financial		36,466		904,721
T. Rowe Price Group, Inc.		2,702		376,145
Travelers Cos., Inc. (The)		15,961		1,852,114
Truist Financial Corp.		32,363		1,256,008
U.S. Bancorp		38,802		1,412,393
Unum Group		39,613		732,048
W.R. Berkley Corp.		7,891		489,637
Wells Fargo & Co.		195,336		4,717,364
Willis Towers Watson PLC		2,796		574,662
Zions Bancorporation N.A.		5,201		167,264
				101,424,265
Health Care-16.97%
Abbott Laboratories		20,502		2,244,354
AbbVie, Inc.		20,937		2,005,137
ABIOMED, Inc.(b)		197		60,601
Agilent Technologies, Inc.		3,472		348,658
Alexion Pharmaceuticals, Inc.(b)		2,731		311,935
Align Technology, Inc.(b)		544		161,557
AmerisourceBergen Corp.		111,794		10,847,372
Amgen, Inc.		6,219		1,575,397
Anthem, Inc.		23,454		6,602,770

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2020

	Shares		Value
Health Care-(continued)
Baxter International, Inc.		7,802	$	679,320
Becton, Dickinson and Co.		4,286		1,040,512
Biogen, Inc.(b)		2,603		748,727
Bio-Rad Laboratories, Inc., Class A(b)		295		150,034
Boston Scientific Corp.(b)		17,335		711,082
Bristol-Myers Squibb Co.		31,363		1,950,779
Cardinal Health, Inc.		165,540		8,402,810
Centene Corp.(b)		76,060		4,663,999
Cerner Corp.		4,850		355,845
Cigna Corp.		46,290		8,210,457
Cooper Cos., Inc. (The)		526		165,364
CVS Health Corp.		232,573		14,447,435
Danaher Corp.		6,555		1,353,411
DaVita, Inc.(b)		8,342		723,752
DENTSPLY SIRONA, Inc.		5,182		232,516
DexCom, Inc.(b)		245		104,225
Edwards Lifesciences Corp.(b)		3,749		321,814
Eli Lilly and Co.		9,152		1,358,065
Gilead Sciences, Inc.		17,533		1,170,328
HCA Healthcare, Inc.		29,200		3,963,024
Henry Schein, Inc.(b)		10,088		670,247
Hologic, Inc.(b)		3,776		225,503
Humana, Inc.		10,176		4,224,770
IDEXX Laboratories, Inc.(b)		474		185,362
Illumina, Inc.(b)		596		212,903
Incyte Corp.(b)		1,376		132,578
Intuitive Surgical, Inc.(b)		467		341,302
IQVIA Holdings, Inc.(b)		4,570		748,338
Johnson & Johnson		33,365		5,118,525
Laboratory Corp. of America Holdings(b)		3,925		689,819
McKesson Corp.		88,786		13,623,324
Medtronic PLC		17,624		1,894,051
Merck & Co., Inc.		35,598		3,035,442
Mettler-Toledo International, Inc.(b)		221		214,542
Mylan N.V.(b)		41,437		678,738
PerkinElmer, Inc.		1,705		200,713
Perrigo Co. PLC		5,521		288,748
Pfizer, Inc.		85,279		3,222,693
Quest Diagnostics, Inc.		3,934		437,618
Regeneron Pharmaceuticals, Inc.(b)		781		484,165
ResMed, Inc.		1,021		184,576
STERIS PLC		1,151		183,746
Stryker Corp.		4,525		896,674
Teleflex, Inc.		421		165,432
Thermo Fisher Scientific, Inc.		4,291		1,840,753
UnitedHealth Group, Inc.		49,199		15,377,147
Universal Health Services, Inc., Class B		6,779		748,063
Varian Medical Systems, Inc.(b)		1,639		284,645
Vertex Pharmaceuticals, Inc.(b)		1,028		286,935
Waters Corp.(b)		721		155,923
West Pharmaceutical Services, Inc.		535		151,919
Zimmer Biomet Holdings, Inc.		3,535		498,011
Zoetis, Inc.		2,689		430,509
				132,744,994
Industrials-11.38%
3M Co.		11,865		1,934,232
A.O. Smith Corp.		3,486		170,710
Alaska Air Group, Inc.		12,614		491,315
Allegion PLC		1,593		164,700

	Shares		Value
Industrials-(continued)
American Airlines Group, Inc.(c)		148,309	$	1,935,433
AMETEK, Inc.		3,301		332,411
Boeing Co. (The)		21,387		3,674,714
C.H. Robinson Worldwide, Inc.		11,230		1,103,909
Carrier Global Corp.		41,020		1,224,447
Caterpillar, Inc.		23,508		3,345,424
Cintas Corp.		1,558		519,188
Copart, Inc.(b)		1,489		153,844
CSX Corp.		9,621		735,622
Cummins, Inc.		7,685		1,592,716
Deere & Co.		13,510		2,837,911
Delta Air Lines, Inc.		84,252		2,599,174
Dover Corp.		4,156		456,495
Eaton Corp. PLC		13,806		1,409,593
Emerson Electric Co.		16,639		1,155,911
Equifax, Inc.		1,229		206,804
Expeditors International of Washington, Inc.		6,223		550,051
Fastenal Co.		7,651		373,828
FedEx Corp.		30,080		6,612,787
Flowserve Corp.		8,012		237,796
Fortive Corp.		6,641		478,883
Fortune Brands Home & Security, Inc.		5,682		477,743
General Dynamics Corp.		14,789		2,208,737
General Electric Co.		789,943		5,008,239
Honeywell International, Inc.		14,266		2,361,736
Howmet Aerospace, Inc.		56,245		985,412
Huntington Ingalls Industries, Inc.		2,831		428,953
IDEX Corp.		919		165,631
IHS Markit Ltd.		3,628		289,950
Illinois Tool Works, Inc.		4,765		941,326
Ingersoll Rand, Inc.(b)		4,840		169,690
J.B. Hunt Transport Services, Inc.		4,669		656,181
Jacobs Engineering Group, Inc.		9,380		846,733
Johnson Controls International PLC		39,161		1,595,028
Kansas City Southern		1,129		205,523
L3Harris Technologies, Inc.		6,301		1,138,843
Lockheed Martin Corp.		9,093		3,548,634
Masco Corp.		9,248		539,158
Nielsen Holdings PLC		24,403		372,878
Norfolk Southern Corp.		3,532		750,656
Northrop Grumman Corp.		6,129		2,099,857
Old Dominion Freight Line, Inc.		1,487		300,642
Otis Worldwide Corp.		12,028		756,561
PACCAR, Inc.		18,867		1,619,543
Parker-Hannifin Corp.		4,483		923,543
Pentair PLC		4,513		203,717
Quanta Services, Inc.		18,508		948,535
Raytheon Technologies Corp.		67,575		4,122,075
Republic Services, Inc.		7,217		669,160
Robert Half International, Inc.		6,772		360,270
Rockwell Automation, Inc.		1,862		429,247
Rollins, Inc.		2,853		157,314
Roper Technologies, Inc.		801		342,179
Snap-on, Inc.		1,683		249,538
Southwest Airlines Co.		34,071		1,280,388
Stanley Black & Decker, Inc.(b)		6,171		995,382
Teledyne Technologies, Inc.		545		170,918
Textron, Inc.		22,124		872,349
Trane Technologies PLC		9,847		1,165,786
TransDigm Group, Inc.		775		387,244

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2020

	Shares		Value
Industrials-(continued)
Union Pacific Corp.		7,371	$	1,418,475
United Airlines Holdings, Inc.(b)		59,663		2,147,868
United Parcel Service, Inc., Class B		42,230		6,909,673
United Rentals, Inc.(b)		3,706		656,147
Verisk Analytics, Inc.		946		176,590
W.W. Grainger, Inc.		2,186		798,830
Wabtec Corp.		7,964		530,004
Waste Management, Inc.		8,471		965,694
Xylem, Inc.		4,555		365,220
				89,011,698
Information Technology-11.25%
Accenture PLC, Class A		12,589		3,020,479
Adobe, Inc.(b)		1,640		841,960
Advanced Micro Devices, Inc.(b)		7,703		699,586
Akamai Technologies, Inc.(b)		1,675		195,020
Amphenol Corp., Class A		4,862		533,848
Analog Devices, Inc.		2,668		311,836
ANSYS, Inc.(b)		325		110,178
Apple, Inc.		180,056		23,234,426
Applied Materials, Inc.		15,500		954,800
Arista Networks, Inc.(b)		597		133,400
Autodesk, Inc.(b)		871		214,005
Automatic Data Processing, Inc.		5,687		791,005
Broadcom, Inc.		4,293		1,490,315
Broadridge Financial Solutions, Inc.		2,026		278,372
Cadence Design Systems, Inc.(b)		1,528		169,470
CDW Corp.		9,194		1,044,898
Cisco Systems, Inc.		63,756		2,691,778
Citrix Systems, Inc.		1,277		185,420
Cognizant Technology Solutions Corp. Class A .,		17,518		1,171,253
Corning, Inc.		23,377		758,817
DXC Technology Co.		68,362		1,365,873
F5 Networks, Inc.(b)		935		123,729
Fidelity National Information Services, Inc.		4,705		709,749
Fiserv, Inc.(b)		7,052		702,238
FleetCor Technologies, Inc.(b)		590		148,356
FLIR Systems, Inc.		2,608		96,235
Fortinet, Inc.(b)		986		130,157
Gartner, Inc.(b)		2,056		266,910
Global Payments, Inc.		1,887		333,282
Hewlett Packard Enterprise Co.		152,295		1,472,693
HP, Inc.		198,229		3,875,377
Intel Corp.		72,538		3,695,811
International Business Machines Corp.		35,985		4,437,310
Intuit, Inc.		1,388		479,401
IPG Photonics Corp.(b)		453		73,264
Jack Henry & Associates, Inc.		559		92,470
Juniper Networks, Inc.		10,563		264,075
Keysight Technologies, Inc.(b)		2,497		246,004
KLA Corp.		1,730		354,892
Lam Research Corp.		1,926		647,791
Leidos Holdings, Inc.		6,563		593,886
Mastercard, Inc., Class A		3,246		1,162,685
Maxim Integrated Products, Inc.		2,195		150,226
Microchip Technology, Inc.		3,008		329,978
Micron Technology, Inc.(b)		22,879		1,041,223
Microsoft Corp.		42,082		9,490,753
Motorola Solutions, Inc.		3,188		493,343

	Shares		Value
Information Technology-(continued)
NetApp, Inc.		7,241	$	343,151
NortonLifeLock, Inc.		8,835		207,799
NVIDIA Corp.		1,890		1,011,112
Oracle Corp.		43,564		2,492,732
Paychex, Inc.		3,164		241,951
Paycom Software, Inc.(b)		145		43,422
PayPal Holdings, Inc.(b)		6,613		1,349,978
Qorvo, Inc.(b)		1,694		217,289
QUALCOMM, Inc.		16,502		1,965,388
salesforce.com, inc.(b)		5,929		1,616,542
Seagate Technology PLC		11,632		558,220
ServiceNow, Inc.(b)		562		270,895
Skyworks Solutions, Inc.		1,459		211,336
Synopsys, Inc.(b)		1,082		239,447
TE Connectivity Ltd.		9,435		911,421
Texas Instruments, Inc.		6,471		919,853
Tyler Technologies, Inc.(b)		184		63,537
VeriSign, Inc.(b)		355		76,254
Visa, Inc., Class A		7,074		1,499,617
Western Digital Corp.		21,275		817,386
Western Union Co. (The)		12,945		305,373
Xerox Holdings Corp.		29,283		552,277
Xilinx, Inc.		1,981		206,341
Zebra Technologies Corp., Class A(b)		975		279,367
				88,009,265
Materials-3.07%
Air Products and Chemicals, Inc.		2,182		637,711
Albemarle Corp.		2,570		233,896
Amcor PLC		67,390		745,333
Avery Dennison Corp.		3,529		407,211
Ball Corp.		9,527		765,685
Celanese Corp.		3,896		394,080
CF Industries Holdings, Inc.		8,811		287,503
Corteva, Inc.		29,718		848,449
Dow, Inc.		57,534		2,595,934
DuPont de Nemours, Inc.		23,745		1,324,021
Eastman Chemical Co.		7,431		543,280
Ecolab, Inc.		4,171		822,021
FMC Corp.		2,729		291,621
Freeport-McMoRan, Inc.		74,331		1,160,307
International Flavors & Fragrances, Inc.(c)		2,326		287,936
International Paper Co.		35,931		1,303,217
Linde PLC (United Kingdom)		7,885		1,969,200
LyondellBasell Industries N.V., Class A		28,550		1,869,454
Martin Marietta Materials, Inc.		1,372		278,338
Mosaic Co. (The)		37,668		686,688
Newmont Corp.		10,791		726,018
Nucor Corp.		30,499		1,386,484
Packaging Corp. of America		3,986		403,543
PPG Industries, Inc.		8,329		1,002,812
Sealed Air Corp.		9,016		354,329
Sherwin-Williams Co. (The)		1,881		1,262,245
Vulcan Materials Co.		2,525		303,000
Westrock Co.		36,681		1,112,535
				24,002,851
Real Estate-0.86%
Alexandria Real Estate Equities, Inc.		576		96,987
American Tower Corp.		1,716		427,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2020

	Shares		Value
Real Estate-(continued)
Apartment Investment & Management Co., Class A		1,308	$	47,127
AvalonBay Communities, Inc.		817		129,135
Boston Properties, Inc.		1,758		152,718
CBRE Group, Inc., Class A(b)		29,436		1,384,375
Crown Castle International Corp.		2,038		332,704
Digital Realty Trust, Inc.		1,342		208,882
Duke Realty Corp.		1,510		58,211
Equinix, Inc.		476		375,935
Equity Residential		2,411		136,101
Essex Property Trust, Inc.		345		74,696
Extra Space Storage, Inc.		785		83,642
Federal Realty Investment Trust		588		46,593
Healthpeak Properties, Inc.		4,437		122,639
Host Hotels & Resorts, Inc.		23,062		258,986
Iron Mountain, Inc.(c)		8,736		262,866
Kimco Realty Corp.		4,763		57,108
Mid-America Apartment Communities, Inc.		791		92,642
Prologis, Inc.		2,126		216,554
Public Storage		831		176,504
Realty Income Corp.		1,475		91,494
Regency Centers Corp.		1,297		51,504
SBA Communications Corp., Class A		392		119,980
Simon Property Group, Inc.		4,224		286,598
SL Green Realty Corp.		1,416		66,212
UDR, Inc.		1,759		61,231
Ventas, Inc.		5,684		234,238
Vornado Realty Trust		7,187		257,510
Welltower, Inc.		5,252		302,095
Weyerhaeuser Co.		17,334		525,394
				6,738,202
Utilities-2.24%
AES Corp. (The)		44,294		786,218
Alliant Energy Corp.		4,185		226,618
Ameren Corp.		4,589		363,036
American Electric Power Co., Inc.		10,584		834,337
American Water Works Co., Inc.		1,634		230,950
Atmos Energy Corp.		1,573		157,017
CenterPoint Energy, Inc.		33,843		679,229
CMS Energy Corp.		6,483		392,157
Consolidated Edison, Inc.		9,250		659,895
Dominion Energy, Inc.		11,698		917,591
DTE Energy Co.		6,510		772,542
Duke Energy Corp.		16,287		1,308,498
Edison International		12,150		637,632

	Shares		Value
Utilities-(continued)
Entergy Corp.		6,217	$	616,353
Evergy, Inc.		4,774		254,072
Eversource Energy		5,723		490,518
Exelon Corp.		48,413		1,786,924
FirstEnergy Corp.		15,261		436,312
NextEra Energy, Inc.		3,955		1,104,117
NiSource, Inc.		12,078		267,648
NRG Energy, Inc.		16,143		555,481
Pinnacle West Capital Corp.		2,550		187,043
PPL Corp.		16,572		457,884
Public Service Enterprise Group, Inc.		10,516		549,356
Sempra Energy		4,986		616,519
Southern Co. (The)		21,002		1,095,884
WEC Energy Group, Inc.		4,565		429,475
Xcel Energy, Inc.		10,005		695,097
				17,508,403
Total Common Stocks & Other Equity Interests (Cost $731,276,500)				779,932,164
Money Market Funds-0.04%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $319,347)		319,347		319,347
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $731,595,847)				780,251,511
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.41%
Invesco Private Government Fund, 0.03%(d)(e)(f)		2,397,010		2,397,010
Invesco Private Prime Fund, 0.14%(d)(e)(f)		798,864		799,024
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,196,034)				3,196,034
TOTAL INVESTMENTS IN SECURITIES-100.17% (Cost $734,791,881)				783,447,545
OTHER ASSETS LESS LIABILITIES-(0.17)%				(1,364,711	)
NET ASSETS-100.00%			$	782,082,834

See accompanying Notes to Financial Statements which are an integralpart of the financial statements.

17

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2020

Notes to Schedule of Investments:

(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) Non-income producing security.

(c) All or a portion of this security was out on loan at August 31, 2020.

(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2020		Dividend Income
Invesco Ltd.	$	293,747		$	298,438	$	(68,332	)	$	(133,255	)	$	(27,376	)	$	363,222	$	23,845
Investments in Affiliated Money Market Funds:
Invesco Premier
U.S. Government Money Portfolio, Institutional Class		-	��		25,266,436		(24,947,089	)		-			-			319,347		5,693
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		2,475,627			51,778,205		(54,253,832	)		-			-			-		30,326	*
Invesco Liquid Assets Portfolio, Institutional Class		825,209			15,424,722		(16,246,331	)		-			(3,600	)		-		11,668	*
Invesco Private Government Fund		-			17,011,737		(14,614,727	)		-			-			2,397,010		312	*
Invesco Private Prime Fund		-			2,263,746		(1,464,800	)		-			78			799,024		201	*
Total	$	3,594,583		$	112,043,284	$	(111,595,111	)	$	(133,255	)	$	(30,898	)	$	3,878,603	$	72,045

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18

Invesco S&P MidCap 400 Revenue ETF (RWK)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-1.46%
AMC Networks, Inc., Class A(b)		14,920	$	362,407
Cable One, Inc.		94		172,991
Cinemark Holdings, Inc.		26,389		386,599
John Wiley & Sons, Inc., Class A		6,766		214,144
New York Times Co. (The), Class A		5,941		257,423
TEGNA, Inc.		28,505		356,883
Telephone & Data Systems, Inc.		34,682		802,195
TripAdvisor, Inc.		9,507		222,178
World Wrestling Entertainment, Inc., Class A(c)		3,188		140,495
Yelp, Inc.(b)		5,803		134,165
				3,049,480
Consumer Discretionary-20.73%
Aaron’s, Inc.		12,548		701,308
Adient PLC(b)		115,824		2,008,388
Adtalem Global Education, Inc.(b)		4,414		146,545
American Eagle Outfitters, Inc.(c)		45,451		573,137
AutoNation, Inc.(b)		72,313		4,111,717
Boyd Gaming Corp.		20,668		553,489
Brunswick Corp.		9,543		590,616
Caesars Entertainment, Inc.(b)		8,530		390,674
Carter’s, Inc.		5,570		443,483
Choice Hotels International, Inc.		1,781		176,835
Churchill Downs, Inc.		1,298		226,838
Columbia Sportswear Co.		5,086		435,209
Cracker Barrel Old Country Store, Inc.		3,387		452,876
Dana, Inc.		92,005		1,283,470
Deckers Outdoor Corp.(b)		1,443		294,184
Delphi Technologies PLC(b)		41,793		725,944
Dick’s Sporting Goods, Inc.		28,113		1,521,476
Dunkin’ Brands Group, Inc.		2,819		214,470
Etsy, Inc.(b)		1,457		174,403
Five Below, Inc.(b)		2,217		242,651
Foot Locker, Inc.		32,295		979,507
Gentex Corp.		9,156		247,670
Goodyear Tire & Rubber Co. (The)		203,435		1,951,959
Graham Holdings Co., Class B		1,168		499,846
Grand Canyon Education, Inc.(b)		1,099		103,350
Grubhub, Inc.(b)		2,968		214,735
Harley-Davidson, Inc.		28,378		786,354
Helen of Troy Ltd.(b)		1,296		268,039
Jack in the Box, Inc.		1,809		149,044
KB Home		20,419		730,183
Lear Corp.		23,462		2,673,026
Marriott Vacations Worldwide Corp.		6,566		621,603
Mattel, Inc.(b)		61,991		666,093
Murphy USA, Inc.(b)		17,465		2,355,330
Nordstrom, Inc.(c)		108,758		1,740,128
Ollie’s Bargain Outlet Holdings, Inc.(b)		2,083		199,010
Papa John’s International, Inc.		2,736		268,921
Penn National Gaming, Inc.(b)		23,568		1,204,325
Polaris, Inc.		9,623		972,308
Pool Corp.		1,767		579,293
RH(b)		1,544		510,369
Sally Beauty Holdings, Inc.(b)		38,427		428,845
Scientific Games Corp.(b)		29,535		610,931
Service Corp. International		11,622		530,544

	Shares		Value
Consumer Discretionary-(continued)
Six Flags Entertainment Corp.		8,526	$	185,270
Skechers U.S.A., Inc., Class A(b)		22,030		657,596
Strategic Education, Inc.		834		85,543
Taylor Morrison Home Corp., Class A(b)		37,093		872,798
Tempur Sealy International, Inc.(b)		6,768		578,935
Texas Roadhouse, Inc.		7,204		453,780
Thor Industries, Inc.		11,408		1,077,257
Toll Brothers, Inc.		30,056		1,268,964
TRI Pointe Group, Inc.(b)		31,528		532,193
Urban Outfitters, Inc.(b)(c)		29,127		685,650
Visteon Corp.(b)		5,441		410,415
Wendy’s Co. (The)		10,402		217,818
Williams-Sonoma, Inc.(b)		9,888		867,771
WW International, Inc.		7,766		182,346
Wyndham Destinations, Inc.		15,562		451,142
Wyndham Hotels & Resorts, Inc.		5,896		308,715
				43,395,319
Consumer Staples-5.76%
BJ’s Wholesale Club Holdings, Inc.(b)		56,189		2,495,353
Boston Beer Co., Inc. (The), Class A(b)		343		302,519
Casey’s General Stores, Inc.		8,523		1,515,816
Darling Ingredients, Inc.(b)		20,012		639,784
Edgewell Personal Care Co.(b)		10,321		296,316
Energizer Holdings, Inc.		8,166		378,004
Flowers Foods, Inc.		25,631		626,934
Hain Celestial Group, Inc. (The)(b)		9,213		302,094
Ingredion, Inc.		9,797		788,071
Lancaster Colony Corp.		1,146		203,667
Nu Skin Enterprises, Inc., Class A		8,618		407,373
Pilgrim’s Pride Corp.(b)		87,521		1,400,336
Post Holdings, Inc.(b)		9,129		803,535
Sanderson Farms, Inc.		3,977		465,150
Sprouts Farmers Market, Inc.(b)		34,314		801,232
Tootsie Roll Industries, Inc.(c)		2,048		65,515
TreeHouse Foods, Inc.(b)		13,122		561,753
				12,053,452
Energy-4.72%
Antero Midstream Corp.(c)		26,285		177,949
ChampionX Corp.(b)		13,919		142,531
Cimarex Energy Co.		9,861		273,939
CNX Resources Corp.(b)		13,187		144,529
EQT Corp.		30,153		478,528
Equitrans Midstream Corp.(c)		27,867		286,473
Murphy Oil Corp.(c)		25,960		356,690
PBF Energy, Inc., Class A		283,100		2,423,336
Transocean Ltd.(b)(c)		196,080		239,218
World Fuel Services Corp.		193,188		5,100,163
WPX Energy, Inc.(b)		47,451		263,828
				9,887,184
Financials-11.39%
Affiliated Managers Group, Inc.		4,016		275,698
Alleghany Corp		2,295		1,272,715
American Financial Group, Inc.		15,850		1,059,573
Associated Banc-Corp.		13,689		183,980
BancorpSouth Bank		6,735		145,341
Bank of Hawaii Corp.		1,586		87,293

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
Bank OZK		6,950	$	160,128
Brighthouse Financial, Inc.(b)		35,273		1,070,888
Brown & Brown, Inc.		8,363		388,043
Cathay General Bancorp		4,253		105,007
CIT Group, Inc.		18,557		365,016
CNO Financial Group, Inc.		35,549		579,449
Commerce Bancshares, Inc.		3,118		185,739
Cullen/Frost Bankers, Inc.		2,809		195,113
East West Bancorp, Inc.		7,467		274,636
Eaton Vance Corp.		5,681		233,035
Essent Group Ltd.		3,165		112,991
Evercore, Inc., Class A		4,660		288,361
F.N.B. Corp.		26,422		198,165
FactSet Research Systems, Inc.		678		237,571
Federated Hermes, Inc., Class B		7,808		186,689
First American Financial Corp.		17,012		894,321
First Financial Bankshares, Inc.		1,976		59,823
First Horizon National Corp.		30,168		288,104
FirstCash, Inc.		3,418		204,226
Fulton Financial Corp.		13,005		127,189
Genworth Financial, Inc., Class A(b)		351,620		1,061,892
Glacier Bancorp, Inc.		2,312		81,117
Hancock Whitney Corp.		7,724		154,557
Hanover Insurance Group, Inc. (The)		6,479		664,033
Home BancShares, Inc.		7,287		118,122
Interactive Brokers Group, Inc., Class A		8,600		455,972
International Bancshares Corp.		2,884		91,077
Janus Henderson Group PLC (United Kingdom)		12,907		267,433
Jefferies Financial Group, Inc.		50,180		880,157
Kemper Corp.		10,238		795,083
LendingTree, Inc.(b)(c)		551		170,226
Mercury General Corp.		12,797		572,410
Navient Corp.		86,860		789,557
New York Community Bancorp, Inc.		23,259		210,494
Old Republic International Corp.		55,392		892,365
PacWest Bancorp		9,291		177,272
Pinnacle Financial Partners, Inc.		4,030		160,999
Primerica, Inc.		2,592		323,611
Prosperity Bancshares, Inc.		2,310		125,941
Reinsurance Group of America, Inc.		22,037		2,020,352
RenaissanceRe Holdings Ltd. (Bermuda)		3,170		582,456
RLI Corp.		1,571		147,344
SEI Investments Co.		3,919		205,199
Selective Insurance Group, Inc.		7,865		470,406
Signature Bank		2,444		237,141
SLM Corp.		44,221		337,848
Sterling Bancorp		14,457		168,713
Stifel Financial Corp.		10,315		523,074
Synovus Financial Corp.		14,492		316,940
TCF Financial Corp.		8,961		240,872
Texas Capital Bancshares, Inc.(b)		5,793		187,635
Trustmark Corp		3,507		82,344
UMB Financial Corp.		3,226		173,301
Umpqua Holdings Corp.		15,802		178,247
United Bankshares, Inc.		4,498		117,578
Valley National Bancorp		24,918		187,134
Washington Federal, Inc.		3,879		90,963

	Shares		Value
Financials-(continued)
Webster Financial Corp.		6,329	$	174,048
Wintrust Financial Corp.		5,309		231,048
				23,844,055
Health Care-7.14%
Acadia Healthcare Co., Inc.(b)		16,372		506,058
Amedisys, Inc.(b)		1,602		387,524
Arrowhead Pharmaceuticals, Inc.(b)		562		23,739
Avanos Medical, Inc.(b)		3,315		107,406
Bio-Techne Corp.		407		103,972
Cantel Medical Corp.		3,266		171,400
Catalent, Inc.(b)		5,645		522,162
Charles River Laboratories International, Inc.(b)		2,089		457,386
Chemed Corp.		608		314,403
Encompass Health Corp.		9,560		623,694
Exelixis, Inc.(b)		5,801		128,898
Globus Medical, Inc., Class A(b)		2,198		124,231
Haemonetics Corp.(b)		1,471		131,890
HealthEquity, Inc.(b)		1,455		83,633
Hill-Rom Holdings, Inc.		4,168		390,917
ICU Medical, Inc.(b)		940		188,226
Integra LifeSciences Holdings Corp.(b)		4,147		198,185
LHC Group, Inc.(b)		1,852		386,031
Ligand Pharmaceuticals, Inc.(b)(c)		133		13,566
LivaNova PLC(b)		2,998		140,606
Masimo Corp.(b)		596		133,504
MEDNAX, Inc.(b)		28,837		535,791
Molina Healthcare, Inc.(b)		13,778		2,548,517
Nektar Therapeutics(b)		887		17,154
NuVasive, Inc.(b)		2,636		137,415
Patterson Cos., Inc.		43,213		1,253,609
Penumbra, Inc.(b)		440		92,026
PRA Health Sciences, Inc.(b)		4,523		483,554
Prestige Consumer Healthcare, Inc.(b)		3,169		115,447
Quidel Corp.(b)		433		76,191
Repligen Corp.(b)		325		50,346
Syneos Health, Inc.(b)		12,066		761,365
Tenet Healthcare Corp.(b)		126,409		3,562,206
United Therapeutics Corp.(b)		1,659		177,447
				14,948,499
Industrials-20.85%
Acuity Brands, Inc.		4,952		541,204
AECOM(b)		56,086		2,215,958
AGCO Corp.		21,960		1,561,356
ASGN, Inc.(b)		9,142		656,121
Avis Budget Group, Inc.(b)(c)		46,729		1,593,926
Axon Enterprise, Inc.(b)		791		67,773
Brink’s Co. (The)		10,550		510,198
Carlisle Cos., Inc.		5,204		681,464
Clean Harbors, Inc.(b)		8,134		496,987
Colfax Corp.(b)		16,608		552,714
CoreLogic, Inc.		5,323		353,447
Crane Co.		8,070		456,278
Curtiss-Wright Corp.		3,606		368,966
Donaldson Co., Inc.		8,140		409,930
Dycom Industries, Inc.(b)		11,732		721,635
EMCOR Group, Inc.		20,134		1,510,251
EnerSys		6,621		476,580
Fluor Corp.		177,670		1,691,418

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2020

	Shares		Value
Industrials-(continued)
FTI Consulting, Inc.(b)		3,130	$	359,199
GATX Corp.		3,003		200,841
Generac Holdings, Inc.(b)		2,881		547,332
Graco, Inc.		4,403		255,462
Healthcare Services Group, Inc.		9,928		206,502
Herman Miller, Inc.		15,458		368,364
Hexcel Corp.		7,147		281,520
HNI Corp.		11,156		355,319
Hubbell, Inc.		4,979		721,557
Insperity, Inc.		10,547		710,551
ITT, Inc.		7,055		443,125
JetBlue Airways Corp.(b)		85,916		989,752
KAR Auction Services, Inc.		25,534		442,760
Kennametal, Inc.		10,067		292,144
Kirby Corp.(b)		7,038		298,693
Knight-Swift Transportation Holdings, Inc.		16,454		747,999
Landstar System, Inc.		5,052		672,371
Lennox International, Inc.		2,316		649,244
Lincoln Electric Holdings, Inc.		4,951		478,811
ManpowerGroup, Inc.		40,132		2,942,077
MasTec, Inc.(b)		24,750		1,143,697
Mercury Systems, Inc.(b)		1,289		97,629
Middleby Corp. (The)(b)		5,502		538,646
MSA Safety, Inc.		1,668		210,085
MSC Industrial Direct Co., Inc., Class A		6,542		431,118
Nordson Corp.		1,549		288,873
nVent Electric PLC		15,376		293,989
Oshkosh Corp.		15,326		1,180,255
Owens Corning		18,322		1,239,300
Regal Beloit Corp.		5,237		517,730
Ryder System, Inc.		32,358		1,323,442
Stericycle, Inc.(b)		7,865		504,225
Terex Corp.		30,865		604,028
Tetra Tech, Inc.		5,868		541,675
Timken Co. (The)		11,669		632,343
Toro Co. (The)		6,689		503,548
Trex Co., Inc.(b)		902		134,840
Trinity Industries, Inc.(c)		18,951		387,927
Univar Solutions, Inc.(b)		77,472		1,409,216
Valmont Industries, Inc.		3,514		446,454
Watsco, Inc.		3,799		930,717
Werner Enterprises, Inc.		8,493		390,763
Woodward, Inc.		5,253		450,130
XPO Logistics, Inc.(b)		29,721		2,623,473
				43,653,932
Information Technology-13.86%
ACI Worldwide, Inc.(b)		6,731		197,757
Alliance Data Systems Corp.		14,589		658,110
Arrow Electronics, Inc.(b)		57,499		4,517,121
Avnet, Inc.		90,147		2,479,944
Belden, Inc.		8,887		299,314
Blackbaud, Inc.		2,125		135,681
Cabot Microelectronics Corp.		1,075		163,712
CACI International, Inc., Class A(b)		3,127		732,312
CDK Global, Inc.		6,394		298,088
Ceridian HCM Holding, Inc.(b)		1,539		122,381
Ciena Corp.(b)		9,449		536,420
Cirrus Logic, Inc.(b)		2,565		155,413
Cognex Corp.		1,731		119,768

	Shares		Value
Information Technology-(continued)
Coherent, Inc.(b)		1,211	$	136,431
CommVault Systems, Inc.(b)		2,294		99,170
Cree, Inc.(b)		2,063		130,175
Enphase Energy, Inc.(b)		1,989		153,610
Fair Isaac Corp.(b)		394		165,791
First Solar, Inc.(b)		8,453		647,415
II-VI, Inc.(b)		5,717		254,407
InterDigital, Inc.		785		48,003
j2 Global, Inc.(b)		2,485		173,925
Jabil, Inc.		115,661		3,949,823
KBR, Inc.		31,698		792,133
Littelfuse, Inc.		1,163		210,317
LiveRamp Holdings, Inc.(b)		1,219		68,069
Lumentum Holdings, Inc.(b)		3,065		263,590
Manhattan Associates, Inc.(b)		983		95,597
MAXIMUS, Inc.		6,272		486,394
MKS Instruments, Inc.		2,622		313,408
Monolithic Power Systems, Inc.		405		108,188
National Instruments Corp.		4,598		165,022
NCR Corp.(b)		49,891		1,019,772
NetScout Systems, Inc.(b)		4,676		108,203
Paylocity Holding Corp.(b)		570		83,933
Perspecta, Inc.		24,234		503,340
PTC, Inc.(b)		2,375		217,099
Qualys, Inc.(b)		427		45,322
Sabre Corp.		57,939		404,994
Science Applications International Corp.		10,164		848,287
Semtech Corp.(b)		1,440		84,456
Silicon Laboratories, Inc.(b)		1,191		121,970
SolarEdge Technologies, Inc.(b)		1,550		342,783
Synaptics, Inc.(b)		2,862		244,214
SYNNEX Corp.		32,209		4,095,374
Teradata Corp.(b)		11,694		284,749
Teradyne, Inc.		4,808		408,536
Trimble, Inc.(b)		10,819		567,024
Universal Display Corp.		370		64,935
ViaSat, Inc.(b)		7,642		303,846
Vishay Intertechnology, Inc.		22,574		360,958
WEX, Inc.(b)		1,482		236,690
				29,023,974
Materials-8.51%
Allegheny Technologies, Inc.(b)		56,546		471,028
AptarGroup, Inc.		3,706		438,753
Ashland Global Holdings, Inc.		4,950		364,766
Avient Corp.		15,836		404,135
Cabot Corp.		11,783		436,089
Chemours Co. (The)		48,984		1,012,009
Commercial Metals Co.		43,195		901,480
Compass Minerals International, Inc.		3,943		224,475
Domtar Corp.		32,230		919,200
Eagle Materials, Inc.		2,892		236,479
Greif, Inc., Class A		18,419		678,740
Ingevity Corp.(b)		3,442		193,337
Louisiana-Pacific Corp.		13,814		455,033
Minerals Technologies, Inc.		4,940		250,705
NewMarket Corp.		744		277,133
O-I Glass, Inc.		104,305		1,134,838
Olin Corp.		61,256		689,130
Reliance Steel & Aluminum Co.		15,343		1,609,020

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2020

	Shares		Value
Materials-(continued)
Royal Gold, Inc.		546	$	74,431
RPM International, Inc.		10,348		877,200
Scotts Miracle-Gro Co. (The)		3,503		590,361
Sensient Technologies Corp.		3,521		194,430
Silgan Holdings, Inc.		19,284		733,949
Sonoco Products Co.		14,431		765,276
Steel Dynamics, Inc.		52,349		1,545,342
United States Steel Corp.(c)		178,371		1,396,645
Valvoline, Inc.		17,931		365,792
Worthington Industries, Inc.		13,910		577,682
				17,817,458
Real Estate-3.12%
American Campus Communities, Inc.		3,471		117,667
Brixmor Property Group, Inc.		11,124		131,263
Camden Property Trust		1,466		133,318
CoreSite Realty Corp.		646		79,103
Corporate Office Properties Trust		3,288		81,016
Cousins Properties, Inc.		2,973		88,744
CyrusOne, Inc.		1,826		152,526
Douglas Emmett, Inc.		4,116		114,919
EastGroup Properties, Inc.		378		50,334
EPR Properties		2,458		79,418
First Industrial Realty Trust, Inc.		1,477		62,994
GEO Group, Inc. (The)		25,816		288,107
Healthcare Realty Trust, Inc.		2,064		59,546
Highwoods Properties, Inc.		2,558		95,311
Hudson Pacific Properties, Inc.		4,162		97,724
JBG SMITH Properties		2,800		77,476
Jones Lang LaSalle, Inc.		22,788		2,348,075
Kilroy Realty Corp.		1,786		104,517
Lamar Advertising Co., Class A		3,320		229,844
Life Storage, Inc.		803		84,660
Macerich Co. (The)(c)		12,531		99,371
Mack-Cali Realty Corp.		3,492		44,104
Medical Properties Trust, Inc.		6,624		123,074
National Retail Properties, Inc.		2,529		89,628
Omega Healthcare Investors, Inc.		4,173		129,238
Park Hotels & Resorts, Inc.		31,571		299,609
Pebblebrook Hotel Trust		13,554		171,051
Physicians Realty Trust		3,169		57,517
PotlatchDeltic Corp.		3,220		148,249
PS Business Parks, Inc.		430		54,266
Rayonier, Inc.		4,398		128,773
Sabra Health Care REIT, Inc.		6,084		90,226
Service Properties Trust		30,819		253,024
Spirit Realty Capital, Inc.		1,941		68,925
STORE Capital Corp.		3,884		105,023
Taubman Centers, Inc.		2,349		89,967
Urban Edge Properties		4,298		45,387
Weingarten Realty Investors		3,093		54,035
				6,528,029
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Utilities-2.31%
ALLETE, Inc.		2,745	$	148,120
Black Hills Corp.		3,907		219,105
Essential Utilities, Inc.		2,849		121,083
Hawaiian Electric Industries, Inc.		10,727		371,261
IDACORP, Inc.		1,956		175,844
MDU Resources Group, Inc.		35,044		827,739
National Fuel Gas Co.		4,905		223,864
New Jersey Resources Corp.		9,025		272,014
NorthWestern Corp.		2,885		148,981
OGE Energy Corp.		9,338		297,509
ONE Gas, Inc.		2,622		194,343
PNM Resources, Inc.		4,935		215,561
Southwest Gas Holdings, Inc.		6,403		402,557
Spire, Inc.		3,588		208,857
UGI Corp.		29,610		1,022,433
				4,849,271
Total Common Stocks & Other Equity Interests (Cost $220,679,459)				209,050,653
Money Market Funds-0.08%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $159,490) 159,490				159,490
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $220,838,949)				209,210,143
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.56%
Invesco Private Government Fund, 0.03%(d)(e)(f)		5,595,005		5,595,005
Invesco Private Prime Fund, 0.14%(d)(e)(f)		1,864,660		1,865,033
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,460,038)				7,460,038
TOTAL INVESTMENTS IN SECURITIES-103.49% (Cost $228,298,987) 216,670,181
OTHER ASSETS LESS LIABILITIES-(3.49)%				(7,305,134	)
NET ASSETS-100.00%			$	209,365,047

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2020		Dividend Income
Investments in Affiliated   Money Market Funds:
Invesco Premier   U.S. Government Money   Portfolio, Institutional Class	$	85,398	$	14,269,650	$	(14,195,558	)	$	-	$	-	$	159,490	$	1,756
Investments Purchased with   Cash Collateral from   Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		11,267,314		66,974,003		(78,241.317	)		-		-		-		99,138	*
Invesco Liquid Assets Portfolio, Institutional Class		3,903,406		15,950,721		(19,854,486	)		-		359		-		36,844	*
Invesco Private Government   Fund		-		48,489,928		(42,894,923	)		-		-		5,595,005		798	*
Invesco Private Prime Fund		-		6,526,621		(4,661,716	)		-		128		1,865,033		494	*
Total	$	15,256,118	$	152,210,923	$	(159,848,000	)	$	-	$	487	$	7,619,528	$	139,030

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-1.70%
ATN International, Inc		1,689	$	97,962
Cincinnati Bell, Inc.(b)		23,616		355,657
Cogent Communications Holdings, Inc		1,680		112,997
Consolidated Communications Holdings, Inc.(b)		47,384		368,648
E.W. Scripps Co. (The), Class A		41,128		457,343
Gannett Co., Inc.(c)		272,503		471,430
Glu Mobile, Inc.(b)		11,338		90,024
Iridium Communications, Inc.(b)		5,046		141,338
Marcus Corp. (The)		11,955		187,335
Meredith Corp.		42,105		589,470
QuinStreet, Inc.(b)		10,610		139,521
Scholastic Corp.		12,919		290,677
Shenandoah Telecommunications Co.		2,772		153,292
Spok Holdings, Inc.		3,610		39,132
TechTarget, Inc.(b)		1,042		41,347
Vonage Holdings Corp.(b)		28,573		327,161
				3,863,334
Consumer Discretionary-29.75%
Abercrombie & Fitch Co., Class A(c)		68,646		893,084
American Axle & Manufacturing Holdings, Inc.(b)		179,291		1,394,884
American Public Education, Inc.(b)		2,174		68,351
America’s Car-Mart, Inc.(b)		1,921		193,061
Asbury Automotive Group, Inc.(b)		21,291		2,252,375
Barnes & Noble Education, Inc.(b)		260,148		593,137
Bed Bath & Beyond, Inc.(c)		312,191		3,802,486
Big Lots, Inc.		36,925		1,741,014
BJ’s Restaurants, Inc.		11,246		354,474
Bloomin’ Brands, Inc.		77,856		1,116,455
Boot Barn Holdings, Inc.(b)		8,328		235,099
Buckle, Inc. (The)		11,710		219,445
Caleres, Inc.		85,651		668,934
Callaway Golf Co.		23,323		486,518
Capri Holdings Ltd.(b)		75,092		1,189,457
Cato Corp. (The), Class A		18,143		145,144
Cavco Industries, Inc.(b)		1,295		247,228
Century Communities, Inc.(b)		19,708		703,181
Cheesecake Factory, Inc. (The)(c)		23,366		689,998
Chico’s FAS, Inc.		309,947		396,732
Children’s Place, Inc. (The)(c)		9,003		179,745
Chuy’s Holdings, Inc.(b)		6,040		134,330
Conn’s, Inc.(b)(c)		41,012		524,133
Cooper Tire & Rubber Co.		23,072		797,599
Cooper-Standard Holdings, Inc.(b)		41,183		746,236
Core-Mark Holding Co., Inc.		149,212		4,986,665
Crocs, Inc.(b)		8,986		358,631
Dave & Buster’s Entertainment, Inc.(c)		18,494		307,555
Designer Brands, Inc., Class A		113,783		802,170
Dine Brands Global, Inc.		4,046		240,980
Dorman Products, Inc.(b)		3,340		282,865
El Pollo Loco Holdings, Inc.(b)		6,887		123,071
Ethan Allen Interiors, Inc.		12,734		181,332
Express, Inc.(b)		206,653		229,385
Fiesta Restaurant Group, Inc.(b)		20,659		207,003
Fossil Group, Inc.(b)		102,250		657,979

	Shares		Value
Consumer Discretionary-(continued)
Fox Factory Holding Corp.(b)		2,131	$	214,826
GameStop Corp., Class A(b)(c)		310,449		2,073,799
Garrett Motion, Inc. (Switzerland)(b)		123,178		338,740
Genesco, Inc.(b)		22,529		439,316
Gentherm, Inc.(b)		5,326		240,895
G-III Apparel Group Ltd.(b)		46,159		510,519
Group 1 Automotive, Inc.		40,956		3,540,237
Guess?, Inc.(c)		62,056		713,644
Haverty Furniture Cos., Inc.		10,672		225,393
Hibbett Sports, Inc.(b)		12,406		413,988
Installed Building Products, Inc.(b)		5,260		456,673
iRobot Corp.(b)(c)		3,510		259,845
Kontoor Brands, Inc.		28,788		636,215
La-Z-Boy, Inc.		15,000		487,500
LCI Industries		4,968		564,514
LGI Homes, Inc.(b)		5,343		597,668
Liquidity Services, Inc.(b)		8,607		62,056
Lithia Motors, Inc., Class A		1		249
Lumber Liquidators Holdings, Inc.(b)		22,371		536,680
M.D.C. Holdings, Inc.		22,537		977,655
M/I Homes, Inc.(c)		17,191		731,649
Macy’s, Inc.(b)		786,336		5,480,762
MarineMax, Inc.(b)		14,532		427,386
Meritage Homes Corp.(b)		12,461		1,196,630
Michaels Cos., Inc. (The)(b)(c)		195,457		2,198,891
Monarch Casino & Resort, Inc.(b)		1,520		69,935
Monro, Inc.		5,018		231,280
Motorcar Parts of America, Inc.(b)		7,161		124,673
Movado Group, Inc.		12,401		135,295
ODP Corp. (The)		95,351		2,229,306
Oxford Industries, Inc.		5,530		273,901
Perdoceo Education Corp.(b)		9,163		131,672
PetMed Express, Inc.(c)		1,902		66,114
Red Robin Gourmet Burgers, Inc.(b)(c)		24,228		268,931
Regis Corp.(b)		23,860		176,325
Rent-A-Center, Inc.		24,346		747,422
Ruth’s Hospitality Group, Inc.		10,750		110,456
Shake Shack, Inc., Class A(b)(c)		2,511		171,376
Shoe Carnival, Inc.(c)		8,225		270,438
Shutterstock, Inc.		4,152		208,929
Signet Jewelers Ltd.		122,861		2,121,809
Sleep Number Corp.(b)		10,335		496,080
Sonic Automotive, Inc., Class A		81,624		3,449,430
Stamps.com, Inc.(b)		779		194,236
Standard Motor Products, Inc.		6,229		283,046
Steven Madden Ltd.		16,585		350,939
Sturm Ruger & Co., Inc.		1,388		98,354
Tupperware Brands Corp.		79,623		1,297,059
Unifi, Inc.(b)		11,732		143,482
Universal Electronics, Inc.(b)		3,669		150,723
Vera Bradley, Inc.(b)		19,581		103,192
Vista Outdoor, Inc.(b)		36,372		705,981
Wingstop, Inc.		400		65,360
Winnebago Industries, Inc.		8,035		433,729
Wolverine World Wide, Inc.		21,602		539,618

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2020

	Shares		Value
Consumer Discretionary-(continued)
YETI Holdings, Inc.(b)		5,926	$	304,478
Zumiez, Inc.(b)		8,911		228,834
				67,658,869
Consumer Staples-8.41%
Andersons, Inc. (The)		132,425		2,347,895
B&G Foods, Inc.(c)		16,548		515,305
Calavo Growers, Inc.		4,767		302,561
Cal-Maine Foods, Inc.(b)		6,368		245,741
Central Garden & Pet Co.(b)		8,165		332,234
Central Garden & Pet Co., Class A(b)		8,679		322,512
Chefs’ Warehouse, Inc. (The)(b)		22,693		336,083
Coca-Cola Consolidated, Inc.		4,787		1,308,287
Fresh Del Monte Produce, Inc.		42,498		985,529
Inter Parfums, Inc.		3,381		151,029
J&J Snack Foods Corp.		2,134		290,117
John B. Sanfilippo & Son, Inc.		2,457		195,675
Medifast, Inc.		1,527		248,473
MGP Ingredients, Inc.		2,430		86,387
National Beverage Corp.(b)(c)		3,886		316,010
PriceSmart, Inc.		13,509		888,217
Seneca Foods Corp., Class A(b)		9,226		436,943
SpartanNash Co.		108,294		2,163,714
United Natural Foods, Inc.(b)(c)		359,991		6,497,838
Universal Corp.		10,141		440,221
USANA Health Sciences, Inc.(b)		3,011		236,093
Vector Group Ltd		38,343		386,114
WD-40 Co.		500		102,190
				19,135,168
Energy-4.68%
Archrock, Inc.		36,551		239,775
Bonanza Creek Energy, Inc.(b)		3,511		70,361
Bristow Group, Inc.(b)		3,279		62,006
Callon Petroleum Co.(b)		12,133		80,442
CONSOL Energy, Inc.(b)		43,196		223,323
Core Laboratories N.V		6,184		129,431
DMC Global, Inc.		2,760		97,787
Dorian LPG Ltd.(b)		9,387		79,226
Dril-Quip, Inc.(b)		3,027		100,285
Exterran Corp.(b)		42,722		196,521
Geospace Technologies Corp.(b)		3,228		21,144
Green Plains, Inc.(b)		69,940		935,797
Gulfport Energy Corp.(b)		117,747		83,094
Helix Energy Solutions Group, Inc.(b)		42,037		150,493
Helmerich & Payne, Inc.		26,086		429,897
Laredo Petroleum, Inc.(b)		10,137		165,740
Matador Resources Co.(b)(c)		24,529		238,667
Matrix Service Co.(b)		29,312		270,843
Nabors Industries Ltd.(c)		12,835		513,143
Newpark Resources, Inc.(b)		75,853		147,913
Oasis Petroleum, Inc.(b)(c)		361,785		200,935
Oceaneering International, Inc.(b)		67,788		365,377
Oil States International, Inc.(b)		42,499		186,571
Par Pacific Holdings, Inc.(b)		135,577		1,176,808
Patterson-UTI Energy, Inc.		112,417		432,806
PDC Energy, Inc.(b)		19,414		293,928
Penn Virginia Corp.(b)(c)		8,089		92,376
ProPetro Holding Corp.(b)		72,169		453,221
QEP Resources, Inc.		153,488		199,535
Range Resources Corp.		78,872		588,385

	Shares		Value
Energy-(continued)
Renewable Energy Group, Inc.(b)		21,821	$	729,476
REX American Resources Corp.(b)		1,344		83,032
RPC, Inc.(b)		73,056		228,665
SEACOR Holdings, Inc.(b)		5,950		188,080
SM Energy Co.		78,514		190,789
Southwestern Energy Co.(b)		180,203		500,964
Talos Energy, Inc.(b)		16,532		124,155
US Silica Holdings, Inc.		85,709		382,262
				10,653,253
Financials-6.13%
Allegiance Bancshares, Inc.		2,228		56,636
Ambac Financial Group, Inc.(b)		5,859		73,999
American Equity Investment Life Holding Co.		26,018		622,090
Ameris Bancorp		8,638		211,804
AMERISAFE, Inc.		1,335		89,085
Apollo Commercial Real Estate Finance, Inc.		11,183		99,976
Axos Financial, Inc.(b)		7,556		187,238
Banc of California, Inc.		7,804		85,766
Banner Corp.		3,712		134,077
Berkshire Hills Bancorp, Inc.		11,526		105,809
Blucora, Inc.(b)		13,185		157,297
Boston Private Financial Holdings, Inc.		13,570		80,606
Brightsphere Investment Group, Inc.		19,414		269,078
Brookline Bancorp, Inc.		8,856		85,018
Cadence BanCorp		24,835		235,932
Capstead Mortgage Corp.		529		3,264
Central Pacific Financial Corp.		3,448		53,409
City Holding Co.		1,033		66,091
Columbia Banking System, Inc.		5,353		149,402
Community Bank System, Inc.		2,504		150,666
Customers Bancorp, Inc.(b)		11,134		142,181
CVB Financial Corp.		6,155		112,082
Dime Community Bancshares, Inc.		4,070		52,503
Donnelley Financial Solutions, Inc.(b)		23,029		251,016
Eagle Bancorp, Inc.		3,198		92,038
eHealth, Inc.(b)		1,169		73,787
Employers Holdings, Inc.		6,239		203,267
Encore Capital Group, Inc.(b)(c)		8,470		389,112
Enova International, Inc.(b)		19,389		331,164
EZCORP, Inc., Class A(b)		30,928		166,393
First Bancorp		31,267		179,160
First Commonwealth Financial Corp.		11,551		94,718
First Financial Bancorp		12,120		166,286
First Midwest Bancorp, Inc.		14,871		185,293
Flagstar Bancorp, Inc.		11,724		368,368
Granite Point Mortgage Trust, Inc.		8,206		54,488
Great Western Bancorp, Inc.		7,844		109,267
Green Dot Corp., Class A(b)		6,964		362,546
Greenhill & Co., Inc.		6,801		76,307
Hanmi Financial Corp.		6,237		59,439
HCI Group, Inc.		1,219		66,704
Heritage Financial Corp.		3,172		63,250
HomeStreet, Inc.		3,607		98,724
Hope Bancorp, Inc.		17,917		151,578
Horace Mann Educators Corp.		9,046		353,337
Independent Bank Corp.		1,969		123,752
Invesco Mortgage Capital, Inc.(d)		11,291		33,873
James River Group Holdings Ltd		4,638		225,917
Kinsale Capital Group, Inc.		498		103,200

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2020

	Shares		Value
Financials-(continued)
KKR Real Estate Finance Trust, Inc.		3,803	$	69,215
Meta Financial Group, Inc.		6,596		127,171
National Bank Holdings Corp., Class A		2,862		81,395
NBT Bancorp, Inc.		3,823		116,487
New York Mortgage Trust, Inc.		50,255		132,673
NMI Holdings, Inc., Class A(b)		5,393		92,490
Northfield Bancorp, Inc.		3,811		36,814
Northwest Bancshares, Inc.		11,723		118,519
OFG Bancorp		8,830		113,377
Old National Bancorp		15,236		212,999
Pacific Premier Bancorp, Inc.		6,180		139,606
Palomar Holdings, Inc.(b)		372		41,794
PennyMac Mortgage Investment Trust		4,913		84,209
Piper Sandler Cos.		3,213		242,421
PRA Group, Inc.(b)		6,324		295,173
Preferred Bank		1,345		50,303
ProAssurance Corp.		15,716		240,769
Provident Financial Services, Inc.		7,428		97,901
Ready Capital Corp.		11,834		121,062
Redwood Trust, Inc.		16,567		114,809
S&T Bancorp, Inc.		3,756		75,852
Safety Insurance Group, Inc.		2,563		185,561
Seacoast Banking Corp. of Florida(b)		3,789		76,689
ServisFirst Bancshares, Inc.		2,769		101,484
Simmons First National Corp., Class A		14,108		240,824
Southside Bancshares, Inc.		2,382		65,636
Stewart Information Services Corp.		14,218		606,682
StoneX Group, Inc.(b)		4,332		245,624
Third Point Reinsurance Ltd. (Bermuda)(b)		18,273		156,417
Tompkins Financial Corp.		1,201		79,482
Triumph Bancorp, Inc.(b)		3,301		94,277
TrustCo Bank Corp.		7,554		45,022
United Community Banks, Inc.		7,605		137,803
United Fire Group, Inc.		9,374		236,037
United Insurance Holdings Corp.		24,055		182,096
Universal Insurance Holdings, Inc.		11,669		216,460
Veritex Holdings, Inc.		5,203		93,550
Virtus Investment Partners, Inc.		1,174		166,591
Waddell & Reed Financial, Inc., Class A		16,461		259,261
Walker & Dunlop, Inc.		4,314		236,321
Westamerica Bancorporation		857		52,157
WisdomTree Investments, Inc.		17,627		65,925
World Acceptance Corp.(b)(c)		1,965		178,795
				13,934,726
Health Care-10.50%
Addus HomeCare Corp.(b)		1,522		142,550
Allscripts Healthcare Solutions, Inc.(b)		65,464		584,593
AMAG Pharmaceuticals, Inc.(b)(c)		10,233		106,014
AMN Healthcare Services, Inc.(b)		11,212		603,654
Amphastar Pharmaceuticals, Inc.(b)		3,788		77,199
AngioDynamics, Inc.(b)		6,986		65,424
ANI Pharmaceuticals, Inc.(b)		1,472		46,162
Anika Therapeutics, Inc.(b)		857		32,849
BioTelemetry, Inc.(b)		2,192		86,759
Cardiovascular Systems, Inc.(b)		1,819		59,427
Coherus Biosciences, Inc.(b)(c)		6,133		116,343
Community Health Systems, Inc.(b)		958,583		4,955,874
Computer Programs & Systems, Inc.		2,788		76,280
CONMED Corp.		3,036		262,037

	Shares		Value
Health Care-(continued)
Corcept Therapeutics, Inc.(b)		5,198	$	66,015
CorVel Corp.(b)		1,991		165,293
Covetrus, Inc.(b)		55,905		1,280,784
Cross Country Healthcare, Inc.(b)		33,282		212,672
CryoLife, Inc.(b)		2,753		55,666
Cutera, Inc.(b)		3,027		49,552
Cytokinetics, Inc.(b)(c)		236		5,655
Eagle Pharmaceuticals, Inc.(b)		1,002		39,759
Enanta Pharmaceuticals, Inc.(b)		821		42,848
Endo International PLC(b)		199,158		599,466
Ensign Group, Inc. (The)		12,553		734,853
Glaukos Corp.(b)(c)		1,398		66,866
Hanger, Inc.(b)		15,026		296,914
HealthStream, Inc.(b)		2,629		54,460
Heska Corp.(b)		321		33,256
HMS Holdings Corp.(b)		4,777		133,230
Innoviva, Inc.(b)		5,124		60,002
Inogen, Inc.(b)		2,485		75,122
Integer Holdings Corp.(b)		3,969		274,893
Invacare Corp.		30,314		205,529
Lannett Co., Inc.(b)		16,908		88,936
Lantheus Holdings, Inc.(b)		6,123		82,171
LeMaitre Vascular, Inc.		1,100		35,508
Luminex Corp.		2,628		70,141
Magellan Health, Inc.(b)		23,636		1,783,573
Medpace Holdings, Inc.(b)		2,388		309,938
Meridian Bioscience, Inc.(b)		2,739		38,729
Merit Medical Systems, Inc.(b)		5,408		265,533
Mesa Laboratories, Inc.		118		29,019
Momenta Pharmaceuticals, Inc.(b)		209		10,904
Myriad Genetics, Inc.(b)		14,356		191,940
Natus Medical, Inc.(b)		5,053		91,762
Neogen Corp.(b)		1,384		105,461
NeoGenomics, Inc.(b)		3,517		136,987
NextGen Healthcare, Inc.(b)		12,050		159,783
Omnicell, Inc.(b)		3,261		217,443
OraSure Technologies, Inc.(b)		3,414		40,012
Orthofix Medical, Inc.(b)		2,982		90,474
Owens & Minor, Inc.		285,886		4,739,990
Pacira BioSciences, Inc.(b)		2,318		144,921
Pennant Group, Inc. (The)(b)		3,237		119,898
Phibro Animal Health Corp., Class A		7,256		155,714
Providence Service Corp. (The)(b)		4,464		413,322
RadNet, Inc.(b)		16,479		237,627
REGENXBIO, Inc.(b)		335		10,224
Select Medical Holdings Corp.(b)		79,972		1,605,038
Simulations Plus, Inc.		175		10,426
Supernus Pharmaceuticals, Inc.(b)		3,993		87,806
SurModics, Inc.(b)		577		26,109
Tabula Rasa HealthCare, Inc.(b)(c)		1,264		63,958
Tactile Systems Technology, Inc.(b)		1,087		41,773
Tivity Health, Inc.(b)		27,986		457,851
US Physical Therapy, Inc.		1,472		130,861
Vanda Pharmaceuticals, Inc.(b)		5,044		51,903
Varex Imaging Corp.(b)		11,298		125,295
Xencor, Inc.(b)		615		21,986
Zynex, Inc.(b)(C)		526		7,785
				23,868,801

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2020

	Shares		Value
Industrials-20.12%
AAON, Inc.		2,150	$	122,400
AAR Corp.		21,593		435,747
ABM Industries, Inc.		46,610		1,777,705
Aegion Corp.(b)		18,876		305,508
Aerojet Rocketdyne Holdings, Inc.(b)		10,895		450,726
AeroVironment, Inc.(b)		1,042		79,598
Alamo Group, Inc.		2,627		291,334
Albany International Corp., Class A		4,085		212,012
Allegiant Travel Co.		3,607		463,860
American Woodmark Corp.(b)		5,727		501,112
Apogee Enterprises, Inc.		14,112		295,364
Applied Industrial Technologies, Inc.		12,980		781,526
ArcBest Corp.		29,088		983,756
Arcosa, Inc.		10,385		480,722
Astec Industries, Inc.		5,923		312,261
Atlas Air Worldwide Holdings, Inc.(b)		15,535		876,019
AZZ, Inc.		7,447		258,634
Barnes Group, Inc.		8,295		328,482
Brady Corp., Class A		5,324		249,642
Chart Industries, Inc.(b)		7,193		472,724
CIRCOR International, Inc.(b)		10,055		298,131
Comfort Systems USA, Inc.		16,679		845,125
Cubic Corp.		7,523		354,183
DXP Enterprises, Inc.(b)		14,728		283,367
Echo Global Logistics, Inc.(b)		24,156		659,942
Encore Wire Corp.		6,089		314,253
Enerpac Tool Group Corp.		9,616		200,013
EnPro Industries, Inc.		6,672		390,445
ESCO Technologies, Inc.		2,190		196,925
Exponent, Inc.		1,332		107,166
Federal Signal Corp.		9,584		307,838
Forrester Research, Inc.(b)		3,315		117,550
Forward Air Corp.		6,741		397,652
Foundation Building Materials, Inc.(b)		33,565		544,760
Franklin Electric Co., Inc.		5,787		343,516
Gibraltar Industries, Inc.(b)		5,478		342,074
GMS, Inc.(b)		33,227		880,183
Granite Construction, Inc.		43,394		806,694
Greenbrier Cos., Inc. (The)		31,326		851,754
Griffon Corp.		29,933		650,444
Harsco Corp.(b)		29,099		411,751
Hawaiian Holdings, Inc.		38,186		513,220
Heartland Express, Inc.		7,101		146,884
Heidrick & Struggles International, Inc.		7,856		169,925
Hillenbrand, Inc.		18,572		588,918
Hub Group, Inc., Class A(b)		17,546		944,677
Insteel Industries, Inc.		6,062		111,783
Interface, Inc.		36,148		273,279
John Bean Technologies Corp.		5,863		601,016
Kaman Corp.		4,399		203,454
Kelly Services, Inc., Class A		81,803		1,553,439
Korn Ferry		15,591		475,526
Lindsay Corp.		1,132		113,121
Lydall, Inc.(b)		13,215		248,178
Marten Transport Ltd.		12,299		223,350
Matson, Inc.		16,663		667,686
Matthews International Corp., Class A		17,701		387,652
Meritor, Inc.(b)		44,961		1,023,312
Moog, Inc., Class A		12,495		753,324
Mueller Industries, Inc.		22,273		661,508

	Shares		Value
Industrials-(continued)
MYR Group, Inc.(b)		17,001	$	659,809
National Presto Industries, Inc.		809		72,753
NOW, Inc.(b)		74,641		542,640
Park Aerospace Corp.		1,188		13,175
Patrick Industries, Inc.		9,541		536,300
PGT Innovations, Inc.(b)		12,284		222,709
Pitney Bowes, Inc.		269,191		1,477,859
Powell Industries, Inc.		4,873		131,522
Proto Labs, Inc.(b)		943		138,621
Quanex Building Products Corp.		15,711		264,102
Raven Industries, Inc.		4,142		102,929
Resideo Technologies, Inc.(b)		118,104		1,577,869
Resources Connection, Inc.		14,266		175,329
RR Donnelley & Sons Co.		1,091,276		1,440,484
Saia, Inc.(b)		3,937		528,345
Simpson Manufacturing Co., Inc.		3,322		326,685
SkyWest, Inc.		19,529		657,151
SPX Corp.(b)		8,985		375,843
SPX FLOW, Inc.(b)		9,567		415,973
Standex International Corp.		3,121		180,519
Team, Inc.(b)		45,928		292,561
Tennant Co.		4,068		270,400
Titan International, Inc.		197,903		471,009
Triumph Group, Inc.		60,240		435,535
TrueBlue, Inc.(b)		34,933		591,066
UFP Industries, Inc.		22,334		1,325,523
UniFirst Corp.		2,495		480,587
US Ecology, Inc.		5,386		199,982
Veritiv Corp.(b)		102,854		1,787,603
Viad Corp.		15,008		321,621
Vicor Corp.(b)		906		78,849
Wabash National Corp.		49,000		598,290
Watts Water Technologies, Inc., Class A		4,506		431,450
				45,768,243
Information Technology-9.47%
3D Systems Corp.(b)(c)		19,124		104,991
8x8, Inc.(b)		7,087		119,629
ADTRAN, Inc.		10,788		119,639
Advanced Energy Industries, Inc.(b)		3,387		251,044
Agilysys, Inc.(b)		1,796		45,564
Alarm.com Holdings, Inc.(b)		2,117		126,745
Applied Optoelectronics, Inc.(b)(c)		4,595		53,440
Arlo Technologies, Inc.(b)		37,834		216,789
Axcelis Technologies, Inc.(b)		3,264		77,128
Badger Meter, Inc.		1,578		97,347
Bel Fuse, Inc., Class B		11,188		134,480
Benchmark Electronics, Inc.		23,383		458,541
Bottomline Technologies (DE), Inc.(b)		2,009		95,689
Brooks Automation, Inc.		4,762		245,862
CalAmp Corp.(b)		10,803		88,260
Cardtronics PLC, Class A(b)		12,824		278,409
CEVA, Inc.(b)		647		27,336
Cohu, Inc.		8,334		143,345
Comtech Telecommunications Corp.		8,618		143,059
CSG Systems International, Inc.		5,076		216,085
CTS Corp.		5,103		106,653
Daktronics, Inc.		30,212		133,537
Diebold Nixdorf, Inc.(b)		178,078		1,485,170
Digi International, Inc.(b)		5,445		74,161

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2020

	Shares		Value
Information Technology-(continued)
Diodes, Inc.(b)		5,847	$	285,684
DSP Group, Inc.(b)		1,598		22,915
Ebix, Inc.(c)		5,399		124,555
ePlus, Inc.(b)		5,063		388,433
EVERTEC, Inc.		3,847		134,722
ExlService Holdings, Inc.(b)		3,816		243,041
Extreme Networks, Inc.(b)		49,597		216,739
Fabrinet (Thailand)(b)		6,116		426,774
FARO Technologies, Inc.(b)		1,534		86,671
FormFactor, Inc.(b)		5,562		145,335
Harmonic, Inc.(b)		18,183		107,280
Ichor Holdings Ltd.(b)		7,068		177,831
Insight Enterprises, Inc.(b)		37,646		2,251,419
Itron, Inc.(b)		8,573		510,694
Knowles Corp.(b)		12,214		183,943
Kulicke & Soffa Industries, Inc. (Singapore)		5,698		136,638
LivePerson, Inc.(b)		2,085		124,391
ManTech International Corp., Class A		7,523		563,097
MaxLinear, Inc.(b)		3,532		86,004
Methode Electronics, Inc.		7,475		211,617
MicroStrategy, Inc., Class A(b)		926		133,751
MTS Systems Corp.		10,629		259,348
NETGEAR, Inc.(b)		9,233		307,921
NIC, Inc.		3,451		73,782
OneSpan, Inc.(b)		2,702		58,228
Onto Innovation, Inc.(b)		2,711		84,692
OSI Systems, Inc.(b)		3,687		290,351
PC Connection, Inc.		14,934		661,427
PDF Solutions, Inc.(b)		1,170		24,219
Perficient, Inc.(b)		3,808		163,401
Photronics, Inc.(b)		11,997		120,330
Plantronics, Inc.		28,970		358,069
Plexus Corp.(b)		11,772		895,496
Power Integrations, Inc.		1,791		100,242
Progress Software Corp.		2,554		96,771
Rambus, Inc.(b)		3,674		49,342
Rogers Corp.(b)		1,805		204,525
Sanmina Corp.(b)		65,242		1,846,349
ScanSource, Inc.(b)		36,298		896,198
SMART Global Holdings, Inc.(b)		9,198		231,790
SPS Commerce, Inc.(b)		959		76,605
Sykes Enterprises, Inc.(b)		13,597		450,129
TTEC Holdings, Inc.		8,889		503,917
TTM Technologies, Inc.(b)		51,567		590,958
Ultra Clean Holdings, Inc.(b)		12,314		301,939
Unisys Corp.(b)		56,214		655,455
Veeco Instruments, Inc.(b)		7,628		90,697
Viavi Solutions, Inc.(b)		20,656		275,448
Virtusa Corp.(b)		9,749		385,475
Xperi Holding Corp.		6,225		77,999
				21,535,540
Materials-6.34%
AdvanSix, Inc.(b)		22,595		287,634
American Vanguard Corp.		8,530		120,700
Arconic Corp.(b)		91,280		2,030,980
Balchem Corp.		1,647		160,912
Boise Cascade Co.		33,070		1,514,606
Century Aluminum Co.(b)		59,794		590,167
Clearwater Paper Corp.(b)		12,008		404,189

	Shares		Value
Materials-(continued)
Cleveland-Cliffs, Inc.(c)		79,632	$	523,979
Ferro Corp.(b)		24,075		300,215
FutureFuel Corp.		3,884		46,996
GCP Applied Technologies, Inc.(b)		12,544		326,897
H.B. Fuller Co.		16,259		783,196
Hawkins, Inc.		3,131		157,239
Haynes International, Inc.		4,755		89,109
Innospec, Inc.		4,499		336,030
Kaiser Aluminum Corp.		4,595		295,367
Koppers Holdings, Inc.(b)		22,830		549,290
Kraton Corp.(b)		25,160		353,246
Livent Corp.(b)		10,554		89,498
Materion Corp.		4,783		261,104
Mercer International, Inc. (Germany)		40,131		336,298
Myers Industries, Inc.		8,282		126,715
Neenah, Inc.		4,151		183,806
Olympic Steel, Inc.		29,858		328,438
PH Glatfelter Co.		13,555		203,189
Quaker Chemical Corp.		1,692		321,480
Rayonier Advanced Materials, Inc.(b)		157,726		498,414
Schweitzer-Mauduit International, Inc., Class A		7,652		232,085
Stepan Co.		4,353		501,857
SunCoke Energy, Inc.		114,148		408,650
TimkenSteel Corp.(b)		64,938		244,816
Tredegar Corp.		14,049		237,850
Trinseo S.A		37,835		942,470
US Concrete, Inc.(b)		14,576		389,033
Warrior Met Coal, Inc.		16,181		250,320
				14,426,775
Real Estate-2.36%
Acadia Realty Trust		4,692		53,207
Agree Realty Corp.		741		49,588
Alexander & Baldwin, Inc.		7,193		87,107
American Assets Trust, Inc.		2,823		72,128
Armada Hoffler Properties, Inc.		7,093		71,639
CareTrust REIT, Inc.		2,029		39,302
Chatham Lodging Trust		9,220		63,802
Community Healthcare Trust, Inc.		371		17,326
DiamondRock Hospitality Co.		31,921		169,181
Diversified Healthcare Trust		60,827		231,143
Easterly Government Properties, Inc.		2,112		51,089
Essential Properties Realty Trust, Inc.		1,999		33,923
Four Corners Property Trust, Inc.		1,614		40,754
Franklin Street Properties Corp.		11,406		50,529
Getty Realty Corp.		1,090		31,926
Global Net Lease, Inc.		4,566		79,905
Hersha Hospitality Trust		15,629		100,494
Independence Realty Trust, Inc.		4,127		48,327
Industrial Logistics Properties Trust(c)		2,799		60,374
Innovative Industrial Properties, Inc.		148		18,217
Investors Real Estate Trust		580		41,238
iStar, Inc.		12,589		155,852
Kite Realty Group Trust		5,722		64,315
Lexington Realty Trust		7,224		82,137
LTC Properties, Inc.		1,124		41,015
Marcus & Millichap, Inc.(b)		6,523		184,014
National Storage Affiliates Trust		3,027		103,856
NexPoint Residential Trust, Inc.		1,289		53,365

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2020

	Shares		Value
Real Estate-(continued)
Office Properties Income Trust		5,299	$	126,328
Pennsylvania REIT(c)		48,645		53,509
RE/MAX Holdings, Inc., Class A		2,002		70,350
Realogy Holdings Corp.		175,320		1,942,546
Retail Opportunity Investments Corp.		5,489		61,093
RPT Realty		6,993		40,979
Safehold, Inc.		427		23,686
Saul Centers, Inc.		1,511		42,338
St. Joe Co. (The)(b)		1,488		34,536
Summit Hotel Properties, Inc.		16,122		94,959
Tanger Factory Outlet Centers, Inc.(c)		13,665		77,754
Uniti Group, Inc.		28,673		281,569
Universal Health Realty Income Trust		192		12,810
Urstadt Biddle Properties, Inc., Class A		2,414		22,450
Washington Prime Group, Inc.(c)		136,850		93,058
Washington REIT		3,088		67,751
Whitestone REIT		3,813		24,518
Xenia Hotels & Resorts, Inc.		21,052		189,047
				5,355,034
Utilities-0.45%
American States Water Co.		1,426		108,490
Avista Corp.		8,320		306,675
California Water Service Group		3,521		159,642
Northwest Natural Holding Co.		2,981		152,359
South Jersey Industries, Inc.		13,511		299,269
				1,026,435
Total Common Stocks & Other Equity Interests (Cost $240,868,476)				227,226,178

	Shares		Value
Money Market Funds-0.05%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $122,767)		122,767	$	122,767
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $240,991,243)				227,348,945
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.86%
Invesco Private Government Fund, 0.03%(d)(e)(f)		15,106,711		15,106,711
Invesco Private Prime Fund, 0.14%(d)(e)(f)		5,034,639		5,035,646
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,142,357)				20,142,357
TOTAL INVESTMENTS IN SECURITIES-108.82% (Cost $261,133,600)				247,491,302
OTHER ASSETS LESS LIABILITIES-(8.82)%				(20,066,699	)
NET ASSETS-100.00%			$	227,424,603

Investment Abbreviations:

REIT-RealEstate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Invesco Mortgage Capital, Inc.		$	48,352		$	51,061		$	(60,415	)		$	(3,591	)		$	(1,534	)		$	33,873		$	(7,783	)
Investments in Affiliated   Money Market Funds:
Invesco Premier   U.S. Government Money   Portfolio, Institutional Class			268,377			11,539,864			(11,685,474	)			-				-				122,767			1,784
Investments Purchased with   Cash Collateral from   Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class			23,823,718			79,803,492			(103,627,210	)							-				-			197,230	*

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2020

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Invesco Liquid Assets Portfolio, Institutional Class		$	7,950,340		$	22,616,153		$	(30,564,009	)		$	(72	)		$	(2,412	)		$	-		$	73,344	*
Invesco Private Government Fund			-			69,880,299			(54,773,588	)			-				-				15,106,711			2,028	*
Invesco Private Prime Fund			-			10,881,047			(5,845,805	)			-				404				5,035,646			1,428	*
Total		$	32,090,787		$	194,771,916		$	(206,556,501	)		$	(3,663	)		$	(3,542	)		$	20,298,997		$	268,031

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

August 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.21%
Communication Services-1.47%
Interpublic Group of Cos., Inc. (The)		500,890	$	8,895,806
Consumer Discretionary-2.84%
H&R Block, Inc.		163,822		2,375,419
Hanesbrands, Inc.		435,730		6,662,312
Leggett & Platt, Inc.		117,554		4,819,714
Wyndham Destinations, Inc.		114,308		3,313,789
				17,171,234
Consumer Staples-4.20%
Kraft Heinz Co. (The)		659,926		23,123,807
Nu Skin Enterprises, Inc., Class A		48,132		2,275,200
				25,399,007
Energy-26.90%
Baker Hughes Co., Class A		1,313,357		18,754,738
Chevron Corp.		336,709		28,259,986
Halliburton Co.		1,341,663		21,708,107
Kinder Morgan, Inc.		813,522		11,242,874
Marathon Petroleum Corp.		784,172		27,806,739
Phillips 66		466,450		27,273,332
Valero Energy Corp.		523,421		27,526,711
				162,572,487
Financials-28.80%
CIT Group, Inc.		153,323		3,015,863
Citizens Financial Group, Inc.		266,455		6,893,191
Comerica, Inc.		88,313		3,491,013
F.N.B. Corp.		181,365		1,360,238
Fifth Third Bancorp		409,397		8,458,142
First Horizon National Corp.		216,308		2,065,741
Franklin Resources, Inc.		244,602		5,151,318
Huntington Bancshares, Inc.		505,332		4,755,174
KeyCorp		571,021		7,034,979
Mercury General Corp.		83,219		3,722,386
MetLife, Inc.		794,026		30,538,240
Principal Financial Group, Inc.		346,919		14,608,759
Prudential Financial, Inc.		467,539		31,685,118
Regions Financial Corp.		536,091		6,197,212
Synovus Financial Corp.		104,897		2,294,097
Umpqua Holdings Corp.		112,283		1,266,552
Unum Group		597,186		11,035,997
Valley National Bancorp.		175,666		1,319,252
Webster Financial Corp.		47,472		1,305,480
Wells Fargo & Co.		1,155,659		27,909,165
				174,107,917

	Shares		Value
Health Care-0.96%
Patterson Cos., Inc.		199,336	$	5,782,737
Industrials-2.30%
Nielsen Holdings PLC		395,448		6,042,446
Ryder System, Inc.		191,926		7,849,773
				13,892,219
Information Technology-8.07%
International Business Machines Corp.		241,261		29,749,894
Seagate Technology PLC		196,114		9,411,511
Xerox Holdings Corp.		510,803		9,633,744
				48,795,149
Materials-17.74%
Dow, Inc.		712,213		32,135,050
Greif, Inc., Class A		115,109		4,241,767
International Paper Co.		552,825		20,050,963
LyondellBasell Industries N.V., Class A		443,036		29,009,997
Olin Corp.		462,051		5,198,074
Westrock Co.		548,095		16,623,721
				107,259,572
Real Estate-3.04%
American Campus Communities, Inc.		25,098		850,822
Highwoods Properties, Inc.		18,814		701,010
Lamar Advertising Co., Class A		24,912		1,724,658
Mack-Cali Realty Corp.		27,355		345,494
Medical Properties Trust, Inc.		46,507		864,100
National Retail Properties, Inc.		17,973		636,963
Physicians Realty Trust		21,989		399,101
Regency Centers Corp.		24,892		988,461
SL Green Realty Corp.		25,466		1,190,790
STORE Capital Corp.		27,682		748,521
Vornado Realty Trust		131,970		4,728,485
Welltower, Inc.		90,306		5,194,401
				18,372,806
Utilities-2.89%
CenterPoint Energy, Inc.		493,825		9,911,068
PPL Corp.		273,849		7,566,448
				17,477,516
TOTAL INVESTMENTS IN SECURITIES-99.21% (Cost $645,153,727)				599,726,450
OTHER ASSETS LESS LIABILITIES-0.79%				4,775,700
NET ASSETS-100.00%			$	604,502,150

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco S&P Ultra Dividend Revenue ETF (RDIV)–(continued)

August 31, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2020.

	Value August 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	65,764,464		$	(65,764,464	)		$	-			$	-			$	-		$	25,644
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			21,255,533			188,108,636			(209,364,169	)			-				-				-			185,186	*
Invesco Liquid Assets Portfolio, Institutional Class			7,098,369			52,942,043			(60,038,916	)			(144	)			(1,352	)			-			69,969	*
Invesco Private Government Fund			-			42,825,153			(42,825,153	)			-				-				-			38	*
Total		$	28,353,902		$	349,640,296		$	(377,992,702	)		$	(144	)		$	(1,352	)		$	-		$	280,837

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Statements of Assets and Liabilities

August 31, 2020

	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 Ultra Dividend Revenue ETF (RDIV)
Assets:
Unaffiliated investments in securities, at value(a)		$	779,568,942		$	209,050,653			$	227,192,305			$	599,726,450
Affiliated investments in securities, at value			3,878,603			7,619,528				20,298,997				-
Cash			815			-				-				-
Receivable for:
Dividends			2,081,993			222,666				110,182				5,566,124
Securities lending			1,544			2,337				41,093				-
Investments sold			-			-				7,038,314				1,453,766
Total assets			785,531,897			216,895,184				254,680,891				606,746,340
Liabilities:
Due to custodian			-			-				-				574,892
Payable for:
Investments purchased			-			-				723,162				-
Collateral upon return of securities loaned			3,196,034			7,460,038				20,142,357				-
Fund shares repurchased			-			-				6,314,979				1,464,215
Accrued unitary management fees			253,029			70,099				75,790				205,083
Total liabilities			3,449,063			7,530,137				27,256,288				2,244,190
Net Assets		$	782,082,834		$	209,365,047			$	227,424,603			$	604,502,150
Net assets consist of:
Shares of beneficial interest		$	778,816,637		$	262,017,671			$	369,763,909			$	1,088,086,355
Distributable earnings (loss)			3,266,197			(52,652,624	)			(142,339,306	)			(483,584,205	)
Net Assets		$	782,082,834		$	209,365,047			$	227,424,603			$	604,502,150
Shares outstanding (unlimited amount authorized, $0.01 par value)			13,951,400			3,701,400				3,601,400				21,150,000
Net asset value		$	56.06		$	56.56			$	63.15			$	28.58
Market price		$	56.16		$	56.62			$	63.17			$	28.63
Unaffiliated investments in securities, at cost		$	730,584,309		$	220,679,459			$	240,828,032			$	645,153,727
Affiliated investments in securities, at cost		$	4,207,572		$	7,619,528			$	20,305,568			$	-
(a) Includes securities on loan with an aggregate value of:		$	2,999,820		$	7,160,169			$	19,755,778			$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

Statements of Operations

For the year ended August 31, 2020

	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 Ultra Dividend Revenue ETF (RDIV)
Investment income:
Unaffiliated dividend income		$	20,390,279			$	4,511,026			$	3,606,663			$	59,343,317
Affiliated dividend income			29,538				1,756				(5,999	)			25,644
Securities lending income			139,370				169,824				1,682,756				292,243
Foreign withholding tax			(4,507	)			(412	)			(5,224	)			(63,255	)
Total investment income			20,554,680				4,682,194				5,278,196				59,597,949
Expenses:
Unitary management fees			3,342,447				1,078,381				1,086,897				4,505,553
Less: Waivers			(851	)			(440	)			(313	)			(3,297	)
Net expenses			3,341,596				1,077,941				1,086,584				4,502,256
Net investment income			17,213,084				3,604,253				4,191,612				55,095,693
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(18,665,341	)			(14,578,819	)			(81,135,826	)			(311,967,028	)
Affiliated investment securities			(3,522	)			487				(2,995	)			(1,352	)
Unaffiliated in-kind redemptions			73,314,431				16,246,325				27,283,146				(52,476,218	)
Affiliated in-kind redemptions			(27,376	)			-				(547	)			-
Net realized gain (loss)			54,618,192				1,667,993				(53,856,222	)			(364,444,598	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(19,647,313	)			(10,502,165	)			63,733,211				60,150,878
Affiliated investment securities			(133,255	)			-				(3,663	)			(144	)
Change in net unrealized appreciation (depreciation)			(19,780,568	)			(10,502,165	)			63,729,548				60,150,734
Net realized and unrealized gain (loss)			34,837,624				(8,834,172	)			9,873,326				(304,293,864	)
Net increase (decrease) in net assets resulting from operations		$	52,050,708			$	(5,229,919	)		$	14,064,938			$	(249,198,171	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

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35

Statements of Changes in Net Assets

For the year ended August 31, 2020, period July 1, 2019 through August 31, 2019 and the year ended June 30, 2019

	Invesco S&P 500 Revenue ETF (RWL)
	Year Ended August 31, 2020				Two Months Ended August 31, 2019				Year Ended June 30, 2019
Operations:
Net investment income		$	17,213,084			$	3,589,765			$	19,436,838
Net realized gain (loss)			54,618,192				6,787,060				52,483,739
Change in net unrealized appreciation (depreciation)			(19,780,568	)			(24,495,492	)			(6,607,324	)
Net increase (decrease) in net assets resulting from operations			52,050,708				(14,118,667	)			65,313,253
Distributions to Shareholders from:
Distributable earnings			(18,858,596	)			-				(19,138,436	)
Shareholder Transactions:
Proceeds from shares sold			122,131,917				2,604,990				243,025,931
Value of shares repurchased			(291,418,745	)			(26,857,380	)			(250,146,076	)
Net increase (decrease) in net assets resulting from share transactions			(169,286,828	)			(24,252,390	)			(7,120,145	)
Net increase (decrease) in net assets			(136,094,716	)			(38,371,057	)			39,054,672
Net assets:
Beginning of period			918,177,550				956,548,607				917,493,935
End of period		$	782,082,834			$	918,177,550			$	956,548,607
Changes in Shares Outstanding:
Shares sold			2,250,000				50,000				4,750,000
Shares repurchased			(5,750,000	)			(500,000	)			(4,950,000	)
Shares outstanding, beginning of period			17,451,400				17,901,400				18,101,400
Shares outstanding, end of period			13,951,400				17,451,400				17,901,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco S&P MidCap 400 Revenue ETF (RWK)												Invesco S&P SmallCap 600 Revenue ETF (RWJ)
Year Ended August 31, 2020				Two Months Ended August 31, 2019				Year Ended June 30, 2019				Year Ended August 31, 2020				Two Months Ended August 31, 2019				Year Ended June 30, 2019
	$	3,604,253			$	604,617			$	3,935,107			$	4,191,612			$	697,074			$	5,409,022
		1,667,993				1,652,025				18,678,879				(53,856,222	)			4,584,037				25,406,976
		(10,502,165	)			(28,795,505	)			(20,423,615	)			63,729,548				(33,894,064	)			(98,675,989	)
		(5,229,919	)			(26,538,863	)			2,190,371				14,064,938				(28,612,953	)			(67,859,991	)
		(4,187,523	)			-				(3,846,048	)			(5,070,798	)			-				(5,443,557	)
		31,016,971				2,857,012				80,869,707				53,812,575				3,109,660				175,782,312
		(139,652,137	)			(5,896,536	)			(100,828,754	)			(184,776,912	)			(30,301,088	)			(206,177,006	)
		(108,635,166	)			(3,039,524	)			(19,959,047	)			(130,964,337	)			(27,191,428	)			(30,394,694	)
		(118,052,608	)			(29,578,387	)			(21,614,724	)			(121,970,197	)			(55,804,381	)			(103,698,242	)
		327,417,655				356,996,042				378,610,766				349,394,800				405,199,181				508,897,423
	$	209,365,047			$	327,417,655			$	356,996,042			$	227,424,603			$	349,394,800			$	405,199,181
		600,000				50,000				1,400,000				800,000				50,000				2,600,000
		(2,700,000	)			(100,000	)			(1,750,000	)			(3,150,000	)			(500,000	)			(3,150,000	)
		5,801,400				5,851,400				6,201,400				5,951,400				6,401,400				6,951,400
		3,701,400				5,801,400				5,851,400				3,601,400				5,951,400				6,401,400

37

Statements of Changes in Net Assets–(continued)

For the year ended August 31, 2020, period July 1, 2019 through August 31, 2019 and the year ended June 30, 2019

	Invesco S&P Ultra Dividend Revenue ETF (RDIV)
	Year Ended August 31, 2020			Two Months Ended August 31, 2019			Year Ended June 30, 2019
Operations:
Net investment income	$	55,095,693		$	9,813,984		$	50,776,810
Net realized gain (loss)		(364,444,598	)		8,577,823			7,071,471
Change in net unrealized appreciation (depreciation)		60,150,734			(114,555,720	)		(9,146,713	)
Net increase (decrease) in net assets resulting from operations		(249,198,171	)		(96,163,913	)		48,701,568
Distributions to Shareholders from:
Distributable earnings		(51,573,798	)		-			(48,980,283	)
Shareholder Transactions:
Proceeds from shares sold		470,839,096			186,494,329			2,425,047,339
Value of shares repurchased		(1,137,864,895	)		(300,629,591	)		(1,253,156,914	)
Net increase (decrease) in net assets resulting from share transactions		(667,025,799	)		(114,135,262	)		1,171,890,425
Net increase (decrease) in net assets		(967,797,768	)		(210,299,175	)		1,171,611,710
Net assets:
Beginning of period		1,572,299,918			1,782,599,093			610,987,383
End of period	$	604,502,150		$	1,572,299,918		$	1,782,599,093
Changes in Shares Outstanding:
Shares sold		12,400,000			4,950,000			64,100,000
Shares repurchased		(35,350,000	)		(8,200,000	)		(32,750,000	)
Shares outstanding, beginning of period		44,100,000			47,350,000			16,000,000
Shares outstanding, end of period		21,150,000			44,100,000			47,350,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)

	Year Ended August 31,				Two Months Ended August 31,				Years Ended June 30,
	2020				2019				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	52.61			$	53.43			$	50.69			$	46.43			$	40.74			$	40.91
Net investment income(a)			1.08				0.20				1.03				0.90				0.83				0.76
Net realized and unrealized gain (loss) on investments			3.53				(1.02	)			2.72				4.41				5.60				(0.14	)
Total from investment operations			4.61				(0.82	)			3.75				5.31				6.43				0.62
Distributions to shareholders from:
Net investment income			(1.16	)			-				(1.01	)			(1.05	)			(0.74	)			(0.76	)
Net realized gains			-				-				-				-				-				(0.03	)
Total distributions			(1.16	)			-				(1.01	)			(1.05	)			(0.74	)			(0.79	)
Net asset value at end of period		$	56.06			$	52.61			$	53.43			$	50.69			$	46.43			$	40.74
Market price at end of period		$	56.16	(b)		$	52.62	(b)		$	53.41	(b)
Net Asset Value Total Return(c)			9.09	%			(1.54	)%			7.51	%			11.49	%			15.96	%			1.55	%
Market Price Total Return(c)			9.26	%			(1.47	)%			7.41	%			11.46	%			15.98	%			1.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	782,083			$	918,178			$	956,549			$	917,494			$	689,504			$	366,679
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%(d)			0.39	%			0.39	%			0.42	%			0.49	%
Expenses, prior to Waivers			0.39	%			0.39	%(d)			0.39	%			0.41	%			0.52	%			0.62	%
Net investment income			2.01	%			2.26	%(d)			1.99	%			1.81	%			1.89	%			1.92	%
Portfolio turnover rate(e)			14	%			0	%(f)			19	%			15	%			15	%			14	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(e)  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.

^(f)  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Financial Highlights–(continued)

Invesco S&P MidCap 400 Revenue ETF (RWK)

	Year Ended August 31,				Two Months Ended August 31,				Years Ended June 30,
	2020				2019				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	56.44			$	61.01			$	61.05			$	56.31			$	47.74			$	49.39
Net investment income(a)			0.74				0.10				0.65				0.63				0.56				0.44
Net realized and unrealized gain (loss) on investments			0.21				(4.67	)			(0.06	)			4.70				8.68				(1.63	)
Total from investment operations			0.95				(4.57	)			0.59				5.33				9.24				(1.19	)
Distributions to shareholders from:
Net investment income			(0.83	)			-				(0.63	)			(0.59	)			(0.67	)			(0.46	)
Net asset value at end of period		$	56.56			$	56.44			$	61.01			$	61.05			$	56.31			$	47.74
Market price at end of period		$	56.62	(b)		$	56.42	(b)		$	60.91	(b)
Net Asset Value Total Return(c)			1.89	%			(7.49	)%			1.05	%			9.48	%			19.46	%			(2.39	)%
Market Price Total Return(c)			2.03	%			(7.37	)%			0.90	%			9.40	%			19.45	%			(2.38	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	209,365			$	327,418			$	356,996			$	378,611			$	329,502			$	186,252
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%(d)			0.39	%			0.39	%			0.43	%			0.54	%
Expenses, prior to Waivers			0.39	%			0.39	%(d)			0.39	%			0.42	%			0.56	%			0.72	%
Net investment income			1.30	%			1.06	%(d)			1.09	%			1.08	%			1.05	%			0.94	%
Portfolio turnover rate(e)			33	%			0	%(f)			33	%			34	%			46	%			22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(e)  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.

^(f)  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Financial Highlights–(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

	Year Ended August 31,				Two Months Ended August 31,				Years Ended June 30,
	2020				2019				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	58.71			$	63.30			$	73.21			$	66.03			$	55.06			$	58.05
Net investment income(a)			0.89				0.11				0.79				0.69				0.55				0.36
Net realized and unrealized gain (loss) on investments			4.58				(4.70	)			(9.90	)			7.24				10.85				(2.97	)
Total from investment operations			5.47				(4.59	)			(9.11	)			7.93				11.40				(2.61	)
Distributions to shareholders from:
Net investment income			(1.03	)			-				(0.80	)			(0.75	)			(0.43	)			(0.38	)
Net asset value at end of period		$	63.15			$	58.71			$	63.30			$	73.21			$	66.03			$	55.06
Market price at end of period		$	63.17	(b)		$	58.69	(b)		$	63.23	(b)
Net Asset Value Total Return(c)			9.63	%			(7.25	)%			(12.45	)%			12.07	%(d)			20.75	%			(4.46	)%
Market Price Total Return(c)			9.70	%			(7.18	)%			(12.57	)%			12.10	%(d)			20.76	%			(4.51	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	227,425			$	349,395			$	405,199			$	508,897			$	554,751			$	297,421
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%(e)			0.39	%			0.39	%			0.43	%			0.54	%
Expenses, prior to Waivers			0.39	%			0.39	%(e)			0.39	%			0.42	%			0.54	%			0.68	%
Net investment income			1.50	%			1.10	%(e)			1.15	%			1.01	%			0.86	%			0.68	%
Portfolio turnover rate(f)			49	%			1	%			39	%			38	%			46	%			44	%

^(a) Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) 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%.

^(e) Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f) 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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Financial Highlights–(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

	Year Ended August 31,				Two Months Ended August 31,				Years Ended June 30,
	2020				2019				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	35.65			$	37.65			$	38.19			$	33.82			$	31.52			$	28.81
Net investment income(a)			1.62				0.21				1.46				1.73				1.50				1.21
Net realized and unrealized gain (loss) on investments			(7.33	)			(2.21	)			(0.66	)			4.56				1.96				2.66
Total from investment operations			(5.71	)			(2.00	)			0.80				6.29				3.46				3.87
Distributions to shareholders from:
Net investment income			(1.36	)			-				(1.34	)			(1.92	)			(1.14	)			(1.16	)
Net realized gains			-				-				-				-				(0.02	)			-
Total distributions			(1.36	)			-				(1.34	)			(1.92	)			(1.16	)			(1.16	)
Net asset value at end of period		$	28.58			$	35.65			$	37.65			$	38.19			$	33.82			$	31.52
Market price at end of period		$	28.63	(b)		$	35.67	(b)		$	37.67	(b)
Net Asset Value Total Return(c)			(16.26	)%			(5.31	)%			2.26	%			19.13	%			11.10	%			13.91	%
Market Price Total Return(c)			(16.17	)%			(5.31	)%			2.26	%			19.12	%			11.18	%			13.90	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	604,502			$	1,572,300			$	1,782,599			$	610,987			$	510,630			$	110,330
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%(d)			0.39	%			0.39	%			0.41	%			0.49	%
Expenses, prior to Waivers			0.39	%			0.39	%(d)			0.39	%			0.41	%			0.52	%			0.75	%
Net investment income			4.77	%			3.36	%(d)			3.93	%			4.90	%			4.48	%			4.19	%
Portfolio turnover rate(e)			98	%			12	%			122	%			74	%			81	%			208	%

^(a) Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(e) 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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2020

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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco S&P 500 Revenue ETF (RWL)	“S&P 500 Revenue ETF”
Invesco S&P MidCap 400 Revenue ETF (RWK)	“S&P MidCap 400 Revenue ETF”
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	“S&P SmallCap 600 Revenue ETF”
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	“S&P Ultra Dividend 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’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
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 Ultra Dividend Revenue ETF	S&P 900 Dividend Revenue-Weighted 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 the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value

43

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, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a

44

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, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small-and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

45

and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

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J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
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 Ultra Dividend Revenue ETF	0.39%

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 each Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses,

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acquired fund fees and expenses, if any, and other extraordinary expenses) from exceeding the Fund’s unitary management fee through at least May 24, 2021.

Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2020, the Adviser waived fees for each Fund in the following amounts:

S&P 500 Revenue ETF	$	851
S&P MidCap 400 Revenue ETF		440
S&P SmallCap 600 Revenue ETF		313
S&P Ultra Dividend Revenue ETF		3,297

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For fiscal year ended August 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

S&P 500 Revenue ETF	$	20,618
S&P MidCap 400 Revenue ETF		10,739
S&P SmallCap 600 Revenue ETF		49,218
S&P Ultra Dividend Revenue ETF		29,370

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended August 31, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
S&P 500 Revenue ETF		$	-		$	406,106		$	(293,466	)
S&P MidCap 400 Revenue ETF			35,744			2,435,223			(693,646	)
S&P SmallCap 600 Revenue ETF			274,454			202,267			125,245
S&P Ultra Dividend Revenue ETF			9,679,047			113,737,618			(26,685,871	)

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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.

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Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2020, for each of the Funds except for S&P Ultra Dividend Revenue ETF. All of the securities in S&P Ultra Dividend Revenue ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
S&P 500 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	779,932,164		$	-		$-		$	779,932,164
Money Market Funds			319,347			3,196,034		-			3,515,381
Total Investments		$	780,251,511		$	3,196,034		$-		$	783,447,545
S&P MidCap 400 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	209,050,653		$	-		$-		$	209,050,653
Money Market Funds			159,490			7,460,038		-			7,619,528
Total Investments		$	209,210,143		$	7,460,038		$-		$	216,670,181
S&P SmallCap 600 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	227,226,178		$	-		$-		$	227,226,178
Money Market Funds			122,767			20,142,357		-			20,265,124
Total Investments		$	227,348,945		$	20,142,357		$-		$	247,491,302

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended August 31, 2020, the Period July 1, 2019 to August 31, 2019 and the Fiscal Year Ended June 30, 2019:

	August 31, 2020		August 31, 2019		June 30, 2019
	Ordinary Income*		Ordinary Income*		Ordinary Income*
S&P 500 Revenue ETF		$18,858,596		$-		$19,138,436
S&P MidCap 400 Revenue ETF		4,187,523		-		3,846,048
S&P SmallCap 600 Revenue ETF		5,070,798		-		5,443,557
S&P Ultra Dividend Revenue ETF		51,573,798		-		48,980,283

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
S&P 500 Revenue ETF	$	2,888,046	$	41,082,471		$	(40,704,320	)	$	778,816,637	$	782,082,834
S&P MidCap 400 Revenue ETF		330,479		(14,168,592	)		(38,814,511	)		262,017,671		209,365,047
S&P SmallCap 600 Revenue ETF		175,619		(18,723,957	)		(123,790,968	)		369,763,909		227,424,603
S&P Ultra Dividend Revenue ETF		16,594,372		(45,613,157	)		(454,565,420	)		1,088,086,355		604,502,150

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Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
S&P 500 Revenue ETF	$	7,090,290	$	33,614,030	$	40,704,320
S&P MidCap 400 Revenue ETF		19,240,402		19,574,109		38,814,511
S&P SmallCap 600 Revenue ETF		31,882,109		91,908,859		123,790,968
S&P Ultra Dividend Revenue ETF		349,008,001		105,557,419		454,565,420

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
S&P 500 Revenue ETF	$	115,551,621	$	116,895,738
S&P MidCap 400 Revenue ETF		89,945,473		90,524,273
S&P SmallCap 600 Revenue ETF		136,895,119		142,470,247
S&P Ultra Dividend Revenue ETF		1,147,526,422		1,139,897,222

For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
S&P 500 Revenue ETF	$	121,695,140	$	291,684,295
S&P MidCap 400 Revenue ETF		30,985,506		139,517,946
S&P SmallCap 600 Revenue ETF		53,636,450		179,978,546
S&P Ultra Dividend Revenue ETF		470,164,582		1,138,642,239

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At August 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
S&P 500 Revenue ETF	$	144,447,340	$	(103,364,869	)	$	41,082,471		$	742,365,074
S&P MidCap 400 Revenue ETF		26,958,091		(41,126,683	)		(14,168,592	)		230,838,773
S&P SmallCap 600 Revenue ETF		34,521,131		(53,245,088	)		(18,723,957	)		266,215,259
S&P Ultra Dividend Revenue ETF		33,188,182		(78,801,339	)		(45,613,157	)		645,339,607

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
S&P 500 Revenue ETF		$	285			$	(70,524,593	)		$	70,524,308
S&P MidCap 400 Revenue ETF			(17,026	)			(13,751,014	)			13,768,040
S&P SmallCap 600 Revenue ETF			(76,300	)			(22,130,271	)			22,206,571
S&P Ultra Dividend Revenue ETF			(19,385	)			60,487,533				(60,468,148	)

50

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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

51

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 and Invesco S&P Ultra Dividend 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 (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for the year ended August 31, 2020, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019, including the related notes, and the financial highlights for the year ended August 31, 2020, for the period July 1, 2019 through August 31, 2019 and 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 August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets for the year ended August 31, 2020, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019, and each of the financial highlights for the year ended August 31, 2020, for the period July 1, 2019 through August 31, 2019 and 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 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 Ultra Dividend Revenue ETF	Oppenheimer S&P Ultra Dividend Revenue ETF

The financial statements of the Predecessor Funds as of and for the year 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 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 August 31, 2020 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.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 28, 2020

52

Report of Independent Registered Public Accounting Firm–(continued)

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

53

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco S&P 500 Revenue ETF (RWL)
Actual		$1,000.00		$1,099.40		0.39%		$2.06
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39		1.98
Invesco S&P MidCap 400 Revenue ETF (RWK)
Actual		1,000.00		1,042.40		0.39		2.00
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39		1.98
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
Actual		1,000.00		1,140.60		0.39		2.10
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39		1.98
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Actual		1,000.00		886.90		0.39		1.85
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39		1.98

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

54

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 August 31, 2020:

	Qualified Dividend Income*		Dividends-Received Deduction*		Qualified Interest Income*
Invesco S&P 500 Revenue ETF		100%		100%		0%
Invesco S&P MidCap 400 Revenue ETF		100%		100%		0%
Invesco S&P SmallCap 600 Revenue ETF		72%		71%		0%
Invesco S&P Ultra Dividend Revenue ETF		93%		88%		0%

* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.

55

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 August 31, 2020

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	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; 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).	214	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.	214	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

56

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
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, 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); Commander, U.S. Joint Forces Command (2002-2005).	214	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

57

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
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), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	214	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

58

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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).	214	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).	214	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

59

Trustees and Officers–(continued)

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	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); 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), Credit Suisse (investment banking); 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).	214	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (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, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

60

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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, 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.	214	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); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (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).	214	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 or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

61

Trustees and Officers–(continued)

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; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); 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.	214	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

62

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, 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 Specialized Products, LLC (2018); 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).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

63

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Adam Henkel—1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017-2017), 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, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.
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 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

64

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
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).
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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

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.

65

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF Invesco California AMT-Free Municipal Bond ETF Invesco CEF Income Composite ETF Invesco China Technology ETF Invesco DWA Developed Markets Momentum ETF Invesco DWA Emerging Markets Momentum ETF Invesco DWA SmallCap Momentum ETF Invesco Emerging Markets Sovereign Debt ETF Invesco FTSE International Low Beta Equal Weight ETF Invesco FTSE RAFI Developed Markets ex-U.S. ETF Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF Invesco FTSE RAFI Emerging Markets ETF Invesco Fundamental High Yield^® Corporate Bond ETF Invesco Fundamental Investment Grade Corporate Bond ETF Invesco Global Clean Energy ETF Invesco Global Short Term High Yield Bond ETF Invesco Global Water ETF Invesco International BuyBack Achievers^™ ETF Invesco International Corporate Bond ETF Invesco KBW Bank ETF Invesco KBW High Dividend Yield Financial ETF Invesco KBW Premium Yield Equity REIT ETF Invesco KBW Property & Casualty Insurance ETF Invesco KBW Regional Banking ETF Invesco National AMT-Free Municipal Bond ETF Invesco New York AMT-Free Municipal Bond ETF Invesco Preferred ETF Invesco PureBeta^SM 0-5YrUSTIPSETF Invesco PureBeta^SM FTSE Developed ex-North America ETF Invesco PureBeta^SM FTSE Emerging Markets ETF Invesco PureBeta^SM MSCI USA ETF Invesco PureBeta^SM MSCI USA Small Cap ETF Invesco PureBeta^SM US Aggregate Bond ETF Invesco Russell 1000 Enhanced Equal Weight ETF Invesco Russell 1000 Equal Weight ETF Invesco Russell 1000 Low Beta Equal Weight ETF Invesco S&P 500 Enhanced Value ETF Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF Invesco S&P 500^® High Beta ETF Invesco S&P 500^® High Dividend Low Volatility ETF Invesco S&P 500^® Low Volatility ETF Invesco S&P 500 Minimum Variance ETF Invesco S&P 500 Momentum ETF Invesco S&P 500 Revenue ETF Invesco S&P Emerging Markets Low Volatility ETF Invesco S&P Emerging Markets Momentum ETF Invesco S&P International Developed High Dividend Low Volatility ETF Invesco S&P International Developed Low Volatility ETF Invesco S&P International Developed Momentum ETF Invesco S&P International Developed Quality ETF Invesco S&P MidCap 400 Revenue ETF Invesco S&P MidCap Low Volatility ETF Invesco S&P SmallCap 600 Revenue ETF Invesco S&P SmallCap Consumer Discretionary ETF Invesco S&P SmallCap Consumer Staples ETF Invesco S&P SmallCap Energy ETF Invesco S&P SmallCap Financials ETF Invesco S&P SmallCap Health Care ETF Invesco S&P SmallCap High Dividend Low Volatility ETF Invesco S&P SmallCap Industrials ETF Invesco S&P SmallCap Information Technology ETF Invesco S&P SmallCap Low Volatility ETF Invesco S&P SmallCap Materials ETF Invesco S&P SmallCap Quality ETF Invesco S&P SmallCap Utilities & Communication Services ETF Invesco S&P Ultra Dividend Revenue ETF Invesco Senior Loan ETF Invesco Taxable Municipal Bond ETF Invesco Treasury Collateral ETF Invesco Variable Rate Preferred ETF Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of

66

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

• 0.04%: Invesco PureBeta^SM MSCI USA ETF

• 0.05%: Invesco PureBeta^SM US Aggregate Bond ETF

• 0.06%: Invesco PureBeta^SM MSCI USA Small Cap ETF

• 0.07%: Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF

• 0.08%: Invesco Treasury Collateral ETF

• 0.10%: Invesco S&P 500 Minimum Variance ETF

• 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

• 0.14%: Invesco PureBeta^SM FTSE Emerging Markets ETF

• 0.20%: Invesco Russell 1000 Equal Weight ETF

• 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF

67

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

• 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

• 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

• 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

• 0.30%: Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

• 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

• 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

• 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

• 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

• 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

• 0.55%: Invesco International BuyBack Achievers^TM ETF

• 0.60%: Invesco DWA SmallCap Momentum ETF

• 0.65%: Invesco Senior Loan ETF

• 0.70%: Invesco China Technology ETF

• 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF

• 0.80%: Invesco DWA Developed Markets Momentum ETF

• 0.90%: Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end

68

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower         than Open-End          Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF	X	X	X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5Yr US TIPS ETF			X
Invesco PureBetaTM FTSE Developed ex-North America ETF			X
Invesco PureBetaTM FTSE Emerging Markets ETF	X		X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF	X	X	X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF		X	X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500® High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF		X	X

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower         than Open-End          Index Fund Peer Median*	Lower than Open-Active Fund Peer Median
Invesco S&P 500 Revenue ETF		X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X		X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF			X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF		X	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

* The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

71

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

72

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 O-REV-AR-2 invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2020.

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: 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/she 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/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/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 a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2020	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2019
Audit Fees	$ 719,700	$742,770
Audit-Related Fees	$ 0	$ 0
Tax Fees(1)	$ 672,950	$662,727
All Other Fees	$ 0	$ 0
Total Fees	$1,392,650	$1,405,497

⁽¹⁾ Tax Fees for the fiscal years ended August 31, 2020 and 2019 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$701,000	$690,000
Tax Fees	$ 0	$ 0
All Other Fees	$ 0	$ 0
Total Fees	$701,000	$690,000

⁽¹⁾ Audit-Related Fees for the fiscal years ended 2020 and 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 and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs

Applicable to	Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)
Risk Addressed by Policy	Approval of Audit and Non-Audit Services
Relevant Law and Other Sources	Sarbanes-Oxley Act of 2002; Regulation S-X.
Last Reviewed by Compliance for Accuracy	June 15, 2018
Approved/Adopted Date	June 2009

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

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 or

fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

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 may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee

the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Adopted:	June 26, 2009
Amended:	June 15, 2018

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

• Bookkeeping or other services related to the accounting records or financial statements of the audit client

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

• Management functions

• Human resources

• Broker-dealer, investment adviser, or investment banking services

• Legal services

• Expert services unrelated to the audit

• Any service or product provided for a contingent fee or a commission

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

• Tax services for persons in financial reporting oversight roles at the Fund

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $ 5,770,000 for the fiscal year ended August 31, 2020 and $ 3,213,000 for the fiscal year ended August 31, 2019 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $ 7,143,950 for the fiscal year ended August 31, 2020 and $ 4,565,727 for the fiscal year ended August 31, 2019.

(h) With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $32 million and non-audit services of approximately $20 million for the fiscal year ended 2020. The Audit Committee considered this information in evaluating PwC’s independence.

Pursuant to PCAOB Rule 3526, PwC advised the Registrant’s Audit Committee of the following matters identified between September 1, 2019 and October 27, 2020 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that four PwC Managers and two PwC Associates each held financial interests in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or individuals ceased providing their non-audit services. In addition, PwC considered that audit work was performed by the PwC Associates, but such audit work was of a limited nature relating to administrative tasks and international tax. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and that it believes it can continue to serve as the independent registered public accounting firm for the Funds in the Registrant.

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 Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are

effective.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.

(a)(2) Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Fund Trust II

By:	/s/ Anna Paglia
Name:	Anna Paglia
Title:	President
Date:	November 6, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Anna Paglia
Name:	Anna Paglia
Title:	President
Date:	November 6, 2020

By:	/s/ Kelli Gallegos
Name:	Kelli Gallegos
Title:	Treasurer
Date:	November 6, 2020