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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2022

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

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

Item 1. Reports to Stockholders.

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

(b)	Not applicable.

Invesco Semi-Annual Report to Shareholders

February 28, 2022

BKLN Invesco Senior Loan ETF

Table of Contents


Schedule of Investments			3

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

Fund Expenses			22

Invesco Senior Loan ETF (BKLN)

February 28, 2022

(Unaudited)

Schedule of Investments


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Variable Rate Senior Loan Interests-94.98%^(a)(b)
Aerospace & Defense-2.17%
Peraton Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)	4.50%		02/01/2028	$	103,672	$	70,003,974
TransDigm, Inc., Term Loan F (1 mo. USD LIBOR + 2.25%)	2.46%		12/09/2025		48,809		48,074,911

							118,078,885

Air Transport-4.40%
AAdvantage Loyalty IP Ltd., Term Loan B (3 mo. USD LIBOR + 4.75%)	5.50%		04/20/2028		50,677		51,722,376
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)	6.25%		06/21/2027		53,709		56,243,052
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)	4.75%		10/20/2027		49,734		52,118,253
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)	4.50%		04/21/2028		79,873		79,639,844

							239,723,525

Automotive-1.10%
Panther BF Aggregator 2 L.P., Term Loan (Canada) (1 mo. USD LIBOR + 3.25%)	3.46%		04/30/2026		60,536		60,019,193

Beverage & Tobacco-0.87%
Triton Water Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)	4.00%		03/12/2028		48,487		47,405,682

Building & Development-2.92%
DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 2.75%)	2.96%		08/21/2025		34,639		34,390,345
LBM Holdings LLC, Term Loan ^(c)	-		12/17/2027		49,839		49,153,960
Pisces Midco, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)	3.75%		03/26/2028		45,787		44,833,512
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)	2.71%		02/01/2027		31,206		30,708,908

							159,086,725

Business Equipment & Services-8.86%
Allied Universal Holdco LLC, Term Loan (3 mo. USD LIBOR + 3.75%)	4.25%		05/12/2028		73,470		72,601,129
Asurion LLC
Second Lien Term Loan B-4 (1 mo. USD LIBOR + 5.25%)	5.46%		01/15/2029		49,200		48,728,788
Term Loan B-8 (1 mo. USD LIBOR + 3.25%)	3.46%		12/31/2026		54,038		53,185,490
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)	5.25%		06/21/2024		43,667		41,827,939
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	3.50%		03/01/2024		59,569		59,328,336
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.25%)	3.46%		02/06/2026		46,910		46,479,661
Endure Digital, Inc. (Eagle Company), Term Loan B (3 mo. USD LIBOR + 3.50%)	4.25%		02/01/2028		17,321		16,736,782
Mitchell International, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%)	4.25%		10/01/2028		35,380		34,949,948
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)	3.50%		09/23/2026		26,042		25,795,906
Solera, Term Loan B (3 mo. USD LIBOR + 4.00%)	4.50%		06/02/2028		60,306		60,039,108
Trans Union LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.25%)	2.75%		11/30/2028		23,732		23,504,175

							483,177,262

Cable & Satellite Television-5.29%
Charter Communications Operating LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	1.96%		02/01/2027		102,927		101,533,453
CSC Holdings LLC
Term Loan (1 mo. USD LIBOR + 2.25%)	2.44%		07/17/2025		56,404		54,821,396
Term Loan (1 mo. USD LIBOR + 2.50%)	2.69%		04/15/2027		40,795		39,669,436
Numericable-SFR S.A., Incremental Term Loan B-13 (France) (1 mo. USD LIBOR + 4.00%)	4.51%		08/14/2026		25,781		25,589,602
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. USD LIBOR + 2.50%)	2.69%		01/31/2028		44,640		43,981,496
Vodafone Ziggo - LG, Term Loan I (1 mo. USD LIBOR + 2.50%)	2.69%		04/30/2028		23,329		22,902,974

							288,498,357

Chemicals & Plastics-1.00%
AkzoNobel Chemicals, Term Loan (1 mo. USD LIBOR + 3.00%)	3.21%		10/01/2025		55,261		54,666,910

Containers & Glass Products-1.06%
Berry Global, Inc., Term Loan Z (1 mo. USD LIBOR + 1.75%)	1.88%		07/01/2026		58,519		57,600,553

Drugs-3.50%
Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%)	3.75%		05/04/2025		44,559		43,801,517

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Drugs-(continued)
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)	2.21%		11/15/2027	$	116	$	113,513
Jazz Pharmaceuticals, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)	4.00%		04/21/2028		51,908		51,791,264
Valeant Pharmaceuticals International, Inc.
Term Loan (Canada) (3 mo. USD LIBOR + 3.00%)	3.21%		06/02/2025		51,001		50,587,078
Term Loan B (Canada)^(c)	-		01/27/2027		45,000		44,573,400

							190,866,772

Electronics & Electrical-13.01%
Boxer Parent Co., Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)	3.97%		10/02/2025		53,897		53,355,164
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.46%		04/06/2026		41,877		40,980,489
CoreLogic, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)	4.00%		04/09/2028		65,478		64,741,669
Finastra USA, Inc., First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 3.50%)	4.50%		06/13/2024		55,360		54,668,389
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	4.25%		07/01/2024		41,248		41,129,525
McAfee Enterprise, Term Loan B (3 mo. USD LIBOR + 5.00%)	5.75%		07/27/2028		43,496		43,164,823
McAfee LLC
First Lien Term Loan B^(c)	-		02/03/2029		45,116		44,570,653
Term Loan B (1 mo. USD LIBOR + 3.75%)	4.05%		09/30/2024		42,454		42,411,931
MKS Instruments, Inc., Term Loan B ^(c)	-		11/01/2028		30,717		30,448,852
NortonLifeLock, Inc., Term Loan B ^(c)	-		01/28/2029		33,000		32,642,445
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)	3.76%		08/31/2028		43,430		43,015,243
Quest Software US Holdings, Inc., Term Loan B (SOFR + 4.25%)	4.75%		01/19/2029		22,505		22,220,576
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)	3.75%		04/24/2028		57,860		57,325,169
Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	2.96%		06/21/2024		10,686		10,392,506
TIBCO Software, Inc., Term Loan B-3 (1 mo. USD LIBOR + 3.75%)	3.96%		06/30/2026		37,441		37,253,677
Ultimate Software Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.75%		05/04/2026		91,705		91,218,071

							709,539,182

Financial Intermediaries-1.43%
Citadel Advisors Holdings L.P., Term Loan B (1 mo. USD LIBOR + 2.50%)	2.71%		02/15/2028		51,370		50,956,875
Jane Street Group LLC, First Lien Term Loan B (1 mo. USD LIBOR + 2.75%)	2.96%		01/26/2028		27,089		26,792,279

							77,749,154

Food Products-0.84%
Froneri International PLC, Term Loan B-2 (United Kingdom) (1 mo. USD LIBOR + 2.25%)	2.46%		01/29/2027		46,588		45,726,627

Food Service-2.90%
IRB Holding Corp.
Term Loan (SOFR + 3.00%)	3.75%		12/15/2027		37,646		37,340,488
Term Loan B (3 mo. USD LIBOR + 2.75%)	3.75%		02/05/2025		52,070		51,679,843
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)	1.96%		11/19/2026		70,553		69,344,951

							158,365,282

Health Care-15.11%
athenahealth, Inc.
Term Loan B^(c)	-		01/26/2029		14,965		14,847,523
Term Loan B (SOFR + 3.50%)	4.00%		01/26/2029		88,296		87,600,385
DaVita HealthCare Partners, Inc., Term Loan B-1 (1 mo. USD LIBOR + 1.75%)	1.96%		08/12/2026		44,079		43,690,966
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)	1.98%		07/30/2027		72,735		71,269,274
Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.75%)	3.96%		10/10/2025		91,525		67,094,806
Gainwell Holding Corp., Term Loan B (3 mo. USD LIBOR + 4.00%)	4.75%		10/01/2027		73,820		73,574,571
ICON PLC
Term Loan (1 mo. USD LIBOR + 2.50%)	2.75%		07/03/2028		13,125		12,995,415
Term Loan (1 mo. USD LIBOR + 2.50%)	2.75%		07/03/2028		52,681		52,158,910
LifePoint Health, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)	3.96%		11/16/2025		56,139		55,619,796
Mozart Debt Merger Sub, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.75%		10/01/2028		96,866		96,033,865
Organon & Co., Term Loan B (3 mo. USD LIBOR + 3.00%)	3.50%		06/02/2028		46,619		46,487,865
PAREXEL International Corp., Term Loan B (1 mo. USD LIBOR + 3.50%)	4.00%		11/15/2028		47,942		47,632,052
Sunshine Luxembourg VII S.a.r.l., Term Loan (Switzerland) (3 mo. USD LIBOR + 3.75%)	4.50%		10/01/2026		57,601		57,399,779

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Health Care-(continued)
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	3.75%		02/06/2024	$	33,995	$	32,583,957
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)	4.21%		08/27/2025		65,109		65,007,591

							823,996,755

Home Furnishings-0.61%
Hunter Douglas, Inc., First Lien Term Loan ^(c)	-		02/09/2029		33,580		33,138,960

Industrial Equipment-1.66%
Madison IAQ LLC, Term Loan (1 mo. USD LIBOR + 3.25%)	3.75%		06/21/2028		44,083		43,466,915
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (1 mo. USD LIBOR + 3.50%)	4.00%		07/31/2027		47,526		47,270,876

							90,737,791

Insurance-3.69%
Acrisure LLC, Term Loan (3 mo. USD LIBOR + 3.50%)	3.72%		02/15/2027		60,228		59,394,287
AmWINS Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%)	3.00%		02/17/2028		15,758		15,529,977
HUB International Ltd.
Incremental Term Loan B-3 (3 mo. USD LIBOR + 3.25%)	4.00%		04/25/2025		25,670		25,527,760
Term Loan (3 mo. USD LIBOR + 2.75%)	3.02%		04/25/2025		68,240		67,532,906
USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)	3.22%		05/16/2024		33,736		33,478,034

							201,462,964

Leisure Goods, Activities & Movies-3.36%
Alpha Topco Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%)	3.50%		02/01/2024		49,052		48,701,393
Crown Finance US, Inc., Term Loan (3 mo. USD LIBOR + 2.50%)	3.50%		02/28/2025		48,153		37,415,984
UFC Holdings LLC, Term Loan B-3 (3 mo. USD LIBOR + 2.75%)	3.50%		04/29/2026		49,009		48,450,974
William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)	2.96%		05/16/2025		50,028		48,912,931

							183,481,282

Lodging & Casinos-5.20%
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)	2.96%		12/23/2024		77,385		76,707,437
Fertitta Entertainment LLC, Term Loan (SOFR + 4.00%)	4.50%		01/31/2029		41,644		41,513,504
Golden Nugget, Inc., Term Loan B ^(c)	-		10/04/2023		2,962		2,966,864
Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	1.94%		06/22/2026		48,445		47,798,888
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)	2.96%		08/14/2024		62,954		62,615,595
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 2.25%)	2.47%		07/21/2026		52,471		52,011,580

							283,613,868

Publishing-0.95%
Micro Holding L.P., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	3.71%		09/13/2024		52,486		51,906,126

Radio & Television-2.43%
Diamond Sports Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	5.50%		08/24/2026		55,952		21,243,186
Directv Financing LLC, Term Loan B (3 mo. USD LIBOR + 5.00%)	5.75%		07/25/2027		67,275		67,197,719
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%)	2.61%		09/18/2026		44,412		44,239,725

							132,680,630

Rail Industries-0.75%
Genesee & Wyoming, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)	2.22%		12/30/2026		41,599		41,085,961

Retailers (except Food & Drug)-3.37%
Bass Pro Group LLC, Term Loan B-2 (3 mo. USD LIBOR + 3.75%)	4.50%		03/06/2028		80,106		79,825,852
Harbor Freight Tools USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)	3.25%		10/15/2027		54,092		53,301,836
Pilot Travel Centers LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)	2.21%		07/31/2028		51,623		50,897,181

							184,024,869

Telecommunications-6.37%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	2.46%		03/15/2027		84,992		82,840,371
Genesys Telecom Holdings U.S., Inc., Term Loan (1 mo. USD LIBOR + 4.00%)	4.75%		12/01/2027		46,428		46,412,004
II-VI, Inc., Term Loan B ^(c)	-		12/15/2028		21,392		21,218,513
Intelsat Jackson Holdings S.A., Term Loan B (Luxembourg) (SOFR + 4.25%)	4.75%		01/27/2029		25,127		24,813,099
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)	1.96%		03/01/2027		54,085		52,892,572

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Telecommunications-(continued)
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	4.00%		09/25/2026	$	51,685	$	51,208,057
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	3.21%		03/09/2027		69,302		67,881,927

							347,266,543

Utilities-2.13%
Brookfield WEC Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)	3.25%		08/01/2025		50,497		49,824,587
Pacific Gas and Electric Co., Term Loan B (3 mo. USD LIBOR + 3.00%)	3.50%		07/01/2025		30,808		30,299,336
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. USD LIBOR + 1.75%)	1.87%		12/31/2025		36,791		36,199,105

							116,323,028

Total Variable Rate Senior Loan Interests (Cost $5,206,403,382)							5,180,222,886


U.S. Dollar Denominated Bonds & Notes-3.57%
Aerospace & Defense-0.23%
TransDigm, Inc.^(d)	6.25%		03/15/2026		12,081		12,471,156


Airlines-0.35%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(d)	5.50%		04/20/2026		7,296		7,478,400
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(d)	5.75%		04/20/2029		4,378		4,484,167
United Airlines, Inc.^(d)	4.38%		04/15/2026		1,895		1,898,335
United Airlines, Inc.^(d)	4.63%		04/15/2029		5,478		5,344,857

							19,205,759

Commercial Services & Supplies-0.40%
ADT Security Corp. (The)^(d)	4.13%		08/01/2029		6,796		6,419,196
Prime Security Services Borrower LLC/Prime Finance, Inc.^(d)	5.75%		04/15/2026		15,160		15,576,369

							21,995,565

Diversified Telecommunication Services-0.67%
Altice France S.A. (France)^(d)	5.13%		07/15/2029		11,405		10,335,610
Altice France S.A. (France)^(d)	5.50%		10/15/2029		3,615		3,317,359
CommScope, Inc.^(d)	6.00%		03/01/2026		7,690		7,853,643
CommScope, Inc.^(d)	4.75%		09/01/2029		3,634		3,394,611
Lumen Technologies, Inc.^(d)	4.00%		02/15/2027		3,000		2,854,800
Zayo Group Holdings, Inc.^(d)	4.00%		03/01/2027		9,000		8,568,720

							36,324,743

Electric Utilities-0.35%
PG&E Corp	5.00%		07/01/2028		9,000		8,924,850
PG&E Corp	5.25%		07/01/2030		7,000		6,964,720
Vistra Operations Co. LLC^(d)	4.30%		07/15/2029		3,000		3,041,567

							18,931,137

Health Care Equipment & Supplies-0.17%
Mozart Debt Merger Sub, Inc.^(d)	3.88%		04/01/2029		10,000		9,452,150


Hotels, Restaurants & Leisure-0.61%
1011778 BC ULC/New Red Finance, Inc. (Canada)^(d)	3.88%		01/15/2028		16,000		15,585,600
1011778 BC ULC/New Red Finance, Inc. (Canada)^(d)	3.50%		02/15/2029		5,000		4,721,725
Caesars Resort Collection LLC/CRC Finco, Inc.^(d)	5.75%		07/01/2025		3,000		3,079,650
Scientific Games International, Inc.^(d)	5.00%		10/15/2025		9,900		10,011,078

							33,398,053

Insurance-0.13%
Acrisure LLC/Acrisure Finance, Inc.^(d)	4.25%		02/15/2029		7,282		6,853,964


Interactive Media & Services-0.02%
Diamond Sports Group LLC/Diamond Sports Finance Co.^(d)	5.38%		08/15/2026		2,241		922,664


Machinery-0.05%
TK Elevator US Newco, Inc. (Germany)^(d)	5.25%		07/15/2027		3,000		2,973,645

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Media-0.35%
Virgin Media Secured Finance PLC (United Kingdom)^(d)	4.50%		08/15/2030	$	12,000	$	11,238,360
VZ Secured Financing B.V. (Netherlands)^(d)	5.00%		01/15/2032		5,000		4,782,475
Ziggo B.V. (Netherlands)^(d)	4.88%		01/15/2030		3,000		2,867,145

							18,887,980

Pharmaceuticals-0.05%
Organon & Co./Organon Foreign Debt Co-Issuer B.V.^(d)	4.13%		04/30/2028		2,832		2,790,370


Real Estate Management & Development-0.19%
Cushman & Wakefield US Borrower LLC^(d)	6.75%		05/15/2028		10,000		10,461,900

Total U.S. Dollar Denominated Bonds & Notes (Cost $202,432,715)							194,669,086


				Shares
Money Market Funds-5.93%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $323,359,056)					323,359,056		323,359,056

TOTAL INVESTMENTS IN SECURITIES-104.48% (Cost $5,732,195,153)							5,698,251,028
OTHER ASSETS LESS LIABILITIES-(4.48)%							(244,357,396	)

NET ASSETS-100.00%						$	5,453,893,632

Investment Abbreviations:

LIBOR-London Interbank Offered Rate

SOFR-Secured Overnight Financing Rate

USD-U.S. Dollar

Notes to Schedule of Investments:

^(a)

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

^(b)

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

^(c)	This variable rate interest will settle after February 28, 2022, at which time the interest rate will be determined.

^(d)

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 February 28, 2022 was $178,779,516, which represented 3.28% of the Fund’s Net Assets.

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	446,146,569		$	3,801,386,492		$	(3,924,174,005	)		$	-		$	-		$	323,359,056		$	68,434

^(f)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

Credit Quality Rating Breakdown*

(% of the Fund’s Net Assets)

as of February 28, 2022


Baa1			0.96
Baa3			3.57
Ba1			11.83
Ba2			8.46
Ba3			12.94
B1			26.87
B2			22.41
B3			4.91
Caa1			1.64
Caa2			0.68
NR			4.28
Money Market Fund Plus Other Assets Less Liabilities			1.45

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. “NR” 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 “Methodologies & Frameworks” under “Ratings & Assessments” on the homepage.

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

Statement of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	5,374,891,972
Affiliated investments in securities, at value		323,359,056
Cash		11,376,240
Receivable for:
Dividends and interest		15,128,498
Investments sold		425,855,133
Fund shares sold		55,024

Total assets		6,150,665,923


Liabilities:
Payable for:
Investments purchased		663,377,202
Fund shares repurchased		30,553,692
Accrued unitary management fees		2,840,750
Accrued tax expenses		647

Total liabilities		696,772,291

Net Assets	$	5,453,893,632


Net assets consist of:
Shares of beneficial interest	$	6,370,903,166
Distributable earnings (loss)		(917,009,534	)

Net Assets	$	5,453,893,632

Shares outstanding (unlimited amount authorized, $ 0.01 par value)		249,900,000
Net asset value	$	21.82

Market price	$	21.76

Unaffiliated investments in securities, at cost	$	5,408,836,097

Affiliated investments in securities, at cost	$	323,359,056

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

Statement of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
Investment income:
Interest income	$	119,220,633
Unaffiliated dividend income		9
Affiliated dividend income		68,434

Total investment income		119,289,076


Expenses:
Unitary management fees		20,804,154
Tax expenses		647

Net expenses		20,804,801

Net investment income		98,484,275


Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments		(17,969,686	)

Change in net unrealized appreciation (depreciation) on unaffiliated investment securities		(75,614,388	)

Net realized and unrealized gain (loss)		(93,584,074	)

Net increase in net assets resulting from operations	$	4,900,201

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

Statement of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco Senior Loan ETF (BKLN)
	Six Months Ended			Year Ended
	February 28,			August 31,
	2022			2021
Operations:
Net investment income	$	98,484,275		$	171,942,636
Net realized gain (loss)		(17,969,686	)		(45,804,588	)
Change in net unrealized appreciation (depreciation)		(75,614,388	)		82,836,777

Net increase in net assets resulting from operations		4,900,201			208,974,825


Distributions to Shareholders from:
Distributable earnings		(99,206,384	)		(173,598,262	)
Return of capital		-			(5,490,954	)

Total distributions to shareholders		(99,206,384	)		(179,089,216	)


Shareholder Transactions:
Proceeds from shares sold		1,711,923,376			4,875,251,293
Value of shares repurchased		(2,458,225,361	)		(3,123,795,601	)
Transaction fees		5,255,026			8,081,009

Net increase (decrease) in net assets resulting from share transactions		(741,046,959	)		1,759,536,701

Net increase (decrease) in net assets		(835,353,142	)		1,789,422,310


Net assets:
Beginning of period		6,289,246,774			4,499,824,464

End of period	$	5,453,893,632		$	6,289,246,774


Changes in Shares Outstanding:
Shares sold		77,400,000			219,800,000
Shares repurchased		(111,700,000	)		(141,800,000	)
Shares outstanding, beginning of period		284,200,000			206,200,000

Shares outstanding, end of period		249,900,000			284,200,000

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

Financial Highlights

Invesco Senior Loan ETF (BKLN)


	Six Months Ended
	February 28,																Ten Months Ended
	2022				Years Ended August 31,												August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	22.13			$	21.82			$	22.57			$	23.11			$	23.15			$	23.16			$	23.05

Net investment income^(a)			0.34				0.68				0.93				1.07				0.77				0.82				0.99
Net realized and unrealized gain (loss) on investments			(0.33	)			0.31				(0.88	)			(0.53	)			(0.08	)			(0.02	)			0.15

Total from investment operations			0.01				0.99				0.05				0.54				0.69				0.80				1.14

Distributions to shareholders from:
Net investment income			(0.34	)			(0.69	)			(0.91	)			(1.12	)			(0.74	)			(0.82	)			(0.99	)
Return of capital			-				(0.02	)			-				(0.02	)			-				-				(0.08	)

Total distributions			(0.34	)			(0.71	)			(0.91	)			(1.14	)			(0.74	)			(0.82	)			(1.07	)

Transaction fees^(a)			0.02				0.03				0.11				0.06				0.01				0.01				0.04

Net asset value at end of period		$	21.82			$	22.13			$	21.82			$	22.57			$	23.11			$	23.15			$	23.16

Market price at end of period^(b)		$	21.76			$	22.15			$	21.91			$	22.61			$	23.05			$	23.12			$	23.19

Net Asset Value Total Return^(c)			0.13	%			4.72	%			0.80	%			2.68	%			3.07	%			3.54	%			5.32	%
Market Price Total Return^(c)			(0.23	)%			4.38	%			1.05	%			3.15	%			2.93	%			3.27	%			5.64	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,453,894			$	6,289,247			$	4,499,824			$	4,401,945			$	7,378,227			$	8,763,831			$	6,458,747
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)			0.64	%^(e)			0.63	%^(e)			0.64	%^(e)			0.63	%^(d)(e)			0.63	%^(e)			0.64	%
Expenses, prior to Waivers			0.65	%^(d)			0.65	%^(e)			0.65	%^(e)			0.65	%^(e)			0.65	%^(d)(e)			0.65	%^(e)			0.65	%
Net investment income			3.08	%^(d)			3.08	%			4.22	%			4.66	%			3.99	%^(d)			3.52	%			4.33	%
Portfolio turnover rate^(f)			45	%			109	%			107	%			78	%			74	%			71	%			81	%

^(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.

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following 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 end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts 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.

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.

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.

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.

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.

Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from 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.

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.

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.

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

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.

J.	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 at the fund level on gains on the distributed portfolio securities. 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 historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of 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 the Fund’s portfolio turnover rate and 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 occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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 operating 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 have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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, the Fund will incur higher costs in buying and selling securities than if it 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, 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.

Portfolio Turnover Risk. The Fund 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 the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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 its value. 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 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty.

The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The 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 at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2022, no fees were waived.

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

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

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

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.

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	$	-	$	5,180,222,886	$	-	$	5,180,222,886
U.S. Dollar Denominated Bonds & Notes		-		194,669,086		-		194,669,086
Money Market Funds		323,359,056		-		-		323,359,056

Total Investments	$	323,359,056	$	5,374,891,972	$	-	$	5,698,251,028

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the 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 Fund had a capital loss carryforward as of August 31, 2021, as follows:


No expiration
Short-Term		Long-Term		Total*
$	223,979,515	$	565,017,405	$	788,996,920

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

NOTE 6–Investment Transactions

For the six months ended February 28, 2022, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $2,767,844,782 and $3,333,357,949, respectively.

At February 28, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


Aggregate unrealized appreciation of investments	$	26,690,222
Aggregate unrealized (depreciation) of investments		(136,011,041	)

Net unrealized appreciation (depreciation) of investments	$	(109,320,819	)

Cost of investments for tax purposes is $5,807,571,847.

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 six months ended February 28, 2022, 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, which will expire on May 24, 2022. The Fund may borrow up to the lesser of (1) $725,000,000 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 six months ended February 28, 2022, 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 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.

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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the 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 February 28, 2022.

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 the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

Annualized

Beginning

Ending

Expense Ratio

Expenses Paid

Account Value

Based on the

During the

September 1, 2021

February 28, 2022

Six-Month Period

Six-Month Period⁽¹⁾

Invesco Senior Loan ETF (BKLN)

Actual

$1,000.00

$1,001.30

0.65%

$3.23

Hypothetical (5% return before expenses)

1,000.00

1,021.57

0.65

3.26

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-BKLN-SAR-1

invesco.com/ETFs


				Invesco Semi-Annual Report to Shareholders February 28, 2022

				KBWB		Invesco KBW Bank ETF

				KBWD		Invesco KBW High Dividend Yield Financial ETF

				KBWY		Invesco KBW Premium Yield Equity REIT ETF

				KBWP		Invesco KBW Property & Casualty Insurance ETF

				KBWR		Invesco KBW Regional Banking ETF

Table of Contents



Schedules of Investments

Invesco KBW Bank ETF (KBWB)			3

Invesco KBW High Dividend Yield Financial ETF (KBWD)			5

Invesco KBW Premium Yield Equity REIT ETF (KBWY)			7

Invesco KBW Property & Casualty Insurance ETF (KBWP)			9

Invesco KBW Regional Banking ETF (KBWR)			11

Statements of Assets and Liabilities			13

Statements of Operations			14

Statements of Changes in Net Assets			16

Financial Highlights			18

Notes to Financial Statements			23

Fund Expenses			32


		2

Invesco KBW Bank ETF (KBWB)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Asset Management & Custody Banks-11.10%
Bank of New York Mellon Corp. (The)		2,480,023	$	131,813,222
Northern Trust Corp.		1,094,861		124,704,668
State Street Corp.		1,527,187		130,314,867

				386,832,757

Consumer Finance-4.25%
Capital One Financial Corp.		966,842		148,187,873

Diversified Banks-34.66%
Bank of America Corp.		6,114,983		270,282,249
Citigroup, Inc.		4,269,081		252,857,668
JPMorgan Chase & Co.		1,712,019		242,764,294
U.S. Bancorp		2,455,437		138,830,408
Wells Fargo & Co.		5,691,706		303,766,349

				1,208,500,968

Regional Banks-49.01%
Citizens Financial Group, Inc.^(b)		2,246,497		117,761,373
Comerica, Inc.		690,904		65,974,423
Fifth Third Bancorp		3,223,958		154,234,151
First Horizon Corp.		2,847,899		66,868,668
First Republic Bank		647,749		112,228,992
Huntington Bancshares, Inc.^(b)		7,623,729		118,320,274
KeyCorp		4,908,239		123,049,552
M&T Bank Corp.		678,339		123,613,716
PNC Financial Services Group, Inc. (The)		1,380,322		275,029,158
Regions Financial Corp		5,025,384		121,564,039
Signature Bank^(b)		319,539		110,205,805
SVB Financial Group^(c)		196,291		118,952,346
Truist Financial Corp.		2,291,091		142,551,682
Zions Bancorporation N.A.^(b)		823,847		58,402,514

				1,708,756,693


	Shares		Value
Thrifts & Mortgage Finance-0.81%
New York Community Bancorp, Inc.^(b)		2,449,053	$	28,262,072

Total Common Stocks & Other Equity Interests (Cost $3,538,006,917)				3,480,540,363


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $2,732,391)		2,732,391		2,732,391

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $3,540,739,308)				3,483,272,754


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.27%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		2,830,952		2,830,952
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		6,604,894		6,605,555

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,436,507)				9,436,507

TOTAL INVESTMENTS IN SECURITIES-100.18% (Cost $3,550,175,815)				3,492,709,261
OTHER ASSETS LESS LIABILITIES-(0.18)%				(6,232,109	)

NET ASSETS-100.00%			$	3,486,477,152

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 February 28, 2022.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2021	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain (Loss)		Value February 28, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$ 565,597	$	45,538,923	$	(43,372,129	)	$-		$ -		$ 2,732,391	$	273

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


		3

Invesco KBW Bank ETF (KBWB)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	895,708		$	122,657,336		$	(120,722,092	)		$	-		$	-			$	2,830,952		$	1,085	*
Invesco Private Prime Fund			2,089,985			274,969,912			(270,449,117	)			-			(5,225	)			6,605,555			11,074	*

Total		$	3,551,290		$	443,166,171		$	(434,543,338	)		$	-		$	(5,225	)		$	12,168,898		$	12,432

*	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 February 28, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Regional Banks			49.01

Diversified Banks			34.66

Asset Management & Custody Banks			11.10

Consumer Finance			4.25

Thrifts & Mortgage Finance			0.81

Money Market Funds Plus Other Assets Less Liabilities			0.17

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


		4

Invesco KBW High Dividend Yield Financial ETF (KBWD)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-81.28%
Asset Management & Custody Banks-21.98%
Apollo Investment Corp.^(b)		1,117,682	$	15,021,646
Artisan Partners Asset Management, Inc., Class A		332,403		12,667,878
Bain Capital Specialty Finance, Inc.^(b)		907,526		14,375,212
BlackRock TCP Capital Corp.^(b)		1,046,277		14,375,846
Newtek Business Services Corp.^(b)		717,302		19,575,172
Patria Investments Ltd., Class A (Cayman Islands)		298,287		4,951,564
Sculptor Capital Management, Inc.		530,066		6,790,145
TCG BDC, Inc.		1,059,740		14,963,529

				102,720,992

Consumer Finance-1.91%
OneMain Holdings, Inc.		175,503		8,947,143

Diversified Banks-1.66%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		201,624		7,742,362

Investment Banking & Brokerage-3.53%
B. Riley Financial, Inc.^(b)		103,679		6,174,084
Lazard Ltd., Class A		160,822		5,561,225
Moelis & Co., Class A		99,220		4,783,396

				16,518,705

Life & Health Insurance-3.72%
Prudential Financial, Inc.		68,353		7,632,296
Unum Group		349,443		9,756,449

				17,388,745

Mortgage REITs-35.25%
AGNC Investment Corp.		957,128		12,356,522
Annaly Capital Management, Inc.^(b)		2,084,205		14,506,067
Apollo Commercial Real Estate Finance, Inc.^(b)		1,188,391		15,508,503
ARMOUR Residential REIT, Inc.		1,945,547		15,817,297
Broadmark Realty Capital, Inc.		1,611,466		13,955,296
Dynex Capital, Inc.^(b)		867,112		13,327,511
Ellington Financial, Inc.		1,018,713		18,000,659
New Residential Investment Corp.		1,375,178		14,274,348
PennyMac Mortgage Investment Trust^(b)		968,249		15,104,684
Ready Capital Corp.^(b)		1,106,512		16,431,703
Two Harbors Investment Corp.^(b)		3,056,187		15,464,306

				164,746,896

Property & Casualty Insurance-4.39%
James River Group Holdings Ltd.^(b)		266,737		7,095,204
Mercury General Corp.		151,625		8,339,375
Universal Insurance Holdings, Inc.		437,896		5,062,078

				20,496,657


	Shares		Value
Regional Banks-3.84%
Heritage Commerce Corp.		672,683	$	7,998,201
Northwest Bancshares, Inc.^(b)		704,884		9,924,767

				17,922,968

Thrifts & Mortgage Finance-3.19%
New York Community Bancorp, Inc.		736,246		8,496,279
Provident Financial Services, Inc.		269,206		6,388,258

				14,884,537

Trading Companies & Distributors-1.81%
Triton International Ltd. (Bermuda)		128,964		8,470,355

Total Common Stocks & Other Equity Interests (Cost $370,454,841)				379,839,360


Closed-End Funds-18.67%
FS KKR Capital Corp.^(b)		880,557		19,108,087
Goldman Sachs BDC, Inc.^(b)		788,854		15,587,755
New Mountain Finance Corp.		1,024,674		13,833,099
Oaktree Specialty Lending Corp.		1,778,529		13,250,041
Owl Rock Capital Corp.^(b)		991,567		14,923,083
WhiteHorse Finance, Inc.^(b)		687,453		10,531,780

				87,233,845

Total Closed-End Funds (Cost $81,798,520)				87,233,845

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $452,253,361)				467,073,205


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.99%
Invesco Private Government Fund, 0.12%^(c)(d)(e)		22,418,908		22,418,908
Invesco Private Prime Fund, 0.08%^(c)(d)(e)		52,305,555		52,310,787

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,732,893)				74,729,695

TOTAL INVESTMENTS IN SECURITIES-115.94% (Cost $526,986,254)				541,802,900
OTHER ASSETS LESS LIABILITIES-(15.94)%				(74,480,634	)

NET ASSETS-100.00%			$	467,322,266

Investment Abbreviations:

REIT -Real Estate Investment Trust

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


		5

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

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(c)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	52,479		$	19,978,002		$	(20,030,481	)		$	-			$	-			$	-		$	71
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			28,288,827			100,078,413			(105,948,332	)			-				-				22,418,908			3,433	*
Invesco Private Prime Fund			66,007,263			211,063,190			(224,736,284	)			(3,199	)			(20,183	)			52,310,787			31,846	*

Total		$	94,348,569		$	331,119,605		$	(350,715,097	)		$	(3,199	)		$	(20,183	)		$	74,729,695		$	35,350

*	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 February 28, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Mortgage REITs			35.25

Asset Management & Custody Banks			21.98

Closed-End Funds			18.67

Property & Casualty Insurance			4.39

Regional Banks			3.84

Life & Health Insurance			3.72

Investment Banking & Brokerage			3.53

Thrifts & Mortgage Finance			3.19

Sub-Industry Types Each Less Than 3%			5.38

Money Market Funds Plus Other Assets Less Liabilities			0.05

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


		6

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Diversified REITs-14.79%
Armada Hoffler Properties, Inc.		603,249	$	8,855,695
Gladstone Commercial Corp.		524,538		11,114,960
Global Net Lease, Inc.^(b)		1,356,084		19,269,954
STORE Capital Corp.		245,390		7,538,381

				46,778,990

Health Care REITs-22.97%
CareTrust REIT, Inc.		448,282		7,844,935
LTC Properties, Inc.^(b)		383,961		12,989,401
Medical Properties Trust, Inc.^(b)		426,587		8,676,780
National Health Investors, Inc.^(b)		227,107		12,107,074
Omega Healthcare Investors, Inc.^(b)		545,421		15,364,509
Sabra Health Care REIT, Inc.		1,167,431		15,678,598

				72,661,297

Industrial REITs-8.07%
Industrial Logistics Properties Trust		463,307		10,364,177
LXP Industrial Trust^(b)		367,809		5,686,327
Plymouth Industrial REIT, Inc.^(b)		165,374		4,312,954
STAG Industrial, Inc.		132,605		5,166,291

				25,529,749

Office REITs-14.55%
Brandywine Realty Trust^(b)		793,295		10,574,622
Easterly Government Properties, Inc.^(b)		416,120		8,663,619
Office Properties Income Trust		667,765		16,727,513
SL Green Realty Corp.^(b)		126,306		10,043,853

				46,009,607

Residential REITs-13.67%
American Campus Communities, Inc.		121,627		6,544,749
Bluerock Residential Growth REIT, Inc.		511,185		13,571,962
Preferred Apartment Communities, Inc., Class A		689,248		17,410,404
UMH Properties, Inc.^(b)		247,432		5,705,782

				43,232,897


	Shares		Value
Retail REITs-16.21%
Getty Realty Corp		303,784	$	8,369,249
National Retail Properties, Inc.^(b)		188,304		8,023,634
Necessity Retail REIT, Inc. (The)		2,304,402		16,222,990
Spirit Realty Capital, Inc.^(b)		221,562		10,273,830
Urstadt Biddle Properties, Inc., Class A		445,607		8,390,780

				51,280,483

Specialized REITs-9.70%
EPR Properties		242,841		12,093,482
Four Corners Property Trust, Inc.^(b)		314,600		8,299,148
Gaming and Leisure Properties, Inc		226,892		10,303,166

				30,695,796

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $300,416,769)				316,188,819


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.22%
Invesco Private Government Fund, 0.12%^(c)(d)(e)		14,453,966		14,453,966
Invesco Private Prime Fund, 0.08%^(c)(d)(e)		33,697,002		33,700,372

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $48,156,336)				48,154,338

TOTAL INVESTMENTS IN SECURITIES-115.18% (Cost $348,573,105)				364,343,157
OTHER ASSETS LESS LIABILITIES-(15.18)%				(48,024,615	)

NET ASSETS-100.00%			$	316,318,542

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 February 28, 2022.

^(c)


	Value August 31, 2021	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)		Value February 28, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$ -	$	8,089,209	$	(8,089,209	)	$ -		$ -		$ -	$	41

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


		7

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

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	15,588,616		$	86,509,979		$	(87,644,629	)		$	-			$	-			$	14,453,966		$	1,516	*
Invesco Private Prime Fund			36,373,437			138,978,815			(141,642,782	)			(1,999	)			(7,099	)			33,700,372			12,023	*
Investments in Other Affiliates:
Bluerock Residential Growth REIT, Inc.**			16,111,243			4,698,036			(19,213,260	)			6,785,320				5,190,623				13,571,962			286,549

Total		$	68,073,296		$	238,276,039		$	(256,589,880	)		$	6,783,321			$	5,183,524			$	61,726,300		$	300,129

*	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 February 28, 2022, this security was not considered as an affiliate of the Fund.

^(d)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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


Portfolio Composition REIT Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Health Care REITs			22.97

Retail REITs			16.21

Diversified REITs			14.79

Office REITs			14.55

Residential REITs			13.67

Specialized REITs			9.70

Industrial REITs			8.07

Money Market Funds Plus Other Assets Less Liabilities			0.04

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


		8

Invesco KBW Property & Casualty Insurance ETF (KBWP)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Multi-line Insurance-17.84%
American International Group, Inc.		112,642	$	6,898,196
Assurant, Inc.		19,479		3,305,781
Hartford Financial Services Group, Inc. (The)		44,818		3,113,955
Horace Mann Educators Corp.		31,175		1,296,568

				14,614,500

Property & Casualty Insurance-73.13%
Allstate Corp. (The)		54,499		6,668,498
American Financial Group, Inc.		22,175		3,002,273
Arch Capital Group Ltd.^(b)		73,369		3,456,414
AXIS Capital Holdings Ltd.		59,631		3,257,045
Chubb Ltd.		33,014		6,722,971
Cincinnati Financial Corp.		26,010		3,193,768
Hanover Insurance Group, Inc. (The)		24,331		3,394,418
James River Group Holdings Ltd.^(c)		28,019		745,305
Kemper Corp.		47,826		2,555,822
Mercury General Corp.		41,604		2,288,220
ProAssurance Corp.		40,564		977,592
Progressive Corp. (The)		63,755		6,753,567
RLI Corp.		28,823		2,925,535
Selective Insurance Group, Inc.		39,217		3,262,462
Travelers Cos., Inc. (The)		40,319		6,928,014
Universal Insurance Holdings, Inc.		23,418		270,712
W.R. Berkley Corp.		38,658		3,490,817

				59,893,433

Reinsurance-8.85%
Everest Re Group Ltd.		11,558		3,446,827
RenaissanceRe Holdings Ltd. (Bermuda)		19,222		2,898,293
SiriusPoint Ltd. (Bermuda)^(b)		121,677		899,193

				7,244,313

Total Common Stocks & Other Equity Interests (Cost $74,107,934)				81,752,246


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $56,900)		56,900	$	56,900

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $74,164,834)				81,809,146


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.07%
Invesco Private Government Fund, 0.12%(d)(e)(f)		17,313		17,313
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		40,394		40,398

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $57,713)				57,711

TOTAL INVESTMENTS IN SECURITIES-99.96% (Cost $74,222,547)				81,866,857
OTHER ASSETS LESS LIABILITIES-0.04%				30,295

NET ASSETS-100.00%			$	81,897,152

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 February 28, 2022.

^(d)


	Value August 31, 2021	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)		Value February 28, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$17,923	$	1,726,729	$	(1,687,752	)	$ -		$ -		$ 56,900		$ 11

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


		9

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

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	12,250		$	3,590,625		$	(3,585,562	)		$	-			$	-			$	17,313		$	42	*
Invesco Private Prime Fund			31,217			8,352,165			(8,342,734	)			(2	)			(248	)			40,398			509	*

Total		$	61,390		$	13,669,519		$	(13,616,048	)		$	(2	)		$	(248	)		$	114,611		$	562

*	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 February 28, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Property & Casualty Insurance			73.13

Multi-line Insurance			17.84

Reinsurance			8.85

Money Market Funds Plus Other Assets Less Liabilities			0.18

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


		10

Invesco KBW Regional Banking ETF (KBWR)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Regional Banks-95.36%
Ameris Bancorp		35,190	$	1,741,905
Associated Banc-Corp.		78,196		1,907,200
Atlantic Union Bankshares Corp		41,983		1,705,769
Bank of Hawaii Corp.		21,464		1,849,767
Bank OZK		38,304		1,801,054
BankUnited, Inc.		43,199		1,909,396
Brookline Bancorp, Inc		43,021		737,380
Cadence Bank		58,609		1,853,217
Cathay General Bancorp		40,872		1,922,210
Columbia Banking System, Inc.^(b)		43,517		1,594,028
Commerce Bancshares, Inc		50,288		3,609,673
Community Bank System, Inc		24,207		1,765,659
Cullen/Frost Bankers, Inc.		26,266		3,696,414
CVB Financial Corp.^(b)		75,101		1,770,882
East West Bancorp, Inc.		44,480		3,894,669
Eastern Bankshares, Inc.		84,962		1,857,269
F.N.B. Corp.		146,860		1,972,330
First Bancorp		113,951		1,608,988
First Commonwealth Financial Corp		52,603		849,538
First Financial Bancorp		51,944		1,276,784
First Financial Bankshares, Inc.		34,258		1,641,643
First Hawaiian, Inc.		65,239		1,896,498
First Interstate BancSystem, Inc., Class A		23,116		938,510
Fulton Financial Corp.		89,384		1,610,700
Glacier Bancorp, Inc.^(b)		31,542		1,747,427
Hancock Whitney Corp.		35,839		1,995,515
Home BancShares, Inc.		71,467		1,673,042
Hope Bancorp, Inc.		66,601		1,129,553
Independent Bank Corp.		21,661		1,863,063
Old National Bancorp		91,886		1,679,676
Pacific Premier Bancorp, Inc.		44,133		1,708,388
PacWest Bancorp		38,272		1,891,402
Pinnacle Financial Partners, Inc.		31,390		3,172,901
Popular, Inc.		22,005		2,021,159
Prosperity Bancshares, Inc.		24,023		1,788,753
Simmons First National Corp., Class A^(b)		58,752		1,675,607
South State Corp.^(b)		21,911		1,971,990
Synovus Financial Corp.		37,810		1,990,696
Texas Capital Bancshares, Inc.^(c)		28,081		1,870,195
Trustmark Corp.		34,600		1,089,554
UMB Financial Corp.		17,008		1,732,435


	Shares		Value
Regional Banks-(continued)
United Bankshares, Inc.^(b)		47,931	$	1,755,233
United Community Banks, Inc.^(b)		49,548		1,915,526
Valley National Bancorp^(b)		127,424		1,780,113
Webster Financial Corp.		31,774		1,913,113
Western Alliance Bancorporation		31,202		2,924,875
Wintrust Financial Corp.		19,544		1,941,892

				88,643,591

Thrifts & Mortgage Finance-4.47%
Provident Financial Services, Inc.		42,874		1,017,400
Washington Federal, Inc.		36,138		1,285,790
WSFS Financial Corp.		36,470		1,853,770

				4,156,960

Total Common Stocks & Other Equity Interests (Cost $88,047,705)				92,800,551


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $46,193)		46,193		46,193

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $88,093,898)				92,846,744


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.93%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		2,491,118		2,491,118
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		5,812,027		5,812,608

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,304,020)				8,303,726

TOTAL INVESTMENTS IN SECURITIES-108.81% (Cost $96,397,918)				101,150,470
OTHER ASSETS LESS LIABILITIES-(8.81)%				(8,192,663	)

NET ASSETS-100.00%			$	92,957,807

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


		11

Invesco KBW Regional Banking ETF (KBWR)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	57,308		$	1,132,214		$	(1,143,329	)		$	-			$	-			$	46,193		$	8
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			793,247			13,111,772			(11,413,901	)			-				-				2,491,118			278	*
Invesco Private Prime Fund			1,850,911			30,370,339			(26,406,976	)			(294	)			(1,372	)			5,812,608			2,005	*

Total		$	2,701,466		$	44,614,325		$	(38,964,206	)		$	(294	)		$	(1,372	)		$	8,349,919		$	2,291

*	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 February 28, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Regional Banks			95.36

Thrifts & Mortgage Finance			4.47

Money Market Funds Plus Other Assets Less Liabilities			0.17

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


		12

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	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)		$	3,480,540,363		$	467,073,205			$	316,188,819			$	81,752,246		$	92,800,551
Affiliated investments in securities, at value			12,168,898			74,729,695				48,154,338				114,611			8,349,919
Cash			-			-				83,234				-			-
Receivable for:
Dividends			4,309,049			725,931				165,232				109,581			130,450
Securities lending			1,994			8,810				3,593				3			882
Investments sold			116,474,818			-				-				-			-
Fund shares sold			51,088,890			-				-				-			2,637,783

Total assets			3,664,584,012			542,537,641				364,595,216				81,976,441			103,919,585


Liabilities:
Due to custodian			317			353,472				-				-			-
Payable for:
Investments purchased			50,566,545			-				-				-			2,634,435
Investments purchased - affiliated broker			414,404			-				35,167				-			-
Collateral upon return of securities loaned			9,436,507			74,732,893				48,156,336				57,713			8,304,020
Fund shares repurchased			116,720,962			-				-				-			-
Accrued unitary management fees			968,125			129,010				85,171				21,576			23,323

Total liabilities			178,106,860			75,215,375				48,276,674				79,289			10,961,778

Net Assets		$	3,486,477,152		$	467,322,266			$	316,318,542			$	81,897,152		$	92,957,807


Net assets consist of:
Shares of beneficial interest		$	3,326,745,465		$	593,948,698			$	443,617,019			$	80,417,762		$	97,024,405
Distributable earnings (loss)			159,731,687			(126,626,432	)			(127,298,477	)			1,479,390			(4,066,598	)

Net Assets		$	3,486,477,152		$	467,322,266			$	316,318,542			$	81,897,152		$	92,957,807

Shares outstanding (unlimited amount authorized, $0.01 par value)			50,500,000			24,510,000				13,110,000				1,000,000			1,410,000
Net asset value		$	69.04		$	19.07			$	24.13			$	81.90		$	65.93

Market price		$	68.99		$	19.08			$	24.14			$	81.88		$	65.69

Unaffiliated investments in securities, at cost		$	3,538,006,917		$	452,253,361			$	300,416,769			$	74,107,934		$	88,047,705

Affiliated investments in securities, at cost		$	12,168,898		$	74,732,893			$	48,156,336			$	114,613		$	8,350,213

^(a)Includes securities on loan with an aggregate value of:		$	9,103,908		$	72,312,822			$	47,162,287			$	56,339		$	8,135,629

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


		13

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	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		$	38,756,543			$	20,115,691			$	10,020,591			$	1,148,224			$	938,927
Affiliated dividend income			273				71				286,590				11				8
Securities lending income			13,638				128,210				15,494				623				2,559
Foreign withholding tax			-				-				-				-				(3,712	)

Total investment income			38,770,454				20,243,972				10,322,675				1,148,858				937,782


Expenses:
Unitary management fees			5,547,055				851,954				575,545				140,682				133,942

Net expenses			5,547,055				851,954				575,545				140,682				133,942

Net investment income			33,223,399				19,392,018				9,747,130				1,008,176				803,840


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(24,234,954	)			3,826,543				11,395,421				(54,390	)			(955,550	)
Affiliated investment securities			(5,225	)			(20,183	)			5,183,524				(248	)			(1,372	)
In-kind redemptions			248,779,973				19,278,284				24,686,283				2,116,227				875,234

Net realized gain (loss)			224,539,794				23,084,644				41,265,228				2,061,589				(81,688	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(105,264,615	)			(64,668,436	)			(45,499,596	)			(586,419	)			7,083,631
Affiliated investment securities			-				(3,199	)			6,783,321				(2	)			(294	)

Change in net unrealized appreciation (depreciation)			(105,264,615	)			(64,671,635	)			(38,716,275	)			(586,421	)			7,083,337

Net realized and unrealized gain (loss)			119,275,179				(41,586,991	)			2,548,953				1,475,168				7,001,649

Net increase (decrease) in net assets resulting from operations		$	152,498,578			$	(22,194,973	)		$	12,296,083			$	2,483,344			$	7,805,489

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


		14

(This Page Intentionally Left Blank)


		15

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco KBW Bank ETF (KBWB)								Invesco KBW High Dividend Yield Financial ETF (KBWD)
	Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income		$	33,223,399			$	41,908,427			$	19,392,018			$	22,881,881
Net realized gain (loss)			224,539,794				516,670,012				23,084,644				(6,083,384	)
Change in net unrealized appreciation (depreciation)			(105,264,615	)			209,700,645				(64,671,635	)			134,861,819

Net increase (decrease) in net assets resulting from operations			152,498,578				768,279,084				(22,194,973	)			151,660,316


Distributions to Shareholders from:
Distributable earnings			(34,100,198	)			(34,452,457	)			(19,209,631	)			(26,982,397	)


Shareholder Transactions:
Proceeds from shares sold			2,781,377,371				5,456,085,474				144,388,295				148,601,484
Value of shares repurchased			(2,391,601,335	)			(3,975,572,555	)			(101,158,520	)			(37,417,928	)

Net increase (decrease) in net assets resulting from share transactions			389,776,036				1,480,512,919				43,229,775				111,183,556

Net increase (decrease) in net assets			508,174,416				2,214,339,546				1,825,171				235,861,475


Net assets:
Beginning of period			2,978,302,736				763,963,190				465,497,095				229,635,620

End of period		$	3,486,477,152			$	2,978,302,736			$	467,322,266			$	465,497,095


Changes in Shares Outstanding:
Shares sold			39,520,000				95,760,000				7,110,000				7,810,000
Shares repurchased			(34,000,000	)			(70,080,000	)			(5,110,000	)			(2,000,000	)
Shares outstanding, beginning of period			44,980,000				19,300,000				22,510,000				16,700,000

Shares outstanding, end of period			50,500,000				44,980,000				24,510,000				22,510,000

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


		16


Invesco KBW Premium Yield Equity REIT ETF (KBWY)						Invesco KBW Property & Casualty Insurance ETF (KBWP)						Invesco KBW Regional Banking ETF (KBWR)
Six Months Ended February 28, 2022			Year Ended August 31, 2021			Six Months Ended February 28, 2022			Year Ended August 31, 2021			Six Months Ended February 28, 2022			Year Ended August 31, 2021


$	9,747,130		$	8,434,153		$	1,008,176		$	5,002,625		$	803,840		$	1,447,442
	41,265,228			(22,521,430	)		2,061,589			48,555,711			(81,688	)		3,960,063
	(38,716,275	)		91,166,639			(586,421	)		10,602,124			7,083,337			15,509,812

	12,296,083			77,079,362			2,483,344			64,160,460			7,805,489			20,917,317



	(8,323,178	)		(17,377,292	)		(1,464,750	)		(4,271,635	)		(851,398	)		(1,334,791	)



	68,893,515			171,624,563			6,499,089			95,105,554			19,238,385			55,708,173
	(106,610,750	)		(54,289,034	)		(14,213,878	)		(249,505,040	)		(6,762,574	)		(30,087,549	)


	(37,717,235	)		117,335,529			(7,714,789	)		(154,399,486	)		12,475,811			25,620,624

	(33,744,330	)		177,037,599			(6,696,195	)		(94,510,661	)		19,429,902			45,203,150



	350,062,872			173,025,273			88,593,347			183,104,008			73,527,905			28,324,755

$	316,318,542		$	350,062,872		$	81,897,152		$	88,593,347		$	92,957,807		$	73,527,905


	2,890,000			7,900,000			80,000			1,380,000			290,000			940,000
	(4,420,000	)		(2,510,000	)		(180,000	)		(3,330,000	)		(110,000	)		(510,000	)
	14,640,000			9,250,000			1,100,000			3,050,000			1,230,000			800,000

	13,110,000			14,640,000			1,000,000			1,100,000			1,410,000			1,230,000


		17

Financial Highlights

Invesco KBW Bank ETF (KBWB)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	66.21			$	39.58			$	48.15			$	57.01			$	52.36			$	38.40			$	37.43

Net investment income^(a)			0.73				1.31				1.40				1.27				0.83				0.77				0.68
Net realized and unrealized gain (loss) on investments			2.92				26.56				(8.45	)			(8.86	)			4.51				13.92				0.98

Total from investment operations			3.65				27.87				(7.05	)			(7.59	)			5.34				14.69				1.66

Distributions to shareholders from:
Net investment income			(0.82	)			(1.24	)			(1.52	)			(1.27	)			(0.69	)			(0.73	)			(0.69	)

Net asset value at end of period		$	69.04			$	66.21			$	39.58			$	48.15			$	57.01			$	52.36			$	38.40

Market price at end of period^(b)		$	68.99			$	66.11			$	39.68			$	48.22			$	57.01			$	52.39			$	38.44

Net Asset Value Total Return^(c)			5.62	%			71.42	%			(14.81	)%			(13.30	)%			10.24	%			38.42	%			4.61	%
Market Price Total Return^(c)			5.70	%			70.75	%			(14.72	)%			(13.18	)%			10.18	%			38.36	%			4.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted).		$	3,486,477			$	2,978,303			$	763,963			$	563,393			$	1,023,260			$	932,052			$	430,134
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income			2.10	%^(d)			2.25	%			3.07	%			2.51	%			1.78	%^(d)			1.60	%			1.92	%
Portfolio turnover rate^(e)			9	%			22	%			18	%			13	%			7	%			9	%			12	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		18

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	20.68			$	13.75			$	19.81			$	23.68			$	23.43			$	21.49			$	22.39

Net investment income^(a)			0.81				1.19				1.39				1.59				1.23				1.84				1.57
Net realized and unrealized gain (loss) on investments			(1.62	)			7.14				(5.66	)			(3.67	)			0.69				2.16				(0.53	)

Total from investment operations			(0.81	)			8.33				(4.27	)			(2.08	)			1.92				4.00				1.04

Distributions to shareholders from:
Net investment income			(0.80	)			(1.40	)			(1.79	)			(1.79	)			(1.67	)			(1.88	)			(1.81	)
Return of capital			-				-				-				-				-				(0.18	)			(0.13	)

Total distributions			(0.80	)			(1.40	)			(1.79	)			(1.79	)			(1.67	)			(2.06	)			(1.94	)

Net asset value at end of period		$	19.07			$	20.68			$	13.75			$	19.81			$	23.68			$	23.43			$	21.49

Market price at end of period^(b)		$	19.08			$	20.69			$	13.77			$	19.80			$	23.69			$	23.46			$	21.51

Net Asset Value Total Return^(c)			(4.01	)%			62.77	%			(22.34	)%			(9.06	)%			8.57	%			18.95	%			5.46	%
Market Price Total Return^(c)			(4.00	)%			62.61	%			(22.18	)%			(9.15	)%			8.47	%			18.99	%			5.56	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	467,322			$	465,497			$	229,636			$	270,390			$	344,556			$	319,788			$	221,379
Ratio to average net assets of:
Expenses^(d)			0.35	%^(e)			0.35	%			0.35	%			0.35	%			0.35	%^(e)			0.35	%			0.35	%
Net investment income			7.97	%^(e)			6.55	%			8.08	%			7.32	%			6.36	%^(e)			7.77	%			7.45	%
Portfolio turnover rate^(f)			55	%			59	%			77	%			54	%			46	%			52	%			113	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)

^(e)	Annualized.

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

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


		19

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	23.91			$	18.71			$	29.25			$	35.80			$	36.64			$	33.95			$	31.51

Net investment income^(a)			0.71				0.69				1.36				1.21				1.45				1.49				1.40
Net realized and unrealized gain (loss) on investments			0.12				5.94				(9.62	)			(5.86	)			(0.18	)			3.78				3.36

Total from investment operations			0.83				6.63				(8.26	)			(4.65	)			1.27				5.27				4.76

Distributions to shareholders from:
Net investment income			(0.61	)			(1.43	)			(2.28	)			(1.90	)			(2.11	)			(2.58	)			(2.32	)

Net asset value at end of period		$	24.13			$	23.91			$	18.71			$	29.25			$	35.80			$	36.64			$	33.95

Market price at end of period^(b)		$	24.14			$	23.89			$	18.74			$	29.26			$	35.80			$	36.67			$	33.95

Net Asset Value Total Return^(c)			3.52	%			36.86	%			(28.96	)%			(12.94	)%			4.05	%			15.71	%			15.68	%
Market Price Total Return^(c)			3.65	%			36.52	%			(28.87	)%			(12.91	)%			3.95	%			15.79	%			15.64	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	316,319			$	350,063			$	173,025			$	317,390			$	442,126			$	381,021			$	188,425
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%^(d)			0.35	%			0.35	%
Net investment income			5.93	%^(d)			3.16	%			5.45	%			3.94	%			5.16	%^(d)			4.04	%			4.18	%
Portfolio turnover rate^(e)			56	%			72	%			100	%			69	%			53	%			61	%			87	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		20

Financial Highlights–(continued)

Invesco KBW Property & Casualty Insurance ETF (KBWP)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	80.54			$	60.03			$	70.73			$	63.85			$	59.67			$	50.41			$	48.24

Net investment income^(a)			0.99				1.94	^(b)			1.28				1.35				1.22				1.12				1.08
Net realized and unrealized gain (loss) on investments			1.84				20.09				(10.63	)			7.06				4.06				9.23				2.06

Total from investment operations			2.83				22.03				(9.35	)			8.41				5.28				10.35				3.14

Distributions to shareholders from:
Net investment income			(1.47	)			(1.52	)			(1.35	)			(1.53	)			(1.10	)			(1.09	)			(0.93	)
Net realized gains			-				-				-				-				-				-				(0.04	)

Total distributions			(1.47	)			(1.52	)			(1.35	)			(1.53	)			(1.10	)			(1.09	)			(0.97	)

Net asset value at end of period		$	81.90			$	80.54			$	60.03			$	70.73			$	63.85			$	59.67			$	50.41

Market price at end of period^(c)		$	81.88			$	80.48			$	60.13			$	70.78			$	63.92			$	59.68			$	50.44

Net Asset Value Total Return^(d)			3.66	%			37.10	%			(13.11	)%			13.54	%			8.99	%			20.68	%			6.63	%
Market Price Total Return^(d)			3.71	%			36.78	%			(13.03	)%			13.50	%			9.09	%			20.63	%			6.43	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	81,897			$	88,593			$	183,104			$	109,630			$	67,040			$	98,462			$	63,010
Ratio to average net assets of:
Expenses			0.35	%^(e)			0.35	%			0.35	%			0.36	%^(f)			0.35	%^(e)			0.35	%			0.35	%
Net investment income			2.51	%^(e)			2.82	%^(b)			2.04	%			2.09	%^(f)			2.41	%^(e)			1.97	%			2.23	%
Portfolio turnover rate^(g)			4	%			16	%			16	%			14	%			22	%			16	%			20	%

^(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 $1.54 and 2.23%, respectively.

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

^(d)

^(e)	Annualized.

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

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

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


		21

Financial Highlights–(continued)

Invesco KBW Regional Banking ETF (KBWR)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	59.78			$	35.41			$	47.62			$	59.19			$	55.13			$	44.09			$	42.40

Net investment income^(a)			0.66				1.32				1.32				1.20				0.89				0.94				0.87
Net realized and unrealized gain (loss) on investments			6.22				24.29				(12.07	)			(11.52	)			3.94				10.96				1.63

Total from investment operations			6.88				25.61				(10.75	)			(10.32	)			4.83				11.90				2.50

Distributions to shareholders from:
Net investment income			(0.73	)			(1.24	)			(1.46	)			(1.25	)			(0.77	)			(0.86	)			(0.81	)

Net asset value at end of period		$	65.93			$	59.78			$	35.41			$	47.62			$	59.19			$	55.13			$	44.09

Market price at end of period^(b)		$	65.69			$	59.66			$	35.44			$	47.61			$	59.19			$	55.20			$	44.15

Net Asset Value Total Return^(c)			11.68	%			73.45	%			(22.87	)%			(17.48	)%			8.79	%			27.06	%			6.05	%
Market Price Total Return^(c)			11.50	%			72.96	%			(22.80	)%			(17.50	)%			8.65	%			27.05	%			6.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	92,958			$	73,528			$	28,325			$	69,047			$	195,338			$	148,854			$	136,682
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.36	%^(e)			0.35	%^(d)			0.35	%			0.35	%
Net investment income			2.10	%^(d)			2.41	%			2.96	%			2.33	%^(e)			1.85	%^(d)			1.75	%			2.11	%
Portfolio turnover rate^(f)			17	%			20	%			21	%			15	%			14	%			21	%			23	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		22

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization


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

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^TM

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:


		23

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.

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.

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

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


		24

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.

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

Dividends and Distributions to Shareholders - Each Fund (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 the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

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

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

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


		25

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco by each Fund (except for KBW High Dividend Yield Financial ETF) were less than $500. KBW High Dividend Yield Financial ETF paid Invesco $2,124 in fees for securities lending agent services.

J.	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.


		26

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

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

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

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.


		27

NOTE 3–Investment Advisory Agreement and Other Agreements

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

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


		Unitary Management Fees (as a % of average daily net assets)
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, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2022, no fees were waived.

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

For the six months ended February 28, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:


KBW Bank ETF	$	25,946
KBW High Dividend Yield Financial ETF		19,432
KBW Premium Yield Equity REIT ETF		9,397
KBW Property & Casualty Insurance ETF		513
KBW Regional Banking ETF		2,620

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.


		28

For the six months ended February 28, 2022, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases	Securities Sales	Net Realized Gains*
KBW Premium Yield Equity REIT ETF	$-	$13,467,786	$4,202,711

*	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


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 February 28, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total
KBW Bank ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	3,480,540,363		$	-		$-		$	3,480,540,363
Money Market Funds			2,732,391			9,436,507		-			12,168,898

Total Investments		$	3,483,272,754		$	9,436,507		$-		$	3,492,709,261

KBW High Dividend Yield Financial ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	379,839,360		$	-		$-		$	379,839,360
Closed-End Funds			87,233,845			-		-			87,233,845
Money Market Funds			-			74,729,695		-			74,729,695

Total Investments		$	467,073,205		$	74,729,695		$-		$	541,802,900

KBW Premium Yield Equity REIT ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	316,188,819		$	-		$-		$	316,188,819
Money Market Funds			-			48,154,338		-			48,154,338

Total Investments		$	316,188,819		$	48,154,338		$-		$	364,343,157

KBW Property & Casualty Insurance ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	81,752,246		$	-		$-		$	81,752,246
Money Market Funds			56,900			57,711		-			114,611

Total Investments		$	81,809,146		$	57,711		$-		$	81,866,857

KBW Regional Banking ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	92,800,551		$	-		$-		$	92,800,551
Money Market Funds			46,193			8,303,726		-			8,349,919

Total Investments		$	92,846,744		$	8,303,726		$-		$	101,150,470


		29

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

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


	No expiration
	Short-Term		Long-Term		Total*
KBW Bank ETF	$	-	$	891,034	$	891,034
KBW High Dividend Yield Financial ETF		30,366,654		121,988,726		152,355,380
KBW Premium Yield Equity REIT ETF		61,040,975		117,719,192		178,760,167
KBW Property & Casualty Insurance ETF		1,705,444		6,139,139		7,844,583
KBW Regional Banking ETF		1,911,220		6,623,336		8,534,556

*	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 six months ended February 28, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
KBW Bank ETF	$	279,970,028	$	283,167,466
KBW High Dividend Yield Financial ETF		271,373,907		262,114,788
KBW Premium Yield Equity REIT ETF		187,964,423		182,350,579
KBW Property & Casualty Insurance ETF		2,841,070		3,460,827
KBW Regional Banking ETF		13,089,200		13,145,804

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
KBW Bank ETF	$	2,763,798,271	$	2,374,518,666
KBW High Dividend Yield Financial ETF		137,125,639		101,617,937
KBW Premium Yield Equity REIT ETF		52,141,833		93,889,550
KBW Property & Casualty Insurance ETF		6,488,793		14,078,854
KBW Regional Banking ETF		19,222,123		6,751,955

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


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
KBW Bank ETF	$	104,026,927	$	(177,875,908	)	$	(73,848,981	)	$	3,566,558,242
KBW High Dividend Yield Financial ETF		37,794,032		(35,332,115	)		2,461,917			539,340,983
KBW Premium Yield Equity REIT ETF		32,716,833		(23,944,323	)		8,772,510			355,570,647
KBW Property & Casualty Insurance ETF		11,489,098		(4,501,130	)		6,987,968			74,878,889
KBW Regional Banking ETF		6,317,936		(2,032,302	)		4,285,634			96,864,836


		30

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.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for 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.


		31

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

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

Actual Expenses

Hypothetical Example for Comparison Purposes

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 September 1, 2021	Ending Account Value February 28, 2022	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	$1,056.20	0.35%	$1.78

Hypothetical (5% return before expenses)	1,000.00	1,023.06	0.35	1.76
Invesco KBW High Dividend Yield Financial ETF (KBWD) Actual	1,000.00	959.90	0.35	1.70

Hypothetical (5% return before expenses)	1,000.00	1,023.06	0.35	1.76


		32

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco KBW Premium Yield Equity REIT ETF (KBWY)

Actual		$1,000.00		$1,035.20		0.35%		$1.77

Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco KBW Property & Casualty Insurance ETF (KBWP)

Actual		1,000.00		1,036.60		0.35		1.77

Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco KBW Regional Banking ETF (KBWR)

Actual		1,000.00		1,116.80		0.35		1.84

Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76

⁽¹⁾


		33

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-KBW-SAR-1

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders
		February 28, 2022
		PBUS		Invesco PureBeta^SMMSCI USA ETF

		PBSM		Invesco PureBeta^SMMSCI USA Small Cap ETF

		PBND		Invesco PureBeta^SMUS Aggregate Bond ETF

Table of Contents


Schedules of Investments

Invesco PureBeta^SMMSCI USA ETF (PBUS)			3

Invesco PureBeta^SMMSCI USA Small Cap ETF (PBSM)			10

Invesco PureBeta^SMUS Aggregate Bond ETF (PBND)			28

Statements of Assets and Liabilities			35

Statements of Operations			36

Statements of Changes in Net Assets			38

Financial Highlights			40

Notes to Financial Statements			43

Fund Expenses			52


		2

Invesco PureBeta^SM MSCI USA ETF (PBUS)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-9.60%
Activision Blizzard, Inc.		47,668	$	3,884,942
Alphabet, Inc., Class A^(b)		18,410		49,727,987
Alphabet, Inc., Class C^(b)		17,501		47,214,548
AMC Entertainment Holdings, Inc., Class A^(b)(c)		31,454		593,222
AT&T, Inc.		437,029		10,353,217
Cable One, Inc.		333		477,139
Charter Communications, Inc., Class A^(b)(c)		7,681		4,622,272
Comcast Corp., Class A		279,040		13,047,910
Discovery, Inc., Class A^(b)		10,320		289,476
Discovery, Inc., Class C^(b)		19,195		536,884
DISH Network Corp., Class A^(b)		15,104		482,724
Electronic Arts, Inc.		17,364		2,258,883
Fox Corp., Class A		19,732		825,390
Fox Corp., Class B		9,200		351,992
IAC/InterActiveCorp.^(b)		4,871		558,996
Interpublic Group of Cos., Inc. (The)		24,098		886,806
Liberty Broadband Corp., Class A^(b)		1,460		211,423
Liberty Broadband Corp., Class C^(b)		8,659		1,270,275
Liberty Global PLC, Class A (United Kingdom)^(b)		9,690		249,808
Liberty Global PLC, Class C (United Kingdom)^(b)		20,530		531,111
Liberty Media Corp.-Liberty Formula One, Class C^(b)		11,837		718,861
Liberty Media Corp.-Liberty SiriusXM, Class A^(b)		5,048		254,217
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		10,309		518,749
Live Nation Entertainment, Inc.^(b)		10,164		1,228,015
Lumen Technologies, Inc.^(c)		53,263		551,805
Match Group, Inc.^(b)(c)		16,459		1,835,014
Meta Platforms, Inc., Class A^(b)		144,816		30,560,521
Netflix, Inc.^(b)		27,109		10,695,043
News Corp., Class A		24,050		536,796
Omnicom Group, Inc.		13,082		1,097,449
Paramount Global, Class B		37,130		1,136,549
Pinterest, Inc., Class A^(b)		34,437		921,190
Roku, Inc., Class A^(b)		7,204		1,005,174
Sirius XM Holdings, Inc.^(c)		61,779		380,559
Snap, Inc., Class A^(b)		66,365		2,650,618
Take-Two Interactive Software, Inc.^(b)		7,106		1,151,172
T-Mobile US, Inc.^(b)		38,221		4,709,209
Twitter, Inc.^(b)		48,936		1,739,675
Verizon Communications, Inc.		253,378		13,598,797
Walt Disney Co. (The)^(b)		111,240		16,514,690
ZoomInfo Technologies, Inc., Class A^(b)		17,274		944,715

				231,123,823

Consumer Discretionary-11.88%
Advance Auto Parts, Inc.		3,847		786,635
Airbnb, Inc., Class A^(b)		18,042		2,733,183
Amazon.com, Inc.^(b)		27,934		85,792,577
Aptiv PLC^(b)		16,555		2,142,879
Aramark^(c)		14,103		521,247
AutoZone, Inc.^(b)		1,283		2,390,729
Bath & Body Works, Inc.		16,180		863,527


	Shares		Value
Consumer Discretionary-(continued)
Best Buy Co., Inc.		13,548	$	1,309,279
Booking Holdings, Inc.^(b)		2,513		5,458,864
BorgWarner, Inc.		14,674		601,781
Burlington Stores, Inc.^(b)(c)		4,086		922,987
Caesars Entertainment, Inc.^(b)		13,083		1,101,458
CarMax, Inc.^(b)		9,948		1,087,615
Carnival Corp.^(b)(c)		51,034		1,037,521
Carvana Co.^(b)(c)		4,714		709,316
Chewy, Inc., Class A^(b)(c)		5,544		261,344
Chipotle Mexican Grill, Inc.^(b)		1,722		2,623,209
D.R. Horton, Inc.		20,755		1,772,477
Darden Restaurants, Inc.		7,956		1,155,370
Dollar General Corp.		14,279		2,832,097
Dollar Tree, Inc.^(b)		13,767		1,956,015
Domino’s Pizza, Inc.		2,248		971,608
DoorDash, Inc., Class A^(b)		6,674		700,436
DraftKings, Inc., Class A^(b)(c)		19,900		471,232
eBay, Inc.		38,311		2,091,397
Etsy, Inc.^(b)		7,759		1,201,792
Expedia Group, Inc.^(b)		8,935		1,752,243
Ford Motor Co.		240,234		4,218,509
Garmin Ltd.		9,416		1,039,903
General Motors Co.^(b)		79,968		3,736,105
Genuine Parts Co.		8,738		1,067,434
Hasbro, Inc.		8,020		778,341
Hilton Worldwide Holdings, Inc.^(b)		17,058		2,539,254
Home Depot, Inc. (The)		63,907		20,183,748
Las Vegas Sands Corp.^(b)		21,040		901,774
Lear Corp.		3,650		574,291
Lennar Corp., Class A		16,765		1,506,838
LKQ Corp.		17,037		799,887
Lowe’s Cos., Inc.		41,233		9,114,967
Lucid Group, Inc.^(b)(c)		25,189		729,977
lululemon athletica, inc.^(b)		7,245		2,317,965
Marriott International, Inc., Class A^(b)		16,942		2,882,512
McDonald’s Corp.		45,731		11,193,577
MercadoLibre, Inc. (Brazil)^(b)		2,779		3,130,960
MGM Resorts International		22,960		1,016,898
Mohawk Industries, Inc.^(b)		3,585		504,696
Newell Brands, Inc.		23,431		556,486
NIKE, Inc., Class B		78,202		10,678,483
NVR, Inc.^(b)		202		1,001,605
O’Reilly Automotive, Inc.^(b)		4,124		2,677,466
Peloton Interactive, Inc., Class A^(b)(c)		17,319		503,290
Pool Corp.		2,453		1,124,897
PulteGroup, Inc.		15,495		769,482
Rivian Automotive, Inc., Class A^(b)(c)		10,924		738,025
Ross Stores, Inc.		21,790		1,991,388
Royal Caribbean Cruises Ltd.^(b)(c)		14,034		1,132,824
Starbucks Corp.		71,881		6,597,957
Target Corp.		29,322		5,857,656
Tesla, Inc.^(b)		52,242		45,473,004
TJX Cos., Inc. (The)		73,595		4,864,629
Tractor Supply Co.		6,973		1,421,028
Ulta Beauty, Inc.^(b)		3,160		1,183,420
Vail Resorts, Inc.		2,475		644,861
VF Corp.		20,433		1,185,523
Wayfair, Inc., Class A^(b)(c)		4,534		638,705

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


		3

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

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Whirlpool Corp.		3,717	$	748,121
Wynn Resorts Ltd.^(b)(c)		6,353		549,662
Yum! Brands, Inc.		18,035		2,210,730

				286,035,696

Consumer Staples-6.02%
Altria Group, Inc.		112,507		5,770,484
Archer-Daniels-Midland Co.		34,238		2,685,971
Brown-Forman Corp., Class B		18,955		1,236,435
Bunge Ltd.		8,647		904,044
Campbell Soup Co.		12,012		540,180
Church & Dwight Co., Inc.		14,983		1,466,087
Clorox Co. (The)		7,519		1,096,195
Coca-Cola Co. (The)		251,131		15,630,393
Colgate-Palmolive Co.		49,003		3,770,781
Conagra Brands, Inc.		29,357		1,026,614
Constellation Brands, Inc., Class A		10,053		2,167,628
Costco Wholesale Corp.		27,059		14,050,386
Estee Lauder Cos., Inc. (The), Class A		14,191		4,205,219
General Mills, Inc.		37,068		2,499,495
Hershey Co. (The)		8,898		1,799,709
Hormel Foods Corp.		18,262		870,002
JM Smucker Co. (The)		6,632		893,662
Kellogg Co.		15,658		1,001,173
Keurig Dr Pepper, Inc.		43,390		1,677,891
Kimberly-Clark Corp.		20,607		2,682,001
Kraft Heinz Co. (The)		41,201		1,615,903
Kroger Co. (The)		43,314		2,027,095
McCormick & Co., Inc.		15,260		1,452,294
Molson Coors Beverage Co., Class B		11,660		608,419
Mondelez International, Inc., Class A		85,372		5,590,159
Monster Beverage Corp.^(b)		24,287		2,049,823
PepsiCo, Inc.		84,618		13,855,351
Philip Morris International, Inc.		95,278		9,629,747
Procter & Gamble Co. (The)		148,101		23,087,465
Sysco Corp.		31,375		2,732,762
Tyson Foods, Inc., Class A		18,040		1,671,586
Walgreens Boots Alliance, Inc.		45,029		2,075,387
Walmart, Inc.		93,861		12,686,253

				145,056,594

Energy-3.48%
Baker Hughes Co., Class A		50,547		1,485,071
Cheniere Energy, Inc.		14,744		1,959,478
Chevron Corp.		117,995		16,991,280
ConocoPhillips		80,719		7,657,004
Coterra Energy, Inc.		47,301		1,103,532
Devon Energy Corp.		39,361		2,343,948
Diamondback Energy, Inc.		10,533		1,454,607
EOG Resources, Inc.		35,807		4,114,940
Exxon Mobil Corp.		259,094		20,318,151
Halliburton Co.		54,781		1,836,807
Hess Corp.		17,060		1,724,084
Kinder Morgan, Inc.		124,675		2,169,345
Marathon Petroleum Corp.		37,674		2,933,674
Occidental Petroleum Corp.		57,160		2,499,607
ONEOK, Inc.		27,291		1,782,102
Phillips 66		26,816		2,258,980
Pioneer Natural Resources Co.		14,193		3,400,643
Schlumberger N.V.		85,841		3,368,401


	Shares		Value
Energy-(continued)
Valero Energy Corp.		25,021	$	2,089,504
Williams Cos., Inc. (The)		74,360		2,325,981

				83,817,139

Financials-11.26%
Aflac, Inc.		38,461		2,349,582
AGNC Investment Corp.		32,031		413,520
Alleghany Corp.^(b)		838		554,689
Allstate Corp. (The)		17,545		2,146,806
Ally Financial, Inc.		22,304		1,112,970
American Express Co.		40,292		7,838,406
American Financial Group, Inc.		4,412		597,341
American International Group, Inc.		50,814		3,111,849
Ameriprise Financial, Inc.		6,848		2,052,962
Annaly Capital Management, Inc.^(c)		88,747		617,679
Aon PLC, Class A		13,484		3,939,216
Apollo Global Management, Inc.^(c)		22,016		1,436,764
Arch Capital Group Ltd.^(b)		23,631		1,113,256
Arthur J. Gallagher & Co.		12,685		2,006,640
Assurant, Inc.		3,487		591,779
Bank of America Corp.		450,779		19,924,432
Bank of New York Mellon Corp. (The)		48,013		2,551,891
Berkshire Hathaway, Inc., Class B^(b)		79,773		25,643,031
BlackRock, Inc.		9,297		6,915,945
Blackstone, Inc., Class A		42,037		5,358,456
Brown & Brown, Inc.		14,692		993,326
Capital One Financial Corp.		26,048		3,992,377
Carlyle Group, Inc. (The)		9,819		460,217
Cboe Global Markets, Inc.		6,527		765,552
Charles Schwab Corp. (The)		88,681		7,489,997
Chubb Ltd.		26,361		5,368,154
Cincinnati Financial Corp.		9,369		1,150,420
Citigroup, Inc.		121,437		7,192,713
Citizens Financial Group, Inc.		26,083		1,367,271
CME Group, Inc., Class A		21,995		5,202,477
Coinbase Global, Inc., Class A^(b)(c)		2,375		453,079
Discover Financial Services		17,936		2,214,020
Equitable Holdings, Inc.		22,637		739,324
Erie Indemnity Co., Class A^(c)		1,555		272,280
Everest Re Group Ltd.		2,431		724,973
FactSet Research Systems, Inc.		2,304		935,631
Fidelity National Financial, Inc.		16,544		788,156
Fifth Third Bancorp		42,022		2,010,332
First Citizens BancShares, Inc., Class A		732		577,145
First Republic Bank		10,817		1,874,153
Franklin Resources, Inc.		18,403		547,121
Globe Life, Inc.		5,900		595,664
Goldman Sachs Group, Inc. (The)		20,638		7,043,543
Hartford Financial Services Group, Inc. (The)		20,830		1,447,268
Huntington Bancshares, Inc.^(c)		88,523		1,373,877
Intercontinental Exchange, Inc.		34,480		4,417,578
Invesco Ltd.^(d)		21,118		448,546
JPMorgan Chase & Co.		180,862		25,646,232
KeyCorp		56,981		1,428,514
KKR & Co., Inc., Class A		32,222		1,937,187
Lincoln National Corp.		10,506		708,315
Loews Corp.		13,341		818,337
M&T Bank Corp.		7,875		1,435,061
Markel Corp.^(b)		836		1,039,073

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


		4

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

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
MarketAxess Holdings, Inc.		2,327	$	887,588
Marsh & McLennan Cos., Inc.		30,909		4,803,568
MetLife, Inc.		43,757		2,955,785
Moody’s Corp.		10,239		3,297,265
Morgan Stanley		82,363		7,473,619
MSCI, Inc.		5,062		2,539,555
Nasdaq, Inc.		7,164		1,226,119
Northern Trust Corp.		12,086		1,376,595
PNC Financial Services Group, Inc. (The)		25,904		5,161,372
Principal Financial Group, Inc.		16,369		1,156,306
Progressive Corp. (The)		35,803		3,792,612
Prudential Financial, Inc.		23,134		2,583,142
Raymond James Financial, Inc.		11,335		1,242,883
Regions Financial Corp.		58,341		1,411,269
Robinhood Markets, Inc., Class A^(b)(c)		11,062		132,855
S&P Global, Inc.^(c)		21,677		8,144,012
SEI Investments Co.		7,312		428,337
Signature Bank		3,711		1,279,887
SoFi Technologies, Inc.^(b)(c)		32,099		367,534
State Street Corp.		22,376		1,909,344
SVB Financial Group^(b)		3,592		2,176,752
Synchrony Financial		33,492		1,432,788
T. Rowe Price Group, Inc.		13,803		1,995,362
Tradeweb Markets, Inc., Class A		6,426		542,868
Travelers Cos., Inc. (The)		15,056		2,587,072
Truist Financial Corp.		81,695		5,083,063
U.S. BanCorp		86,210		4,874,313
Upstart Holdings, Inc.^(b)(c)		2,508		396,239
W.R. Berkley Corp.		8,666		782,540
Webster Financial Corp.		11,004		662,551
Wells Fargo & Co.		244,018		13,023,241
Willis Towers Watson PLC		7,626		1,695,260

				271,156,823

Health Care-13.18%
10X Genomics, Inc., Class A^(b)		4,764		388,123
Abbott Laboratories		108,292		13,062,181
AbbVie, Inc.		108,194		15,987,827
ABIOMED, Inc.^(b)		2,784		865,100
Agilent Technologies, Inc.		18,481		2,409,183
Align Technology, Inc.^(b)		4,585		2,345,044
Alnylam Pharmaceuticals, Inc.^(b)		7,320		1,155,462
AmerisourceBergen Corp.		9,553		1,361,589
Amgen, Inc.^(c)		34,472		7,807,219
Anthem, Inc.		14,879		6,723,076
Avantor, Inc.^(b)		33,569		1,164,509
Baxter International, Inc.		30,642		2,603,651
Becton, Dickinson and Co.		17,382		4,715,389
Biogen, Inc.^(b)		8,990		1,896,980
BioMarin Pharmaceutical, Inc.^(b)		11,236		877,756
Bio-Rad Laboratories, Inc., Class A^(b)		1,368		856,313
Bio-Techne Corp.		2,405		1,008,681
Boston Scientific Corp.^(b)		87,209		3,852,022
Bristol-Myers Squibb Co.		135,842		9,328,270
Cardinal Health, Inc.		17,245		931,402
Catalent, Inc.^(b)		10,477		1,069,073
Centene Corp.^(b)		35,710		2,950,360
Cerner Corp.		18,031		1,681,391
Charles River Laboratories International, Inc.^(b)		3,126		910,166


	Shares		Value
Health Care-(continued)
Cigna Corp.		20,283	$	4,822,892
Cooper Cos., Inc. (The)		3,033		1,240,558
CVS Health Corp.		80,788		8,373,676
Danaher Corp.		39,359		10,800,503
DaVita, Inc.^(b)		4,158		468,898
DENTSPLY SIRONA, Inc.		13,379		724,339
DexCom, Inc.^(b)		5,932		2,455,314
Edwards Lifesciences Corp.^(b)		38,209		4,293,545
Elanco Animal Health, Inc.^(b)		26,058		740,308
Eli Lilly and Co.		49,762		12,438,012
Exact Sciences Corp.^(b)(c)		10,546		823,221
Gilead Sciences, Inc.		76,768		4,636,787
HCA Healthcare, Inc.		15,228		3,811,721
Henry Schein, Inc.^(b)		8,525		736,390
Hologic, Inc.^(b)		15,465		1,100,644
Horizon Therapeutics PLC^(b)		13,187		1,202,259
Humana, Inc.		7,866		3,416,361
IDEXX Laboratories, Inc.^(b)		5,189		2,762,364
Illumina, Inc.^(b)		9,087		2,967,814
Incyte Corp.^(b)		11,491		784,835
Insulet Corp.^(b)		4,221		1,117,256
Intuitive Surgical, Inc.^(b)		21,847		6,342,840
IQVIA Holdings, Inc.^(b)		11,686		2,689,182
Jazz Pharmaceuticals PLC^(b)		3,762		516,974
Johnson & Johnson		161,115		26,514,696
Laboratory Corp. of America Holdings^(b)		5,886		1,596,636
Masimo Corp.^(b)		3,211		505,572
McKesson Corp.		9,344		2,569,226
Medtronic PLC		82,305		8,641,202
Merck & Co., Inc.		154,588		11,838,349
Mettler-Toledo International, Inc.^(b)		1,407		1,982,097
Moderna, Inc.^(b)		21,091		3,239,578
Molina Healthcare, Inc.^(b)		3,574		1,096,753
Neurocrine Biosciences, Inc.^(b)		5,806		521,785
Novavax, Inc.^(b)(c)		4,396		366,495
Novocure Ltd.^(b)(c)		5,718		468,075
PerkinElmer, Inc.		6,951		1,248,469
Pfizer, Inc.		343,507		16,124,219
Quest Diagnostics, Inc.		7,508		985,575
Regeneron Pharmaceuticals, Inc.^(b)		6,470		4,000,789
ResMed, Inc.		8,918		2,200,517
Royalty Pharma PLC, Class A		21,029		825,599
Seagen, Inc.^(b)		8,393		1,081,606
STERIS PLC		6,121		1,469,040
Stryker Corp.		20,800		5,477,680
Teladoc Health, Inc.^(b)(c)		8,818		669,374
Teleflex, Inc.		2,867		964,201
Thermo Fisher Scientific, Inc.		24,116		13,119,104
UnitedHealth Group, Inc.		57,641		27,429,623
Universal Health Services, Inc., Class B		4,475		644,087
Veeva Systems, Inc., Class A^(b)		8,486		1,943,718
Vertex Pharmaceuticals, Inc.^(b)		15,560		3,579,111
Viatris, Inc.		74,015		814,905
Waters Corp.^(b)		3,748		1,187,104
West Pharmaceutical Services, Inc.		4,534		1,755,021
Zimmer Biomet Holdings, Inc.		12,785		1,626,124
Zoetis, Inc.		28,955		5,607,136

				317,310,926

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


		5

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

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-7.83%
3M Co.		35,302	$	5,247,642
A.O. Smith Corp.		8,131		557,624
Allegion PLC		5,480		627,570
AMERCO		600		346,566
AMETEK, Inc.		14,157		1,837,437
Boeing Co. (The)^(b)		34,169		7,016,262
Booz Allen Hamilton Holding Corp.		8,251		665,773
C.H. Robinson Worldwide, Inc.		8,041		777,404
Carrier Global Corp.		50,383		2,261,189
Caterpillar, Inc.		33,106		6,210,024
Cintas Corp.		5,696		2,137,823
Clarivate PLC^(b)(c)		21,478		321,740
Copart, Inc.^(b)		13,064		1,605,304
CoStar Group, Inc.^(b)		24,170		1,474,612
CSX Corp.		135,740		4,602,943
Cummins, Inc.		8,762		1,788,499
Deere & Co.		18,060		6,501,961
Delta Air Lines, Inc.^(b)		9,792		390,897
Dover Corp.		8,812		1,382,250
Eaton Corp. PLC		24,394		3,763,750
Emerson Electric Co.		36,478		3,389,536
Equifax, Inc.		7,466		1,630,126
Expeditors International of Washington, Inc.		10,369		1,071,740
Fastenal Co.		35,200		1,811,392
FedEx Corp.		15,445		3,432,960
Fortive Corp.		20,848		1,349,908
Fortune Brands Home & Security, Inc.		8,415		731,264
Generac Holdings, Inc.^(b)		3,861		1,218,030
General Dynamics Corp.		14,525		3,405,386
General Electric Co.		67,206		6,418,845
HEICO Corp.^(c)		2,655		391,639
HEICO Corp., Class A		4,470		549,452
Honeywell International, Inc.		42,131		7,994,357
Howmet Aerospace, Inc.		23,556		846,132
Huntington Ingalls Industries, Inc.		2,447		500,167
IDEX Corp.		4,653		892,911
Illinois Tool Works, Inc.		19,220		4,158,055
Ingersoll Rand, Inc.		24,944		1,260,171
J.B. Hunt Transport Services, Inc.		5,141		1,043,263
Jacobs Engineering Group, Inc.		7,956		978,588
Johnson Controls International PLC		43,105		2,800,101
Knight-Swift Transportation Holdings, Inc.		9,649		525,678
L3Harris Technologies, Inc.		12,009		3,029,991
Leidos Holdings, Inc.		8,209		836,005
Lennox International, Inc.		2,016		538,131
Lockheed Martin Corp.		15,207		6,596,797
Lyft, Inc., Class A^(b)		16,261		633,203
Masco Corp.		15,082		845,195
Nordson Corp.		3,201		724,995
Norfolk Southern Corp.		14,893		3,820,352
Northrop Grumman Corp.		9,217		4,075,204
Old Dominion Freight Line, Inc.		6,010		1,887,320
Otis Worldwide Corp.		24,733		1,937,336
Owens Corning		6,233		580,853
PACCAR, Inc.		21,247		1,950,687
Parker-Hannifin Corp.		7,882		2,336,146
Pentair PLC		10,125		586,339
Plug Power, Inc.^(b)(c)		31,746		802,856
Raytheon Technologies Corp.		91,603		9,407,628


	Shares		Value
Industrials-(continued)
Republic Services, Inc.		13,594	$	1,635,086
Robert Half International, Inc.		6,830		821,581
Rockwell Automation, Inc.		7,098		1,892,185
Rollins, Inc.		13,508		440,766
Roper Technologies, Inc.		6,456		2,893,708
Sensata Technologies Holding PLC^(b)		9,699		561,669
Snap-on, Inc.		3,300		693,594
Southwest Airlines Co.^(b)		9,023		395,207
Stanley Black & Decker, Inc.		9,978		1,623,421
Sunrun, Inc.^(b)(c)		10,768		293,751
Textron, Inc.		13,595		994,202
Trane Technologies PLC		14,537		2,237,680
TransDigm Group, Inc.^(b)		3,212		2,141,087
TransUnion		11,726		1,064,252
Uber Technologies, Inc.^(b)		89,051		3,208,508
Union Pacific Corp.		39,344		9,676,657
United Parcel Service, Inc., Class B		44,624		9,389,782
United Rentals, Inc.^(b)		4,431		1,425,098
Verisk Analytics, Inc.		9,370		1,661,676
W.W. Grainger, Inc.		2,680		1,278,521
Wabtec Corp.		10,957		1,017,029
Waste Connections, Inc.		15,944		1,968,925
Waste Management, Inc.		25,657		3,704,871
Xylem, Inc.		11,036		981,652

				188,506,917

Information Technology-28.82%
Accenture PLC, Class A		38,677		12,222,706
Adobe, Inc.^(b)		29,133		13,624,921
Advanced Micro Devices, Inc.^(b)		100,045		12,339,550
Affirm Holdings, Inc.^(b)		10,193		426,475
Akamai Technologies, Inc.^(b)(c)		9,941		1,076,213
Amphenol Corp., Class A		36,599		2,781,890
Analog Devices, Inc.		32,828		5,262,000
ANSYS, Inc.^(b)		5,340		1,731,175
Apple, Inc.		1,004,071		165,792,204
Applied Materials, Inc.		55,259		7,415,758
Arista Networks, Inc.^(b)		14,085		1,728,652
Arrow Electronics, Inc.^(b)		4,336		528,472
Asana, Inc., Class A^(b)(c)		4,065		222,721
Autodesk, Inc.^(b)		13,455		2,963,195
Automatic Data Processing, Inc.		25,816		5,277,823
Avalara, Inc.^(b)(c)		5,319		552,697
Bentley Systems, Inc., Class B		10,770		413,460
Bill.com Holdings, Inc.^(b)(c)		4,707		1,119,701
Black Knight, Inc.^(b)		9,551		536,671
Block, Inc., Class A^(b)		31,087		3,963,592
Broadcom, Inc.		25,191		14,798,201
Broadridge Financial Solutions, Inc.		7,135		1,043,208
Cadence Design Systems, Inc.^(b)		16,961		2,568,404
CDW Corp.		8,359		1,441,593
Ceridian HCM Holding, Inc.^(b)		8,335		607,705
Cisco Systems, Inc.		258,117		14,395,185
Citrix Systems, Inc.		7,633		782,382
Cloudflare, Inc., Class A^(b)		15,924		1,853,872
Cognex Corp.		10,820		730,999
Cognizant Technology Solutions Corp., Class A		32,145		2,768,649
Corning, Inc.		49,617		2,004,527
Coupa Software, Inc.^(b)(c)		4,532		548,417

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


		6

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

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Crowdstrike Holdings, Inc., Class A^(b)		11,967	$	2,336,078
Datadog, Inc., Class A^(b)		13,379		2,155,491
Dell Technologies, Inc., Class C^(b)		17,800		907,088
DocuSign, Inc.^(b)		12,039		1,425,779
Dropbox, Inc., Class A^(b)		19,241		436,578
Dynatrace, Inc.^(b)		11,340		503,723
Enphase Energy, Inc.^(b)		7,844		1,307,595
Entegris, Inc.		8,293		1,082,071
EPAM Systems, Inc.^(b)		3,471		721,100
F5, Inc.^(b)		3,747		752,585
Fair Isaac Corp.^(b)		1,674		788,772
Fidelity National Information Services, Inc.		37,267		3,548,936
Fiserv, Inc.^(b)		36,368		3,552,063
FleetCor Technologies, Inc.^(b)		4,721		1,105,658
Fortinet, Inc.^(b)		8,505		2,930,143
Gartner, Inc.^(b)		5,055		1,417,523
Global Payments, Inc.		17,757		2,368,429
GoDaddy, Inc., Class A^(b)		10,305		859,540
Guidewire Software, Inc.^(b)		4,843		426,910
Hewlett Packard Enterprise Co.		80,053		1,274,444
HP, Inc.		70,534		2,423,548
HubSpot, Inc.^(b)		2,762		1,450,050
Intel Corp.		248,900		11,872,530
International Business Machines Corp.		54,884		6,723,839
Intuit, Inc.		16,463		7,809,553
IPG Photonics Corp.^(b)		2,284		297,719
Jack Henry & Associates, Inc.		4,531		801,081
Juniper Networks, Inc.		19,901		672,455
Keysight Technologies, Inc.^(b)		11,273		1,774,032
KLA Corp.		9,279		3,233,731
Lam Research Corp.		8,617		4,837,153
Marvell Technology, Inc.		50,406		3,444,242
Mastercard, Inc., Class A		53,687		19,371,343
Microchip Technology, Inc.		33,958		2,388,266
Micron Technology, Inc.		68,460		6,083,356
Microsoft Corp.		436,514		130,426,018
MongoDB, Inc.^(b)(c)		3,645		1,392,354
Monolithic Power Systems, Inc.		2,680		1,229,316
Motorola Solutions, Inc.		10,335		2,278,144
NetApp, Inc.		13,686		1,072,709
NortonLifeLock, Inc.		35,605		1,031,833
Nuance Communications, Inc.^(b)		18,573		1,031,173
NVIDIA Corp.		153,000		37,309,050
NXP Semiconductors N.V. (China)		16,275		3,094,203
Okta, Inc.^(b)(c)		9,034		1,651,777
ON Semiconductor Corp.^(b)		26,367		1,650,838
Oracle Corp.		100,381		7,625,945
Palantir Technologies, Inc., Class A^(b)(c)		99,181		1,175,295
Palo Alto Networks, Inc.^(b)		6,038		3,588,081
Paychex, Inc.		19,861		2,364,651
Paycom Software, Inc.^(b)		3,123		1,059,353
PayPal Holdings, Inc.^(b)		68,310		7,645,938
PTC, Inc.^(b)		6,853		762,602
Qorvo, Inc.^(b)		6,780		927,368
QUALCOMM, Inc.		68,544		11,788,883
RingCentral, Inc., Class A^(b)		4,774		624,630
salesforce.com, inc.^(b)		59,915		12,613,905
Seagate Technology Holdings PLC		12,263		1,265,051
ServiceNow, Inc.^(b)		12,179		7,062,846
Skyworks Solutions, Inc.		10,122		1,398,557


	Shares		Value
Information Technology-(continued)
Snowflake, Inc., Class A^(b)		12,891	$	3,424,623
SolarEdge Technologies, Inc.^(b)(c)		3,214		1,026,616
Splunk, Inc.^(b)		9,961		1,176,394
SS&C Technologies Holdings, Inc.		14,011		1,050,405
Synopsys, Inc.^(b)		9,333		2,915,536
TE Connectivity Ltd. (Switzerland)		20,010		2,850,024
Teledyne Technologies, Inc.^(b)(c)		2,869		1,231,891
Teradyne, Inc.		10,071		1,187,572
Texas Instruments, Inc.		56,520		9,607,835
Trade Desk, Inc. (The), Class A^(b)		26,688		2,277,020
Trimble, Inc.^(b)		15,352		1,070,802
Twilio, Inc., Class A^(b)		10,309		1,802,013
Tyler Technologies, Inc.^(b)		2,508		1,074,076
Unity Software, Inc.^(b)		3,501		372,681
VeriSign, Inc.^(b)		6,146		1,313,523
Visa, Inc., Class A^(c)		102,187		22,084,654
VMware, Inc., Class A		12,842		1,506,623
Western Digital Corp.^(b)		19,071		971,477
Western Union Co. (The)^(c)		24,788		450,646
Workday, Inc., Class A^(b)		11,812		2,705,539
Zebra Technologies Corp., Class A^(b)		3,271		1,352,035
Zendesk, Inc.^(b)		7,398		863,125
Zoom Video Communications, Inc., Class A^(b)		13,343		1,769,282
Zscaler, Inc.^(b)		5,143		1,229,948

				693,991,282

Materials-2.53%
Air Products and Chemicals, Inc.		13,553		3,202,574
Albemarle Corp.		7,159		1,402,377
Amcor PLC		93,859		1,091,580
Avery Dennison Corp.		5,067		892,805
Ball Corp.		19,926		1,788,159
Celanese Corp.		6,663		928,023
CF Industries Holdings, Inc.		13,124		1,065,538
Corteva, Inc.		44,788		2,330,320
Crown Holdings, Inc.		7,826		960,015
Dow, Inc.		45,410		2,677,374
DuPont de Nemours, Inc.		31,708		2,453,248
Eastman Chemical Co.		8,287		981,761
Ecolab, Inc.		15,784		2,782,088
FMC Corp.		7,858		921,350
Freeport-McMoRan, Inc.		89,871		4,219,443
International Flavors & Fragrances, Inc.		15,578		2,071,874
International Paper Co.		22,649		985,911
Linde PLC (United Kingdom)		31,368		9,198,352
LyondellBasell Industries N.V., Class A		16,321		1,586,891
Martin Marietta Materials, Inc.		3,818		1,448,549
Mosaic Co. (The)		22,669		1,188,536
Newmont Corp.		48,803		3,230,759
Nucor Corp.		17,491		2,302,165
Packaging Corp. of America		5,813		855,615
PPG Industries, Inc.		14,529		1,938,895
RPM International, Inc.		7,923		670,048
Sealed Air Corp.		9,143		613,770
Sherwin-Williams Co. (The)		15,262		4,015,890
Steel Dynamics, Inc.		12,145		857,194
Vulcan Materials Co.		8,122		1,473,737
WestRock Co.		16,285		737,222

				60,872,063

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


		7

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

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-2.79%
Alexandria Real Estate Equities, Inc.^(c)		9,010	$	1,706,494
American Tower Corp.		27,871		6,323,094
AvalonBay Communities, Inc.		8,552		2,040,422
Boston Properties, Inc.		9,082		1,110,819
Camden Property Trust		6,254		1,032,598
CBRE Group, Inc., Class A^(b)		20,479		1,983,391
Crown Castle International Corp.		26,451		4,406,472
Digital Realty Trust, Inc.		17,368		2,343,291
Duke Realty Corp.		23,308		1,235,324
Equinix, Inc.		5,511		3,911,322
Equity LifeStyle Properties, Inc.		10,688		797,539
Equity Residential		21,803		1,859,796
Essex Property Trust, Inc.		3,983		1,263,288
Extra Space Storage, Inc.		8,194		1,541,701
Healthpeak Properties, Inc.		32,991		1,024,700
Host Hotels & Resorts, Inc.^(b)		43,699		798,381
Invitation Homes, Inc.		36,522		1,380,532
Iron Mountain, Inc.		17,720		871,470
Kimco Realty Corp.		37,725		887,669
Medical Properties Trust, Inc.		36,494		742,288
Mid-America Apartment Communities, Inc.		7,075		1,447,616
Prologis, Inc.		45,247		6,599,275
Public Storage		9,686		3,438,724
Realty Income Corp.		34,631		2,288,763
Regency Centers Corp.		9,430		621,343
SBA Communications Corp., Class A		6,683		2,027,555
Simon Property Group, Inc.		20,111		2,766,469
Sun Communities, Inc.^(c)		7,097		1,284,557
UDR, Inc.		18,922		1,038,250
Ventas, Inc.		24,430		1,319,220
VICI Properties, Inc.		38,491		1,076,208
Vornado Realty Trust		9,941		430,246
W.P. Carey, Inc.		11,401		882,437
Welltower, Inc.		26,639		2,218,762
Weyerhaeuser Co.		45,842		1,782,337
Zillow Group, Inc., Class A^(b)		3,747		214,591
Zillow Group, Inc., Class C^(b)(c)		10,312		593,146

				67,290,090

Utilities-2.51%
AES Corp. (The)		40,803		866,248
Alliant Energy Corp.		15,322		894,805
Ameren Corp.		15,765		1,355,002
American Electric Power Co., Inc.		30,823		2,794,105
American Water Works Co., Inc.		11,110		1,678,610
Atmos Energy Corp.^(c)		8,104		889,900
CenterPoint Energy, Inc.		38,487		1,052,619
CMS Energy Corp.		17,729		1,134,833


	Shares		Value
Utilities-(continued)
Consolidated Edison, Inc.		21,649	$	1,856,835
Constellation Energy Corp.		19,948		917,209
Dominion Energy, Inc.		49,566		3,941,984
DTE Energy Co.		11,856		1,441,571
Duke Energy Corp.		47,084		4,727,704
Edison International		23,250		1,474,515
Entergy Corp.		12,300		1,294,083
Essential Utilities, Inc.		14,694		692,234
Evergy, Inc.		14,033		875,800
Eversource Energy		21,041		1,721,154
Exelon Corp.		59,873		2,548,195
FirstEnergy Corp.		33,318		1,394,358
NextEra Energy, Inc.		120,083		9,398,896
NiSource, Inc.		24,034		695,304
NRG Energy, Inc.		14,984		566,995
PG&E Corp.^(b)(c)		91,128		1,036,125
PPL Corp.		45,944		1,202,355
Public Service Enterprise Group, Inc.		30,947		2,006,294
Sempra Energy		19,543		2,818,491
Southern Co. (The)		64,860		4,200,982
UGI Corp.		12,804		492,186
Vistra Corp.		26,583		606,624
WEC Energy Group, Inc.		19,305		1,754,438
Xcel Energy, Inc.		32,967		2,219,668

				60,550,122

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $2,300,653,285)				2,405,711,475


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.74%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		19,753,673		19,753,673
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		46,087,294		46,091,904

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $65,850,498)				65,845,577

TOTAL INVESTMENTS IN SECURITIES-102.64% (Cost $2,366,503,783)				2,471,557,052
OTHER ASSETS LESS LIABILITIES-(2.64)%				(63,484,221	)

NET ASSETS-100.00%			$	2,408,072,831

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


		8

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

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Invesco Ltd.		$	462,824		$	132,131		$	(53,494	)		$	(87,190	)		$	(5,725	)		$	448,546		$	7,551

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			24,102,424			(24,102,424	)			-				-				-			141

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,815,320			81,244,049			(65,305,696	)			-				-				19,753,673			1,737	*
Invesco Private Prime Fund			9,010,612			181,178,005			(144,086,520	)			(4,921	)			(5,272	)			46,091,904			12,965	*

Total		$	13,288,756		$	286,656,609		$	(233,548,134	)		$	(92,111	)		$	(10,997	)		$	66,294,123		$	22,394

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Information Technology			28.82

Health Care			13.18

Consumer Discretionary			11.88

Financials			11.26

Communication Services			9.60

Industrials			7.83

Consumer Staples			6.02

Energy			3.48

Sector Types Each Less Than 3%			7.83

Money Market Funds Plus Other Assets Less Liabilities			0.10

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


		9

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

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


		Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-2.43%
Advantage Solutions, Inc.^(b)(c)			477	$	3,754
Altice USA, Inc., Class A^(b)			1,624		18,773
AMC Networks, Inc., Class A^(b)(c)			208		8,622
Angi, Inc., Class A^(b)(c)	��		524		3,610
Anterix, Inc.^(b)			89		4,742
ATN International, Inc.			83		2,766
Audacy, Inc.^(b)(c)			925		2,868
Bandwidth, Inc., Class A^(b)(c)			165		5,041
Boston Omaha Corp., Class A^(b)			129		3,611
Bumble, Inc., Class A^(b)(c)			530		13,584
Cardlytics, Inc.^(b)(c)			248		14,384
Cargurus, Inc.^(b)			603		29,215
Cars.com, Inc.^(b)			517		8,365
Cinemark Holdings, Inc.^(b)(c)			757		13,278
Clear Channel Outdoor Holdings, Inc.^(b)			2,468		9,230
Cogent Communications Holdings, Inc.			322		20,415
Consolidated Communications Holdings, Inc.^(b)			555		3,952
CuriosityStream, Inc.^(b)			213		780
E.W. Scripps Co. (The), Class A^(b)			396		8,815
EchoStar Corp., Class A^(b)			289		7,034
Eventbrite, Inc., Class A^(b)(c)			537		8,114
EverQuote, Inc., Class A^(b)			140		2,083
Frontier Communications Parent, Inc.^(b)			1,372		37,799
fuboTV, Inc.^(b)(c)			367		3,138
Gannett Co., Inc.^(b)			1,014		5,029
Globalstar, Inc.^(b)			5,367		6,333
Gogo, Inc.^(b)(c)			373		5,312
Gray Television, Inc.^(c)			598		14,011
Hemisphere Media Group, Inc.^(b)			123		658
IDT Corp., Class B^(b)			163		5,878
iHeartMedia, Inc., Class A^(b)			891		19,112
IMAX Corp.^(b)			377		7,796
Iridium Communications, Inc.^(b)			888		35,156
John Wiley & Sons, Inc., Class A			329		16,552
Liberty Latin America Ltd., Class A (Chile)^(b)			344		3,457
Liberty Latin America Ltd., Class C (Chile)^(b)			1,162		11,725
Liberty Media Corp.-Liberty Braves, Class A^(b)(c).			61		1,563
Liberty Media Corp.-Liberty Braves, Class C^(b)			295		7,286
Lions Gate Entertainment Corp., Class A^(b)			436		6,697
Lions Gate Entertainment Corp., Class B^(b)			901		12,839
Loyalty Ventures, Inc.^(b)			147		3,528
Madison Square Garden Entertainment Corp.^(b)(c)			182		14,262
Madison Square Garden Sports Corp., Class A^(b)			110		19,030
Magnite, Inc.^(b)(c)			933		13,603
Marcus Corp. (The)^(b)(c)			164		2,982
MediaAlpha, Inc., Class A^(b)			117		1,680
New York Times Co. (The), Class A			1,254		55,163
Nexstar Media Group, Inc., Class A			306		56,625
PubMatic, Inc., Class A^(b)			196		5,998
QuinStreet, Inc.^(b)			385		4,331
Radius Global Infrastructure, Inc., Class A^(b)			452		5,813
Scholastic Corp.			196		8,248
Shenandoah Telecommunications Co.			355		7,934
Sinclair Broadcast Group, Inc., Class A			369		11,070
Skillz, Inc., (Acquired 05/27/2021 -02/10/2022; Cost $11,267)^(b)(d)			751		2,336


	Shares		Value
Communication Services-(continued)
Stagwell, Inc.^(b)		478	$	3,623
TechTarget, Inc.^(b)(c)		189		14,814
TEGNA, Inc.		1,573		36,053
Telephone & Data Systems, Inc.		720		12,492
Thryv Holdings, Inc.^(b)		152		4,621
TripAdvisor, Inc.^(b)		746		18,978
TrueCar, Inc.^(b)		641		2,141
United States Cellular Corp.^(b)		100		2,751
Vimeo, Inc.^(b)(c)		1,104		14,341
WideOpenWest, Inc.^(b)		391		6,643
World Wrestling Entertainment, Inc., Class A		337		19,971
Yelp, Inc.^(b)		551		18,673
Ziff Davis, Inc.^(b)		342		34,405
ZipRecruiter, Inc., Class A^(b)		155		3,097
Zynga, Inc., Class A^(b)		7,133		64,768

				863,351

Consumer Discretionary-13.81%
1-800-Flowers.com, Inc., Class A^(b)		208		3,220
2U, Inc.^(b)(c)		559		5,869
Aaron’s Co., Inc. (The)		245		5,143
Abercrombie & Fitch Co., Class A^(b)		427		16,260
Academy Sports & Outdoors, Inc.^(b)		633		20,490
Accel Entertainment, Inc.^(b)		421		5,511
Acushnet Holdings Corp.		277		12,133
Adient PLC^(b)		705		31,549
Adtalem Global Education, Inc.^(b)		353		7,335
American Axle & Manufacturing Holdings, Inc.^(b)		853		7,899
American Eagle Outfitters, Inc.^(c)		1,192		25,127
American Public Education, Inc.^(b)		139		2,774
America’s Car-Mart, Inc.^(b)		50		4,809
AMMO, Inc.^(b)(c)		636		2,996
Arko Corp.^(b)		369		3,081
Asbury Automotive Group, Inc.^(b)		161		31,252
Autoliv, Inc. (Sweden)		629		55,358
AutoNation, Inc.^(b)		319		36,577
Bally’s Corp.^(b)		245		8,825
BARK, Inc.^(b)		442		1,392
Beachbody Co., Inc. (The)^(b)(c)		750		1,500
Bed Bath & Beyond, Inc.^(b)(c)		743		12,549
Big Lots, Inc.		247		8,586
BJ’s Restaurants, Inc.^(b)		178		5,708
Bloomin’ Brands, Inc.^(b)		602		14,815
Boot Barn Holdings, Inc.^(b)		220		19,144
Boyd Gaming Corp.^(b)		630	��	44,692
Bright Horizons Family Solutions, Inc.^(b)		454		59,311
Brinker International, Inc.^(b)		344		14,634
Brunswick Corp.		569		54,351
Buckle, Inc. (The)^(c)		223		8,028
Caleres, Inc.		287		5,958
Callaway Golf Co.^(b)(c)		905		22,390
Camping World Holdings, Inc., Class A		307		9,428
Canoo, Inc.^(b)(c)		796		4,569
Capri Holdings Ltd.^(b)		1,140		77,224
CarLotz, Inc.^(b)(c)		511		1,032
CarParts.com, Inc.^(b)(c)		289		2,419
Carriage Services, Inc.		127		6,250
Carter’s, Inc.		317		30,648

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


		10

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

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Cavco Industries, Inc.^(b)		62	$	16,903
Century Communities, Inc.		227		14,464
Cheesecake Factory, Inc. (The)^(b)(c)		367		15,704
Chegg, Inc.^(b)(c)		1,082		33,834
Children’s Place, Inc. (The)^(b)		104		6,548
Choice Hotels International, Inc.		277		39,985
Churchill Downs, Inc.		257		61,904
Chuy’s Holdings, Inc.^(b)		149		4,857
Citi Trends, Inc.^(b)		65		2,425
Clarus Corp.^(c)		165		3,757
Columbia Sportswear Co.		271		25,127
Container Store Group, Inc. (The)^(b)		246		2,172
ContextLogic, Inc., Class A^(b)		2,084		4,939
Coursera, Inc.^(b)(c)		361		7,339
Cracker Barrel Old Country Store, Inc.^(c)		169		22,692
Cricut, Inc., Class A^(b)(c)		92		1,539
Crocs, Inc.^(b)		441		36,925
Dana, Inc.		1,087		20,240
Dave & Buster’s Entertainment, Inc.^(b)		289		12,525
Deckers Outdoor Corp.^(b)		203		58,594
Denny’s Corp.^(b)		481		7,609
Designer Brands, Inc., Class A^(b)(c)		463		6,042
Dick’s Sporting Goods, Inc.^(c)		471		49,455
Dillard’s, Inc., Class A		45		11,282
Dine Brands Global, Inc.		122		10,228
Dorman Products, Inc.^(b)		218		20,366
Dream Finders Homes, Inc., Class A^(b)		134		2,696
Duluth Holdings, Inc., Class B^(b)		156		2,173
Duolingo, Inc.^(b)		48		4,142
El Pollo Loco Holdings, Inc.^(b)		151		2,004
Electric Last Mile Solutions, Inc.^(b)(c)		417		909
Ethan Allen Interiors, Inc.		161		4,196
European Wax Center, Inc., Class A^(b)(c)		95		2,363
Everi Holdings, Inc.^(b)		675		15,795
F45 Training Holdings, Inc.^(b)(c)		140		2,153
Faraday Future Intelligent Electric, Inc.^(b)(c)		779		4,479
Fisker, Inc.^(b)(c)		1,104		13,469
Five Below, Inc.^(b)		422		69,043
Floor & Decor Holdings, Inc., Class A^(b)		785		75,062
Foot Locker, Inc.		697		22,039
Fox Factory Holding Corp.^(b)		315		37,176
Franchise Group, Inc.		180		7,587
frontdoor, inc.^(b)		646		19,412
Funko, Inc., Class A^(b)		162		2,829
GameStop Corp., Class A^(b)(c)		479		59,080
GAN Ltd. (United Kingdom)^(b)		252		1,681
Gap, Inc. (The)^(c)		1,690		24,589
Genesco, Inc.^(b)		106		6,800
Gentex Corp.		1,783		53,971
Gentherm, Inc.^(b)		249		21,125
G-III Apparel Group Ltd.^(b)		327		9,071
Golden Entertainment, Inc.^(b)		140		7,970
Golden Nugget Online Gaming, Inc.^(b)		295		2,537
Goodyear Tire & Rubber Co. (The)^(b)(c)		2,105		32,606
GoPro, Inc., Class A^(b)(c)		899		7,731
Graham Holdings Co., Class B		30		18,034
Grand Canyon Education, Inc.^(b)		300		26,049
Green Brick Partners, Inc.^(b)		248		5,751
Group 1 Automotive, Inc.		129		23,469
Groupon, Inc.^(b)(c)		187		4,062


	Shares		Value
Consumer Discretionary-(continued)
GrowGeneration Corp.^(b)(c)		357	$	3,002
Guess?, Inc.^(c)		296		6,482
H&R Block, Inc.		1,333		33,072
Hanesbrands, Inc.		2,613		40,371
Harley-Davidson, Inc.		1,154		47,660
Haverty Furniture Cos., Inc., (Acquired 09/19/2017 - 02/10/2022; Cost $3,615)^(d)		121		3,438
Hayward Holdings, Inc.^(b)		346		6,190
Helen of Troy Ltd.^(b)(c)		180		37,021
Hibbett, Inc.^(c)		120		5,410
Hilton Grand Vacations, Inc.^(b)		672		34,850
Holley, Inc.^(b)		309		4,008
Houghton Mifflin Harcourt Co.^(b)		952		19,944
Hovnanian Enterprises, Inc., Class A^(b)		42		4,037
Hyatt Hotels Corp., Class A		368		35,736
Installed Building Products, Inc.		174		16,826
iRobot Corp.^(b)		211		13,116
Jack in the Box, Inc.^(c)		163		14,062
Johnson Outdoors, Inc., Class A		44		3,629
KB Home		590		22,780
Kohl’s Corp.		1,128		62,739
Kontoor Brands, Inc.		368		18,231
Krispy Kreme, Inc.^(c)		564		8,409
Lands’ End, Inc.^(b)		95		1,611
Latham Group, Inc.^(b)(c)		359		6,279
Laureate Education, Inc., Class A		816		8,845
La-Z-Boy, Inc.		328		9,571
LCI Industries		189		23,534
Leggett & Platt, Inc.^(c)		997		36,969
Leslie’s, Inc.^(b)(c)		920		19,605
Levi Strauss & Co., Class A		650		14,722
LGI Homes, Inc.^(b)(c)		166		20,938
Lindblad Expeditions Holdings, Inc.^(b)(c)		225		3,989
Liquidity Services, Inc.^(b)		213		3,670
Lithia Motors, Inc., Class A		229		78,048
LL Flooring Holdings, Inc.^(b)		217		3,485
Lordstown Motors Corp., Class A^(b)(c)		861		2,213
Lovesac Co. (The)^(b)(c)		100		4,249
Luminar Technologies, Inc.^(b)(c)		1,298		18,211
M.D.C. Holdings, Inc.		423		18,756
M/I Homes, Inc.^(b)		219		10,795
Macy’s, Inc.		2,242		58,113
Malibu Boats, Inc., Class A^(b)(c)		156		10,869
MarineMax, Inc.^(b)		163		7,459
Marriott Vacations Worldwide Corp.		308		49,486
Mattel, Inc.^(b)		2,655		66,322
Membership Collective Group, Inc., Class A (United Kingdom)^(b)(c)		234		1,916
Meritage Homes Corp.^(b)		282		27,800
Mister Car Wash, Inc.^(b)		444		7,113
Modine Manufacturing Co.^(b)		387		3,909
Monarch Casino & Resort, Inc.^(b)		104		8,102
Monro, Inc.		252		11,763
Movado Group, Inc.		117		4,612
Murphy USA, Inc.		183		33,075
National Vision Holdings, Inc.^(b)		612		22,442
Nordstrom, Inc.^(b)(c)		833		17,276
Norwegian Cruise Line Holdings Ltd.^(b)(c)		3,110		60,614
ODP Corp. (The)^(b)		400		17,600
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		440		18,999

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


		11

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

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
OneSpaWorld Holdings Ltd. (Bahamas)^(b)(c)		493	$	5,098
Overstock.com, Inc.^(b)		322		18,322
Oxford Industries, Inc.		127		11,226
Papa John’s International, Inc.		259		27,666
Party City Holdco, Inc.^(b)		797		3,451
Patrick Industries, Inc.		169		12,056
Penn National Gaming, Inc.^(b)		1,264		64,906
Penske Automotive Group, Inc.		241		23,688
Perdoceo Education Corp.^(b)		525		5,497
Petco Health & Wellness Co., Inc.^(b)(c)		679		11,896
PetMed Express, Inc.^(c)		152		4,096
Planet Fitness, Inc., Class A^(b)		624		52,809
Playa Hotels & Resorts N.V.^(b)		861		8,136
PLBY Group, Inc.^(b)(c)		133		2,117
Polaris, Inc.		431		52,371
Porch Group, Inc.^(b)(c)		615		4,982
Poshmark, Inc., Class A^(b)(c)		212		3,163
PowerSchool Holdings, Inc., Class A^(b)(c)		356		5,607
Purple Innovation, Inc.^(b)(c)		451		2,715
PVH Corp.		533		52,175
Quotient Technology, Inc.^(b)(c)		599		3,977
Qurate Retail, Inc., Class A		2,986		16,453
Ralph Lauren Corp.^(c)		365		48,195
RealReal, Inc. (The)^(b)(c)		582		5,186
Red Rock Resorts, Inc., Class A		474		23,833
Rent-A-Center, Inc.^(c)		452		12,841
Revolve Group, Inc.^(b)		285		13,518
RH^(b)(c)		124		49,832
Rover Group, Inc.^(b)(c)		588		3,357
Rush Street Interactive, Inc.^(b)		399		4,122
Ruth’s Hospitality Group, Inc.		248		6,153
Sally Beauty Holdings, Inc.^(b)(c)		845		14,602
Scientific Games Corp.^(b)		681		42,849
SeaWorld Entertainment, Inc.^(b)		385		26,715
Service Corp. International		1,233		75,028
Shake Shack, Inc., Class A^(b)(c)		279		20,847
Shoe Carnival, Inc.		134		3,907
Shutterstock, Inc.		174		15,752
Signet Jewelers Ltd.		394		27,777
Six Flags Entertainment Corp.^(b)		546		23,838
Skechers U.S.A., Inc., Class A^(b)		1,009		46,394
Skyline Champion Corp.^(b)		382		25,686
Sleep Number Corp.^(b)(c)		173		11,366
Smith & Wesson Brands, Inc.		360		6,347
Snap One Holdings Corp.^(b)		113		2,219
Sonic Automotive, Inc., Class A		167		8,970
Sonos, Inc.^(b)(c)		942		25,801
Sportsman’s Warehouse Holdings, Inc.^(b)		329		3,754
Standard Motor Products, Inc.		149		6,513
Steven Madden Ltd.		613		26,151
Stitch Fix, Inc., Class A^(b)		511		6,413
Stoneridge, Inc.^(b)(c)		204		3,368
Strategic Education, Inc.		179		10,565
Stride, Inc.^(b)		311		10,443
Sturm Ruger & Co., Inc.		132		9,558
Tapestry, Inc.		2,083		85,195
Taylor Morrison Home Corp., Class A^(b)(c)		938		27,671
Tempur Sealy International, Inc.		1,362		44,960
Tenneco, Inc., Class A^(b)		583		11,240
Terminix Global Holdings, Inc.^(b)		908		38,644


	Shares		Value
Consumer Discretionary-(continued)
Texas Roadhouse, Inc.		498	$	47,265
Thor Industries, Inc.^(c)		416		37,648
ThredUp, Inc., Class A^(b)		391		3,320
Toll Brothers, Inc.		854		46,338
TopBuild Corp.^(b)		247		53,026
Traeger, Inc.^(b)(c)		219		2,162
Travel + Leisure Co.		642		35,984
TravelCenters of America, Inc.^(b)		94		3,970
Tri Pointe Homes, Inc.^(b)		851		19,037
Tupperware Brands Corp.^(b)(c)		373		6,800
Under Armour, Inc., Class A^(b)(c)		1,412		25,261
Under Armour, Inc., Class C^(b)(c)		1,560		24,383
Universal Electronics, Inc.^(b)		100		3,323
Urban Outfitters, Inc.^(b)		516		14,195
Veoneer, Inc. (Sweden)^(b)		797		28,254
Victoria’s Secret & Co.^(b)(c)		662		35,503
Vinco Ventures, Inc.^(b)		725		1,856
Vista Outdoor, Inc.^(b)		429		15,637
Visteon Corp.^(b)		210		25,236
Vivint Smart Home, Inc.^(b)		469		3,372
Volta, Inc.^(b)(c)		852		3,834
Vroom, Inc.^(b)(c)		512		3,113
Vuzix Corp.^(b)(c)		451		2,553
Weber, Inc., Class A^(c)		134		1,530
Wendy’s Co. (The)		1,418		32,245
Williams-Sonoma, Inc.^(c)		553		80,108
Wingstop, Inc.		219		31,832
Winmark Corp.		23		5,203
Winnebago Industries, Inc.^(c)		239		15,313
Wolverine World Wide, Inc.		615		14,163
Workhorse Group, Inc.^(b)(c)		1,169		3,659
WW International, Inc.^(b)		392		3,994
Wyndham Hotels & Resorts, Inc.		698		60,314
XL Fleet Corp.^(b)		522		1,018
Xometry, Inc., Class A^(b)(c)		62		3,032
XPEL, Inc.^(b)(c)(e)		124		9,002
YETI Holdings, Inc.^(b)(c)		624		38,413
Zumiez, Inc.^(b)		164		7,296

				4,905,526

Consumer Staples-3.66%
Andersons, Inc. (The)		237		10,807
AppHarvest, Inc.^(b)(c)		412		1,574
B&G Foods, Inc.^(c)		486		14,386
Beauty Health Co. (The)^(b)(c)		729		14,128
BellRing Brands, Inc., Class A^(b)		295		7,543
Beyond Meat, Inc.^(b)(c)		426		19,928
BJ’s Wholesale Club Holdings, Inc.^(b)		1,089		68,465
Boston Beer Co., Inc. (The), Class A^(b)(c)		71		27,226
Calavo Growers, Inc.		126		5,379
Cal-Maine Foods, Inc.		281		12,440
Casey’s General Stores, Inc.		276		51,910
Celsius Holdings, Inc.^(b)(c)		252		16,100
Central Garden & Pet Co.^(b)(c)		72		3,408
Central Garden & Pet Co., Class A^(b)		303		13,344
Chefs’ Warehouse, Inc. (The)^(b)		252		8,278
Coca-Cola Consolidated, Inc.		37		18,386
Coty, Inc., Class A^(b)		2,453		22,494
Darling Ingredients, Inc.^(b)		1,212		87,846
Duckhorn Portfolio, Inc. (The)^(b)		211		4,140

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


		12

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

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Edgewell Personal Care Co.^(c)		386	$	13,773
elf Beauty, Inc.^(b)		349		9,224
Energizer Holdings, Inc.		460		15,359
Flowers Foods, Inc.		1,505		41,252
Fresh Del Monte Produce, Inc.		266		6,884
Freshpet, Inc.^(b)(c)		325		30,950
Grocery Outlet Holding Corp.^(b)(c)		642		17,854
Hain Celestial Group, Inc. (The)^(b)(c)		695		25,270
Herbalife Nutrition Ltd.^(b)(c)		735		26,151
Honest Co., Inc. (The)^(b)		203		1,173
Hostess Brands, Inc.^(b)		1,037		22,337
Ingles Markets, Inc., Class A		106		8,715
Ingredion, Inc.		491		43,571
Inter Parfums, Inc.		131		12,167
J&J Snack Foods Corp.		114		18,664
John B. Sanfilippo & Son, Inc.		66		5,248
Lamb Weston Holdings, Inc.		1,107		73,538
Lancaster Colony Corp.		144		24,222
Medifast, Inc.		84		15,624
MGP Ingredients, Inc.^(c)		95		7,563
Mission Produce, Inc.^(b)		105		1,363
National Beverage Corp.^(c)		179		7,878
Nu Skin Enterprises, Inc., Class A		374		17,350
Performance Food Group Co.^(b)		1,149		64,390
Pilgrim’s Pride Corp.^(b)		365		8,607
Post Holdings, Inc.^(b)		454		47,734
PriceSmart, Inc.		184		13,381
Reynolds Consumer Products, Inc.^(c)		471		14,022
Rite Aid Corp.^(b)(c)		408		3,737
Sanderson Farms, Inc.		150		26,789
Seaboard Corp.		2		7,719
Simply Good Foods Co. (The)^(b)		641		25,403
SpartanNash Co.		269		7,570
Spectrum Brands Holdings, Inc.		302		28,020
Sprouts Farmers Market, Inc.^(b)(c)		855		24,350
Tattooed Chef, Inc.^(b)(c)		306		3,715
Tootsie Roll Industries, Inc.^(c)		119		4,016
TreeHouse Foods, Inc.^(b)		417		16,367
Turning Point Brands, Inc.		106		3,553
United Natural Foods, Inc.^(b)		421		16,937
Universal Corp.		183		9,902
US Foods Holding Corp.^(b)		1,577		61,645
USANA Health Sciences, Inc.^(b)		90		7,921
Utz Brands, Inc.^(c)		458		6,985
Vector Group Ltd.		980		10,986
Veru, Inc.^(b)		479		2,678
Vital Farms, Inc.^(b)		120		1,710
WD-40 Co.^(c)		101		21,401
Weis Markets, Inc.		132		8,140

				1,301,590

Energy-4.96%
Alto Ingredients, Inc.^(b)(c)		518		3,020
Antero Midstream Corp.^(c)		2,319		23,283
Antero Resources Corp.^(b)		2,115		48,497
APA Corp.		2,722		96,985
Arch Resources, Inc.^(c)		114		13,608
Archrock, Inc.		980		8,183
Berry Corp.		421		4,210
Brigham Minerals, Inc., Class A		338		7,700


	Shares		Value
Energy-(continued)
Bristow Group, Inc.^(b)		54	$	1,790
Cactus, Inc., Class A		435		22,037
California Resources Corp.		306		12,616
Callon Petroleum Co.^(b)(c)		276		15,555
Centennial Resource Development, Inc., Class A^(b)(c)		1,359		11,932
Centrus Energy Corp.^(b)		79		3,576
ChampionX Corp.^(b)		1,510		32,329
Chesapeake Energy Corp.^(c)		571		44,110
Civitas Resources, Inc.^(c)		377		19,027
Clean Energy Fuels Corp.^(b)(c)		1,252		9,102
CNX Resources Corp.^(b)		1,631		26,650
Comstock Resources, Inc.^(b)(c)		609		5,055
CONSOL Energy, Inc.^(b)		246		7,562
Core Laboratories N.V.		347		9,563
Crescent Energy, Inc., Class A^(b)		166		2,515
CVR Energy, Inc.^(c)		225		3,913
Delek US Holdings, Inc.^(b)		498		8,580
Denbury, Inc.^(b)		374		27,175
DMC Global, Inc.^(b)(c)		139		4,087
Dorian LPG Ltd.		241		3,321
Dril-Quip, Inc.^(b)		265		7,643
DT Midstream, Inc.		724		38,444
EnLink Midstream LLC		2,011		17,898
EQT Corp.		2,394		55,397
Equitrans Midstream Corp.		3,075		19,711
Expro Group Holdings N.V.^(b)(c)		531		8,544
Gevo, Inc.^(b)(c)		1,476		5,240
Green Plains, Inc.^(b)(c)		402		13,161
Gulfport Energy Corp.^(b)		93		6,415
Helix Energy Solutions Group, Inc.^(b)		1,076		4,358
Helmerich & Payne, Inc.		807		29,238
Hess Midstream L.P., Class A^(c)		256		8,182
HollyFrontier Corp.		1,155		35,170
International Seaways, Inc.		285		5,213
Kosmos Energy Ltd. (Ghana)^(b)		3,385		16,451
Laredo Petroleum, Inc.^(b)(c)		101		7,732
Liberty Oilfield Services, Inc., Class A^(b)(c)		734		9,160
Magnolia Oil & Gas Corp., Class A^(c)		1,050		23,467
Marathon Oil Corp.		5,833		131,592
Matador Resources Co.		876		43,450
Murphy Oil Corp.		1,155		40,044
Nabors Industries Ltd.^(b)(c)		56		7,030
NexTier Oilfield Solutions, Inc.^(b)		1,360		10,826
Noble Corp.^(b)(c)		337		8,698
Northern Oil and Gas, Inc.^(c)		452		11,336
NOV, Inc.		2,924		50,147
Oasis Petroleum, Inc.		149		19,744
Oceaneering International, Inc.^(b)		747		10,936
Ovintiv, Inc.		1,946		89,224
Par Pacific Holdings, Inc.^(b)		337		4,583
Patterson-UTI Energy, Inc.		1,612		23,261
PBF Energy, Inc., Class A^(b)		724		12,033
PDC Energy, Inc.		738		47,616
Peabody Energy Corp.^(b)		716		12,415
Plains GP Holdings L.P., Class A		1,381		15,619
ProPetro Holding Corp.^(b)		579		7,394
Range Resources Corp.^(b)(c)		1,848		42,412
Renewable Energy Group, Inc.^(b)(c)		375		23,062
REX American Resources Corp.^(b)		40		3,778

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


		13

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

February 28, 2022

(Unaudited)


	Shares		Value
Energy-(continued)
RPC, Inc.^(b)(c)		485	$	4,253
Select Energy Services, Inc., Class A^(b)		481		3,983
SM Energy Co.		862		30,610
Southwestern Energy Co.^(b)(c)		4,182		20,868
Talos Energy, Inc.^(b)(c)		218		3,425
Targa Resources Corp.		1,630		106,553
TechnipFMC PLC (United Kingdom)^(b)		3,205		21,954
Tellurian, Inc.^(b)(c)		2,819		10,740
Texas Pacific Land Corp.		46		54,682
Transocean Ltd.^(b)		4,629		16,387
Uranium Energy Corp.^(b)(c)		1,745		6,962
US Silica Holdings, Inc.^(b)		560		8,098
Valaris Ltd.^(b)		197		8,026
Viper Energy Partners L.P		433		12,734
Weatherford International PLC^(b)		529		15,024
Whiting Petroleum Corp.		289		21,343
World Fuel Services Corp.		476		13,490

				1,761,737

Financials-16.27%
1st Source Corp.		132		6,374
Affiliated Managers Group, Inc.		308		42,615
Allegiance Bancshares, Inc.		143		6,128
Amalgamated Financial Corp.		104		1,786
A-Mark Precious Metals, Inc.		63		4,517
Ambac Financial Group, Inc.^(b)		346		4,439
Amerant Bancorp, Inc.		208		6,750
American Equity Investment Life Holding Co.		623		23,481
American National Group, Inc.		56		10,586
Ameris Bancorp		523		25,889
AMERISAFE, Inc.		144		6,782
Apollo Commercial Real Estate Finance, Inc.		1,047		13,663
Arbor Realty Trust, Inc.		1,071		19,278
Ares Commercial Real Estate Corp.		330		4,835
Ares Management Corp., Class A		942		76,387
Argo Group International Holdings Ltd.		260		10,964
ARMOUR Residential REIT, Inc.		622		5,057
Arrow Financial Corp.		120		4,122
Artisan Partners Asset Management, Inc., Class A		486		18,521
AssetMark Financial Holdings, Inc.^(b)		134		3,148
Associated Banc-Corp.		1,146		27,951
Assured Guaranty Ltd.		523		32,410
Atlantic Union Bankshares Corp.		575		23,362
Atlanticus Holdings Corp.^(b)		57		3,036
AXIS Capital Holdings Ltd.		570		31,133
Axos Financial, Inc.^(b)		400		21,896
B. Riley Financial, Inc.^(c)		113		6,729
Banc of California, Inc.		413		8,115
BancFirst Corp.		139		10,860
Bancorp, Inc. (The)^(b)		384		11,251
Bank First Corp.		52		3,662
Bank of Hawaii Corp.		303		26,113
Bank of Marin Bancorp		117		4,132
Bank OZK		915		43,023
BankUnited, Inc.		667		29,481
Banner Corp.		258		15,895
Bar Harbor Bankshares		112		3,220
Berkshire Hills Bancorp, Inc.		367		11,414
BGC Partners, Inc., Class A		2,288		10,479


		Shares		Value
Financials-(continued)
Blackstone Mortgage Trust, Inc., Class A^(c)			1,191	$	37,850
Blucora, Inc.^(b)			365		7,264
Blue Owl Capital, Inc.			1,203		15,038
BOK Financial Corp.^(c)			233		23,929
Brighthouse Financial, Inc.^(b)			598		31,251
Brightsphere Investment Group, Inc.			271		6,469
BrightSpire Capital, Inc.			632		5,600
Broadmark Realty Capital, Inc.			944		8,175
Brookline Bancorp, Inc.			585		10,027
BRP Group, Inc., Class A^(b)			412		11,441
Byline Bancorp, Inc.			183		4,990
Cadence Bank			1,441		45,564
Camden National Corp.			112		5,326
Cannae Holdings, Inc.^(b)			600		16,110
Capital City Bank Group, Inc.			100		2,807
Capitol Federal Financial, Inc.			988		10,789
Cathay General Bancorp			556		26,149
CBTX, Inc.^(c)			129		3,878
Central Pacific Financial Corp.			212		6,188
Chimera Investment Corp.			1,767		21,504
City Holding Co.			115		9,162
CNO Financial Group, Inc.			953		23,034
Cohen & Steers, Inc.			180		14,627
Columbia Banking System, Inc.^(c)			587		21,502
Columbia Financial, Inc.^(b)			360		7,646
Comerica, Inc.			983		93,867
Commerce Bancshares, Inc.			823		59,075
Community Bank System, Inc.			404		29,468
Community Trust Bancorp, Inc.			120		5,074
ConnectOne Bancorp, Inc.			268		8,844
Cowen, Inc., Class A			195		5,782
Credit Acceptance Corp.^(b)(c)			60		33,007
CrossFirst Bankshares, Inc.^(b)			343		5,395
Cullen/Frost Bankers, Inc.			453		63,751
Curo Group Holdings Corp.			139		1,858
Customers Bancorp, Inc.^(b)			230		14,157
CVB Financial Corp.^(c)			966		22,778
Diamond Hill Investment Group, Inc.			24		4,653
Dime Community Bancshares, Inc.			246		8,362
Donegal Group, Inc., Class A			105		1,434
Donnelley Financial Solutions, Inc.^(b)			226		7,255
Dynex Capital, Inc.			258		3,965
Eagle Bancorp, Inc.			239		14,321
East West Bancorp, Inc.			1,058		92,638
Eastern Bankshares, Inc.			1,259		27,522
eHealth, Inc.^(b)(c)			186		2,890
Ellington Financial, Inc.			404		7,139
Employers Holdings, Inc.			213		8,277
Encore Capital Group, Inc.^(b)(c)			187		12,340
Enova International, Inc.^(b)			276		11,253
Enstar Group Ltd.^(b)			82		23,372
Enterprise Financial Services Corp.	��		275		13,596
Essent Group Ltd.			841		37,155
Evercore, Inc., Class A			287		36,452
F.N.B. Corp.			2,643		35,496
FB Financial Corp.			249		11,066
Federal Agricultural Mortgage Corp., Class C			69		8,535
Federated Hermes, Inc., Class B			693		22,640
First American Financial Corp.			832		55,777
First Bancorp			1,561		22,041

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


		14

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

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
First Bancorp/Southern Pines NC		265	$	11,893
First Bancshares, Inc. (The)		157		5,544
First Busey Corp.		401		11,007
First Commonwealth Financial Corp.		719		11,612
First Community Bankshares, Inc.		116		3,402
First Financial Bancorp		717		17,624
First Financial Bankshares, Inc.		1,014		48,591
First Financial Corp.		83		3,860
First Foundation, Inc.		359		9,575
First Hawaiian, Inc.		970		28,198
First Horizon Corp.		4,051		95,117
First Interstate BancSystem, Inc., Class A		660		26,796
First Merchants Corp.		406		17,758
First Mid Bancshares, Inc.		108		4,328
First of Long Island Corp. (The)		174		3,788
FirstCash Holdings, Inc.		302		21,756
Flagstar Bancorp, Inc.		396		18,050
Flushing Financial Corp.		197		4,628
Focus Financial Partners, Inc., Class A^(b)		403		20,166
Franklin BSP Realty Trust, Inc.		239		3,155
Freedom Holding Corp. (Kazakhstan)^(b)(c)		134		8,236
Fulton Financial Corp.		1,221		22,002
Genworth Financial, Inc., Class A^(b)		3,798		15,420
German American Bancorp, Inc.		188		7,479
Glacier Bancorp, Inc.		786		43,544
GoHealth, Inc., Class A^(b)(c)		429		957
Goosehead Insurance, Inc., Class A^(c)		145		12,612
Granite Point Mortgage Trust, Inc.		406		4,555
Great Southern Bancorp, Inc.		81		4,975
Green Dot Corp., Class A^(b)		369		10,572
Hamilton Lane, Inc., Class A		257		20,072
Hancock Whitney Corp.		649		36,136
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		635		30,061
Hanover Insurance Group, Inc. (The)		267		37,249
HarborOne Bancorp, Inc.		368		5,443
HCI Group, Inc.		51		3,175
Heartland Financial USA, Inc.		300		14,886
Heritage Commerce Corp.		447		5,315
Heritage Financial Corp.		269		7,053
Hilltop Holdings, Inc.		490		15,151
Hingham Institution for Savings (The)		12		4,318
Hippo Holdings, Inc.		2,094		4,062
Home BancShares, Inc.		1,167		27,319
HomeStreet, Inc.		156		8,028
Hope Bancorp, Inc.		919		15,586
Horace Mann Educators Corp.		310		12,893
Horizon Bancorp, Inc.		295		5,924
Houlihan Lokey, Inc.		380		39,087
Independent Bank Corp.		356		30,620
Independent Bank Corporation		153		3,641
Independent Bank Group, Inc.		275		21,216
Interactive Brokers Group, Inc., Class A		662		43,811
International Bancshares Corp.		404		17,376
Invesco Mortgage Capital, Inc.^(f)		2,167		4,724
Investors Bancorp, Inc.		1,761		29,479
James River Group Holdings Ltd.^(c)		279		7,421
Janus Henderson Group PLC		1,158		38,874
Jefferies Financial Group, Inc.		1,572		55,869
Kearny Financial Corp.		519		6,856


	Shares		Value
Financials-(continued)
Kemper Corp.		477	$	25,491
Kinsale Capital Group, Inc.		162		33,981
KKR Real Estate Finance Trust, Inc.^(c)		229		4,917
Ladder Capital Corp.		850		9,741
Lakeland Bancorp, Inc.		514		9,273
Lakeland Financial Corp.		189		15,160
Lemonade, Inc.^(b)(c)		277		7,050
LendingClub Corp.^(b)		701		13,025
LendingTree, Inc.^(b)		90		10,891
Live Oak Bancshares, Inc.		241		15,412
LPL Financial Holdings, Inc.		600		108,570
Luther Burbank Corp.		116		1,501
MBIA, Inc.^(b)		367		5,597
Mercantile Bank Corp.		113		4,166
Merchants Bancorp		112		3,242
Mercury General Corp.		208		11,440
Meta Financial Group, Inc.		227		12,574
MetroMile, Inc.^(b)		568		727
Metropolitan Bank Holding Corp.^(b)		71		7,260
MFA Financial, Inc.		2,970		12,058
MGIC Investment Corp.		2,439		37,024
Midland States Bancorp, Inc.		159		4,668
MidWestOne Financial Group, Inc.		113		3,411
Moelis & Co., Class A		456		21,984
Morningstar, Inc.		178		49,956
Mr. Cooper Group, Inc.^(b)		450		22,874
National Bank Holdings Corp., Class A		230		10,207
National Western Life Group, Inc., Class A		19		4,054
Navient Corp.		1,257		22,136
NBT Bancorp, Inc.		325		12,470
Nelnet, Inc., Class A		124		9,988
New Residential Investment Corp.		3,488		36,205
New York Community Bancorp, Inc.		3,481		40,171
New York Mortgage Trust, Inc.		2,839		9,965
Nicolet Bankshares, Inc.^(b)		91		8,669
NMI Holdings, Inc., Class A^(b)		609		14,092
Northfield Bancorp, Inc.		342		5,369
Northwest Bancshares, Inc.		903		12,714
OceanFirst Financial Corp.		452		10,116
OFG Bancorp		387		10,906
Old National Bancorp		2,205		40,307
Old Republic International Corp.		2,208		58,181
OneMain Holdings, Inc.		593		30,231
Open Lending Corp., Class A^(b)		661		13,769
Oportun Financial Corp.^(b)		126		2,059
Origin Bancorp, Inc.		168		7,758
Oscar Health, Inc., Class A^(b)(c)		323		2,355
Pacific Premier Bancorp, Inc.		638		24,697
PacWest Bancorp		881		43,539
Palomar Holdings, Inc.^(b)		180		11,597
Park National Corp.		116		15,551
Peapack-Gladstone Financial Corp.		140		5,281
PennyMac Financial Services, Inc.		368		21,252
PennyMac Mortgage Investment Trust		732		11,419
Peoples Bancorp, Inc.		201		6,287
People’s United Financial, Inc.		3,189		67,224
Perella Weinberg Partners		267		2,934
Pinnacle Financial Partners, Inc.		570		57,616
Piper Sandler Cos		139		20,573
PJT Partners, Inc., Class A		178		11,360

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


		15

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

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Popular, Inc.		608	$	55,845
PRA Group, Inc.^(b)		343		15,308
Preferred Bank		112		8,790
Premier Financial Corp.		279		8,557
Primerica, Inc.		296		38,447
ProAssurance Corp.		405		9,761
PROG Holdings, Inc.^(c)		397		12,164
Prosperity Bancshares, Inc.		697		51,899
Provident Financial Services, Inc.		584		13,858
QCR Holdings, Inc.		118		6,591
Radian Group, Inc.		1,344		32,122
Ready Capital Corp.		426		6,326
Redwood Trust, Inc.		846		8,790
Reinsurance Group of America, Inc.		506		56,095
RenaissanceRe Holdings Ltd. (Bermuda)		345		52,019
Renasant Corp.		421		15,371
Republic Bancorp, Inc., Class A		75		3,441
RLI Corp.		304		30,856
Rocket Cos., Inc., Class A^(c)		1,032		13,323
Root, Inc., Class A^(b)		427		773
Ryan Specialty Group Holdings, Inc., Class A^(b)(c)		534		21,392
S&T Bancorp, Inc.		291		9,047
Safety Insurance Group, Inc.		112		9,345
Sandy Spring Bancorp, Inc.		354		16,670
Seacoast Banking Corp. of Florida		414		15,173
Selective Insurance Group, Inc.		450		37,436
Selectquote, Inc.^(b)(c)		429		1,334
ServisFirst Bancshares, Inc.		366		31,981
Silvergate Capital Corp., Class A^(b)		218		27,921
Simmons First National Corp., Class A^(c)		860		24,527
SiriusPoint Ltd. (Bermuda)^(b)		668		4,937
SLM Corp.		1,977		38,947
South State Corp.^(c)		525		47,250
Southside Bancshares, Inc.		232		9,672
Starwood Property Trust, Inc.		2,195		52,329
State Auto Financial Corp.		133		6,917
StepStone Group, Inc., Class A		359		12,396
Stewart Information Services Corp.		202		13,712
Stifel Financial Corp.		780		57,330
Stock Yards Bancorp, Inc.^(c)		189		10,106
StoneX Group, Inc.^(b)		127		9,582
Synovus Financial Corp.		1,090		57,389
Texas Capital Bancshares, Inc.^(b)		378		25,175
TFS Financial Corp.		420		7,211
Tompkins Financial Corp.		110		8,701
Towne Bank		544		16,962
TPG RE Finance Trust, Inc.		374		4,428
TriCo Bancshares		222		9,635
TriState Capital Holdings, Inc.^(b)		212		7,038
Triumph Bancorp, Inc.^(b)		178		17,857
Trupanion, Inc.^(b)(c)		246		22,049
TrustCo Bank Corp.		144		4,920
Trustmark Corp.		467		14,706
Two Harbors Investment Corp.		2,576		13,035
UMB Financial Corp.		343		34,938
Umpqua Holdings Corp.		1,648		35,185
United Bankshares, Inc.^(c)		1,022		37,426
United Community Banks, Inc.		785		30,348
United Fire Group, Inc.		160		4,418


	Shares		Value
Financials-(continued)
Universal Insurance Holdings, Inc.		211	$	2,439
Univest Financial Corp.		219		6,347
Unum Group		1,530		42,718
UWM Holdings Corp.^(c)		718		3,116
Valley National Bancorp		3,043		42,511
Veritex Holdings, Inc.		367		14,911
Victory Capital Holdings, Inc., Class A		153		5,075
Virtu Financial, Inc., Class A		659		23,118
Virtus Investment Partners, Inc.		61		14,678
Voya Financial, Inc.		832		56,035
Walker & Dunlop, Inc.		226		31,267
Washington Federal, Inc.		509		18,110
Washington Trust Bancorp, Inc.		130		7,055
Waterstone Financial, Inc.		160		3,126
WesBanco, Inc.		486		17,758
Westamerica Bancorporation		201		11,923
Western Alliance Bancorporation		778		72,930
White Mountains Insurance Group Ltd.		23		24,155
Wintrust Financial Corp.		427		42,427
WisdomTree Investments, Inc.		814		4,583
World Acceptance Corp.^(b)(c)		32		6,287
WSFS Financial Corp.		487		24,754
Zions Bancorporation N.A		1,172		83,083

				5,777,096

Health Care-12.43%
1Life Healthcare, Inc.^(b)		1,144		12,367
23andMe Holding Co., Class A^(b)(c)		695		3,107
2seventy bio, Inc.^(b)(c)		169		2,508
4D Molecular Therapeutics, Inc.^(b)		180		2,466
Acadia Healthcare Co., Inc.^(b)		640		36,294
Acadia Pharmaceuticals, Inc.^(b)		902		22,920
Accelerate Diagnostics, Inc.^(b)(c)		257		730
Accolade, Inc.^(b)(c)		272		4,891
Aclaris Therapeutics, Inc.^(b)		343		5,111
AdaptHealth Corp.^(b)(c)		588		10,249
Adaptive Biotechnologies Corp.^(b)		681		9,827
Addus HomeCare Corp.^(b)		119		10,120
Aerie Pharmaceuticals, Inc.^(b)		335		2,781
Agenus, Inc.^(b)		1,395		3,767
Agiliti, Inc.^(b)		244		4,394
Agios Pharmaceuticals, Inc.^(b)(c)		397		12,359
Akebia Therapeutics, Inc.^(b)		1,241		2,681
Akero Therapeutics, Inc.^(b)(c)		117		2,074
Alaunos Therapeutics, Inc.^(b)(c)		1,614		1,591
Albireo Pharma, Inc.^(b)(c)		123		4,101
Alder Biopharmaceuticals, Inc., CVR^(g)		48		42
Alector, Inc.^(b)(c)		394		6,241
Alignment Healthcare, Inc.^(b)(c)		281		2,372
Aligos Therapeutics, Inc.^(b)(c)		191		462
Alkermes PLC^(b)		1,207		30,006
Allakos, Inc.^(b)		243		1,358
Allogene Therapeutics, Inc.^(b)(c)		585		5,353
Allovir, Inc.^(b)		268		2,412
Allscripts Healthcare Solutions, Inc.^(b)		936		18,215
Alphatec Holdings, Inc.^(b)(c)		491		5,411
ALX Oncology Holdings, Inc.^(b)(c)		56		1,015
Amedisys, Inc.^(b)		245		39,259
American Well Corp., Class A^(b)(c)		394		1,667
Amicus Therapeutics, Inc.^(b)		1,596		12,991

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


		16

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

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
AMN Healthcare Services, Inc.^(b)		354	$	37,574
Amneal Pharmaceuticals, Inc.^(b)		725		3,284
Amphastar Pharmaceuticals, Inc.^(b)		288		7,980
AnaptysBio, Inc.^(b)(c)		134		4,096
Anavex Life Sciences Corp.^(b)(c)		538		5,896
AngioDynamics, Inc.^(b)		289		6,800
ANI Pharmaceuticals, Inc.^(b)		86		3,221
Anika Therapeutics, Inc.^(b)		107		3,478
Annexon, Inc.^(b)(c)		173		840
Antares Pharma, Inc.^(b)		1,209		4,232
Apellis Pharmaceuticals, Inc.^(b)		573		24,370
Apollo Medical Holdings, Inc.^(b)(c)		227		10,923
Applied Molecular Transport, Inc.^(b)		87		572
Applied Therapeutics, Inc.^(b)		128		241
Apria, Inc.^(b)		133		4,966
Arcturus Therapeutics Holdings, Inc.^(b)(c)		158		3,787
Arcus Biosciences, Inc.^(b)(c)		290		10,788
Arcutis Biotherapeutics, Inc.^(b)(c)		188		3,346
Arena Pharmaceuticals, Inc.^(b)		435		41,312
Arrowhead Pharmaceuticals, Inc.^(b)		724		31,856
Artivion, Inc.^(b)		290		5,670
Arvinas, Inc.^(b)(c)		297		19,249
Aspira Women’s Health, Inc.^(b)		377		411
Atara Biotherapeutics, Inc.^(b)		539		6,926
Atea Pharmaceuticals, Inc.^(b)		124		786
AtriCure, Inc.^(b)		327		22,710
Atrion Corp.		10		7,155
Aurinia Pharmaceuticals, Inc. (Canada)^(b)		817		10,049
Avanos Medical, Inc.^(b)		361		12,776
Aveanna Healthcare Holdings, Inc.^(b)		344		1,806
Avid Bioservices, Inc.^(b)		459		9,400
Avidity Biosciences, Inc.^(b)		252		4,274
AxoGen, Inc.^(b)		290		2,709
Axonics, Inc.^(b)(c)		258		14,644
Axsome Therapeutics, Inc.^(b)(c)		183		5,144
Beam Therapeutics, Inc.^(b)(c)		249		19,509
BioAtla, Inc.^(b)		145		940
BioCryst Pharmaceuticals, Inc.^(b)(c)		1,339		22,241
BioDelivery Sciences International, Inc.^(b)		627		3,499
Biohaven Pharmaceutical Holding Co. Ltd.^(b)(c)		441		52,351
BioLife Solutions, Inc.^(b)(c)		182		4,277
Bionano Genomics, Inc.^(b)(c)		2,085		4,462
Bioxcel Therapeutics, Inc.^(b)(c)		146		2,673
Bluebird Bio, Inc.^(b)		506		3,056
Blueprint Medicines Corp.^(b)		403		24,402
Bolt Biotherapeutics, Inc.^(b)(c)		101		352
Bridgebio Pharma, Inc.^(b)(c)		504		3,931
Brookdale Senior Living, Inc.^(b)		1,383		9,515
Bruker Corp.		788		55,452
Butterfly Network, Inc.^(b)(c)		815		4,197
C4 Therapeutics, Inc.^(b)		91		2,041
Cano Health, Inc.^(b)		1,309		6,375
Cara Therapeutics, Inc.^(b)		299		3,101
Cardiovascular Systems, Inc.^(b)		300		6,318
CareDx, Inc.^(b)		394		15,122
Caribou Biosciences, Inc.^(b)		179		1,786
Cassava Sciences, Inc.^(b)(c)		285		12,115
Castle Biosciences, Inc.^(b)(c)		150		6,493
Catalyst Pharmaceuticals, Inc.^(b)		732		5,710
Celldex Therapeutics, Inc.^(b)(c)		279		8,342


	Shares		Value
Health Care-(continued)
CEL-SCI Corp.^(b)(c)		323	$	1,867
Cerevel Therapeutics Holdings, Inc.^(b)(c)		326		8,629
Certara, Inc.^(b)(c)		647		16,395
Cerus Corp.^(b)		1,284		7,537
Change Healthcare, Inc.^(b)		1,745		37,378
Chemed Corp.		115		55,003
ChemoCentryx, Inc.^(b)		367		11,135
Chimerix, Inc.^(b)(c)		549		3,096
Clover Health Investments Corp.^(b)(c)		2,226		6,055
Clovis Oncology, Inc.^(b)(c)		841		1,732
Codexis, Inc.^(b)		436		8,689
Coherus Biosciences, Inc.^(b)(c)		457		5,388
Collegium Pharmaceutical, Inc.^(b)		240		4,673
Community Health Systems, Inc.^(b)		836		8,786
Computer Programs & Systems, Inc.^(b)		103		3,170
CONMED Corp.		217		31,717
Corcept Therapeutics, Inc.^(b)		825		18,389
Cortexyme, Inc.^(b)(c)		122		531
CorVel Corp.^(b)		73		11,611
Covetrus, Inc.^(b)		772		13,680
Crinetics Pharmaceuticals, Inc.^(b)		242		4,845
CRISPR Therapeutics AG (Switzerland)^(b)(c)		459		28,169
Cross Country Healthcare, Inc.^(b)		270		6,029
CryoPort, Inc.^(b)(c)		276		9,475
Cue Biopharma, Inc.^(b)		213		1,235
Cullinan Oncology, Inc.^(b)(c)		114		1,635
Curis, Inc.^(b)		515		1,725
Cutera, Inc.^(b)(c)		114		4,373
Cytokinetics, Inc.^(b)(c)		563		19,885
Deciphera Pharmaceuticals, Inc.^(b)(c)		304		2,344
Denali Therapeutics, Inc.^(b)		592		19,276
DermTech, Inc.^(b)(c)		134		1,714
Dynavax Technologies Corp.^(b)(c)		859		10,531
Dyne Therapeutics, Inc.^(b)		174		1,491
Eagle Pharmaceuticals, Inc.^(b)(c)		84		3,981
Editas Medicine, Inc.^(b)(c)		511		8,748
Emergent BioSolutions, Inc.^(b)		362		14,980
Enanta Pharmaceuticals, Inc.^(b)		140		9,859
Encompass Health Corp.		745		49,185
Endo International PLC^(b)		1,747		5,433
Ensign Group, Inc. (The)		392		32,944
Envista Holdings Corp.^(b)		1,209		58,032
Epizyme, Inc.^(b)		535		797
Erasca, Inc.^(b)(c)		181		2,244
Essa Pharma, Inc. (Canada)^(b)		180		1,471
Establishment Labs Holdings, Inc. (Costa Rica)^(b)(c)		141		8,521
Evolent Health, Inc., Class A^(b)		653		17,402
Exelixis, Inc.^(b)		2,362		48,492
Fate Therapeutics, Inc.^(b)(c)		569		19,659
FibroGen, Inc.^(b)(c)		624		8,780
Figs, Inc., Class A^(b)		568		9,332
Fluidigm Corp.^(b)(c)		541		1,991
Forma Therapeutics Holdings, Inc.^(b)(c)		125		1,233
Fulcrum Therapeutics, Inc.^(b)		191		2,101
Fulgent Genetics, Inc.^(b)(c)		143		8,909
G1 Therapeutics, Inc.^(b)(c)		221		2,345
Generation Bio Co.^(b)(c)		276		1,413
Geron Corp.^(b)		1,800		1,962
Glaukos Corp.^(b)		348		19,248

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


		17

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

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
Global Blood Therapeutics, Inc.^(b)(c)		420	$	12,684
Globus Medical, Inc., Class A^(b)		586		41,208
Gossamer Bio., Inc.^(b)		374		3,377
Guardant Health, Inc.^(b)(c)		647		42,877
Haemonetics Corp.^(b)		382		22,045
Halozyme Therapeutics, Inc.^(b)		1,012		35,896
Hanger, Inc.^(b)		290		5,255
Harmony Biosciences Holdings, Inc.^(b)(c)		129		5,155
Health Catalyst, Inc.^(b)(c)		324		8,787
HealthEquity, Inc.^(b)		624		33,515
HealthStream, Inc.^(b)		189		3,873
Heron Therapeutics, Inc.^(b)(c)		724		5,140
Heska Corp.^(b)(c)		76		10,792
Hims & Hers Health, Inc.^(b)(c)		583		3,043
Homology Medicines, Inc.^(b)(c)		278		970
Humacyte, Inc.^(b)		385		2,322
Humanigen, Inc.^(b)		356		723
Icosavax, Inc.^(b)		89		1,550
ICU Medical, Inc.^(b)		155		36,693
Ideaya Biosciences, Inc.^(b)		202		2,666
IGM Biosciences, Inc.^(b)		62		1,034
Imago Biosciences, Inc.^(b)(c)		88		2,072
ImmunityBio, Inc.^(b)(c)		586		4,008
ImmunoGen, Inc.^(b)		1,515		8,545
Immunovant, Inc.^(b)(c)		301		1,680
Inari Medical, Inc.^(b)(c)		149		13,109
Inhibrx, Inc.^(b)(c)		71		1,527
Innoviva, Inc.^(b)		468		8,990
Inogen, Inc.^(b)		143		4,989
Inovio Pharmaceuticals, Inc.^(b)(c)		1,575		5,103
Insmed, Inc.^(b)(c)		859		20,530
Inspire Medical Systems, Inc.^(b)		205		50,032
Integer Holdings Corp.^(b)		248		20,800
Integra LifeSciences Holdings Corp.^(b)		538		36,078
Intellia Therapeutics, Inc.^(b)		502		49,623
Intercept Pharmaceuticals, Inc.^(b)(c)		212		3,023
Intersect ENT, Inc.^(b)		237		6,446
Intra-Cellular Therapies, Inc.^(b)		610		33,843
Invitae Corp.^(b)(c)		1,460		15,753
Ionis Pharmaceuticals, Inc.^(b)(c)		952		31,778
Iovance Biotherapeutics, Inc.^(b)(c)		928		14,542
iRhythm Technologies, Inc.^(b)		219		28,310
Ironwood Pharmaceuticals, Inc.^(b)		1,158		12,460
iTeos Therapeutics, Inc.^(b)		105		3,794
IVERIC bio, Inc.^(b)		545		8,742
Joint Corp. (The)^(b)(c)		107		4,387
Karuna Therapeutics, Inc.^(b)(c)		155		16,275
Karyopharm Therapeutics, Inc.^(b)(c)		509		5,258
Keros Therapeutics, Inc.^(b)(c)		100		5,370
Kiniksa Pharmaceuticals Ltd., Class A^(b)(c)		183		1,874
Kinnate Biopharma, Inc.^(b)(c)		82		638
Kodiak Sciences, Inc.^(b)		231		1,996
Kronos Bio, Inc.^(b)		127		956
Krystal Biotech, Inc.^(b)		131		8,325
Kura Oncology, Inc.^(b)(c)		421		6,681
Kymera Therapeutics, Inc.^(b)(c)		211		8,389
Lantheus Holdings, Inc.^(b)		506		24,197
LeMaitre Vascular, Inc.^(c)		145		6,883
Lexicon Pharmaceuticals, Inc.^(b)(c)		433		896
LHC Group, Inc.^(b)		225		30,638


	Shares		Value
Health Care-(continued)
Ligand Pharmaceuticals, Inc.^(b)(c)		125	$	12,652
LivaNova PLC^(b)		399		31,449
MacroGenics, Inc.^(b)(c)		367		3,431
Madrigal Pharmaceuticals, Inc.^(b)(c)		74		6,871
MannKind Corp.^(b)(c)		1,771		4,640
Maravai LifeSciences Holdings, Inc., Class A^(b)		837		32,702
MaxCyte, Inc.^(b)		485		3,376
MEDNAX, Inc.^(b)		581		13,636
Medpace Holdings, Inc.^(b)		218		33,347
MeiraGTx Holdings PLC^(b)(c)		166		2,379
Meridian Bioscience, Inc.^(b)		308		7,792
Merit Medical Systems, Inc.^(b)		378		24,581
Mersana Therapeutics, Inc.^(b)		430		1,888
Merus N.V. (Netherlands)^(b)		208		5,843
Mesa Laboratories, Inc.		39		9,958
MiMedx Group, Inc.^(b)		545		2,752
Mirati Therapeutics, Inc.^(b)(c)		290		25,604
ModivCare, Inc.^(b)		95		11,210
Monte Rosa Therapeutics, Inc.^(b)(c)		87		1,248
Morphic Holding, Inc.^(b)(c)		140		5,580
Multiplan Corp.^(b)(c)		999		3,756
Myovant Sciences Ltd.^(b)(c)		276		3,704
Myriad Genetics, Inc.^(b)		584		14,238
NanoString Technologies, Inc.^(b)		340		12,056
Natera, Inc.^(b)		638		41,948
National HealthCare Corp.		94		6,112
National Research Corp.		104		4,137
Natus Medical, Inc.^(b)		252		7,011
Nektar Therapeutics^(b)(c)		1,306		13,373
Neogen Corp.^(b)		804		28,703
NeoGenomics, Inc.^(b)		874		18,712
Nevro Corp.^(b)(c)		249		17,853
NextGen Healthcare, Inc.^(b)		428		8,359
NGM Biopharmaceuticals, Inc.^(b)(c)		231		3,433
Nkarta, Inc.^(b)		87		788
Nurix Therapeutics, Inc.^(b)(c)		149		2,409
NuVasive, Inc.^(b)		387		20,944
Nuvation Bio, Inc.^(b)(c)		811		4,104
Oak Street Health, Inc.^(b)		812		14,218
Ocugen, Inc.^(b)(c)		1,488		5,238
Ocular Therapeutix, Inc.^(b)(c)		544		3,036
Olema Pharmaceuticals, Inc.^(b)		76		356
Omeros Corp.^(b)(c)		445		3,204
Omnicell, Inc.^(b)		326		42,145
OPKO Health, Inc.^(b)(c)		3,314		10,373
OptimizeRx Corp.^(b)(c)		119		5,390
Option Care Health, Inc.^(b)		942		24,209
Oramed Pharmaceuticals, Inc. (Israel)^(b)(c)		218		2,245
OraSure Technologies, Inc.^(b)(c)		539		4,204
Organogenesis Holdings, Inc.^(b)(c)		241		1,793
Organon & Co.		1,926		71,898
ORIC Pharmaceuticals, Inc.^(b)		191		1,482
Ortho Clinical Diagnostics Holdings PLC^(b)		876		15,496
Orthofix Medical, Inc.^(b)		147		4,995
OrthoPediatrics Corp.^(b)		102		5,717
Outset Medical, Inc.^(b)(c)		291		12,795
Owens & Minor, Inc.		536		23,664
Pacific Biosciences of California, Inc.^(b)(c)		1,570		18,714
Pacira BioSciences, Inc.^(b)		329		21,941
Passage Bio, Inc.^(b)		203		674

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


		18

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

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
Patterson Cos., Inc.		655	$	19,584
Pennant Group, Inc. (The)^(b)		202		3,283
Penumbra, Inc.^(b)(c)		262		58,096
Perrigo Co. PLC		1,000		35,520
Personalis, Inc.^(b)		250		2,625
PetIQ, Inc.^(b)(c)		183		3,631
Phathom Pharmaceuticals, Inc.^(b)		105		1,904
Phibro Animal Health Corp., Class A		152		3,238
Phreesia, Inc.^(b)		340		10,469
Pliant Therapeutics, Inc.^(b)		95		852
PMV Pharmaceuticals, Inc.^(b)(c)		85		1,346
Point Biopharma Global, Inc.^(b)(c)		270		1,817
Praxis Precision Medicines, Inc.^(b)(c)		168		2,201
Precigen, Inc.^(b)(c)		696		1,566
Precision BioSciences, Inc.^(b)		357		1,517
Prelude Therapeutics, Inc.^(b)		94		830
Premier, Inc., Class A		915		32,885
Prestige Consumer Healthcare, Inc.^(b)		374		22,264
Privia Health Group, Inc.^(b)(c)		519		13,359
Progyny, Inc.^(b)(c)		402		15,823
Prometheus Biosciences, Inc.^(b)(c)		88		3,832
Protagonist Therapeutics, Inc.^(b)(c)		321		7,794
Prothena Corp. PLC (Ireland)^(b)(c)		236		8,166
Provention Bio, Inc.^(b)(c)		356		2,232
PTC Therapeutics, Inc.^(b)(c)		476		16,717
Pulmonx Corp.^(b)		151		3,965
Quanterix Corp.^(b)		218		7,355
Quantum-Si, Inc.^(b)(c)		609		2,533
Quidel Corp.^(b)		281		29,727
R1 RCM, Inc.^(b)(c)		939		25,531
Radius Health, Inc.^(b)		300		2,496
RadNet, Inc.^(b)		337		8,314
RAPT Therapeutics, Inc.^(b)(c)		143		2,860
Reata Pharmaceuticals, Inc., Class A^(b)(c)		200		6,548
Recursion Pharmaceuticals, Inc., Class A^(b)(c)		297		3,252
REGENXBIO, Inc.^(b)(c)		239		6,264
Relay Therapeutics, Inc.^(b)		317		7,643
Relmada Therapeutics, Inc.^(b)		178		3,651
Repare Therapeutics, Inc. (Canada)^(b)		123		1,977
Repligen Corp.^(b)		394		77,500
Replimune Group, Inc.^(b)		158		2,534
Revance Therapeutics, Inc.^(b)		511		6,934
REVOLUTION Medicines, Inc.^(b)(c)		358		6,773
Rhythm Pharmaceuticals, Inc.^(b)		263		2,004
Rigel Pharmaceuticals, Inc.^(b)		1,278		3,208
Rocket Pharmaceuticals, Inc.^(b)(c)		286		5,094
Rubius Therapeutics, Inc.^(b)(c)		302		1,507
Sage Therapeutics, Inc.^(b)		396		14,403
Sana Biotechnology, Inc.^(b)		282		1,822
Sangamo Therapeutics, Inc.^(b)		924		5,405
Sarepta Therapeutics, Inc.^(b)(c)		620		47,498
Scholar Rock Holding Corp.^(b)		168		2,923
Schrodinger, Inc.^(b)(c)		373		12,965
Seer, Inc.^(b)		234		3,585
Select Medical Holdings Corp.		805		18,636
Sema4 Holdings Corp.^(b)		808		2,820
Senseonics Holdings, Inc.^(b)(c)		2,832		5,098
Seres Therapeutics, Inc.^(b)		515		4,120
Shattuck Labs, Inc.^(b)		110		550
Shockwave Medical, Inc.^(b)		237		42,004


	Shares		Value
Health Care-(continued)
SI-BONE, Inc.^(b)		199	$	4,390
SIGA Technologies, Inc.^(b)		336		2,016
Sight Sciences, Inc.^(b)		89		1,549
Signify Health, Inc., Class A^(b)(c)		188		2,641
Silk Road Medical, Inc.^(b)(c)		247		9,171
Simulations Plus, Inc.		121		4,766
SmileDirectClub, Inc.^(b)(c)		797		1,745
Sorrento Therapeutics, Inc.^(b)(c)		2,120		5,364
Sotera Health Co.^(b)		636		13,909
SpringWorks Therapeutics, Inc.^(b)(c)		147		8,319
STAAR Surgical Co.^(b)		284		22,527
Stoke Therapeutics, Inc.^(b)(c)		100		1,950
Supernus Pharmaceuticals, Inc.^(b)		398		12,716
Surgery Partners, Inc.^(b)		248		12,963
SurModics, Inc.^(b)		103		4,623
Sutro Biopharma, Inc.^(b)		242		2,159
Syndax Pharmaceuticals, Inc.^(b)(c)		295		4,599
Syneos Health, Inc.^(b)		777		61,538
Tabula Rasa HealthCare, Inc.^(b)(c)		174		992
Tactile Systems Technology, Inc.^(b)		148		3,013
Tandem Diabetes Care, Inc.^(b)		470		52,936
Tango Therapeutics, Inc.^(b)		291		2,666
Taysha Gene Therapies, Inc.^(b)(c)		130		828
Tenet Healthcare Corp.^(b)		685		58,903
TG Therapeutics, Inc.^(b)		909		8,972
Theravance Biopharma, Inc.^(b)(c)		412		4,149
Tilray Brands, Inc., Class 2 (Canada)^(b)(c)		3,468		21,155
Tivity Health, Inc.^(b)		296		8,075
TransMedics Group, Inc.^(b)(c)		186		3,445
Travere Therapeutics, Inc.^(b)(c)		413		11,258
Treace Medical Concepts, Inc.^(b)		119		2,563
Turning Point Therapeutics, Inc.^(b)(c)		314		9,941
Twist Bioscience Corp.^(b)(c)		328		18,348
Ultragenyx Pharmaceutical, Inc.^(b)		483		32,516
uniQure N.V. (Netherlands)^(b)(c)		258		4,383
United Therapeutics Corp.^(b)		337		56,009
US Physical Therapy, Inc.		101		9,289
Vanda Pharmaceuticals, Inc.^(b)		416		4,726
Vapotherm, Inc.^(b)(c)		117		1,777
Varex Imaging Corp.^(b)(c)		291		6,879
Vaxart, Inc.^(b)(c)		915		4,648
Vaxcyte, Inc.^(b)(c)		156		3,615
VBI Vaccines, Inc.^(b)		1,342		2,000
Veracyte, Inc.^(b)(c)		530		14,734
Vericel Corp.^(b)(c)		296		12,198
Verve Therapeutics, Inc.^(b)		126		4,114
ViewRay, Inc.^(b)		922		3,836
Viking Therapeutics, Inc.^(b)		523		1,752
Vir Biotechnology, Inc.^(b)		485		12,217
Vocera Communications, Inc.^(b)(c)		259		20,526
XBiotech, Inc.		147		1,449
Xencor, Inc.^(b)		393		12,305
Xenon Pharmaceuticals, Inc. (Canada)^(b)		296		9,383
Y-mAbs Therapeutics, Inc.^(b)(c)		196		1,786
Zentalis Pharmaceuticals, Inc.^(b)(c)		169		8,431
Zogenix, Inc.^(b)		376		9,874
Zomedica Corp.^(b)		6,966		2,508

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)

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
Zymeworks, Inc. (Canada)^(b)		278	$	2,013
Zynex, Inc.^(c)		172		1,082

				4,413,723

Industrials-16.37%
AAON, Inc.		314		18,388
AAR Corp.^(b)		256		11,505
ABM Industries, Inc.		502		22,505
ACCO Brands Corp.		716		6,158
Acuity Brands, Inc.		262		47,781
ACV Auctions, Inc., Class A^(b)		664		8,758
ADT, Inc.^(c)		1,149		8,399
Advanced Drainage Systems, Inc.		396		46,221
AECOM		1,020		74,113
Aerojet Rocketdyne Holdings, Inc.		511		19,801
AeroVironment, Inc.^(b)		172		12,221
AGCO Corp.		480		57,677
Air Lease Corp.		811		33,867
Air Transport Services Group, Inc.^(b)		135		4,254
Alamo Group, Inc.		76		10,572
Alaska Air Group, Inc.^(b)		234		13,137
Albany International Corp., Class A		243		21,340
Allegiant Travel Co.^(b)		35		6,093
Allison Transmission Holdings, Inc.		792		31,632
Altra Industrial Motion Corp.		486		20,640
Ameresco, Inc., Class A^(b)(c)		200		12,850
American Airlines Group, Inc.^(b)(c)		1,212		20,907
American Woodmark Corp.^(b)		125		6,698
API Group Corp.^(b)		1,178		25,409
Apogee Enterprises, Inc.		191		8,608
Applied Industrial Technologies, Inc.		289		29,218
ArcBest Corp.		191		17,702
Arcosa, Inc.		363		19,119
Argan, Inc.		118		4,589
Armstrong World Industries, Inc.		357		31,559
Array Technologies, Inc.^(b)		855		9,610
ASGN, Inc.^(b)		396		43,873
Astec Industries, Inc.		162		8,068
Astra Space, Inc.^(b)(c)		829		2,885
Atkore, Inc.^(b)		345		35,090
Atlas Air Worldwide Holdings, Inc.^(b)(c)		55		4,310
Avis Budget Group, Inc.^(b)		296		54,298
Axon Enterprise, Inc.^(b)		513		71,948
AZEK Co., Inc. (The)^(b)		695		20,496
AZZ, Inc.		187		9,206
Barnes Group, Inc.		360		16,722
Barrett Business Services, Inc.		57		3,429
Beacon Roofing Supply, Inc.^(b)		419		25,010
Berkshire Grey, Inc.^(b)		329		1,099
Blink Charging Co.^(b)(c)		285		7,005
Bloom Energy Corp., Class A^(b)(c)		1,091		24,220
Blue Bird Corp.^(b)		122		2,600
Boise Cascade Co.		290		23,183
Brady Corp., Class A		364		16,773
BrightView Holdings, Inc.^(b)		315		4,256
Brink’s Co. (The)		369		25,852
Builders FirstSource, Inc.^(b)		1,435		106,793
BWX Technologies, Inc.		691		36,913
CACI International, Inc., Class A^(b)		173		48,404
Carlisle Cos., Inc.		389		92,349


	Shares		Value
Industrials-(continued)
Casella Waste Systems, Inc., Class A^(b)		377	$	28,426
CBIZ, Inc.^(b)		355		13,813
ChargePoint Holdings, Inc.^(b)(c)		1,338		19,428
Chart Industries, Inc.^(b)(c)		272		39,277
Cimpress PLC (Ireland)^(b)		122		7,685
CIRCOR International, Inc.^(b)		151		4,068
Clean Harbors, Inc.^(b)		387		36,931
Colfax Corp.^(b)		1,044		41,979
Columbus McKinnon Corp.		213		9,721
Comfort Systems USA, Inc.		272		23,387
Construction Partners, Inc.^(b)		232		6,208
Core & Main, Inc., Class A^(b)		541		12,162
CoreCivic, Inc.^(b)		900		8,199
Cornerstone Building Brands, Inc.^(b)		377		8,324
CRA International, Inc.		56		4,974
Crane Co.		351		35,479
CSW Industrials, Inc.		112		13,477
Curtiss-Wright Corp.		294		43,371
Deluxe Corp.		319		9,924
Desktop Metal, Inc., Class A^(b)(c)		1,505		6,261
Donaldson Co., Inc.		915		49,657
Douglas Dynamics, Inc.		173		6,356
Driven Brands Holdings, Inc.^(b)(c)		375		11,014
Ducommun, Inc., (Acquired 05/28/2019 -02/10/2022; Cost $4,239)^(b)(d)		80		4,041
Dun & Bradstreet Holdings, Inc.^(b)(c)		1,129		20,954
DXP Enterprises, Inc.^(b)		133		3,818
Dycom Industries, Inc.^(b)		230		20,024
EMCOR Group, Inc.		403		46,563
Encore Wire Corp.		154		17,929
Energy Recovery, Inc.^(b)		278		5,282
Enerpac Tool Group Corp.		447		7,711
EnerSys		319		23,201
Ennis, Inc.		196		3,681
Enovix Corp.^(b)		490		8,163
EnPro Industries, Inc.		146		16,124
ESCO Technologies, Inc.		195		13,566
Evoqua Water Technologies Corp.^(b)		900		38,394
Exponent, Inc.		398		37,714
Federal Signal Corp.		457		16,502
First Advantage Corp.^(b)(c)		401		6,476
Flowserve Corp.		975		29,611
Fluor Corp.^(b)(c)		1,059		22,938
Forrester Research, Inc.^(b)		86		4,466
Forward Air Corp.		203		20,946
Franklin Electric Co., Inc.		295		24,945
FREYR Battery S.A. (Norway)^(b)(c)		697		6,635
Frontier Group Holdings, Inc.^(b)(c)		323		4,160
FTI Consulting, Inc.^(b)(c)		257		37,522
FuelCell Energy, Inc.^(b)(c)		2,747		16,482
Gates Industrial Corp. PLC^(b)		437		6,922
GATX Corp.		256		27,297
Genco Shipping & Trading Ltd.		204		3,933
GEO Group, Inc. (The)^(c)		913		5,441
Gibraltar Industries, Inc.^(b)		245		11,838
Global Industrial Co.		95		3,019
GMS, Inc.^(b)		291		15,787
Gorman-Rupp Co. (The)		156		5,813
Graco, Inc.		1,271		91,626
GrafTech International Ltd.		1,304		13,144

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)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Granite Construction, Inc.		343	$	10,383
Great Lakes Dredge & Dock Corp.^(b)		491		6,928
Greenbrier Cos., Inc. (The)^(c)		243		10,797
Griffon Corp.		361		8,321
GXO Logistics, Inc.^(b)		773		64,878
H&E Equipment Services, Inc.		244		10,189
Harsco Corp.^(b)		593		7,063
Hawaiian Holdings, Inc.^(b)(c)		100		1,918
Healthcare Services Group, Inc.		559		8,843
Heartland Express, Inc.		387		5,557
Heidrick & Struggles International, Inc.		146		6,242
Helios Technologies, Inc.		230		18,034
Herc Holdings, Inc.		155		24,664
Heritage-Crystal Clean, Inc.^(b)		118		3,309
Hexcel Corp.		628		36,361
Hillenbrand, Inc.		547		26,097
Hillman Solutions Corp.^(b)		702		6,585
HNI Corp.		329		13,387
Hub Group, Inc., Class A^(b)		256		21,606
Hubbell, Inc.		408		72,726
Huron Consulting Group, Inc.^(b)		169		8,337
Hydrofarm Holdings Group, Inc.^(b)(c)		197		3,989
Hyliion Holdings Corp.^(b)(c)		713		3,080
Hyster-Yale Materials Handling, Inc.^(c)		54		2,067
Hyzon Motors, Inc.^(b)(c)		556		3,102
IAA, Inc.^(b)		1,006		36,960
ICF International, Inc.		140		12,407
Ideanomics, Inc.^(b)(c)		3,226		3,387
IES Holdings, Inc.^(b)		70		2,943
Insperity, Inc.		275		24,736
Insteel Industries, Inc.		144		5,344
Interface, Inc.		443		5,781
ITT, Inc.		641		56,325
Janus International Group, Inc.^(b)		518		4,988
JELD-WEN Holding, Inc.^(b)		689		15,902
JetBlue Airways Corp.^(b)		596		9,101
John Bean Technologies Corp.		238		26,982
Kadant, Inc.		87		17,169
Kaman Corp.		187		8,118
KAR Auction Services, Inc.^(b)(c)		892		16,466
KBR, Inc.		1,051		52,172
Kelly Services, Inc., Class A		252		5,347
Kennametal, Inc.		595		18,867
Kforce, Inc.		145		10,901
Kimball International, Inc., Class B		274		2,540
Kirby Corp.^(b)		112		7,297
Korn Ferry		416		27,564
Kratos Defense & Security Solutions, Inc.^(b)		927		19,393
Landstar System, Inc.		287		44,316
Lincoln Electric Holdings, Inc.		420		53,533
Lindsay Corp.		82		10,759
Luxfer Holdings PLC (United Kingdom)		208		3,623
Manitowoc Co., Inc. (The)^(b)		261		4,314
ManpowerGroup, Inc.		407		43,256
ManTech International Corp., Class A		206		17,174
Markforged Holding Corp.^(b)		346		1,346
Marten Transport Ltd.		465		8,021
Masonite International Corp.^(b)		172		16,225
MasTec, Inc.^(b)		446		35,127
Matson, Inc.		81		8,972


	Shares		Value
Industrials-(continued)
Matthews International Corp., Class A		237	$	7,864
Maxar Technologies, Inc.		543		17,615
McGrath RentCorp.		181		14,712
MDU Resources Group, Inc.		1,509		40,396
Mercury Systems, Inc.^(b)		420		25,292
Meritor, Inc.^(b)		529		18,838
Microvast Holdings, Inc.^(b)(c)		1,012		7,226
Middleby Corp. (The)^(b)		413		73,357
MillerKnoll, Inc.		563		21,889
Momentus, Inc.^(b)(c)		328		754
Montrose Environmental Group, Inc.^(b)		167		7,366
Moog, Inc., Class A		218		18,118
MRC Global, Inc.^(b)		588		5,939
MSA Safety, Inc.		279		38,809
MSC Industrial Direct Co., Inc., Class A		352		27,273
Mueller Industries, Inc.		385		21,964
Mueller Water Products, Inc., Class A		1,188		15,076
MYR Group, Inc.^(b)		127		11,398
National Presto Industries, Inc.		40		3,180
Nielsen Holdings PLC		2,555		44,508
Nikola Corp.^(b)(c)		1,188		9,385
NOW, Inc.^(b)		828		7,734
NV5 Global, Inc.^(b)		94		10,082
nVent Electric PLC		1,259		42,718
Omega Flex, Inc.		24		3,486
Oshkosh Corp.		512		56,853
Parsons Corp.^(b)(c)		192		6,655
PGT Innovations, Inc.^(b)		447		9,615
Pitney Bowes, Inc.		1,316		6,554
Primoris Services Corp.		403		10,627
Proterra, Inc., (Acquired 11/30/2021 -02/10/2022; Cost $14,006)^(b)(d)		1,270		11,481
Proto Labs, Inc.^(b)		208		11,696
Quanex Building Products Corp.		252		5,761
Quanta Services, Inc.		1,068		116,348
RBC Bearings, Inc.^(b)(c)		217		42,065
Regal Rexnord Corp.		503		80,656
Resideo Technologies, Inc.^(b)		1,026		26,409
Resources Connection, Inc.		234		3,884
REV Group, Inc.		220		2,974
Rocket Lab USA, Inc.^(b)(c)		1,176		11,219
Romeo Power, Inc.^(b)(c)		702		1,285
Rush Enterprises, Inc., Class A		324		16,829
Rush Enterprises, Inc., Class B		42		2,058
Ryder System, Inc.		403		31,773
Saia, Inc.^(b)		197		56,584
Schneider National, Inc., Class B		425		11,101
Science Applications International Corp.		434		38,057
Shoals Technologies Group, Inc., Class A^(b)		778		12,300
Shyft Group, Inc. (The)		238		9,618
Simpson Manufacturing Co., Inc.		326		38,634
SiteOne Landscape Supply, Inc.^(b)		335		57,764
Skillsoft Corp.^(b)		497		3,221
SkyWest, Inc.^(b)		95		2,670
SP Plus Corp.^(b)		178		5,313
Spire Global, Inc.^(b)		350		760
Spirit AeroSystems Holdings, Inc., Class A		790		39,500
Spirit Airlines, Inc.^(b)		203		5,091
SPX Corp.^(b)		339		17,187
SPX FLOW, Inc.		312		26,798

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)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Standex International Corp.		92	$	9,746
Steelcase, Inc., Class A		640		7,789
Stem, Inc.^(b)(c)		379		3,608
Stericycle, Inc.^(b)(c)		689		40,210
Sterling Construction Co., Inc.^(b)		211		6,231
Sun Country Airlines Holdings, Inc.^(b)(c)		150		4,058
Tennant Co.		139		10,950
Terex Corp.		523		21,589
Tetra Tech, Inc.		405		64,302
Thermon Group Holdings, Inc.^(b)		250		4,280
Timken Co. (The)		514		33,698
Toro Co. (The)		791		74,204
TPI Composites, Inc.^(b)(c)		279		3,772
Trex Co., Inc.^(b)		860		78,982
TriNet Group, Inc.^(b)		295		25,756
Trinity Industries, Inc.		558		16,104
Triton International Ltd. (Bermuda)		504		33,103
Triumph Group, Inc.^(b)		484		12,119
TrueBlue, Inc.^(b)		265		7,208
TuSimple Holdings, Inc., Class A^(b)(c)		277		4,825
Tutor Perini Corp.^(b)		344		3,371
UFP Industries, Inc.		464		39,788
UniFirst Corp.		114		20,663
Univar Solutions, Inc.^(b)		1,279		39,278
Upwork, Inc.^(b)		860		21,741
US Ecology, Inc.^(b)		236		11,196
Valmont Industries, Inc.		159		34,416
Vectrus, Inc.^(b)		88		4,034
Veritiv Corp.^(b)		106		11,360
Vertiv Holdings Co.		2,392		31,144
Viad Corp.^(b)		153		5,346
Vicor Corp.^(b)		167		12,487
View, Inc.^(b)(c)		407		985
Virgin Galactic Holdings, Inc.^(b)(c)		1,444		13,978
Wabash National Corp.^(c)		374		6,373
Watsco, Inc.		247		67,446
Watts Water Technologies, Inc., Class A		207		29,798
Welbilt, Inc.^(b)		1,011		23,900
Werner Enterprises, Inc.		457		19,861
WESCO International, Inc.^(b)		340		41,388
Wheels Up Experience, Inc.^(b)		552		1,938
Willdan Group, Inc.^(b)(c)		96		3,101
WillScot Mobile Mini Holdings Corp.^(b)		1,267		45,017
Woodward, Inc.		449		55,959
XPO Logistics, Inc.^(b)		731		53,129
Zurn Water Solutions Corp.		907		29,496

				5,814,767

Information Technology-13.38%
3D Systems Corp.^(b)(c)		937		16,697
8x8, Inc.^(b)		797		10,329
908 Devices, Inc.^(b)(c)		116		1,929
A10 Networks, Inc.		431		6,137
ACI Worldwide, Inc.^(b)		792		26,548
ACM Research, Inc., Class A^(b)(c)		95		7,830
ADTRAN, Inc.		364		7,495
Advanced Energy Industries, Inc.		288		24,725
Aeva Technologies, Inc.^(b)		715		3,003
AEye, Inc.^(b)(c)		752		2,497
Agilysys, Inc.^(b)		179		7,523


	Shares		Value
Information Technology-(continued)
Alarm.com Holdings, Inc.^(b)		355	$	23,370
Alkami Technology, Inc.^(b)(c)		131		2,065
Allegro MicroSystems, Inc. (Japan)^(b)		426		12,213
Alliance Data Systems Corp.		354		23,877
Alpha & Omega Semiconductor Ltd.^(b)		158		8,496
Altair Engineering, Inc., Class A^(b)		381		25,306
Alteryx, Inc., Class A^(b)(c)		446		27,786
Ambarella, Inc.^(b)		271		37,861
American Software, Inc., Class A		235		5,163
Amkor Technology, Inc.		823		18,657
Anaplan, Inc.^(b)		975		46,186
AppFolio, Inc., Class A^(b)(c)		128		14,482
Appian Corp.^(b)(c)		266		16,215
Aspen Technology, Inc.^(b)		501		76,357
Avaya Holdings Corp.^(b)(c)		631		8,689
AvePoint, Inc.^(b)(c)		603		3,401
Avid Technology, Inc.^(b)		252		7,928
Avnet, Inc.		745		31,342
Axcelis Technologies, Inc.^(b)		252		17,443
Azenta, Inc.		554		48,486
Badger Meter, Inc.		218		21,671
Belden, Inc.		335		18,877
Benchmark Electronics, Inc.		266		6,953
Benefitfocus, Inc.^(b)		199		2,006
BigCommerce Holdings, Inc., Series 1^(b)		289		7,485
Blackbaud, Inc.		330		20,622
Blackline, Inc.^(b)(c)		394		29,672
Bottomline Technologies (DE), Inc.^(b)		339		19,201
Box, Inc., Class A^(b)		1,143		29,272
Brightcove, Inc.^(b)		229		1,713
BTRS Holdings, Inc.^(b)		516		3,148
C3.ai, Inc., Class A^(b)(c)		300		6,726
Calix, Inc.^(b)		428		23,257
Cambium Networks Corp.^(b)		69		1,919
Cantaloupe, Inc.^(b)		400		3,108
Casa Systems, Inc.^(b)		252		1,048
Cass Information Systems, Inc.		101		3,998
CDK Global, Inc.		907		41,123
Cerence, Inc.^(b)(c)		285		10,291
CEVA, Inc.^(b)		173		7,053
ChannelAdvisor Corp.^(b)		223		4,003
Ciena Corp.^(b)		1,160		79,367
Cipher Mining, Inc.^(b)(c)		374		1,141
Cirrus Logic, Inc.^(b)		431		37,441
Clear Secure, Inc., Class A^(b)(c)		223		6,005
Clearfield, Inc.^(b)		88		5,642
CMC Materials, Inc.		213		39,497
Coherent, Inc.^(b)		186		49,163
Cohu, Inc.^(b)		364		11,350
CommScope Holding Co., Inc.^(b)		1,529		14,587
CommVault Systems, Inc.^(b)		309		19,439
Comtech Telecommunications Corp.		195		4,013
Concentrix Corp.^(c)		332		66,363
Conduent, Inc.^(b)		1,273		6,199
Consensus Cloud Solutions, Inc.^(b)		112		6,234
Corsair Gaming, Inc.^(b)(c)		211		4,870
Couchbase, Inc.^(b)		81		1,707
CSG Systems International, Inc.		246		15,183
CTS Corp.		218		8,271
Diebold Nixdorf, Inc.^(b)		558		4,855

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)

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Digi International, Inc.^(b)		251	$	5,040
Digital Turbine, Inc.^(b)(c)		679		32,918
DigitalOcean Holdings, Inc.^(b)(c)		201		11,923
Diodes, Inc.^(b)		337		30,192
Dolby Laboratories, Inc., Class A		488		36,649
Domo, Inc., Class B^(b)		217		9,656
Duck Creek Technologies, Inc.^(b)		295		6,927
DXC Technology Co.^(b)		1,878		63,908
E2open Parent Holdings, Inc.^(b)(c)		1,122		10,076
Eastman Kodak Co.^(b)(c)		290		1,383
Ebix, Inc.		197		5,813
Elastic N.V.^(b)		481		41,679
Envestnet, Inc.^(b)		412		30,826
ePlus, Inc.^(b)		202		9,474
Euronet Worldwide, Inc.^(b)		403		51,677
Everbridge, Inc.^(b)		288		11,382
EVERTEC, Inc.		457		18,445
Evo Payments, Inc., Class A^(b)		354		8,535
Evolv Technologies Holdings, Inc.^(b)		486		1,711
ExlService Holdings, Inc.^(b)		251		30,318
Extreme Networks, Inc.^(b)		969		11,134
Fabrinet (Thailand)^(b)		276		27,636
FARO Technologies, Inc.^(b)		140		7,664
Fastly, Inc., Class A^(b)(c)		830		15,438
First Solar, Inc.^(b)		717		53,983
Five9, Inc.^(b)		505		55,550
Flex Ltd.^(b)		3,526		58,144
FormFactor, Inc.^(b)		581		23,525
Grid Dynamics Holdings, Inc.^(b)		302		3,669
Hackett Group, Inc. (The)		189		3,916
Harmonic, Inc.^(b)(c)		758		7,057
I3 Verticals, Inc., Class A^(b)		165		4,356
Ichor Holdings Ltd.^(b)		213		7,504
II-VI Incorporated^(b)(c)		789		54,804
Impinj, Inc.^(b)		140		9,625
indie Semiconductor, Inc., Class A (China)^(b)(c)		289		2,269
Infinera Corp.^(b)(c)		1,327		12,248
Inseego Corp.^(b)(c)		579		2,727
Insight Enterprises, Inc.^(b)(c)		260		27,040
Intapp, Inc.^(b)		92		2,122
InterDigital, Inc.		230		14,817
International Money Express, Inc.^(b)		213		3,421
Itron, Inc.^(b)		338		16,112
Jabil, Inc.		1,013		58,562
Jamf Holding Corp.^(b)(c)		266		9,100
JFrog Ltd. (Israel)^(b)		288		7,134
Kimball Electronics, Inc.^(b)		186		3,207
KnowBe4, Inc., Class A^(b)		240		4,834
Knowles Corp.^(b)(c)		688		14,985
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		464		24,239
Kyndryl Holdings, Inc.^(b)		1,342		21,284
Latch, Inc.^(b)(c)		264		1,090
Lattice Semiconductor Corp.^(b)		1,028		64,373
Limelight Networks, Inc.^(b)(c)		949		3,711
Littelfuse, Inc.		186		48,027
LivePerson, Inc.^(b)(c)		496		10,059
LiveRamp Holdings, Inc.^(b)		508		21,925
Lumentum Holdings, Inc.^(b)(c)		544		53,780
MACOM Technology Solutions Holdings, Inc.^(b)		361		21,696


	Shares		Value
Information Technology-(continued)
MagnaChip Semiconductor Corp. (South Korea)^(b)		313	$	5,697
Mandiant, Inc.^(b)		1,790		35,442
Manhattan Associates, Inc.^(b)		473		63,231
Marathon Digital Holdings, Inc.^(b)(c)		746		18,911
Maximus, Inc.		460		36,276
MaxLinear, Inc.^(b)		544		33,374
McAfee Corp., Class A		535		13,905
MeridianLink, Inc.^(b)		150		2,937
Meta Materials, Inc.^(b)(c)		1,465		3,150
Methode Electronics, Inc.		287		13,099
MicroStrategy, Inc., Class A^(b)(c)		62		27,466
MicroVision, Inc.^(b)(c)		1,231		4,936
Mimecast Ltd.^(b)		467		37,140
Mitek Systems, Inc.^(b)		330		4,904
MKS Instruments, Inc.		415		62,499
Model N, Inc.^(b)(c)		241		5,926
Momentive Global, Inc.^(b)		939		14,761
MoneyGram International, Inc.^(b)		582		6,251
N-able, Inc.^(b)(c)		334		3,864
Napco Security Technologies, Inc.^(b)		220		4,486
National Instruments Corp.		991		39,789
nCino, Inc.^(b)		218		10,013
NCR Corp.^(b)(c)		984		39,872
NeoPhotonics Corp.^(b)		391		5,986
NETGEAR, Inc.^(b)		228		6,067
NetScout Systems, Inc.^(b)		555		17,277
New Relic, Inc.^(b)		437		28,947
nLight, Inc.^(b)		295		4,808
Novanta, Inc.^(b)		270		36,890
Nutanix, Inc., Class A^(b)		1,583		42,266
Olo, Inc., Class A^(b)(c)		385		5,625
ON24, Inc.^(b)		122		1,903
OneSpan, Inc.^(b)		241		3,321
Onto Innovation, Inc.^(b)		373		32,156
OSI Systems, Inc.^(b)		128		10,326
PagerDuty, Inc.^(b)		501		16,944
PAR Technology Corp.^(b)(c)		183		7,675
Paya Holdings, Inc., Class A^(b)		525		3,386
Paylocity Holding Corp.^(b)		289		61,395
Paymentus Holdings, Inc., Class A^(b)		89		2,051
Payoneer Global, Inc.^(b)		1,648		7,943
PC Connection, Inc.		89		4,342
PDF Solutions, Inc.^(b)		222		6,074
Pegasystems, Inc.		304		26,484
Perficient, Inc.^(b)		247		25,169
Photronics, Inc.^(b)		464		8,547
Ping Identity Holding Corp.^(b)(c)		531		11,172
Plantronics, Inc.^(b)(c)		300		8,451
Plexus Corp.^(b)		212		17,272
Power Integrations, Inc.		447		40,230
Progress Software Corp.		328		14,458
PROS Holdings, Inc.^(b)(c)		316		10,042
Pure Storage, Inc., Class A^(b)		2,029		52,632
Q2 Holdings, Inc.^(b)		402		26,150
Qualys, Inc.^(b)		248		31,077
Rackspace Technology, Inc.^(b)(c)		313		3,484
Rambus, Inc.^(b)		815		22,005
Rapid7, Inc.^(b)(c)		397		41,074
Rekor Systems, Inc.^(b)(c)		262		1,239

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)

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Repay Holdings Corp.^(b)(c)		640	$	11,053
Ribbon Communications, Inc.^(b)		725		2,204
Rimini Street, Inc.^(b)		256		1,160
Riot Blockchain, Inc.^(b)(c)		869		14,973
Rockley Photonics Holdings Ltd.^(b)(c)		616		2,556
Rogers Corp.^(b)		139		37,947
Sabre Corp.^(b)(c)		2,294		25,073
SailPoint Technologies Holding, Inc.^(b)		695		28,752
Sanmina Corp.^(b)		491		19,532
ScanSource, Inc.^(b)		191		6,032
Semtech Corp.^(b)		490		33,996
Shift4 Payments, Inc., Class A^(b)(c)		347		18,270
ShotSpotter, Inc.^(b)		65		1,669
Silicon Laboratories, Inc.^(b)		301		46,267
SiTime Corp.^(b)(c)		99		20,012
SkyWater Technology, Inc.^(b)(c)		73		843
SMART Global Holdings, Inc.^(b)		328		9,004
Smartsheet, Inc., Class A^(b)		897		47,693
SolarWinds Corp.		295		3,997
Sprinklr, Inc., Class A^(b)(c)		736		8,832
Sprout Social, Inc., Class A^(b)		287		18,687
SPS Commerce, Inc.^(b)		268		34,800
SunPower Corp.^(b)(c)		646		11,583
Super Micro Computer, Inc.^(b)		302		11,866
Switch, Inc., Class A		770		20,035
Synaptics, Inc.^(b)		294		67,158
TaskUS, Inc., Class A (Philippines)^(b)(c)		204		5,859
TD SYNNEX Corp.		324		32,993
Telos Corp.^(b)		125		1,427
Tenable Holdings, Inc.^(b)		559		30,946
Teradata Corp.^(b)		816		40,792
TTEC Holdings, Inc.		140		11,130
TTM Technologies, Inc.^(b)		766		9,629
Tucows, Inc., Class A^(b)(c)		67		4,501
Ultra Clean Holdings, Inc.^(b)		334		15,301
Unisys Corp.^(b)		502		10,728
Universal Display Corp.^(c)		335		51,895
Upland Software, Inc.^(b)		193		3,640
Varonis Systems, Inc.^(b)(c)		796		34,706
Veeco Instruments, Inc.^(b)		376		10,742
Velodyne Lidar, Inc.^(b)(c)		731		2,697
Verint Systems, Inc.^(b)(c)		490		24,613
Veritone, Inc.^(b)(c)		210		3,536
Verra Mobility Corp.^(b)(c)		1,037		17,422
Vertex, Inc., Class A^(b)		210		2,925
ViaSat, Inc.^(b)		408		18,621
Viavi Solutions, Inc.^(b)		1,781		29,208
Vishay Intertechnology, Inc.^(c)		997		19,132
Vishay Precision Group, Inc.^(b)		95		2,984
Vonage Holdings Corp.^(b)(c)		1,791		36,393
Vontier Corp.		1,265		30,739
WEX, Inc.^(b)		342		57,630
WM Technology, Inc.^(b)(c)		381		2,229
Wolfspeed, Inc.^(b)		864		88,750
Workiva, Inc.^(b)(c)		304		32,011
Xerox Holdings Corp.		1,136		22,391
Xperi Holding Corp.		784		13,579


	Shares		Value
Information Technology-(continued)
Yext, Inc.^(b)(c)		757	$	5,617
Zuora, Inc., Class A^(b)(c)		835		12,675

				4,750,040

Materials-5.39%
AdvanSix, Inc.		211		8,453
Alcoa Corp.		1,394		105,024
Allegheny Technologies, Inc.^(b)		953		24,530
Alpha Metallurgical Resources, Inc.^(b)		124		11,753
American Vanguard Corp.		209		3,150
Amyris, Inc.^(b)(c)		1,231		5,613
AptarGroup, Inc.		493		60,087
Arconic Corp.^(b)		778		23,885
Ashland Global Holdings, Inc.		405		37,373
Aspen Aerogels, Inc.^(b)		198		5,861
Avient Corp.		679		35,573
Axalta Coating Systems Ltd.^(b)		1,506		40,722
Balchem Corp.		243		33,617
Berry Global Group, Inc.^(b)		1,016		61,620
Cabot Corp.		424		31,020
Carpenter Technology Corp.		360		13,820
Century Aluminum Co.^(b)		406		9,590
Chase Corp.		57		5,234
Chemours Co. (The)		1,236		34,114
Clearwater Paper Corp.^(b)		125		3,604
Cleveland-Cliffs, Inc.^(b)		3,559		79,579
Coeur Mining, Inc.^(b)		1,924		8,273
Commercial Metals Co.		903		34,811
Compass Minerals International, Inc.^(c)		251		14,714
Danimer Scientific, Inc.^(b)(c)		585		2,328
Eagle Materials, Inc.		290		39,681
Ecovyst, Inc.		307		3,355
Element Solutions, Inc.		1,667		40,975
Ferro Corp.^(b)		558		12,125
Forterra, Inc.^(b)		225		5,301
FutureFuel Corp.		197		1,450
Gatos Silver, Inc.^(b)		310		1,045
GCP Applied Technologies, Inc.^(b)		334		10,548
Glatfelter Corp.		329		4,520
Graphic Packaging Holding Co.		2,301		47,355
Greif, Inc., Class A		188		10,808
Greif, Inc., Class B		35		1,992
H.B. Fuller Co.		393		26,869
Hawkins, Inc.		142		6,427
Hecla Mining Co.		4,019		23,149
Huntsman Corp.		1,552		62,763
Ingevity Corp.^(b)		295		20,128
Innospec, Inc.		184		17,572
Kaiser Aluminum Corp.		119		11,483
Koppers Holdings, Inc.^(b)		160		4,581
Kraton Corp.^(b)		241		11,122
Kronos Worldwide, Inc.		174		2,563
Livent Corp.^(b)(c)		1,209		28,472
Louisiana-Pacific Corp.		659		47,415
Materion Corp.		153		12,783
McEwen Mining, Inc. (Canada)^(b)		2,921		2,314
Mercer International, Inc. (Germany)		322		4,305
Minerals Technologies, Inc.		252		17,637
MP Materials Corp.^(b)(c)		466		21,259
Myers Industries, Inc.		230		3,823

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)

February 28, 2022

(Unaudited)


	Shares		Value
Materials-(continued)
Neenah, Inc.		127	$	4,947
NewMarket Corp.		64		20,337
O-I Glass, Inc.^(b)		1,178		15,055
Olin Corp.		1,075		55,373
Origin Materials, Inc.^(c)		794		4,121
Orion Engineered Carbons S.A. (Germany)		453		7,040
Pactiv Evergreen, Inc.		335		3,223
Piedmont Lithium, Inc.^(b)(c)		119		6,253
PureCycle Technologies, Inc.^(b)		523		3,640
Quaker Chemical Corp.		96		17,818
Ranpak Holdings Corp.^(b)(c)		290		7,018
Reliance Steel & Aluminum Co.		469		89,518
Royal Gold, Inc.		492		59,660
Ryerson Holding Corp.		130		3,396
Schnitzer Steel Industries, Inc., Class A		194		9,438
Schweitzer-Mauduit International, Inc., Class A		236		7,368
Scotts Miracle-Gro Co. (The)		313		43,839
Sensient Technologies Corp.		316		25,953
Silgan Holdings, Inc.		661		27,683
Sonoco Products Co.		737		43,277
Stepan Co.		160		16,579
Summit Materials, Inc., Class A^(b)		883		27,567
SunCoke Energy, Inc.		621		4,924
Sylvamo Corp.^(b)		264		9,214
Tredegar Corp.		202		2,325
TriMas Corp.		322		10,468
Trinseo PLC		232		12,055
Tronox Holdings PLC, Class A		863		17,519
United States Lime & Minerals, Inc.		18		2,115
United States Steel Corp.^(c)		2,025		55,100
Valvoline, Inc.		1,349		43,613
Warrior Met Coal, Inc.		385		12,127
Westlake Corp.		289		31,880
Worthington Industries, Inc.		252		14,369

				1,912,980

Real Estate-8.95%
Acadia Realty Trust		662		14,193
Agree Realty Corp.		516		33,101
Alexander & Baldwin, Inc.		543		12,179
Alexander’s, Inc.		18		4,562
American Assets Trust, Inc.		384		14,039
American Campus Communities, Inc.		1,043		56,124
American Homes 4 Rent, Class A		2,250		85,522
Americold Realty Trust		1,999		53,413
Apartment Income REIT Corp.		1,177		60,745
Apartment Investment & Management Co., Class A		1,120		7,997
Apple Hospitality REIT, Inc.		1,623		28,711
Armada Hoffler Properties, Inc.		456		6,694
Brandywine Realty Trust		1,279		17,049
Brixmor Property Group, Inc.		2,259		56,746
Broadstone Net Lease, Inc.		1,193		25,840
CareTrust REIT, Inc.		726		12,705
CatchMark Timber Trust, Inc., Class A		367		2,811
Centerspace		105		9,869
Chatham Lodging Trust^(b)		366		5,032
City Office REIT, Inc.		327		5,631
Community Healthcare Trust, Inc.		172		7,172
CorePoint Lodging, Inc.^(b)(c)		306		4,887


	Shares		Value
Real Estate-(continued)
Corporate Office Properties Trust		837	$	21,938
Cousins Properties, Inc.^(c)		1,111		42,918
CubeSmart		1,639		79,016
Cushman & Wakefield PLC^(b)(c)		1,002		21,964
CyrusOne, Inc.		957		86,465
DiamondRock Hospitality Co.^(b)		1,577		15,060
DigitalBridge Group, Inc.^(b)		3,847		27,891
Diversified Healthcare Trust		1,784		5,138
Doma Holdings, Inc.^(b)		845		2,248
Douglas Elliman, Inc.^(b)		490		3,695
Douglas Emmett, Inc.		1,308		41,464
Easterly Government Properties, Inc.		676		14,074
EastGroup Properties, Inc.		305		58,182
Empire State Realty Trust, Inc., Class A^(c)		1,097		10,378
EPR Properties		561		27,938
Equity Commonwealth^(b)(c)		914		24,285
Essential Properties Realty Trust, Inc.		885		22,373
eXp World Holdings, Inc.		492		13,156
Federal Realty Investment Trust		522		61,377
First Industrial Realty Trust, Inc.		976		56,198
Five Point Holdings LLC, Class A^(b)		438		2,593
Forestar Group, Inc.^(b)		130		2,380
Four Corners Property Trust, Inc.		570		15,037
Franklin Street Properties Corp.		763		4,410
FRP Holdings, Inc.^(b)		46		2,665
Gaming and Leisure Properties, Inc.		1,688		76,652
Getty Realty Corp.		285		7,852
Gladstone Commercial Corp.		275		5,827
Gladstone Land Corp.		222		6,636
Global Medical REIT, Inc.		456		7,159
Global Net Lease, Inc.		751		10,672
Healthcare Realty Trust, Inc.		1,089		28,401
Healthcare Trust of America, Inc., Class A		1,668		49,023
Highwoods Properties, Inc.		780		34,008
Howard Hughes Corp. (The)^(b)		309		29,534
Hudson Pacific Properties, Inc.^(c)		1,142		30,149
Independence Realty Trust, Inc.		787		19,887
Industrial Logistics Properties Trust		485		10,849
Innovative Industrial Properties, Inc.		178		33,546
iStar, Inc.		536		13,464
JBG SMITH Properties		888		23,692
Jones Lang LaSalle, Inc.^(b)		381		93,810
Kennedy-Wilson Holdings, Inc.^(c)		949		21,011
Kilroy Realty Corp.		785		56,222
Kite Realty Group Trust		1,634		35,834
Lamar Advertising Co., Class A		650		70,889
Life Storage, Inc.		614		77,726
LTC Properties, Inc.		291		9,845
LXP Industrial Trust		2,079		32,141
Macerich Co. (The)^(c)		1,594		24,388
Marcus & Millichap, Inc.^(b)		174		8,653
MGM Growth Properties LLC, Class A		1,173		44,422
National Health Investors, Inc.		327		17,432
National Retail Properties, Inc.		1,316		56,075
National Storage Affiliates Trust		631		36,768
Necessity Retail REIT, Inc. (The)		881		6,202
NETSTREIT Corp.^(c)		295		6,531
Newmark Group, Inc., Class A		1,433		25,335
NexPoint Residential Trust, Inc.		170		14,445
Office Properties Income Trust		362		9,068

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)

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
Omega Healthcare Investors, Inc.^(c)		1,816	$	51,157
One Liberty Properties, Inc.		125		3,632
Opendoor Technologies, Inc.^(b)(c)		906		7,565
Orion Office REIT, Inc.^(b)(c)		412		7,016
Outfront Media, Inc.		1,090		29,103
Paramount Group, Inc.		1,310		14,659
Park Hotels & Resorts, Inc.^(b)		1,771		33,366
Pebblebrook Hotel Trust^(c)		984		22,150
Phillips Edison & Co., Inc.		146		4,719
Physicians Realty Trust		1,627		26,455
Piedmont Office Realty Trust, Inc., Class A		929		15,830
Plymouth Industrial REIT, Inc.		226		5,894
PotlatchDeltic Corp.		502		27,560
PS Business Parks, Inc.		155		24,690
Rayonier, Inc.		1,058		42,003
RE/MAX Holdings, Inc., Class A		141		4,179
Realogy Holdings Corp.^(b)		873		15,871
Redfin Corp.^(b)(c)		707		15,292
Retail Opportunity Investments Corp.		909		16,507
Rexford Industrial Realty, Inc.		1,135		79,598
RLJ Lodging Trust		1,247		17,446
RMR Group, Inc. (The), Class A		115		3,351
RPT Realty		607		7,861
Ryman Hospitality Properties, Inc.^(b)		392		34,539
Sabra Health Care REIT, Inc.		1,654		22,213
Safehold, Inc.^(c)		120		7,363
Saul Centers, Inc.		105		4,833
Seritage Growth Properties, Class A, (Acquired 05/06/2020 - 02/10/2022; Cost $4,266)^(b)(c)(d)		290		2,955
Service Properties Trust		1,233		10,641
SITE Centers Corp.		1,264		19,655
SL Green Realty Corp.		502		39,919
Spirit Realty Capital, Inc.		924		42,846
St. Joe Co. (The)		243		13,129
STAG Industrial, Inc.		1,311		51,077
STORE Capital Corp.		1,839		56,494
Summit Hotel Properties, Inc.^(b)		798		7,892
Sunstone Hotel Investors, Inc.^(b)		1,640		17,351
Tanger Factory Outlet Centers, Inc.^(c)		778		12,977
Tejon Ranch Co.^(b)		158		2,683
Terreno Realty Corp.		561		38,591
UMH Properties, Inc.		355		8,186
Uniti Group, Inc.		1,747		22,659
Universal Health Realty Income Trust		102		5,825
Urban Edge Properties		881		16,052
Urstadt Biddle Properties, Inc., Class A		225		4,237
Veris Residential, Inc.^(b)		544		9,194
Washington REIT		634		14,810
Xenia Hotels & Resorts, Inc.^(b)		855		15,852

				3,179,890

Utilities-2.28%
ALLETE, Inc.		391		24,610

Investment Abbreviations:

CVR -Contingent Value Rights

REIT -Real Estate Investment Trust


	Shares		Value
Utilities-(continued)
American States Water Co.		277	$	23,312
Avista Corp.		522		23,297
Black Hills Corp.		476		33,315
California Water Service Group		386		21,975
Chesapeake Utilities Corp.		132		17,549
Clearway Energy, Inc., Class A		247		7,556
Clearway Energy, Inc., Class C		580		19,372
Hawaiian Electric Industries, Inc.		818		33,522
IDACORP, Inc.		377		39,189
MGE Energy, Inc.		271		19,517
Middlesex Water Co.		132		13,199
National Fuel Gas Co.		649		40,394
New Jersey Resources Corp.		718		31,319
NextEra Energy Partners L.P.		574		44,778
Northwest Natural Holding Co.		229		11,910
NorthWestern Corp.		412		24,918
OGE Energy Corp.		1,500		56,325
ONE Gas, Inc.		401		33,319
Ormat Technologies, Inc.^(c)		334		23,831
Otter Tail Corp.		311		19,238
Pinnacle West Capital Corp.		857		60,701
PNM Resources, Inc.		610		27,554
Portland General Electric Co.		669		33,965
SJW Group		213		13,892
South Jersey Industries, Inc.^(c)		841		28,535
Southwest Gas Holdings, Inc.		443		31,426
Spire, Inc.		387		25,972
Star Group L.P.		266		2,594
Sunnova Energy International, Inc.^(b)		629		12,674
Unitil Corp.		119		6,008
York Water Co. (The)		94		4,218

				809,984

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $38,187,282)				35,490,684


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.10%
Invesco Private Government Fund, 0.12%^(f)(h)(i)		1,597,923		1,597,923
Invesco Private Prime Fund, 0.08%^(f)(h)(i)		3,763,333		3,763,709

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,361,978)				5,361,632

TOTAL INVESTMENTS IN SECURITIES-115.03% (Cost $43,549,260)				40,852,316
OTHER ASSETS LESS LIABILITIES-(15.03)%				(5,338,262	)

NET ASSETS-100.00%			$	35,514,054

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)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)	Restricted security. The aggregate value of these securities at February 28, 2022 was $24,251, which represented less than 1% of the Fund’s Net Assets.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

^(f)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Invesco Mortgage Capital, Inc.		$	7,142		$	2,002		$	(2,307	)		$	(2,024	)		$	(89	)		$	4,724		$	396

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			727,486			(727,486	)			-				-				-			4

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,052,576			2,865,003			(2,319,656	)			-				-				1,597,923			182	*
Invesco Private Prime Fund			2,456,004			6,231,138			(4,922,489	)			(346	)			(598	)			3,763,709			1,519	*

Total		$	3,515,722		$	9,825,629		$	(7,971,938	)		$	(2,370	)		$	(687	)		$	5,366,356		$	2,101

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

^(h)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Industrials			16.37

Financials			16.27

Consumer Discretionary			13.81

Information Technology			13.38

Health Care			12.43

Real Estate			8.95

Materials			5.39

Energy			4.96

Consumer Staples			3.66

Sector Types Each Less Than 3%			4.71

Money Market Funds Plus Other Assets Less Liabilities			0.07

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


		27

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Treasury Securities-43.43%
U.S. Treasury Bonds-11.58%
6.25%, 08/15/2023	$	20,000	$	21,448
7.63%, 02/15/2025		15,000		17,623
6.50%, 11/15/2026		20,000		24,304
6.63%, 02/15/2027		20,000		24,616
6.13%, 11/15/2027		15,000		18,546
5.25%, 11/15/2028		15,000		18,271
5.25%, 02/15/2029		10,000		12,248
6.13%, 08/15/2029		5,000		6,513
6.25%, 05/15/2030		10,000		13,388
5.38%, 02/15/2031		15,000		19,441
4.50%, 02/15/2036^(b)		15,000		19,835
4.75%, 02/15/2037		15,000		20,469
5.00%, 05/15/2037		15,000		20,984
4.50%, 05/15/2038		25,000		33,582
3.50%, 02/15/2039		15,000		18,025
4.25%, 05/15/2039		50,000		65,641
4.50%, 08/15/2039		35,000		47,350
4.38%, 11/15/2039		30,000		39,993
4.63%, 02/15/2040		25,000		34,274
1.13% - 4.38%, 05/15/2040		70,000		70,715
1.13% - 3.88%, 08/15/2040		85,000		74,553
1.38%, 11/15/2040		45,000		38,830
1.88% - 4.75%, 02/15/2041		100,000		105,218
2.25%, 05/15/2041		60,000		59,693
1.75% - 3.75%, 08/15/2041		100,000		107,600
2.00% - 3.13%, 11/15/2041		55,000		57,082
3.13%, 02/15/2042		35,000		39,860
2.75%, 08/15/2042		60,000		64,498
2.75%, 11/15/2042		20,000		21,485
2.88%, 05/15/2043		25,000		27,349
3.63%, 08/15/2043		50,000		61,158
3.75%, 11/15/2043		50,000		62,338
3.63%, 02/15/2044		50,000		61,295
3.38%, 05/15/2044		30,000		35,531
3.13%, 08/15/2044		50,000		57,053
2.50%, 02/15/2045		50,000		51,500
2.88%, 08/15/2045		50,000		55,033
2.50%, 02/15/2046		20,000		20,663
2.50%, 05/15/2046		35,000		36,163
2.25%, 08/15/2046		20,000		19,742
2.88%, 11/15/2046		30,000		33,209
3.00%, 02/15/2047		40,000		45,323
3.00%, 05/15/2047		37,000		42,027
2.75%, 08/15/2047		40,000		43,689
2.75%, 11/15/2047		15,000		16,402
3.13%, 05/15/2048		50,000		58,787
3.00%, 08/15/2048		50,000		57,533
3.38%, 11/15/2048		30,000		36,962
3.00%, 02/15/2049		40,000		46,292
2.88%, 05/15/2049		25,000		28,325
2.25%, 08/15/2049		55,000		55,286
2.38%, 11/15/2049		40,000		41,352
2.00%, 02/15/2050		25,000		23,866
1.25%, 05/15/2050		60,000		47,723
1.38%, 08/15/2050		70,000		57,455
1.63%, 11/15/2050		85,000		74,229


	Principal Amount		Value
U.S. Treasury Bonds-(continued)
1.88%, 02/15/2051	$	90,000	$	83,496
2.38%, 05/15/2051		60,000		62,379
2.00%, 08/15/2051		50,000		47,812
1.88%, 11/15/2051		35,000		32,555
2.25%, 02/15/2052		35,000		35,533

				2,574,145

U.S. Treasury Notes-31.85%
2.63%, 02/28/2023		100,000		101,521
0.50%, 03/15/2023		50,000		49,700
0.13%, 03/31/2023		50,000		49,466
0.25%, 04/15/2023		50,000		49,511
0.13%, 04/30/2023		20,000		19,759
0.13% - 1.75%, 05/15/2023		210,000		208,395
0.13% - 2.75%, 05/31/2023		150,000		151,297
0.25%, 06/15/2023		50,000		49,401
0.13%, 06/30/2023		25,000		24,637
0.13%, 07/15/2023		50,000		49,256
0.13% - 2.50%, 08/15/2023		170,000		169,928
0.13%, 08/31/2023		70,000		68,800
0.13%, 09/15/2023		50,000		49,103
0.25%, 09/30/2023		35,000		34,415
0.13%, 10/15/2023		40,000		39,216
0.38% - 2.88%, 10/31/2023		70,000		69,674
0.25% - 2.75%, 11/15/2023		185,000		185,724
0.50%, 11/30/2023		50,000		49,234
0.13%, 12/15/2023		75,000		73,324
2.63%, 12/31/2023		40,000		40,887
0.13%, 01/15/2024		50,000		48,805
0.88% - 2.25%, 01/31/2024^(b)		45,000		45,062
0.13% - 2.75%, 02/15/2024		120,000		119,524
1.50% - 2.38%, 02/29/2024		100,000		100,992
0.25%, 03/15/2024		90,000		87,813
2.13%, 03/31/2024		50,000		50,674
0.38%, 04/15/2024		30,000		29,309
0.25% - 2.50%, 05/15/2024		130,000		130,381
2.00%, 05/31/2024		50,000		50,557
0.25%, 06/15/2024		15,000		14,573
1.75% - 2.00%, 06/30/2024		65,000		65,497
0.38%, 07/15/2024^(b)		45,000		43,796
1.75%, 07/31/2024		50,000		50,270
0.38%, 08/15/2024		50,000		48,590
0.38%, 09/15/2024		125,000		121,304
1.50%, 09/30/2024		50,000		49,910
0.63%, 10/15/2024		20,000		19,514
1.50%, 10/31/2024		40,000		39,917
2.25%, 11/15/2024		50,000		50,887
1.50%, 11/30/2024		65,000		64,848
1.75% - 2.25%, 12/31/2024		100,000		101,127
1.38%, 01/31/2025		50,000		49,672
1.50% - 2.00%, 02/15/2025		185,000		185,623
1.13%, 02/28/2025		15,000		14,785
0.50%, 03/31/2025		45,000		43,474
2.88%, 04/30/2025		50,000		51,895
0.25%, 06/30/2025		20,000		19,081
0.25% - 2.88%, 07/31/2025		50,000		48,512
0.25%, 08/31/2025		30,000		28,537

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


		28

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

February 28, 2022

(Unaudited)


	Principal Amount		Value
U.S. Treasury Notes-(continued)
0.25%, 09/30/2025	$	50,000	$	47,498
0.25%, 10/31/2025		75,000		71,150
2.25%, 11/15/2025		40,000		40,787
0.38% - 2.88%, 11/30/2025		85,000		86,344
0.38%, 12/31/2025		90,000		85,581
0.38%, 01/31/2026		45,000		42,720
1.63%, 02/15/2026		50,000		49,820
0.50%, 02/28/2026		115,000		109,591
0.75%, 03/31/2026		65,000		62,517
0.75%, 04/30/2026		35,000		33,633
1.63%, 05/15/2026		50,000		49,785
0.75% - 2.13%, 05/31/2026		100,000		98,801
0.88% - 1.88%, 06/30/2026		85,000		83,441
0.63%, 07/31/2026		100,000		95,297
1.50%, 08/15/2026		100,000		99,016
0.75%, 08/31/2026		50,000		47,885
0.88% - 1.63%, 09/30/2026		95,000		93,233
1.13%, 10/31/2026		50,000		48,621
2.00%, 11/15/2026		60,000		60,712
1.25%, 11/30/2026		80,000		78,262
1.50%, 01/31/2027^(b)		40,000		39,566
2.25%, 02/15/2027		50,000		51,225
1.13%, 02/28/2027^(b)		25,000		24,274
0.63%, 03/31/2027		30,000		28,383
0.50%, 04/30/2027		25,000		23,477
2.38%, 05/15/2027		10,000		10,309
0.50%, 05/31/2027		30,000		28,124
0.50%, 06/30/2027		50,000		46,826
0.38%, 07/31/2027		45,000		41,813
2.25%, 08/15/2027		50,000		51,285
0.50%, 08/31/2027		35,000		32,689
0.38%, 09/30/2027		50,000		46,307
0.50%, 10/31/2027		50,000		46,580
2.25%, 11/15/2027		50,000		51,283
0.63%, 11/30/2027		20,000		18,741
0.63%, 12/31/2027		40,000		37,448
0.75%, 01/31/2028		65,000		61,227
2.75%, 02/15/2028		70,000		73,823
1.13%, 02/29/2028		35,000		33,709
1.25%, 03/31/2028		25,000		24,216
1.25%, 04/30/2028		40,000		38,730
2.88%, 05/15/2028		50,000		53,139
1.25%, 05/31/2028		60,000		58,050
1.25%, 06/30/2028		65,000		62,834
1.00%, 07/31/2028		60,000		57,049
2.88%, 08/15/2028		50,000		53,232
1.13%, 08/31/2028		50,000		47,880
1.25%, 09/30/2028		50,000		48,238
3.13%, 11/15/2028		25,000		27,062
1.50%, 11/30/2028		65,000		63,682
1.75%, 01/31/2029		50,000		49,785
2.63%, 02/15/2029		70,000		73,713
2.38%, 05/15/2029		40,000		41,519
1.63%, 08/15/2029		100,000		98,816
1.75%, 11/15/2029		100,000		99,719
1.50%, 02/15/2030		60,000		58,648
0.63%, 05/15/2030		55,000		50,016
0.63%, 08/15/2030		125,000		113,320
0.88%, 11/15/2030		70,000		64,665


	Principal Amount		Value
U.S. Treasury Notes-(continued)
1.13%, 02/15/2031^(b)	$	130,000	$	122,469
1.63%, 05/15/2031		110,000		108,114
1.25%, 08/15/2031		90,000		85,465
1.38%, 11/15/2031		150,000		143,918

				7,084,239

Total U.S. Treasury Securities (Cost $9,864,404)				9,658,384


U.S. Dollar Denominated Bonds & Notes-28.08%
Aerospace & Defense-0.50%
Boeing Co. (The), 4.88%, 05/01/2025		50,000		53,217
Raytheon Technologies Corp., 4.80%, 12/15/2043		50,000		57,604

				110,821

Airlines-0.17%
Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		30,060		30,649
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 08/15/2025		6,280		6,446

				37,095

Asset Management & Custody Banks-0.47%
Apollo Management Holdings L.P., 4.87%, 02/15/2029^(c)		25,000		27,716
Bank of New York Mellon Corp. (The), 3.40%, 01/29/2028		50,000		52,515
BlackRock, Inc., 2.40%, 04/30/2030		25,000		24,349

				104,580

Automobile Manufacturers-0.72%
General Motors Co.
4.88%, 10/02/2023		50,000		52,250
6.13%, 10/01/2025		50,000		55,399
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028		50,000		53,563

				161,212

Biotechnology-0.59%
AbbVie, Inc., 3.60%, 05/14/2025		50,000		51,712
Amgen, Inc., 4.66%, 06/15/2051		50,000		55,956
Gilead Sciences, Inc., 1.20%, 10/01/2027		25,000		23,281

				130,949

Brewers-0.24%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.65%, 02/01/2026		50,000		52,293
Cable & Satellite-0.67%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		50,000		53,083
Comcast Corp.
4.15%, 10/15/2028		50,000		54,163
2.94%, 11/01/2056^(c)		50,000		42,202

				149,448

Computer & Electronics Retail-0.23%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		50,000		51,951

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


		29

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

February 28, 2022

(Unaudited)


	Principal Amount		Value
Construction Machinery & Heavy Trucks-0.21%
Caterpillar Financial Services Corp., 0.90%, 03/02/2026	$	50,000	$	47,723

Consumer Finance-0.24%
Capital One Financial Corp., 4.20%, 10/29/2025		50,000		52,518

Data Processing & Outsourced Services-0.18%
Visa, Inc., 2.00%, 08/15/2050		50,000		39,721

Diversified Banks-4.76%
Asian Development Bank (Supranational), 0.63%, 04/29/2025		100,000		96,726
Asian Infrastructure Investment Bank (The) (Supranational), 0.50%, 01/27/2026		50,000		47,483
Bank of America Corp.
3.88%, 08/01/2025		25,000		26,199
1.90%, 07/23/2031^(d)		50,000		45,224
1.92%, 10/24/2031^(d)		50,000		45,307
Bank of Montreal (Canada), 4.34%, 10/05/2028^(d)		50,000		51,505
Bank of Nova Scotia (The) (Canada), 0.70%, 04/15/2024		50,000		48,533
Citigroup, Inc., 8.13%, 07/15/2039		50,000		78,204
European Investment Bank (Supranational), 1.25%, 02/14/2031^(b)		50,000		47,369
Inter-American Development Bank (Supranational), 0.25%, 11/15/2023		50,000		49,049
International Bank for Reconstruction & Development (Supranational), 0.63%, 04/22/2025		50,000		48,315
JPMorgan Chase & Co.
2.18%, 06/01/2028^(d)		50,000		48,319
3.96%, 11/15/2048^(d)		50,000		52,809
Kreditanstalt fuer Wiederaufbau (Germany), 0.75%, 09/30/2030		50,000		45,406
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.76%, 07/26/2023		50,000		51,386
Royal Bank of Canada (Canada), 2.05%, 01/21/2027		50,000		49,113
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.54%, 01/17/2028		50,000		52,039
Toronto-Dominion Bank (The) (Canada), 0.45%, 09/11/2023		25,000		24,567
U.S. Bancorp, 3.38%, 02/05/2024		50,000		51,433
Wells Fargo & Co., 3.00%, 04/22/2026		50,000		50,841
Westpac Banking Corp. (Australia), 2.89%, 02/04/2030^(d)		50,000		49,451

				1,059,278

Diversified Capital Markets-0.12%
Deutsche Bank AG (Germany), 4.10%, 01/13/2026		25,000		26,122

Diversified Chemicals-0.23%
Dow Chemical Co. (The), 3.63%, 05/15/2026		50,000		52,264

Diversified Metals & Mining-0.23%
Glencore Funding LLC (Australia), 4.00%, 03/27/2027^(c)		50,000		51,913

Electric Utilities-1.92%
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025		50,000		52,804


	Principal Amount		Value
Electric Utilities-(continued)
Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/2024	$	42,000	$	45,346
Commonwealth Edison Co., 2.20%, 03/01/2030^(b)		25,000		23,897
Duke Energy Corp., 3.75%, 09/01/2046		50,000		47,799
Entergy Corp., 2.80%, 06/15/2030		25,000		24,053
Georgia Power Co., 4.30%, 03/15/2043		50,000		51,727
Pacific Gas and Electric Co., 4.95%, 07/01/2050 .		50,000		49,421
Southern California Edison Co., 2.25%, 06/01/2030		50,000		46,994
Virginia Electric & Power Co., Series B, 6.00%, 01/15/2036		25,000		31,727
Xcel Energy, Inc., 4.00%, 06/15/2028		50,000		53,067

				426,835

Environmental & Facilities Services-0.13%
Waste Management, Inc., 4.15%, 07/15/2049		25,000		27,902

Gas Utilities-0.13%
Southern California Gas Co., Series KK, 5.75%, 11/15/2035		25,000		29,983

General Merchandise Stores-0.23%
Target Corp., 3.50%, 07/01/2024		50,000		52,093

Health Care Equipment-0.14%
Abbott Laboratories, 4.90%, 11/30/2046		25,000		30,851

Health Care Facilities-0.24%
HCA, Inc., 5.00%, 03/15/2024		50,000		52,606

Health Care Services-0.33%
Cigna Corp., 3.20%, 03/15/2040		25,000		23,079
CVS Health Corp.
4.78%, 03/25/2038		25,000		27,940
5.05%, 03/25/2048		20,000		23,283

				74,302

Home Improvement Retail-0.15%
Home Depot, Inc. (The), 5.88%, 12/16/2036		25,000		33,067

Household Products-0.22%
Kimberly-Clark Corp., 2.88%, 02/07/2050^(b)		25,000		23,388
Procter & Gamble Co. (The), 3.00%, 03/25/2030		25,000		26,080

				49,468

Hypermarkets & Super Centers-0.21%
Walmart, Inc., 1.50%, 09/22/2028^(b)		50,000		47,684

Industrial Conglomerates-0.41%
3M Co., 3.70%, 04/15/2050		25,000		25,640
General Electric Co., 6.75%, 03/15/2032		50,000		64,587

				90,227

Industrial Machinery-0.07%
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/2023^(b)		15,000		15,472

Insurance Brokers-0.36%
Aon PLC, 4.45%, 05/24/2043		50,000		54,144
Brown & Brown, Inc., 4.20%, 09/15/2024		25,000		26,006

				80,150

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


		30

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

February 28, 2022

(Unaudited)


	Principal Amount		Value
Integrated Oil & Gas-0.93%
BP Capital Markets PLC (United Kingdom), 3.12%, 05/04/2026	$	50,000	$	50,886
Exxon Mobil Corp.
2.73%, 03/01/2023		50,000		50,573
4.33%, 03/19/2050		50,000		56,509
Shell International Finance B.V. (Netherlands), 2.75%, 04/06/2030		50,000		49,871

				207,839

Integrated Telecommunication Services-0.59%
AT&T, Inc., 1.65%, 02/01/2028		25,000		23,614
Verizon Communications, Inc.
5.01%, 04/15/2049		50,000		60,607
3.70%, 03/22/2061		50,000		47,702

				131,923

Internet & Direct Marketing Retail-0.22%
Amazon.com, Inc., 2.10%, 05/12/2031		50,000		48,131

Investment Banking & Brokerage-0.95%
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025		125,000		131,451
Morgan Stanley
4.30%, 01/27/2045		25,000		27,178
Series F, 3.88%, 04/29/2024		50,000		51,714

				210,343

IT Consulting & Other Services-0.27%
International Business Machines Corp., 6.22%, 08/01/2004		50,000		59,361

Life & Health Insurance-0.74%
Athene Holding Ltd., 6.15%, 04/03/2030		50,000		58,846
MetLife, Inc., 6.40%, 12/15/2036		50,000		56,310
Prudential Financial, Inc., 5.20%, 03/15/2044^(d).		50,000		50,438

				165,594

Managed Health Care-0.41%
Anthem, Inc., 6.38%, 06/15/2037		50,000		66,510
UnitedHealth Group, Inc., 2.00%, 05/15/2030		25,000		23,619

				90,129

Movies & Entertainment-0.20%
TWDC Enterprises 18 Corp., 4.38%, 08/16/2041		30,000		33,306
Walt Disney Co. (The), 4.75%, 09/15/2044		10,000		11,595

				44,901

Multi-line Insurance-0.11%
Liberty Mutual Group, Inc., 3.95%, 05/15/2060^(c)		25,000		24,127

Multi-Sector Holdings-0.23%
Berkshire Hathaway, Inc., 2.75%, 03/15/2023		50,000		50,658

Office REITs-0.46%
Boston Properties L.P., 3.80%, 02/01/2024		100,000		102,887

Oil & Gas Exploration & Production-0.56%
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027		50,000		52,233
ConocoPhillips, 4.95%, 03/15/2026		65,000		71,246

				123,479


	Principal Amount		Value
Oil & Gas Storage & Transportation-0.82%
Energy Transfer L.P.
3.90%, 05/15/2024	$	20,000	$	20,545
6.13%, 12/15/2045		50,000		56,116
Enterprise Products Operating LLC, 4.45%, 02/15/2043		50,000		51,681
TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034		50,000		54,585

				182,927

Other Diversified Financial Services-0.22%
Province of Quebec (Canada), 0.60%, 07/23/2025^(b)		50,000		48,013

Packaged Foods & Meats-0.27%
Tyson Foods, Inc., 5.10%, 09/28/2048		50,000		60,028

Paper Products-0.22%
Georgia-Pacific LLC, 2.30%, 04/30/2030^(c)		50,000		48,228

Pharmaceuticals-0.58%
Johnson & Johnson, 4.50%, 12/05/2043		50,000		58,719
Pfizer, Inc., 3.40%, 05/15/2024		25,000		25,918
Royalty Pharma PLC, 2.15%, 09/02/2031^(b)		50,000		44,776

				129,413

Railroads-0.44%
CSX Corp., 2.40%, 02/15/2030^(b)		50,000		48,738
Union Pacific Corp., 2.15%, 02/05/2027^(b)		50,000		49,474

				98,212

Regional Banks-0.44%
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027^(b)		50,000		51,919
Truist Financial Corp., 1.13%, 08/03/2027		50,000		46,469

				98,388

Restaurants-0.24%
McDonald’s Corp., 4.20%, 04/01/2050		50,000		53,433

Semiconductors-0.61%
Broadcom, Inc., 3.19%, 11/15/2036^(c)		50,000		46,466
Intel Corp.
2.45%, 11/15/2029		50,000		48,856
3.73%, 12/08/2047		15,000		15,119
QUALCOMM, Inc., 3.25%, 05/20/2050		25,000		24,556

				134,997

Soft Drinks-0.46%
Coca-Cola Co. (The), 3.38%, 03/25/2027		50,000		52,773
PepsiCo, Inc., 2.63%, 07/29/2029		50,000		50,547

				103,320

Sovereign Debt-1.87%
Canada Government International Bond (Canada), 1.63%, 01/22/2025^(b)		60,000		59,930
Mexico Government International Bond (Mexico) 5.55%, 01/21/2045^(b)		60,000		65,655
5.75%, 10/12/2110		70,000		71,767
Panama Government International Bond (Panama), 8.88%, 09/30/2027		100,000		129,849

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


		31

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

February 28, 2022

(Unaudited)


	Principal Amount		Value
Sovereign Debt-(continued)
Peruvian Government International Bond (Peru), 4.13%, 08/25/2027	$	50,000	$	52,786
Philippine Government International Bond (Philippines), 9.50%, 02/02/2030		25,000		35,957

				415,944

Specialized REITs-0.48%
American Tower Corp., 3.10%, 06/15/2050		50,000		41,904
Crown Castle International Corp., 2.50%, 07/15/2031		50,000		46,474
Equinix, Inc., 1.55%, 03/15/2028		20,000		18,418

				106,796

Specialty Chemicals-0.21%
International Flavors & Fragrances, Inc., 3.27%, 11/15/2040^(c)		50,000		46,132

Steel-0.10%
Steel Dynamics, Inc., 3.25%, 10/15/2050		25,000		22,188

Systems Software-0.32%
Microsoft Corp., 3.70%, 08/08/2046		25,000		26,880
Oracle Corp., 3.60%, 04/01/2040		50,000		45,245

				72,125

Technology Hardware, Storage & Peripherals-0.21%
Apple, Inc., 1.65%, 02/08/2031		50,000		46,507

Tobacco-0.14%
Philip Morris International, Inc., 4.38%, 11/15/2041		30,000		31,132

Trading Companies & Distributors-0.22%
Air Lease Corp., 3.13%, 12/01/2030		50,000		48,223

Water Utilities-0.11%
American Water Capital Corp., 3.45%, 05/01/2050		25,000		24,035

Wireless Telecommunication Services-0.35%
T-Mobile USA, Inc., 3.88%, 04/15/2030		75,000		77,597

Total U.S. Dollar Denominated Bonds & Notes (Cost $6,519,001)				6,245,538


U.S. Government Sponsored Agency Mortgage-Backed Securities-23.89%
Federal Farm Credit Bank (FFCB)-0.22%
0.88%, 11/18/2024		50,000		49,010

Federal Home Loan Bank (FHLB)-0.46%
2.13%, 06/09/2023		100,000		101,068

Federal Home Loan Mortgage Corp. (FHLMC)-6.96%
0.38%, 09/23/2025		50,000		47,664
2.50%, 09/01/2028 to 06/01/2050		313,660		312,448
3.00%, 11/01/2028 to 09/01/2049		110,923		113,211
2.00%, 05/01/2036 to 12/01/2051		665,683		643,893
1.50%, 10/01/2036 to 04/01/2051		187,872		176,561
3.50%, 02/01/2043 to 10/01/2047		99,683		104,473
4.00%, 08/01/2047 to 09/01/2049		66,620		70,016
4.50%, 03/01/2049 to 06/01/2050		45,406		48,245
Series 1, 0.00%, 11/15/2038^(e)		50,000		32,317

				1,548,828

Federal National Mortgage Association (FNMA)-10.83%
2.63%, 09/06/2024		100,000		102,654


	Principal Amount		Value
Federal National Mortgage Association (FNMA)-(continued)
0.75%, 10/08/2027	$	60,000	$	56,472
3.50%, 12/01/2028 to 07/01/2048		257,462		268,203
2.50%, 02/01/2032 to 11/01/2051		606,176		603,607
2.00%, 09/01/2035 to 03/01/2052		711,769		688,109
1.50%, 02/01/2036 to 02/01/2051		90,406		85,949
3.00%, 08/01/2040 to 10/01/2050		342,721		348,437
4.00%, 09/01/2047 to 09/01/2050		113,439		119,089
5.00%, 05/01/2048 to 07/01/2049		69,445		75,963
4.50%, 04/01/2049		55,094		59,193

				2,407,676

Government National Mortgage Association (GNMA)-5.42%
3.50%, 04/20/2033 to 03/20/2050		174,065		182,012
4.00%, 11/15/2046 to 05/20/2050		128,983		136,082
3.00%, 11/20/2046 to 07/20/2051		280,600		286,624
5.00%, 05/20/2048		13,935		14,877
2.50%, 06/20/2049 to 08/20/2051		242,957		243,535
4.50%, 07/20/2049		19,792		20,801
2.00%, 09/20/2050 to 11/20/2051		328,661		322,179

				1,206,110

Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $5,469,398)				5,312,692


Asset-Backed Securities-3.29%
Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.06%, 08/15/2028		50,000		49,315
Commercial Mortgage Trust, Series 2015-CR22, Class A5, 3.31%, 03/10/2048		100,000		102,242
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 07/15/2030^(c)		100,000		103,081
Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/2069^(c)		77,530		75,182
Verizon Owner Trust, Series 2020-B, Class A, 0.47%, 02/20/2025		50,000		49,572
Wells Fargo Commercial Mortgage Trust
Series 2015-LC20, Class B, 3.72%, 04/15/2050		100,000		100,167
Series 2015-NXS2, Class A4, 3.50%, 07/15/2058		200,000		203,173
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class C, 4.54%, 11/15/2045^(f)		50,000		49,888

Total Asset-Backed Securities (Cost $746,977)				732,620


Municipal Obligations-0.71%
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039 (Cost $146,313)		100,000		157,462

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


		32

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

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(g)(h)(Cost $47,750)		47,750	$	47,750

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.61% (Cost $22,793,843)				22,154,446


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.53%
Invesco Private Government Fund, 0.12%^(g)(h)(i)		235,459		235,459


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(g)(h)(i)		549,350	$	549,405

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $784,875)				784,864

TOTAL INVESTMENTS IN SECURITIES-103.14% (Cost $23,578,718)				22,939,310
OTHER ASSETS LESS LIABILITIES-(3.14)%				(699,294	)

NET ASSETS-100.00%			$	22,240,016

Investment Abbreviations:

GO -General Obligation

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 February 28, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $465,047, which represented 2.09% of the Fund’s Net Assets.

^(d)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)	Denotes a zero coupon security issued at a substantial discount from its value at maturity.

^(f)	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 February 28, 2022.

^(g)


	Value August 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value February 28, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$516,374		$2,112,240		$(2,580,864)		$-		$-		$47,750		$18

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		245,544		2,092,306		(2,102,391)		-		-		235,459		33*

Invesco Private Prime Fund		572,937		3,481,844		(3,505,194)		(11)		(171)		549,405		292*


Total		$1,334,855		$7,686,390		$(8,188,449)		$(11)		$(171)		$832,614		$343

*	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.

^(h)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

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


		33

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

February 28, 2022

(Unaudited)

Portfolio Composition

Security Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022




U.S. Treasury Securities			43.43

U.S. Dollar Denominated Bonds & Notes			28.08

U.S. Government Sponsored Agency Mortgage-Backed Securities			23.89

Asset-Backed Securities			3.29

Municipal Obligations			0.71

Money Market Funds Plus Other Assets Less Liabilities			0.60

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


		34

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco PureBeta^SMMSCI USA ETF (PBUS)			Invesco PureBeta^SMMSCI USA Small Cap ETF (PBSM)			Invesco PureBeta^SMUS Aggregate Bond ETF (PBND)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,405,262,929		$	35,485,960		$	22,106,696
Affiliated investments in securities, at value			66,294,123			5,366,356			832,614
Cash			-			16,106			-
Receivable for:
Dividends and interest			3,241,671			21,566			105,147
Securities lending			10,385			1,971			104
Investments sold			4,802,081			131,563			523,418
Investments sold - affiliated broker			5,026,097			123,925			-

Total assets			2,484,637,286			41,147,447			23,567,979


Liabilities:
Due to custodian			1,550,746			-			-
Payable for:
Investments purchased			4,253,260			243,706			542,236
Investments purchased - affiliated broker			4,814,654			26,109			-
Collateral upon return of securities loaned			65,850,498			5,361,978			784,875
Fund shares repurchased			14,435			-			-
Accrued unitary management fees			80,862			1,600			852

Total liabilities			76,564,455			5,633,393			1,327,963

Net Assets		$	2,408,072,831		$	35,514,054		$	22,240,016


Net assets consist of:
Shares of beneficial interest		$	2,271,575,988		$	35,499,367		$	22,856,309
Distributable earnings (loss)			136,496,843			14,687			(616,293	)

Net Assets		$	2,408,072,831		$	35,514,054		$	22,240,016

Shares outstanding (unlimited amount authorized, $0.01 par value)			54,700,001			975,001			900,001
Net asset value		$	44.02		$	36.42		$	24.71

Market price		$	43.98		$	36.47		$	24.68

Unaffiliated investments in securities, at cost		$	2,300,115,378		$	38,179,537		$	22,746,093

Affiliated investments in securities, at cost		$	66,388,405		$	5,369,723		$	832,625

^(a)Includes securities on loan with an aggregate value of:		$	64,364,486		$	5,260,207		$	772,651

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


		35

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco PureBeta^SMMSCI USA ETF (PBUS)				Invesco PureBeta^SMMSCI USA Small Cap ETF (PBSM)				Invesco PureBeta^SMUS Aggregate Bond ETF (PBND)
Investment income:
Unaffiliated interest income		$	-			$	-			$	195,052
Unaffiliated dividend income			16,561,081				246,030				-
Affiliated dividend income			7,692				400				18
Securities lending income			41,148				8,779				646
Foreign withholding tax			(3,135	)			(113	)			-

Total investment income			16,606,786				255,096				195,716


Expenses:
Unitary management fees			487,340				11,506				5,823

Net expenses			487,340				11,506				5,823

Net investment income			16,119,446				243,590				189,893


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(3,658,806	)			(198,837	)			(2,284	)
Affiliated investment securities			(6,091	)			(610	)			(171	)
Unaffiliated in-kind redemptions			30,236,348				3,332,686				61,151
Affiliated in-kind redemptions			(4,906	)			(77	)			-

Net realized gain			26,566,545				3,133,162				58,696

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(167,212,022	)			(6,061,404	)			(1,219,673	)
Affiliated investment securities			(92,111	)			(2,370	)			(11	)

Change in net unrealized appreciation (depreciation)			(167,304,133	)			(6,063,774	)			(1,219,684	)

Net realized and unrealized gain (loss)			(140,737,588	)			(2,930,612	)			(1,160,988	)

Net increase (decrease) in net assets resulting from operations		$	(124,618,142	)		$	(2,687,022	)		$	(971,095	)

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


		36

(This Page Intentionally Left Blank)


		37

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco PureBeta^SM
	MSCI USA ETF (PBUS)
	Six Months Ended			Year Ended
	February 28,			August 31,
	2022			2021
Operations:
Net investment income	$	16,119,446		$	12,346,118
Net realized gain		26,566,545			4,494,280
Change in net unrealized appreciation (depreciation)		(167,304,133	)		270,255,033

Net increase (decrease) in net assets resulting from operations		(124,618,142	)		287,095,431


Distributions to Shareholders from:
Distributable earnings		(15,310,385	)		(7,694,515	)


Shareholder Transactions:
Proceeds from shares sold		619,275,179			1,901,249,143
Value of shares repurchased		(245,475,403	)		(15,303,140	)

Net increase (decrease) in net assets resulting from share transactions		373,799,776			1,885,946,003

Net increase (decrease) in net assets		233,871,249			2,165,346,919


Net assets:
Beginning of period		2,174,201,582			8,854,663

End of period	$	2,408,072,831		$	2,174,201,582


Changes in Shares Outstanding:
Shares sold		13,275,000			47,225,000
Shares repurchased		(5,700,000	)		(350,000	)
Shares outstanding, beginning of period		47,125,001			250,001

Shares outstanding, end of period		54,700,001			47,125,001

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


		38


Invesco PureBeta^SM						Invesco PureBeta^SM
MSCI USA Small Cap ETF (PBSM)						US Aggregate Bond ETF (PBND)
Six Months Ended		Year Ended				Six Months Ended				Year Ended
February 28,		August 31,				February 28,				August 31,
2022		2021				2022				2021

	$ 243,590		$	262,673			$	189,893			$	349,918
	3,133,162			1,252,810				58,696				952,648
	(6,063,774)			2,882,970				(1,219,684	)			(1,336,513	)

	(2,687,022)			4,398,453				(971,095	)			(33,947	)



	(621,208)			(247,628	)			(304,685	)			(534,345	)



	11,879,300			37,177,435				2,572,452				5,286,219
	(14,593,225)			(3,838,450	)			(2,544,189	)			(10,807,847	)

	(2,713,925)			33,338,985				28,263				(5,521,628	)

	(6,022,155)			37,489,810				(1,247,517	)			(6,089,920	)



	41,536,209			4,046,399				23,487,533				29,577,453

	$ 35,514,054		$	41,536,209			$	22,240,016			$	23,487,533



	300,000			1,000,000				100,000				200,000
	(375,000)			(100,000	)			(100,000	)			(400,000	)
	1,050,001			150,001				900,001				1,100,001


	975,001			1,050,001				900,001				900,001


		39

Financial Highlights

Invesco PureBeta^SM MSCI USA ETF (PBUS)


																						For the Period
	Six Months Ended																					September 19, 2017^(a)
	February 28,																	Ten Months Ended					Through
	2022				Years Ended August 31,												August 31,					October 31,
	(Unaudited)				2021				2020				2019				2018					2017
Per Share Operating Performance:
Net asset value at beginning of period		$	46.14			$	35.42			$	29.16			$	29.09				$	25.70				$	25.00

Net investment income^(b)			0.30				0.57				0.56				0.48					0.43					0.04
Net realized and unrealized gain (loss) on investments			(2.12	)			10.58				6.21				0.19					3.32					0.66

Total from investment operations			(1.82	)			11.15				6.77				0.67					3.75					0.70

Distributions to shareholders from:
Net investment income			(0.29	)			(0.43	)			(0.51	)			(0.53	)				(0.36	)				-
Net realized gains			(0.01	)			-				-				(0.07	)				-					-

Total distributions			(0.30	)			(0.43	)			(0.51	)			(0.60	)				(0.36	)				-

Net asset value at end of period		$	44.02			$	46.14			$	35.42			$	29.16				$	29.09				$	25.70

Market price at end of period^(c)		$	43.98			$	46.14			$	35.61			$	29.16				$	29.09				$	25.70

Net Asset Value Total Return^(d)			(3.97	)%			31.79	%			23.71	%			2.48	%				14.68	%				2.80	%^(e)
Market Price Total Return^(d)			(4.06	)%			31.07	%			24.36	%			2.48	%				14.68	%				2.80	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,408,073			$	2,174,202			$	8,855			$	2,916				$	2,909				$	2,570
Ratio to average net assets of:
Expenses			0.04	%^(f)			0.04	%			0.04	%			0.29	%^(g)				0.04	%^(f)				0.04	%^(f)
Net investment income			1.32	%^(f)			1.32	%			1.82	%			1.70	%^(g)				1.91	%^(f)				1.31	%^(f)
Portfolio turnover rate^(h)			2	%			6	%			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)

^(e)	The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 2.96%. The market price total return from Fund Inception to October 31, 2017 was 3.09%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.25%.

^(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.


		40

Financial Highlights–(continued)

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


																						For the Period
	Six Months Ended																					September 19, 2017^(a)
	February 28,																	Ten Months Ended					Through
	2022				Years Ended August 31,												August 31,					October 31,
	(Unaudited)				2021				2020				2019				2018					2017
Per Share Operating Performance:
Net asset value at beginning of period		$	39.56			$	26.98			$	26.17			$	30.11				$	26.06				$	25.00

Net investment income^(b)			0.24				0.43				0.38				0.31					0.32					0.04
Net realized and unrealized gain (loss) on investments			(2.80	)			12.65				0.82				(3.05	)				4.00					1.02

Total from investment operations			(2.56	)			13.08				1.20				(2.74	)				4.32					1.06

Distributions to shareholders from:
Net investment income			(0.21	)			(0.37	)			(0.38	)			(0.38	)				(0.27	)				-
Net realized gains			(0.37	)			(0.13	)			(0.01	)			(0.82	)				-					-

Total distributions			(0.58	)			(0.50	)			(0.39	)			(1.20	)				(0.27	)				-

Net asset value at end of period		$	36.42			$	39.56			$	26.98			$	26.17				$	30.11				$	26.06

Market price at end of period^(c)		$	36.47			$	39.51			$	27.00			$	26.21				$	30.11				$	26.08

Net Asset Value Total Return^(d)			(6.48	)%			48.83	%			4.87	%			(8.54	)%				16.66	%				4.24	%^(e)
Market Price Total Return^(d)			(6.26	)%			48.53	%			4.79	%			(8.40	)%				16.57	%				4.32	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	35,514			$	41,536			$	4,046			$	2,617				$	3,011				$	2,606
Ratio to average net assets of:
Expenses			0.06	%^(f)			0.06	%			0.06	%			0.32	%^(g)				0.06	%^(f)				0.06	%^(f)
Net investment income			1.27	%^(f)			1.14	%			1.49	%			1.16	%^(g)				1.39	%^(f)				1.21	%^(f)
Portfolio turnover rate^(h)			7	%			21	%			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)

^(e)	The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 3.66%. The market price total return from Fund Inception to October 31, 2017 was 3.66%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.26%.

^(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.


		41

Financial Highlights–(continued)

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)


																					For the Period
	Six Months Ended																				September 27, 2017^(a)
	February 28,																	Ten Months Ended				Through
	2022				Years Ended August 31,												August 31,				October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.10			$	26.89			$	25.94			$	24.23			$	24.96			$	25.00

Net investment income^(b)			0.21				0.45				0.62				0.67				0.52				0.06
Net realized and unrealized gain (loss) on investments			(1.27	)			(0.56	)			1.02				1.74				(0.70	)			(0.05	)

Total from investment operations			(1.06	)			(0.11	)			1.64				2.41				(0.18	)			0.01

Distributions to shareholders from:
Net investment income			(0.25	)			(0.56	)			(0.69	)			(0.70	)			(0.54	)			(0.05	)
Net realized gains			(0.08	)			(0.12	)			-				-				-				-
Return of capital			-				-				-				-				(0.01	)			-

Total distributions			(0.33	)			(0.68	)			(0.69	)			(0.70	)			(0.55	)			(0.05	)

Net asset value at end of period		$	24.71			$	26.10			$	26.89			$	25.94			$	24.23			$	24.96

Market price at end of period^(c)		$	24.68			$	26.11			$	26.93			$	25.96			$	24.25			$	24.96

Net Asset Value Total Return^(d)			(4.11	)%			(0.42	)%			6.42	%			10.14	%			(0.72	)%			0.05	%^(e)
Market Price Total Return^(d)			(4.26	)%			(0.53	)%			6.49	%			10.14	%			(0.64	)%			0.05	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	22,240			$	23,488			$	29,577			$	25,940			$	24,233			$	24,964
Ratio to average net assets of:
Expenses, after Waivers			0.05	%^(f)			0.05	%			0.05	%			0.08	%^(g)			0.05	%^(f)			0.04	%^(f)
Expenses, prior to Waivers			0.05	%^(f)			0.05	%			0.05	%			0.08	%^(g)			0.05	%^(f)			0.05	%^(f)
Net investment income			1.63	%^(f)			1.70	%			2.36	%			2.71	%^(g)			2.55	%^(f)			2.44	%^(f)
Portfolio turnover rate^(h)			16	%			42	%			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)

^(e)	The net asset value total return from Fund Inception (September 29, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.01%. The market price total return from Fund Inception to October 31, 2017 was 0.29%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(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.


		42

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco PureBeta^SMMSCI USA ETF (PBUS)		“PureBeta^SMMSCI USA ETF”

Invesco PureBeta^SMMSCI USA Small Cap ETF (PBSM)		“PureBeta^SMMSCI USA Small Cap ETF”

Invesco PureBeta^SMUS Aggregate Bond ETF (PBND)		“PureBeta^SMUS Aggregate Bond ETF”

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


Fund		Underlying Index

PureBeta^SMMSCI USA ETF		MSCI USA Index

PureBeta^SMMSCI USA Small Cap ETF		MSCI USA Small Cap Index

PureBeta^SMUS Aggregate Bond ETF		ICE BofA US Broad Market Index^SM

NOTE 2–Significant Accounting Policies

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

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


		43

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.


		44

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.

Dividends and Distributions to Shareholders - Each Fund (except for PureBetaSM 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. PureBetaSM 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.

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.


		45

indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period, September 14, 2021 through February 28, 2022, each Fund (except for PureBeta US Aggregate Bond ETF) had affiliated securities lending transactions with Invesco. The PureBeta MSCI USA ETF paid Invesco $578 in fees for securities lending agent services. The fees paid to Invesco by the PureBeta MSCI USA Small Cap ETF were less than $500.

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

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

K.	Other Risks


		46

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

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.


		47

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 call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

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

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.

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

NOTE 3–Investment Advisory Agreement and Other Agreements


		48


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

PureBeta^SMMSCI USA ETF		0.04%

PureBeta^SMMSCI USA Small Cap ETF		0.06%

PureBeta^SMUS Aggregate Bond ETF		0.05%

For the six months ended February 28, 2022, the Adviser waived fees for each Fund in the following amounts:

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


Fund		Licensor

PureBeta^SMMSCI USA ETF		MSCI Inc.

PureBeta^SMMSCI USA Small Cap ETF		MSCI Inc.

PureBeta^SMUS 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.



PureBeta^SMMSCI USA ETF			$1,780

PureBeta^SMMSCI USA Small Cap ETF			256

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.


		49



Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3			Total
PureBeta^SMMSCI USA ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,405,711,475	$	-		$	-	$	2,405,711,475
Money Market Funds		-		65,845,577			-		65,845,577

Total Investments	$	2,405,711,475	$	65,845,577		$	-	$	2,471,557,052

PureBeta^SMMSCI USA Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	35,490,642	$	-		$	42	$	35,490,684
Money Market Funds		-		5,361,632			-		5,361,632

Total Investments	$	35,490,642	$	5,361,632		$	42	$	40,852,316

PureBeta^SMUS Aggregate Bond ETF
Investments in Securities
U.S. Treasury Securities	$	-	$	9,658,384		$	-	$	9,658,384
U.S. Dollar Denominated Bonds & Notes		-		6,245,538			-		6,245,538
U.S. Government Sponsored Agency Mortgage-Backed Securities		-		5,312,692			-		5,312,692
Asset-Backed Securities		-		732,620			-		732,620
Municipal Obligations		-		157,462			-		157,462
Money Market Funds		47,750		784,864			-		832,614

Total Investments	$	47,750	$	22,891,560		$	-	$	22,939,310

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

The Funds did not have capital loss carryforwards as of August 31, 2021.

NOTE 6–Investment Transactions


	Purchases		Sales
PureBeta^SMMSCI USA ETF	$	44,840,224	$	42,379,556

PureBeta^SMMSCI USA Small Cap ETF		2,850,352		3,203,984
PureBeta^SMUS Aggregate Bond ETF		2,205,364		2,211,808


		50

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
PureBeta^SMMSCI USA ETF	$	613,036,661	$	243,867,417

PureBeta^SMMSCI USA Small Cap ETF		11,758,203		14,481,606

PureBeta^SMUS Aggregate Bond ETF		1,728,983		1,998,018

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
PureBeta^SMMSCI USA ETF	$	234,887,129	$	(130,993,301	)	$	103,893,828		$	2,367,663,224

PureBeta^SMMSCI USA Small Cap ETF		2,464,578		(5,560,267	)		(3,095,689	)		43,948,005

PureBeta^SMUS Aggregate Bond ETF		182,635		(822,043	)		(639,408	)		23,578,718

NOTE 7–Trustees’ and Officer’s Fees

NOTE 8–Capital

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

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.


		51

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco PureBeta^SMMSCI USA ETF (PBUS)

Actual		$1,000.00		$ 960.30		0.04	%		$0.19

Hypothetical (5% return before expenses)		1,000.00		1,024.60		0.04			0.20

Invesco PureBeta^SMMSCI USA Small Cap ETF (PBSM)

Actual		1,000.00		935.20		0.06			0.29

Hypothetical (5% return before expenses)		1,000.00		1,024.50		0.06			0.30

Invesco PureBeta^SMUS Aggregate Bond ETF (PBND)

Actual		1,000.00		958.90		0.05			0.24

Hypothetical (5% return before expenses)		1,000.00		1,024.55		0.05			0.25

⁽¹⁾


		52

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


^©2022 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PBETA-SAR-2	invesco.com/ETFs



		Invesco Semi-Annual Report to Shareholders
		February 28, 2022
		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

Table of Contents


Schedules of Investments

Invesco DWA SmallCap Momentum ETF (DWAS)			3

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)			7

Invesco S&P SmallCap Consumer Staples ETF (PSCC)			10

Invesco S&P SmallCap Energy ETF (PSCE)			12

Invesco S&P SmallCap Financials ETF (PSCF)			14

Invesco S&P SmallCap Health Care ETF (PSCH)			17

Invesco S&P SmallCap Industrials ETF (PSCI)			19

Invesco S&P SmallCap Information Technology ETF (PSCT)			22

Invesco S&P SmallCap Materials ETF (PSCM)			24

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)			26

Statements of Assets and Liabilities			28

Statements of Operations			30

Statements of Changes in Net Assets			32

Financial Highlights			36

Notes to Financial Statements			46

Fund Expenses			56


		2
		2

Invesco DWA SmallCap Momentum ETF (DWAS)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communication Services-1.32%
Cars.com, Inc.^(b)		96,183	$	1,556,241
TechTarget, Inc.^(b)(c)		28,041		2,197,853
Thryv Holdings, Inc.^(b)(c)		44,334		1,347,754

				5,101,848

Consumer Discretionary-17.78%
Academy Sports & Outdoors, Inc.^(b)(c)		37,727		1,221,223
Adient PLC^(b)		35,222		1,576,185
Beazer Homes USA, Inc.^(b)		71,778		1,175,006
Bluegreen Vacations Holding Corp.^(b)		48,085		1,362,729
Boot Barn Holdings, Inc.^(b)		26,372		2,294,891
Carriage Services, Inc.		24,568		1,208,991
Century Casinos, Inc.^(b)(c)		123,087		1,513,970
Century Communities, Inc.		22,010		1,402,477
Clarus Corp.^(c)		68,629		1,562,682
Designer Brands, Inc., Class A^(b)(c)		109,923		1,434,495
Full House Resorts, Inc.^(b)		495,720		4,362,336
Genesco, Inc.^(b)		25,374		1,627,742
Golden Entertainment, Inc.^(b)		75,322		4,288,082
Green Brick Partners, Inc.^(b)		52,823		1,224,965
Group 1 Automotive, Inc.		7,723		1,405,045
Guess?, Inc.^(c)		69,111		1,513,531
Hilton Grand Vacations, Inc.^(b)		31,643		1,641,006
Houghton Mifflin Harcourt Co.^(b)(c)		255,471		5,352,118
Hovnanian Enterprises, Inc., Class A^(b)		45,792		4,401,527
Installed Building Products, Inc.		11,972		1,157,692
LGI Homes, Inc.^(b)(c)		9,909		1,249,822
Lindblad Expeditions Holdings, Inc.^(b)(c)		90,633		1,606,923
M/I Homes, Inc.^(b)		26,059		1,284,448
Monarch Casino & Resort, Inc.^(b)		21,822		1,699,934
Movado Group, Inc.		38,988		1,536,907
RCI Hospitality Holdings, Inc.		34,048		2,210,396
Red Rock Resorts, Inc., Class A		77,938		3,918,723
SeaWorld Entertainment, Inc.^(b)		30,028		2,083,643
Shoe Carnival, Inc.^(c)		37,767		1,101,286
Shutterstock, Inc.		13,792		1,248,590
Skyline Champion Corp.^(b)		22,292		1,498,914
Taylor Morrison Home Corp., Class A^(b)(c)		46,182		1,362,369
Tilly’s, Inc., Class A		100,921		1,281,697
TravelCenters of America, Inc.^(b)		42,322		1,787,258
Vista Outdoor, Inc.^(b)		44,333		1,615,938
Zumiez, Inc.^(b)(c)		34,063		1,515,463

				68,729,004

Consumer Staples-1.80%
Andersons, Inc. (The)		38,763		1,767,593
Coca-Cola Consolidated, Inc.		2,483		1,233,877
Ingles Markets, Inc., Class A		16,193		1,331,388
MGP Ingredients, Inc.^(c)		17,398		1,385,055
United Natural Foods, Inc.^(b)		31,048		1,249,061

				6,966,974

Energy-14.39%
Antero Midstream Corp.^(c)		156,036		1,566,601
Antero Resources Corp.^(b)(c)		143,073		3,280,664
Arch Resources, Inc.^(c)		16,827		2,008,639
California Resources Corp		37,785		1,557,876
Civitas Resources, Inc.^(c)		30,442		1,536,408


	Shares		Value
Energy-(continued)
Denbury, Inc.^(b)		22,529	$	1,636,957
Earthstone Energy, Inc., Class A^(b)(c)		158,168		2,056,184
Green Plains, Inc.^(b)(c)		68,254		2,234,636
HighPeak Energy, Inc.^(c)		99,350		2,100,259
Laredo Petroleum, Inc.^(b)(c)		50,500		3,866,280
Magnolia Oil & Gas Corp., Class A^(c)		94,896		2,120,926
Matador Resources Co.		56,405		2,797,688
Murphy Oil Corp.^(c)		60,422		2,094,831
Oasis Petroleum, Inc.		14,365		1,903,506
Patterson-UTI Energy, Inc.		187,378		2,703,864
PDC Energy, Inc.		49,421		3,188,643
Ranger Oil Corp.^(b)(c)		58,835		1,986,270
SM Energy Co.		229,540		8,150,965
Weatherford International PLC^(b)		245,092		6,960,613
Whiting Petroleum Corp.		25,447		1,879,261

				55,631,071

Financials-16.04%
A-Mark Precious Metals, Inc.^(c)		56,102		4,022,513
Amerant Bancorp, Inc.		41,772		1,355,501
Arbor Realty Trust, Inc.		86,779		1,562,022
B. Riley Financial, Inc.^(c)		23,671		1,409,608
Brightsphere Investment Group, Inc.		61,526		1,468,626
BRP Group, Inc., Class A^(b)		44,607		1,238,736
Coastal Financial Corp.^(b)		30,741		1,463,272
Cowen, Inc., Class A		43,121		1,278,538
Customers Bancorp, Inc.^(b)		31,437		1,934,947
Donnelley Financial Solutions, Inc.^(b)		69,287		2,224,113
Ellington Financial, Inc.		91,206		1,611,610
Enova International, Inc.^(b)		38,236		1,558,882
First Internet Bancorp		33,629		1,643,785
Hamilton Lane, Inc., Class A		19,113		1,492,725
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		28,387		1,343,840
Hingham Institution for Savings (The)		7,028		2,528,955
Houlihan Lokey, Inc.		14,760		1,518,214
Independent Bank Corporation		162,530		3,868,214
Kinsale Capital Group, Inc.		20,356		4,269,874
Live Oak Bancshares, Inc.		30,107		1,925,343
Meta Financial Group, Inc.		26,485		1,467,004
Metropolitan Bank Holding Corp.^(b)(c)		15,863		1,621,992
Mr. Cooper Group, Inc.^(b)		49,294		2,505,614
MVB Financial Corp.		35,009		1,348,547
Northeast Bank		41,493		1,511,175
OFG Bancorp		59,393		1,673,695
PennyMac Financial Services, Inc.		23,587		1,362,149
Piper Sandler Cos.		8,582		1,270,222
Redwood Trust, Inc.		118,548		1,231,714
TPG RE Finance Trust, Inc.		122,975		1,456,024
Triumph Bancorp, Inc.^(b)		15,015		1,506,305
Victory Capital Holdings, Inc., Class A^(c)		44,943		1,490,759
Virtus Investment Partners, Inc.		5,214		1,254,593
Walker & Dunlop, Inc.		10,565		1,461,668
World Acceptance Corp.^(b)(c)		5,883		1,155,833

				62,036,612

Health Care-9.41%
Allscripts Healthcare Solutions, Inc.^(b)		78,064		1,519,125
Avid Bioservices, Inc.^(b)(c)		181,254		3,712,082

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


		3
		3

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
BioCryst Pharmaceuticals, Inc.^(b)(c)		113,227	$	1,880,700
Chimerix, Inc.^(b)(c)		272,337		1,535,981
CONMED Corp.^(c)		10,922		1,596,360
CorVel Corp.^(b)		7,346		1,168,455
Cross Country Healthcare, Inc.^(b)		59,963		1,338,974
Cytokinetics, Inc.^(b)(c)		36,724		1,297,092
EyePoint Pharmaceuticals, Inc.^(b)		111,536		1,109,783
Fulcrum Therapeutics, Inc.^(b)(c)		82,756		910,316
Gritstone bio, Inc.^(b)		106,083		541,023
Inhibrx, Inc.^(b)(c)		35,034		753,231
iRadimed Corp.		32,561		1,618,282
iTeos Therapeutics, Inc.^(b)		33,649		1,215,738
Kezar Life Sciences, Inc.^(b)		106,448		1,580,753
Owens & Minor, Inc.		98,804		4,362,197
Prometheus Biosciences, Inc.^(b)(c)		43,883		1,910,666
Surgery Partners, Inc.^(b)(c)		73,235		3,827,993
Tivity Health, Inc.^(b)(c)		83,998		2,291,465
Tricida, Inc.^(b)(c)		164,515		1,309,539
Zentalis Pharmaceuticals, Inc.^(b)(c)		18,266		911,291

				36,391,046

Industrials-16.52%
AAON, Inc.		26,893		1,574,854
Ameresco, Inc., Class A^(b)(c)		73,938		4,750,516
API Group Corp.^(b)		62,650		1,351,360
ArcBest Corp.		17,132		1,587,794
Atkore, Inc.^(b)		18,800		1,912,148
Atlas Air Worldwide Holdings, Inc.^(b)(c)		17,434		1,366,128
Beacon Roofing Supply, Inc.^(b)		28,119		1,678,423
Boise Cascade Co.		22,707		1,815,198
Casella Waste Systems, Inc., Class A^(b)		73,385		5,533,229
CBIZ, Inc.^(b)		39,210		1,525,661
Cornerstone Building Brands, Inc.^(b)		97,902		2,161,676
Encore Wire Corp.		11,034		1,284,578
GMS, Inc.^(b)		27,460		1,489,705
H&E Equipment Services, Inc.		34,167		1,426,814
Herc Holdings, Inc.		22,291		3,546,944
Huttig Building Products, Inc.^(b)		504,917		4,690,679
ICF International, Inc.		14,809		1,312,374
Kadant, Inc.		13,746		2,712,773
Montrose Environmental Group, Inc.^(b)		21,787		961,025
MYR Group, Inc.^(b)		14,407		1,293,028
NV5 Global, Inc.^(b)		11,444		1,227,369
PAM Transportation Services, Inc.^(b)		24,086		1,625,082
Red Violet, Inc.^(b)(c)		40,015		1,057,997
Rush Enterprises, Inc., Class A		28,152		1,462,215
Shyft Group, Inc. (The)		52,681		2,128,839
Titan International, Inc.^(b)		275,178		3,081,994
Titan Machinery, Inc.^(b)		46,483		1,316,863
Transcat, Inc.^(b)(c)		46,209		3,625,558
Triton International Ltd. (Bermuda)		25,817		1,695,661
UFP Industries, Inc.		17,552		1,505,084
VSE Corp.		25,006		1,191,536

				63,893,105

Information Technology-10.67%
ADTRAN, Inc.		68,695		1,414,430
Alpha & Omega Semiconductor Ltd.^(b)		29,062		1,562,664
Ambarella, Inc.^(b)		8,193		1,144,644
Avid Technology, Inc.^(b)		56,752		1,785,418
Axcelis Technologies, Inc.^(b)		25,106		1,737,837


	Shares		Value
Information Technology-(continued)
Badger Meter, Inc.		14,291	$	1,420,668
Calix, Inc.^(b)		81,853		4,447,892
Clearfield, Inc.^(b)(c)		42,339		2,714,353
Diodes, Inc.^(b)		15,324		1,372,877
Extreme Networks, Inc.^(b)		120,245		1,381,615
Grid Dynamics Holdings, Inc.^(b)		52,083		632,808
Identiv, Inc.^(b)(c)		118,352		2,480,658
Impinj, Inc.^(b)(c)		19,598		1,347,363
Information Services Group, Inc.		206,151		1,467,795
Insight Enterprises, Inc.^(b)(c)		14,760		1,535,040
MACOM Technology Solutions Holdings, Inc.^(b)		29,179		1,753,658
MaxLinear, Inc.^(b)		28,394		1,741,972
Onto Innovation, Inc.^(b)		20,538		1,770,581
PDF Solutions, Inc.^(b)		50,855		1,391,393
Perficient, Inc.^(b)		21,155		2,155,695
PFSweb, Inc.^(b)		114,078		1,291,363
Rambus, Inc.^(b)(c)		53,213		1,436,751
SiTime Corp.^(b)(c)		6,292		1,271,865
Ultra Clean Holdings, Inc.^(b)		43,294		1,983,298

				41,242,638

Materials-5.84%
AdvanSix, Inc.		34,458		1,380,387
Aspen Aerogels, Inc.^(b)		66,060		1,955,376
Avient Corp.		28,148		1,474,674
LSB Industries, Inc.^(b)		524,137		9,067,570
Ranpak Holdings Corp.^(b)(c)		78,114		1,890,359
Ryerson Holding Corp.		73,881		1,929,772
Schnitzer Steel Industries, Inc., Class A		30,400		1,478,960
Summit Materials, Inc., Class A^(b)		38,811		1,211,679
TimkenSteel Corp.^(b)(c)		121,199		2,185,218

				22,573,995

Real Estate-5.58%
Cedar Realty Trust, Inc.		72,414		1,738,660
DigitalBridge Group, Inc.^(b)		192,569		1,396,125
Gladstone Land Corp.		47,284		1,413,319
Independence Realty Trust, Inc.		60,722		1,534,445
iStar, Inc.		61,825		1,553,044
National Storage Affiliates Trust		23,735		1,383,039
Newmark Group, Inc., Class A		95,546		1,689,253
NexPoint Residential Trust, Inc.		18,538		1,575,174
Plymouth Industrial REIT, Inc.		48,349		1,260,942
Preferred Apartment Communities, Inc., Class A		87,666		2,214,443
Ryman Hospitality Properties, Inc.^(b)		18,121		1,596,641
St. Joe Co. (The)		30,706		1,659,045
Tanger Factory Outlet Centers, Inc.^(c)		79,276		1,322,324
Terreno Realty Corp.		18,172		1,250,052

				21,586,506

Utilities-0.68%
Middlesex Water Co.		13,769		1,376,762
Pure Cycle Corp.^(b)		105,361		1,248,528

				2,625,290

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $382,051,464)				386,778,089

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


		4
		4

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.52%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		21,483,363	$	21,483,363
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		50,122,836		50,127,849

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $71,616,298)				71,611,212

TOTAL INVESTMENTS IN SECURITIES-118.55% (Cost $453,667,762)				458,389,301
OTHER ASSETS LESS LIABILITIES-(18.55)%				(71,711,794	)

NET ASSETS-100.00%			$	386,677,507

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,875,501		$	(4,875,501	)		$	-			$	-			$	-		$	13

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			27,265,424			85,374,217			(91,156,277	)			-				-				21,483,363			3,410	*

Invesco Private Prime Fund			64,045,154			164,340,895			(178,236,639	)			(5,086	)			(16,475	)			50,127,849			32,496	*


Total		$	91,310,578		$	254,590,613		$	(274,268,417	)		$	(5,086	)		$	(16,475	)		$	71,611,212		$	35,919

*	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 February 28, 2022.

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

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


		5
		5

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022



Consumer Discretionary	17.78

Industrials	16.52

Financials	16.04

Energy	14.39

Information Technology	10.67

Health Care	9.41

Materials	5.84

Real Estate	5.58

Sector Types Each Less Than 3%	3.80

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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


		6
		6

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Auto Components-11.64%
American Axle & Manufacturing Holdings, Inc.^(b)		38,087	$	352,686
Cooper-Standard Holdings, Inc.^(b)		5,673		72,161
Dorman Products, Inc.^(b)		9,503		887,770
Gentherm, Inc.^(b)		11,097		941,469
LCI Industries		8,439		1,050,824
Motorcar Parts of America, Inc.^(b)		6,414		103,586
Patrick Industries, Inc.		7,502		535,193
Standard Motor Products, Inc.		6,390		279,307
XPEL, Inc.^(b)(c)(d)		5,533		401,696

				4,624,692

Automobiles-1.80%
Winnebago Industries, Inc.^(d)		11,174		715,918


Diversified Consumer Services-3.38%
Adtalem Global Education, Inc.^(b)		16,618		345,322
American Public Education, Inc.^(b)		6,248		124,710
Perdoceo Education Corp.^(b)		23,410		245,103
Strategic Education, Inc.		7,556		445,955
WW International, Inc.^(b)		17,770		181,076

				1,342,166

Hotels, Restaurants & Leisure-14.98%
BJ’s Restaurants, Inc.^(b)		7,780		249,504
Bloomin’ Brands, Inc.^(b)		27,120		667,423
Brinker International, Inc.^(b)		15,166		645,162
Cheesecake Factory, Inc. (The)^(b)(d)		16,201		693,241
Chuy’s Holdings, Inc.^(b)		6,613		215,584
Dave & Buster’s Entertainment, Inc.^(b)		12,892		558,739
Dine Brands Global, Inc.		5,748		481,912
El Pollo Loco Holdings, Inc.^(b)		6,470		85,857
Fiesta Restaurant Group, Inc.^(b)		5,721		57,610
Jack in the Box, Inc.^(d)		7,237		624,336
Monarch Casino & Resort, Inc.^(b)		4,381		341,280
Red Robin Gourmet Burgers, Inc.^(b)		5,249		92,120
Ruth’s Hospitality Group, Inc.^(d)		10,596		262,887
Shake Shack, Inc., Class A^(b)(d)		13,069		976,516

				5,952,171

Household Durables-18.21%
Cavco Industries, Inc.^(b)		2,851		777,268
Century Communities, Inc.		9,921		632,166
Ethan Allen Interiors, Inc.^(d)		7,340		191,280
Installed Building Products, Inc.		7,836		757,741
iRobot Corp.^(b)(d)		9,002		559,564
La-Z-Boy, Inc.		14,800		431,864
LGI Homes, Inc.^(b)(d)		7,134		899,812
M.D.C. Holdings, Inc.		18,881		837,184
M/I Homes, Inc.^(b)		9,717		478,951
Meritage Homes Corp.^(b)		12,460		1,228,307
Tupperware Brands Corp.^(b)(d)		16,321		297,532
Universal Electronics, Inc.^(b)		4,377		145,448

				7,237,117

Internet & Direct Marketing Retail-2.64%
Liquidity Services, Inc.^(b)		8,875		152,916


	Shares		Value
Internet & Direct Marketing Retail-(continued)
PetMed Express, Inc.^(d)		6,993	$	188,462
Shutterstock, Inc.		7,811		707,130

				1,048,508

Leisure Products-2.82%
Sturm Ruger & Co., Inc.		5,876		425,481
Vista Outdoor, Inc.^(b)		19,133		697,398

				1,122,879

Multiline Retail-0.95%
Big Lots, Inc.^(d)		10,870		377,841


Specialty Retail-33.57%
Aaron’s Co., Inc. (The)		10,512		220,647
Abercrombie & Fitch Co., Class A^(b)		19,729		751,280
America’s Car-Mart, Inc.^(b)(d)		2,029		195,149
Asbury Automotive Group, Inc.^(b)		7,725		1,499,500
Barnes & Noble Education, Inc.^(b)		12,059		66,083
Bed Bath & Beyond, Inc.^(b)(d)		33,745		569,953
Boot Barn Holdings, Inc.^(b)		9,888		860,454
Buckle, Inc. (The)^(d)		9,809		353,124
Caleres, Inc.		12,780		265,313
Cato Corp. (The), Class A		6,522		114,787
Chico’s FAS, Inc.^(b)(d)		40,894		192,202
Children’s Place, Inc. (The)^(b)(d)		4,669		293,960
Conn’s, Inc.^(b)(d)		6,399		117,358
Designer Brands, Inc., Class A^(b)(d)		20,486		267,342
Genesco, Inc.^(b)		4,741		304,135
Group 1 Automotive, Inc.		6,045		1,099,767
Guess?, Inc.^(d)		13,016		285,050
Haverty Furniture Cos., Inc., (Acquired 06/25/2020 - 12/15/2021; Cost $122,027)^(d)(e)		4,969		141,169
Hibbett, Inc.^(d)		5,024		226,482
LL Flooring Holdings, Inc.^(b)		9,713		155,991
MarineMax, Inc.^(b)		7,260		332,218
Monro, Inc.		11,200		522,816
ODP Corp. (The)^(b)		15,327		674,388
Rent-A-Center, Inc.^(d)		20,195		573,740
Sally Beauty Holdings, Inc.^(b)(d)		37,742		652,182
Shoe Carnival, Inc.^(d)		5,846		170,469
Signet Jewelers Ltd.		17,716		1,248,978
Sleep Number Corp.^(b)(d)		7,562		496,824
Sonic Automotive, Inc., Class A		6,930		372,210
Zumiez, Inc.^(b)(d)		7,141		317,703

				13,341,274

Textiles, Apparel & Luxury Goods-9.98%
Fossil Group, Inc.^(b)		15,846		214,238
G-III Apparel Group Ltd.^(b)		14,595		404,865
Kontoor Brands, Inc.		15,886		786,992
Movado Group, Inc.		5,511		217,244
Oxford Industries, Inc.		5,302		468,644
Steven Madden Ltd.		25,546		1,089,792
Unifi, Inc.^(b)		4,641		87,112

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


		7
		7

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Textiles, Apparel & Luxury Goods-(continued)
Vera Bradley, Inc.^(b)		8,520	$	64,411
Wolverine World Wide, Inc.		27,503		633,394

				3,966,692

Total Common Stocks & Other Equity Interests (Cost $51,058,488)				39,729,258


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(f)(g)(Cost $17,011)		17,011		17,011

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $51,075,499)				39,746,269


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.04%
Invesco Private Government Fund, 0.12%^(f)(g)(h)		2,932,603	$	2,932,603
Invesco Private Prime Fund, 0.08%^(f)(g)(h)		7,413,648		7,414,389

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,347,341)				10,346,992

TOTAL INVESTMENTS IN SECURITIES-126.05% (Cost $61,422,840)				50,093,261
OTHER ASSETS LESS LIABILITIES-(26.05)%				(10,351,943	)

NET ASSETS-100.00%			$	39,741,318

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $401,696, which represented 1.01% of the Fund’s Net Assets.

^(d)	All or a portion of this security was out on loan at February 28, 2022.

^(e)	Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

^(f)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	41,673		$	349,728		$	(374,390	)		$	-			$	-			$	17,011		$	3

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,430,460			17,286,477			(15,784,334	)			-				-				2,932,603			394	*

Invesco Private Prime Fund			3,337,740			30,888,331			(26,809,649	)			(349	)			(1,684	)			7,414,389			3,492	*


Total		$	4,809,873		$	48,524,536		$	(42,968,373	)		$	(349	)		$	(1,684	)		$	10,364,003		$	3,889

*	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 February 28, 2022.

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

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


		8
		8

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022



Specialty Retail			33.57

Household Durables			18.21

Hotels, Restaurants & Leisure			14.98

Auto Components			11.64

Textiles, Apparel & Luxury Goods			9.98

Diversified Consumer Services			3.38

Industry Types Each Less Than 3%			8.21

Money Market Funds Plus Other Assets Less Liabilities			0.03

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


		9
		9

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Beverages-14.15%
Celsius Holdings, Inc.^(b)(c)		37,467	$	2,393,766
Coca-Cola Consolidated, Inc.		4,558		2,265,007
MGP Ingredients, Inc.^(c)		12,487		994,090
National Beverage Corp.^(c)		23,265		1,023,893

				6,676,756

Food & Staples Retailing-15.80%
Andersons, Inc. (The)		30,872		1,407,763
Chefs’ Warehouse, Inc. (The)^(b)		32,493		1,067,395
PriceSmart, Inc.		23,990		1,744,553
SpartanNash Co.		35,847		1,008,735
United Natural Foods, Inc.^(b)		55,328		2,225,845

				7,454,291

Food Products-36.91%
B&G Foods, Inc.^(c)		64,719		1,915,682
Calavo Growers, Inc.		17,636		752,881
Cal-Maine Foods, Inc.^(c)		37,345		1,653,263
Fresh Del Monte Produce, Inc.		33,188		858,905
Hostess Brands, Inc.^(b)		137,998		2,972,477
J&J Snack Foods Corp.		14,237		2,330,882
John B. Sanfilippo & Son, Inc.		8,849		703,673
Seneca Foods Corp., Class A^(b)		6,256		311,236
Simply Good Foods Co. (The)^(b)		82,808		3,281,681
Tootsie Roll Industries, Inc.^(c)		17,260		582,525
TreeHouse Foods, Inc.^(b)		52,218		2,049,557

				17,412,762

Household Products-10.69%
Central Garden & Pet Co.^(b)(c)		9,573		453,186
Central Garden & Pet Co., Class A^(b)		39,436		1,736,761
WD-40 Co.^(c)		13,459		2,851,828

				5,041,775

Personal Products-16.53%
Edgewell Personal Care Co.		53,380		1,904,598
elf Beauty, Inc.^(b)		47,742		1,261,821
Inter Parfums, Inc.		17,724		1,646,205


	Shares		Value
Personal Products-(continued)
Medifast, Inc.		10,537	$	1,959,882
USANA Health Sciences, Inc.^(b)		11,646		1,024,965

				7,797,471

Tobacco-5.92%
Universal Corp.		24,542		1,327,967
Vector Group Ltd.		130,508		1,462,995

				2,790,962

Total Common Stocks & Other Equity Interests (Cost $45,544,647)				47,174,017


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $11,294)		11,294		11,294

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $45,555,941)				47,185,311


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.82%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		3,371,160		3,371,160
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		7,865,254		7,866,041

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,238,181)				11,237,201

TOTAL INVESTMENTS IN SECURITIES-123.84% (Cost $56,794,122)				58,422,512
OTHER ASSETS LESS LIABILITIES-(23.84)%				(11,247,281	)

NET ASSETS-100.00%			$	47,175,231

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	6,948		$	577,693		$	(573,347	)		$ -		$	-		$	11,294		$	2

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


		10
		10

Invesco S&P SmallCap Consumer Staples ETF (PSCC)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	601,416		$	17,249,036		$	(14,479,292	)		$	-			$	-			$	3,371,160		$	399	*

Invesco Private Prime Fund			1,403,304			36,258,088			(29,792,732	)			(980	)			(1,639	)			7,866,041			3,199	*


Total		$	2,011,668		$	54,084,817		$	(44,845,371	)		$	(980	)		$	(1,639	)		$	11,248,495		$	3,600

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Food Products			36.91

Personal Products			16.53

Food & Staples Retailing			15.80

Beverages			14.15

Household Products			10.69

Tobacco			5.92

Money Market Funds Plus Other Assets Less Liabilities			0.00

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


		11
		11

Invesco S&P SmallCap Energy ETF (PSCE)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.07%
Energy Equipment & Services-31.15%
Archrock, Inc.		338,955	$	2,830,274
Bristow Group, Inc.^(b)		58,541		1,940,049
Core Laboratories N.V.^(c)		117,021		3,225,099
DMC Global, Inc.^(b)(c)		47,362		1,392,443
Dril-Quip, Inc.^(b)		89,505		2,581,324
Helix Energy Solutions Group, Inc.^(b)		357,536		1,448,021
Helmerich & Payne, Inc.		236,473		8,567,417
Nabors Industries Ltd.^(b)(c)		19,562		2,455,813
Oceaneering International, Inc.^(b)		252,310		3,693,818
Oil States International, Inc.^(b)		154,722		809,196
Patterson-UTI Energy, Inc.		457,122		6,596,270
ProPetro Holding Corp.^(b)		214,370		2,737,505
RPC, Inc.^(b)(c)		179,450		1,573,777
US Silica Holdings, Inc.^(b)		188,582		2,726,896

				42,577,902

Oil, Gas & Consumable Fuels-67.92%
Callon Petroleum Co.^(b)(c)		112,855		6,360,508
Civitas Resources, Inc.^(c)		169,748		8,567,182
CONSOL Energy, Inc.^(b)		80,225		2,466,116
Dorian LPG Ltd.^(c)		69,796		961,789
Green Plains, Inc.^(b)(c)		135,484		4,435,746
Laredo Petroleum, Inc.^(b)(c)		36,280		2,777,597
Matador Resources Co.		259,841		12,888,114
Par Pacific Holdings, Inc.^(b)		115,634		1,572,622
PBF Energy, Inc., Class A^(b)		240,160		3,991,459
Range Resources Corp.^(b)		588,412		13,504,055
Ranger Oil Corp.^(b)		53,151		1,794,378
Renewable Energy Group, Inc.^(b)(c)		127,151		7,819,786
REX American Resources Corp.^(b)		13,300		1,256,318
SM Energy Co.		179,510		6,374,400
Southwestern Energy Co.^(b)(c)		2,390,805		11,930,117


	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
Talos Energy, Inc.^(b)(c)		103,218	$	1,621,555
World Fuel Services Corp.		159,768		4,527,825

				92,849,567

Total Common Stocks & Other Equity Interests (Cost $126,275,118)				135,427,469


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $43,301)		43,301		43,301

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.10% (Cost $126,318,419)				135,470,770


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-29.10%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		11,932,341		11,932,341
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		27,839,346		27,842,130

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $39,776,337)				39,774,471

TOTAL INVESTMENTS IN SECURITIES-128.20% (Cost $166,094,756)				175,245,241
OTHER ASSETS LESS LIABILITIES-(28.20)%				(38,552,938	)

NET ASSETS-100.00%			$	136,692,303

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	59,795		$	1,356,982		$	(1,373,476	)		$ -		$	-		$	43,301		$	6

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


		12
		12

Invesco S&P SmallCap Energy ETF (PSCE)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	2,682,300		$	44,805,988		$	(35,555,947	)		$	-			$	-			$	11,932,341		$	1,081	*

Invesco Private Prime Fund			6,258,699			93,280,136			(71,690,895	)			(1,866	)			(3,944	)			27,842,130			8,614	*


Total		$	9,000,794		$	139,443,106		$	(108,620,318	)		$	(1,866	)		$	(3,944	)		$	39,817,772		$	9,701

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Oil, Gas & Consumable Fuels			67.92

Energy Equipment & Services			31.15

Money Market Funds Plus Other Assets Less Liabilities			0.93

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


		13
		13

Invesco S&P SmallCap Financials ETF (PSCF)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Banks-40.05%
Allegiance Bancshares, Inc.		3,367	$	144,276
Ameris Bancorp		11,954		591,723
Banc of California, Inc.		9,787		192,314
BancFirst Corp.^(b)		3,416		266,892
Bancorp, Inc. (The)^(c)		10,302		301,849
BankUnited, Inc.		16,099		711,576
Banner Corp.		6,194		381,612
Berkshire Hills Bancorp, Inc.		8,797		273,587
Brookline Bancorp, Inc.		14,041		240,663
Central Pacific Financial Corp.		5,060		147,701
City Holding Co.		2,734		217,818
Columbia Banking System, Inc.^(b)		14,053		514,761
Community Bank System, Inc.		9,750		711,165
Customers Bancorp, Inc.^(c)		5,393		331,939
CVB Financial Corp.		23,034		543,142
Dime Community Bancshares, Inc.^(b)		5,999		203,906
Eagle Bancorp, Inc.		5,778		346,218
FB Financial Corp.		6,465		287,305
First Bancorp (Puerto Rico)		37,170		524,840
First Bancorp/Southern Pines NC^(b)		6,240		280,051
First Commonwealth Financial Corp.		17,172		277,328
First Financial Bancorp		16,942		416,434
First Hawaiian, Inc.		23,285		676,895
Hanmi Financial Corp.		5,501		143,686
Heritage Financial Corp.		6,354		166,602
Hilltop Holdings, Inc.		10,993		339,904
HomeStreet, Inc.		3,696		190,196
Hope Bancorp, Inc.		21,721		368,388
Independent Bank Corp.		8,588		738,654
Independent Bank Group, Inc.^(b)		6,672		514,745
Investors Bancorp, Inc.		40,758		682,289
Lakeland Financial Corp.^(b)		4,575		366,961
Meta Financial Group, Inc.		5,725		317,108
National Bank Holdings Corp., Class A		5,480		243,202
NBT Bancorp, Inc.		7,841		300,859
Northwest Bancshares, Inc.		22,887		322,249
OFG Bancorp (Puerto Rico)		9,016		254,071
Pacific Premier Bancorp, Inc.		17,059		660,354
Park National Corp.^(b)		2,611		350,031
Preferred Bank		2,481		194,709
Renasant Corp.		10,079		367,984
S&T Bancorp, Inc.		7,115		221,205
Seacoast Banking Corp. of Florida		10,548		386,584
ServisFirst Bancshares, Inc.		8,816		770,342
Simmons First National Corp., Class A^(b)		20,760		592,075
Southside Bancshares, Inc.		5,839		243,428
Tompkins Financial Corp.		2,147		169,828
Triumph Bancorp, Inc.^(c)		4,269		428,266
Trustmark Corp.		11,291		355,554
United Community Banks, Inc.		18,920		731,447
Veritex Holdings, Inc.		8,913		362,135
Westamerica Bancorporation		4,859		288,236

				19,655,087

Capital Markets-3.55%
B. Riley Financial, Inc.^(b)		2,890		172,099
Blucora, Inc.^(c)		8,810		175,319


	Shares		Value
Capital Markets-(continued)
Brightsphere Investment Group, Inc.		6,481	$	154,701
Donnelley Financial Solutions, Inc.^(c)		5,276		169,360
Greenhill & Co., Inc.		2,457		43,440
Piper Sandler Cos		2,551		377,573
StoneX Group, Inc.^(c)		3,046		229,821
Virtus Investment Partners, Inc.		1,290		310,400
WisdomTree Investments, Inc.^(b)		19,479		109,667

				1,742,380

Consumer Finance-3.37%
Encore Capital Group, Inc.^(b)(c)		4,484		295,899
Enova International, Inc.^(c)		6,583		268,389
EZCORP, Inc., Class A^(b)(c)		9,401		56,312
Green Dot Corp., Class A^(c)		9,885		283,205
LendingTree, Inc.^(c)		2,074		250,975
PRA Group, Inc.^(b)(c)		7,883		351,818
World Acceptance Corp.^(b)(c)		763		149,907

				1,656,505

Equity REITs-27.64%
Acadia Realty Trust		15,988		342,783
Agree Realty Corp.		12,614		809,188
Alexander & Baldwin, Inc.		13,120		294,282
American Assets Trust, Inc.		9,510		347,686
Armada Hoffler Properties, Inc.		11,114		163,154
Brandywine Realty Trust		30,928		412,270
CareTrust REIT, Inc.		17,541		306,967
Centerspace		2,582		242,682
Chatham Lodging Trust^(c)		8,722		119,927
Community Healthcare Trust, Inc.		4,243		176,933
DiamondRock Hospitality Co.^(c)		38,084		363,702
Diversified Healthcare Trust		42,735		123,077
Easterly Government Properties, Inc.^(b)		15,574		324,251
Essential Properties Realty Trust, Inc.		21,967		555,326
Four Corners Property Trust, Inc.		13,989		369,030
Franklin Street Properties Corp.		17,020		98,376
Getty Realty Corp.		7,131		196,459
Global Net Lease, Inc.		18,730		266,153
Hersha Hospitality Trust^(c)		5,848		53,977
Independence Realty Trust, Inc.		18,901		477,628
Industrial Logistics Properties Trust		11,829		264,615
Innovative Industrial Properties, Inc.		4,324		814,901
iStar, Inc.		12,557		315,432
LTC Properties, Inc.		7,121		240,903
LXP Industrial Trust^(b)		51,131		790,485
NexPoint Residential Trust, Inc.		4,109		349,142
Office Properties Income Trust		8,760		219,438
Orion Office REIT, Inc.^(b)(c)		9,796		166,826
Retail Opportunity Investments Corp.		21,957		398,739
RPT Realty		15,249		197,475
Safehold, Inc.^(b)		2,559		157,020
Saul Centers, Inc.		2,331		107,296
Service Properties Trust		29,839		257,511
SITE Centers Corp.		32,440		504,442
Summit Hotel Properties, Inc.^(b)(c)		19,259		190,471
Tanger Factory Outlet Centers, Inc.^(b)		18,802		313,617
Uniti Group, Inc.		42,678		553,534
Universal Health Realty Income Trust		2,290		130,782
Urban Edge Properties		19,888		362,359

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


		14
		14

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Equity REITs-(continued)
Urstadt Biddle Properties, Inc., Class A		5,382	$	101,343
Veris Residential, Inc.^(c)		14,476		244,644
Washington REIT		15,296		357,315
Whitestone REIT		8,357		98,445
Xenia Hotels & Resorts, Inc.^(c)		20,647		382,795

				13,563,381

Insurance-9.77%
Ambac Financial Group, Inc.^(c)		8,279		106,220
American Equity Investment Life Holding Co.		14,887		561,091
AMERISAFE, Inc.		3,500		164,850
Assured Guaranty Ltd.		12,619		782,000
eHealth, Inc.^(b)(c)		4,206		65,361
Employers Holdings, Inc.		5,056		196,476
Genworth Financial, Inc., Class A^(c)		91,720		372,383
HCI Group, Inc.		1,430		89,032
Horace Mann Educators Corp.		7,499		311,883
James River Group Holdings Ltd.^(b)		6,739		179,257
Palomar Holdings, Inc.^(c)		4,367		281,366
ProAssurance Corp.		9,764		235,312
Safety Insurance Group, Inc.		2,574		214,775
Selectquote, Inc.^(b)(c)		22,254		69,210
SiriusPoint Ltd. (Bermuda)^(c)		15,633		115,528
Stewart Information Services Corp.		4,862		330,033
Trupanion, Inc.^(b)(c)		6,200		555,706
United Fire Group, Inc.		3,858		106,519
Universal Insurance Holdings, Inc.		4,968		57,430

				4,794,432

Mortgage REITs-4.74%
Apollo Commercial Real Estate Finance, Inc.		23,779		310,316
ARMOUR Residential REIT, Inc.		16,236		131,999
Ellington Financial, Inc.		9,878		174,544
Franklin BSP Realty Trust, Inc.		7,862		103,778
Granite Point Mortgage Trust, Inc.		9,625		107,993
Invesco Mortgage Capital, Inc.^(b)(d)		55,716		121,461
KKR Real Estate Finance Trust, Inc.^(b)		8,024		172,275
New York Mortgage Trust, Inc.		68,618		240,849
PennyMac Mortgage Investment Trust		17,538		273,593
Ready Capital Corp.^(b)		10,646		158,093
Redwood Trust, Inc.		20,747		215,561
Two Harbors Investment Corp.		62,144		314,449

				2,324,911

Real Estate Management & Development-2.28%
Douglas Elliman, Inc.^(c)		11,615		87,577
Marcus & Millichap, Inc.^(c)		4,520		224,780


	Shares		Value
Real Estate Management & Development-(continued)
RE/MAX Holdings, Inc., Class A		3,380	$	100,183
Realogy Holdings Corp.^(c)		21,062		382,907
St. Joe Co. (The)		5,957		321,857

				1,117,304

Thrifts & Mortgage Finance-8.52%
Axos Financial, Inc.^(b)(c)		9,681		529,938
Capitol Federal Financial, Inc.		23,354		255,026
Flagstar Bancorp, Inc.		9,558		435,654
Mr. Cooper Group, Inc.^(c)		13,576		690,068
NMI Holdings, Inc., Class A^(c)		15,503		358,739
Northfield Bancorp, Inc.		7,803		122,507
Provident Financial Services, Inc.		13,957		331,200
TrustCo Bank Corp.		3,437		117,442
Walker & Dunlop, Inc.		5,328		737,129
WSFS Financial Corp.^(b)		11,832		601,420

				4,179,123

Total Common Stocks & Other Equity Interests (Cost $46,477,310)				49,033,123


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $11,200)		11,200		11,200

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $46,488,510)				49,044,323


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.81%
Invesco Private Government Fund, 0.12%^(d)(e)(f).		2,033,909		2,033,909
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		4,745,313		4,745,788

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,780,003)				6,779,697

TOTAL INVESTMENTS IN SECURITIES-113.75% (Cost $53,268,513)				55,824,020
OTHER ASSETS LESS LIABILITIES-(13.75)%				(6,749,521	)

NET ASSETS-100.00%			$	49,074,499

Investment Abbreviations:

REIT -Real Estate Investment Trust

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


		15
		15

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Mortgage Capital, Inc.		$	161,607		$	27,694		$	(17,388	)		$	(49,558	)		$	(894	)		$	121,461		$	9,243

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			460,652			(449,452	)			-				-				11,200			3

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,555,298			9,331,601			(8,852,990	)			-				-				2,033,909			257	*

Invesco Private Prime Fund			3,629,029			19,796,987			(18,678,519	)			(306	)			(1,403	)			4,745,788			2,281	*


Total		$	5,345,934		$	29,616,934		$	(27,998,349	)		$	(49,864	)		$	(2,297	)		$	6,912,358		$	11,784

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Banks			40.05

Equity REITs			27.64

Insurance			9.77

Thrifts & Mortgage Finance			8.52

Mortgage REITs			4.74

Capital Markets			3.55

Consumer Finance			3.37

Real Estate Management & Development			2.28

Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		16
		16

Invesco S&P SmallCap Health Care ETF (PSCH)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-17.29%
Anika Therapeutics, Inc.^(b)		50,624	$	1,645,280
Avid Bioservices, Inc.^(b)(c)		215,086		4,404,961
Coherus Biosciences, Inc.^(b)(c)		223,468		2,634,688
Cytokinetics, Inc.^(b)(c)		294,128		10,388,601
Eagle Pharmaceuticals, Inc.^(b)(c)		39,847		1,888,349
Emergent BioSolutions, Inc.^(b)(c)		167,891		6,947,330
Enanta Pharmaceuticals, Inc.^(b)		63,072		4,441,530
iTeos Therapeutics, Inc.^(b)		70,373		2,542,577
Ligand Pharmaceuticals, Inc.^(b)(c)		58,597		5,931,188
Myriad Genetics, Inc.^(b)		280,007		6,826,571
Organogenesis Holdings, Inc.^(b)(c)		221,026		1,644,434
REGENXBIO, Inc.^(b)(c)		131,967		3,458,855
uniQure N.V. (Netherlands)^(b)		126,365		2,146,941
Vanda Pharmaceuticals, Inc.^(b)		195,350		2,219,176
Vericel Corp.^(b)(c)		164,154		6,764,786
Xencor, Inc.^(b)(c)		205,064		6,420,554

				70,305,821

Health Care Equipment & Supplies-27.24%
AngioDynamics, Inc.^(b)		135,520		3,188,786
Artivion, Inc.^(b)(c)		137,907		2,696,082
Avanos Medical, Inc.^(b)		168,965		5,979,671
BioLife Solutions, Inc.^(b)(c)		102,749		2,414,602
Cardiovascular Systems, Inc.^(b)		142,187		2,994,458
CONMED Corp.^(c)		102,550		14,988,708
Cutera, Inc.^(b)(c)		57,295		2,197,836
Glaukos Corp.^(b)		164,417		9,093,904
Heska Corp.^(b)(c)		37,515		5,327,130
Inogen, Inc.^(b)		71,714		2,502,102
Integer Holdings Corp.^(b)		115,777		9,710,217
Lantheus Holdings, Inc.^(b)		237,355		11,350,316
LeMaitre Vascular, Inc.^(c)		67,386		3,198,814
Meridian Bioscience, Inc.^(b)(c)		152,018		3,846,056
Merit Medical Systems, Inc.^(b)		178,171		11,586,460
Mesa Laboratories, Inc.		18,322		4,678,156
Natus Medical, Inc.^(b)		119,754		3,331,556
OraSure Technologies, Inc.^(b)(c)		252,598		1,970,264
Orthofix Medical, Inc.^(b)		69,232		2,352,503
SurModics, Inc.^(b)(c)		48,640		2,182,963
Tactile Systems Technology, Inc.^(b)		69,505		1,415,122
Varex Imaging Corp.^(b)(c)		138,152		3,265,913
Zynex, Inc.^(c)		76,465		480,965

				110,752,584

Health Care Providers & Services-29.04%
Addus HomeCare Corp.^(b)(c)		55,797		4,744,977
AMN Healthcare Services, Inc.^(b)		165,763		17,594,085
Apollo Medical Holdings, Inc.^(b)(c)		132,451		6,373,542
Community Health Systems, Inc.^(b)		435,433		4,576,401
CorVel Corp.^(b)		32,929		5,237,687
Covetrus, Inc.^(b)		362,340		6,420,665
Cross Country Healthcare, Inc.^(b)		123,929		2,767,335
Ensign Group, Inc. (The)		184,057		15,468,150
Fulgent Genetics, Inc.^(b)(c)		67,965		4,234,219
Hanger, Inc.^(b)		128,941		2,336,411
Joint Corp. (The)^(b)(c)		50,538		2,072,058
MEDNAX, Inc.^(b)		303,139		7,114,672
ModivCare, Inc.^(b)		43,199		5,097,482


	Shares		Value
Health Care Providers & Services-(continued)
Owens & Minor, Inc.		264,578	$	11,681,119
Pennant Group, Inc. (The)^(b)		94,862		1,541,507
RadNet, Inc.^(b)		155,484		3,835,790
Select Medical Holdings Corp.		371,590		8,602,308
Tivity Health, Inc.^(b)(c)		155,260		4,235,493
US Physical Therapy, Inc.^(c)		45,276		4,164,034

				118,097,935

Health Care Technology-10.10%
Allscripts Healthcare Solutions, Inc.^(b)		429,788		8,363,674
Computer Programs & Systems, Inc.^(b)		51,363		1,580,953
HealthStream, Inc.^(b)		88,533		1,814,041
NextGen Healthcare, Inc.^(b)		201,426		3,933,850
Omnicell, Inc.^(b)(c)		154,080		19,919,462
OptimizeRx Corp.^(b)(c)		62,311		2,822,065
Simulations Plus, Inc.		55,104		2,170,547
Tabula Rasa HealthCare, Inc.^(b)(c)		82,965		472,901

				41,077,493

Life Sciences Tools & Services-2.27%
NeoGenomics, Inc.^(b)(c)		431,714		9,242,997


Pharmaceuticals-14.10%
Amphastar Pharmaceuticals, Inc.^(b)		129,187		3,579,772
ANI Pharmaceuticals, Inc.^(b)		37,953		1,421,340
Cara Therapeutics, Inc.^(b)		148,085		1,535,641
Collegium Pharmaceutical, Inc.^(b)		121,214		2,360,036
Corcept Therapeutics, Inc.^(b)		332,783		7,417,733
Endo International PLC^(b)		819,345		2,548,163
Harmony Biosciences Holdings, Inc.^(b)(c)		79,959		3,195,162
Innoviva, Inc.^(b)(c)		219,303		4,212,811
Nektar Therapeutics^(b)(c)		266,139		2,725,263
Pacira BioSciences, Inc.^(b)(c)		156,189		10,416,244
Phibro Animal Health Corp., Class A		71,312		1,518,946
Prestige Consumer Healthcare, Inc.^(b)		175,683		10,458,409
Supernus Pharmaceuticals, Inc.^(b)		186,475		5,957,876

				57,347,396

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $404,271,706)				406,824,226


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.94%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		32,868,536		32,868,536
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		76,685,583		76,693,253

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $109,568,740)				109,561,789

TOTAL INVESTMENTS IN SECURITIES-126.98% (Cost $513,840,446)				516,386,015
OTHER ASSETS LESS LIABILITIES-(26.98)%				(109,728,111	)

NET ASSETS-100.00%			$	406,657,904

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


		17
		17

Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	155,654	$	9,098,727	$	(9,254,381	)		$	-		$	-			$	-	$	29

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			25,999,273		101,351,320		(94,482,057	)			-			-				32,868,536		4,844	*

Invesco Private Prime Fund			60,664,971		172,353,804		(156,300,775	)			(6,951	)		(17,796	)			76,693,253		44,396	*


Total		$	86,819,898	$	282,803,851	$	(260,037,213	)		$	(6,951	)	$	(17,796	)		$	109,561,789	$	49,269

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Health Care Providers & Services	29.04

Health Care Equipment & Supplies	27.24

Biotechnology	17.29

Pharmaceuticals	14.10

Health Care Technology	10.10

Life Sciences Tools & Services	2.27

Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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


		18
		18

Invesco S&P SmallCap Industrials ETF (PSCI)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Aerospace & Defense-7.19%
AAR Corp.^(b)		16,135	$	725,107
Aerojet Rocketdyne Holdings, Inc.		36,265		1,405,269
AeroVironment, Inc.^(b)(c)		11,177		794,126
Kaman Corp.		13,499		585,992
Moog, Inc., Class A		14,185		1,178,915
National Presto Industries, Inc.		2,452		194,934
Park Aerospace Corp.		9,413		130,558
Triumph Group, Inc.^(b)		31,284		783,351

				5,798,252

Air Freight & Logistics-4.66%
Atlas Air Worldwide Holdings, Inc.^(b)(c)		13,063		1,023,617
Forward Air Corp.		13,070		1,348,562
Hub Group, Inc., Class A^(b)		16,452		1,388,549

				3,760,728

Airlines-3.03%
Allegiant Travel Co.^(b)		7,347		1,279,039
Hawaiian Holdings, Inc.^(b)(c)		24,802		475,702
SkyWest, Inc.^(b)		24,413		686,250

				2,440,991

Building Products-11.37%
AAON, Inc.		20,061		1,174,772
American Woodmark Corp.^(b)		8,031		430,301
Apogee Enterprises, Inc.		12,286		553,730
Gibraltar Industries, Inc.^(b)		15,825		764,664
Griffon Corp.		23,062		531,579
Insteel Industries, Inc.		9,395		348,649
PGT Innovations, Inc.^(b)		28,889		621,402
Quanex Building Products Corp.		16,221		370,812
Resideo Technologies, Inc.^(b)		69,928		1,799,947
UFP Industries, Inc.		29,965		2,569,499

				9,165,355

Commercial Services & Supplies-13.31%
ABM Industries, Inc.		32,573		1,460,248
Brady Corp., Class A		23,509		1,083,295
CoreCivic, Inc.^(b)		58,265		530,794
Deluxe Corp.		20,621		641,519
GEO Group, Inc. (The)^(c)		59,368		353,833
Harsco Corp.^(b)		38,363		456,903
Healthcare Services Group, Inc.		36,114		571,324
HNI Corp.		21,091		858,193
Interface, Inc.		28,606		373,308
KAR Auction Services, Inc.^(b)(c)		58,679		1,083,214
Matthews International Corp., Class A		15,313		508,085
Pitney Bowes, Inc.		80,162		399,207
UniFirst Corp.		7,369		1,335,631
US Ecology, Inc.^(b)(c)		15,278		724,788
Viad Corp.^(b)		9,944		347,444

				10,727,786

Construction & Engineering-5.90%
Arcosa, Inc.		23,410		1,233,005
Comfort Systems USA, Inc.		17,470		1,502,071
Granite Construction, Inc.		22,205		672,145


	Shares		Value
Construction & Engineering-(continued)
MYR Group, Inc.^(b)		8,167	$	732,988
NV5 Global, Inc.^(b)		5,743		615,937

				4,756,146

Electrical Equipment-2.27%
AZZ, Inc.		12,023		591,892
Encore Wire Corp.		9,828		1,144,176
Powell Industries, Inc.		4,346		91,874

				1,827,942

Machinery-30.77%
Alamo Group, Inc.		4,809		668,980
Albany International Corp., Class A		15,691		1,377,984
Astec Industries, Inc.		11,037		549,643
Barnes Group, Inc.		22,573		1,048,516
Chart Industries, Inc.^(b)(c)		17,257		2,491,911
CIRCOR International, Inc.^(b)		9,796		263,904
Enerpac Tool Group Corp.		29,198		503,665
EnPro Industries, Inc.		9,994		1,103,737
ESCO Technologies, Inc.		12,638		879,226
Federal Signal Corp.		29,587		1,068,386
Franklin Electric Co., Inc.		18,881		1,596,577
Greenbrier Cos., Inc. (The)^(c)		15,769		700,617
Hillenbrand, Inc.		35,378		1,687,884
John Bean Technologies Corp.		15,383		1,743,971
Lindsay Corp.		5,285		693,445
Meritor, Inc.^(b)		33,978		1,209,957
Mueller Industries, Inc.		27,779		1,584,792
Proto Labs, Inc.^(b)		13,359		751,177
SPX Corp.^(b)		21,996		1,115,197
SPX FLOW, Inc.		20,330		1,746,144
Standex International Corp.		5,921		627,211
Tennant Co.		8,979		707,366
Titan International, Inc.^(b)		24,762		277,334
Wabash National Corp.^(c)		23,976		408,551

				24,806,175

Marine-2.80%
Matson, Inc.		20,371		2,256,496

Professional Services-8.72%
Exponent, Inc.		25,236		2,391,363
Forrester Research, Inc.^(b)		5,392		280,007
Heidrick & Struggles International, Inc.		9,484		405,441
Kelly Services, Inc., Class A		17,463		370,565
Korn Ferry		26,402		1,749,396
ManTech International Corp., Class A		13,341		1,112,239
Resources Connection, Inc.		15,101		250,677
TrueBlue, Inc.^(b)		17,196		467,731

				7,027,419

Road & Rail-2.44%
ArcBest Corp.		12,376		1,147,008
Heartland Express, Inc.		22,557		323,918
Marten Transport Ltd.		28,916		498,801

				1,969,727

Trading Companies & Distributors-7.44%
Applied Industrial Technologies, Inc.		18,617		1,882,179
Boise Cascade Co.		19,067		1,524,216

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


		19
		19

Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Trading Companies & Distributors-(continued)
DXP Enterprises, Inc.^(b)		8,277	$	237,633
GMS, Inc.^(b)		20,916		1,134,693
NOW, Inc.^(b)		53,536		500,026
Veritiv Corp.^(b)		6,725		720,718

				5,999,465

Total Common Stocks & Other Equity Interests (Cost $83,067,635)				80,536,482


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $39,590)		39,590		39,590

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $83,107,225)				80,576,072


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.19%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		1,255,305	$	1,255,305
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		2,928,751		2,929,044

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,184,580)				4,184,349

TOTAL INVESTMENTS IN SECURITIES-105.14% (Cost $87,291,805)				84,760,421
OTHER ASSETS LESS LIABILITIES-(5.14)%				(4,143,634	)

NET ASSETS-100.00%			$	80,616,787

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,731,691		$	(3,692,101	)		$	-			$	-			$	39,590		$	11

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,848,380			11,689,679			(12,282,754	)			-				-				1,255,305			258	*

Invesco Private Prime Fund			4,312,886			26,061,524			(27,443,612	)			(231	)			(1,523	)			2,929,044			2,576	*


Total		$	6,161,266		$	41,482,894		$	(43,418,467	)		$	(231	)		$	(1,523	)		$	4,223,939		$	2,845

*	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 February 28, 2022.

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

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


		20
		20

Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022



Machinery			30.77

Commercial Services & Supplies			13.31

Building Products			11.37

Professional Services			8.72

Trading Companies & Distributors			7.44

Aerospace & Defense			7.19

Construction & Engineering			5.90

Air Freight & Logistics			4.66

Airlines			3.03

Industry Types Each Less Than 3%			7.51

Money Market Funds Plus Other Assets Less Liabilities			0.10

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


		21
		21

Invesco S&P SmallCap Information Technology ETF (PSCT)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communications Equipment-10.01%
ADTRAN, Inc.		174,464	$	3,592,214
CalAmp Corp.^(b)		128,624		908,085
Comtech Telecommunications Corp.		94,425		1,943,266
Digi International, Inc.^(b)		122,250		2,454,780
Extreme Networks, Inc.^(b)		465,473		5,348,285
Harmonic, Inc.^(b)(c)		367,593		3,422,291
NETGEAR, Inc.^(b)(c)		104,883		2,790,937
NetScout Systems, Inc.^(b)		264,760		8,241,979
Plantronics, Inc.^(b)(c)		153,147		4,314,151
Viavi Solutions, Inc.^(b)(c)		851,841		13,970,192

				46,986,180

Electronic Equipment, Instruments & Components-29.45%
Advanced Energy Industries, Inc.		135,005		11,590,179
Arlo Technologies, Inc.^(b)		302,119		2,803,664
Badger Meter, Inc.		104,829		10,421,051
Benchmark Electronics, Inc.		126,239		3,299,887
CTS Corp.		115,491		4,381,729
ePlus, Inc.^(b)		96,822		4,540,952
Fabrinet (Thailand)^(b)(c)		132,669		13,284,147
FARO Technologies, Inc.^(b)		65,241		3,571,292
Insight Enterprises, Inc.^(b)(c)		125,028		13,002,912
Itron, Inc.^(b)(c)		162,250		7,734,457
Knowles Corp.^(b)(c)		330,955		7,208,200
Methode Electronics, Inc.^(c)		136,801		6,243,598
OSI Systems, Inc.^(b)		59,801		4,824,147
PC Connection, Inc.		39,451		1,924,814
Plexus Corp.^(b)		101,245		8,248,430
Rogers Corp.^(b)		67,130		18,326,490
Sanmina Corp.^(b)		230,720		9,178,042
ScanSource, Inc.^(b)		91,500		2,889,570
TTM Technologies, Inc.^(b)		374,012		4,701,331

				138,174,892

IT Services-11.22%
CSG Systems International, Inc.		117,000		7,221,240
EVERTEC, Inc. (Puerto Rico)		214,084		8,640,430
ExlService Holdings, Inc.^(b)		119,354		14,416,770
Perficient, Inc.^(b)		118,046		12,028,887
TTEC Holdings, Inc.		65,677		5,221,322
Unisys Corp.^(b)		240,666		5,143,032

				52,671,681

Semiconductors & Semiconductor Equipment-26.31%
Axcelis Technologies, Inc.^(b)		119,387		8,263,968
CEVA, Inc.^(b)		82,336		3,356,839
Cohu, Inc.^(b)(c)		174,493		5,440,692
Diodes, Inc.^(b)		161,340		14,454,451
FormFactor, Inc.^(b)		280,286		11,348,780
Ichor Holdings Ltd.^(b)(c)		101,822		3,587,189
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		222,090		11,601,982
MaxLinear, Inc.^(b)		253,044		15,524,249
Onto Innovation, Inc.^(b)		176,638		15,227,962
PDF Solutions, Inc.^(b)		107,072		2,929,490
Photronics, Inc.^(b)		219,159		4,036,909


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Rambus, Inc.^(b)		391,953	$	10,582,731
SMART Global Holdings, Inc.^(b)(c)		165,993		4,556,508
Ultra Clean Holdings, Inc.^(b)		160,917		7,371,608
Veeco Instruments, Inc.^(b)(c)		181,001		5,171,198

				123,454,556

Software-20.19%
8x8, Inc.^(b)		408,385		5,292,670
Agilysys, Inc.^(b)(c)		69,681		2,928,693
Alarm.com Holdings, Inc.^(b)		165,057		10,865,702
Bottomline Technologies (DE), Inc.^(b)		138,614		7,851,097
Consensus Cloud Solutions, Inc.^(b)		57,517		3,201,396
Ebix, Inc.		85,390		2,519,859
InterDigital, Inc.^(c)		109,947		7,082,786
LivePerson, Inc.^(b)(c)		235,855		4,783,139
OneSpan, Inc.^(b)		123,181		1,697,434
Progress Software Corp.		157,129		6,926,246
SPS Commerce, Inc.^(b)		128,898		16,737,405
Vonage Holdings Corp.^(b)(c)		904,920		18,387,975
Xperi Holding Corp		374,624		6,488,488

				94,762,890

Technology Hardware, Storage & Peripherals-2.81%
3D Systems Corp.^(b)(c)		457,767		8,157,408
Corsair Gaming, Inc.^(b)(c)		118,300		2,730,364
Diebold Nixdorf, Inc.^(b)		261,159		2,272,083

				13,159,855

Total Common Stocks & Other Equity Interests (Cost $386,021,340)				469,210,054


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $65,979)		65,979		65,979

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $386,087,319)				469,276,033


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.61%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		20,560,047		20,560,047
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		47,968,646		47,973,444

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $68,537,500)				68,533,491

TOTAL INVESTMENTS IN SECURITIES-114.61% (Cost $454,624,819)				537,809,524
OTHER ASSETS LESS LIABILITIES-(14.61)%				(68,547,352	)

NET ASSETS-100.00%			$	469,262,172

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


		22
		22

Invesco S&P SmallCap Information Technology ETF (PSCT)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	708,061		$	(642,082	)		$	-			$	-			$	65,979		$	7

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,615,016			80,190,661			(80,245,630	)			-				-				20,560,047			2,841	*

Invesco Private Prime Fund			48,449,778			130,578,411			(131,041,168	)			(4,009	)			(9,568	)			47,973,444			25,416	*


Total		$	69,064,794		$	211,477,133		$	(211,928,880	)		$	(4,009	)		$	(9,568	)		$	68,599,470		$	28,264

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Electronic Equipment, Instruments & Components			29.45

Semiconductors & Semiconductor Equipment			26.31

Software			20.19

IT Services			11.22

Communications Equipment			10.01

Technology Hardware, Storage & Peripherals			2.81

Money Market Funds Plus Other Assets Less Liabilities			0.01

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


		23
		23

Invesco S&P SmallCap Materials ETF (PSCM)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Chemicals-53.67%
AdvanSix, Inc.		11,076	$	443,705
American Vanguard Corp.		10,596		159,682
Balchem Corp.		12,750		1,763,835
Ferro Corp.^(b)		32,578		707,920
FutureFuel Corp.		10,166		74,822
GCP Applied Technologies, Inc.^(b)		21,128		667,222
H.B. Fuller Co.		20,690		1,414,575
Hawkins, Inc.		7,399		334,879
Innospec, Inc.		9,704		926,732
Koppers Holdings, Inc.^(b)		8,389		240,177
Kraton Corp.^(b)		12,657		584,120
Livent Corp.^(b)(c)		63,616		1,498,157
Quaker Chemical Corp.		5,284		980,763
Rayonier Advanced Materials, Inc.^(b)		25,095		147,308
Stepan Co.		8,385		868,854
Tredegar Corp.		10,097		116,216
Trinseo PLC^(c)		15,291		794,520

				11,723,487

Containers & Packaging-4.70%
Myers Industries, Inc.		14,269		237,151
O-I Glass, Inc.^(b)		61,747		789,126

				1,026,277

Metals & Mining-33.44%
Allegheny Technologies, Inc.^(b)		50,101		1,289,600
Arconic Corp.^(b)		41,926		1,287,128
Carpenter Technology Corp.		18,972		728,335
Century Aluminum Co.^(b)		19,872		469,377
Compass Minerals International, Inc.^(c)		13,402		785,625
Haynes International, Inc.		4,996		182,654
Kaiser Aluminum Corp.		6,246		602,739
Materion Corp.		8,047		672,327
Olympic Steel, Inc.		3,664		98,085
SunCoke Energy, Inc.		32,711		259,398
TimkenSteel Corp.^(b)		16,192		291,942
Warrior Met Coal, Inc.		20,242		637,623

				7,304,833


	Shares		Value
Paper & Forest Products-8.11%
Clearwater Paper Corp.^(b)		6,571	$	189,442
Glatfelter Corp.		17,531		240,876
Mercer International, Inc. (Germany)		15,860		212,048
Neenah, Inc.		6,598		256,992
Schweitzer-Mauduit International, Inc., Class A		12,386		386,691
Sylvamo Corp.^(b)		13,892		484,831

				1,770,880

Total Common Stocks & Other Equity Interests (Cost $21,686,324)				21,825,477


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $7,422)		7,422		7,422

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $21,693,746)				21,832,899


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.43%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		748,880		748,880
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		1,747,211		1,747,386

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,496,382)				2,496,266

TOTAL INVESTMENTS IN SECURITIES-111.38% (Cost $24,190,128)				24,329,165
OTHER ASSETS LESS LIABILITIES-(11.38)%				(2,486,494	)

NET ASSETS-100.00%			$	21,842,671

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	83,853		$	(76,431	)		$	-		$	-		$	7,422		$	1

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


		24
		24

Invesco S&P SmallCap Materials ETF (PSCM)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	452,121		$	5,262,748		$	(4,965,989	)		$	-			$	-			$	748,880		$	102	*

Invesco Private Prime Fund			1,054,948			11,466,357			(10,773,224	)			(116	)			(579	)			1,747,386			904	*


Total		$	1,507,069		$	16,812,958		$	(15,815,644	)		$	(116	)		$	(579	)		$	2,503,688		$	1,007

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Chemicals			53.67

Metals & Mining			33.44

Paper & Forest Products			8.11

Containers & Packaging			4.70

Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		25
		25

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Diversified Telecommunication Services-9.84%
ATN International, Inc.		8,936	$	297,837
Cogent Communications Holdings, Inc.		30,650		1,943,210
Consolidated Communications Holdings, Inc.^(b)(c)		59,004		420,108

				2,661,155

Entertainment-6.02%
Cinemark Holdings, Inc.^(b)(c)		74,346		1,304,029
Marcus Corp. (The)^(b)(c)		17,892		325,276

				1,629,305

Gas Utilities-19.60%
Chesapeake Utilities Corp.		9,289		1,234,972
Northwest Natural Holding Co.		25,207		1,311,016
South Jersey Industries, Inc.^(c)		81,232		2,756,202

				5,302,190

Interactive Media & Services-4.88%
Cars.com, Inc.^(b)		53,164		860,194
QuinStreet, Inc.^(b)		40,844		459,495

				1,319,689

Media-20.39%
AMC Networks, Inc., Class A^(b)(c)		23,923		991,608
E.W. Scripps Co. (The), Class A^(b)		46,800		1,041,768
Gannett Co., Inc.^(b)(c)		116,491		577,796
Loyalty Ventures, Inc.^(b)		16,309		391,416
Scholastic Corp.		24,931		1,049,097
TechTarget, Inc.^(b)(c)		13,293		1,041,905
Thryv Holdings, Inc.^(b)(c)		13,900		422,560

				5,516,150

Multi-Utilities-10.87%
Avista Corp.		51,126		2,281,754
Unitil Corp.		13,074		660,106

				2,941,860


	Shares		Value
Water Utilities-20.90%
American States Water Co.		26,683	$	2,245,641
California Water Service Group		38,005		2,163,625
Middlesex Water Co.		12,467		1,246,575

				5,655,841

Wireless Telecommunication Services-7.43%
Shenandoah Telecommunications Co.		40,895		914,003
Telephone & Data Systems, Inc.		63,183		1,096,225

				2,010,228

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $26,538,459)				27,036,418


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-27.35%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		2,220,353		2,220,353
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		5,180,306		5,180,824

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,401,613)				7,401,177

TOTAL INVESTMENTS IN SECURITIES-127.28% (Cost $33,940,072)				34,437,595
OTHER ASSETS LESS LIABILITIES-(27.28)%				(7,380,932	)

NET ASSETS-100.00%			$	27,056,663

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,319,837		$	(1,319,837	)		$	-		$	-		$	-		$	5

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


		26
		26

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	850,628		$	7,817,245		$	(6,447,520	)		$	-			$	-			$	2,220,353		$	208	*

Invesco Private Prime Fund			1,984,799			16,660,266			(13,463,442	)			(436	)			(363	)			5,180,824			1,507	*


Total		$	2,835,427		$	25,797,348		$	(21,230,799	)		$	(436	)		$	(363	)		$	7,401,177		$	1,720

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Water Utilities			20.90

Media			20.39

Gas Utilities			19.60

Multi-Utilities			10.87

Diversified Telecommunication Services			9.84

Wireless Telecommunication Services			7.43

Entertainment			6.02

Interactive Media & Services			4.88

Money Market Funds Plus Other Assets Less Liabilities			0.07

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


		27
		27

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	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)	$	386,778,089		$	39,729,258		$	47,174,017		$	135,427,469
Affiliated investments in securities, at value^(a)		71,611,212			10,364,003			11,248,495			39,817,772
Cash		-			-			6			190
Receivable for:
Dividends		145,381			4,048			-			879
Securities lending		8,207			771			1,933			2,456
Investments sold		-			-			-			4,716,785
Investments sold - affiliated broker		-			-			-			1,251,636
Fund shares sold		-			-			-			962,634

Total assets		458,542,889			50,098,080			58,424,451			182,179,821


Liabilities:
Due to custodian		78,147			-			-			-
Payable for:
Investments purchased		-			-			-			962,701
Collateral upon return of securities loaned		71,616,298			10,347,341			11,238,181			39,776,337
Fund shares repurchased		-			-			-			4,719,233
Accrued unitary management fees		170,937			9,421			11,039			29,247

Total liabilities		71,865,382			10,356,762			11,249,220			45,487,518

Net Assets	$	386,677,507		$	39,741,318		$	47,175,231		$	136,692,303


Net assets consist of:
Shares of beneficial interest	$	693,738,264		$	59,774,493		$	56,580,113		$	190,471,981
Distributable earnings (loss)		(307,060,757	)		(20,033,175	)		(9,404,882	)		(53,779,678	)

Net Assets	$	386,677,507		$	39,741,318		$	47,175,231		$	136,692,303

Shares outstanding (unlimited amount authorized, $0.01 par value)		4,690,000			400,000			460,000			15,620,000
Net asset value	$	82.45		$	99.35		$	102.55		$	8.75

Market price	$	82.51		$	99.48		$	102.60		$	8.75

Unaffiliated investments in securities, at cost	$	382,051,464		$	51,058,488		$	45,544,647		$	126,275,118

Affiliated investments in securities, at cost	$	71,616,298		$	10,364,352		$	11,249,475		$	39,819,638

^(a)Includes securities on loan with an aggregate value of:	$	71,179,599		$	10,160,977		$	10,943,276		$	41,978,821

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


		28
		28


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)


$	48,911,662		$	406,824,226		$	80,536,482	$	469,210,054	$	21,825,477		$	27,036,418
	6,912,358			109,561,789			4,223,939		68,599,470		2,503,688			7,401,177
	-			-			-		77		-			-

	40,822			2,955			59,593		87,523		14,625			42,337
	508			10,632			424		7,886		180			565
	-			3,182,227			-		-		-			-
	-			-			-		-		-			-
	-			-			-		-		-			-

	55,865,350			519,581,829			84,820,438		537,905,010		24,343,970			34,480,497



	106			63,353			-		-		-			15,976

	-			-			-		-		-			-
	6,780,003			109,568,740			4,184,580		68,537,500		2,496,382			7,401,613
	-			3,202,085			-		-		-			-
	10,742			89,747			19,071		105,338		4,917			6,245

	6,790,851			112,923,925			4,203,651		68,642,838		2,501,299			7,423,834

$	49,074,499		$	406,657,904		$	80,616,787	$	469,262,172	$	21,842,671		$	27,056,663



$	50,879,199		$	494,707,105		$	78,040,333	$	379,150,503	$	24,558,540		$	33,780,172
	(1,804,700	)		(88,049,201	)		2,576,454		90,111,669		(2,715,869	)		(6,723,509	)

$	49,074,499		$	406,657,904		$	80,616,787	$	469,262,172	$	21,842,671		$	27,056,663

	830,000			2,540,000			880,000		3,450,000		330,000			420,000
$	59.13		$	160.10		$	91.61	$	136.02	$	66.19		$	64.42

$	59.19		$	160.24		$	91.68	$	136.12	$	66.24		$	64.48

$	46,027,595		$	404,271,706		$	83,067,635	$	386,021,340	$	21,686,324		$	26,538,459

$	7,240,918		$	109,568,740		$	4,224,170	$	68,603,479	$	2,503,804		$	7,401,613

$	6,581,268		$	107,849,033		$	4,347,293	$	66,960,259	$	2,461,953		$	7,297,427
								��


		29
		29

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	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		$	2,159,207			$	331,579			$	307,339			$	408,028
Affiliated dividend income			13				3				2				6
Securities lending income			163,380				4,552				18,150				12,071
Foreign withholding tax			-				-				-				(339	)

Total investment income			2,322,600				336,134				325,491				419,766


Expenses:
Unitary management fees			1,474,505				77,945				71,279				180,663

Net expenses			1,474,505				77,945				71,279				180,663

Net investment income (loss)			848,095				258,189				254,212				239,103


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(45,557,319	)			(994,682	)			(996,839	)			(144,340	)
Affiliated investment securities			(16,475	)			(1,684	)			(1,639	)			(3,944	)
Unaffiliated in-kind redemptions			49,969,373				1,309,971				1,167,810				6,643,735
Affiliated in-kind redemptions			-				-				-				-

Net realized gain (loss)			4,395,579				313,605				169,332				6,495,451

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(43,762,769	)			(7,037,839	)			(309,221	)			26,069,001
Affiliated investment securities			(5,086	)			(349	)			(980	)			(1,866	)

Change in net unrealized appreciation (depreciation)			(43,767,855	)			(7,038,188	)			(310,201	)			26,067,135

Net realized and unrealized gain (loss)			(39,372,276	)			(6,724,583	)			(140,869	)			32,562,586

Net increase (decrease) in net assets resulting from operations		$	(38,524,181	)		$	(6,466,394	)		$	113,343			$	32,801,689

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


		30
		30


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)



	$	712,695			$	174,992			$	531,196			$	596,780			$	107,307			$	158,738
		9,246				29				11				7				1				5
		7,755				84,116				3,210				34,949				1,130				2,045
		(956	)			-				-				(109	)			(890	)			-

		728,740				259,137				534,417				631,627				107,548				160,788



		71,010				673,798				167,831				700,559				35,171				39,790

		71,010				673,798				167,831				700,559				35,171				39,790

		657,730				(414,661	)			366,586				(68,932	)			72,377				120,998





		(294,967	)			(13,974,236	)			(99,004	)			(4,838,849	)			(32,795	)			(990,938	)
		(2,297	)			(17,796	)			(1,523	)			(9,568	)			(579	)			(363	)
		1,205,872				9,507,567				11,689,576				22,705,917				1,124,272				1,540,841
		(894	)			-				-				-				-				-

		907,714				(4,484,465	)			11,589,049				17,857,500				1,090,898				549,540


		(657,960	)			(78,843,238	)			(16,514,384	)			(57,317,455	)			(937,081	)			(1,666,314	)
		(49,864	)			(6,951	)			(231	)			(4,009	)			(116	)			(436	)

		(707,824	)			(78,850,189	)			(16,514,615	)			(57,321,464	)			(937,197	)			(1,666,750	)

		199,890				(83,334,654	)			(4,925,566	)			(39,463,964	)			153,701				(1,117,210	)

	$	857,620			$	(83,749,315	)		$	(4,558,980	)		$	(39,532,896	)		$	226,078			$	(996,212	)


		31
		31

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco DWA SmallCap Momentum ETF (DWAS)								Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
	Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021

Operations:
Net investment income		$	848,095			$	132,979			$	258,189			$	287,371
Net realized gain (loss)			4,395,579				131,106,926				313,605				17,720,548
Change in net unrealized appreciation (depreciation)			(43,767,855	)			3,864,196				(7,038,188	)			(2,040,670	)

Net increase (decrease) in net assets resulting from operations			(38,524,181	)			135,104,101				(6,466,394	)			15,967,249


Distributions to Shareholders from:
Distributable earnings			(570,833	)			(441,684	)			(229,417	)			(233,371	)


Shareholder Transactions:
Proceeds from shares sold			288,868,366				767,918,832				6,747,122				120,948,147
Value of shares repurchased			(318,909,351	)			(681,140,855	)			(26,217,165	)			(90,244,850	)

Net increase (decrease) in net assets resulting from share transactions			(30,040,985	)			86,777,977				(19,470,043	)			30,703,297

Net increase (decrease) in net assets			(69,135,999	)			221,440,394				(26,165,854	)			46,437,175


Net assets:
Beginning of period			455,813,506				234,373,112				65,907,172				19,469,997

End of period		$	386,677,507			$	455,813,506			$	39,741,318			$	65,907,172


Changes in Shares Outstanding:
Shares sold			3,200,000				9,950,000				60,000				1,100,000
Shares repurchased			(3,740,000	)			(8,670,000	)			(240,000	)			(820,000	)
Shares outstanding, beginning of period			5,230,000				3,950,000				580,000				300,000

Shares outstanding, end of period			4,690,000				5,230,000				400,000				580,000

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


		32
		32


Invesco S&P SmallCap Consumer Staples ETF (PSCC)								Invesco S&P SmallCap Energy ETF (PSCE)								Invesco S&P SmallCap Financials ETF (PSCF)
Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021


	$	254,212			$	702,518			$	239,103			$	393,528			$	657,730			$	785,570
		169,332				3,010,821				6,495,451				16,587,489				907,714				(1,013,441	)
		(310,201	)			5,741,360				26,067,135				(9,195,227	)			(707,824	)			12,056,806

		113,343				9,454,699				32,801,689				7,785,790				857,620				11,828,935



		(319,737	)			(734,686	)			(398,667	)			(240,859	)			(379,951	)			(876,466	)



		7,510,145				22,954,941				45,102,280				210,541,973				3,600,461				22,229,937
		(7,110,689	)			(23,874,928	)			(46,401,750	)			(127,210,808	)			(5,291,662	)			(9,191,248	)

		399,456				(919,987	)			(1,299,470	)			83,331,165				(1,691,201	)			13,038,689

		193,062				7,800,026				31,103,552				90,876,096				(1,213,532	)			23,991,158



		46,982,169				39,182,143				105,588,751				14,712,655				50,288,031				26,296,873

	$	47,175,231			$	46,982,169			$	136,692,303			$	105,588,751			$	49,074,499			$	50,288,031



		70,000				220,000				5,660,000				31,060,000				60,000				400,000
		(70,000	)			(260,000	)			(6,260,000	)			(19,040,000	)			(90,000	)			(190,000	)
		460,000				500,000				16,220,000				4,200,000				860,000				650,000

		460,000				460,000				15,620,000				16,220,000				830,000				860,000


		33
		33

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco S&P SmallCap Health Care ETF (PSCH)								Invesco S&P SmallCap Industrials ETF (PSCI)
	Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021

Operations:
Net investment income (loss)		$	(414,661	)		$	(785,555	)		$	366,586			$	616,569
Net realized gain (loss)			(4,484,465	)			24,141,032				11,589,049				2,942,407
Change in net unrealized appreciation (depreciation)			(78,850,189	)			140,268,932				(16,514,615	)			17,999,704

Net increase (decrease) in net assets resulting from operations			(83,749,315	)			163,624,409				(4,558,980	)			21,558,680


Distributions to Shareholders from:
Distributable earnings			-				-				(464,137	)			(509,144	)


Shareholder Transactions:
Proceeds from shares sold			-				93,123,057				5,557,885				74,571,539
Value of shares repurchased			(35,696,365	)			(115,601,310	)			(44,753,605	)			(16,953,241	)

Net increase (decrease) in net assets resulting from share transactions			(35,696,365	)			(22,478,253	)			(39,195,720	)			57,618,298

Net increase (decrease) in net assets			(119,445,680	)			141,146,156				(44,218,837	)			78,667,834


Net assets:
Beginning of period			526,103,584				384,957,428				124,835,624				46,167,790

End of period		$	406,657,904			$	526,103,584			$	80,616,787			$	124,835,624


Changes in Shares Outstanding:
Shares sold			-				600,000				60,000				840,000
Shares repurchased			(210,000	)			(750,000	)			(500,000	)			(220,000	)
Shares outstanding, beginning of period			2,750,000				2,900,000				1,320,000				700,000

Shares outstanding, end of period			2,540,000				2,750,000				880,000				1,320,000

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


		34
		34


Invesco S&P SmallCap Information Technology ETF (PSCT)								Invesco S&P SmallCap Materials ETF (PSCM)								Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021


	$	(68,932	)		$	107,770			$	72,377			$	203,679			$	120,998			$	709,593
		17,857,500				25,821,446				1,090,898				2,206,293				549,540				1,208,977
		(57,321,464	)			136,680,577				(937,197	)			3,054,922				(1,666,750	)			5,433,914

		(39,532,896	)			162,609,793				226,078				5,464,894				(996,212	)			7,352,484



		-				(177,198	)			(78,752	)			(193,769	)			(643,074	)			(269,592	)



		83,729,635				128,653,753				1,349,387				28,753,842				6,686,322				9,395,883
		(52,091,120	)			(58,471,170	)			(7,365,525	)			(14,742,171	)			(5,024,173	)			(11,429,660	)

		31,638,515				70,182,583				(6,016,138	)			14,011,671				1,662,149				(2,033,777	)

		(7,894,381	)			232,615,178				(5,868,812	)			19,282,796				22,863				5,049,115



		477,156,553				244,541,375				27,711,483				8,428,687				27,033,800				21,984,685
																							��
	$	469,262,172			$	477,156,553			$	21,842,671			$	27,711,483			$	27,056,663			$	27,033,800



		570,000				1,020,000				20,000				460,000				100,000				150,000
		(360,000	)			(480,000	)			(110,000	)			(240,000	)			(80,000	)			(200,000	)
		3,240,000				2,700,000				420,000				200,000				400,000				450,000

		3,450,000				3,240,000				330,000				420,000				420,000				400,000


		35
		35

Financial Highlights

Invesco DWA SmallCap Momentum ETF (DWAS)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	87.15		$	59.33		$	53.34		$	59.34			$	48.11		$	35.42		$	38.19

Net investment income (loss)^(a)			0.15			0.03			0.20			(0.01	)			(0.01	)		0.14			0.15
Net realized and unrealized gain (loss) on investments			(4.75	)		27.88			5.97			(5.99	)			11.34			12.71			(2.81	)

Total from investment operations			(4.60	)		27.91			6.17			(6.00	)			11.33			12.85			(2.66	)

Distributions to shareholders from:
Net investment income			(0.10	)		(0.09	)		(0.18	)		-				(0.10	)		(0.16	)		(0.11	)

Net asset value at end of period		$	82.45		$	87.15		$	59.33		$	53.34			$	59.34		$	48.11		$	35.42

Market price at end of period^(b)		$	82.51		$	87.07		$	59.39		$	53.34			$	59.36		$	48.16		$	35.40

Net Asset Value Total Return^(c)			(5.28	)%		47.07	%		11.65	%		(10.11	)%			23.60	%		36.38	%		(6.97	)%
Market Price Total Return^(c)			(5.12	)%		46.79	%		11.77	%		(10.14	)%			23.51	%		36.60	%		(7.00	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	386,678		$	455,814		$	234,373		$	264,010			$	453,972		$	228,517		$	155,857
Ratio to average net assets of:
Expenses			0.60	%^(d)		0.60	%		0.60	%		0.60	%			0.60	%^(d)		0.60	%		0.60	%
Net investment income (loss)			0.35	%^(d)		0.03	%		0.39	%		(0.03	)%			(0.02	)%^(d)		0.34	%		0.41	%
Portfolio turnover rate^(e)			88	%		198	%		185	%		159	%			100	%		131	%		169	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		36
		36

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	113.63		$	64.90		$	57.37		$	71.32			$	55.45		$	46.40		$	49.35

Net investment income^(a)			0.52			0.47			0.61			0.57				0.56			0.66			0.41
Net realized and unrealized gain (loss) on investments			(14.35	)		48.59			7.57			(13.81	)			15.78			9.12			(2.99	)

Total from investment operations			(13.83	)		49.06			8.18			(13.24	)			16.34			9.78			(2.58	)

Distributions to shareholders from:
Net investment income			(0.45	)		(0.33	)		(0.65	)		(0.71	)			(0.47	)		(0.73	)		(0.37	)

Net asset value at end of period		$	99.35		$	113.63		$	64.90		$	57.37			$	71.32		$	55.45		$	46.40

Market price at end of period^(b)		$	99.48		$	113.46		$	64.92		$	57.36			$	71.31		$	55.51		$	46.41

Net Asset Value Total Return^(c)			(12.19	)%		75.74	%		14.68	%		(18.57	)%			29.58	%		21.15	%		(5.23	)%
Market Price Total Return^(c)			(11.94	)%		75.42	%		14.74	%		(18.58	)%			29.43	%		21.26	%		(5.24	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	39,741		$	65,907		$	19,470		$	22,949			$	92,718		$	66,543		$	74,235
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.30	%^(e)			0.29	%^(d)		0.29	%		0.29	%
Net investment income			0.96	%^(d)		0.44	%		1.08	%		0.93	%^(e)			1.07	%^(d)		1.25	%		0.86	%
Portfolio turnover rate^(f)			7	%		33	%		27	%		27	%			9	%		19	%		33	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		37
		37

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	102.14		$	78.36		$	71.88		$	85.41			$	72.47		$	63.05		$	57.26

Net investment income^(a)			0.53			1.55			1.21			1.09				0.56			0.94			0.90
Net realized and unrealized gain (loss) on investments			0.57			23.85			6.60			(13.48	)			12.91			9.64			5.75

Total from investment operations			1.10			25.40			7.81			(12.39	)			13.47			10.58			6.65

Distributions to shareholders from:
Net investment income			(0.69	)		(1.62	)		(1.33	)		(1.14	)			(0.53	)		(1.16	)		(0.86	)

Net asset value at end of period		$	102.55		$	102.14		$	78.36		$	71.88			$	85.41		$	72.47		$	63.05

Market price at end of period^(b)		$	102.60		$	102.02		$	78.57		$	71.66			$	85.34		$	72.54		$	62.99

Net Asset Value Total Return^(c)			1.10	%		32.77	%		10.97	%		(14.52	)%			18.70	%		16.88	%		11.79	%
Market Price Total Return^(c)			1.27	%		32.27	%		11.60	%		(14.71	)%			18.49	%		17.11	%		11.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	47,175		$	46,982		$	39,182		$	46,722			$	89,681		$	54,350		$	69,360
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.30	%^(e)			0.29	%^(d)		0.29	%		0.29	%
Net investment income			1.03	%^(d)		1.64	%		1.66	%		1.41	%^(e)			0.89	%^(d)		1.38	%		1.46	%
Portfolio turnover rate^(f)			16	%		30	%		40	%		59	%			42	%		62	%		68	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		38
		38

Financial Highlights–(continued)

Invesco S&P SmallCap Energy ETF (PSCE)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	6.51		$	3.50		$	6.97		$	16.34			$	14.26		$	16.73		$	18.12

Net investment income (loss)^(a)			0.01			0.03			0.05			(0.02	)			(0.00	)^(b)		(0.01	)		0.06
Net realized and unrealized gain (loss) on investments			2.26			3.00			(3.49	)		(9.33	)			2.09			(2.44	)		(1.36	)

Total from investment operations			2.27			3.03			(3.44	)		(9.35	)			2.09			(2.45	)		(1.30	)

Distributions to shareholders from:
Net investment income			(0.03	)		(0.02	)		(0.03	)		(0.02	)			(0.01	)		(0.01	)		(0.09	)
Return of capital			-			-			-			-				-			(0.01	)		-

Total distributions			(0.03	)		(0.02	)		(0.03	)		(0.02	)			(0.01	)		(0.02	)		(0.09	)

Net asset value at end of period		$	8.75		$	6.51		$	3.50		$	6.97			$	16.34		$	14.26		$	16.73

Market price at end of period^(c)		$	8.75		$	6.52		$	3.52		$	6.98			$	16.33		$	14.30		$	16.75

Net Asset Value Total Return^(d)			34.93	%		87.13	%		(49.31	)%		(57.29	)%			14.64	%		(14.69	)%		(7.11	)%
Market Price Total Return^(d)			34.72	%		86.35	%		(49.09	)%		(57.20	)%			14.25	%		(14.55	)%		(7.05	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	136,692		$	105,589		$	14,713		$	19,523			$	60,475		$	48,477		$	52,686
Ratio to average net assets of:
Expenses			0.29	%^(e)		0.29	%		0.29	%		0.31	%^(f)			0.29	%^(e)		0.29	%		0.29	%
Net investment income (loss)			0.38	%^(e)		0.43	%		1.01	%		(0.20	)%^(f)			0.04	%^(e)		(0.05	)%		0.38	%
Portfolio turnover rate^(g)			21	%		26	%		74	%		48	%			40	%		39	%		21	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

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

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


		39
		39

Financial Highlights–(continued)

Invesco S&P SmallCap Financials ETF (PSCF)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	58.47		$	40.46		$	52.62		$	60.04			$	54.25		$	43.73		$	42.41

Net investment income^(a)			0.80			1.06			1.45			1.48				1.05			1.25			1.14
Net realized and unrealized gain (loss) on investments			0.31			18.07			(10.89	)		(6.48	)			5.63			10.58			1.44

Total from investment operations			1.11			19.13			(9.44	)		(5.00	)			6.68			11.83			2.58

Distributions to shareholders from:
Net investment income			(0.45	)		(1.12	)		(2.23	)		(1.85	)			(0.89	)		(1.09	)		(1.18	)
Net realized gains			-			-			(0.49	)		(0.57	)			-			(0.22	)		(0.08	)

Total distributions			(0.45	)		(1.12	)		(2.72	)		(2.42	)			(0.89	)		(1.31	)		(1.26	)

Net asset value at end of period		$	59.13		$	58.47		$	40.46		$	52.62			$	60.04		$	54.25		$	43.73

Market price at end of period^(b)		$	59.19		$	58.39		$	40.54		$	52.54			$	60.09		$	54.31		$	43.73

Net Asset Value Total Return^(c)			1.94	%		47.97	%		(18.02	)%		(8.05	)%			12.44	%		27.23	%		6.29	%
Market Price Total Return^(c)			2.18	%		47.48	%		(17.72	)%		(8.27	)%			12.41	%		27.37	%		6.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	49,074		$	50,288		$	26,297		$	123,655			$	267,169		$	254,975		$	196,797
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.30	%^(e)			0.29	%^(d)		0.29	%		0.29	%
Net investment income			2.69	%^(d)		2.01	%		2.83	%		2.73	%^(e)			2.26	%^(d)		2.44	%		2.73	%
Portfolio turnover rate^(f)			10	%		19	%		31	%		16	%			17	%		21	%		16	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		40
		40

Financial Highlights–(continued)

Invesco S&P SmallCap Health Care ETF (PSCH)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	191.31		$	132.74		$	114.85		$	144.76			$	91.43		$	67.03		$	66.81

Net investment income (loss)^(a)			(0.16	)		(0.28	)		(0.22	)		(0.16	)			(0.04	)		(0.03	)		0.00	^(b)
Net realized and unrealized gain (loss) on investments			(31.05	)		58.85			18.11			(29.74	)			53.37			24.45			0.22

Total from investment operations			(31.21	)		58.57			17.89			(29.90	)			53.33			24.42			0.22

Distributions to shareholders from:
Net investment income			-			-			-			(0.01	)			-			(0.02	)		-

Net asset value at end of period		$	160.10		$	191.31		$	132.74		$	114.85			$	144.76		$	91.43		$	67.03

Market price at end of period^(c)		$	160.24		$	190.92		$	132.83		$	114.81			$	144.99		$	91.58		$	67.00

Net Asset Value Total Return^(d)			(16.32	)%		44.13	%		15.58	%		(20.66	)%			58.32	%		36.44	%		0.33	%
Market Price Total Return^(d)			(16.07	)%		43.72	%		15.69	%		(20.82	)%			58.31	%		36.72	%		0.21	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	406,658		$	526,104		$	384,957		$	465,142			$	1,172,569		$	237,717		$	167,586
Ratio to average net assets of:
Expenses			0.29	%^(e)		0.29	%		0.29	%		0.29	%			0.29	%^(e)		0.29	%		0.29	%
Net investment income (loss)			(0.18	)%^(e)		(0.16	)%		(0.18	)%		(0.13	)%			(0.04	)%^(e)		(0.04	)%		0.01	%
Portfolio turnover rate^(f)			14	%		30	%		19	%		36	%			20	%		19	%		23	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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


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Financial Highlights–(continued)

Invesco S&P SmallCap Industrials ETF (PSCI)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	94.57		$	65.95		$	64.17		$	75.22			$	62.13		$	47.51		$	45.55

Net investment income^(a)			0.30			0.64			0.47			0.37				0.36			0.53			0.34
Net realized and unrealized gain (loss) on investments			(2.90	)		28.53			1.81			(11.03	)			13.07			14.62			1.96

Total from investment operations			(2.60	)		29.17			2.28			(10.66	)			13.43			15.15			2.30

Distributions to shareholders from:
Net investment income			(0.36	)		(0.55	)		(0.50	)		(0.39	)			(0.34	)		(0.53	)		(0.34	)

Net asset value at end of period		$	91.61		$	94.57		$	65.95		$	64.17			$	75.22		$	62.13		$	47.51

Market price at end of period^(b)		$	91.68		$	94.49		$	66.05		$	64.21			$	75.25		$	62.21		$	47.42

Net Asset Value Total Return^(c)			(2.76	)%		44.37	%		3.68	%		(14.16	)%			21.69	%		32.00	%		5.10	%
Market Price Total Return^(c)			(2.59	)%		44.03	%		3.76	%		(14.14	)%			21.59	%		32.42	%		4.86	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	80,617		$	124,836		$	46,168		$	54,547			$	154,205		$	99,414		$	57,007
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.30	%^(e)			0.29	%^(d)		0.29	%		0.29	%
Net investment income			0.63	%^(d)		0.74	%		0.74	%		0.58	%^(e)			0.66	%^(d)		0.94	%		0.75	%
Portfolio turnover rate^(f)			6	%		9	%		10	%		9	%			2	%		7	%		16	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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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Financial Highlights–(continued)

Invesco S&P SmallCap Information Technology ETF (PSCT)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	147.27		$	90.57		$	83.13		$	89.80			$	81.13		$	61.26		$	51.70

Net investment income (loss)^(a)			(0.02	)		0.04			0.11			0.25				0.27			0.19			0.10
Net realized and unrealized gain (loss) on investments			(11.23	)		56.72			7.46			(6.62	)			8.69			19.83			9.58

Total from investment operations			(11.25	)		56.76			7.57			(6.37	)			8.96			20.02			9.68

Distributions to shareholders from:
Net investment income			-			(0.06	)		(0.13	)		(0.30	)			(0.29	)		(0.15	)		(0.12	)

Net asset value at end of period		$	136.02		$	147.27		$	90.57		$	83.13			$	89.80		$	81.13		$	61.26

Market price at end of period^(b)		$	136.12		$	147.28		$	90.67		$	83.05			$	89.71		$	81.23		$	61.28

Net Asset Value Total Return^(c)			(7.64	)%		62.70	%		9.12	%		(7.08	)%			11.09	%		32.71	%		18.75	%
Market Price Total Return^(c)			(7.57	)%		62.54	%		9.35	%		(7.08	)%			10.85	%		32.84	%		18.63	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	469,262		$	477,157		$	244,541		$	303,408			$	475,958		$	575,996		$	508,447
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.29	%			0.29	%^(d)		0.29	%		0.29	%
Net investment income (loss)			(0.03	)%^(d)		0.03	%		0.13	%		0.32	%			0.40	%^(d)		0.26	%		0.18	%
Portfolio turnover rate^(e)			3	%		16	%		19	%		11	%			15	%		16	%		15	%

^(a)	Based on average shares outstanding.

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

^(c)

(^d)	Annualized.

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

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


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Financial Highlights–(continued)

Invesco S&P SmallCap Materials ETF (PSCM)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	65.98		$	42.14		$	40.93		$	55.57			$	50.96		$	38.70		$	34.36

Net investment income^(a)			0.20			0.61			0.66			0.44				0.40			0.41			0.35
Net realized and unrealized gain (loss) on investments			0.22			23.97			1.27			(14.56	)			4.54			12.19			4.36

Total from investment operations			0.42			24.58			1.93			(14.12	)			4.94			12.60			4.71

Distributions to shareholders from:
Net investment income			(0.21	)		(0.74	)		(0.72	)		(0.52	)			(0.33	)		(0.34	)		(0.37	)

Net asset value at end of period		$	66.19		$	65.98		$	42.14		$	40.93			$	55.57		$	50.96		$	38.70

Market price at end of period^(b)		$	66.24		$	65.88		$	41.99		$	40.91			$	55.57		$	51.00		$	38.77

Net Asset Value Total Return^(c)			0.66	%		58.70	%		4.91	%		(25.50	)%			9.73	%		32.62	%		13.89	%
Market Price Total Return^(c)			0.88	%		59.03	%		4.59	%		(25.54	)%			9.65	%		32.48	%		14.07	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	21,843		$	27,711		$	8,429		$	14,327			$	30,566		$	48,411		$	17,414
Ratio to average net assets of:
Expenses			0.29	%^(d)		0.29	%		0.29	%		0.32	%^(e)			0.29	%^(d)		0.29	%		0.29	%
Net investment income			0.60	%^(d)		1.00	%		1.58	%		0.93	%^(e)			0.91	%^(d)		0.87	%		1.01	%
Portfolio turnover rate^(f)			12	%		25	%		25	%		24	%			9	%		21	%		16	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(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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Financial Highlights–(continued)

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)


	Six Months Ended
	February 28,													Ten Months Ended
	2022				Years Ended August 31,									August 31,				Years Ended October 31,
	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	67.58		$	48.85		$	53.08		$	55.80			$	55.67		$	45.61		$	41.99

Net investment income^(a)			0.29			1.75	^(b)		0.91			1.22				1.14			0.87			1.06
Net realized and unrealized gain (loss) on investments			(1.91	)		17.63			(4.03	)		(2.70	)			0.23			11.81			3.67

Total from investment operations			(1.62	)		19.38			(3.12	)		(1.48	)			1.37			12.68			4.73

Distributions to shareholders from:
Net investment income			(1.54	)		(0.65	)		(1.11	)		(1.24	)			(1.24	)		(0.86	)		(1.11	)
Net realized gains			-			-			-			-				-			(1.76	)		-

Total distributions			(1.54	)		(0.65	)		(1.11	)		(1.24	)			(1.24	)		(2.62	)		(1.11	)

Net asset value at end of period		$	64.42		$	67.58		$	48.85		$	53.08			$	55.80		$	55.67		$	45.61

Market price at end of period^(c)		$	64.48		$	67.44		$	48.91		$	53.01			$	55.82		$	55.70		$	45.57

Net Asset Value Total Return^(d)			(2.41	)%		40.03	%		(5.94	)%		(2.58	)%			2.55	%		28.66	%		11.38	%
Market Price Total Return^(d)			(2.11	)%		39.57	%		(5.70	)%		(2.74	)%			2.54	%		28.83	%		11.23	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	27,057		$	27,034		$	21,985		$	50,421			$	61,381		$	52,887		$	47,895
Ratio to average net assets of:
Expenses			0.29	%^(e)		0.29	%		0.29	%		0.30	%^(f)			0.29	%^(e)		0.29	%		0.29	%
Net investment income			0.88	%^(e)		2.98	%^(b)		1.78	%		2.27	%^(f)			2.58	%^(e)		1.73	%		2.35	%
Portfolio turnover rate^(g)			25	%		70	%		64	%		66	%			48	%		48	%		69	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

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

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


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization


Full Name		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”

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 Technical Leaders Index

S&P SmallCap Consumer Discretionary ETF		S&P SmallCap 600^®Capped Consumer Discretionary Index

S&P SmallCap Consumer Staples ETF		S&P SmallCap 600^®Capped Consumer Staples Index

S&P SmallCap Energy ETF		S&P SmallCap 600^®Capped Energy Index

S&P SmallCap Financials ETF		S&P SmallCap 600^®Capped Financials & Real Estate Index

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.

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


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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”).

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.


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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.

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.

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.


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of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco by each Fund (except for DWA SmallCap Momentum ETF, S&P SmallCap Health Care ETF and S&P SmallCap Information Technology ETF) were less than $500. DWA SmallCap Momentum ETF, S&P SmallCap Health Care ETF and S&P SmallCap Information Technology ETF paid to Invesco $4,392, $1,903 and $780, respectively, in fees for securities lending agent services.

J.	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


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

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-Diversified Fund Risk. Because 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 to the extent DWA SmallCap Momentum ETF becomes 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 their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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 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.


		50
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NOTE 3–Investment Advisory Agreement and Other Agreements


		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%

For the six months ended February 28, 2022, no fees were waived.

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 Dow Jones Indices, LLC

S&P SmallCap Consumer Staples ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Energy ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Financials ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Health Care ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Industrials ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Information Technology ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Materials ETF		S&P Dow Jones Indices, LLC

S&P SmallCap Utilities & Communication Services ETF		S&P Dow Jones Indices, LLC


		51
		51



DWA SmallCap Momentum ETF	$	43,915

S&P SmallCap Consumer Discretionary ETF		899

S&P SmallCap Consumer Staples ETF		1,508

S&P SmallCap Energy ETF		14,790

S&P SmallCap Financials ETF		1,643

S&P SmallCap Health Care ETF		19,113

S&P SmallCap Industrials ETF		1,184

S&P SmallCap Information Technology ETF		3,811

S&P SmallCap Materials ETF		719

S&P SmallCap Utilities & Communication Services ETF		2,252

NOTE 4–Security Transactions with Affiliated Funds

For the six months ended February 28, 2022, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains*

S&P SmallCap Energy ETF		$ -		$2,888,968		$206,804

S&P SmallCap Health Care ETF		3,654,238		-		-

S&P SmallCap Information Technology ETF		2,801,648		-		-

*	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

Level 1 –

Prices are determined using quoted prices in an active market for identical assets.

Level 2 –

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


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		52

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	$	386,778,089	$	-	$	-	$	386,778,089

Money Market Funds		-		71,611,212		-		71,611,212


Total Investments	$	386,778,089	$	71,611,212	$	-	$	458,389,301


S&P SmallCap Consumer Discretionary ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	39,729,258	$	-	$	-	$	39,729,258

Money Market Funds		17,011		10,346,992		-		10,364,003


Total Investments	$	39,746,269	$	10,346,992	$	-	$	50,093,261


S&P SmallCap Consumer Staples ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	47,174,017	$	-	$	-	$	47,174,017

Money Market Funds		11,294		11,237,201		-		11,248,495


Total Investments	$	47,185,311	$	11,237,201	$	-	$	58,422,512


S&P SmallCap Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	135,427,469	$	-	$	-	$	135,427,469

Money Market Funds		43,301		39,774,471		-		39,817,772


Total Investments	$	135,470,770	$	39,774,471	$	-	$	175,245,241


S&P SmallCap Financials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	49,033,123	$	-	$	-	$	49,033,123

Money Market Funds		11,200		6,779,697		-		6,790,897


Total Investments	$	49,044,323	$	6,779,697	$	-	$	55,824,020


S&P SmallCap Health Care ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	406,824,226	$	-	$	-	$	406,824,226

Money Market Funds		-		109,561,789		-		109,561,789


Total Investments	$	406,824,226	$	109,561,789	$	-	$	516,386,015


S&P SmallCap Industrials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	80,536,482	$	-	$	-	$	80,536,482

Money Market Funds		39,590		4,184,349		-		4,223,939


Total Investments	$	80,576,072	$	4,184,349	$	-	$	84,760,421


S&P SmallCap Information Technology ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	469,210,054	$	-	$	-	$	469,210,054

Money Market Funds		65,979		68,533,491		-		68,599,470


Total Investments	$	469,276,033	$	68,533,491	$	-	$	537,809,524


S&P SmallCap Materials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	21,825,477	$	-	$	-	$	21,825,477

Money Market Funds		7,422		2,496,266		-		2,503,688


Total Investments	$	21,832,899	$	2,496,266	$	-	$	24,329,165


S&P SmallCap Utilities & Communication Services ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	27,036,418	$	-	$	-	$	27,036,418

Money Market Funds		-		7,401,177		-		7,401,177


Total Investments	$	27,036,418	$	7,401,177	$	-	$	34,437,595


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NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

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


	No expiration
	Short-Term			Long-Term			Total*

DWA SmallCap Momentum ETF		$	312,892,237		$	2,744,630		$	315,636,867

S&P SmallCap Consumer Discretionary ETF			731,393			7,939,871			8,671,264

S&P SmallCap Consumer Staples ETF			3,893,653			6,703,884			10,597,537

S&P SmallCap Energy ETF			17,156,550			50,215,821			67,372,371

S&P SmallCap Financials ETF			304,844			4,143,614			4,448,458

S&P SmallCap Health Care ETF			21,499,239			47,383,251			68,882,490

S&P SmallCap Industrials ETF			706,455			4,067,481			4,773,936

S&P SmallCap Information Technology ETF			-			4,693,821			4,693,821

S&P SmallCap Materials ETF			16,669			3,469,263			3,485,932

S&P SmallCap Utilities & Communication Services ETF			1,512,677			5,164,922			6,677,599

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

NOTE 7–Investment Transactions


	Purchases		Sales

DWA SmallCap Momentum ETF	$	432,587,609	$	433,643,886

S&P SmallCap Consumer Discretionary ETF		4,035,809		3,620,839

S&P SmallCap Consumer Staples ETF		8,116,469		8,055,386

S&P SmallCap Energy ETF		25,566,684		26,799,465

S&P SmallCap Financials ETF		5,066,370		4,808,244

S&P SmallCap Health Care ETF		66,869,670		67,218,364

S&P SmallCap Industrials ETF		6,431,752		6,630,508

S&P SmallCap Information Technology ETF		16,300,017		20,744,689

S&P SmallCap Materials ETF		2,921,349		2,942,118

S&P SmallCap Utilities & Communication Services ETF		6,971,037		6,825,260

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

DWA SmallCap Momentum ETF	$	287,763,618	$	316,427,110

S&P SmallCap Consumer Discretionary ETF		6,715,732		26,549,829

S&P SmallCap Consumer Staples ETF		7,491,701		7,107,662

S&P SmallCap Energy ETF		45,124,201		46,359,950

S&P SmallCap Financials ETF		3,593,784		5,279,942

S&P SmallCap Health Care ETF		-		35,536,153

S&P SmallCap Industrials ETF		5,556,394		44,758,708

S&P SmallCap Information Technology ETF		89,147,577		53,541,043

S&P SmallCap Materials ETF		1,347,686		7,360,383

S&P SmallCap Utilities & Communication Services ETF		6,685,373		4,997,637


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


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

DWA SmallCap Momentum ETF	$	36,997,267	$	(33,039,199	)	$	3,958,068		$	454,431,233

S&P SmallCap Consumer Discretionary ETF		503,610		(12,272,271	)		(11,768,661	)		61,861,922

S&P SmallCap Consumer Staples ETF		3,770,962		(2,754,353	)		1,016,609			57,405,903

S&P SmallCap Energy ETF		16,359,361		(9,310,653	)		7,048,708			168,196,533

S&P SmallCap Financials ETF		6,431,786		(4,973,521	)		1,458,265			54,365,755

S&P SmallCap Health Care ETF		87,035,237		(100,755,814	)		(13,720,577	)		530,106,592

S&P SmallCap Industrials ETF		6,942,031		(11,250,546	)		(4,308,515	)		89,068,936

S&P SmallCap Information Technology ETF		107,738,187		(30,651,837	)		77,086,350			460,723,174

S&P SmallCap Materials ETF		2,142,107		(2,486,890	)		(344,783	)		24,673,948

S&P SmallCap Utilities & Communication Services ETF		2,613,060		(3,199,424	)		(586,364	)		35,023,959

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for 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.

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

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


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		55

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		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		$ 947.20		0.60%		$2.90

Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60		3.01

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

Actual		1,000.00		878.10		0.29		1.35

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

Actual		1,000.00		1,011.00		0.29		1.45

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco S&P SmallCap Energy ETF (PSCE)

Actual		1,000.00		1,349.30		0.29		1.69

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco S&P SmallCap Financials ETF (PSCF)

Actual		1,000.00		1,019.40		0.29		1.45

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45


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Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P SmallCap Health Care ETF (PSCH)

Actual		$1,000.00		$ 836.80		0.29%		$1.32

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco S&P SmallCap Industrials ETF (PSCI)

Actual		1,000.00		972.40		0.29		1.42

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco S&P SmallCap Information Technology ETF (PSCT)

Actual		1,000.00		923.60		0.29		1.38

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco S&P SmallCap Materials ETF (PSCM)

Actual		1,000.00		1,006.60		0.29		1.44

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

Actual		1,000.00		975.90		0.29		1.42

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

⁽¹⁾


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(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SCS-SAR-1

invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

February 28, 2022

IBBQ Invesco Nasdaq Biotechnology ETF

SOXQ Invesco PHLX Semiconductor ETF

TAN Invesco Solar ETF

Table of Contents


Schedules of Investments

Invesco Nasdaq Biotechnology ETF (IBBQ)			3

Invesco PHLX Semiconductor ETF (SOXQ)			8

Invesco Solar ETF (TAN)			10

Statements of Assets and Liabilities			13

Statements of Operations			14

Statements of Changes in Net Assets			15

Financial Highlights			16

Notes to Financial Statements			19

Fund Expenses			29


		2

Invesco Nasdaq Biotechnology ETF (IBBQ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Biotechnology-77.26%
4D Molecular Therapeutics, Inc.^(b)		879	$	12,042
89bio, Inc.^(b)		564		2,611
Abcam PLC, ADR (United Kingdom)^(b)		615		10,258
AC Immune S.A. (Switzerland)^(b)		2,186		8,897
Acadia Pharmaceuticals, Inc.^(b)		4,440		112,820
Achilles Therapeutics PLC, ADR (United Kingdom)		1,049		3,472
Acumen Pharmaceuticals, Inc.^(b)		1,126		6,598
Adaptimmune Therapeutics PLC, ADR^(b)		3,768		9,797
Adicet Bio, Inc.^(b)		1,047		13,695
ADMA Biologics, Inc.^(b)		5,432		8,746
Adverum Biotechnologies, Inc.^(b)		2,714		3,637
Aeglea BioTherapeutics, Inc.^(b)		1,335		3,698
Aerovate Therapeutics, Inc.^(b)(c)		687		6,719
Affimed N.V. (Germany)^(b)		3,304		14,571
Agios Pharmaceuticals, Inc.^(b)		1,479		46,041
Akebia Therapeutics, Inc.^(b)		4,857		10,491
Akero Therapeutics, Inc.^(b)		976		17,304
Akouos, Inc.^(b)(c)		968		5,169
Alaunos Therapeutics, Inc.^(b)		5,940		5,856
Alector, Inc.^(b)		2,264		35,862
Aligos Therapeutics, Inc.^(b)		1,113		2,693
Alkermes PLC^(b)(c)		4,458		110,826
Allakos, Inc.^(b)		1,552		8,676
Allogene Therapeutics, Inc.^(b)(c)		3,915		35,822
Allovir, Inc.^(b)		1,769		15,921
Alnylam Pharmaceuticals, Inc.^(b)		3,301		521,063
Alpine Immune Sciences, Inc.^(b)		761		6,271
Altimmune, Inc.^(b)(c)		1,112		8,240
ALX Oncology Holdings, Inc.^(b)(c)		1,127		20,421
Amarin Corp. PLC, ADR (Ireland)^(b)		10,773		35,659
Amgen, Inc.^(c)		13,985		3,167,323
Amicus Therapeutics, Inc.^(b)		7,664		62,385
AnaptysBio, Inc.^(b)		746		22,805
Anavex Life Sciences Corp.^(b)(c)		2,120		23,235
Annexon, Inc.^(b)		1,042		5,059
Apellis Pharmaceuticals, Inc.^(b)(c)		2,630		111,854
Applied Molecular Transport, Inc.^(b)		1,044		6,859
Applied Therapeutics, Inc.^(b)		722		1,357
Arbutus Biopharma Corp.^(b)		3,732		11,942
Arcturus Therapeutics Holdings, Inc.^(b)		724		17,354
Arcutis Biotherapeutics, Inc.^(b)(c)		1,402		24,956
Arena Pharmaceuticals, Inc.^(b)		1,702		161,639
Argenx SE, ADR (Netherlands)^(b)		758		218,084
Arrowhead Pharmaceuticals, Inc.^(b)		2,880		126,720
Ascendis Pharma A/S, ADR (Denmark)^(b)		1,548		173,980
Atara Biotherapeutics, Inc.^(b)		2,440		31,354
Athenex, Inc.^(b)		3,016		2,427
Aurinia Pharmaceuticals, Inc. (Canada)^(b)		3,581		44,046
Autolus Therapeutics PLC, ADR (United Kingdom)		1,580		5,909
Avidity Biosciences, Inc.^(b)		1,293		21,929
Avrobio, Inc.^(b)		1,187		1,721
Beam Therapeutics, Inc.^(b)(c)		1,876		146,985
BeiGene Ltd., ADR (China)^(b)(c)		1,354		285,044
BELLUS Health, Inc. (Canada)		2,867		19,066


	Shares		Value
Biotechnology-(continued)
Bicycle Therapeutics PLC, ADR (United Kingdom)^(b)		557	$	26,457
BioAtla, Inc.^(b)		984		6,376
BioCryst Pharmaceuticals, Inc.^(b)(c)		5,001		83,067
Biogen, Inc.^(b)		4,043		853,113
BioMarin Pharmaceutical, Inc.^(b)		5,053		394,740
Biomea Fusion, Inc.^(b)		825		5,288
BioNTech SE, ADR (Germany)^(b)		2,434		367,072
Black Diamond Therapeutics, Inc.^(b)		1,001		3,143
Bluebird Bio, Inc.^(b)		1,913		11,555
Blueprint Medicines Corp.^(b)		1,610		97,485
Bolt Biotherapeutics, Inc.^(b)(c)		1,021		3,563
Bridgebio Pharma, Inc.^(b)(c)		4,048		31,574
Brooklyn ImmunoTherapeutics, Inc.^(b)(c)		1,436		3,245
C4 Therapeutics, Inc.^(b)		1,326		29,742
Cabaletta Bio, Inc.^(b)		824		1,780
Candel Therapeutics, Inc.^(b)		826		3,403
Caribou Biosciences, Inc.^(b)		1,623		16,198
Cellectis S.A., ADR (France)^(b)(c)		565		2,559
Centessa Pharmaceuticals PLC, ADR^(b)(c)		539		4,808
Century Therapeutics, Inc.^(b)		1,481		20,882
ChemoCentryx, Inc.^(b)		1,912		58,010
Chimerix, Inc.^(b)		2,410		13,592
Chinook Therapeutics, Inc.^(b)		1,452		18,528
Clovis Oncology, Inc.^(b)(c)		3,587		7,389
Codiak Biosciences, Inc.^(b)		604		2,851
Cogent Biosciences, Inc.^(b)		1,115		6,612
Coherus Biosciences, Inc.^(b)(c)		2,129		25,101
Compass Pathways PLC, ADR (United Kingdom)^(b)		596		8,606
Connect Biopharma Holdings Ltd., ADR (China)^(b)		886		3,473
Cortexyme, Inc.^(b)		836		3,637
Corvus Pharmaceuticals, Inc.^(b)		1,287		2,278
Crinetics Pharmaceuticals, Inc.^(b)		1,305		26,126
CRISPR Therapeutics AG (Switzerland)^(b)(c)		2,124		130,350
Cullinan Oncology, Inc.^(b)(c)		1,188		17,036
CureVac N.V. (Germany)^(b)(c)		5,159		86,774
Curis, Inc.^(b)		2,488		8,335
Cyteir Therapeutics, Inc.^(b)		985		5,713
Cytokinetics, Inc.^(b)(c)		2,309		81,554
CytomX Therapeutics, Inc.^(b)		1,834		7,024
Day One Biopharmaceuticals, Inc.^(b)(c)		1,713		23,400
Decibel Therapeutics, Inc.^(b)(c)		697		2,439
Deciphera Pharmaceuticals, Inc.^(b)(c)		1,603		12,359
Denali Therapeutics, Inc.^(b)		3,349		109,043
Design Therapeutics, Inc.^(b)(c)		1,549		21,020
Dyne Therapeutics, Inc.^(b)		1,426		12,221
Eagle Pharmaceuticals, Inc.^(b)		392		18,577
Editas Medicine, Inc.^(b)(c)		1,881		32,203
Eiger BioPharmaceuticals, Inc.^(b)		971		3,884
Enanta Pharmaceuticals, Inc.^(b)		565		39,787
Epizyme, Inc.^(b)		4,497		6,701
Erasca, Inc.^(b)(c)		3,332		41,317
Evelo Biosciences, Inc.^(b)(c)		1,463		4,572
Exelixis, Inc.^(b)		8,681		178,221
Fate Therapeutics, Inc.^(b)(c)		2,619		90,486
FibroGen, Inc.^(b)		2,566		36,104

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


		3

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Biotechnology-(continued)
Forma Therapeutics Holdings, Inc.^(b)		1,303	$	12,848
Frequency Therapeutics, Inc.^(b)		970		2,755
G1 Therapeutics, Inc.^(b)(c)		1,166		12,371
Galapagos N.V., ADR (Belgium)^(b)		281		18,611
Gamida Cell Ltd. (Israel)^(b)		1,619		5,440
Generation Bio Co.^(b)(c)		1,573		8,054
Genmab A/S, ADR (Denmark)^(b)		1,294		43,297
Geron Corp.^(b)		8,888		9,688
Gilead Sciences, Inc.		34,560		2,087,424
Global Blood Therapeutics, Inc.^(b)		1,761		53,182
Gossamer Bio., Inc.^(b)		2,123		19,171
Gracell Biotechnologies, Inc., ADR (China)^(b)		1,336		4,262
Graphite Bio, Inc.^(b)		1,595		14,674
Grifols S.A., ADR (Spain)		3,158		39,033
Gritstone bio, Inc.^(b)(c)		1,873		9,552
Halozyme Therapeutics, Inc.^(b)		3,882		137,695
Harpoon Therapeutics, Inc.^(b)		891		3,653
Homology Medicines, Inc.^(b)(c)		1,578		5,507
Horizon Therapeutics PLC^(b)		6,230		567,989
Humacyte, Inc.^(b)		2,851		17,192
Icosavax, Inc.^(b)		1,112		19,371
Ideaya Biosciences, Inc.^(b)		1,045		13,794
IGM Biosciences, Inc.^(b)		718		11,976
I-Mab, ADR (China)^(b)		1,286		31,790
Imago Biosciences, Inc.^(b)(c)		968		22,796
Immuneering Corp., Class A^(b)(c)		716		5,349
Immunic, Inc.^(b)		722		8,411
ImmunityBio, Inc.^(b)(c)		10,952		74,912
ImmunoGen, Inc.^(b)		5,593		31,545
Immunovant, Inc.^(b)(c)		3,169		17,683
Impel Neuropharma, Inc.^(b)(c)		617		4,455
Incyte Corp.^(b)		6,075		414,922
Infinity Pharmaceuticals, Inc.^(b)		2,451		2,696
Inhibrx, Inc.^(b)		1,034		22,231
Inovio Pharmaceuticals, Inc.^(b)(c)		5,786		18,747
Insmed, Inc.^(b)(c)		3,277		78,320
Instil Bio, Inc.^(b)(c)		3,567		38,274
Intellia Therapeutics, Inc.^(b)(c)		2,038		201,456
Intercept Pharmaceuticals, Inc.^(b)(c)		829		11,822
Ionis Pharmaceuticals, Inc.^(b)(c)		3,890		129,848
Iovance Biotherapeutics, Inc.^(b)(c)		4,322		67,726
Ironwood Pharmaceuticals, Inc.^(b)		4,495		48,366
iTeos Therapeutics, Inc.^(b)		983		35,516
IVERIC bio, Inc.^(b)		3,162		50,718
Janux Therapeutics, Inc.^(b)		1,148		19,837
Jounce Therapeutics, Inc.^(b)		1,421		10,601
KalVista Pharmaceuticals, Inc.^(b)		688		11,042
Kamada Ltd. (Israel)^(b)		1,191		6,610
Karuna Therapeutics, Inc.^(b)		831		87,255
Karyopharm Therapeutics, Inc.^(b)(c)		2,057		21,249
Keros Therapeutics, Inc.^(b)		681		36,570
Kezar Life Sciences, Inc.^(b)		1,336		19,840
Kiniksa Pharmaceuticals Ltd., Class A^(b)		969		9,923
Kinnate Biopharma, Inc.^(b)(c)		1,188		9,243
Kodiak Sciences, Inc.^(b)		1,430		12,355
Kronos Bio, Inc.^(b)		1,562		11,762
Krystal Biotech, Inc.^(b)		702		44,612
Kura Oncology, Inc.^(b)(c)		1,846		29,296
Kymera Therapeutics, Inc.^(b)(c)		1,423		56,578
Larimar Therapeutics, Inc.^(b)		471		2,054


	Shares		Value
Biotechnology-(continued)
Leap Therapeutics, Inc.^(b)(c)		2,438	$	4,852
Legend Biotech Corp., ADR^(b)(c)		1,191		47,152
Lexicon Pharmaceuticals, Inc.^(b)(c)		4,138		8,566
Ligand Pharmaceuticals, Inc.^(b)(c)		452		45,751
Lyell Immunopharma, Inc.^(b)(c)		6,625		47,965
MacroGenics, Inc.^(b)		1,700		15,895
Madrigal Pharmaceuticals, Inc.^(b)(c)		459		42,618
Magenta Therapeutics, Inc.^(b)(c)		1,609		5,068
MannKind Corp.^(b)(c)		6,920		18,130
MeiraGTx Holdings PLC^(b)(c)		1,190		17,053
Mereo Biopharma Group PLC, ADR (United Kingdom)		3,050		3,782
Mersana Therapeutics, Inc.^(b)		1,992		8,745
Merus N.V. (Netherlands)^(b)		1,169		32,837
Mirati Therapeutics, Inc.^(b)(c)		1,547		136,585
Mirum Pharmaceuticals, Inc.^(b)		850		20,145
Moderna, Inc.^(b)		7,906		1,214,362
Molecular Templates, Inc.^(b)		1,561		3,668
Monte Rosa Therapeutics, Inc.^(b)(c)		1,286		18,441
Morphic Holding, Inc.^(b)(c)		1,015		40,458
Mustang Bio, Inc.^(b)		2,564		2,229
Myriad Genetics, Inc.^(b)		2,188		53,343
Neoleukin Therapeutics, Inc.^(b)		1,164		3,003
Neurocrine Biosciences, Inc.^(b)		2,607		234,291
NextCure, Inc.^(b)		749		3,670
Nkarta, Inc.^(b)(c)		894		8,100
Novavax, Inc.^(b)(c)		2,070		172,576
Nurix Therapeutics, Inc.^(b)		1,193		19,291
Nuvalent, Inc., Class A^(b)(c)		1,172		17,521
ObsEva S.A. (Switzerland)^(c)		2,152		2,948
Olema Pharmaceuticals, Inc.^(b)		1,123		5,256
Omega Therapeutics, Inc.^(b)(c)		1,310		15,550
Oncocyte Corp.^(b)		2,557		3,733
Oncorus, Inc.^(b)		714		1,507
ORIC Pharmaceuticals, Inc.^(b)		1,049		8,140
Ovid therapeutics, Inc.^(b)		1,875		6,356
Oyster Point Pharma, Inc.^(b)		721		7,181
Passage Bio, Inc.^(b)		1,475		4,897
PMV Pharmaceuticals, Inc.^(b)		1,264		20,022
Poseida Therapeutics, Inc.^(b)		1,724		6,293
Praxis Precision Medicines, Inc.^(b)		1,192		15,615
Precigen, Inc.^(b)(c)		5,721		12,872
Precision BioSciences, Inc.^(b)		1,691		7,187
Prelude Therapeutics, Inc.^(b)(c)		993		8,768
Prometheus Biosciences, Inc.^(b)(c)		1,048		45,630
ProQR Therapeutics N.V. (Netherlands)^(b)		1,978		2,116
Protagonist Therapeutics, Inc.^(b)		1,309		31,783
Prothena Corp. PLC (Ireland)^(b)(c)		1,288		44,565
PTC Therapeutics, Inc.^(b)		1,912		67,149
Puma Biotechnology, Inc.^(b)		1,134		2,608
Radius Health, Inc.^(b)		1,302		10,833
Rallybio Corp.^(b)(c)		879		9,660
RAPT Therapeutics, Inc.^(b)		829		16,580
Recursion Pharmaceuticals, Inc., Class A^(b)(c)		4,359		47,731
Regeneron Pharmaceuticals, Inc.^(b)		2,907		1,797,572
REGENXBIO, Inc.^(b)		1,170		30,666
Relay Therapeutics, Inc.^(b)		2,991		72,113
Repare Therapeutics, Inc. (Canada)^(b)		1,151		18,497
Replimune Group, Inc.^(b)		1,293		20,740
REVOLUTION Medicines, Inc.^(b)(c)		2,026		38,332

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


		4

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Biotechnology-(continued)
Rhythm Pharmaceuticals, Inc.^(b)		1,402	$	10,683
Rigel Pharmaceuticals, Inc.^(b)		4,724		11,857
Rocket Pharmaceuticals, Inc.^(b)(c)		1,761		31,363
Rubius Therapeutics, Inc.^(b)(c)		2,468		12,315
SAB Biotherapeutics, Inc.		1,184		5,873
Sage Therapeutics, Inc.^(b)		1,611		58,592
Sana Biotechnology, Inc.^(b)		5,197		33,573
Sangamo Therapeutics, Inc.^(b)		4,019		23,511
Sarepta Therapeutics, Inc.^(b)		2,414		184,937
Scholar Rock Holding Corp.^(b)		980		17,052
Seagen, Inc.^(b)		5,039		649,376
Selecta Biosciences, Inc.^(b)		3,200		5,920
Sensei Biotherapeutics, Inc.^(b)		849		3,065
Sera Prognostics, Inc., Class A^(b)		825		4,422
Seres Therapeutics, Inc.^(b)		2,487		19,896
Sesen Bio, Inc.^(b)		5,489		3,482
Shattuck Labs, Inc.^(b)		1,160		5,800
Silverback Therapeutics, Inc.^(b)		979		4,210
Solid Biosciences, Inc.^(b)		3,034		2,471
Spectrum Pharmaceuticals, Inc.^(b)		4,501		3,061
Spero Therapeutics, Inc.^(b)		883		8,477
SpringWorks Therapeutics, Inc.^(b)(c)		1,348		76,283
Stoke Therapeutics, Inc.^(b)(c)		1,012		19,734
Summit Therapeutics, Inc.^(b)(c)		2,706		7,414
Surface Oncology, Inc.^(b)(c)		1,279		4,604
Sutro Biopharma, Inc.^(b)		1,281		11,427
Syndax Pharmaceuticals, Inc.^(b)		1,336		20,828
Syros Pharmaceuticals, Inc.^(b)		1,713		2,210
Talaris Therapeutics, Inc.^(b)		1,143		8,012
Taysha Gene Therapies, Inc.^(b)(c)		1,044		6,650
TCR2 Therapeutics, Inc.^(b)		1,039		2,816
Tenaya Therapeutics, Inc.^(b)(c)		1,142		13,316
Tonix Pharmaceuticals Holding Corp.^(b)		12,107		2,239
Travere Therapeutics, Inc.^(b)		1,700		46,342
Turning Point Therapeutics, Inc.^(b)(c)		1,400		44,324
Twist Bioscience Corp.^(b)		1,554		86,931
Ultragenyx Pharmaceutical, Inc.^(b)		1,876		126,292
uniQure N.V. (Netherlands)^(b)(c)		1,280		21,747
United Therapeutics Corp.^(b)		1,252		208,082
UroGen Pharma Ltd.^(b)		605		3,630
Vanda Pharmaceuticals, Inc.^(b)		1,550		17,608
Vaxcyte, Inc.^(b)(c)		1,450		33,596
Veracyte, Inc.^(b)		1,913		53,181
Verastem, Inc.^(b)		5,026		6,031
Vertex Pharmaceuticals, Inc.^(b)		7,018		1,614,280
Verve Therapeutics, Inc.^(b)(c)		1,318		43,033
Vir Biotechnology, Inc.^(b)		3,604		90,785
Viracta Therapeutics, Inc.^(b)		1,022		2,790
Vor BioPharma, Inc.^(b)		1,022		9,229
Werewolf Therapeutics, Inc.^(b)		748		5,356
Xencor, Inc.^(b)		1,603		50,190
Xenon Pharmaceuticals, Inc. (Canada)^(b)		1,427		45,236
Y-mAbs Therapeutics, Inc.^(b)(c)		1,187		10,814
Zai Lab Ltd., ADR (China)^(b)		1,924		105,243
Zentalis Pharmaceuticals, Inc.^(b)(c)		1,263		63,011

				22,325,428


	Shares		Value
Health Care Equipment & Supplies-0.89%
Bioventus, Inc., Class A^(b)		1,621	$	21,073
Novocure Ltd.^(b)(c)		2,867		234,693

				255,766

Health Care Providers & Services-0.89%
23andMe Holding Co., Class A^(b)(c)		5,848		26,141
Castle Biosciences, Inc.^(b)		704		30,476
Guardant Health, Inc.^(b)(c)		2,790		184,893
PetIQ, Inc.^(b)(c)		759		15,059

				256,569

Life Sciences Tools & Services-8.20%
AbCellera Biologics, Inc. (Canada)^(b)(c)		7,764		67,624
Absci Corp.^(b)(c)		2,564		24,025
Adaptive Biotechnologies Corp.^(b)		3,889		56,118
Alpha Teknova, Inc.^(b)		756		12,852
Codex DNA, Inc.^(b)		825		8,415
Codexis, Inc.^(b)		1,769		35,256
Compugen Ltd. (Israel)^(b)		2,310		7,138
Harvard Bioscience, Inc.^(b)		1,133		6,118
Illumina, Inc.^(b)		4,314		1,408,952
Maravai LifeSciences Holdings, Inc., Class A^(b)		3,615		141,238
MaxCyte, Inc.^(b)		2,758		19,196
Medpace Holdings, Inc.^(b)		996		152,358
NanoString Technologies, Inc.^(b)		1,270		45,034
Nautilus Biotechnology, Inc.^(b)(c)		3,432		13,728
Pacific Biosciences of California, Inc.^(b)(c)		6,069		72,342
Personalis, Inc.^(b)		1,191		12,506
Quantum-Si, Inc.^(b)(c)		3,273		13,616
Rapid Micro Biosystems, Inc., Class A^(b)		905		6,326
Seer, Inc.^(b)(c)		1,575		24,129
Singular Genomics Systems, Inc.^(b)		1,995		16,419
Syneos Health, Inc.^(b)		2,864		226,829

				2,370,219

Pharmaceuticals-12.63%
Aclaris Therapeutics, Inc.^(b)		1,700		25,330
Aerie Pharmaceuticals, Inc.^(b)		1,302		10,807
Amphastar Pharmaceuticals, Inc.^(b)		1,312		36,356
Aquestive Therapeutics, Inc.^(b)(c)		1,121		3,128
Arvinas, Inc.^(b)(c)		1,452		94,104
AstraZeneca PLC, ADR (United Kingdom)		16,707		1,017,122
ATAI Life Sciences N.V. (Germany)^(b)		4,431		25,434
Atea Pharmaceuticals, Inc.^(b)		2,294		14,544
Athira Pharma, Inc.^(b)		1,023		9,371
Avadel Pharmaceuticals PLC, ADR^(c)		1,604		12,928
Axsome Therapeutics, Inc.^(b)(c)		1,029		28,925
BioDelivery Sciences International, Inc.^(b)		2,726		15,211
Cara Therapeutics, Inc.^(b)		1,463		15,171
Clearside Biomedical, Inc.^(b)		1,688		2,692
Collegium Pharmaceutical, Inc.^(b)		969		18,866
Cymabay Therapeutics, Inc.^(b)		2,324		7,390
Edgewise Therapeutics, Inc.^(b)(c)		1,401		16,518
Endo International PLC^(b)		6,451		20,063
Esperion Therapeutics, Inc.^(b)		1,849		7,562
Evolus, Inc.^(b)(c)		1,547		14,155
EyePoint Pharmaceuticals, Inc.^(b)		970		9,652
Fulcrum Therapeutics, Inc.^(b)		1,128		12,408
Harmony Biosciences Holdings, Inc.^(b)(c)		1,603		64,056
Harrow Health, Inc.^(b)		735		5,667
Hutchmed China Ltd., ADR (China)^(b)(c)		1,588		43,273

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


		5

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Pharmaceuticals-(continued)
Ikena Oncology, Inc.^(b)(c)		995	$	6,079
Innoviva, Inc.^(b)		1,902		36,537
Intra-Cellular Therapies, Inc.^(b)		2,479		137,535
Jazz Pharmaceuticals PLC^(b)		1,704		234,164
KemPharm, Inc.^(b)(c)		984		5,835
Landos Biopharma, Inc.^(b)		1,122		2,390
Marinus Pharmaceuticals, Inc.^(b)(c)		1,012		7,914
Nektar Therapeutics^(b)(c)		2,897		29,665
NGM Biopharmaceuticals, Inc.^(b)(c)		2,147		31,904
NRX Pharmaceuticals, Inc.		1,609		4,811
Ocular Therapeutix, Inc.^(b)(c)		2,126		11,863
Omeros Corp.^(b)(c)		1,725		12,420
Optinose, Inc.^(b)		2,277		6,672
Pacira BioSciences, Inc.^(b)(c)		1,238		82,562
Paratek Pharmaceuticals, Inc.^(b)		1,400		4,928
Phathom Pharmaceuticals, Inc.^(b)		865		15,682
Phibro Animal Health Corp., Class A		565		12,035
Pliant Therapeutics, Inc.^(b)		998		8,952
Provention Bio, Inc.^(b)(c)		1,741		10,916
Rain Therapeutics, Inc.^(b)		473		2,829
Rani Therapeutics Holdings, Inc., Class A		553		9,230
Reata Pharmaceuticals, Inc., Class A^(b)		866		28,353
Redhill Biopharma Ltd., ADR (Israel)^(c)		1,293		2,832
Relmada Therapeutics, Inc.^(b)		745		15,280
Revance Therapeutics, Inc.^(b)		1,990		27,004
Royalty Pharma PLC, Class A^(c)		11,827		464,328
Sanofi, ADR (France)		7,329		384,406
SIGA Technologies, Inc.^(b)		2,034		12,204
Supernus Pharmaceuticals, Inc.^(b)		1,458		46,583
Terns Pharmaceuticals, Inc.^(b)		703		2,334


	Shares		Value
Pharmaceuticals-(continued)
TherapeuticsMD, Inc.^(b)		11,695	$	2,797
Theravance Biopharma, Inc.^(b)		2,026		20,402
Tricida, Inc.^(b)		1,544		12,290
Verrica Pharmaceuticals, Inc.^(b)		747		6,260
Viatris, Inc.		33,305		366,688
WaVe Life Sciences Ltd.^(b)		1,610		3,953
Xeris Biopharma Holdings, Inc.^(b)		3,442		8,192
Zogenix, Inc.^(b)		1,555		40,834

				3,650,396


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $35,498,274)				28,858,378


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.01%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		2,074,318		2,074,318
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		4,862,800		4,863,287

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,937,779)				6,937,605

TOTAL INVESTMENTS IN SECURITIES-123.88% (Cost $42,436,053)				35,795,983
OTHER ASSETS LESS LIABILITIES-(23.88)%				(6,899,188	)

NET ASSETS-100.00%			$	28,896,795

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	252,748		$	(252,748	)		$	-		$	-		$	-		$	1

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


		6

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	262,268		$	4,889,125		$	(3,077,075	)		$	-			$	-			$	2,074,318		$	87	*
Invesco Private Prime Fund			611,959			10,457,815			(6,206,142	)			(174	)			(171	)			4,863,287			493	*

Total		$	874,227		$	15,599,688		$	(9,535,965	)		$	(174	)		$	(171	)		$	6,937,605		$	581

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022

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


		7

Invesco PHLX Semiconductor ETF (SOXQ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Electronic Equipment, Instruments & Components-1.27%
II-VI Incorporated^(b)(c)		5,291	$	367,513
IPG Photonics Corp.^(b)		2,669		347,904

				715,417

Semiconductors & Semiconductor Equipment-98.61%
Advanced Micro Devices, Inc.^(b)		31,689		3,908,521
Amkor Technology, Inc.		12,175		276,007
Analog Devices, Inc.		13,922		2,231,557
Applied Materials, Inc.		17,046		2,287,573
ASML Holding N.V., New York Shares (Netherlands)		3,155		2,102,839
Azenta, Inc.		3,714		325,049
Broadcom, Inc.		9,057		5,320,444
Entegris, Inc.		6,752		881,001
Intel Corp.		101,952		4,863,110
KLA Corp.		6,143		2,140,836
Lam Research Corp.		3,676		2,063,523
Lattice Semiconductor Corp.^(b)		6,832		427,820
Marvell Technology, Inc.		35,248		2,408,496
Microchip Technology, Inc.		27,643		1,944,132
Micron Technology, Inc.		29,858		2,653,182
Monolithic Power Systems, Inc.		2,293		1,051,799
NVIDIA Corp.		15,364		3,746,511
NXP Semiconductors N.V. (China)		11,231		2,135,238
ON Semiconductor Corp.^(b)		21,448		1,342,859
Power Integrations, Inc.		3,008		270,720
Qorvo, Inc.^(b)		5,496		751,743
QUALCOMM, Inc.		27,780		4,777,882


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Silicon Laboratories, Inc.^(b)		1,994	$	306,498
Skyworks Solutions, Inc.		8,231		1,137,277
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		21,415		2,291,619
Teradyne, Inc.		8,116		957,039
Texas Instruments, Inc.		13,028		2,214,630
Wolfspeed, Inc.^(b)(c)		5,798		595,571

				55,413,476

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $57,467,518)				56,128,893


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.49%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		250,787		250,787
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		585,111		585,169

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $836,002)				835,956

TOTAL INVESTMENTS IN SECURITIES-101.37% (Cost $58,303,520)				56,964,849
OTHER ASSETS LESS LIABILITIES-(1.37)%				(767,497	)

NET ASSETS-100.00%			$	56,197,352

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	763		$	369,679		$	(370,442)		$	-		$	-		$	-		$	4

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


		8

Invesco PHLX Semiconductor ETF (SOXQ)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	105,927		$	1,921,627		$	(1,776,767	)		$	-			$	-			$	250,787		$	23	*
Invesco Private Prime Fund			247,162			4,161,911			(3,823,734	)			(46	)			(124	)			585,169			177	*

Total		$	353,852		$	6,453,217		$	(5,970,943	)		$	(46	)		$	(124	)		$	835,956		$	204

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022


Semiconductors & Semiconductor
Equipment		98.61
Electronic Equipment, Instruments &
Components		1.27
Money Market Funds Plus Other Assets
Less Liabilities		0.12

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


		9

Invesco Solar ETF (TAN)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.15%
Building Products-0.82%
Luoyang Glass Co. Ltd., H Shares (China)^(b)(c)(d)		10,661,692	$	18,280,058


Chemicals-2.48%
Hanwha Solutions Corp. (South Korea)^(c)		1,933,292		55,062,664


Construction & Engineering-0.79%
ReneSola Ltd., ADR (China)^(c)(d)		2,905,721		17,463,383


Electrical Equipment-10.37%
Array Technologies, Inc.^(c)(d)		3,972,021		44,645,516
Beam Global^(b)(c)(d)		519,139		7,532,707
Shoals Technologies Group, Inc., Class A^(c)(d)		3,233,966		51,129,003
Soltec Power Holdings S.A. (Spain)^(c)(d)		2,115,563		11,509,768
Sunrun, Inc.^(c)(d)		4,236,690		115,577,984

				230,394,978

Independent Power and Renewable Electricity Producers-24.28%
Atlantica Sustainable Infrastructure PLC (Spain)^(d)		2,000,098		67,503,307
Azure Power Global Ltd. (India)^(c)(d)		900,836		14,908,836
Beijing Enterprises Clean Energy Group Ltd. (China)^(c)		1,032,972,593		13,616,619
Doral Group Renewable Energy Resources Ltd. (Israel)^(c)(d)		3,224,073		12,933,912
Encavis AG (Germany)^(d)		3,721,874		64,252,913
Energix-Renewable Energies Ltd. (Israel)		5,455,373		22,268,104
Enlight Renewable Energy Ltd. (Israel)^(c)(d)		17,690,138		42,852,827
GCL New Energy Holdings Ltd. (China)^(c)		536,497,318		11,809,711
Grenergy Renovables S.A. (Spain)^(d)		369,690		11,668,131
Neoen S.A. (France)^(c)(d)(e)		1,018,431		38,639,756
OY Nofar Energy Ltd. (Israel)^(c)		799,001		21,640,589
RENOVA, Inc. (Japan)^(c)(d)		931,511		11,508,923
Scatec ASA (South Africa)^(e)		2,564,392		36,977,240
Solaria Energia y Medio Ambiente S.A. (Spain)^(c)(d)		2,834,109		52,022,518
Sunnova Energy International, Inc.^(c)(d)		2,866,624		57,762,474
West Holdings Corp. (Japan)^(d)		516,615		19,570,997
Xinyi Energy Holdings Ltd. (China)^(d)		76,594,585		39,136,415

				539,073,272

Mortgage REITs-2.68%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(d)		1,255,628		59,441,430


Semiconductors & Semiconductor Equipment-58.73%
Canadian Solar, Inc. (Canada)^(c)(d)		1,794,432		56,811,717
Daqo New Energy Corp., ADR (China)^(c)(d)		2,155,469		103,376,293

Investment Abbreviations:

ADR -American Depositary Receipt

REIT -Real Estate Investment Trust


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Enphase Energy, Inc.^(c)		1,212,328	$	202,095,077
First Solar, Inc.^(c)(d)		2,030,568		152,881,465
Flat Glass Group Co. Ltd., H Shares (China)^(d)		13,071,442		53,866,981
Gigasolar Materials Corp. (Taiwan)		1,894,000		11,449,340
JinkoSolar Holding Co. Ltd., ADR (China)^(c)(d)		1,421,906		71,962,663
Maxeon Solar Technologies Ltd.^(c)(d)		1,140,856		12,366,879
Meyer Burger Technology AG (Switzerland)^(c)(d)		103,934,493		38,956,431
Motech Industries, Inc. (Taiwan)^(b)		14,574,000		16,255,920
SMA Solar Technology AG (Germany)^(d)		795,344		31,748,976
SolarEdge Technologies, Inc.^(c)(d)		843,372		269,389,884
SunPower Corp.^(c)(d)		3,078,475		55,197,057
TSEC Corp. (Taiwan)^(b)(c)		16,106,000		22,336,751
United Renewable Energy Co. Ltd. (Taiwan)^(c)		50,386,458		37,384,155
Xinyi Solar Holdings Ltd. (China)		93,015,815		168,087,245

				1,304,166,834

Total Common Stocks & Other Equity Interests (Cost $2,779,229,292)				2,223,882,619


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(f)(Cost $691,954)		691,954		691,954

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.18% (Cost $2,779,921,246)				2,224,574,573


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.13%
Invesco Private Government Fund, 0.12%^(b)(f)(g)		174,077,816		174,077,816
Invesco Private Prime Fund, 0.08%^(b)(f)(g)		406,140,957		406,181,579

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $580,303,120)				580,259,395

TOTAL INVESTMENTS IN SECURITIES-126.31% (Cost $3,360,224,366)				2,804,833,968
OTHER ASSETS LESS LIABILITIES-(26.31)%				(584,301,986	)

NET ASSETS-100.00%			$	2,220,531,982

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


		10

Invesco Solar ETF (TAN)–(continued)

February 28, 2022

(Unaudited)

Notes to Schedule of Investments:

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

^(b)

Affiliated 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 six months ended February 28, 2022.


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	22,392,028		$	99,565,764		$	(121,265,838	)		$	-			$	-			$	691,954		$	801
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			248,743,131			502,725,257			(577,390,572	)			-				-				174,077,816			26,350	*
Invesco Private Prime Fund			581,927,213			997,417,189			(1,172,997,383	)			(43,730	)			(121,710	)			406,181,579			252,053	*
Investments in Other Affiliates:
Anji Technology Co. Ltd.			9,755,635			-			(8,186,704	)			5,725,615				(7,294,546	)			-			-
Beam Global***			12,568,322			9,714,396			(4,834,358	)			(5,633,764	)			(4,281,889	)			7,532,707			-
Luoyang Glass Co. Ltd., H Shares**			31,425,445			4,660,278			(18,257,103	)			(6,015,964	)			6,467,402				18,280,058			-
Motech Industries, Inc.**			24,899,702			5,151,774			(15,647,468	)			4,109,472				(2,257,560	)			16,255,920			-
Sunwork, Inc.			11,990,259			6,174,371			(9,561,308	)			8,325,754				(16,929,076	)			-			-
TSEC Corp.**			28,150,071			6,087,102			(19,513,971	)			8,703,152				(1,089,603	)			22,336,751			-

Total		$	971,851,806		$	1,631,496,131		$	(1,947,654,705	)		$	15,170,535			$	(25,506,982	)		$	645,356,785		$	279,204

*	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 February 28, 2022, this security was not considered as an affiliate of the Fund.

***	As of August 31, 2021, this security was not considered as an affiliate of the Fund.

^(c)	Non-income producing security.

^(d)	All or a portion of this security was out on loan at February 28, 2022.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $75,616,996, which represented 3.41% of the Fund’s Net Assets.

^(f)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

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


China				22.41	%

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


		11

Invesco Solar ETF (TAN)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022


Semiconductors & Semiconductor Equipment	58.73
Independent Power and Renewable Electricity Producers	24.28
Electrical Equipment	10.37
Industry Types Each Less Than 3%	6.77
Money Market Funds Plus Other Assets Less Liabilities	(0.15	)

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


		12

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)			Invesco PHLX Semiconductor ETF (SOXQ)		Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value^(a)	$	28,858,378		$	56,128,893	$	2,216,349,912
Affiliated investments in securities, at value		6,937,605			835,956		588,484,056
Cash		822			5,796		364
Foreign currencies, at value		-			-		689,826
Deposits with brokers:
Cash segregated as collateral		-			-		13,056,433
Receivable for:
Dividends		40,172			70,722		-
Securities lending		1,106			59		150,892
Investments sold		-			-		1,148
Fund shares sold		-			-		18,127,283
Foreign tax reclaims		-			-		182,370
Other assets		-			-		7,070

Total assets		35,838,083			57,041,426		2,837,049,354


Liabilities:
Payable for:
Investments purchased		-			-		21,165,215
Collateral upon return of securities loaned		6,937,779			836,002		580,303,120
Collateral upon receipt of securities in-kind		-			-		13,056,433
Accrued unitary management fees		3,509			8,072		-
Accrued advisory fees		-			-		766,163
Accrued trustees’ and officer’s fees		-			-		15,695
Accrued expenses		-			-		1,202,857
Accrued tax expenses		-			-		7,889

Total liabilities		6,941,288			844,074		616,517,372

Net Assets	$	28,896,795		$	56,197,352	$	2,220,531,982


Net assets consist of:
Shares of beneficial interest	$	36,119,113		$	50,909,351	$	3,137,008,670
Distributable earnings (loss)		(7,222,318	)		5,288,001		(916,476,688	)

Net Assets	$	28,896,795		$	56,197,352	$	2,220,531,982

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,440,001			2,080,001		31,208,000
Net asset value	$	20.07		$	27.02	$	71.15

Market price	$	20.06		$	26.98	$	71.36

Unaffiliated investments in securities, at cost	$	35,498,274		$	57,467,518	$	2,759,957,259

Affiliated investments in securities, at cost	$	6,937,779		$	836,002	$	600,267,107

Foreign currencies, at cost	$	-		$	-	$	689,898

^(a)Includes securities on loan with an aggregate value of:	$	6,797,185		$	820,268	$	608,204,453

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


		13

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)				Invesco PHLX Semiconductor ETF (SOXQ)				Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income		$	131,587			$	345,735			$	536,488
Affiliated dividend income			1				4				801
Securities lending income			3,503				224				1,865,481
Foreign withholding tax			-				(6,133	)			(27,761	)

Total investment income			135,091				339,830				2,375,009


Expenses:
Unitary management fees			33,711				54,671				-
Advisory fees			-				-				7,341,370
Sub-licensing fees			-				-				2,055,579
Accounting & administration fees			-				-				105,596
Custodian & transfer agent fees			-				-				64,197
Trustees’ and officer’s fees			-				-				10,398
Other expenses			-				-				82,412

Total expenses			33,711				54,671				9,659,552

Less: Waivers			(24,611	)			(34,905	)			-

Net expenses			9,100				19,766				9,659,552

Net investment income (loss)			125,991				320,064				(7,284,543	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(671,699	)			(362,252	)			(16,545,796	)
Affiliated investment securities			(171	)			(124	)			(25,506,982	)
In-kind redemptions			75,295				6,955,666				204,914,534
Foreign currencies			-				-				(103,574	)

Net realized gain (loss)			(596,575	)			6,593,290				162,758,182

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(8,949,518	)			(4,996,723	)			(762,230,113	)
Affiliated investment securities			(174	)			(46	)			15,170,535
Foreign currencies			-				-				(21,104	)

Change in net unrealized appreciation (depreciation)			(8,949,692	)			(4,996,769	)			(747,080,682	)

Net realized and unrealized gain (loss)			(9,546,267	)			1,596,521				(584,322,500	)

Net increase (decrease) in net assets resulting from operations		$	(9,420,276	)		$	1,916,585			$	(591,607,043	)

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


		14

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)								Invesco PHLX Semiconductor ETF (SOXQ)								Invesco Solar ETF (TAN)
	Six Months Ended February 28, 2022				Period Ended August 31, 2021^(a)				Six Months Ended February 28, 2022				Period Ended August 31, 2021^(a)				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income (loss)		$	125,991			$	85,123			$	320,064			$	147,084			$	(7,284,543	)		$	(1,656,887	)
Net realized gain (loss)			(596,575	)			814,104				6,593,290				877,721				162,758,182				945,864,381
Change in net unrealized appreciation (depreciation)			(8,949,692	)			2,309,622				(4,996,769	)			3,658,098				(747,080,682	)			(400,052,910	)

Net increase (decrease) in net assets resulting from operations			(9,420,276	)			3,208,849				1,916,585				4,682,903				(591,607,043	)			544,154,584


Distributions to Shareholders from:
Distributable earnings			(186,834	)			-				(411,270	)			-				-				(3,100,002	)


Shareholder Transactions:
Proceeds from shares sold			27,859,981				69,388,017				33,588,629				73,208,006				744,576,182				3,176,990,404
Value of shares repurchased			(41,025,031	)			(20,927,911	)			(42,059,429	)			(14,728,072	)			(1,151,184,671	)			(1,834,571,394	)

Net increase (decrease) in net assets resulting from share transactions			(13,165,050	)			48,460,106				(8,470,800	)			58,479,934				(406,608,489	)			1,342,419,010

Net increase (decrease) in net assets			(22,772,160	)			51,668,955				(6,965,485	)			63,162,837				(998,215,532	)			1,883,473,592


Net assets:
Beginning of period			51,668,955				-				63,162,837				-				3,218,747,514				1,335,273,922

End of period		$	28,896,795			$	51,668,955			$	56,197,352			$	63,162,837			$	2,220,531,982			$	3,218,747,514


Changes in Shares Outstanding:
Shares sold			1,210,000				2,730,001				1,160,000				2,900,001				8,160,000				35,760,000
Shares repurchased			(1,690,000	)			(810,000	)			(1,420,000	)			(560,000	)			(14,320,000	)			(21,920,000	)
Shares outstanding, beginning of period			1,920,001				-				2,340,001				-				37,368,000				23,528,000

Shares outstanding, end of period			1,440,001				1,920,001				2,080,001				2,340,001				31,208,000				37,368,000

^(a)	For the period June 9, 2021 (commencement of investment operations) through August 31, 2021.

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


		15

Financial Highlights

Invesco Nasdaq Biotechnology ETF (IBBQ)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period June 9, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.91			$	25.34

Net investment income^(b)			0.09				0.04
Net realized and unrealized gain (loss) on investments			(6.78	)			1.53

Total from investment operations			(6.69	)			1.57

Distributions to shareholders from:
Net investment income			(0.15	)			-

Net asset value at end of period		$	20.07			$	26.91

Market price at end of period^(c)		$	20.06			$	26.87

Net Asset Value Total Return^(d)			(24.97	)%			6.19	%^(e)
Market Price Total Return^(d)			(24.90	)%			6.04	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,897			$	51,669
Ratio to average net assets of:
Expenses, after Waivers			0.05	%^(f)			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%^(f)
Net investment income			0.71	%^(f)			0.65	%^(f)
Portfolio turnover rate^(g)			12	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.

^(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.


		16

Financial Highlights–(continued)

Invesco PHLX Semiconductor ETF (SOXQ)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period June 9, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.99			$	24.88

Net investment income^(b)			0.16				0.06
Net realized and unrealized gain on investments			0.10				2.05

Total from investment operations			0.26				2.11

Distributions to shareholders from:
Net investment income			(0.23	)			-

Net asset value at end of period		$	27.02			$	26.99

Market price at end of period^(c)		$	26.98			$	27.06

Net Asset Value Total Return^(d)			0.92	%			8.48	%^(e)
Market Price Total Return^(d)			0.51	%			8.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	56,197			$	63,163
Ratio to average net assets of:
Expenses, after Waivers			0.07	%^(f)			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%^(f)
Net investment income			1.11	%^(f)			1.09	%^(f)
Portfolio turnover rate^(g)			9	%			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.

^(f)	Annualized.

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

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


		17

Financial Highlights–(continued)

Invesco Solar ETF (TAN)


	Six Months Ended
	February 28,
	2022				Years Ended August 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	86.14			$	56.75			$	30.63			$	21.92			$	21.62			$	20.89

Net investment income (loss)^(a)			(0.20	)			(0.05	)			0.17				0.05				0.54				0.49
Net realized and unrealized gain (loss) on investments			(14.79	)			29.53				26.04				8.79				0.20				1.07

Total from investment operations			(14.99	)			29.48				26.21				8.84				0.74				1.56

Distributions to shareholders from:
Net investment income			-				(0.09	)			(0.09	)			(0.13	)			(0.44	)			(0.83	)

Net asset value at end of period		$	71.15			$	86.14			$	56.75			$	30.63			$	21.92			$	21.62

Market price at end of period		$	71.36	^(b)		$	85.59	^(b)		$	56.84	^(b)		$	30.54	^(b)		$	21.82	^(b)		$	21.70

Net Asset Value Total Return^(c)			(17.40	)%			51.93	%			85.82	%			40.73	%			3.19	%			8.72	%
Market Price Total Return^(c)			(16.63	)%			50.72	%			86.67	%			40.96	%			2.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,220,532			$	3,218,748			$	1,335,274			$	456,086			$	319,383			$	360,008
Ratio to average net assets of:
Expenses, after Waivers			0.66	%^(d)			0.65	%			0.69	%			0.70	%			0.65	%			0.70	%
Expenses, prior to Waivers			0.66	%^(d)			0.65	%			0.69	%			0.71	%			0.69	%			0.76	%
Net investment income (loss)			(0.50	)%^(d)			(0.05	)%			0.49	%			0.22	%			2.23	%			2.57	%
Portfolio turnover rate^(e)			16	%			55	%			28	%			29	%			54	%			57	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		18

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization


Full Name		Short Name
Invesco Nasdaq Biotechnology ETF (IBBQ)		“Nasdaq Biotechnology ETF”
Invesco PHLX Semiconductor ETF (SOXQ)		“PHLX Semiconductor ETF”
Invesco Solar ETF (TAN)		“Solar ETF”

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
Nasdaq Biotechnology ETF		Nasdaq Biotechnology Index^®
PHLX Semiconductor ETF		PHLX Semiconductor Sector Index^®
Solar ETF		MAC Global Solar Energy Index

NOTE 2–Significant Accounting Policies

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

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


		19

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.

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


		20

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.

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

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

Solar ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

G.	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


		21

and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund had affiliated securities lending transactions with Invesco. The fees paid to Invesco for the Funds (except for Solar ETF) were less than $500. The Solar ETF paid Invesco $14,355 in fees for securities lending agent services.


		22

K.	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.

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

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


		23

stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may be experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

Non-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.


		24

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. 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 Solar ETF (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, 2023 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

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


		Unitary Management Fees (as a % of average daily net assets)
Nasdaq Biotechnology ETF		0.19%
PHLX Semiconductor ETF		0.19%

Prior to December 17, 2021, the Adviser waived 100% of its unitary management fee for Nasdaq Biotechnology ETF and PHLX Semiconductor ETF.

For the six months ended February 28, 2022, the Adviser waived fees for each Fund in the following amounts:


Nasdaq Biotechnology ETF	$	24,611
PHLX Semiconductor ETF		34,905
Solar ETF		-

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the 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 February 28, 2022.

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


Fund		Licensor
Nasdaq Biotechnology ETF		Nasdaq, Inc.
PHLX Semiconductor ETF		Nasdaq, Inc.
Solar ETF		MAC Indexing LLC


		25


Nasdaq Biotechnology ETF	$	2,057
PHLX Semiconductor ETF		619
Solar ETF		3,269

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3			Total
Nasdaq Biotechnology ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	28,696,739		$	161,639		$	-		$	28,858,378
Money Market Funds			-			6,937,605			-			6,937,605

Total Investments		$	28,696,739		$	7,099,244		$	-		$	35,795,983

PHLX Semiconductor ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	56,128,893		$	-		$	-		$	56,128,893
Money Market Funds			-			835,956			-			835,956

Total Investments		$	56,128,893		$	835,956		$	-		$	56,964,849

Solar ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,763,582,414		$	460,300,205		$	-		$	2,223,882,619
Money Market Funds			691,954			580,259,395			-			580,951,349

Total Investments		$	1,764,274,368		$	1,040,559,600		$	-		$	2,804,833,968

A reconciliation of Level 3 investments is presented when a Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.


		26

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended February 28, 2022:


	Value 08/31/21			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3*			Transfers out of Level 3*			Value 02/28/22
Solar ETF
Common Stocks & Other Equity Interests		$	44,976,464		$	-		$	(56,209,102	)		$	-		$	38,905,753		$	(27,673,115	)		$	-		$	-		$	-

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

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


	No expiration
	Short-Term		Long-Term		Total*
Nasdaq Biotechnology ETF	$	6,726	$	-	$	6,726
PHLX Semiconductor ETF		22,165		-		22,165
Solar ETF		138,840,742		267,931,501		406,772,243

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

NOTE 6–Investment Transactions


	Purchases		Sales
Nasdaq Biotechnology ETF	$	4,311,167	$	4,513,323
PHLX Semiconductor ETF		5,261,764		5,425,142
Solar ETF		477,517,950		514,953,586

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales
Nasdaq Biotechnology ETF	$	27,772,835	$	40,821,537
PHLX Semiconductor ETF		33,567,228		41,970,794
Solar ETF		648,943,857		994,226,576

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


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Nasdaq Biotechnology ETF	$	280,609	$	(6,935,800	)	$	(6,655,191	)	$	42,451,174
PHLX Semiconductor ETF		2,157,165		(3,496,167	)		(1,339,002	)		58,303,851
Solar ETF		91,226,749		(756,016,700	)		(664,789,951	)		3,469,623,919


		27

NOTE 7–Trustees’ and Officer’s Fees

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

NOTE 8–Capital

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

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.


		28

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II (excluding Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value September 1, 2021			Ending Account Value February 28, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Nasdaq Biotechnology ETF (IBBQ)
Actual		$	1,000.00		$	750.30		0.05	%		$	0.22
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.05				0.25
Invesco PHLX Semiconductor ETF (SOXQ)
Actual			1,000.00			1,009.20		0.07				0.35
Hypothetical (5% return before expenses)			1,000.00			1,024.45		0.07				0.35
Invesco Solar ETF (TAN)
Actual			1,000.00			826.00		0.66				2.99
Hypothetical (5% return before expenses)			1,000.00			1,021.52		0.66				3.31

⁽¹⁾


		29

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


© 2022 Invesco Capital Management LLC
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Downers Grove, IL 60515	P-TRST2-SAR-2	invesco.com/ETFs

LOGO

Invesco Semi-Annual Report to Shareholders

February 28, 2022

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 ETF

Table of Contents


Schedules of Investments

Invesco 1-30 Laddered Treasury ETF (PLW)			3

Invesco California AMT-Free Municipal Bond ETF (PWZ)			5

Invesco CEF Income Composite ETF (PCEF)			11

Invesco Fundamental High Yield^®Corporate Bond ETF (PHB)			14

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)			19

Invesco National AMT-Free Municipal Bond ETF (PZA)			31

Invesco New York AMT-Free Municipal Bond ETF (PZT)			50

Invesco Preferred ETF (PGX)			53

Invesco Taxable Municipal Bond ETF (BAB)			59

Invesco Treasury Collateral ETF (CLTL)			76

Invesco Variable Rate Preferred ETF (VRP)			77

Invesco VRDO Tax-Free ETF (PVI)			84

Statements of Assets and Liabilities			88

Statements of Operations			90

Statements of Changes in Net Assets			92

Financial Highlights			96

Notes to Financial Statements			108

Fund Expenses			121


		2

Invesco 1-30 Laddered Treasury ETF (PLW)

February 28, 2022

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.88%

U.S. Treasury Bonds-86.55%
7.13%, 02/15/2023	$	13,199,500	$	13,966,348
7.63%, 02/15/2025		11,887,500		13,965,955
6.00%, 02/15/2026		12,019,600		14,014,572
6.63%, 02/15/2027^(a)		11,395,000		14,024,752
5.25%, 02/15/2029		11,506,900		14,093,255
5.38%, 02/15/2031		23,919,300		31,001,655
4.50%, 02/15/2036^(a)		29,894,100		39,530,276
4.75%, 02/15/2037		10,376,300		14,159,191
4.38%, 02/15/2038		10,703,700		14,180,312
3.50%, 02/15/2039		11,761,000		14,132,495
4.63%, 02/15/2040		10,279,000		14,092,268
4.75%, 02/15/2041		10,068,800		14,033,390
3.13%, 02/15/2042		12,349,600		14,064,554
3.13%, 02/15/2043		12,338,000		14,018,089
3.63%, 02/15/2044		11,420,200		14,000,005
2.50%, 02/15/2045		13,584,700		13,992,241
2.50%, 02/15/2046		13,558,100		14,007,742
3.00%, 02/15/2047		12,369,900		14,016,160
3.00%, 02/15/2048		12,257,200		14,066,573
3.00%, 02/15/2049		12,170,200		14,084,630
2.00%, 02/15/2050		14,793,100		14,122,210
1.88%, 02/15/2051		15,243,600		14,142,012
2.25%, 02/15/2052		14,694,000		14,917,854

				366,626,539

U.S. Treasury Notes-13.33%
2.75%, 02/15/2024		13,644,200		13,993,833


	Principal Amount		Value
U.S. Treasury Notes-(continued)
2.75%, 02/15/2028	$	13,349,200	$	14,078,192
1.50%, 02/15/2030		14,463,100		14,137,115
1.88%, 02/15/2032^(a)		14,236,000		14,286,048

				56,495,188

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $435,001,193)				423,121,727


	Shares
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.93%
Invesco Private Government Fund, 0.12%^(b)(c)(d)		13,882,721		13,882,721
Invesco Private Prime Fund, 0.08%^(b)(c)(d)		32,389,777		32,393,017

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $46,277,129)				46,275,738

TOTAL INVESTMENTS IN SECURITIES-110.81% (Cost $481,278,322)				469,397,465
OTHER ASSETS LESS LIABILITIES-(10.81)%				(45,780,571	)

NET ASSETS-100.00%			$	423,616,894

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at February 28, 2022.

^(b)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	66,933		$	2,990,741		$	(3,057,674)			$	-			$	-			$	-		$	22
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			53,345,881			(39,463,160	)			-				-				13,882,721			1,382	*
Invesco Private Prime Fund			-			106,024,454			(73,623,656	)			(1,391	)			(6,390	)			32,393,017			10,286	*

Total		$	66,933		$	162,361,076		$	(116,144,490	)		$	(1,391	)		$	(6,390	)		$	46,275,738		$	11,690

*	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 February 28, 2022.

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

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


		3

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

February 28, 2022

(Unaudited)


Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets)
as of February 28, 2022
Maturing in 0-5 Years				16.52
Maturing in 6-10 Years				20.68
Maturing in 11-15 Years				12.67
Maturing in 16-20 Years				16.65
Maturing in 21-25 Years				16.53
Maturing in 26-30 Years				16.83
Money Market Funds Plus Other Assets Less Liabilities				0.12

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


		4

Invesco California AMT-Free Municipal Bond ETF (PWZ)

February 28, 2022

(Unaudited)

Schedule of Investments


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations-95.72%
California-95.54%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)^(a)	3.00%	10/01/2034	$	2,000	$	2,075,352
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)^(a)	5.00%	10/01/2035		1,500		1,714,903
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB^(b)(c)	5.00%	05/01/2024		540		583,589
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB	4.00%	04/01/2042		3,000		3,295,575
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB	4.00%	04/01/2038		150		165,697
California (State of), Series 2013, GO Bonds	5.00%	04/01/2037		1,160		1,209,491
California (State of), Series 2013, GO Bonds	5.00%	04/01/2043		2,000		2,083,560
California (State of), Series 2013, GO Bonds	5.00%	11/01/2043		1,965		2,085,351
California (State of), Series 2014, GO Bonds	5.00%	10/01/2044		1,000		1,084,273
California (State of), Series 2014, Ref. GO Bonds	4.00%	11/01/2044		520		551,171
California (State of), Series 2015, GO Bonds	4.00%	03/01/2045		195		207,865
California (State of), Series 2015, GO Bonds	5.00%	03/01/2045		1,000		1,098,755
California (State of), Series 2015, Ref. GO Bonds	5.00%	08/01/2035		1,500		1,671,410
California (State of), Series 2016, GO Bonds	5.00%	09/01/2046		2,000		2,278,270
California (State of), Series 2016, Ref. GO Bonds	5.00%	09/01/2036		1,000		1,147,533
California (State of), Series 2017, GO Bonds	5.00%	11/01/2047		3,475		4,062,875
California (State of), Series 2018, GO Bonds	5.00%	10/01/2047		1,720		1,938,888
California (State of), Series 2019, Ref. GO Bonds	4.00%	10/01/2037		4,000		4,557,818
California (State of), Series 2020, GO Bonds	4.00%	03/01/2046		660		742,505
California (State of), Series 2020, GO Bonds	3.00%	03/01/2050		2,860		2,826,948
California (State of), Series 2021, GO Bonds	4.00%	10/01/2039		4,990		5,725,970
California (State of), Series 2021, GO Bonds	2.38%	12/01/2043		2,000		1,832,800
California (State of), Series 2021, GO Bonds	3.00%	12/01/2043		400		404,866
California (State of), Series 2021, GO Bonds	5.00%	12/01/2043		1,200		1,490,632
California (State of), Series 2021, GO Bonds	3.00%	12/01/2046		750		752,214
California (State of), Series 2021, GO Bonds	5.00%	12/01/2046		500		617,501
California (State of), Series 2021, GO Bonds	2.50%	12/01/2049		750		675,940
California (State of), Series 2021, GO Bonds	3.00%	12/01/2049		625		622,394
California (State of), Series 2021, Ref. GO Bonds	4.00%	10/01/2041		500		571,841
California (State of) (Green Bonds), Series 2014, GO Bonds	5.00%	10/01/2037		1,500		1,629,588
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB^(b)(c)	5.00%	12/01/2026		1,000		1,167,167
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB^(b)(c)	5.00%	04/01/2026		2,000		2,283,352
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB^(b)(c)	5.00%	04/01/2026		2,500		2,854,190
California (State of) Educational Facilities Authority (Stanford University), Series 2021, Ref. RB	2.25%	04/01/2051		400		341,353
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB	5.00%	10/01/2053		2,000		2,338,414
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB	5.00%	08/15/2035		500		569,649
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB	5.00%	08/15/2042		6,500		7,495,389
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB	4.00%	11/01/2044		110		121,223
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB	5.00%	11/01/2047		6,000		8,339,253
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		1,132,871
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB	5.00%	11/15/2056		145		168,467
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB	4.00%	06/01/2050		5,000		5,465,249
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB	4.00%	10/01/2036		300		326,372
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB	3.00%	10/01/2047		2,620		2,620,176
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB	4.00%	10/01/2047		335		363,224

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


		5

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
California-(continued)
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB	4.00%	11/15/2040	$	885	$	974,710
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB	4.00%	08/15/2050		22,000		24,621,555
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB^(b)(c)	5.00%	08/15/2025		1,000		1,122,004
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB	4.00%	11/15/2041		885		962,398
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB	4.00%	11/15/2048		175		191,262
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB	4.00%	11/15/2042		170		187,714
California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB^(b)(c)	4.00%	10/01/2026		1,000		1,115,304
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB	5.00%	11/01/2041		1,000		1,062,273
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB	4.00%	11/01/2045		295		307,182
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		1,483,298
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB	3.00%	07/01/2050		2,000		2,007,030
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB	4.00%	07/01/2050		1,250		1,385,050
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB	4.00%	03/01/2050		3,085		3,345,899
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB	4.00%	02/01/2042		1,000		1,078,473
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB	5.00%	07/01/2042		1,000		1,144,426
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)^(a)	4.00%	05/15/2046		500		545,772
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)^(a)	3.00%	05/15/2051		1,000		954,578
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)^(a)	3.00%	05/15/2054		1,000		942,338
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB	5.00%	11/01/2047		1,000		1,107,610
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB	5.25%	11/01/2047		500		562,550
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB	5.00%	06/01/2042		1,000		1,168,263
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB^(b)(c)	5.00%	01/01/2028		1,000		1,198,755
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB	5.00%	05/15/2049		2,000		2,273,195
California (State of) Public Works Board (Green Bonds), Series 2021, RB	4.00%	11/01/2046		1,000		1,126,115
California (State of) Public Works Board (Green Bonds), Series 2021, RB	5.00%	11/01/2046		1,000		1,230,684
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB	5.00%	11/01/2034		670		768,804
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		1,097,695
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB	3.00%	04/01/2046		1,250		1,208,008
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB	4.00%	04/01/2051		3,500		3,755,711
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB	4.00%	08/15/2046		1,650		1,782,919
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB	4.00%	08/15/2051		165		177,563
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB	5.00%	08/15/2051		1,000		1,127,851
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB	5.00%	12/01/2057		1,075		1,242,455
California (State of) Statewide Communities Development Authority (Kaiser Permanente), Series 2012 A, RB	5.00%	04/01/2042		5,000		5,017,046
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB	4.00%	08/01/2045		1,000		1,018,963
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		1,113,059

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


		6

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
California-(continued)
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	$	1,684,945
California State University, Series 2012 A, RB^(b)(c)	5.00%	11/01/2022		500		514,110
California State University, Series 2015 A, Ref. RB	5.00%	11/01/2038		4,515		5,063,007
California State University, Series 2016 A, Ref. RB	5.00%	11/01/2041		12,410		14,049,795
California State University, Series 2016 A, Ref. RB	5.00%	11/01/2045		1,700		1,921,703
California State University, Series 2017 A, Ref. RB	5.00%	11/01/2037		500		580,962
California State University, Series 2018 A, Ref. RB	5.00%	11/01/2048		3,000		3,576,997
Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds^(d)	5.00%	08/01/2050		800		814,350
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds	4.00%	08/01/2047		5,090		5,626,267
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds	5.00%	08/01/2044		2,000		2,186,017
Chino Valley Unified School District, Series 2020 B, GO Bonds	5.00%	08/01/2055		5,000		6,060,664
Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)^(a)	4.00%	08/01/2045		1,500		1,631,867
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)^(a)	4.00%	06/01/2049		115		125,103
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds	4.00%	08/01/2039		100		105,871
East Bay Municipal Utility District Water System Revenue, Series 2015 A, Ref. RB	5.00%	06/01/2037		1,500		1,669,864
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB	5.00%	06/01/2042		1,500		1,746,074
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB	5.00%	06/01/2045		2,000		2,324,826
Folsom Cordova Unified School District, Series 2019 D, GO Bonds, (INS - AGM)^(a)	4.00%	10/01/2044		250		275,899
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB	3.95%	01/15/2053		2,000		2,091,340
Fremont Union High School District, Series 2019 A, GO Bonds	4.00%	08/01/2046		14,110		15,642,552
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)^(a)	5.00%	09/01/2044		1,000		1,072,597
Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)^(a)	5.00%	09/01/2038		2,600		2,844,763
Jurupa Unified School District, Series 2017 B, GO Bonds	4.00%	08/01/2041		2,000		2,195,598
Kaweah Delta Health Care District Guild, Series 2015 B, RB	4.00%	06/01/2045		240		256,117
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds	3.00%	08/01/2043		5,000		5,069,560
Long Beach (City of), CA, Series 2015, RB	5.00%	05/15/2045		500		533,711
Long Beach (City of), CA, Series 2017 C, Ref. RB	5.00%	05/15/2047		1,500		1,738,693
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB	5.00%	05/15/2040		500		536,121
Long Beach Community College District, Series 2019 C, GO Bonds	4.00%	08/01/2049		1,500		1,661,410
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB	5.25%	06/01/2047		1,000		1,176,542
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB	5.00%	05/15/2038		2,000		2,212,376
Los Angeles (City of), CA Department of Airports, Series 2017 B, RB	5.00%	05/15/2042		3,500		4,046,303
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB	5.00%	05/15/2045		1,500		1,837,805
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB	5.00%	05/15/2048		1,900		2,314,107
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB	5.00%	05/15/2044		610		721,487
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB	5.00%	05/15/2040		3,000		3,641,376
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB	5.00%	07/01/2043		2,000		2,025,885
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB	5.00%	07/01/2039		1,000		1,082,837
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB	5.00%	07/01/2044		1,000		1,081,636
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB	5.00%	07/01/2046		1,000		1,119,947
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB	5.00%	07/01/2046		2,500		2,795,924
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB	5.00%	07/01/2042		1,500		1,682,289
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB	5.00%	07/01/2042		1,500		1,721,323
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB	5.00%	07/01/2048		2,000		2,341,588
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB	5.00%	07/01/2048		5,000		5,922,941
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB	5.00%	07/01/2049		2,235		2,676,170
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB	5.00%	07/01/2039		2,250		2,781,265
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB	5.00%	07/01/2037		1,000		1,245,850
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB	5.00%	07/01/2040		1,000		1,234,144
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB	5.00%	07/01/2041		1,000		1,231,530
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB	5.00%	07/01/2045		3,750		4,633,471
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB	5.00%	07/01/2051		3,250		3,982,493
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB	5.00%	07/01/2042		6,500		7,580,078
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB	5.00%	07/01/2041		1,000		1,167,276

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


		7

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
California-(continued)
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB	5.00%	07/01/2044	$	2,000	$	2,391,087
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB	5.00%	12/01/2044		2,000		2,180,484
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB	4.00%	12/01/2040		185		199,522
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB	5.00%	12/01/2045		1,050		1,167,057
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB	5.00%	12/01/2049		10,645		12,975,437
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB	3.00%	12/01/2050		3,585		3,529,269
Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB^(b)	5.00%	08/01/2037		1,130		1,150,460
Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB^(b)	5.00%	08/01/2042		2,330		2,372,187
Los Angeles Community College District, Series 2016, Ref. GO Bonds	5.00%	08/01/2036		1,000		1,149,244
Los Angeles Community College District, Series 2016, Ref. GO Bonds	4.00%	08/01/2037		1,215		1,336,423
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds	4.00%	08/01/2041		250		276,882
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds	3.00%	08/01/2039		3,800		3,883,821
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds	4.00%	08/01/2039		100		109,815
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB	5.00%	12/01/2043		5,000		6,015,114
Los Angeles Unified School District, Series 2020 C, GO Bonds	4.00%	07/01/2040		1,000		1,136,149
Los Angeles Unified School District, Series 2020 C, GO Bonds	3.00%	07/01/2045		1,000		1,012,983
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds	5.00%	07/01/2038		1,000		1,185,253
Madera Unified School District (Election of 2014), Series 2017, GO Bonds	4.00%	08/01/2046		3,000		3,320,953
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds	4.00%	08/01/2040		190		205,670
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds	5.00%	08/01/2041		5,000		5,857,761
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds	4.00%	08/01/2047		150		165,172
Metropolitan Water District of Southern California, Series 2020 A, RB	5.00%	10/01/2045		2,000		2,428,886
Metropolitan Water District of Southern California, Series 2021 A, RB	5.00%	10/01/2046		1,000		1,246,924
Metropolitan Water District of Southern California, Series 2021 A, RB	5.00%	10/01/2051		1,000		1,241,248
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)^(a)	3.00%	08/01/2050		3,000		3,011,772
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds	4.00%	08/01/2047		3,000		3,298,240
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)^(a)	5.00%	08/01/2048		5,000		5,813,012
Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)^(a)	5.00%	05/15/2046		1,500		1,832,593
Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)^(a)	4.00%	05/15/2051		2,000		2,217,150
Orange (County of), CA Local Transportation Authority, Series 2019, RB	5.00%	02/15/2041		3,000		3,635,167
Orange (County of), CA Water District, Series 2017 A, Ref. RB	4.00%	08/15/2041		2,000		2,193,236
Orange (County of), CA Water District, Series 2021 A, COP	4.00%	02/15/2025		1,500		1,616,367
Oxnard Union High School District, Series 2020 B, GO Bonds	5.00%	08/01/2045		2,180		2,607,509
Regents of the University of California Medical Center, Series 2016 L, Ref. RB	5.00%	05/15/2041		1,000		1,128,021
Regents of the University of California Medical Center, Series 2016 L, Ref. RB	5.00%	05/15/2047		2,605		2,921,651
Rio Elementary School District, Series 2020 C, GO Bonds, (INS - BAM)^(a)	5.00%	08/01/2047		1,340		1,595,223
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB	4.00%	06/01/2037		600		679,307
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB	4.00%	06/01/2038		700		790,286
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB	4.00%	06/01/2039		675		759,944
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB	4.00%	06/01/2040		750		842,879
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB	4.00%	06/01/2046		625		692,097
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB	3.00%	06/01/2049		2,000		1,919,762
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB	5.00%	06/01/2043		4,500		5,199,824
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB	5.00%	06/01/2048		3,700		4,263,720
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB	5.00%	08/15/2050		8,100		9,881,268
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB	5.00%	12/01/2044		1,525		1,637,316
Sacramento City Unified School District (Measure Q), Series 2021 G, GO Bonds, (INS - AGM)^(a)	4.00%	08/01/2049		1,000		1,113,796
San Diego (City of), CA Association of Governments, Series 2017 A, RB	5.00%	07/01/2042		1,000		1,167,485
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB	4.00%	08/01/2045		300		337,739
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB	5.00%	10/15/2044		1,000		1,104,809
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB	5.00%	10/15/2046		1,535		1,877,346
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB	4.00%	10/15/2050		500		560,219
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB	5.00%	07/01/2044		1,500		1,772,213
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB	5.00%	07/01/2049		3,000		3,529,700
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB	4.00%	07/01/2046		500		559,802

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


		8

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
California-(continued)
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB	5.00%	07/01/2046	$	750	$	914,148
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB	5.00%	04/01/2048		4,000		4,505,676
San Diego (County of), CA Water Authority, Series 2022 A, RB	5.00%	05/01/2047		2,500		3,181,882
San Diego Unified School District (Election of 2012), Series 2013 C, GO Bonds^(b)(c)	5.00%	07/01/2023		1,000		1,052,709
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds	5.00%	07/01/2040		1,000		1,111,398
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds	5.00%	07/01/2041		13,535		15,806,599
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds	5.00%	07/01/2047		3,000		3,481,902
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB	5.00%	05/01/2044		2,000		2,145,406
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB	5.00%	05/01/2046		6,970		7,815,737
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB	5.00%	05/01/2047		2,000		2,296,309
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB	5.00%	05/01/2048		7,000		8,131,754
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB	5.00%	05/01/2049		3,000		3,538,128
San Francisco (City of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB	3.00%	11/01/2050		2,000		2,007,280
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 F1, GO Bonds	3.00%	08/01/2038		3,500		3,631,285
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds	4.00%	06/15/2045		3,000		3,381,795
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB	4.00%	08/01/2044		5,000		5,657,948
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB	5.00%	08/01/2049		6,500		7,901,173
San Mateo (City of), CA Joint Powers Financing Authority (Cordilleras Mental Health Center), Series 2021 A, RB	4.00%	06/15/2041		1,950		2,267,818
San Mateo Foster City School District, Series 2021 A, GO Bonds	2.50%	08/01/2046		1,000		923,476
San Mateo Foster City School District, Series 2021 A, GO Bonds	2.50%	08/01/2051		1,000		904,094
San Mateo Union High School District, Series 2021 B, GO Bonds	2.00%	09/01/2045		1,000		857,677
San Mateo Union High School District, Series 2021 B, GO Bonds	2.13%	09/01/2048		1,000		858,737
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds	4.00%	08/01/2047		5,000		5,577,368
Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)^(a)	2.13%	08/01/2050		1,000		823,965
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB	3.00%	05/01/2041		2,000		2,043,762
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds	4.00%	07/01/2048		100		109,656
Santa Clara Valley Water District, Series 2016 A, Ref. RB	5.00%	06/01/2046		4,090		4,549,101
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds	4.00%	08/01/2046		1,000		1,109,703
Sonoma Valley Unified School District, Series 2020, GO Bonds	4.00%	08/01/2047		1,300		1,460,086
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB	5.00%	10/01/2049		2,200		2,637,110
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)^(a)	4.00%	08/01/2039		2,000		2,285,159
University of California, Series 2012 G, RB^(b)(c)	5.00%	05/15/2022		645		650,815
University of California, Series 2012 G, RB^(b)(c)	5.00%	05/15/2022		755		761,822
University of California, Series 2013 AI, RB	5.00%	05/15/2038		3,515		3,674,194
University of California, Series 2016 AR, Ref. RB	5.00%	05/15/2046		1,115		1,261,124
University of California, Series 2017 AV, RB	5.25%	05/15/2042		4,000		4,703,391
University of California, Series 2017 M, RB	5.00%	05/15/2042		1,725		1,998,567
University of California, Series 2018 AZ, Ref. RB	5.00%	05/15/2048		3,500		4,154,034
University of California, Series 2020 BE, Ref. RB	4.00%	05/15/2047		4,750		5,324,698
University of California, Series 2021 BH, Ref. RB	4.00%	05/15/2046		6,000		6,782,453
University of California, Series 2021 BH, Ref. RB	4.00%	05/15/2051		1,000		1,119,842
University of California (Limited), Series 2017 M, RB	4.00%	05/15/2047		125		136,559
University of California (Limited), Series 2018 O, Ref. RB	5.00%	05/15/2058		1,500		1,772,599
University of California (Limited), Series 2021 Q, Ref. RB	4.00%	05/15/2037		1,500		1,733,598
University of California (Limited), Series 2021 Q, Ref. RB	5.00%	05/15/2046		5,000		6,164,607

						571,862,260

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


		9

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Puerto Rico-0.18%
Puerto Rico (Commonwealth of), Series 2007 A-4, Ref. GO Bonds, (INS - AGM)^(a)	5.00%	07/01/2031	$	1,100	$	1,101,059

TOTAL INVESTMENTS IN SECURITIES^(e)-95.72% (Cost $563,065,708)						572,963,319
OTHER ASSETS LESS LIABILITIES-4.28%						25,611,884

NET ASSETS-100.00%					$	598,575,203

Investment Abbreviations:

AGM	-Assured Guaranty Municipal Corp.

BAM	-Build America Mutual Assurance Co.

COP	-Certificates of Participation

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 issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022


Ad Valorem Property Tax				21.85
Health, Hospital, Nursing Home Revenue				13.80
College & University Revenue				11.48
Port, Airport & Marina Revenue				8.74
Lease Revenue				8.00
General Fund				5.70
Electric Power Revenue				5.61
Water Revenue				5.48
Sales Tax Revenue				3.22
Revenue Types Each Less Than 3%				11.84
Other Assets Less Liabilities				4.28

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


		10

Invesco CEF Income Composite ETF (PCEF)

February 28, 2022

(Unaudited)

Schedule of Investments


	Shares		Value
Closed-End Funds-100.07%
Bonds-37.64%
Aberdeen Asia-Pacific Income Fund, Inc.^(a)		3,986,435	$	13,912,658
BlackRock Core Bond Trust^(a)		465,878		6,284,694
BlackRock Credit Allocation Income Trust		1,151,249		14,828,087
BlackRock Income Trust, Inc.		570,231		2,919,583
BlackRock Limited Duration Income Trust		357,215		5,158,185
BlackRock Multi-Sector Income Trust^(a)		320,323		5,195,639
BlackRock Taxable Municipal Bond Trust^(a)		582,374		13,685,789
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		251,167		5,636,188
Cohen & Steers Select Preferred and Income Fund, Inc.		91,633		2,081,902
DoubleLine Income Solutions Fund		1,342,357		19,558,142
DoubleLine Opportunistic Credit Fund^(a)		157,243		2,725,021
Eaton Vance Limited Duration Income Fund		1,441,149		16,890,266
Eaton Vance Short Duration Diversified Income Fund		132,993		1,546,709
First Trust Intermediate Duration Preferred & Income Fund^(a)		607,621		12,930,175
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.^(a)		174,249		4,506,079
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.^(a)		407,884		7,819,136
Flaherty & Crumrine Preferred and Income Fund, Inc.		80,518		1,138,525
Flaherty & Crumrine Total Return Fund, Inc.		91,430		1,825,857
Franklin Ltd. Duration Income Trust^(a)		374,271		2,975,454
Franklin Universal Trust		354,265		2,823,492
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust		189,022		3,975,133
Invesco Bond Fund^(b)		144,146		2,551,384
Invesco Senior Income Trust^(a)(b)		2,168,588		9,455,044
John Hancock Preferred Income Fund		227,614		4,247,277
John Hancock Preferred Income Fund II		160,007		2,987,331
John Hancock Preferred Income Fund III^(a)		233,694		4,091,982
John Hancock Premium Dividend Fund^(a)		324,112		5,195,515
MFS Charter Income Trust		441,629		3,268,055
MFS Government Markets Income Trust		404,296		1,576,754
MFS Intermediate Income Trust		1,420,088		4,586,884
MFS Multimarket Income Trust		435,573		2,334,671
Nuveen Credit Strategies Income Fund^(a)		1,978,023		12,145,061
Nuveen Floating Rate Income Fund		727,650		7,101,864
Nuveen Global High Income Fund		334,268		4,796,746
Nuveen Preferred & Income Opportunities Fund		1,331,745		11,386,420
Nuveen Preferred & Income Securities Fund^(a)		2,601,730		22,036,653
Nuveen Taxable Municipal Income Fund^(a)		288,016		6,045,456
PIMCO Dynamic Income Opportunities Fund^(a)		961,309		16,813,294
PIMCO Income Strategy Fund		256,524		2,624,241
PIMCO Income Strategy Fund II^(a)		582,028		5,191,690
Pioneer Floating Rate Fund, Inc.		120,373		1,307,251
Putnam Master Intermediate Income Trust		516,345		1,838,188
Putnam Premier Income Trust^(a)		1,055,026		4,199,003
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.^(a)		187,193		2,514,002
TCW Strategic Income Fund, Inc.		590,889		3,075,577
Templeton Global Income Fund		1,716,812		8,566,892
Virtus Global Multi-Sector Income Fund		145,448		1,457,389


	Shares		Value
Bonds-(continued)
Western Asset Global Corporate Defined Opportunity Fund, Inc.^(a)		187,053	$	2,972,272
Western Asset Inflation-Linked Opportunities & Income Fund		967,528		11,929,620
Western Asset Inflation-Linked Securities & Income Fund		318,848		3,877,192
Western Asset Investment Grade Defined Opportunity Trust, Inc.		102,792		1,972,578

				320,563,000


Bonds/High Yield-21.46%
AllianceBernstein Global High Income Fund, Inc.		1,224,952		13,376,476
Allspring Income Opportunities Fund		782,978		6,224,675
Allspring Multi-Sector Income Fund		208,355		2,318,991
Barings Global Short Duration High Yield Fund		290,088		4,565,985
BlackRock Corporate High Yield Fund, Inc.		1,257,071		13,588,938
BlackRock Debt Strategies Fund, Inc.		461,392		4,890,755
BlackRock Floating Rate Income Strategies Fund, Inc.		454,659		5,987,859
BlackRock Floating Rate Income Trust		219,740		2,814,869
BNY Mellon High Yield Strategies Fund		959,061		2,675,780
Credit Suisse Asset Management Income Fund, Inc.		527,280		1,624,022
Credit Suisse High Yield Bond Fund		1,332,478		2,944,643
Delaware Ivy High Income Opportunities Fund^(a)		237,980		3,122,298
Eaton Vance Floating-Rate Income Trust^(a)		282,945		3,961,230
Eaton Vance Senior Floating-Rate Trust		247,120		3,472,036
First Trust High Income Long/Short Fund		423,633		5,850,372
First Trust Senior Floating Rate Income Fund II^(a)		332,096		4,041,608
Highland Income Fund		1,268,906		14,719,310
Insight Select Income Fund		126,348		2,285,635
Morgan Stanley Emerging Markets Debt Fund, Inc.		318,394		2,553,520
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.^(a)		1,101,793		5,652,198
Neuberger Berman High Yield Strategies Fund, Inc.^(a)		130,886		1,458,070
New America High Income Fund, Inc. (The)		307,917		2,555,711
Nuveen NASDAQ 100 Dynamic Overwrite
Fund		444,890		11,509,304
PGIM Global High Yield Fund, Inc.		593,199		8,328,514
PGIM High Yield Bond Fund, Inc.^(a)		480,110		7,000,004
PGIM Short Duration High Yield Opportunities Fund		354,302		6,058,564
PIMCO High Income Fund^(a)		992,787		5,708,525
Pioneer Diversified High Income Fund, Inc.		81,298		1,083,702
Pioneer High Income Fund, Inc.^(a)		270,193		2,253,410
Templeton Emerging Markets Income Fund		614,710		4,235,352
Western Asset Emerging Markets Debt Fund, Inc.		882,931		9,623,948
Western Asset Global High Income Fund, Inc.		320,995		2,811,916
Western Asset High Income Fund II, Inc.^(a)		604,497		3,850,646

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


		11

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Bonds/High Yield-(continued)
Western Asset High Income Opportunity Fund, Inc.		1,344,643	$	6,239,144
Western Asset High Yield Defined Opportunity Fund, Inc.		233,695		3,313,795

				182,701,805


Domestic Equity-1.26%
John Hancock Tax-Advantaged Dividend Income Fund		436,466		10,680,323


Equities-2.51%
Virtus Dividend, Interest & Premium Strategy Fund		1,518,177		21,391,114


Fixed Income-6.45%
Ares Dynamic Credit Allocation Fund, Inc.^(a)		305,251		4,490,242
Blackstone Long-Short Credit Income Fund		168,199		2,311,054
Nuveen Core Plus Impact Fund^(a)		413,051		6,389,899
PIMCO Dynamic Income Fund^(a)		1,647,597		39,871,848
PIMCO Strategic Income Fund, Inc.		319,624		1,892,174

				54,955,217


Option Income-30.75%
BlackRock Energy and Resources Trust		475,340		5,271,521
BlackRock Enhanced Capital and Income Fund, Inc.^(a)		552,314		11,151,220
BlackRock Enhanced Equity Dividend Trust^(a)		2,380,189		23,064,031
BlackRock Enhanced Global Dividend Trust		1,015,170		11,654,152
BlackRock Enhanced International Dividend Trust		1,655,265		9,766,064
BlackRock Health Sciences Trust		129,275		5,583,387
BlackRock Resources & Commodities Strategy Trust		1,311,690		13,602,225
BlackRock Science & Technology Trust		454,573		19,751,197
Brookfield Real Assets Income Fund, Inc.^(a)		378,441		7,882,926
Columbia Seligman Premium Technology Growth Fund, Inc.		134,667		4,220,464
Eaton Vance Enhanced Equity Income Fund^(a)		376,005		6,963,613
Eaton Vance Enhanced Equity Income Fund II^(a)		499,531		10,300,329
Eaton Vance Risk-Managed Diversified Equity Income Fund		481,279		4,769,475
Eaton Vance Tax-Managed Buy-Write Income Fund^(a)		242,803		3,913,984
Eaton Vance Tax-Managed Buy-Write Opportunities Fund^(a)		890,651		13,733,838
Eaton Vance Tax-Managed Diversified Equity Income Fund		1,490,013		20,308,877


	Shares		Value

Option Income-(continued)
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund		1,077,384	$	11,032,412
Eaton Vance Tax-Managed Global Diversified Equity Income Fund^(a)		3,016,360		28,052,148
First Trust Enhanced Equity Income Fund		196,321		3,893,045
GAMCO Natural Resources Gold & Income Trust		309,821		1,666,837
John Hancock Hedged Equity & Income Fund^(a)		156,445		1,999,367
Madison Covered Call & Equity Strategy Fund^(a)		181,443		1,404,369
Nuveen Dow 30^smDynamic Overwrite Fund^(a)		459,076		7,515,074
Nuveen S&P 500 Buy-Write Income Fund^(a)		1,323,908		18,071,344
Nuveen S&P 500 Dynamic Overwrite Fund^(a)		219,458		3,741,759
Voya Global Advantage and Premium Opportunity Fund^(a)		257,441		2,445,690
Voya Global Equity Dividend and Premium Opportunity Fund		1,263,534		7,454,851
Voya Infrastructure Industrials and Materials Fund^(a)		242,589		2,680,608

				261,894,807

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $848,171,598)				852,186,266


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.34%
Invesco Private Government Fund, 0.12%^(b)(c)(d)		3,357,538		3,357,538
Invesco Private Prime Fund, 0.08%^(b)(c)(d)		8,065,514		8,066,321

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,424,212)				11,423,859

TOTAL INVESTMENTS IN SECURITIES-101.41% (Cost $859,595,810)				863,610,125
OTHER ASSETS LESS LIABILITIES-(1.41)%				(11,974,700	)

NET ASSETS-100.00%			$	851,635,425

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at February 28, 2022.

^(b)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Invesco Bond Fund		$	2,909,501		$	306,637		$	(275,682	)		$	(398,147	)		$	86,377			$	2,551,384		$	46,144
Invesco Senior Income Trust			9,293,431			1,520,321			(1,279,399	)			(75,943	)			(3,366	)			9,455,044			433,123

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


		12

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	12,062,705		$	(12,062,705	)		$	-			$	-			$	-		$	59
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,905,376			46,190,457			(47,738,295	)			-				-				3,357,538			580	*
Invesco Private Prime Fund			11,445,876			81,262,002			(84,636,504	)			(353	)			(4,700	)			8,066,321			5,887	*

Total		$	28,554,184		$	141,342,122		$	(145,992,585	)		$	(474,443	)		$	78,311	**		$	23,430,287		$	485,793

*	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.

**	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name	Capital Gain
Invesco Bond Fund		$	77,302

^(c)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

Asset Class Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022


Bonds	37.64
Option Income	30.75
Bonds/High Yield	21.46
Fixed Income	6.45
Equities	2.51
Domestic Equity	1.26
Money Market Funds Plus Other Assets Less Liabilities	(0.07	)

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


		13

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

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.81%
Aerospace & Defense-1.94%
Howmet Aerospace, Inc.
5.13%, 10/01/2024^(b)	$	3,437,000	$	3,610,500
3.00%, 01/15/2029^(b)		4,020,000		3,820,809
TransDigm, Inc., 5.50%, 11/15/2027		9,649,000		9,587,101

				17,018,410


Airlines-1.91%
Delta Air Lines, Inc.
7.38%, 01/15/2026^(b)		7,517,000		8,391,753
4.38%, 04/19/2028^(b)		8,364,000		8,378,052

				16,769,805


Auto Components-2.26%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029^(b)		5,860,000		5,568,406
Dana, Inc., 5.63%, 06/15/2028		5,335,000		5,461,733
Goodyear Tire & Rubber Co. (The)
5.00%, 05/31/2026^(b)		4,356,000		4,377,737
5.00%, 07/15/2029^(b)(c)		4,500,000		4,432,995

				19,840,871


Automobiles-3.36%
Ford Motor Co., 3.25%, 02/12/2032^(b)		15,400,000		14,547,610
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025		15,220,000		15,009,051

				29,556,661


Building Products-0.33%
Griffon Corp., 5.75%, 03/01/2028^(b)		2,875,000		2,861,488

Chemicals-3.83%
Avient Corp., 5.25%, 03/15/2023^(b)		3,844,000		3,945,155
CF Industries, Inc., 3.45%, 06/01/2023		7,151,000		7,286,082
Chemours Co. (The), 5.38%, 05/15/2027^(b)		5,611,000		5,639,055
Huntsman International LLC, 4.50%, 05/01/2029		5,989,000		6,365,262
Olin Corp., 5.63%, 08/01/2029^(b)		5,692,000		5,947,258
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031^(b)		4,846,000		4,453,668

				33,636,480


Commercial Services & Supplies-1.49%
CoreCivic, Inc., 8.25%, 04/15/2026^(b)		5,290,000		5,379,374
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026^(b)		7,504,000		7,698,579

				13,077,953


Communications Equipment-0.49%
Hughes Satellite Systems Corp., 6.63%, 08/01/2026^(b)		4,107,000		4,282,780


Construction & Engineering-1.77%
AECOM, 5.13%, 03/15/2027		8,097,000		8,306,388
Fluor Corp.
3.50%, 12/15/2024^(b)		3,614,000		3,655,272
4.25%, 09/15/2028^(b)		3,709,000		3,630,666

				15,592,326


	Principal Amount		Value

Consumer Finance-3.98%
Ally Financial, Inc., 5.75%, 11/20/2025^(b)	$	12,284,000	$	13,097,415
Navient Corp.
6.13%, 03/25/2024^(b)		4,750,000		4,898,295
5.00%, 03/15/2027^(b)		4,978,000		4,811,461
OneMain Finance Corp.
7.13%, 03/15/2026		3,170,000		3,440,195
6.63%, 01/15/2028^(b)		3,178,000		3,366,296
SLM Corp., 4.20%, 10/29/2025^(b)		5,367,000		5,400,329

				35,013,991


Containers & Packaging-2.18%
Ball Corp.
5.25%, 07/01/2025^(b)		3,429,000		3,638,683
2.88%, 08/15/2030^(b)		4,095,000		3,749,853
Berry Global, Inc., 1.57%, 01/15/2026		7,600,000		7,249,168
Silgan Holdings, Inc., 4.13%, 02/01/2028^(b)		4,620,000		4,538,827

				19,176,531


Diversified Consumer Services-0.63%
Service Corp. International, 5.13%, 06/01/2029^(b)		5,429,000		5,574,769


Diversified Telecommunication Services-1.64%
Lumen Technologies, Inc.
Series G, 6.88%, 01/15/2028^(b)		7,134,000		6,876,141
Series Y, 7.50%, 04/01/2024^(b)		7,187,000		7,550,842

				14,426,983


Electric Utilities-3.15%
FirstEnergy Corp., Series B, 4.40%, 07/15/2027		10,238,000		10,600,374
NRG Energy, Inc., 6.63%, 01/15/2027		6,338,000		6,559,830
PG&E Corp., 5.25%, 07/01/2030^(b)		10,586,000		10,532,647

				27,692,851


Electronic Equipment, Instruments & Components-0.92%
CDW LLC/CDW Finance Corp.
3.25%, 02/15/2029		4,479,000		4,180,967
3.57%, 12/01/2031		4,050,000		3,938,686

				8,119,653


Energy Equipment & Services-0.90%
Oceaneering International, Inc., 4.65%, 11/15/2024		3,861,000		3,804,629
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028^(b)		4,334,000		4,149,808

				7,954,437


Entertainment-0.98%
Netflix, Inc.
4.38%, 11/15/2026^(b)		4,020,000		4,250,125
4.88%, 04/15/2028		4,042,000		4,340,845

				8,590,970


Equity REITs-4.79%
CyrusOne L.P./CyrusOne Finance Corp.
2.90%, 11/15/2024		2,115,000		2,141,839
3.45%, 11/15/2029		2,165,000		2,280,167

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


		14

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

February 28, 2022

(Unaudited)


		Principal Amount		Value
Equity REITs-(continued)
Diversified Healthcare Trust, 4.75%, 02/15/2028^(b)		$	5,955,000	$	5,393,235
GLP Capital L.P./GLP Financing II, Inc.
5.38%, 04/15/2026			2,477,000		2,653,536
5.30%, 01/15/2029			2,460,000		2,678,454
iStar, Inc., 4.75%, 10/01/2024^(b)			2,739,000		2,759,419
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027			4,957,000		5,070,615
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027			4,465,000		4,379,027
Sabra Health Care L.P.
5.13%, 08/15/2026			1,848,000		1,966,137
3.90%, 10/15/2029^(b)			1,930,000		1,938,513
SBA Communications Corp., 3.88%, 02/15/2027			4,650,000		4,644,536
Service Properties Trust
4.35%, 10/01/2024^(b)			3,289,000		3,153,230
5.50%, 12/15/2027^(b)			3,160,000		3,096,800

					42,155,508


Food Products-2.45%
B&G Foods, Inc., 5.25%, 04/01/2025			3,956,000		3,980,705
Kraft Heinz Foods Co. (The)
3.00%, 06/01/2026			8,709,000		8,714,008
4.25%, 03/01/2031^(b)			8,361,000		8,888,788

					21,583,501


Gas Utilities-0.77%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026			6,598,000		6,729,960

Health Care Equipment & Supplies-0.49%
Teleflex, Inc., 4.63%, 11/15/2027			4,202,000		4,273,455


Health Care Providers & Services-5.12%
Centene Corp., 4.63%, 12/15/2029^(b)			13,492,000		13,919,089
Encompass Health Corp., 4.75%, 02/01/2030^(b)			5,367,000		5,092,210
HCA, Inc.
5.38%, 02/01/2025			7,301,000		7,740,009
3.50%, 09/01/2030^(b)			8,084,000		8,015,286
Tenet Healthcare Corp.
4.88%, 01/01/2026^(b)(c)			5,116,000		5,135,645
4.25%, 06/01/2029^(c)			5,270,000		5,092,691

					44,994,930


Hotels, Restaurants & Leisure-6.37%
Churchill Downs, Inc., 5.50%, 04/01/2027^(c)			2,890,000		2,936,746
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030^(b)	��		7,196,000		7,415,514
Hyatt Hotels Corp.
5.38%, 04/23/2025			2,330,000		2,523,633
5.75%, 04/23/2030^(b)			2,160,000		2,492,430
Las Vegas Sands Corp., 3.20%, 08/08/2024			7,800,000		7,701,184
MGM Resorts International
6.00%, 03/15/2023			4,543,000		4,690,647
5.50%, 04/15/2027^(b)			4,456,000		4,607,125


	Principal Amount		Value

Hotels, Restaurants & Leisure-(continued)
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022	$	4,962,000	$	5,004,772
3.70%, 03/15/2028^(b)		5,593,000		5,076,263
Travel + Leisure Co.
6.60%, 10/01/2025^(b)		2,290,000		2,448,010
Series J, 6.00%, 04/01/2027		2,342,000		2,451,161
Yum! Brands, Inc., 3.63%, 03/15/2031		9,271,000		8,677,332

				56,024,817


Household Durables-3.86%
Century Communities, Inc., 6.75%, 06/01/2027		2,729,000		2,827,653
KB Home, 4.00%, 06/15/2031^(b)		4,050,000		3,875,546
M/I Homes, Inc., 4.95%, 02/01/2028		3,198,000		3,131,642
MDC Holdings, Inc., 2.50%, 01/15/2031^(b)		4,166,000		3,784,204
Meritage Homes Corp., 6.00%, 06/01/2025^(b)		3,746,000		3,993,985
Newell Brands, Inc., 4.70%, 04/01/2026 .		6,833,000		7,081,038
Toll Brothers Finance Corp.
4.38%, 04/15/2023^(b)		2,628,340		2,675,850
4.88%, 03/15/2027^(b)		2,485,000		2,653,493
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024^(b)		1,926,000		2,005,438
Tri Pointe Homes, Inc., 5.70%, 06/15/2028^(b)		1,915,000		1,932,714

				33,961,563


Household Products-0.49%
Spectrum Brands, Inc., 5.75%, 07/15/2025		4,231,000		4,310,479


Independent Power and Renewable Electricity Producers-1.20%
AES Corp. (The), 1.38%, 01/15/2026^(b).		11,050,000		10,515,483


Insurance-1.28%
Genworth Holdings, Inc., 4.80%, 02/15/2024^(b)		10,945,000		11,248,176


Internet & Direct Marketing Retail-0.94%
QVC, Inc.
4.38%, 03/15/2023		4,229,000		4,308,103
4.75%, 02/15/2027^(b)		4,285,000		3,991,992

				8,300,095


IT Services-0.25%
Twilio, Inc., 3.63%, 03/15/2029^(b)		2,260,000		2,163,362


Machinery-1.57%
Hillenbrand, Inc.
5.00%, 09/15/2026^(b)		1,627,000		1,723,180
3.75%, 03/01/2031^(b)		1,800,000		1,721,142
Trinity Industries, Inc., 4.55%, 10/01/2024		4,756,000		4,856,303
Wabtec Corp.
4.40%, 03/15/2024^(b)		2,671,000		2,770,411
4.95%, 09/15/2028		2,520,000		2,744,780

				13,815,816


Media-4.64%
AMC Networks, Inc.
5.00%, 04/01/2024		2,536,000		2,535,696
4.25%, 02/15/2029^(b)		2,687,000		2,519,909

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


		15

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Media-(continued)
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030^(c)	$	10,243,000	$	10,056,219
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		9,136,000		9,699,252
DISH DBS Corp.
7.75%, 07/01/2026^(b)		4,981,000		5,049,962
5.13%, 06/01/2029		5,835,000		4,933,726
Lamar Media Corp., 3.75%, 02/15/2028^(b)		6,280,000		6,044,500

				40,839,264


Metals & Mining-2.58%
Allegheny Technologies, Inc., 5.88%, 12/01/2027^(b)		3,722,000		3,802,525
Carpenter Technology Corp., 6.38%, 07/15/2028		3,305,000		3,337,571
Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027		760		787
Freeport-McMoRan, Inc.
3.88%, 03/15/2023^(b)		4,534,000		4,616,541
4.63%, 08/01/2030^(b)		4,300,000		4,445,663
United States Steel Corp., 6.88%, 03/01/2029^(b)		6,321,000		6,502,887

				22,705,974


Mortgage REITs-0.94%
Starwood Property Trust, Inc., 4.75%, 03/15/2025^(b)		8,160,000		8,254,551


Multiline Retail-2.33%
Macy’s Retail Holdings LLC, 2.88%, 02/15/2023		11,922,000		11,922,000
Nordstrom, Inc., 4.38%, 04/01/2030^(b)		9,424,000		8,601,285

				20,523,285


Oil, Gas & Consumable Fuels-9.62%
Apache Corp.
4.63%, 11/15/2025		3,489,000		3,606,178
4.38%, 10/15/2028^(b)		3,586,000		3,636,885
Cheniere Energy, Inc., 4.63%, 10/15/2028		7,820,000		7,967,329
Continental Resources, Inc.
3.80%, 06/01/2024^(b)		3,560,000		3,635,614
4.38%, 01/15/2028^(b)		3,572,000		3,695,506
EQM Midstream Partners L.P.
4.75%, 07/15/2023		2,575,000		2,591,326
5.50%, 07/15/2028		2,625,000		2,587,751
EQT Corp.
6.63%, 02/01/2025^(b)		1,990,000		2,151,906
3.90%, 10/01/2027^(b)		2,203,000		2,228,566
Hess Corp., 4.30%, 04/01/2027^(b)		6,660,000		7,052,252
Murphy Oil Corp.
5.75%, 08/15/2025^(b)		2,889,000		2,946,751
5.88%, 12/01/2027^(b)		2,884,000		2,941,781
Occidental Petroleum Corp.
2.90%, 08/15/2024		9,055,000		9,076,913
3.50%, 08/15/2029^(b)		9,736,000		9,727,968
Range Resources Corp.
4.88%, 05/15/2025^(b)		1,642,000		1,665,292
8.25%, 01/15/2029		1,591,000		1,745,454


	Principal Amount		Value

Oil, Gas & Consumable Fuels-(continued)
SM Energy Co., 6.50%, 07/15/2028^(b)	$	4,015,000	$	4,120,253
Southwestern Energy Co.
5.95%, 01/23/2025^(b)		1,821,000		1,900,541
5.38%, 03/15/2030^(b)		1,840,000		1,901,125
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030		8,901,000		9,452,684

				84,632,075


Pharmaceuticals-0.50%
Elanco Animal Health, Inc.
5.77%, 08/28/2023^(b)		2,096,000		2,161,605
6.40%, 08/28/2028^(b)		2,020,000		2,192,306

				4,353,911


Professional Services-0.75%
IHS Markit Ltd.
4.13%, 08/01/2023		3,218,000		3,261,446
4.25%, 05/01/2029		3,045,000		3,350,006

				6,611,452


Real Estate Management & Development-0.78%
Kennedy-Wilson, Inc., 4.75%, 03/01/2029^(b)		3,930,000		3,846,487
Newmark Group, Inc., 6.13%, 11/15/2023^(b)		2,915,000		3,045,009

				6,891,496


Semiconductors & Semiconductor Equipment-1.92%
Amkor Technology, Inc., 6.63%, 09/15/2027^(b)(c)		5,154,000		5,392,244
Qorvo, Inc., 4.38%, 10/15/2029^(b)		4,991,000		5,055,334
Skyworks Solutions, Inc.
1.80%, 06/01/2026^(b)		3,470,000		3,319,057
3.00%, 06/01/2031^(b)		3,360,000		3,136,847

				16,903,482


Software-1.00%
CDK Global, Inc.
5.00%, 10/15/2024^(b)		1,988,000		2,084,378
4.88%, 06/01/2027		2,050,000		2,101,957
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029^(b)		1,335,000		1,253,959
Nuance Communications, Inc., 5.63%, 12/15/2026		3,255,640		3,349,549

				8,789,843


Specialty Retail-3.46%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030^(b)		5,311,000		5,161,575
Bath & Body Works, Inc., 5.25%, 02/01/2028		10,341,000		10,728,787
Murphy Oil USA, Inc., 4.75%, 09/15/2029		6,426,000		6,453,407
Penske Automotive Group, Inc., 3.75%, 06/15/2029^(b)		8,592,000		8,038,031

				30,381,800


Technology Hardware, Storage & Peripherals-3.30%
Seagate HDD Cayman, 4.75%, 01/01/2025^(b)		9,942,000		10,252,041

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


		16

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Technology Hardware, Storage & Peripherals-(continued)
Western Digital Corp.
4.75%, 02/15/2026^(b)	$	5,361,000	$	5,576,137
3.10%, 02/01/2032^(b)		6,050,000		5,629,646
Xerox Corp., 4.38%, 03/15/2023^(b)		7,455,000		7,539,055

				28,996,879


Textiles, Apparel & Luxury Goods-0.57%
Under Armour, Inc., 3.25%, 06/15/2026^(b)		5,018,000		4,983,878


Thrifts & Mortgage Finance-0.92%
MGIC Investment Corp., 5.25%, 08/15/2028^(b)		4,115,000		4,174,503
Radian Group, Inc.
4.50%, 10/01/2024		1,900,420		1,921,724
4.88%, 03/15/2027		1,925,000		1,990,825

				8,087,052


Trading Companies & Distributors-1.07%
United Rentals North America, Inc., 4.88%, 01/15/2028		9,274,000		9,453,800


Wireless Telecommunication Services-2.09%
Sprint Capital Corp., 6.88%, 11/15/2028		7,726,000		9,186,871
Sprint Corp., 7.88%, 09/15/2023^(b)		8,584,000		9,233,165
				18,420,036

Total U.S. Dollar Denominated Bonds & Notes (Cost $885,127,482)				860,092,882


	Shares		Value

Money Market Funds-1.83%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $16,078,734)		16,078,734	$	16,078,734

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.64% (Cost $901,206,216)				876,171,616


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-30.69%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		74,956,744		74,956,744
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		194,871,535		194,891,026

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $269,877,471)				269,847,770

TOTAL INVESTMENTS IN SECURITIES-130.33% (Cost $1,171,083,687)				1,146,019,386
OTHER ASSETS LESS LIABILITIES-(30.33)%				(266,719,724	)

NET ASSETS-100.00%			$	879,299,662

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 February 28, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $33,046,540, which represented 3.76% of the Fund’s Net Assets.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	7,095,283		$	128,680,511		$	(119,697,060	)		$	-			$	-			$	16,078,734		$	1,040
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			66,093,480			136,532,652			(127,669,388	)			-				-				74,956,744			11,143	*
Invesco Private Prime Fund			154,371,993			258,511,416			(217,931,771	)			(29,703	)			(30,909	)			194,891,026			99,920	*

Total		$	227,560,756		$	523,724,579		$	(465,298,219	)		$	(29,703	)		$	(30,909	)		$	285,926,504		$	112,103

*	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.


		17

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

February 28, 2022

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022


Consumer Discretionary				23.05
Energy				11.25
Industrials				10.83
Communication Services				9.35
Materials				8.59
Information Technology				7.88
Financials				7.12
Health Care				6.11
Real Estate				5.57
Utilities				5.12
Consumer Staples				2.94
Money Market Funds Plus Other Assets Less Liabilities				2.19

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


		18

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value

U.S. Dollar Denominated Bonds & Notes-99.17%

Aerospace & Defense-2.19%
Boeing Co. (The)
4.88%, 05/01/2025	$	95,000	$	101,113
5.15%, 05/01/2030		85,000		93,841
General Dynamics Corp.
3.25%, 04/01/2025		60,000		61,989
3.75%, 05/15/2028		61,000		64,647
Huntington Ingalls Industries, Inc.
3.84%, 05/01/2025		20,000		20,764
3.48%, 12/01/2027^(b)		20,000		20,564
L3Harris Technologies, Inc.
3.85%, 06/15/2023		33,000		33,856
4.40%, 06/15/2028		38,000		41,079
Lockheed Martin Corp., 3.55%, 01/15/2026		144,000		151,624
Northrop Grumman Corp.
2.93%, 01/15/2025		50,000		51,032
3.25%, 01/15/2028		56,000		57,329
Raytheon Technologies Corp.
3.95%, 08/16/2025		60,000		63,309
4.13%, 11/16/2028		59,000		63,888
Textron, Inc., 3.00%, 06/01/2030		65,000		64,051

				889,086


Air Freight & Logistics-0.95%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028^(b)		60,000		64,724
FedEx Corp.
3.25%, 04/01/2026		70,000		73,127
3.10%, 08/05/2029		73,000		74,175
United Parcel Service, Inc.
3.90%, 04/01/2025^(b)		80,000		84,274
3.05%, 11/15/2027^(b)		84,000		87,725

				384,025


Airlines-0.23%
Southwest Airlines Co.
5.25%, 05/04/2025		45,000		48,575
5.13%, 06/15/2027		40,000		44,416

				92,991


Auto Components-0.33%
BorgWarner, Inc.
3.38%, 03/15/2025^(b)		32,000		32,904
2.65%, 07/01/2027		30,000		29,944
Lear Corp., 3.80%, 09/15/2027^(b)		70,000		73,011

				135,859


Automobiles-0.80%
General Motors Co., 6.13%, 10/01/2025		100,000		110,797
General Motors Financial Co., Inc., 3.10%, 01/12/2032		115,000		109,807
PACCAR Financial Corp., 2.65%, 05/10/2022		104,000		104,431

				325,035


Banks-6.72%
Bank of America Corp.
3.30%, 01/11/2023		181,000		184,114
3.25%, 10/21/2027		180,000		184,169


	Principal Amount		Value

Banks-(continued)
Citigroup, Inc.
3.20%, 10/21/2026	$	160,000	$	163,384
4.45%, 09/29/2027		155,000		165,831
Comerica, Inc.
3.70%, 07/31/2023		30,000		30,791
4.00%, 02/01/2029		33,000		35,419
Fifth Third Bancorp
3.65%, 01/25/2024		50,000		51,441
2.55%, 05/05/2027		55,000		55,047
First Republic Bank, 2.50%, 06/06/2022		101,000		101,239
Huntington Bancshares, Inc.
2.63%, 08/06/2024		40,000		40,358
2.55%, 02/04/2030^(b)		47,000		45,693
JPMorgan Chase & Co.
2.95%, 10/01/2026		201,000		204,668
4.25%, 10/01/2027		185,000		198,204
KeyCorp, 2.25%, 04/06/2027		50,000		49,308
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025		88,000		90,121
People’s United Financial, Inc., 3.65%, 12/06/2022		61,000		61,763
PNC Financial Services Group, Inc. (The)
3.50%, 01/23/2024		80,000		82,442
2.55%, 01/22/2030		85,000		83,490
Regions Financial Corp.
2.25%, 05/18/2025^(b)		50,000		50,037
1.80%, 08/12/2028		50,000		46,978
SVB Financial Group
1.80%, 10/28/2026		40,000		38,661
3.13%, 06/05/2030		35,000		35,217
Truist Bank, 3.63%, 09/16/2025		86,000		89,659
Truist Financial Corp., 1.13%, 08/03/2027		90,000		83,645
U.S. Bancorp
1.38%, 07/22/2030		100,000		89,510
Series V, 2.38%, 07/22/2026		91,000		91,675
Wells Fargo & Co.
3.00%, 04/22/2026		186,000		189,128
4.15%, 01/24/2029		170,000		181,452

				2,723,444


Beverages-1.63%
Coca-Cola Co. (The)
1.75%, 09/06/2024		105,000		105,295
2.25%, 01/05/2032^(b)		100,000		96,533
Constellation Brands, Inc.
4.25%, 05/01/2023		34,000		34,969
2.25%, 08/01/2031		40,000		36,572
Keurig Dr Pepper, Inc.
4.06%, 05/25/2023		47,000		48,241
4.60%, 05/25/2028		46,000		50,291
Molson Coors Beverage Co., 3.00%, 07/15/2026		78,000		79,438
PepsiCo, Inc.
2.75%, 03/01/2023		105,000		106,592
3.00%, 10/15/2027^(b)		99,000		102,213

				660,144

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


		19

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Biotechnology-1.70%
AbbVie, Inc.
2.60%, 11/21/2024	$	95,000	$	96,048
3.20%, 11/21/2029		94,000		95,339
Amgen, Inc.
2.20%, 02/21/2027		80,000		79,029
2.00%, 01/15/2032		135,000		123,339
Biogen, Inc.
4.05%, 09/15/2025		46,000		48,112
2.25%, 05/01/2030^(b)		60,000		54,957
Gilead Sciences, Inc.
3.65%, 03/01/2026		78,000		81,443
1.65%, 10/01/2030		50,000		45,462
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		75,000		67,041

				690,770


Building Products-0.83%
Carlisle Cos., Inc., 2.75%, 03/01/2030		40,000		38,825
Carrier Global Corp.
2.24%, 02/15/2025		50,000		49,938
2.72%, 02/15/2030		50,000		48,673
Fortune Brands Home & Security, Inc.
4.00%, 09/21/2023		19,000		19,564
3.25%, 09/15/2029		23,000		23,422
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030		110,000		100,326
Masco Corp., 1.50%, 02/15/2028		60,000		54,969

				335,717


Capital Markets-3.92%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		104,000		107,455
Bank of New York Mellon Corp. (The)
2.20%, 08/16/2023		77,000		77,619
3.85%, 04/28/2028		74,000		79,353
BlackRock, Inc.
3.50%, 03/18/2024		64,000		66,362
1.90%, 01/28/2031		70,000		65,076
Charles Schwab Corp. (The)
0.75%, 03/18/2024		70,000		68,565
2.00%, 03/20/2028		70,000		68,080
CME Group, Inc.
3.00%, 03/15/2025		76,000		78,071
3.75%, 06/15/2028		45,000		48,189
Franklin Resources, Inc., 1.60%, 10/30/2030		90,000		80,562
Goldman Sachs Group, Inc. (The)
3.50%, 04/01/2025		110,000		113,200
3.80%, 03/15/2030		110,000		114,630
Jefferies Group LLC/Jefferies Group Capital
Finance, Inc.
4.85%, 01/15/2027		30,000		32,748
4.15%, 01/23/2030		25,000		26,269
Morgan Stanley, 3.63%, 01/20/2027		202,000		210,784
Nasdaq, Inc.
4.25%, 06/01/2024		26,000		27,123
1.65%, 01/15/2031^(b)		30,000		26,435
Northern Trust Corp.
3.95%, 10/30/2025		70,000		74,031
1.95%, 05/01/2030		45,000		42,817


	Principal Amount		Value

Capital Markets-(continued)
Raymond James Financial, Inc., 4.65%, 04/01/2030	$	50,000	$	55,157
State Street Corp.
3.55%, 08/18/2025		61,000		63,840
2.40%, 01/24/2030		65,000		63,822

				1,590,188


Chemicals-2.58%
Air Products and Chemicals, Inc.
1.50%, 10/15/2025		40,000		39,219
2.05%, 05/15/2030		49,000		46,924
Celanese US Holdings LLC, 4.63%, 11/15/2022		21,000		21,493
DuPont de Nemours, Inc.
4.21%, 11/15/2023		60,000		62,258
4.73%, 11/15/2028		50,000		55,444
Eastman Chemical Co.
3.80%, 03/15/2025		33,000		34,194
4.50%, 12/01/2028		30,000		32,561
Ecolab, Inc.
2.70%, 11/01/2026^(b)		40,000		40,749
4.80%, 03/24/2030		40,000		45,820
EI du Pont de Nemours and Co.
1.70%, 07/15/2025		30,000		29,433
2.30%, 07/15/2030		35,000		33,820
FMC Corp.
3.20%, 10/01/2026^(b)		23,000		23,504
3.45%, 10/01/2029		22,000		22,187
Linde, Inc.
3.20%, 01/30/2026^(b)		66,000		68,650
1.10%, 08/10/2030^(b)		80,000		71,316
LYB International Finance II B.V., 3.50%, 03/02/2027		61,000		63,579
LyondellBasell Industries N.V., 5.75%, 04/15/2024		71,000		75,726
Mosaic Co. (The)
4.25%, 11/15/2023		33,000		34,150
4.05%, 11/15/2027		29,000		30,715
PPG Industries, Inc.
1.20%, 03/15/2026		40,000		38,231
3.75%, 03/15/2028^(b)		41,000		43,893
Sherwin-Williams Co. (The)
3.13%, 06/01/2024		40,000		40,910
3.45%, 06/01/2027		38,000		39,597
Westlake Corp., 3.60%, 08/15/2026		49,000		50,963

				1,045,336


Commercial Services & Supplies-0.58%
Cintas Corp. No. 2
2.90%, 04/01/2022		28,000		28,047
3.70%, 04/01/2027		28,000		29,617
Republic Services, Inc.
2.50%, 08/15/2024		40,000		40,419
3.95%, 05/15/2028		39,000		41,501
Waste Management, Inc.
0.75%, 11/15/2025		55,000		52,089
1.50%, 03/15/2031		50,000		44,729

				236,402

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


		20

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Communications Equipment-0.80%
Cisco Systems, Inc., 2.50%, 09/20/2026^(b)	$	210,000	$	214,665
Juniper Networks, Inc., 3.75%, 08/15/2029^(b)		53,000		54,665
Motorola Solutions, Inc.
4.00%, 09/01/2024		28,000		29,002
4.60%, 05/23/2029		23,000		24,843

				323,175


Construction & Engineering-0.12%
Quanta Services, Inc., 2.90%, 10/01/2030		50,000		47,978


Construction Materials-0.30%
Eagle Materials, Inc., 2.50%, 07/01/2031		30,000		28,048
Martin Marietta Materials, Inc., 2.40%, 07/15/2031		50,000		46,867
Vulcan Materials Co., 3.50%, 06/01/2030		45,000		46,531

				121,446


Consumer Finance-1.55%
Ally Financial, Inc.
5.80%, 05/01/2025^(b)		53,000		57,424
2.20%, 11/02/2028^(b)		45,000		42,158
American Express Co., 2.50%, 08/01/2022		170,000		170,902
Capital One Financial Corp.
4.20%, 10/29/2025		121,000		127,093
3.80%, 01/31/2028		85,000		88,678
Discover Bank
3.45%, 07/27/2026		66,000		68,063
4.65%, 09/13/2028		70,000		75,991

				630,309


Containers & Packaging-0.74%
Amcor Finance USA, Inc., 3.63%, 04/28/2026 .		30,000		31,415
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031^(b)		40,000		38,534
Avery Dennison Corp., 4.88%, 12/06/2028		41,000		45,808
Packaging Corp. of America, 3.40%, 12/15/2027		55,000		56,940
Sonoco Products Co., 3.13%, 05/01/2030		45,000		44,998
WRKCo, Inc.
4.65%, 03/15/2026		40,000		43,259
4.90%, 03/15/2029^(b)		35,000		38,707

				299,661


Distributors-0.19%
Genuine Parts Co., 1.88%, 11/01/2030		85,000		76,340

Diversified Consumer Services-0.12%
Block Financial LLC, 3.88%, 08/15/2030^(b)		50,000		50,541

Diversified Financial Services-0.73%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 .		183,000		190,078
Equitable Holdings, Inc.
3.90%, 04/20/2023		52,000		53,243
4.35%, 04/20/2028		51,000		54,702

				298,023


Diversified Telecommunication Services-1.72%
AT&T, Inc.
3.40%, 05/15/2025		175,000		181,098
4.30%, 02/15/2030		171,000		186,366


	Principal Amount		Value

Diversified Telecommunication Services-(continued)
Verizon Communications, Inc.
1.45%, 03/20/2026	$	170,000	$	164,414
4.33%, 09/21/2028		150,000		163,694

				695,572

Electric Utilities-4.82%
American Electric Power Co., Inc., 3.20%, 11/13/2027		56,000		57,363
Avangrid, Inc.
3.20%, 04/15/2025		35,000		35,822
3.80%, 06/01/2029		38,000		39,756
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030		170,000		179,993
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031		110,000		104,787
Duke Energy Corp.
2.65%, 09/01/2026		86,000		86,533
2.55%, 06/15/2031^(b)		80,000		74,959
Edison International, 4.13%, 03/15/2028		46,000		47,429
Entergy Corp.
2.95%, 09/01/2026		45,000		45,577
1.90%, 06/15/2028		50,000		47,003
Evergy, Inc.
2.45%, 09/15/2024		30,000		30,020
2.90%, 09/15/2029		40,000		39,747
Eversource Energy, Series K, 2.75%, 03/15/2022		42,000		42,028
Exelon Corp.
3.50%, 06/01/2022		69,000		69,221
4.05%, 04/15/2030		70,000		74,362
Florida Power & Light Co., 2.85%, 04/01/2025^(b)		70,000		71,536
Interstate Power and Light Co.
3.25%, 12/01/2024		24,000		24,557
4.10%, 09/26/2028		23,000		24,601
NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030^(b)		81,000		75,234
NSTAR Electric Co., 3.20%, 05/15/2027		118,000		122,127
Pacific Gas and Electric Co.
3.15%, 01/01/2026		40,000		39,825
4.55%, 07/01/2030		40,000		41,111
Pinnacle West Capital Corp., 1.30%, 06/15/2025		65,000		62,467
PPL Capital Funding, Inc., 3.10%, 05/15/2026		100,000		101,959
Southern California Edison Co., Series E, 3.70%, 08/01/2025		50,000		51,949
Southern Co. (The)
3.25%, 07/01/2026		68,000		69,854
Series A, 3.70%, 04/30/2030^(b)		70,000		72,297
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		60,000		58,024
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023		64,000		64,684
Xcel Energy, Inc.
3.30%, 06/01/2025		50,000		51,169
4.00%, 06/15/2028		45,000		47,760

				1,953,754

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


		21

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Electrical Equipment-0.59%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030	$	35,000	$	32,283
Eaton Corp.
2.75%, 11/02/2022		51,000		51,511
3.10%, 09/15/2027^(b)		54,000		55,785
Emerson Electric Co.
0.88%, 10/15/2026		55,000		51,982
2.20%, 12/21/2031		50,000		47,581

				239,142


Electronic Equipment, Instruments & Components-1.29%
Amphenol Corp., 2.80%, 02/15/2030		60,000		58,869
Arrow Electronics, Inc.
3.25%, 09/08/2024		43,000		43,834
3.88%, 01/12/2028^(b)		38,000		39,610
Avnet, Inc., 4.63%, 04/15/2026		58,000		61,872
Flex Ltd.
4.75%, 06/15/2025		33,000		35,088
4.88%, 06/15/2029		40,000		43,455
Jabil, Inc.
4.70%, 09/15/2022^(b)		38,000		38,707
3.95%, 01/12/2028		33,000		34,585
Keysight Technologies, Inc.
4.55%, 10/30/2024		20,000		21,082
4.60%, 04/06/2027		18,000		19,700
TD SYNNEX Corp.
1.75%, 08/09/2026^(b)(c)		27,000		25,700
2.38%, 08/09/2028^(c)		27,000		25,218
Teledyne Technologies, Inc., 2.75%, 04/01/2031		40,000		38,636
Trimble, Inc., 4.90%, 06/15/2028		33,000		35,625

				521,981


Energy Equipment & Services-0.82%
Halliburton Co.
3.80%, 11/15/2025^(b)		43,000		45,066
2.92%, 03/01/2030^(b)		40,000		39,359
Helmerich & Payne, Inc., 2.90%, 09/29/2031^(b)(c)		50,000		47,820
NOV, Inc., 3.60%, 12/01/2029^(b)		58,000		58,203
Schlumberger Investment S.A.
3.65%, 12/01/2023		69,000		70,947
2.65%, 06/26/2030^(b)		75,000		72,883

				334,278


Entertainment-0.77%
Activision Blizzard, Inc.
3.40%, 09/15/2026		28,000		29,310
1.35%, 09/15/2030^(b)		34,000		30,306
Electronic Arts, Inc., 1.85%, 02/15/2031		55,000		50,234
Walt Disney Co. (The)
1.75%, 08/30/2024		104,000		103,686
2.65%, 01/13/2031^(b)		100,000		99,015

				312,551


Equity REITs-5.88%
Alexandria Real Estate Equities, Inc.
3.45%, 04/30/2025		28,000		29,016
2.00%, 05/18/2032		30,000		27,164


	Principal Amount		Value

Equity REITs-(continued)
American Assets Trust L.P., 3.38%, 02/01/2031	$	30,000	$	29,072
American Homes 4 Rent L.P., 4.25%, 02/15/2028		28,000		29,627
American Tower Corp.
3.50%, 01/31/2023		49,000		49,863
3.80%, 08/15/2029		43,000		44,549
AvalonBay Communities, Inc.
3.45%, 06/01/2025		30,000		31,029
2.30%, 03/01/2030^(b)		35,000		34,036
Boston Properties L.P.
3.65%, 02/01/2026		30,000		31,108
3.25%, 01/30/2031		35,000		34,931
Brixmor Operating Partnership L.P.
3.85%, 02/01/2025		24,000		24,945
4.13%, 05/15/2029		20,000		21,170
Camden Property Trust, 2.80%, 05/15/2030		50,000		49,517
CBRE Services, Inc.
4.88%, 03/01/2026^(b)		30,000		32,558
2.50%, 04/01/2031		40,000		37,906
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023		50,000		51,100
Corporate Office Properties L.P., 2.75%, 04/15/2031		40,000		37,613
Crown Castle International Corp., 3.65%, 09/01/2027		46,000		47,656
Digital Realty Trust L.P., 3.70%, 08/15/2027		68,000		71,253
Duke Realty L.P., 2.25%, 01/15/2032(b)		50,000		46,645
EPR Properties, 3.75%, 08/15/2029		40,000		38,597
Equinix, Inc.
2.63%, 11/18/2024		40,000		40,291
3.20%, 11/18/2029^(b)		40,000		39,509
ERP Operating L.P.
2.85%, 11/01/2026		38,000		38,967
2.50%, 02/15/2030^(b)		40,000		39,159
Essex Portfolio L.P.
3.50%, 04/01/2025		30,000		30,981
3.00%, 01/15/2030		30,000		29,992
Extra Space Storage L.P., 2.35%, 03/15/2032		45,000		41,496
Federal Realty Investment Trust, 3.95%, 01/15/2024		40,000		41,209
Healthcare Trust of America Holdings L.P.
3.50%, 08/01/2026		21,000		21,785
2.00%, 03/15/2031		20,000		18,145
Healthpeak Properties, Inc.
3.25%, 07/15/2026^(b)		30,000		31,047
3.50%, 07/15/2029		28,000		29,010
Host Hotels & Resorts L.P.
Series E, 4.00%, 06/15/2025		30,000		31,165
Series H, 3.38%, 12/15/2029		39,000		38,412
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		33,000		35,911
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031		50,000		44,723
Kilroy Realty L.P., 3.05%, 02/15/2030		38,000		37,261
Kimco Realty Corp.
2.80%, 10/01/2026		20,000		20,154
2.25%, 12/01/2031^(b)		30,000		27,709
LifeStorage L.P., 3.50%, 07/01/2026		30,000		31,232

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


		22

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Equity REITs-(continued)
Mid-America Apartments L.P., 3.60%, 06/01/2027	$	44,000	$	46,363
Office Properties Income Trust, 4.50%, 02/01/2025		30,000		30,787
Omega Healthcare Investors, Inc.
5.25%, 01/15/2026		18,000		19,285
3.38%, 02/01/2031		20,000		18,932
Prologis L.P., 2.25%, 04/15/2030		82,000		78,649
Public Storage
1.50%, 11/09/2026		40,000		38,826
1.85%, 05/01/2028		40,000		38,271
Realty Income Corp., 3.25%, 01/15/2031		30,000		30,445
Regency Centers L.P., 3.60%, 02/01/2027		22,000		23,110
Simon Property Group L.P.
2.00%, 09/13/2024		56,000		55,907
2.45%, 09/13/2029		56,000		54,146
SL Green Operating Partnership L.P., 3.25%, 10/15/2022		48,000		48,469
Spirit Realty L.P., 3.40%, 01/15/2030		33,000		32,930
Sun Communities Operating L.P., 2.70%, 07/15/2031		40,000		37,652
UDR, Inc., 3.20%, 01/15/2030		50,000		50,133
Ventas Realty L.P.
3.50%, 02/01/2025		40,000		41,273
4.40%, 01/15/2029		44,000		47,882
W.P. Carey, Inc.
4.60%, 04/01/2024		19,000		19,846
2.40%, 02/01/2031		30,000		28,148
Welltower, Inc.
4.00%, 06/01/2025		41,000		42,962
3.10%, 01/15/2030^(b)		50,000		50,035
Weyerhaeuser Co., 7.38%, 03/15/2032		60,000		81,290

				2,382,854


Food & Staples Retailing-2.44%
Costco Wholesale Corp.
2.75%, 05/18/2024		89,000		90,946
1.60%, 04/20/2030		100,000		92,856
Kroger Co. (The)
2.65%, 10/15/2026^(b)		77,000		77,795
4.50%, 01/15/2029		65,000		71,414
Sysco Corp.
3.30%, 07/15/2026		55,000		56,663
5.95%, 04/01/2030		50,000		59,860
Walgreens Boots Alliance, Inc.
3.45%, 06/01/2026		89,000		92,426
3.20%, 04/15/2030^(b)		90,000		91,024
Walmart, Inc.
3.40%, 06/26/2023		173,000		177,405
1.80%, 09/22/2031		190,000		178,605

				988,994

Food Products-2.80%
Archer-Daniels-Midland Co. 2.50%, 08/11/2026		60,000		60,881
3.25%, 03/27/2030^(b)		55,000		57,089
Bunge Ltd. Finance Corp.
1.63%, 08/17/2025		50,000		48,605
2.75%, 05/14/2031		55,000		52,380


	Principal Amount		Value

Food Products-(continued)
Campbell Soup Co.
3.95%, 03/15/2025	$	30,000	$	31,287
4.15%, 03/15/2028^(b)		33,000		35,371
Conagra Brands, Inc.
4.30%, 05/01/2024		30,000		31,163
4.85%, 11/01/2028^(b)		30,000		33,095
Flowers Foods, Inc., 2.40%, 03/15/2031		50,000		47,411
General Mills, Inc.
4.00%, 04/17/2025		50,000		52,398
4.20%, 04/17/2028^(b)		51,000		55,069
Hershey Co. (The), 2.30%, 08/15/2026		68,000		68,695
Hormel Foods Corp., 1.80%, 06/11/2030^(b)		70,000		65,362
Ingredion, Inc.
3.20%, 10/01/2026		28,000		28,855
2.90%, 06/01/2030		20,000		19,806
JM Smucker Co. (The)
3.50%, 03/15/2025		33,000		34,191
2.38%, 03/15/2030		40,000		38,037
Kellogg Co.
3.25%, 04/01/2026		41,000		42,134
Series B, 7.45%, 04/01/2031		30,000		40,633
McCormick & Co., Inc.
2.70%, 08/15/2022		23,000		23,139
3.40%, 08/15/2027		23,000		23,935
Mondelez International, Inc.
1.50%, 05/04/2025		70,000		68,242
2.75%, 04/13/2030^(b)		60,000		59,207
Tyson Foods, Inc.
3.95%, 08/15/2024		56,000		58,210
3.55%, 06/02/2027		56,000		58,269

				1,133,464


Gas Utilities-0.34%
Atmos Energy Corp., 3.00%, 06/15/2027^(b)		51,000		52,468
National Fuel Gas Co.
3.75%, 03/01/2023		15,000		15,190
2.95%, 03/01/2031		20,000		18,834
Southern California Gas Co., Series TT, 2.60%, 06/15/2026		50,000		50,621

				137,113


Health Care Equipment & Supplies-1.74%
Abbott Laboratories
3.75%, 11/30/2026		67,000		71,587
1.40%, 06/30/2030^(b)		70,000		63,980
Baxter International, Inc.
1.92%, 02/01/2027^(b)(c)		40,000		38,804
1.73%, 04/01/2031		40,000		36,290
Becton, Dickinson and Co.
3.36%, 06/06/2024		50,000		51,295
3.70%, 06/06/2027		40,000		42,016
Boston Scientific Corp.
3.45%, 03/01/2024		40,000		41,059
2.65%, 06/01/2030		40,000		38,817
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030 .		30,000		30,399
DH Europe Finance II S.a.r.l.
2.20%, 11/15/2024		48,000		48,101
2.60%, 11/15/2029		46,000		44,935
Edwards Lifesciences Corp., 4.30%, 06/15/2028^(b)		37,000		40,176

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


		23

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Health Care Equipment & Supplies-(continued)
Stryker Corp.
3.50%, 03/15/2026	$	44,000	$	45,600
1.95%, 06/15/2030		50,000		46,323
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025		65,000		66,917

				706,299


Health Care Providers & Services-4.28%
AmerisourceBergen Corp.
3.25%, 03/01/2025		80,000		82,151
2.70%, 03/15/2031		90,000		86,776
Anthem, Inc.
2.38%, 01/15/2025		80,000		80,437
3.65%, 12/01/2027		75,000		78,788
Cardinal Health, Inc.
3.08%, 06/15/2024		80,000		81,376
3.41%, 06/15/2027^(b)		69,000		71,519
Cigna Corp.
4.13%, 11/15/2025		70,000		73,857
4.38%, 10/15/2028		64,000		69,446
CVS Health Corp.
3.88%, 07/20/2025		110,000		115,147
4.30%, 03/25/2028		100,000		108,159
HCA, Inc.
5.00%, 03/15/2024		65,000		68,388
4.13%, 06/15/2029		60,000		62,942
Humana, Inc.
1.35%, 02/03/2027		85,000		80,273
2.15%, 02/03/2032		65,000		59,772
Laboratory Corp. of America Holdings
3.60%, 02/01/2025		33,000		33,972
2.95%, 12/01/2029		30,000		29,842
McKesson Corp., 3.80%, 03/15/2024		180,000		185,403
Quest Diagnostics, Inc.
3.50%, 03/30/2025		30,000		30,943
2.95%, 06/30/2030		35,000		34,534
UnitedHealth Group, Inc.
3.75%, 07/15/2025		114,000		119,703
2.00%, 05/15/2030^(b)		130,000		122,820
Universal Health Services, Inc.
1.65%, 09/01/2026^(c)		26,000		24,723
2.65%, 10/15/2030^(c)		35,000		33,077

				1,734,048


Hotels, Restaurants & Leisure-1.43%
Booking Holdings, Inc.
3.65%, 03/15/2025		40,000		41,756
4.63%, 04/13/2030		45,000		50,362
Darden Restaurants, Inc., 3.85%, 05/01/2027^(b)		54,000		56,930
Expedia Group, Inc.
5.00%, 02/15/2026		30,000		32,348
3.80%, 02/15/2028		28,000		28,838
Marriott International, Inc.
Series FF, 4.63%, 06/15/2030		40,000		43,220
Series R, 3.13%, 06/15/2026		45,000		45,812
McDonald’s Corp.
3.70%, 01/30/2026		76,000		80,117
3.80%, 04/01/2028		80,000		84,964


	Principal Amount		Value

Hotels, Restaurants & Leisure-(continued)
Starbucks Corp.
3.80%, 08/15/2025	$	56,000	$	58,733
2.55%, 11/15/2030^(b)		60,000		57,658

				580,738


Household Durables-1.05%
D.R. Horton, Inc.
2.50%, 10/15/2024		35,000		35,190
1.40%, 10/15/2027^(b)		40,000		37,139
Leggett & Platt, Inc., 3.50%, 11/15/2027		40,000		41,465
Lennar Corp.
4.50%, 04/30/2024		30,000		31,244
4.75%, 11/29/2027^(b)		30,000		32,683
Mohawk Industries, Inc.
3.85%, 02/01/2023^(b)		36,000		36,506
3.63%, 05/15/2030		35,000		36,157
NVR, Inc.
3.95%, 09/15/2022		20,000		20,171
3.00%, 05/15/2030		20,000		19,883
PulteGroup, Inc., 5.50%, 03/01/2026		50,000		55,191
Whirlpool Corp., 4.75%, 02/26/2029^(b)		74,000		82,026

				427,655


Household Products-1.19%
Clorox Co. (The)
3.05%, 09/15/2022		27,000		27,165
3.90%, 05/15/2028^(b)		25,000		26,643
Colgate-Palmolive Co., 3.25%, 03/15/2024		75,000		77,559
Kimberly-Clark Corp., 3.20%, 04/25/2029^(b)		107,000		111,244
Procter & Gamble Co. (The)
2.15%, 08/11/2022		120,000		120,646
3.00%, 03/25/2030		115,000		119,966

				483,223


Independent Power and Renewable Electricity Producers-0.10%
DTE Electric Co., Series C, 2.63%, 03/01/2031		40,000		39,390


Industrial Conglomerates-1.37%
3M Co.
3.25%, 02/14/2024^(b)		74,000		76,222
2.88%, 10/15/2027^(b)		73,000		75,153
General Electric Co., 6.75%, 03/15/2032		160,000		206,680
Honeywell International, Inc.
2.50%, 11/01/2026^(b)		68,000		68,948
1.75%, 09/01/2031^(b)		80,000		73,782
Roper Technologies, Inc.
1.00%, 09/15/2025		30,000		28,574
1.75%, 02/15/2031		30,000		26,504

				555,863


Insurance-5.91%
Aflac, Inc.
3.63%, 11/15/2024^(b)		56,000		58,334
3.60%, 04/01/2030		55,000		58,440
Alleghany Corp., 3.63%, 05/15/2030		45,000		45,929
Allstate Corp. (The)
3.28%, 12/15/2026^(b)		56,000		58,217
1.45%, 12/15/2030		70,000		62,902
American International Group, Inc.
3.90%, 04/01/2026		84,000		88,400
3.40%, 06/30/2030		90,000		92,512

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


		24

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

February 28, 2022

(Unaudited)


	Principal Amount		Value
Insurance-(continued)
Aon Corp., 2.80%, 05/15/2030	$	40,000	$	39,376
Aon PLC, 3.88%, 12/15/2025		40,000		41,832
Brighthouse Financial, Inc., 3.70%, 06/22/2027^(b)		97,000		100,628
Brown & Brown, Inc.
4.20%, 09/15/2024		21,000		21,845
2.38%, 03/15/2031^(b)		20,000		18,633
Chubb INA Holdings, Inc.
3.35%, 05/03/2026		65,000		67,602
1.38%, 09/15/2030^(b)		80,000		71,663
CNA Financial Corp.
3.95%, 05/15/2024		47,000		48,544
3.90%, 05/01/2029		43,000		45,876
CNO Financial Group, Inc.
5.25%, 05/30/2025		20,000		21,434
5.25%, 05/30/2029		18,000		19,469
Fidelity National Financial, Inc., 3.40%, 06/15/2030		60,000		60,155
First American Financial Corp., 2.40%, 08/15/2031		50,000		45,670
Globe Life, Inc., 4.55%, 09/15/2028		46,000		50,348
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		94,000		93,272
Lincoln National Corp.
4.00%, 09/01/2023		61,000		63,051
3.80%, 03/01/2028		56,000		59,278
Loews Corp.
3.75%, 04/01/2026		38,000		40,256
3.20%, 05/15/2030		40,000		40,906
Marsh & McLennan Cos., Inc.
3.88%, 03/15/2024		44,000		45,584
4.38%, 03/15/2029		38,000		41,486
MetLife, Inc.
3.60%, 04/10/2024		99,000		102,544
4.55%, 03/23/2030^(b)		95,000		106,729
Old Republic International Corp., 3.88%, 08/26/2026		64,000		67,199
Primerica, Inc., 2.80%, 11/19/2031^(b)		40,000		38,448
Principal Financial Group, Inc., 3.70%, 05/15/2029		112,000		119,349
Progressive Corp. (The)
2.45%, 01/15/2027		53,000		53,647
4.00%, 03/01/2029		45,000		48,633
Prudential Financial, Inc.
1.50%, 03/10/2026^(b)		110,000		107,741
2.10%, 03/10/2030^(b)		115,000		110,010
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		74,000		77,455
Willis North America, Inc.
3.60%, 05/15/2024		32,000		32,863
2.95%, 09/15/2029		30,000		29,416

				2,395,676

Interactive Media & Services-0.66%
Alphabet, Inc.
2.00%, 08/15/2026		132,000		132,363
1.10%, 08/15/2030^(b)		150,000		135,733

				268,096


	Principal Amount		Value

Internet & Direct Marketing Retail-0.82%
Amazon.com, Inc.
1.00%, 05/12/2026^(b)	$	135,000	$	130,152
3.15%, 08/22/2027		125,000		130,853
eBay, Inc.
1.90%, 03/11/2025		40,000		39,581
3.60%, 06/05/2027^(b)		30,000		31,464

				332,050


IT Services-3.03%
Amdocs Ltd., 2.54%, 06/15/2030		50,000		47,114
Automatic Data Processing, Inc.
3.38%, 09/15/2025		81,000		84,693
1.25%, 09/01/2030		60,000		53,947
Broadridge Financial Solutions, Inc.
3.40%, 06/27/2026^(b)		25,000		26,035
2.60%, 05/01/2031		30,000		28,241
DXC Technology Co.
1.80%, 09/15/2026		34,000		32,491
2.38%, 09/15/2028		33,000		31,431
Fidelity National Information Services, Inc.
1.15%, 03/01/2026		50,000		47,267
3.75%, 05/21/2029		40,000		41,058
Fiserv, Inc.
2.75%, 07/01/2024		39,000		39,450
3.50%, 07/01/2029		38,000		38,598
Global Payments, Inc.
2.65%, 02/15/2025		30,000		30,168
3.20%, 08/15/2029^(b)		23,000		22,725
International Business Machines Corp.
3.00%, 05/15/2024		142,000		145,366
3.50%, 05/15/2029		135,000		141,650
Mastercard, Inc.
3.38%, 04/01/2024		53,000		54,818
3.35%, 03/26/2030		55,000		57,671
PayPal Holdings, Inc.
2.40%, 10/01/2024		45,000		45,427
2.85%, 10/01/2029		45,000		44,867
VeriSign, Inc.
5.25%, 04/01/2025		10,000		10,712
2.70%, 06/15/2031		20,000		18,592
Visa, Inc.
3.15%, 12/14/2025		61,000		63,241
1.90%, 04/15/2027^(b)		65,000		64,111
Western Union Co. (The), 1.35%, 03/15/2026^(b)		60,000		57,302

				1,226,975


Leisure Products-0.24%
Brunswick Corp., 2.40%, 08/18/2031		40,000		36,609
Hasbro, Inc.
3.55%, 11/19/2026		30,000		30,993
3.90%, 11/19/2029^(b)		28,000		29,335

				96,937


Life Sciences Tools & Services-0.59%
Agilent Technologies, Inc.
3.88%, 07/15/2023		28,000		28,696
2.30%, 03/12/2031		30,000		28,074
Illumina, Inc., 2.55%, 03/23/2031^(b)		50,000		47,430

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


		25

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

February 28, 2022

(Unaudited)


	Principal Amount		Value
Life Sciences Tools & Services-(continued)
PerkinElmer, Inc., 3.30%, 09/15/2029	$	33,000	$	33,170
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031		110,000		102,146

				239,516


Machinery-2.08%
Caterpillar Financial Services Corp., 0.80%, 11/13/2025		80,000		76,235
Caterpillar, Inc., 2.60%, 04/09/2030		80,000		80,026
Cummins, Inc.
3.65%, 10/01/2023		46,000		47,178
1.50%, 09/01/2030		50,000		44,916
Flowserve Corp., 3.50%, 10/01/2030		35,000		34,780
Fortive Corp., 3.15%, 06/15/2026		48,000		49,614
IDEX Corp., 3.00%, 05/01/2030		40,000		39,438
Illinois Tool Works, Inc., 2.65%, 11/15/2026		98,000		100,344
John Deere Capital Corp.
3.45%, 03/13/2025		61,000		63,670
2.80%, 07/18/2029		60,000		61,077
Otis Worldwide Corp.
2.06%, 04/05/2025		40,000		39,745
2.57%, 02/15/2030		40,000		38,705
Parker-Hannifin Corp., 3.25%, 06/14/2029		37,000		37,749
Stanley Black & Decker, Inc.
3.40%, 03/01/2026		40,000		41,865
2.30%, 03/15/2030^(b)		40,000		38,568
Xylem, Inc.
3.25%, 11/01/2026		25,000		25,826
2.25%, 01/30/2031^(b)		25,000		23,539

				843,275


Marine-0.08%
Kirby Corp., 4.20%, 03/01/2028		33,000		34,055


Media-1.52%
Comcast Corp.
3.70%, 04/15/2024		114,000		118,251
4.15%, 10/15/2028		107,000		115,908
Discovery Communications LLC
2.95%, 03/20/2023		38,000		38,422
3.95%, 03/20/2028		38,000		39,476
Fox Corp.
4.03%, 01/25/2024		35,000		36,301
4.71%, 01/25/2029		30,000		32,774
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		60,000		66,611
Omnicom Group, Inc., 4.20%, 06/01/2030		40,000		43,356
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		38,000		39,677
Paramount Global
4.75%, 05/15/2025		40,000		42,707
4.95%, 01/15/2031^(b)		40,000		44,372

				617,855


Metals & Mining-0.68%
Newmont Corp., 2.25%, 10/01/2030^(b)		85,000		79,491
Nucor Corp.
4.13%, 09/15/2022		47,000		47,409
3.95%, 05/01/2028		39,000		41,658


	Principal Amount		Value

Metals & Mining-(continued)
Reliance Steel & Aluminum Co.
4.50%, 04/15/2023	$	31,000	$	31,739
2.15%, 08/15/2030		25,000		23,196
Steel Dynamics, Inc., 3.45%, 04/15/2030		51,000		51,808

				275,301


Multiline Retail-1.00%
Dollar General Corp.
3.25%, 04/15/2023		44,000		44,644
3.50%, 04/03/2030		40,000		40,859
Dollar Tree, Inc.
4.00%, 05/15/2025		35,000		36,524
4.20%, 05/15/2028		42,000		44,931
Kohl’s Corp., 3.38%, 05/01/2031^(b)		90,000		88,637
Target Corp.
2.25%, 04/15/2025		75,000		75,545
3.38%, 04/15/2029^(b)		70,000		74,307

				405,447


Multi-Utilities-1.44%
Ameren Corp., 3.50%, 01/15/2031		70,000		72,028
Black Hills Corp., 4.25%, 11/30/2023		33,000		34,164
CenterPoint Energy, Inc.
1.45%, 06/01/2026		40,000		38,377
2.65%, 06/01/2031		40,000		38,294
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030^(b)		70,000		71,440
DTE Energy Co., Series F, 1.05%, 06/01/2025 .		50,000		47,823
NiSource, Inc.
0.95%, 08/15/2025		30,000		28,380
3.49%, 05/15/2027		33,000		34,084
Public Service Enterprise Group, Inc.
2.88%, 06/15/2024		40,000		40,816
2.45%, 11/15/2031		45,000		42,657
Sempra Energy, 3.40%, 02/01/2028		51,000		52,617
WEC Energy Group, Inc.
0.55%, 09/15/2023		48,000		47,084
1.38%, 10/15/2027		40,000		37,266

				585,030


Oil, Gas & Consumable Fuels-5.18%
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/2025		30,000		32,430
5.13%, 06/30/2027		25,000		27,304
Chevron Corp.
2.95%, 05/16/2026		137,000		141,527
2.24%, 05/11/2030		145,000		141,276
ConocoPhillips
4.95%, 03/15/2026		70,000		76,727
6.95%, 04/15/2029		60,000		76,745
Coterra Energy, Inc.
4.38%, 06/01/2024^(c)		11,000		11,422
3.90%, 05/15/2027^(c)		13,000		13,566
Devon Energy Corp., 7.88%, 09/30/2031		40,000		53,948
Diamondback Energy, Inc.
2.88%, 12/01/2024		25,000		25,338
3.50%, 12/01/2029		25,000		25,305
EOG Resources, Inc.
2.63%, 03/15/2023		41,000		41,343
4.38%, 04/15/2030		40,000		44,199

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


		26

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Oil, Gas & Consumable Fuels-(continued)
Exxon Mobil Corp.
3.04%, 03/01/2026^(b)	$	171,000	$	176,913
2.61%, 10/15/2030^(b)		185,000		183,746
HollyFrontier Corp., 5.88%, 04/01/2026		61,000		66,204
Kinder Morgan, Inc.
4.30%, 06/01/2025		64,000		67,136
4.30%, 03/01/2028		65,000		69,396
Marathon Oil Corp., 4.40%, 07/15/2027^(b)		58,000		61,675
Marathon Petroleum Corp., 4.70%, 05/01/2025		140,000		148,868
ONEOK Partners L.P., 3.38%, 10/01/2022		39,000		39,271
ONEOK, Inc., 4.55%, 07/15/2028		41,000		43,755
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		25,000		26,769
Ovintiv, Inc., 7.38%, 11/01/2031		20,000		25,462
Phillips
66 4.30%, 04/01/2022		45,000		45,122
3.90%, 03/15/2028		79,000		83,097
Pioneer Natural Resources Co.
1.13%, 01/15/2026		70,000		66,531
1.90%, 08/15/2030		30,000		27,270
Valero Energy Corp.
3.40%, 09/15/2026		78,000		80,328
4.00%, 04/01/2029		77,000		80,547
Williams Cos., Inc. (The)
4.55%, 06/24/2024		50,000		52,422
3.75%, 06/15/2027		45,000		46,985

				2,102,627


Personal Products-0.20%
Estee Lauder Cos., Inc. (The)
2.00%, 12/01/2024		40,000		40,215
2.38%, 12/01/2029		43,000		42,316

				82,531


Pharmaceuticals-2.80%
Bristol-Myers Squibb Co.
2.90%, 07/26/2024		75,000		76,853
3.40%, 07/26/2029		34,000		35,902
Eli Lilly and Co.
2.35%, 05/15/2022		71,000		71,227
3.38%, 03/15/2029		66,000		69,804
Johnson & Johnson
2.45%, 03/01/2026		138,000		140,426
1.30%, 09/01/2030^(b)		150,000		138,040
Merck & Co., Inc.
2.75%, 02/10/2025		99,000		101,385
3.40%, 03/07/2029		95,000		100,205
Pfizer, Inc.
3.00%, 12/15/2026^(b)		113,000		117,237
3.45%, 03/15/2029		110,000		115,948
Royalty Pharma PLC, 2.15%, 09/02/2031		20,000		17,910
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		33,000		34,200
Viatris, Inc., 2.70%, 06/22/2030		50,000		46,881
Zoetis, Inc.
3.25%, 02/01/2023		33,000		33,330
3.00%, 09/12/2027		35,000		35,735

				1,135,083


	Principal Amount		Value

Professional Services-0.19%
Equifax, Inc.
2.60%, 12/01/2024	$	18,000	$	18,167
2.35%, 09/15/2031		20,000		18,386
Verisk Analytics, Inc.
4.00%, 06/15/2025		20,000		20,828
4.13%, 03/15/2029		20,000		21,347

				78,728


Road & Rail-1.12%
CSX Corp.
2.60%, 11/01/2026		45,000		45,717
3.25%, 06/01/2027		52,000		53,924
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		50,000		52,683
Norfolk Southern Corp.
2.90%, 06/15/2026		43,000		44,077
3.80%, 08/01/2028		45,000		47,720
Ryder System, Inc., 3.65%, 03/18/2024		56,000		57,732
Union Pacific Corp.
4.16%, 07/15/2022		74,000		74,261
3.95%, 09/10/2028		74,000		79,584

				455,698


Semiconductors & Semiconductor Equipment-2.74%
Applied Materials, Inc.
3.90%, 10/01/2025		40,000		42,345
3.30%, 04/01/2027		45,000		47,065
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		68,000		70,907
Broadcom, Inc., 2.45%, 02/15/2031^(c)		70,000		64,678
Intel Corp.
3.70%, 07/29/2025		110,000		115,372
2.45%, 11/15/2029		122,000		119,208
KLA Corp.
4.65%, 11/01/2024		33,000		34,879
4.10%, 03/15/2029		32,000		34,549
Lam Research Corp.
3.75%, 03/15/2026		35,000		37,077
4.00%, 03/15/2029		33,000		35,710
Marvell Technology, Inc.
1.65%, 04/15/2026		20,000		19,283
2.95%, 04/15/2031		20,000		19,276
Maxim Integrated Products, Inc., 3.45%, 06/15/2027		31,000		32,488
Micron Technology, Inc.
4.19%, 02/15/2027		61,000		64,417
4.66%, 02/15/2030		25,000		26,916
NVIDIA Corp.
3.20%, 09/16/2026		32,000		33,419
2.85%, 04/01/2030		32,000		32,435
QUALCOMM, Inc.
3.00%, 05/20/2022		80,000		80,155
3.25%, 05/20/2027		68,000		70,992
Texas Instruments, Inc.
1.38%, 03/12/2025		65,000		64,005
2.25%, 09/04/2029^(b)		66,000		65,037

				1,110,213

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


		27

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

February 28, 2022

(Unaudited)


	Principal Amount		Value

Software-2.19%
Adobe, Inc.
3.25%, 02/01/2025	$	33,000	$	34,108
2.30%, 02/01/2030		40,000		38,929
Autodesk, Inc., 3.50%, 06/15/2027		23,000		24,000
Citrix Systems, Inc.
1.25%, 03/01/2026		20,000		19,745
3.30%, 03/01/2030^(b)		20,000		20,152
Fortinet, Inc.
1.00%, 03/15/2026		16,000		15,021
2.20%, 03/15/2031		16,000		14,716
Intuit, Inc.
0.95%, 07/15/2025^(b)		30,000		28,752
1.65%, 07/15/2030		30,000		27,582
Microsoft Corp., 3.30%, 02/06/2027		345,000		365,201
Oracle Corp.
2.50%, 04/01/2025		90,000		89,986
2.88%, 03/25/2031		90,000		85,999
salesforce.com, inc.
3.25%, 04/11/2023^(b)		33,000		33,699
3.70%, 04/11/2028		32,000		34,189
ServiceNow, Inc., 1.40%, 09/01/2030		25,000		22,127
VMware, Inc., 3.90%, 08/21/2027		33,000		34,535

				888,741


Specialty Retail-2.91%
AutoNation, Inc., 4.75%, 06/01/2030		70,000		75,484
AutoZone, Inc.
3.13%, 07/15/2023		36,000		36,586
4.00%, 04/15/2030		35,000		37,233
Best Buy Co., Inc., 1.95%, 10/01/2030		115,000		104,799
Dell International LLC/EMC Corp.
6.02%, 06/15/2026		66,000		73,746
5.30%, 10/01/2029		70,000		78,263
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032^(b)		50,000		48,091
Home Depot, Inc. (The)
2.63%, 06/01/2022		111,000		111,360
2.95%, 06/15/2029^(b)		103,000		105,208
Leidos, Inc.
3.63%, 05/15/2025^(b)		30,000		30,947
2.30%, 02/15/2031		30,000		27,063
Lowe’s Cos., Inc.
2.50%, 04/15/2026^(b)		69,000		69,851
2.63%, 04/01/2031^(b)		80,000		77,351
O’Reilly Automotive, Inc.
3.55%, 03/15/2026		30,000		31,285
3.60%, 09/01/2027^(b)		29,000		30,359
Ross Stores, Inc.
4.60%, 04/15/2025		37,000		39,526
1.88%, 04/15/2031		40,000		36,213
TJX Cos., Inc. (The)
2.25%, 09/15/2026		60,000		60,276
1.60%, 05/15/2031^(b)		65,000		58,876	��
Tractor Supply Co., 1.75%, 11/01/2030		55,000		48,849

				1,181,366


Technology Hardware, Storage & Peripherals-1.66%
Apple, Inc.
2.40%, 05/03/2023		196,000		198,590
1.65%, 02/08/2031^(b)		220,000		204,630


	Principal Amount		Value

Technology Hardware, Storage & Peripherals-(continued)
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025	$	98,000	$	105,269
HP, Inc.
2.20%, 06/17/2025		60,000		59,684
3.00%, 06/17/2027		55,000		55,664
NetApp, Inc.
1.88%, 06/22/2025		25,000		24,521
2.70%, 06/22/2030		25,000		24,225

				672,583


Textiles, Apparel & Luxury Goods-0.76%
NIKE, Inc.
2.40%, 03/27/2025		65,000		65,924
2.85%, 03/27/2030		70,000		71,222
Ralph Lauren Corp., 2.95%, 06/15/2030^(b)		50,000		49,912
Tapestry, Inc., 3.05%, 03/15/2032		55,000		52,360
VF Corp.
2.40%, 04/23/2025		35,000		35,071
2.95%, 04/23/2030		35,000		34,444

				308,933


Tobacco-0.96%
Altria Group, Inc.
2.85%, 08/09/2022		96,000		96,669
4.80%, 02/14/2029		85,000		91,910
Philip Morris International, Inc.
3.25%, 11/10/2024		96,000		99,196
3.38%, 08/15/2029		97,000		99,995

				387,770


Trading Companies & Distributors-0.15%
WW Grainger, Inc., 1.85%, 02/15/2025		62,000		61,548


Water Utilities-0.26%
American Water Capital Corp.
3.40%, 03/01/2025		32,000		33,093
3.75%, 09/01/2028		30,000		31,697
Essential Utilities, Inc., 2.70%, 04/15/2030		40,000		39,339

				104,129


Wireless Telecommunication Services-0.36%
T-Mobile USA, Inc.
3.50%, 04/15/2025		70,000		72,043
3.88%, 04/15/2030		70,000		72,424

				144,467

Total U.S. Dollar Denominated Bonds & Notes (Cost $40,822,556)				40,218,019


	Shares

Money Market Funds-0.25%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $99,537)		99,537		99,537

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.42% (Cost $40,922,093)				40,317,556

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


		28

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

February 28, 2022

(Unaudited)


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-17.27%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		2,100,431	$	2,100,431
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		4,900,515		4,901,005

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,001,928)				7,001,436

TOTAL INVESTMENTS IN SECURITIES-116.69% (Cost $47,924,021)				47,318,992
OTHER ASSETS LESS LIABILITIES-(16.69)%				(6,766,303	)

NET ASSETS-100.00%			$	40,552,689

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 February 28, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $285,008, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	555,106		$	2,115,076		$	(2,570,645	)		$	-			$	-			$	99,537		$	21
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,828,768			4,832,776			(4,561,113	)			-				-				2,100,431			283	*
Invesco Private Prime Fund			4,267,126			9,295,049			(8,659,573	)			(492	)			(1,105	)			4,901,005			2,514	*

Total		$	6,651,000		$	16,242,901		$	(15,791,331	)		$	(492	)		$	(1,105	)		$	7,100,973		$	2,818

*	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.

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

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


		29

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

February 28, 2022

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of February 28, 2022
Financials				18.83
Information Technology				11.71
Health Care				11.11
Industrials				10.61
Consumer Discretionary				9.65
Consumer Staples				9.09
Utilities				6.96
Energy				6.00
Real Estate				5.88
Communication Services				5.03
Materials				4.30
Money Market Funds Plus Other Assets Less Liabilities				0.83

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


		30

Invesco National AMT-Free Municipal Bond ETF (PZA)

February 28, 2022

(Unaudited)

Schedule of Investments


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Municipal Obligations-98.48%

Alabama-0.88%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB	5.00%	07/01/2048	$	3,000	$	3,432,376
Birmingham (City of), AL Water Works Board, Series 2015 A, Ref. RB^(a)(b)	5.00%	01/01/2025		1,000		1,102,622
Jasper (City of), AL, Series 2014, GO Wts.^(a)(b)	5.00%	03/01/2024		4,000		4,301,226
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)^(c)	5.50%	10/01/2053		5,000		5,421,941
Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB	4.00%	02/01/2046		5,000		5,580,627
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.^(a)(b)	5.00%	08/01/2026		1,000		1,155,730

						20,994,522


Arizona-1.96%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB	5.00%	12/01/2042		65		70,774
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB	3.00%	02/01/2045		2,000		1,975,855
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB	4.00%	02/01/2050		1,000		1,092,671
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB	4.00%	11/01/2050		2,000		2,181,548
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB	3.00%	01/01/2049		3,355		3,262,938
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 F, RB	3.00%	01/01/2049		2,000		1,955,776
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB	3.00%	09/01/2051		6,250		6,092,358
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB	4.00%	09/01/2051		2,625		2,917,772
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		1,131,736
Phoenix Civic Improvement Corp., Series 2015 A, RB	5.00%	07/01/2045		2,000		2,211,119
Phoenix Civic Improvement Corp., Series 2019 A, RB	5.00%	07/01/2045		5,000		5,805,576
Phoenix Civic Improvement Corp., Series 2019, RB	5.00%	07/01/2049		5,000		5,890,199
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB	5.00%	07/01/2044		5,000		6,096,062
Queen Creek (Town of), AZ, Series 2020, RB	4.00%	08/01/2045		1,250		1,409,282
University of Arizona (The), Series 2020, Ref. RB	4.00%	08/01/2044		4,000		4,525,397

						46,619,063


Arkansas-0.36%
University of Arkansas, Series 2021 A, RB	5.00%	12/01/2045		5,000		6,168,448
University of Arkansas (Fayetteville Campus), Series 2017, RB	5.00%	11/01/2047		2,000		2,372,953

						8,541,401

California-16.92%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)^(c)	5.00%	10/01/2036		1,000		1,142,320
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)^(c)	5.00%	10/01/2037		940		1,072,891
Bay Area Toll Authority, Series 2019 H, Ref. RB^(a)(b)	5.00%	04/01/2029		4,000		4,899,618
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB^(a)(b)	5.00%	10/01/2024		2,500		2,739,973
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB	4.00%	04/01/2056		5,000		5,452,134
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB	4.00%	04/01/2042		2,500		2,746,313
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)^(c)	5.00%	09/01/2049		1,000		1,137,804
California (State of), Series 2014, GO Bonds	5.00%	10/01/2039		5,000		5,429,308
California (State of), Series 2016, GO Bonds	5.00%	09/01/2046		3,000		3,417,406
California (State of), Series 2017, Ref. GO Bonds	4.00%	08/01/2038		1,000		1,093,682
California (State of), Series 2019, GO Bonds	5.00%	04/01/2045		4,000		4,802,054
California (State of), Series 2019, GO Bonds	5.00%	04/01/2049		1,000		1,195,514
California (State of), Series 2019, Ref. GO Bonds	5.00%	10/01/2039		4,500		5,516,379
California (State of), Series 2021, Ref. GO Bonds	5.00%	10/01/2041		5,500		6,904,240
California (State of) (Green Bonds), Series 2014, GO Bonds	5.00%	10/01/2037		3,500		3,802,372
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB^(a)(b)	5.00%	04/01/2026		1,000		1,141,676
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB^(a)(b)	5.00%	04/01/2026		1,000		1,141,676

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


		31

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value

California-(continued)
California (State of) Educational Facilities Authority (Stanford University), Series 2007 T-1, RB	5.00%	03/15/2039	$	5,000	$	6,826,598
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB	5.00%	05/01/2049		4,000		5,799,961
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB	5.00%	08/15/2035		1,000		1,139,298
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County), Series 2021, Ref. RB	2.13%	11/01/2041		5,000		4,441,629
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB	4.00%	02/01/2042		3,000		3,239,768
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB	5.00%	02/01/2042		2,250		2,576,683
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB	5.00%	11/01/2047		3,500		4,864,564
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB	4.00%	06/01/2050		3,860		4,219,173
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB	4.00%	08/15/2050		7,360		8,237,029
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		2,298,417
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB	4.00%	02/01/2042		4,000		4,313,892
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB	5.00%	02/01/2042		1,715		1,973,571
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB	5.00%	02/01/2047		2,500		2,859,192
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB	5.25%	11/01/2041		1,000		1,134,834
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB	5.00%	06/01/2042		6,000		7,009,575
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB^(a)(b)	5.00%	01/01/2028		1,000		1,198,755
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB	5.00%	06/01/2043		1,750		2,022,352
California (State of) Public Works Board, Series 2014 B, RB	5.00%	10/01/2039		1,500		1,628,395
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB	4.00%	12/01/2057		500		514,140
California State University, Series 2017 A, Ref. RB	5.00%	11/01/2038		2,500		2,906,153
California State University, Series 2017 A, Ref. RB	5.00%	11/01/2042		6,080		7,054,704
California State University, Series 2017 A, Ref. RB	5.00%	11/01/2047		11,310		13,092,852
Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds^(d)	5.00%	08/01/2050		600		610,762
Chino Valley Unified School District, Series 2020 B, GO Bonds	4.00%	08/01/2045		2,500		2,828,771
Chino Valley Unified School District, Series 2020 B, GO Bonds	3.38%	08/01/2050		7,500		7,734,843
El Dorado Irrigation District, Series 2014 A, Ref. RB^(a)(b)	5.00%	03/01/2024		3,000		3,227,899
El Dorado Irrigation District, Series 2014 A, Ref. RB^(a)(b)	5.25%	03/01/2024		3,500		3,783,111
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB	3.95%	01/15/2053		3,000		3,137,010
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)^(c)	5.00%	09/01/2044		6,000		6,435,581
Jurupa Unified School District, Series 2017 B, GO Bonds	4.00%	08/01/2041		10,000		10,977,988
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds	4.00%	08/01/2046		7,000		7,609,187
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds	4.00%	08/01/2047		3,000		3,354,857
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds	3.00%	08/01/2050		1,270		1,274,033
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB	5.00%	06/01/2044		1,000		1,104,847
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB	5.00%	06/01/2045		1,500		1,656,268
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB	5.25%	06/01/2047		1,500		1,764,813
Los Angeles (City of), CA Department of Airports, Series 2022 B, RB	4.00%	05/15/2048		5,000		5,651,442
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB	5.00%	07/01/2043		8,000		8,103,541
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB	5.00%	07/01/2044		2,360		2,846,597
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB	5.00%	07/01/2037		1,000		1,245,850
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB	5.00%	07/01/2038		1,000		1,243,565
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB	5.00%	07/01/2039		1,000		1,240,463
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB	5.00%	07/01/2046		4,000		4,931,968
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB	4.00%	06/01/2036		5,000		5,775,084
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB	4.00%	06/01/2037		3,750		4,306,013

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


		32

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value

California-(continued)
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB	5.00%	06/01/2037	$	19,000	$	23,562,004
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB	5.00%	12/01/2039		2,250		2,459,405
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB	5.00%	12/01/2044		1,000		1,090,242
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB	5.00%	12/01/2045		11,400		12,670,899
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB^(a)(b)	5.00%	12/01/2028		1,720		2,086,269
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB	5.00%	12/01/2051		2,680		3,197,788
Los Angeles Unified School District, Series 2020 C, GO Bonds	4.00%	07/01/2038		1,000		1,143,377
Los Angeles Unified School District, Series 2020 C, GO Bonds	4.00%	07/01/2039		1,000		1,141,280
Los Angeles Unified School District, Series 2020 C, GO Bonds	4.00%	07/01/2040		1,000		1,136,149
Los Angeles Unified School District, Series 2020 C, GO Bonds	4.00%	07/01/2044		1,000		1,127,730
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds	5.00%	07/01/2040		1,610		1,782,709
Madera Unified School District (Election of 2014), Series 2017, GO Bonds	4.00%	08/01/2046		5,000		5,534,922
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds	4.00%	09/01/2045		5,635		6,462,491
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds	4.00%	08/01/2047		3,000		3,303,448
Metropolitan Water District of Southern California, Series 2020 A, RB	5.00%	10/01/2049		1,000		1,208,297
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds	4.00%	08/01/2047		2,000		2,198,827
Napa Valley Unified School District, Series 2019 C, GO Bonds, (INS - AGM)^(c)	4.00%	08/01/2044		3,000		3,283,720
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)^(c)	4.00%	08/01/2049		3,885		4,217,950
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB	5.00%	03/01/2042		1,300		1,487,937
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB	5.00%	03/01/2047		5,000		5,707,907
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)^(c)	5.00%	08/01/2045		5,000		5,841,364
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)^(c)	4.00%	09/01/2048		7,500		8,443,896
Sacramento (County of), CA, Series 2016 A, Ref. RB	5.00%	07/01/2041		2,400		2,717,216
Sacramento (County of), CA, Series 2016 B, Ref. RB	5.00%	07/01/2041		2,250		2,542,377
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB	5.00%	12/01/2050		5,600		6,855,390
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB	5.00%	04/01/2048		6,620		7,456,894
San Diego Unified School District, Series 2020 M-2, GO Bonds	5.00%	07/01/2022		490		497,002
San Diego Unified School District, Series 2020 M-2, GO Bonds	4.00%	07/01/2050		14,300		16,038,834
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds	4.00%	07/01/2047		5,000		5,531,542
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds	5.00%	07/01/2047		4,165		4,834,041
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB	5.00%	05/01/2044		2,000		2,145,406
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds	5.00%	08/01/2047		2,000		2,318,598
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds	4.00%	08/01/2046		4,000		4,438,812
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB	5.00%	10/01/2045		2,000		2,408,574
University of California, Series 2016 AR, Ref. RB	5.00%	05/15/2046		9,500		10,745,001
University of California (Limited), Series 2018 O, Ref. RB	5.00%	05/15/2043		1,500		1,785,176

						403,234,862


Colorado-3.74%
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB	5.00%	03/01/2047		2,000		2,326,579
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB	4.00%	11/15/2046		7,500		8,497,529
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB	4.00%	11/15/2050		20,000		22,566,686
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB	3.00%	11/15/2051		15,000		14,619,640
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		2,042,829
Colorado (State of) Health Facilities Authority (Parkview Medical Center), Series 2020 A, RB	4.00%	09/01/2050		2,800		3,019,160
Denver (City & County of), CO, Series 2016 A, Ref. RB	5.00%	08/01/2042		1,000		1,123,725
Denver (City & County of), CO, Series 2016 A, Ref. RB	5.00%	08/01/2044		750		839,765
Denver (City & County of), CO, Series 2021 A, RB	4.00%	08/01/2051		1,000		1,124,075

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


		33

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Colorado-(continued)
Denver (City & County of), CO Board of Water Commissioners (Green Bonds), Series 2017 A, RB	5.00%	09/15/2047	$	5,000	$	5,813,560
Denver City & County School District No. 1, Series 2021, GO Bonds	3.00%	12/01/2043		3,970		4,102,369
Denver City & County School District No. 1, Series 2021, GO Bonds	4.00%	12/01/2045		2,000		2,299,797
E-470 Public Highway Authority, Series 2020 A, Ref. RB	5.00%	09/01/2040		2,725		2,953,578
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB	5.00%	12/01/2044		5,000		5,929,856
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB	4.00%	11/01/2040		1,000		1,153,836
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB	2.00%	11/01/2041		1,000		872,236
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB	2.25%	11/01/2045		1,000		891,418
Weld County School District No. Re-5J, Series 2021, GO Bonds	4.00%	12/01/2045		4,000		4,561,866
Weld County School District Re-2, Series 2019, GO Bonds	5.00%	12/01/2044		3,550		4,340,472

						89,078,976


Connecticut-1.31%
Connecticut (State of), Series 2017 A, GO Bonds	5.00%	04/15/2035		3,745		4,331,177
Connecticut (State of), Series 2018 B, RB	5.00%	10/01/2038		4,000		4,773,516
Connecticut (State of), Series 2020 A, GO Bonds	5.00%	01/15/2040		3,000		3,649,344
Connecticut (State of), Series 2021 A, GO Bonds	3.00%	01/15/2037		1,000		1,024,500
Connecticut (State of), Series 2021 A, GO Bonds	3.00%	01/15/2038		1,000		1,017,675
Connecticut (State of), Series 2021 A, GO Bonds	3.00%	01/15/2039		1,000		1,010,946
Connecticut (State of), Series 2021 A, RB	4.00%	05/01/2037		1,000		1,148,853
Connecticut (State of), Series 2021 A, RB	4.00%	05/01/2038		1,000		1,144,734
Connecticut (State of), Series 2021 A, RB	4.00%	05/01/2039		1,000		1,142,458
Connecticut (State of), Series 2021 A, RB	4.00%	05/01/2040		1,000		1,140,435
Connecticut (State of), Series 2021 A, RB	5.00%	05/01/2041		1,000		1,241,313
Connecticut (State of), Series 2021 D, RB	4.00%	11/01/2038		1,200		1,382,175
Connecticut (State of), Series 2021 D, RB	4.00%	11/01/2039		1,200		1,379,301
Connecticut (State of), Series 2021 D, RB	4.00%	11/01/2040		1,000		1,147,287
Connecticut (State of), Series 2021 D, RB	5.00%	11/01/2041		3,250		4,072,909
University of Connecticut, Series 2018 A, RB	5.00%	11/15/2043		1,450		1,702,518

						31,309,141


District of Columbia-0.74%
District of Columbia, Series 2017 A, Ref. GO Bonds	5.00%	06/01/2036		2,500		2,910,124
District of Columbia, Series 2017 A, Ref. GO Bonds	5.00%	06/01/2037		2,000		2,325,916
District of Columbia, Series 2017 D, GO Bonds	5.00%	06/01/2042		1,100		1,273,271
District of Columbia, Series 2020 A, RB	2.63%	03/01/2045		1,000		966,559
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 A, Ref. RB	5.00%	10/01/2044		1,500		1,787,810
Washington Metropolitan Area Transit Authority, Series 2020 A, RB	5.00%	07/15/2045		5,500		6,711,756
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	5.00%	07/15/2037		200		252,051
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	4.00%	07/15/2038		200		231,177
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	4.00%	07/15/2039		125		143,850
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	3.00%	07/15/2040		250		258,645
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	5.00%	07/15/2041		100		125,105
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	3.00%	07/15/2043		200		205,408
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	4.00%	07/15/2043		200		227,754
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	4.00%	07/15/2046		125		141,453
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB	5.00%	07/15/2046		125		154,711

						17,715,590


Florida-3.61%
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(c)	4.00%	07/01/2037		500		577,015
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(c)	4.00%	07/01/2038		500		577,649
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(c)	4.00%	07/01/2039		500		575,570
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)^(c)	2.50%	07/01/2040		1,500		1,458,536
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB	5.00%	04/01/2048		2,000		2,300,851
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)^(c)	3.00%	08/15/2050		5,000		4,839,779
Florida (State of) Municipal Loan Council, Series 2011 D, RB, (INS - AGM)^(c)	5.50%	10/01/2041		1,500		1,506,063
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)^(c)	4.00%	02/01/2046		2,500		2,744,219

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


		34

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Florida-(continued)
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB	5.00%	10/01/2048	$	6,745	$	7,904,203
JEA Electric System, Series 2013 C, RB	5.00%	10/01/2037		950		970,689
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB	5.00%	11/15/2040		1,050		1,143,376
Miami Beach (City of), FL, Series 2015, RB	5.00%	09/01/2045		2,000		2,198,443
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds	4.00%	05/01/2049		8,250		9,141,260
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB	4.00%	11/15/2046		2,190		2,361,407
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB	3.00%	11/15/2051		2,000		1,820,529
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB	4.00%	11/15/2051		2,000		2,147,747
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB	5.00%	02/01/2024		1,000		1,068,928
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)^(c)	5.00%	02/01/2040		4,000		4,249,852
Miami-Dade (County of), FL, Series 2012 B, Ref. RB^(a)(b)	5.00%	10/01/2022		2,215		2,270,176
Miami-Dade (County of), FL, Series 2017 A, RB	3.38%	10/01/2047		5,000		5,208,452
Miami-Dade (County of), FL Transit System, Series 2012, RB^(a)(b)	5.00%	07/01/2022		2,000		2,029,188
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	4.00%	10/01/2039		150		172,123
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	3.00%	10/01/2040		175		180,743
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	4.00%	10/01/2041		200		228,560
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	4.00%	10/01/2042		200		227,897
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	3.00%	10/01/2043		250		256,578
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	4.00%	10/01/2044		175		198,399
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	4.00%	10/01/2046		200		225,774
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	4.00%	10/01/2048		250		281,332
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	3.00%	10/01/2051		2,500		2,537,476
Miami-Dade (County of), FL Water & Sewer System, Series 2021, RB	4.00%	10/01/2051		300		336,826
Orlando (City of), FL, Series 2018 B, RB	5.00%	10/01/2048		5,685		6,738,591
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, RB	5.00%	05/15/2053		1,000		1,084,473
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB	5.00%	07/01/2048		2,000		2,323,812
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB	5.00%	07/01/2047		5,000		5,748,311
Tampa (City of), FL, Series 2016 A, RB	5.00%	11/15/2046		1,750		1,967,238
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB	4.00%	07/01/2045		2,500		2,726,566
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB	5.00%	07/01/2050		3,250		3,811,668

						86,140,299


Georgia-1.52%
Atlanta (City of), GA, Series 2018 B, RB	5.00%	11/01/2047		5,000		5,876,013
Burke (County of), GA Development Authority, Series 2012, Ref. RB	2.75%	01/01/2052		2,000		1,820,021
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB	5.00%	04/01/2050		850		1,001,748
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, RB	4.00%	04/01/2052		1,000		1,103,523
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB	4.00%	04/01/2050		1,000		1,094,421
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB	5.50%	02/15/2042		2,000		2,315,794
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB	2.50%	02/15/2051		2,000		1,698,925
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB	3.00%	02/15/2051		2,000		1,938,969
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB	4.00%	02/15/2051		4,000		4,367,259
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	01/01/2062		4,500		5,291,361
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC	5.00%	08/01/2047		3,000		3,430,078
Municipal Electric Authority of Georgia, Series 2019 A, Ref. RB	5.00%	01/01/2044		1,000		1,170,726

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


		35

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Georgia-(continued)
Municipal Electric Authority of Georgia (Plant Vogtle Units 3&4), Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	01/01/2062	$	2,305	$	2,710,353
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB^(a)(b)	5.00%	05/01/2026		2,000		2,291,163

						36,110,354


Hawaii-0.26%
Honolulu (City & County of), HI, Series 2015 A, GO Bonds	5.00%	10/01/2039		4,000		4,466,748
Honolulu (City & County of), HI Wastewater System Revenue, Series 2019 A, RB	5.00%	07/01/2049		1,500		1,800,602

						6,267,350


Illinois-6.54%
Chicago (City of), IL, Series 2012, RB, (INS - AGM)^(c)	5.00%	01/01/2037		24,375		24,454,077
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)^(c)	5.25%	01/01/2042		2,500		2,903,951
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)^(c)	4.00%	01/01/2052		7,000		7,355,238
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds	6.00%	01/01/2038		1,000		1,159,901
Chicago (City of), IL, Series 2019 A, GO Bonds	5.00%	01/01/2044		2,000		2,248,928
Chicago (City of), IL, Series 2019 A, GO Bonds	5.50%	01/01/2049		1,500		1,727,517
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB	5.00%	01/01/2046		1,250		1,354,634
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB	5.00%	01/01/2037		2,900		3,242,231
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB	5.00%	01/01/2039		7,500		8,583,308
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)^(c)	4.00%	01/01/2053		6,375		6,921,098
Chicago (City of), IL Board of Education, Series 2016, RB	6.00%	04/01/2046		2,000		2,305,638
Chicago (City of), IL Board of Education, Series 2017 B, Ref. GO Bonds^(e)	7.00%	12/01/2042		5,000		6,155,053
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB	5.00%	01/01/2046		6,000		6,671,884
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)^(c)	5.00%	12/01/2051		10,000		11,336,341
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB	3.00%	05/15/2047		5,000		5,000,565
Illinois (State of), Series 2020, GO Bonds	5.50%	05/01/2039		1,500		1,791,659
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB	4.00%	08/15/2037		1,550		1,766,000
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB	4.00%	08/15/2038		1,395		1,586,089
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB	4.00%	08/15/2039		2,250		2,552,997
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB	4.00%	08/15/2040		1,350		1,529,017
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB	4.00%	08/15/2041		1,350		1,526,552
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB	3.00%	08/15/2048		1,000		958,967
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB	4.00%	08/15/2048		1,400		1,561,836
Illinois (State of) Finance Authority (Chicago LLC - University of Chicago), Series 2017 A, RB	5.00%	02/15/2047		1,000		1,100,427
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB	3.00%	05/15/2050		4,000		3,843,527
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB	4.00%	05/15/2050		4,570		5,004,953
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB	5.00%	11/15/2038		1,175		1,284,727
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB	4.00%	10/01/2050		1,500		1,633,825
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB	4.00%	10/01/2055		1,450		1,566,747
Illinois (State of) Toll Highway Authority, Series 2017 A, RB	5.00%	01/01/2042		5,000		5,782,836
Illinois (State of) Toll Highway Authority, Series 2020 A, RB	5.00%	01/01/2041		4,000		4,882,767
Illinois (State of) Toll Highway Authority, Series 2020 A, RB	5.00%	01/01/2045		2,500		3,015,786
Regional Transportation Authority, Series 2000, RB, (INS - NATL)^(c)	6.50%	07/01/2030		1,815		2,323,554
Sales Tax Securitization Corp., Series 2018 A, Ref. RB	5.00%	01/01/2040		10,000		11,528,818
Sales Tax Securitization Corp., Series 2020 A, Ref. RB	4.00%	01/01/2038		1,000		1,116,331
Sales Tax Securitization Corp., Series 2020 A, Ref. RB	4.00%	01/01/2039		500		557,198
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)^(c)	5.00%	01/01/2037		1,750		2,109,385
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)^(c)	4.00%	01/01/2040		2,000		2,234,429
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)^(c)	5.00%	03/01/2040		3,000		3,277,820

						155,956,611


Indiana-0.77%
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB	5.00%	11/15/2046		3,000		3,417,905
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB	5.00%	02/01/2044		5,000		5,926,527
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB	5.00%	02/01/2049		6,500		7,637,509
Northern Indiana Commuter Transportation District, Series 2016, RB	5.00%	07/01/2041		1,250		1,414,307

						18,396,248

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


		36

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Kansas-0.21%
Kansas (State of) Department of Transportation, Series 2015, RB	5.00%	09/01/2035	$	2,000	$	2,237,943
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB	5.00%	09/01/2040		1,000		1,112,101
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB	5.00%	09/01/2045		1,500		1,660,607

						5,010,651


Kentucky-0.18%
Hazard (City of), KY (Appalachian Regional Health), Series 2021, Ref. RB	3.00%	07/01/2046		1,000		982,796
Hazard (City of), KY (Appalachian Regional Health), Series 2021, Ref. RB	4.00%	07/01/2051		1,000		1,101,219
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		1,174,705
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		1,027,984

						4,286,704


Louisiana-1.32%
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)^(c)	5.00%	11/01/2042		2,000		2,230,639
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)^(c)	5.00%	11/01/2047		2,000		2,219,357
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)^(c)	5.00%	12/01/2042		2,750		3,238,664
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB^(a)(b)	5.00%	10/01/2024		2,000		2,189,300
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		4,073,505
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		3,779,693
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)^(c)	3.00%	06/01/2050		6,500		6,485,345
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		5,926,641
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)^(c)	4.00%	12/01/2049		1,250		1,359,060

						31,502,204


Maine-0.58%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2020 A, RB	4.00%	07/01/2045		2,000		2,203,148
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	07/01/2022		500		507,348
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	07/01/2023		550		578,990
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	07/01/2024		350		380,088
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	07/01/2026		400		459,233
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	2.50%	07/01/2029		500		522,189
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	07/01/2030		425		528,340
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	5.00%	07/01/2033		450		566,812
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	4.00%	07/01/2037		375		433,447
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	4.00%	07/01/2039		330		379,276
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	4.00%	07/01/2046		750		845,679
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)^(c)	4.00%	07/01/2050		1,030		1,154,948
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB	4.00%	07/01/2050		4,500		4,936,579
Maine (State of) Turnpike Authority, Series 2020, RB	4.00%	07/01/2045		300		338,609

						13,834,686

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


		37

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Maryland-0.75%
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB	5.00%	09/01/2039	$	1,000	$	1,043,438
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB	5.00%	09/01/2042		500		516,732
Baltimore (City of), MD (Water), Series 2017 A, RB	5.00%	07/01/2046		9,510		10,840,217
Baltimore (City of), MD (Water), Series 2020 A, RB	5.00%	07/01/2050		600		728,660
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB	5.00%	07/01/2046		1,000		1,239,651
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB	5.00%	07/01/2051		1,000		1,232,941
Maryland Stadium Authority (Baltimore City Public Schools), Series 2016, RB^(a)(b)	5.00%	05/01/2026		1,900		2,180,759

						17,782,398


Massachusetts-6.20%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds	5.00%	07/01/2036		4,000		4,477,098
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds	5.00%	03/01/2041		7,150		7,656,369
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds	5.00%	03/01/2046		5,000		5,354,215
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds	4.00%	12/01/2044		2,900		3,179,887
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds	5.00%	04/01/2042		4,210		4,865,716
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB	5.00%	06/01/2043		5,000		5,848,418
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds	5.00%	11/01/2041		10,000		11,720,160
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds	5.25%	01/01/2044		10,675		12,882,754
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds	5.00%	01/01/2049		5,000		5,920,793
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds	5.00%	11/01/2025		1,750		1,978,429
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds	5.00%	11/01/2045		2,500		3,061,806
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds	5.00%	11/01/2050		3,500		4,262,400
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2015 A, RB	5.00%	06/01/2045		3,000		3,316,041
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB	5.25%	06/01/2043		5,000		5,991,402
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)^(c)	4.00%	10/01/2045		1,500		1,678,462
Massachusetts (State of) Bay Transportation Authority, Series 2015 A, RB	5.00%	07/01/2040		7,145		7,914,501
Massachusetts (State of) Bay Transportation Authority, Series 2020, Ref. RB	5.00%	07/01/2050		5,580		6,599,084
Massachusetts (State of) Development Finance Agency, Series 2021 G, Ref. RB	5.00%	07/01/2050		1,000		1,217,866
Massachusetts (State of) Development Finance Agency (Boston University), Series 2013 X, RB	5.00%	10/01/2048		875		923,590
Massachusetts (State of) Development Finance Agency (Boston University), Series 2016 BB1, RB	5.00%	10/01/2046		4,500		5,174,689
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB	5.00%	12/01/2041		2,665		3,032,788
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB	5.00%	12/01/2046		2,000		2,267,268
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)^(c)	3.00%	10/01/2045		3,500		3,595,132
Massachusetts (State of) School Building Authority, Series 2015 C, Ref. RB	5.00%	08/15/2037		8,770		9,762,218
Massachusetts (State of) School Building Authority, Series 2016 A, RB^(a)(b)	5.00%	11/15/2025		3,410		3,861,034
Massachusetts (State of) School Building Authority, Series 2016 B, RB	5.00%	11/15/2046		3,075		3,522,542
Massachusetts (State of) School Building Authority, Series 2019 A, RB^(a)(b)	5.00%	02/15/2026		5,000		5,695,166
Massachusetts (State of) Water Resources Authority, Series 2018 B, RB	5.00%	08/01/2043		5,000		5,954,480
University of Massachusetts Building Authority, Series 2020 1, RB	5.00%	11/01/2050		5,000		6,044,284

						147,758,592


Michigan-1.03%
Detroit (City of), MI Water and Sewerage Department, Series 2012 A, Ref. RB^(a)(b)	5.00%	07/01/2022		5,000		5,072,969
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB	5.00%	07/01/2051		1,000		1,239,599
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB	3.00%	12/01/2049		2,440		2,407,215
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB	4.00%	12/01/2047		1,100		1,227,988
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB	5.00%	11/15/2047		3,000		3,585,413
Michigan State University Board of Trustees, Series 2019 B, RB	5.00%	02/15/2044		1,250		1,489,087
University of Michigan, Series 2017 A, Ref. RB	5.00%	04/01/2042		2,000		2,334,797
University of Michigan, Series 2017 A, Ref. RB	5.00%	04/01/2047		3,100		3,607,678

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


		38

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

February 28, 2022

(Unaudited)


	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	$	2,999,369
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB	5.00%	12/01/2040		500		558,433

						24,522,548


Minnesota-0.26%
Metropolitan Council, Series 2021 C, GO Bonds	5.00%	12/01/2026		4,340		5,069,860
Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB	5.00%	05/01/2047		1,000		1,071,710

						6,141,570


Missouri-0.56%
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB	5.00%	03/01/2036		1,000		1,129,233
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB	5.00%	04/01/2040		2,190		2,404,781
Metropolitan St. Louis Sewer District, Series 2016 C, RB^(a)	5.00%	05/01/2046		1,000		1,147,768
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB	5.00%	05/01/2047		750		861,040
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, Ref. RB	3.00%	07/01/2051		2,500		2,432,408
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB	4.00%	02/15/2049		5,000		5,431,900

						13,407,130


Montana-0.11%
Missoula (City of), MT, Series 2019 A, RB	4.00%	07/01/2044		2,400		2,692,284

Nebraska-0.16%
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB	5.00%	02/01/2042		1,000		1,171,723
University of Nebraska Facilities Corp., Series 2021 A, RB	3.00%	07/15/2059		1,000		1,003,914
University of Nebraska Facilities Corp., Series 2021 A, RB	4.00%	07/15/2059		500		561,775
University of Nebraska Facilities Corp., Series 2021 A, RB	4.00%	07/15/2062		1,000		1,119,118

						3,856,530


Nevada-0.75%
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB	5.00%	07/01/2040		5,000		5,522,666
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB	5.00%	07/01/2040		9,335		10,773,740
Las Vegas Valley Water District, Series 2012 B, GO Bonds^(a)(b)	5.00%	06/01/2022		1,650		1,667,981

						17,964,387


New Hampshire-0.18%
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)^(c)	3.00%	08/15/2046		2,210		2,153,350
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)^(c)	3.00%	08/15/2051		2,200		2,111,733

						4,265,083


New Jersey-2.03%
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021, RB	4.00%	06/15/2046		1,000		1,073,946
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021, RB	4.00%	06/15/2050		1,000		1,069,967
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB	5.00%	06/15/2043		1,000		1,138,577
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB	3.00%	07/01/2050		1,000		953,595
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB	4.00%	07/01/2050		2,800		3,004,572
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB	3.00%	07/01/2046		750		732,075
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB	3.00%	07/01/2051		1,125		1,082,032
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB	5.00%	07/01/2039		1,000		1,135,466
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2019 B-1, Ref. RB^(b)	5.00%	07/01/2024		4,500		4,864,103

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


		39

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New Jersey-(continued)
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	$	3,293,619
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2038		1,000		1,091,115
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2038		1,000		1,175,069
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2039		1,000		1,088,368
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2039		1,000		1,172,687
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2040		1,000		1,086,555
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2040		1,000		1,169,418
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2045		1,000		1,076,105
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2045		1,000		1,155,418
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	3.00%	06/15/2050		1,000		931,408
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	4.00%	06/15/2050		1,000		1,069,967
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB	5.00%	06/15/2050		1,000		1,150,879
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB	4.00%	06/15/2038		1,500		1,650,386
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB	4.00%	06/15/2039		1,000		1,097,104
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB	4.00%	06/15/2040		1,000		1,094,209
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB	4.00%	06/15/2041		1,250		1,364,435
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB	4.00%	06/15/2042		1,000		1,089,131
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB	4.00%	06/15/2046		750		809,575
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB	5.00%	01/01/2040		1,000		1,167,784
New Jersey (State of) Turnpike Authority, Series 2021 A, RB	4.00%	01/01/2042		3,000		3,372,283
New Jersey (State of) Turnpike Authority, Series 2021 A, RB	4.00%	01/01/2051		2,950		3,275,970
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)^(c)	5.00%	12/01/2038		2,500		2,848,671

						48,284,489


New Mexico-0.07%
Albuquerque (City of), NM, Series 2020, RB	5.00%	07/01/2046		1,335		1,636,169


New York-21.50%
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(c)	3.00%	04/01/2045		3,000		2,944,101
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(c)	3.00%	04/01/2050		8,750		8,487,713
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(c)	4.00%	04/01/2050		3,000		3,290,115
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB	5.00%	07/01/2041		5,000		5,546,018
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB	5.00%	07/01/2042		3,965		4,583,096
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB	5.00%	02/15/2042		5,000		5,733,354
Long Island (City of), NY Power Authority, Series 2012 A, RB^(a)(b)	5.00%	09/01/2022		2,305		2,354,425
Long Island (City of), NY Power Authority, Series 2012 A, RB^(a)(b)	5.00%	09/01/2022		1,770		1,807,953
Long Island (City of), NY Power Authority, Series 2012 A, RB	5.00%	09/01/2037		2,860		2,917,421
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB	5.00%	09/01/2039		2,500		2,713,554
Long Island (City of), NY Power Authority, Series 2017, RB	5.00%	09/01/2042		1,300		1,511,111
Long Island (City of), NY Power Authority, Series 2017, RB	5.00%	09/01/2047		1,000		1,155,043
Metropolitan Transportation Authority, Series 2012 A-1, RB	5.00%	11/15/2040		13,190		13,690,583
Metropolitan Transportation Authority, Series 2012 E, RB, (INS - AGM)^(c)	5.00%	11/15/2042		1,510		1,549,244
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB	5.00%	11/15/2035		5,000		5,496,716
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB	5.00%	11/15/2052		7,025		7,985,991
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB	4.00%	11/15/2051		2,900		3,094,533
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)^(c)	4.00%	11/15/2050		5,000		5,450,783
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB	5.25%	11/15/2055		6,000		7,008,180
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB	5.00%	11/15/2046		2,350		2,666,201
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB	4.00%	07/01/2050		2,000		2,214,496
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB	5.00%	11/15/2051		2,000		2,004,685
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)^(c)	5.00%	04/01/2049		5,000		5,997,512
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB	5.00%	10/15/2041		4,460		4,942,283
New York & New Jersey (States of) Port Authority, Series 2014, RB	5.00%	09/01/2039		6,000		6,501,753
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB	5.00%	05/01/2045		3,500		3,822,190

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


		40

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
New York & New Jersey (States of) Port Authority, Series 2017 200, Ref. RB	5.25%	10/15/2057	$	2,400	$	2,811,293
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB	4.00%	07/15/2040		2,000		2,242,590
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB	5.00%	09/01/2048		6,590		7,796,920
New York (City of), NY, Series 2017 B-1, GO Bonds	5.00%	12/01/2041		4,955		5,638,823
New York (City of), NY, Series 2019 B-1, GO Bonds	5.00%	10/01/2038		6,500		7,848,133
New York (City of), NY, Series 2020 BB1, RB	3.00%	06/15/2050		1,000		980,900
New York (City of), NY, Series 2020 BB1, RB	4.00%	06/15/2050		2,000		2,231,632
New York (City of), NY, Series 2020 BB1, RB	5.00%	06/15/2050		1,000		1,217,936
New York (City of), NY, Series 2020 BB-2, Ref. RB	4.00%	06/15/2042		1,000		1,129,442
New York (City of), NY, Series 2020 D-1, GO Bonds	5.00%	03/01/2038		6,250		7,586,340
New York (City of), NY, Series 2021 A-1, GO Bonds	5.00%	08/01/2047		3,345		4,068,182
New York (City of), NY, Series 2021 BB-1, Ref. RB	5.00%	06/15/2044		9,150		11,416,578
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(c)	3.00%	01/01/2037		1,395		1,393,729
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(c)	2.00%	01/01/2038		1,500		1,285,640
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(c)	3.00%	01/01/2039		1,250		1,248,469
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(c)	3.00%	01/01/2040		1,750		1,737,533
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)^(c)	3.00%	01/01/2046		5,000		4,915,176
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(c)	3.00%	03/01/2049		5,000		4,862,385
New York (City of), NY Municipal Water Finance Authority, Series 2012 FF, RB	5.00%	06/15/2045		1,000		1,012,636
New York (City of), NY Municipal Water Finance Authority, Series 2013 BB, RB	5.00%	06/15/2047		9,640		9,954,119
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB	5.00%	06/15/2047		500		523,450
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB	5.00%	06/15/2036		600		648,403
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB	5.00%	06/15/2037		5,750		6,695,738
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB	5.00%	06/15/2044		5,000		6,018,186
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB	5.00%	06/15/2048		3,000		3,684,437
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB	4.00%	06/15/2051		5,000		5,599,633
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB	4.00%	06/15/2049		2,500		2,746,176
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB	5.00%	06/15/2049		6,165		7,301,830
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB	5.00%	08/01/2042		4,330		4,671,435
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB	5.00%	07/15/2040		3,000		3,277,001
New York (City of), NY Transitional Finance Authority, Series 2019, RB	4.00%	11/01/2040		5,000		5,557,665
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB	3.00%	11/01/2037		9,000		9,180,958
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB	4.00%	11/01/2038		3,000		3,397,574
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB	3.00%	11/01/2039		4,000		4,052,096
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB	4.00%	11/01/2038		5,000		5,726,331
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2038		1,000		1,135,119
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2039		1,000		1,131,199
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2040		1,000		1,128,388
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2041		1,000		1,126,656
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2042		1,500		1,686,451
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2043		1,000		1,121,588
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2046		1,000		1,114,854
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	4.00%	02/01/2049		2,000		2,222,783
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	2.25%	02/01/2051		2,000		1,687,778
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB	3.00%	02/01/2051		1,125		1,101,153
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB	4.00%	11/01/2036		1,000		1,143,973
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2038		3,000		3,445,866
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2039		3,000		3,432,839
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2040		3,000		3,423,502
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2041		3,000		3,417,752
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2042		3,000		3,409,932
New York (City of), NY Transitional Finance Authority, Series 2022, RB	5.00%	02/01/2044		2,000		2,477,100

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


		41

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2022, RB	4.00%	02/01/2047	$	3,000	$	3,373,832
New York (City of), NY Transitional Finance Authority, Series 2022, RB	5.00%	02/01/2047		3,000		3,696,965
New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB	4.00%	08/01/2041		1,850		2,002,840
New York (City of), NY Transitional Finance Authority, Subseries 2019 S-3A, Ref. RB	5.00%	07/15/2037		1,000		1,193,899
New York (State of) Dormitory Authority, Series 2012 A, RB^(a)(b)	5.00%	07/01/2022		5,000		5,072,970
New York (State of) Dormitory Authority, Series 2012 B, RB	5.00%	03/15/2042		4,500		4,515,712
New York (State of) Dormitory Authority, Series 2013 A, RB^(a)(b)	5.00%	07/01/2023		5,000		5,266,282
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB	5.00%	02/15/2044		1,905		2,075,046
New York (State of) Dormitory Authority, Series 2020 A, RB	3.00%	07/01/2048		4,000		3,905,776
New York (State of) Dormitory Authority, Series 2020 A, RB	4.00%	07/01/2053		4,000		4,400,662
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB	5.00%	10/01/2046		500		560,067
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB	5.00%	10/01/2038		5,000		5,960,885
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB	5.00%	07/01/2050		6,500		7,904,870
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB	5.00%	07/01/2041		750		844,461
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB	4.00%	07/01/2050		2,000		2,186,881
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB	5.00%	02/15/2048		5,000		5,975,238
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		3,559,081
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB,
(CEP - Federal Housing Administration)	3.00%	02/01/2050		2,000		2,040,968
New York (State of) Dormitory Authority (New School (The)), Series 2015, Ref. RB	5.00%	07/01/2045		3,255		3,578,673
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB	5.00%	07/01/2046		1,000		1,135,427
New York (State of) Dormitory Authority (New York University), Series 2012 A, RB^(a)(b)	5.00%	07/01/2022		1,200		1,217,513
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB	5.00%	07/01/2035		2,350		2,602,897
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB	5.00%	07/01/2042		7,000		8,547,975
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB	4.00%	07/01/2046		1,750		1,979,485
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB	5.00%	07/01/2051		5,000		6,131,621
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		2,680,377
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB	4.00%	07/01/2048		1,750		1,945,355
New York (State of) Dormitory Authority (State University of New York), Series 2015 B, Ref. RB^(a)(b)	5.00%	07/01/2025		6,325		7,077,727
New York (State of) Dormitory Authority (State University of New York), Series 2019 A, RB	4.00%	07/01/2049		1,000		1,095,512
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB	3.25%	11/15/2060		3,620		3,692,780
New York (State of) Thruway Authority, Series 2016 A, RB	5.25%	01/01/2056		4,000		4,500,848
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)^(c)	4.00%	01/01/2040		5,000		5,540,784
New York (State of) Thruway Authority, Series 2020 N, RB	3.00%	01/01/2049		3,400		3,361,436
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB	5.00%	11/15/2040		2,000		2,225,939
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB	5.00%	11/15/2045		3,000		3,327,535
New York Liberty Development Corp., Series 2021 1, Ref. RB	3.00%	02/15/2042		2,000		1,982,236
New York Liberty Development Corp., Series 2021 1, Ref. RB	4.00%	02/15/2043		2,000		2,211,844
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. RB	2.80%	09/15/2069		1,500		1,488,735
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB	2.75%	11/15/2041		2,000		1,908,101
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB	2.88%	11/15/2046		5,000		4,690,343
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB	3.00%	11/15/2051		1,000		959,656
New York State Environmental Facilities Corp., Series 2020, Ref. RB	4.00%	06/15/2045		2,000		2,266,468
New York State Environmental Facilities Corp., Series 2020, Ref. RB	4.00%	06/15/2049		5,500		6,201,606
New York State Urban Development Corp., Series 2013 A-1, RB	5.00%	03/15/2043		1,000		1,037,038
New York State Urban Development Corp., Series 2020 A, RB	5.00%	03/15/2041		1,000		1,223,602
New York State Urban Development Corp., Series 2020 A, RB	3.00%	03/15/2050		2,000		1,973,139
New York State Urban Development Corp., Series 2020, Ref. RB	3.00%	03/15/2040		1,000		1,010,385
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB	5.00%	12/01/2037		1,000		1,173,200
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB	5.00%	12/01/2038		1,000		1,171,832
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB	4.00%	12/01/2039		2,500		2,711,205

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


		42

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB	4.00%	12/01/2040	$	4,550	$	4,948,045
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB	4.00%	12/01/2041		1,000		1,082,631
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, (INS - AGM)^(c)	3.00%	12/01/2044		1,555		1,583,485
Triborough Bridge & Tunnel Authority, Series 2015 A, RB	5.00%	11/15/2040		525		578,325
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB	5.00%	11/15/2041		4,000		4,522,476
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB	5.00%	11/15/2046		3,000		3,358,229
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB	5.00%	11/15/2038		1,500		1,749,246
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB	5.00%	05/15/2051		3,000		3,651,153
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB	5.00%	05/15/2051		3,000		3,682,666
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB	5.00%	05/15/2056		5,000		5,905,453
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB	5.00%	11/15/2042		9,675		11,383,509
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB	4.00%	11/15/2048		2,500		2,785,328
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB	5.00%	11/15/2037		785		943,064
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB	5.00%	11/15/2054		1,500		1,808,325
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB	4.00%	11/15/2056		1,500		1,655,131
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB	5.00%	11/15/2056		1,500		1,822,810
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB	5.00%	05/15/2043		1,000		1,250,290
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB	5.00%	05/15/2044		1,000		1,246,773
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB	5.00%	05/15/2047		1,000		1,236,256

						512,516,260


North Carolina-0.43%
Charlotte (City of), NC, Series 2021 A, Ref. RB	3.00%	07/01/2046		750		759,076
Charlotte (City of), NC, Series 2021 A, Ref. RB	4.00%	07/01/2051		750		839,006
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB	5.00%	07/01/2047		2,000		2,305,382
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB	5.00%	07/01/2049		1,750		2,066,738
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB^(a)(b)	5.00%	10/01/2025		3,000		3,386,925
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB	4.00%	09/01/2041		300		328,385
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB	4.00%	09/01/2046		300		326,879
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB	4.00%	09/01/2051		300		325,925

						10,338,316


North Dakota-0.21%
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)^(c)	3.00%	12/01/2046		325		311,190
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)^(c)	3.00%	12/01/2051		500		471,552
University of North Dakota, Series 2015 A, COP, (INS - AGM)^(c)	3.00%	06/01/2061		4,500		4,240,312

						5,023,054


Ohio-2.70%
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB	5.00%	02/15/2041		2,000		2,228,779
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB	5.00%	02/15/2046		2,000		2,224,749
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB	5.00%	12/01/2051		1,000		1,081,802
Hamilton (County of), OH (Christ Hospital), Series 2012, RB^(a)(b)	5.00%	06/01/2022		4,400		4,447,950
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB	5.00%	11/15/2049		5,900		8,202,915
Miami University, Series 2020 A, Ref. RB	4.00%	09/01/2045		3,500		3,938,549
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB	4.00%	08/01/2046		600		668,614
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB	4.00%	08/01/2051		1,000		1,113,426
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB	3.00%	08/01/2051		3,770		3,653,815
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB	4.00%	08/01/2051		2,280		2,537,916
North Royalton City School District, Series 2017, GO Bonds	5.00%	12/01/2047		5,000		5,489,268
Ohio (State of), Series 2020 A, Ref. RB	4.00%	01/15/2050		2,250		2,439,160
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB	5.00%	02/15/2046		500		615,433
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB	5.00%	02/15/2051		1,000		1,224,431

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


		43

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Ohio-(continued)
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB	5.00%	12/01/2044	$	10,000	$	12,226,681
Ohio State University (The), Series 2014 A, RB	5.00%	12/01/2039		11,100		12,192,949

						64,286,437


Oklahoma-0.87%
Grand River Dam Authority, Series 2014 A, RB	5.00%	06/01/2039		3,500		3,772,291
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB	5.00%	01/01/2047		1,660		1,909,912
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB	5.00%	01/01/2042		5,000		5,611,586
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB	5.00%	01/01/2043		2,000		2,305,110
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)^(c)	5.00%	07/01/2046		2,500		3,084,852
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)^(c)	4.00%	07/01/2051		3,500		3,937,012

						20,620,763


Oregon-1.49%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)^(c)	4.00%	08/15/2045		7,000		7,833,037
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)^(c)	3.00%	08/15/2050		5,000		4,988,768
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds	5.00%	08/01/2042		5,000		5,824,490
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds	5.00%	05/01/2042		2,500		2,892,750
Oregon (State of) Facilities Authority (Reed College), Series 2017, Ref. RB^(a)(b)	5.00%	07/01/2027		1,000		1,180,694
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB	4.00%	10/01/2051		2,000		2,146,121
University of Oregon, Series 2015 A, RB	5.00%	04/01/2045		7,515		8,242,524
University of Oregon, Series 2020 A, RB	5.00%	04/01/2050		2,000		2,420,408

						35,528,792


Pennsylvania-3.99%
Allegheny (County of), PA, Series 2020 C-78, GO Bonds	4.00%	11/01/2045		3,875		4,417,892
Allegheny (County of), PA, Series 2020 C-78, GO Bonds	4.00%	11/01/2049		5,000		5,663,220
Berks (County of), PA Industrial Development Authority (Tower Health), Series 2017, Ref. RB	3.75%	11/01/2042		1,000		951,530
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2021, RB	3.00%	08/15/2053		3,110		2,938,958
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB	4.00%	09/01/2050		5,000		5,586,469
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB	5.00%	07/01/2042		1,000		1,155,682
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB	5.00%	04/01/2050		2,500		2,988,652
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB	5.00%	11/01/2046		2,000		2,366,422
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB	5.00%	11/01/2051		2,000		2,357,132
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB	5.00%	08/15/2046		1,500		1,699,306
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB	4.00%	07/01/2049		1,000		1,085,063
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP	5.00%	07/01/2043		250		289,023
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB	3.00%	10/15/2046		12,090		11,880,414
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB	4.00%	10/15/2051		10,555		11,746,686
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB	5.00%	08/15/2046		2,000		2,290,599
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB	5.00%	02/15/2048		1,410		1,647,828
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB	5.00%	08/15/2044		1,000		1,224,808
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB^(a)(b)	5.00%	12/01/2022		1,985		2,046,752
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB^(a)(b)	5.00%	12/01/2022		6,815		7,029,614
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB	5.00%	12/01/2044		1,375		1,494,049
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB	5.25%	12/01/2039		5,000		5,518,779
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB	5.00%	12/01/2044		1,200		1,303,897
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB	5.25%	12/01/2048		5,000		5,950,552
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB	4.00%	12/01/2043		100		110,957
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB	4.00%	12/01/2044		100		110,758
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB	4.00%	12/01/2045		100		110,445

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


		44

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB	4.00%	12/01/2046	$	100	$	110,220
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB	4.00%	12/01/2050		100		109,805
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB	5.00%	12/01/2047		1,000		1,208,158
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB	4.00%	12/01/2051		1,000		1,109,037
Philadelphia (City of), PA, Series 2020 A, RB	5.00%	11/01/2045		1,500		1,809,425
Philadelphia (City of), PA, Series 2020 A, RB	5.00%	11/01/2050		2,400		2,878,828
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University), Series 2017 A, Ref. RB	5.00%	09/01/2042		1,950		2,229,238
Westmoreland (County of), PA Industrial Development Authority (Excela Health), Series 2020 A, Ref. RB	4.00%	07/01/2037		1,400		1,577,561

						94,997,759


Puerto Rico-0.02%
Puerto Rico (Commonwealth of), Series 2007 A-4, Ref. GO Bonds, (INS - AGM)^(c)	5.00%	07/01/2031		500		500,481


Rhode Island-0.10%
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB	5.00%	11/01/2047		2,000		2,267,951


South Carolina-1.17%
South Carolina (State of) Public Service Authority, Series 2013 E, RB	5.00%	12/01/2048		4,660		4,953,313
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB	5.00%	12/01/2039		2,000		2,183,183
South Carolina (State of) Public Service Authority, Series 2015 E, RB	5.25%	12/01/2055		2,500		2,833,309
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB	5.00%	12/01/2037		7,000		7,974,113
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB	4.00%	12/01/2040		500		553,944
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB	3.00%	12/01/2041		1,085		1,093,957
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB	4.00%	12/01/2042		500		551,975
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB	5.00%	12/01/2043		500		596,710
South Carolina (State of) Public Service Authority, Series 2021 B, RB	5.00%	12/01/2051		1,250		1,492,339
South Carolina (State of) Public Service Authority, Series 2022 A, RB	5.00%	12/01/2044		2,000		2,430,160
South Carolina (State of) Public Service Authority, Series 2022 A, RB	4.00%	12/01/2047		3,000		3,313,583

						27,976,586


Tennessee-0.69%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Series 2016, RB	5.00%	07/01/2040		3,000		3,358,454
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Series 2017 A, RB	4.00%	07/01/2047		1,250		1,344,712
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB	5.00%	07/01/2045		1,500		1,658,339
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB	5.00%	05/15/2046		1,000		1,236,679
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		3,058,084
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		2,265,790
Tennessee (State of) School Bond Authority, Series 2017, RB, (CEP - Colorado Higher Education Intercept Program)	5.00%	11/01/2047		3,000		3,529,150

						16,451,208


Texas-8.13%
Austin (City of), TX, Series 2016, Ref. RB	5.00%	11/15/2041		1,000		1,149,998
Austin (City of), TX, Series 2016, Ref. RB	5.00%	11/15/2045		1,000		1,144,149
Austin (City of), TX, Series 2017 A, RB	5.00%	11/15/2041		2,320		2,651,898
Austin (City of), TX, Series 2019 B, RB	5.00%	11/15/2049		5,000		6,041,089
Austin (City of), TX, Series 2020 A, Ref. RB	5.00%	11/15/2045		500		615,496
Austin (City of), TX, Series 2020 A, Ref. RB	5.00%	11/15/2050		730		890,952
Central Texas Regional Mobility Authority, Series 2020 E, RB	5.00%	01/01/2045		1,000		1,184,280
Central Texas Regional Mobility Authority, Series 2020 E, RB	4.00%	01/01/2050		1,000		1,085,160
Central Texas Regional Mobility Authority, Series 2021 B, RB	5.00%	01/01/2046		1,000		1,199,497
Central Texas Regional Mobility Authority, Series 2021 B, RB	4.00%	01/01/2051		1,000		1,089,059
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, (CEP - Texas Permanent School Fund)	4.00%	08/15/2042		8,500		9,401,925

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


		45

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Texas-(continued)
Dallas (City of), TX, Series 2017, RB	5.00%	10/01/2046	$	6,000	$	6,979,034
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB^(a)(b)	5.00%	12/01/2025		5,540		6,284,460
Friendswood Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)	2.00%	02/15/2051		1,000		821,687
Grand Parkway Transportation Corp., Series 2018 A, RB	5.00%	10/01/2043		10,000		11,683,464
Harris County Toll Road Authority (The), Series 2021, Ref. RB	4.00%	08/15/2045		1,000		1,134,535
Harris County Toll Road Authority (The), Series 2021, Ref. RB	3.00%	08/15/2050		1,000		1,036,967
Harris County Toll Road Authority (The), Series 2021, Ref. RB	4.00%	08/15/2050		1,000		1,124,855
Harris County-Houston Sports Authority, Series 2014 A, Ref. RB	5.00%	11/15/2053		3,950		4,292,637
Houston (City of), TX, Series 2020 C, Ref. RB	4.00%	11/15/2043		3,500		3,987,019
Houston (City of), TX, Series 2020 C, Ref. RB	5.00%	11/15/2045		3,500		4,299,089
Houston (City of), TX, Series 2020 C, Ref. RB	4.00%	11/15/2049		3,000		3,384,398
Hutto (City of), TX, Series 2017, GO Bonds, (INS - AGM)^(c)	5.00%	08/01/2057		5,000		5,735,455
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2043		5,000		5,713,002
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	02/15/2047		5,000		5,736,569
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2045		1,000		1,151,991
Lower Colorado River Authority, Series 2012 A, Ref. RB^(a)	5.00%	05/15/2039		1,900		1,916,931
Lower Colorado River Authority, Series 2013, Ref. RB	5.00%	05/15/2039		1,000		1,042,833
Lower Colorado River Authority, Series 2015, Ref. RB	5.00%	05/15/2040		500		549,308
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB	5.00%	05/15/2044		2,000		2,271,365
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB	5.00%	05/15/2046		1,250		1,495,671
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB	5.00%	05/15/2051		1,250		1,488,424
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/15/2048		5,000		5,826,409
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2045		4,000		4,514,776
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB	5.00%	07/01/2046		1,000		760,000
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB	5.00%	07/01/2051		1,000		760,000
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		1,336,582
North Texas Tollway Authority, Series 2015 B, Ref. RB	5.00%	01/01/2040		2,500		2,581,845
North Texas Tollway Authority, Series 2016 A, Ref. RB	5.00%	01/01/2039		1,800		2,015,194
North Texas Tollway Authority, Series 2018, Ref. RB	5.00%	01/01/2048		5,000		5,788,143
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2047		1,000		1,152,296
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2049		2,000		2,381,607
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2042		2,285		2,549,147
Rockwall Independent School District, Series 2016, GO Bonds^(a)(b)	5.00%	02/15/2025		2,045		2,265,642
San Antonio (City of), TX, Series 2017, RB	5.00%	02/01/2047		5,000		5,765,880
San Antonio (City of), TX, Series 2020, RB	5.00%	02/01/2049		4,000		4,763,836
San Antonio (City of), TX, Series 2021 A, RB	5.00%	02/01/2046		500		609,085
San Antonio (City of), TX, Series 2021 A, RB	5.00%	02/01/2049		500		607,687
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB	5.00%	05/15/2043		2,500		2,973,675
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB	5.00%	05/15/2050		3,000		3,621,755
San Antonio (City of), TX Water System, Series 2020 C, RB	5.00%	05/15/2046		5,000		6,065,780
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB	4.00%	04/01/2046		750		798,704
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB	4.00%	04/01/2051		750		795,022
San Jacinto College District, Series 2019 A, GO Bonds	5.00%	02/15/2049		2,000		2,367,377
San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGM)^(c)	5.00%	10/01/2037		1,000		1,003,681
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2044		4,000		4,496,025
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/15/2042		2,000		2,262,998
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB	5.00%	11/15/2045		750		846,664
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB	4.00%	10/01/2042		330		377,030

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


		46

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Texas-(continued)
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB	4.00%	10/01/2047	$	275	$	310,817
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB	4.00%	10/01/2052		425		476,592
Texas (State of), Series 2014 A, Ref. GO Bonds^(a)(b)	5.00%	10/01/2024		3,280		3,594,844
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB	5.00%	08/15/2042		2,500		2,697,994
Texas (State of) Water Development Board, Series 2015 A, RB	5.00%	10/15/2045		3,910		4,369,176
Texas (State of) Water Development Board, Series 2016, RB	5.00%	10/15/2046		1,000		1,141,457
Texas (State of) Water Development Board, Series 2017 A, RB	5.00%	10/15/2047		4,975		5,846,257
Texas (State of) Water Development Board, Series 2018 B, RB	5.00%	04/15/2049		4,000		4,748,044
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/15/2047		2,500		2,834,465

						193,889,683


Utah-0.44%
Salt Lake (City of), UT (Salt Lake City International Airport), Series 2017 B, RB	5.00%	07/01/2042		2,000		2,304,105
Salt Lake (City of), UT (Salt Lake City International Airport), Series 2017 B, RB	5.00%	07/01/2047		4,000		4,597,653
Salt Lake (City of), UT (Salt Lake City International Airport), Series 2018 B, RB	5.00%	07/01/2048		3,000		3,458,926

						10,360,684


Virginia-0.37%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB	5.00%	07/01/2051		3,395		3,738,026
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB	5.00%	01/01/2047		1,000		1,126,250
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, Ref. RB	3.00%	07/01/2045		1,650		1,693,664
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB	4.00%	05/15/2036		2,000		2,234,662

						8,792,602


Washington-2.25%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB	5.00%	11/01/2041		6,500		7,436,560
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB	5.00%	11/01/2046		3,000		4,256,118
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2036		2,000		2,381,262
King (County of), WA, Series 2016 B, Ref. RB^(a)(b)	5.00%	07/01/2023		9,695		10,211,322
Pierce County School District No. 403 Bethel, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)	4.00%	12/01/2023		3,500		3,675,037
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB	5.00%	12/01/2040		1,000		1,116,480
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB	5.00%	12/01/2051		1,000		1,242,262
Washington (State of), Series 2017 D, GO Bonds	5.00%	02/01/2038		5,000		5,746,230
Washington (State of), Series 2017 D, GO Bonds	5.00%	02/01/2041		4,855		5,572,200
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB	5.00%	09/01/2055		3,000		3,578,141
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2015, Ref. RB	5.00%	10/01/2038		5,000		6,091,678
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB	4.00%	08/15/2042		1,000		1,064,985
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB	4.00%	05/01/2050		1,200		1,305,158

						53,677,433


Wisconsin-1.12%
Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB	5.00%	03/01/2041		5,000		5,604,241
Public Finance Authority (UNC Health Southeastern), Series 2021, Ref. RB	4.00%	02/01/2046		3,000		3,299,325
Public Finance Authority (UNC Health Southeastern), Series 2021, Ref. RB	4.00%	02/01/2051		3,000		3,284,270
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref. RB	4.00%	08/15/2047		3,185		3,477,435
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB	4.00%	12/01/2046		1,360		1,521,588

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


		47

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

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB	4.00%	12/01/2051	$	2,500	$	2,783,250
Wisconsin (State of) Health & Educational Facilities Authority (ProHealth Care, Inc. Obligated Group), Series 2015, Ref. RB	5.00%	08/15/2039		1,500		1,622,266
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB, (INS - AGM)^(c)	3.00%	06/01/2045		5,000		5,079,081

						26,671,456

TOTAL INVESTMENTS IN SECURITIES^(f)-98.48% (Cost $2,317,385,930)						2,347,209,307
OTHER ASSETS LESS LIABILITIES-1.52%						36,285,232

NET ASSETS-100.00%					$	2,383,494,539

Investment

Abbreviations:

AGM	-Assured Guaranty Municipal Corp.

BAM	-Build America Mutual Assurance Co.

CEP	-Credit Enhancement Provider

COP	-Certificates of Participation

GO	-General Obligation

INS

-Insurer

NATL	-National Public Finance Guarantee Corp.

RAC	-Revenue Anticipation Certificates

RB	-Revenue Bonds

Ref.	-Refunding

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)	Security subject to crossover refunding.

^(e)

^(f)

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.


Entity	Percentage
Assured Guaranty Municipal Corp		10.67%

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


		48

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

February 28, 2022

(Unaudited)

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022


Health, Hospital, Nursing Home Revenue			16.81
Ad Valorem Property Tax			13.77
College & University Revenue			11.08
Water Revenue			8.35
Sales Tax Revenue			7.60
Highway Tolls Revenue			6.56
Income Tax Revenue			5.17
Port, Airport & Marina Revenue			5.15
Lease Revenue			4.36
Miscellaneous Revenue			4.35
Electric Power Revenue			3.63
Revenue Types Each Less Than 3%			11.65
Other Assets Less Liabilities			1.52

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


		49

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

February 28, 2022

(Unaudited)

Schedule of Investments


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.04%
Guam-0.90%
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)^(a)		5.00%		10/01/2030	$	1,000	$	1,021,074


New York-97.14%
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		4.00%		11/01/2044		1,000		1,141,003
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		5.00%		11/01/2049		2,500		3,037,884
Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB		5.00%		07/15/2042		2,000		2,220,086
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		04/01/2045		1,000		981,367
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		1,000		1,109,204
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		5.00%		07/01/2046		500		561,007
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450		516,002
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		2,000		2,168,277
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB		5.25%		11/15/2056		1,000		1,114,814
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)^(a)		5.00%		11/15/2044		800		931,277
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)^(a)		4.00%		11/15/2049		500		540,265
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		1,000		1,168,030
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2046		1,500		1,701,831
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		500		553,624
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051		1,240		1,242,905
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.25%		10/15/2055		1,000		1,121,688
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2040		500		567,121
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2041		750		848,647
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2048		1,500		1,774,716
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.00%		11/15/2047		1,000		1,170,073
New York (City of), NY, Series 2017 B-1, GO Bonds		4.00%		12/01/2043		2,000		2,176,261
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2038		1,000		1,172,232
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2039		2,000		2,409,268
New York (City of), NY, Series 2020 BB1, RB		3.00%		06/15/2050		1,000		980,900
New York (City of), NY, Series 2020 BB1, RB		4.00%		06/15/2050		1,000		1,115,816
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2043		1,000		1,211,279
New York (City of), NY, Series 2020 GG-1, RB		5.00%		06/15/2050		1,000		1,206,649
New York (City of), NY, Subseries 2017 A-1, GO Bonds		5.00%		08/01/2038		500		566,608
New York (City of), NY, Subseries 2018 D1, GO Bonds		5.00%		12/01/2042		1,000		1,187,767
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)		3.00%		03/01/2049		2,000		1,944,954
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.25%		06/15/2037		1,000		1,180,933
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB		3.63%		06/15/2048		2,000		2,111,406
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		4.00%		06/15/2049		1,000		1,104,595
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		5.00%		06/15/2048		2,000		2,456,291
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		4.00%		06/15/2051		1,000		1,119,927
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		5.00%		06/15/2051		1,000		1,225,353
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB		5.00%		07/15/2035		1,000		1,112,224
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2043		1,000		1,116,247
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		1,500		1,716,273
New York (City of), NY Transitional Finance Authority, Series 2018 B-1, RB		5.00%		08/01/2045		1,000		1,154,842
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		4.00%		07/15/2046		1,000		1,090,806
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2037		1,000		1,193,899
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB		3.00%		11/01/2050		1,000		980,744
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2048		1,000		981,810
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00%		11/01/2037		1,000		1,148,639
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2037		1,000		1,236,679
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		4.00%		11/01/2037		1,500		1,712,579
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2043		2,000		2,267,285
New York (State of) Dormitory Authority, Series 2012 B, RB		5.00%		03/15/2042		1,200		1,204,190

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


		50

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

February 28, 2022

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2042	$	190	$	218,457
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2038		1,000		1,149,735
New York (State of) Dormitory Authority, Series 2017, Ref. RB		5.00%		02/15/2037		1,000		1,150,247
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		3.00%		03/15/2049		1,000		992,261
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2043		1,000		1,174,646
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		4.00%		02/15/2044		4,000		4,371,569
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB		4.00%		07/01/2045		500		519,840
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050		1,000		1,216,134
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		500		546,720
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		3.00%		02/01/2050		1,110		1,132,737
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		500		567,714
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)^(a)		5.50%		07/01/2040		500		708,265
New York (State of) Dormitory Authority (NYU Hospitals Center), Series 2014, Ref. RB		5.00%		07/01/2034		1,500		1,619,578
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB		5.00%		07/01/2050		500		600,216
New York (State of) Dormitory Authority (State University of New York), Series 2019 A, RB		4.00%		07/01/2049		1,785		1,955,488
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		1,000		1,117,188
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049		2,000		1,977,315
New York (State of) Utility Debt Securitization Authority, Series 2013, RB		5.00%		12/15/2041		1,500		1,591,793
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		1,885		2,097,948
New York Liberty Development Corp., Series 2021 1, Ref. RB		4.00%		02/15/2043		1,000		1,105,922
New York State Environmental Facilities Corp., Series 2016, Ref. RB		5.00%		06/15/2041		1,000		1,132,901
New York State Environmental Facilities Corp. (State Clean Water & Drinking Water), Series 2021, RB .		3.00%		06/15/2040		1,000		1,041,866
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,223,601
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2044		2,000		2,214,208
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2039		500		542,241
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2042		1,000		1,080,418
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2043		500		603,492
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		1,470		1,645,532
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2037		1,000		1,166,707
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		1,000		1,166,164
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		4.00%		05/15/2046		2,000		2,241,523
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2037		500		600,678
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2051		2,500		3,047,249
Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2038		2,000		2,352,465

								110,429,095

TOTAL INVESTMENTS IN SECURITIES^(b)-98.04% (Cost $110,221,789)								111,450,169
OTHER ASSETS LESS LIABILITIES-1.96%								2,223,169

NET ASSETS-100.00%							$	113,673,338

Investment Abbreviations:

AGM	-Assured Guaranty Municipal Corp.

AMBAC

-American Municipal Bond Assurance Corp.

CEP	-Credit Enhancement Provider

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 issuer’s obligations but may be called upon to satisfy the issuer’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.


		51

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

February 28, 2022

(Unaudited)

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022


Income Tax Revenue				21.72
Water Revenue				13.63
Highway Tolls Revenue				9.43
Miscellaneous Revenue				9.03
Ad Valorem Property Tax				7.67
College & University Revenue				6.91
Electric Power Revenue				6.28
Port, Airport & Marina Revenue				4.82
Health, Hospital, Nursing Home Revenue				4.23
Lease Revenue				4.04
Transit Revenue				3.30
Revenue Types Each Less Than 3%				6.98
Other Assets Less Liabilities				1.96

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


		52

Invesco Preferred ETF (PGX)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Preferred Stocks-99.72%
Automobiles-1.20%
Ford Motor Co.
Pfd., 6.00%		1,647,406	$	41,514,631
Pfd., 6.20%		1,543,486		39,111,935

				80,626,566


Banks-35.60%
Associated Banc-Corp.
Series F, Pfd., 5.63%		88,511		2,245,524
Series E, Pfd., 5.88%^(b)		210,919		5,380,544
Bank of America Corp.
Series PP, Pfd., 4.13%^(b)		2,234,398		47,525,645
Series QQ, Pfd., 4.25%^(b)		2,841,757		61,154,611
Series NN, Pfd., 4.38%		2,624,199		58,073,524
Series SS, Pfd., 4.75%		89,977		2,226,931
Series LL, Pfd., 5.00%		2,971,064		72,999,042
Series KK, Pfd., 5.38%		3,349,415		84,907,670
Series HH, Pfd., 5.88%^(b)		2,075,974		53,892,285
Series GG, Pfd., 6.00%^(b)		2,978,858		77,569,462
Bank of Hawaii Corp., Series A, Pfd., 4.38%^(b)		374,666		8,744,704
Bank OZK, Series A, Pfd., 4.63%^(b)		698,639		15,167,453
Cadence Bank, Series A, Pfd., 5.50%^(b)		407,806		10,297,101
Citigroup, Inc.
Series K, Pfd., 6.88%^(b)(c)		4,242,485		112,807,676
Series J, Pfd., 7.13%^(b)(c)		622,132		16,828,671
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%^(b)		917,211		22,361,604
Series D, Pfd., 6.35%^(c)		623,061		16,361,582
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%^(b)		301,835		6,746,012
Dime Community Bancshares, Inc., Pfd., 5.50%^(b)		220,279		5,288,899
Fifth Third Bancorp
Series K, Pfd., 4.95%^(b)		520,668		12,803,226
Series A, Pfd., 6.00%^(b)		235,058		6,005,732
Series I, Pfd., 6.63%^(b)(c)		1,062,710		28,183,069
First Citizens BancShares, Inc.
Series A, Pfd., 5.38%^(b)		684,894		17,053,861
Series C, Pfd., 5.63%^(b)		394,108		9,825,112
First Horizon Corp.
Series F, Pfd., 4.70%^(b)		305,767		7,102,967
Series D, Pfd., 6.10%^(b)(c)		203,220		5,348,750
Pfd., 6.50%^(b)		294,871		7,887,799
First Republic Bank
Series M, Pfd., 4.00%^(b)		1,548,095		31,395,367
Series K, Pfd., 4.13%^(b)		1,065,766		22,391,744
Series L, Pfd., 4.25%^(b)		1,605,320		34,096,997
Series N, Pfd., 4.50%^(b)		1,413,239		30,964,066
Series J, Pfd., 4.70%^(b)		762,860		17,347,436
Series H, Pfd., 5.13%^(b)		403,821		9,877,462
Series I, Pfd., 5.50%^(b)		649,844		16,610,013
Fulton Financial Corp., Series A, Pfd., 5.13%^(b)		432,622		10,183,922
Hancock Whitney Corp., Pfd., 6.25%^(b)		373,776		9,736,865
Huntington Bancshares, Inc.
Series H, Pfd., 4.50%^(b)		983,300		21,268,779
Series C, Pfd., 5.70%^(b)		409,332		10,175,994


	Shares		Value
Banks-(continued)
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%^(b)		4,457,248	$	95,652,542
Series JJ, Pfd., 4.55%		3,385,921		76,386,378
Series LL, Pfd., 4.63%		4,118,463		94,642,280
Series GG, Pfd., 4.75%		1,947,358		46,756,066
Series DD, Pfd., 5.75%^(b)		3,372,500		88,258,325
Series EE, Pfd., 6.00%		2,969,648		78,814,458
KeyCorp
Series G, Pfd., 5.63%^(b)		886,495		23,208,439
Series F, Pfd., 5.65%^(b)		865,729		22,257,893
Series E, Pfd., 6.13%^(b)(c)		1,085,507		29,590,921
Old National Bancorp
Series A, Pfd., 7.00%^(b)		215,815		5,714,781
Series C, Pfd., 7.00%^(b)		120,233		3,163,330
People’s United Financial, Inc., Series A,
Pfd., 5.63%^(b)(c)		568,435		14,830,469
Regions Financial Corp.
Series E, Pfd., 4.45%^(b)		838,403		18,629,315
Series C, Pfd., 5.70%^(c)		1,005,562		26,928,950
Series B, Pfd., 6.38%^(b)(c)		1,049,930		28,243,117
Signature Bank, Series A, Pfd., 5.00%^(b)		1,435,905		33,155,046
Silvergate Capital Corp., Series A, Pfd., 5.38%^(b)		403,923		8,882,267
SVB Financial Group, Series A, Pfd., 5.25%^(b)		706,420		17,554,537
Synovus Financial Corp.
Series E, Pfd., 5.88%^(b)(c)		760,636		20,286,162
Series D, Pfd., 6.30%^(b)(c)		444,833		11,325,448
Texas Capital Bancshares, Inc., Series B,
Pfd., 5.75%		603,299		14,955,782
Truist Financial Corp.
Series R, Pfd., 4.75%^(b)		1,936,853		44,993,095
Series O, Pfd., 5.25%^(b)		1,215,841		30,797,253
U.S. Bancorp
Series L, Pfd., 3.75%^(b)		898,476		18,041,398
Series M, Pfd., 4.00%^(b)		1,545,340		32,699,394
Series K, Pfd., 5.50%^(b)		1,341,433		35,038,230
Valley National Bancorp
Series B, Pfd., 5.50%^(b)(c)		189,442		4,681,112
Series A, Pfd., 6.25%^(b)(c)		213,346		5,638,735
Webster Financial Corp., Series F, Pfd., 5.25%^(b)		336,429		7,980,096
Wells Fargo & Co.
Series DD, Pfd., 4.25%^(b)		2,703,871		56,916,485
Series CC, Pfd., 4.38%		2,238,004		49,012,288
Series AA, Pfd., 4.70%^(b)		2,430,254		55,628,514
Series Z, Pfd., 4.75%		4,248,862		97,086,497
Series Y, Pfd., 5.63%^(b)		1,281,254		32,518,226
Series Q, Pfd., 5.85%^(b)(c)		3,443,405		87,944,564
Series R, Pfd., 6.63%^(b)(c)		1,669,574		44,944,932
Western Alliance Bancorporation, Series A,
Pfd., 4.25%^(b)(c)		632,721		15,704,135

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


		53

Invesco Preferred ETF (PGX)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Banks-(continued)
Wintrust Financial Corp.
Series D, Pfd., 6.50%^(b)(c)		255,524	$	6,814,825
Series E, Pfd., 6.88%^(b)(c)		599,683		16,101,489
Zions Bancorporation N.A., Series G, Pfd., 6.30%^(b)(c)		231,084		6,045,157

				2,396,661,032


Capital Markets-10.46%
Affiliated Managers Group, Inc.
Pfd., 4.20%^(b)		423,418		8,544,575
Pfd., 4.75%^(b)		520,885		11,777,210
Pfd., 5.88%^(b)		620,020		16,387,129
Apollo Asset Management, Inc.
Series A, Pfd., 6.38%^(b)		574,570		14,278,065
Series B, Pfd., 6.38%^(b)		633,148		16,107,285
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)^(b)		454,013		9,448,011
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada)^(b)		807,006		17,213,438
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%^(b)		1,340,005		30,940,715
Series D, Pfd., 5.95%^(b)		1,515,000		38,435,550
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%^(c)		2,075,569		53,300,612
Series K, Pfd., 6.38%^(b)(c)		1,424,798		37,899,627
Morgan Stanley
Series O, Pfd., 4.25%		2,842,110		61,531,682
Series L, Pfd., 4.88%^(b)		1,194,518		29,134,294
Series K, Pfd., 5.85%^(b)(c)		2,038,513		54,937,925
Series I, Pfd., 6.38%^(b)(c)		2,246,081		60,554,344
Series F, Pfd., 6.88%^(b)(c)		1,379,745		37,280,710
Series E, Pfd., 7.13%^(b)(c)		1,718,277		46,445,027
Northern Trust Corp., Series E, Pfd., 4.70%^(b)		799,662		19,719,665
Oaktree Capital Group LLC
Series B, Pfd., 6.55%		515,259		13,273,072
Series A, Pfd., 6.63%		413,925		10,691,683
Prospect Capital Corp., Series A, Pfd., 5.35%^(b)		354,626		7,191,815
State Street Corp.
Series G, Pfd., 5.35%^(b)(c)		1,018,740		27,108,671
Series D, Pfd., 5.90%^(b)(c)		1,481,276		38,305,797
Stifel Financial Corp.
Series D, Pfd., 4.50%^(b)		674,199		14,097,501
Pfd., 5.20%^(b)		503,603		12,318,129
Series C, Pfd., 6.13%^(b)		426,023		10,918,970
Series B, Pfd., 6.25%^(b)		251,682		6,427,958

				704,269,460


Chemicals-0.14%
EI du Pont de Nemours and Co., Series B, Pfd., 4.50%^(b)		98,074		9,415,104


Commercial Services & Supplies-0.31%
Pitney Bowes, Inc., Pfd., 6.70%^(b)		990,425		20,808,829


	Shares		Value
Consumer Finance-3.55%
Capital One Financial Corp.
Series N, Pfd., 4.25%^(b)		847,294	$	17,818,593
Series L, Pfd., 4.38%^(b)		1,505,227		31,820,499
Series K, Pfd., 4.63%^(b)		196,541		4,388,761
Series J, Pfd., 4.80%		2,588,393		59,144,780
Series I, Pfd., 5.00%^(b)		3,031,753		72,034,451
Navient Corp., Pfd., 6.00%^(b)		710,228		16,306,835
Synchrony Financial, Series A, Pfd., 5.63%.		1,502,648		37,175,511

				238,689,430


Diversified Financial Services-2.26%
Brookfield BRP Holdings Canada, Inc.
Pfd., 4.63% (Canada)^(b)		708,097		14,211,507
Pfd., 4.88% (Canada)^(b)		435,612		9,552,971
Carlyle Finance LLC, Pfd., 4.63%^(b)		1,036,054		22,057,590
Equitable Holdings, Inc.
Series C, Pfd., 4.30%^(b)		671,153		14,188,175
Series A, Pfd., 5.25%^(b)		1,637,781		39,454,144
KKR Group Finance Co. IX LLC, Pfd., 4.63%^(b)		1,069,031		24,320,455
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%^(b)		514,711		13,053,071
Voya Financial, Inc., Series B, Pfd., 5.35%^(b)(c)		587,687		15,315,123

				152,153,036


Diversified Telecommunication Services-4.85%
AT&T, Inc.
Series C, Pfd., 4.75%		3,705,454		81,001,224
Series A, Pfd., 5.00%		2,456,763		56,505,549
Pfd., 5.35%^(b)		2,641,676		65,962,650
Pfd., 5.63%^(b)		1,683,228		42,652,998
Qwest Corp.
Pfd., 6.50%^(b)		2,041,230		49,601,889
Pfd., 6.75%^(b)		1,247,506		31,012,999

				326,737,309


Electric Utilities-5.95%
Alabama Power Co., Series A, Pfd., 5.00%^(b)		508,453		12,813,016
BIP Bermuda Holdings I Ltd., Pfd., 5.13% (Canada)^(b)		189,185		4,457,199
Brookfield Infrastructure Finance ULC, Pfd., 5.00% (Canada)^(b)		457,034		9,945,060
Duke Energy Corp.
Pfd., 5.63%^(b)		1,098,275		28,511,219
Series A, Pfd., 5.75%^(b)		1,909,134		50,210,224
Entergy Arkansas LLC, Pfd., 4.88%^(b)		646,273		16,001,719
Entergy Louisiana LLC, Pfd., 4.88%^(b)		589,154		14,640,477
Entergy Mississippi LLC, Pfd., 4.90%^(b)		583,072		14,570,969
Entergy New Orleans LLC, Pfd., 5.50%^(b)		584,643		14,744,696
Georgia Power Co., Series 2017-A, Pfd., 5.00%		586,666		14,584,517
NextEra Energy Capital Holdings, Inc., Series N, Pfd., 5.65%^(b)		1,434,069		37,644,311
SCE Trust II, Pfd., 5.10%^(b)		227,786		5,015,848
SCE Trust III, Series H, Pfd., 5.75%^(c)		564,215		13,338,043
SCE Trust IV, Series J, Pfd., 5.38%^(c)		806,074		17,749,749
SCE Trust V, Series K, Pfd., 5.45%^(b)(c)		712,845		16,673,445
SCE Trust VI, Pfd., 5.00%^(b)		1,055,425		22,564,986

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


		54

Invesco Preferred ETF (PGX)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Electric Utilities-(continued)
Southern Co. (The)
Series C, Pfd., 4.20%^(b)		1,581,840	$	35,433,216
Series 2020, Pfd., 4.95%^(b)		2,026,178		49,540,052
Pfd., 5.25%^(b)		899,348		22,330,811

				400,769,557


Equity REITs-7.15%
Agree Realty Corp., Series A, Pfd., 4.25%^(b)		381,217		7,708,208
American Homes 4 Rent
Series F, Pfd., 5.88%^(b)		466,958		11,711,307
Series G, Pfd., 5.88%^(b)		180,720		4,539,686
Series H, Pfd., 6.25%^(b)		179,525		4,708,941
Digital Realty Trust, Inc.
Series L, Pfd., 5.20%^(b)		702,003		17,269,274
Series J, Pfd., 5.25%^(b)		535,553		13,372,758
Series K, Pfd., 5.85%^(b)		411,910		10,684,945
Diversified Healthcare Trust
Pfd., 5.63%^(b)		741,924		13,666,240
Pfd., 6.25%^(b)		508,838		9,907,076
EPR Properties, Series G, Pfd., 5.75%^(b)		356,743		8,262,168
Federal Realty Investment Trust, Series C, Pfd., 5.00%^(b)		315,038		7,444,348
Global Net Lease, Inc.
Series B, Pfd., 6.88%^(b)		24,253		600,713
Series A, Pfd., 7.25%^(b)		285,041		7,063,316
Hudson Pacific Properties, Inc., Series C, Pfd., 4.75%		870,854		18,287,934
Kimco Realty Corp.
Series L, Pfd., 5.13%^(b)		464,204		11,349,788
Series M, Pfd., 5.25%^(b)		526,503		12,825,613
Office Properties Income Trust, Pfd., 6.38%^(b)		332,002		8,263,530
PS Business Parks, Inc.
Series Z, Pfd., 4.88%		648,724		14,914,165
Series Y, Pfd., 5.20%^(b)		394,281		9,793,940
Series X, Pfd., 5.25%^(b)		480,311		11,724,391
Public Storage
Series N, Pfd., 3.88%^(b)		627,294		12,959,894
Series O, Pfd., 3.90%^(b)		412,708		8,493,531
Series Q, Pfd., 3.95%^(b)		318,248		6,676,843
Series P, Pfd., 4.00%^(b)		1,358,202		28,400,004
Series R, Pfd., 4.00%^(b)		695,032		14,567,871
Series S, Pfd., 4.10%^(b)		780,000		16,551,600
Series M, Pfd., 4.13%^(b)		494,676		10,734,469
Series L, Pfd., 4.63%^(b)		890,497		20,641,720
Series J, Pfd., 4.70%^(b)		79,350		1,865,518
Series K, Pfd., 4.75%^(b)		374,244		8,951,916
Series I, Pfd., 4.88%^(b)		354,442		8,573,952
Series G, Pfd., 5.05%^(b)		1,013,131		24,740,659
Series F, Pfd., 5.15%^(b)		617,816		15,433,044
Series H, Pfd., 5.60%^(b)		543,007		13,993,290
SITE Centers Corp., Series A, Pfd., 6.38%		291,326		7,210,318
SL Green Realty Corp., Series I, Pfd., 6.50%		464,762		11,623,698
Spirit Realty Capital, Inc., Series A, Pfd., 6.00%^(b)		391,102		9,730,618


	Shares		Value
Equity REITs-(continued)
Vornado Realty Trust
Series O, Pfd., 4.45%		795,436	$	16,163,260
Series M, Pfd., 5.25%		697,711		16,068,284
Series N, Pfd., 5.25%^(b)		547,803		12,730,942
Series L, Pfd., 5.40%^(b)		467,164		11,183,906

				481,393,678


Gas Utilities-0.33%
South Jersey Industries, Inc., Pfd., 5.63%^(b)		406,494		9,007,907
Spire, Inc., Series A, Pfd., 5.90%		513,959		13,054,559

				22,062,466


Independent Power and Renewable Electricity Producers-0.14%
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)		405,926		9,210,461


Insurance-15.11%
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)^(b)		1,898,784		45,988,548
Allstate Corp. (The)
Series I, Pfd., 4.75%		617,426		14,861,444
Pfd., 5.10%^(b)(c)		976,626		24,767,235
Series H, Pfd., 5.10%^(b)		2,333,831		59,139,278
Series G, Pfd., 5.63%^(b)		1,241,958		32,290,908
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%^(c)		791,817		20,420,960
Series B, Pfd., 6.63%^(b)(c)		628,470		16,660,740
American Financial Group, Inc.
Pfd., 4.50%^(b)		432,232		9,885,146
Pfd., 5.13%^(b)		436,954		10,906,372
Pfd., 5.63%^(b)		294,793		7,540,805
Pfd., 5.88%^(b)		186,330		4,881,846
American International Group, Inc., Series A, Pfd., 5.85%^(b)		1,015,031		26,614,113
Arch Capital Group Ltd.
Series G, Pfd., 4.55%^(b)		1,040,042		22,932,926
Series F, Pfd., 5.45%^(b)		670,062		16,503,627
Argo Group International Holdings Ltd., Pfd., 7.00%^(b)(c)		235,927		6,091,635
Argo Group U.S., Inc., Pfd., 6.50%^(b)		263,426		6,588,284
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)^(b)		531,934		12,777,055
Pfd., 5.63% (Bermuda)^(b)		518,728		12,158,984
Pfd., 5.95% (Bermuda)^(b)(c)		529,838		13,579,748
Assurant, Inc., Pfd., 5.25%^(b)		429,595		10,473,526
Athene Holding Ltd.
Series D, Pfd., 4.88%^(b)		1,202,352		25,742,356
Series B, Pfd., 5.63%		676,775		16,452,400
Series A, Pfd., 6.35%^(b)(c)		1,783,033		48,320,194
Series C, Pfd., 6.38%^(b)(c)		1,256,944		33,924,919
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%^(b)		1,178,556		28,933,550
Brighthouse Financial, Inc.
Series D, Pfd., 4.63%^(b)		697,047		14,324,316
Series C, Pfd., 5.38%^(b)		1,074,986		25,444,919
Pfd., 6.25%^(b)		847,628		21,250,034
Series A, Pfd., 6.60%^(b)		859,197		22,820,272
Series B, Pfd., 6.75%^(b)		803,618		20,894,068
CNO Financial Group, Inc., Pfd., 5.13%^(b)		346,051		8,014,541

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


		55

Invesco Preferred ETF (PGX)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Insurance-(continued)
Enstar Group Ltd.
Series D, Pfd., 7.00%^(b)(c)		872,974	$	23,194,919
Series E, Pfd., 7.00%^(b)		206,893		5,381,287
Globe Life, Inc., Pfd., 4.25%^(b)		676,183		15,477,829
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%^(b)		676,564		17,658,320
MetLife, Inc.
Series F, Pfd., 4.75%		1,953,208		46,818,396
Series E, Pfd., 5.63%^(b)		1,752,290		45,471,925
PartnerRe Ltd., Series J, Pfd., 4.88% (Bermuda)^(b)		367,417		8,722,480
Prudential Financial, Inc.
Pfd., 4.13%^(b)		988,914		22,656,020
Pfd., 5.63%^(b)		1,220,356		31,326,539
Reinsurance Group of America, Inc.
Pfd., 5.75%^(b)(c)		823,615		22,402,328
Pfd., 6.20%^(b)(c)		558,078		14,097,050
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)^(b)		1,023,290		21,949,571
Series F, Pfd., 5.75% (Bermuda)^(b)		503,480		12,818,601
Selective Insurance Group, Inc., Series B, Pfd., 4.60%^(b)		432,793		9,616,660
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)^(b)(c)		393,575		10,500,581
Unum Group, Pfd., 6.25%^(b)		658,892		16,966,469
W. R. Berkley Corp., Pfd., 4.13%^(b)		588,600		13,314,132
W.R. Berkley Corp.
Pfd., 4.25%^(b)		552,416		12,572,988
Pfd., 5.10%^(b)		616,155		15,422,360
Pfd., 5.70%^(b)		368,431		9,501,835

				1,017,055,039


Internet & Direct Marketing Retail-1.39%
Qurate Retail, Inc., Pfd., 8.00%		643,404		60,003,857
QVC, Inc.
Pfd., 6.25%^(b)		1,025,625		23,045,794
Pfd., 6.38%^(b)		451,629		10,387,467

				93,437,118


Leisure Products-0.42%
Brunswick Corp.
Pfd., 6.38%^(b)		456,177		11,956,399
Pfd., 6.50%^(b)		362,657		9,733,714
Pfd., 6.63%^(b)		254,408		6,586,623

				28,276,736


Multi-Utilities-3.68%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)^(c)		717,558		19,158,799
Pfd., 6.88% (Canada)^(b)(c)		608,526		16,010,319
Brookfield Infrastructure Partners L.P.
Series 14, Pfd., 5.00% (Canada)		485,931		10,296,878
Series 13, Pfd., 5.13% (Canada)		430,630		9,370,509
CMS Energy Corp.
Series C, Pfd., 4.20%^(b)		469,048		10,201,794
Pfd., 5.63%^(b)		434,639		10,978,981
Pfd., 5.88%		565,945		14,612,700
Pfd., 5.88%^(b)		1,345,856		35,584,433


	Shares		Value
Multi-Utilities-(continued)
DTE Energy Co.
Pfd., 4.38%^(b)		487,356	$	11,214,061
Series G, Pfd., 4.38%^(b)		393,961		9,029,586
Series E, Investment Units, 5.25%^(b)		844,187		20,935,837
Integrys Holding, Inc., Pfd., 6.00%^(c)		524,761		13,077,044
NiSource, Inc., Series B, Pfd., 6.50%^(b)(c)		1,040,833		27,249,008
Sempra Energy, Pfd., 5.75%		1,548,690		39,832,307

				247,552,256

Oil, Gas & Consumable Fuels-2.23%
DCP Midstream L.P.
Series B, Pfd., 7.88%^(c)		337,920		8,025,600
Series C, Pfd., 7.95%^(c)		234,545		5,654,880
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)^(b)(c)		1,201,581		31,120,948
Energy Transfer L.P.
Series C, Pfd., 7.38%^(c)		985,988		23,131,278
Series E, Pfd., 7.60%^(c)		1,604,049		39,202,957
Series D, Pfd., 7.63%^(c)		890,639		21,642,528
NuStar Energy L.P.
Series B, Pfd., 7.63%^(c)		685,139		14,209,783
Series C, Pfd., 9.00%^(c)		285,733		6,854,735

				149,842,709


Real Estate Management & Development-0.98%
Brookfield Property Partners L.P.
Series A, Pfd., 5.75%		505,003		10,908,065
Series A-2, Pfd., 6.38%		644,355		14,717,068
Series A-1, Pfd., 6.50%		367,585		8,730,144
Brookfield Property Preferred L.P., Pfd., 6.25%		1,340,950		31,928,019

				66,283,296


Textiles, Apparel & Luxury Goods-0.06%
Fossil Group, Inc., Pfd., 7.00%^(b)		160,175		3,943,509


Thrifts & Mortgage Finance-0.61%
New York Community Bancorp, Inc., Series A, Pfd., 6.38%^(b)(c)		1,057,138		28,553,298
Washington Federal, Inc., Series A, Pfd., 4.88%^(b)		575,646		12,865,688

				41,418,986


Trading Companies & Distributors-1.42%
Air Lease Corp., Series A, Pfd., 6.15%^(b)(c).		541,773		13,587,667
Fortress Transportation and Infrastructure Investors LLC
Series B, Pfd., 8.00%^(c)		278,590		6,722,377
Series A, Pfd., 8.25%^(c)		204,932		4,967,552
Series C, Pfd., 8.25%^(c)		203,896		5,085,166
Triton International Ltd.
Series E, Pfd., 5.75% (Bermuda)^(b)		377,968		8,935,163
Pfd., 6.88% (Bermuda)^(b)		254,904		6,433,777
Pfd., 7.38% (Bermuda)^(b)		374,467		9,728,653
Pfd., 8.00% (Bermuda)^(b)		289,585		7,691,377
WESCO International, Inc., Series A, Pfd., 10.63%^(b)(c)		1,101,560		32,143,521

				95,295,253

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


		56

Invesco Preferred ETF (PGX)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Wireless Telecommunication Services-1.88%
Telephone and Data Systems, Inc.
Series VV, Pfd., 6.00%^(b)		1,455,063	$	33,029,930
Series UU, Pfd., 6.63%^(b)		798,017		19,950,425
United States Cellular Corp.
Pfd., 5.50%		1,058,904		24,725,408
Pfd., 5.50%^(b)		1,052,270		24,402,141
Pfd., 6.25%^(b)		1,000,175		24,584,302

				126,692,206

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.72% (Cost $7,200,824,237)				6,712,594,036


Investments Purchased with Cash Collateral from Securities on Loan Money

Market Funds-2.00%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		40,287,614		40,287,614


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		94,005,867	$	94,015,270

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $134,311,461)				134,302,884

TOTAL INVESTMENTS IN SECURITIES-101.72% (Cost $7,335,135,698)				6,846,896,920
OTHER ASSETS LESS LIABILITIES-(1.72)%				(115,687,716	)

NET ASSETS-100.00%			$	6,731,209,204

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 February 28, 2022.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	80,379,198		$	640,544,214		$	(720,923,412	)		$	-			$	-			$	-		$	8,607
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			49,524,522			96,408,881			(105,645,789	)			-				-				40,287,614			6,199	*
Invesco Private Prime Fund			121,799,880			217,559,635			(245,309,817	)			(8,578	)			(25,850	)			94,015,270			57,981	*

Total		$	251,703,600		$	954,512,730		$	(1,071,879,018	)		$	(8,578	)		$	(25,850	)		$	134,302,884		$	72,787

*	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 February 28, 2022.

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

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


		57

Invesco Preferred ETF (PGX)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022


Financials				67.59
Utilities				10.10
Real Estate				8.13
Communication Services				6.73
Consumer Discretionary				3.07
Sector Types Each Less Than 3%				4.10
Money Market Funds Plus Other Assets Less Liabilities				0.28

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


		58

Invesco Taxable Municipal Bond ETF (BAB)

February 28, 2022

(Unaudited)

Schedule of Investments


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations-96.14%
Alabama-0.83%
Auburn University, Series 2020 C, RB	2.53%	06/01/2040	$	7,500	$	7,025,105
Auburn University, Series 2020 C, RB	2.68%	06/01/2050		10,000		8,950,184
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB	2.51%	01/01/2036		1,000		992,563
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB	2.61%	01/01/2037		1,000		994,176
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB	2.71%	01/01/2038		1,000		998,562

						18,960,590


Alaska-0.01%
Alaska (State of) Municipal Bond Bank Authority, Series 2021 2, Ref. RB	3.03%	12/01/2041		150		145,195


Arizona-1.61%
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2020, Ref. RB	2.46%	07/01/2030		2,560		2,585,833
Flagstaff (City of), AZ, Series 2020 A, COP	3.01%	05/01/2040		5,000		4,924,461
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 B, RB	3.17%	09/01/2051		3,000		2,918,703
Scottsdale (City of), AZ, Series 2020, Ref. GO Bonds	0.61%	07/01/2025		1,565		1,504,028
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB	1.23%	07/01/2028		5,000		4,799,013
Tempe (City of), AZ, Series 2021, COP	2.59%	07/01/2037		2,950		2,766,461
Tucson (City of), AZ, Series 2010, RB	5.79%	07/01/2026		1,275		1,433,902
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	0.24%	07/01/2022		2,000		1,997,473
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	0.31%	07/01/2023		2,000		1,972,468
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	0.46%	07/01/2024		2,000		1,941,368
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	0.83%	07/01/2025		750		723,161
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	1.31%	07/01/2027		1,000		951,438
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	1.70%	07/01/2029		500		478,278
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	1.93%	07/01/2031		2,000		1,913,382
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)^(a)	2.86%	07/01/2047		2,000		1,912,579
Yuma (City of), AZ, Series 2021, RB	2.63%	07/15/2038		4,000		3,796,258

						36,618,806


Arkansas-0.01%
University of Arkansas, Series 2021 B, RB	3.10%	12/01/2041		150		146,045


California-24.02%
Bay Area Toll Authority, Series 2010 S1, RB	6.79%	04/01/2030		2,075		2,447,344
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB	7.04%	04/01/2050		3,605		5,890,649
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB	6.91%	10/01/2050		3,025		4,982,115
California (State of), Series 2009, GO Bonds	7.50%	04/01/2034		11,460		16,748,539
California (State of), Series 2009, GO Bonds	7.55%	04/01/2039		18,860		29,697,297
California (State of), Series 2009, GO Bonds	7.30%	10/01/2039		14,160		21,008,968
California (State of), Series 2009, GO Bonds	7.35%	11/01/2039		8,505		12,679,052
California (State of), Series 2010, GO Bonds	7.63%	03/01/2040		4,500		6,987,017
California (State of), Series 2010, GO Bonds	7.60%	11/01/2040		7,500		12,017,071
California (State of), Series 2018, Ref. GO Bonds	4.50%	04/01/2033		9,850		11,015,032
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB	1.77%	12/01/2034		7,510		6,722,766
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB	1.79%	12/01/2035		5,325		4,689,903
California (State of) Earthquake Authority, Series 2020 B, RB	1.48%	07/01/2023		11,100		11,114,612
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 B, Ref. RB	3.74%	06/01/2047		8,000		7,678,777
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB	1.24%	10/01/2027		1,000		960,762
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB	1.47%	10/01/2028		1,000		963,742
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB	1.60%	10/01/2029		1,000		963,865
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB	1.69%	10/01/2030		1,000		962,497
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB	1.84%	10/01/2031		1,000		964,213
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB	2.72%	10/01/2040		1,000		941,950
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB	2.79%	10/01/2043		1,500		1,392,847

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


		59

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
California-(continued)
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB	6.49%	05/15/2049	$	1,000	$	1,458,817
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB	2.52%	10/01/2035		4,920		4,395,206
California (State of) Public Works Board (California State University), Series 2010 B-2, RB	7.80%	03/01/2035		800		1,101,869
California (State of) Statewide Communities Development Authority (Green Bonds), Series 2021, Ref. RB	2.68%	02/01/2039		1,850		1,773,783
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB	4.82%	08/01/2045		2,000		2,119,816
California State University, Series 2010 B, RB	6.48%	11/01/2041		900		1,270,195
California State University, Series 2020 B, Ref. RB	2.98%	11/01/2051		5,000		4,866,179
California State University, Series 2021 B, Ref. RB	2.80%	11/01/2041		10,000		9,387,994
California State University, Series 2021 B, Ref. RB	2.72%	11/01/2052		5,000		4,675,503
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB	3.70%	01/15/2044		3,000		3,070,518
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)^(a)	2.71%	06/01/2041		10,000		9,192,807
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)^(a)	2.81%	06/01/2045		10,000		9,131,405
Coast Community College District, Series 2022, Ref. GO Bonds	2.98%	08/01/2039		1,000		992,950
Downey (City of), CA, Series 2021, RB	2.85%	06/01/2040		750		681,782
Downey (City of), CA, Series 2021, RB	3.00%	06/01/2044		550		491,547
East Bay Municipal Utility District Wastewater System Revenue, Series 2010, RB	5.03%	06/01/2032		3,000		3,632,287
East Bay Municipal Utility District Water System Revenue, Series 2010, RB	5.87%	06/01/2040		3,000		4,145,137
El Monte (City of), CA, Series 2020, RB, (INS - AGM)^(a)	3.92%	08/01/2050		10,000		10,318,656
El Segundo (City of), CA, Series 2021, RB	3.06%	07/01/2040		1,500		1,402,855
Fresno (City of), CA, Series 2010 A2, Ref. RB	6.50%	06/01/2030		2,000		2,396,937
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB	3.49%	06/01/2036		1,000		957,125
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB	3.71%	06/01/2041		2,000		1,879,198
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB	3.12%	06/01/2038		12,500		12,457,826
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)^(a)	2.87%	08/01/2040		4,000		3,895,618
Hesperia Unified School District, Series 2020, Ref. COP, (INS - AGM)^(a)	3.05%	02/01/2041		3,000		2,774,971
Huntington Beach (City of), CA, Series 2021, Ref. RB	0.38%	06/15/2023		500		493,739
Huntington Beach (City of), CA, Series 2021, Ref. RB	0.62%	06/15/2024		1,500		1,462,110
Huntington Beach (City of), CA, Series 2021, Ref. RB	1.07%	06/15/2025		2,000		1,944,118
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)^(a)	3.92%	09/01/2050		6,000		6,178,223
Jurupa Community Services District, Series 2010 B, COP	6.35%	09/01/2025		1,030		1,174,533
Jurupa Community Services District, Series 2010 B, COP	6.50%	09/01/2026		1,070		1,265,370
Jurupa Community Services District, Series 2010 B, COP	6.60%	09/01/2027		1,125		1,375,423
Jurupa Community Services District, Series 2010 B, COP	6.70%	09/01/2028		1,170		1,476,053
Jurupa Community Services District, Series 2010 B, COP	7.19%	09/01/2040		2,000		3,073,568
Long Beach (City of), CA, Series 2009 C, RB	7.77%	06/01/2039		250		251,249
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB	5.38%	07/01/2024		500		540,219
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB	6.01%	07/01/2039		2,270		2,930,929
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB	6.57%	07/01/2045		6,000		9,264,774
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB	6.60%	07/01/2050		1,715		2,731,462
Los Angeles Community College District, Series 2010, GO Bonds	6.60%	08/01/2042		3,000		4,443,086
Los Angeles Community College District, Series 2020, Ref. GO Bonds	0.77%	08/01/2025		14,500		13,927,596
Los Angeles Community College District, Series 2020, Ref. GO Bonds	1.81%	08/01/2030		5,000		4,786,261
Los Angeles Community College District, Series 2020, Ref. GO Bonds	2.83%	08/01/2039		3,500		3,422,498
Los Angeles Unified School District, Series 2010 J-05, GO Bonds	5.98%	05/01/2027		500		590,654
Montebello (City of), CA, Series 2020, RB, (INS - AGM)^(a)	4.06%	06/01/2039		6,000		6,335,384
Montebello (City of), CA, Series 2020, RB, (INS - AGM)^(a)	4.26%	06/01/2045		3,000		3,147,809
Monterey Park (City of), CA, Series 2021 A, RB	3.02%	06/01/2043		2,500		2,356,803
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB	0.42%	11/01/2023		1,000		982,589
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB	0.68%	11/01/2024		1,000		971,949
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB	0.95%	11/01/2025		1,000		967,507
Napa Valley Unified School District, Series 2010 B, GO Bonds	6.51%	08/01/2043		3,000		4,360,990
Northern California Power Agency, Series 2010, RB	7.31%	06/01/2040		1,000		1,409,222
Oakland (Port of), CA, Series 2020 R, Ref. RB	0.82%	05/01/2023		595		591,139
Oakland (Port of), CA, Series 2020 R, Ref. RB	1.08%	05/01/2024		515		506,976
Oakland (Port of), CA, Series 2020 R, Ref. RB	1.18%	05/01/2025		600		585,249

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


		60

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
California-(continued)
Oakland (Port of), CA, Series 2020 R, Ref. RB	1.52%	05/01/2026	$	600	$	587,086
Oakland (Port of), CA, Series 2020 R, Ref. RB	1.67%	05/01/2027		875		852,664
Oakland (Port of), CA, Series 2020 R, Ref. RB	1.95%	05/01/2028		700		684,001
Oakland (Port of), CA, Series 2020 R, Ref. RB	2.05%	05/01/2029		1,000		970,127
Oakland (Port of), CA, Series 2020 R, Ref. RB	2.10%	05/01/2030		500		479,607
Oakland (Port of), CA, Series 2020 R, Ref. RB	2.20%	05/01/2031		375		357,925
Oakland (Port of), CA, Series 2020 R, Ref. RB	2.30%	05/01/2032		850		810,018
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)^(a)	2.63%	08/01/2041		8,040		7,190,037
Paramount Unified School District, Series 2020, Ref. GO Bonds, (INS - BAM)^(a)	3.27%	08/01/2051		5,000		4,955,664
Pasadena (City of), CA, Series 2020 A, Ref. RB	3.24%	05/01/2045		5,000		4,936,484
Pomona (City of), CA, Series 2020 BJ, RB	3.72%	08/01/2040		3,250		3,342,884
Pomona (City of), CA, Series 2020 BJ, RB	3.82%	08/01/2046		1,500		1,536,938
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds	0.96%	09/01/2026		5,500		5,312,036
Rancho Water District Financing Authority, Series 2021 A, Ref. RB	2.60%	08/01/2040		850		818,575
Rancho Water District Financing Authority, Series 2021 A, Ref. RB	2.70%	08/01/2046		1,475		1,398,272
Regents of the University of California Medical Center, Series 2009 F, RB	6.46%	05/15/2029		475		562,949
Regents of the University of California Medical Center, Series 2009 F, RB	6.58%	05/15/2049		5,335		7,833,152
Riverside (City of), CA, Series 2009 B, RB	6.35%	10/01/2039		500		718,152
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB	3.86%	06/01/2045		2,000		2,047,704
San Bernardino Community College District, Series 2021, Ref. GO Bonds	2.69%	08/01/2041		1,000		949,993
San Bernardino Community College District, Series 2021, Ref. GO Bonds	2.79%	08/01/2045		1,000		947,027
San Bernardino Community College District, Series 2021, Ref. GO Bonds	2.86%	08/01/2049		1,000		950,075
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB	4.23%	10/15/2038		2,000		2,176,493
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB	0.59%	05/01/2024		2,000		1,953,222
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB	0.74%	05/01/2025		2,000		1,927,086
San Francisco (City & County of), CA, Series 2020 C, GO Bonds	2.83%	06/15/2050		1,325		1,250,843
San Francisco (City & County of), CA, Series 2020 C, GO Bonds	3.08%	06/15/2060		1,000		1,018,301
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		4,231,877
San Francisco (City & County of), CA (Clean & Safe Neighborhood Parks), Series 2010 D, GO Bonds	6.26%	06/15/2030		3,850		4,954,529
San Francisco (City & County of), CA (San Francisco General Hospital), Series 2010 C, GO Bonds .	6.26%	06/15/2030		1,500		1,936,857
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 C, Ref. RB	3.35%	05/01/2051		2,000		1,909,150
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB	2.80%	03/01/2044		500		463,868
San Francisco (City of), CA Public Utilities Commission, Series 2010 B, RB	6.00%	11/01/2040		2,245		2,980,177
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB	5.70%	11/01/2027		3,000		3,579,953
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB	6.00%	11/01/2040		2,480		3,336,451
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB	6.95%	11/01/2050		4,600		7,305,021
San Francisco Community College District, Series 2020 A1, GO Bonds	3.17%	06/15/2041		4,000		3,839,126
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB	3.42%	06/01/2041		3,850		3,890,893
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB	3.08%	08/01/2025		2,000		2,073,043
San Jose Unified School District, Series 2021, Ref. GO Bonds	2.31%	08/01/2039		7,000		6,323,330
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)^(a)	3.74%	09/01/2050		2,500		2,464,020
Santa Ana (City of), CA, Series 2021 A, RB	3.10%	08/01/2044		1,500		1,426,646
Santa Clara Valley Transportation Authority, Series 2010, RB	5.88%	04/01/2032		1,025		1,207,318
Santa Clara Valley Water District, Series 2016 B, Ref. RB	4.35%	06/01/2046		3,000		3,260,802
Santa Monica Community College District, Series 2020, Ref. GO Bonds	2.70%	08/01/2040		1,230		1,173,755
Santa Monica Community College District, Series 2020, Ref. GO Bonds	2.80%	08/01/2044		1,700		1,610,618
Southern California Public Power Authority, Series 2010, RB	5.92%	07/01/2035		2,000		2,660,315
Tulare (County of), CA, Series 2018, RB	4.45%	06/01/2037		2,000		2,184,946
University of California, Series 2010 F, RB	5.95%	05/15/2045		8,745		11,535,581
University of California, Series 2015 AQ, RB	4.77%	05/15/2115		1,577		2,051,308
University of California, Series 2016 AS, Ref. RB	3.55%	05/15/2039		1,500		1,601,906
University of California, Series 2019 BD, RB	3.35%	07/01/2029		15,000		15,909,337
University of California, Series 2020 BG, RB	0.88%	05/15/2025		10,000		9,700,720
University of California, Series 2020 BG, RB	1.32%	05/15/2027		16,110		15,510,494
University of California, Series 2020 BG, RB	1.61%	05/15/2030		7,500		6,963,207

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


		61

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
University of California, Series 2021 BI, Ref. RB		0.87%		05/15/2026	$	1,000	$	955,046
University of California, Series 2021 BI, Ref. RB		1.27%		05/15/2027		1,000		960,628
University of California, Series 2021 BI, Ref. RB		1.37%		05/15/2028		1,000		947,124
University of California, Series 2021 BI, Ref. RB		1.70%		05/15/2029		1,000		951,318
University of California, Series 2021 BI, Ref. RB		1.90%		05/15/2030		1,000		949,220
University of California, Series 2021 BI, Ref. RB		2.00%		05/15/2031		1,000		948,187
University of California, Series 2021 BI, Ref. RB		2.05%		05/15/2032		1,000		943,372
University of California, Series 2021 BI, Ref. RB		2.15%		05/15/2033		1,000		942,152
University of California, Series 2021 BI, Ref. RB		2.25%		05/15/2034		1,000		941,265
University of California, Series 2021 BI, Ref. RB		2.35%		05/15/2035		1,000		943,026
University of California, Series 2021 BI, Ref. RB		2.45%		05/15/2036		1,000		945,831
University of California (Limited), Series 2015 J, Ref. RB		4.13%		05/15/2045		10,000		10,996,412

								546,923,625


Colorado-1.32%
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB		2.72%		08/01/2046		1,925		1,832,605
Board of Governors of Colorado State University System, Series 2010 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.96%		03/01/2033		1,000		1,226,080
Colorado (State of) Bridge Enterprise (Central 70), Series 2021 B, RB		0.92%		12/31/2023		7,500		7,364,702
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB		3.70%		11/01/2039		1,200		1,301,324
Colorado Mesa University, Series 2009 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.80%		05/15/2040		1,215		1,612,099
Denver (City & County of), CO, Series 2016 B, Ref. RB		3.82%		08/01/2032		1,000		1,074,366
Denver (City & County of), CO Airport System Revenue, Series 2020 C, Ref. RB		2.52%		11/15/2032		2,000		1,945,954
Denver (City & County of), CO Airport System Revenue, Series 2020 C, Ref. RB		2.62%		11/15/2033		1,500		1,459,070
Denver City & County School District No. 1, Series 2009 C, GO Bonds		5.66%		12/01/2033		500		626,336
Regional Transportation District, Series 2010 B, RB		5.84%		11/01/2050		5,025		7,240,831
Regional Transportation District, Series 2010, COP		7.67%		06/01/2040		3,000		4,447,713

								30,131,080


Connecticut-1.15%
Connecticut (State of), Series 2021 A, GO Bonds		0.31%		06/01/2023		315		310,972
Connecticut (State of), Series 2021 A, GO Bonds		0.51%		06/01/2024		500		486,485
Connecticut (State of), Series 2021 A, GO Bonds		0.92%		06/01/2025		250		241,475
Connecticut (State of), Series 2021 A, GO Bonds		1.12%		06/01/2026		400		384,013
Connecticut (State of), Series 2021 A, GO Bonds		1.50%		06/01/2027		350		337,055
Connecticut (State of), Series 2021 A, GO Bonds		1.65%		06/01/2028		450		430,565
Connecticut (State of), Series 2021 A, GO Bonds		1.89%		06/01/2029		440		421,769
Connecticut (State of), Series 2021 A, GO Bonds		1.99%		06/01/2030		650		618,494
Connecticut (State of), Series 2021 A, GO Bonds		2.09%		06/01/2031		850		808,187
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB		3.54%		07/01/2051		2,660		2,549,816
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB		2.56%		04/01/2039		6,000		5,670,385
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)^(a)		4.35%		03/01/2039		4,835		5,195,404
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)^(a)		3.25%		09/01/2042		4,000		3,945,584
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.24%		08/01/2030		2,000		2,441,286
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.39%		08/01/2040		1,645		2,315,818

								26,157,308


Delaware-0.30%
University of Delaware, Series 2018, RB		4.07%		11/01/2050		5,770		6,793,331


District of Columbia-0.39%
District of Columbia, Series 2010 F, RB		4.91%		12/01/2023		4,500		4,757,318
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009, RB		7.46%		10/01/2046		2,480		4,039,285

								8,796,603


Florida-3.26%
Deltona (City of), FL, Series 2021, Ref. RB, (INS - BAM)^(a)		2.84%		10/01/2050		3,000		2,819,755

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


		62

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Florida-(continued)
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)^(a)	3.61%	08/15/2040	$	5,750	$	5,899,602
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)^(a)	3.22%	02/01/2032		1,000		988,221
Fort Lauderdale (City of), FL, Series 2020, Ref. RB	0.75%	01/01/2024		22,600		22,323,048
Gainesville (City of), FL, Series 2020, RB	3.05%	10/01/2040		6,000		5,761,258
JEA Electric System, Series 2009 F, RB	6.41%	10/01/2034		500		631,233
JEA Water & Sewer System, Series 2010 A, RB	6.21%	10/01/2033		1,250		1,596,291
Lee Memorial Health System, Series 2010 A, RB	7.28%	04/01/2027		2,500		2,990,825
Miami-Dade (County of), FL, Series 2019 B, Ref. RB	3.14%	10/01/2027		5,000		5,166,705
Miami-Dade (County of), FL, Series 2019 B, Ref. RB	3.18%	10/01/2028		3,600		3,718,265
Miami-Dade (County of), FL, Series 2019 B, Ref. RB	3.28%	10/01/2029		2,700		2,795,546
Miami-Dade (County of), FL, Series 2020 B, RB	0.38%	04/01/2023		2,000		1,983,518
Miami-Dade (County of), FL, Series 2020 B, Ref. RB	1.23%	10/01/2025		1,500		1,450,402
Miami-Dade (County of), FL, Series 2020 B, Ref. RB	3.27%	10/01/2041		2,250		2,191,826
Miami-Dade (County of), FL, Series 2021 B, Ref. RB	2.29%	10/01/2031		500		474,744
Miami-Dade (County of), FL, Series 2021 B, Ref. RB	2.44%	10/01/2032		500		475,946
Miami-Dade (County of), FL, Series 2021 B, Ref. RB	2.54%	10/01/2033		500		474,619
Miami-Dade (County of), FL, Series 2021 B, Ref. RB	2.74%	10/01/2036		1,000		937,947
Miami-Dade (County of), FL, Series 2021 B, Ref. RB	2.79%	10/01/2037		500		466,704
Miami-Dade (County of), FL Transit System, Series 2010 B, RB	5.53%	07/01/2032		2,500		2,971,891
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds	2.73%	06/01/2038		2,500		2,428,992
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 A, Ref. RB, (INS - AGM)^(a)	3.80%	10/01/2050		2,775		2,761,797
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		1,969,687
State Board of Administration Finance Corp., Series 2020 A, RB	2.15%	07/01/2030		1,000		971,326

						74,250,148


Georgia-1.78%
Atlanta (City of), GA, Series 2020, Ref. RB	2.26%	11/01/2035		4,000		3,870,009
Fulton (County of) GA Development Authority (Georgia Tech Athletic), Series 2022, Ref. RB	3.47%	10/01/2042		5,000		4,939,059
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB .	3.13%	11/01/2049		8,500		8,547,671
Georgia (State of) Municipal Electric Authority, Series 2010, RB	7.06%	04/01/2057		9,661		13,591,240
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB	6.66%	04/01/2057		6,495		9,491,718

						40,439,697


Hawaii-1.90%
Hawaii (State of), Series 2010, GO Bonds	5.53%	02/01/2030		1,000		1,235,143
Hawaii (State of), Series 2017 A, RB	3.89%	07/01/2037		1,250		1,298,135
Hawaii (State of), Series 2020 E, Ref. RB	2.23%	07/01/2029		2,200		2,151,652
Hawaii (State of), Series 2020 FZ, GO Bonds	0.89%	08/01/2026		6,910		6,626,117
Hawaii (State of), Series 2020 FZ, GO Bonds	2.00%	08/01/2027		5,000		4,999,118
Hawaii (State of), Series 2020 FZ, GO Bonds	1.60%	08/01/2031		3,000		2,816,088
Hawaii (State of), Series 2020 FZ, GO Bonds	1.70%	08/01/2032		5,000		4,691,461
Hawaii (State of), Series 2020 FZ, GO Bonds	1.87%	08/01/2033		8,000		7,555,322
Hawaii (State of), Series 2020 FZ, GO Bonds	1.98%	08/01/2034		6,000		5,643,089
Hawaii (State of), Series 2020 GB, GO Bonds	0.85%	10/01/2025		2,000		1,936,965
Honolulu (City & County of), HI, Series 2020 A, Ref. RB	0.30%	07/01/2023		200		197,619
Honolulu (City & County of), HI, Series 2020 A, Ref. RB	0.55%	07/01/2024		100		97,623
Honolulu (City & County of), HI, Series 2020 A, Ref. RB	1.47%	07/01/2030		500		472,911
Honolulu (City & County of), HI, Series 2020 A, Ref. RB	1.62%	07/01/2031		1,000		943,107
Kauai (County of), HI, Series 2010 A, GO Bonds	5.76%	08/01/2033		2,000		2,652,613

						43,316,963


Idaho-0.03%
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB	6.35%	07/15/2028		595		708,137


Illinois-5.69%
Chicago (City of), IL, Series 2009 C, GO Bonds	6.21%	01/01/2036		8,280		9,955,026
Chicago (City of), IL, Series 2009 D, GO Bonds	6.26%	01/01/2040		2,000		2,438,108

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


		63

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	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	$	2,717,839
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds	6.21%	01/01/2032		4,515		5,245,806
Chicago (City of), IL, Series 2011 C1, GO Bonds	7.78%	01/01/2035		1,665		2,226,587
Chicago (City of), IL, Series 2015 B, GO Bonds	7.38%	01/01/2033		2,170		2,749,132
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB	6.40%	01/01/2040		5,750		8,337,341
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB	4.47%	01/01/2049		10,000		12,850,284
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB	4.57%	01/01/2054		9,580		12,691,268
Chicago (City of), IL Board of Education, Series 2009 E, GO Bonds	6.14%	12/01/2039		8,700		10,299,939
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB	3.60%	12/01/2035		10,000		10,463,156
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB	3.91%	12/01/2040		3,000		3,164,566
Chicago O’Hare International Airport, Series 2020 D, Ref. RB	0.96%	01/01/2023		1,000		998,231
Chicago O’Hare International Airport, Series 2020 D, Ref. RB	1.37%	01/01/2025		5,970		5,856,003
Chicago O’Hare International Airport, Series 2020 D, Ref. RB	1.70%	01/01/2026		4,865		4,768,628
Chicago O’Hare International Airport, Series 2020 D, Ref. RB	2.35%	01/01/2030		3,000		2,940,706
Chicago O’Hare International Airport, Series 2020 D, Ref. RB	2.45%	01/01/2031		2,000		1,962,418
Chicago O’Hare International Airport, Series 2020 D, Ref. RB	2.55%	01/01/2032		2,000		1,967,861
Illinois (State of), Series 2010 2, GO Bonds	6.90%	03/01/2035		9,300		11,785,942
Illinois (State of), Series 2010, GO Bonds	6.75%	03/01/2028		1,815		2,180,385
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB	3.51%	05/15/2041		5,000		4,897,624
Itasca (Village of), IL, Series 2009 A, GO Bonds	6.10%	02/01/2034		200		200,861
Itasca (Village of), IL, Series 2009 A, GO Bonds	6.20%	02/01/2039		320		321,406
Northern Illinois Municipal Power Agency, Series 2010, RB	7.62%	01/01/2030		190		232,182
Sales Tax Securitization Corp., Series 2020 B, Ref. RB	2.96%	01/01/2032		2,500		2,498,606
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)^(a)	3.41%	01/01/2043		6,000		5,887,150

						129,637,055


Indiana-0.23%
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB	5.85%	01/15/2030		1,000		1,148,092
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB	5.97%	01/15/2030		3,500		4,019,071

						5,167,163


Kansas-0.14%
Kansas (State of) Department of Transportation, Series 2010, RB	4.60%	09/01/2035		1,560		1,850,012
Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)^(a)	2.77%	05/01/2051		1,500		1,400,942

						3,250,954


Kentucky-0.23%
Kenton (County of), KY Airport Board, Series 2019, RB	4.69%	01/01/2049		1,000		1,068,484
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)^(a)	3.12%	07/01/2049		2,000		1,924,794
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)^(a)	3.22%	07/01/2053		2,000		1,938,866
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds	5.45%	11/15/2027		200		234,100

						5,166,244


Louisiana-1.80%
Louisiana (State of), Series 2020 A-2, Ref. RB	2.23%	05/01/2036		2,000		1,848,912
Louisiana (State of), Series 2020 A-2, Ref. RB	2.53%	05/01/2041		3,000		2,758,264
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds	1.86%	06/01/2032		3,000		2,866,447
Louisiana (State of) Energy & Power Authority (Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)^(a)	3.17%	06/01/2040		1,500		1,440,124
Louisiana (State of) Energy & Power Authority (Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)^(a)	3.25%	06/01/2044		1,000		945,950
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)^(a)	2.59%	02/01/2043		9,225		8,259,618
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)^(a)	2.64%	02/01/2048		9,000		7,828,190

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


		64

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Louisiana-(continued)
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)^(a)	2.28%	06/01/2030	$	10,000	$	9,810,487
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB	3.08%	08/15/2043		1,000		971,318
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)^(a)	2.84%	06/01/2041		1,400		1,313,876
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)^(a)	2.89%	12/01/2041		1,500		1,400,766
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)^(a)	2.94%	06/01/2045		870		800,915
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)^(a)	2.99%	12/01/2045		850		784,412

						41,029,279


Maine-0.04%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, (INS - AGM)^(a)	3.12%	07/01/2043		1,000		984,946


Maryland-1.01%
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB	0.70%	07/01/2024		1,125		1,100,328
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB	0.85%	07/01/2025		1,000		969,929
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB	0.70%	07/01/2024		1,000		978,069
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB	0.85%	07/01/2025		1,500		1,454,893
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB	1.14%	07/01/2026		760		737,134
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB	1.34%	07/01/2027		1,000		967,197
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB	1.58%	07/01/2028		605		586,715
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB	2.81%	07/01/2040		1,000		981,453
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB	2.86%	07/01/2043		1,345		1,285,173
Baltimore (County of), MD, Series 2010 C, GO Bonds	4.45%	11/01/2026		5,000		5,553,459
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	0.36%	08/01/2023		500		491,943
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	0.53%	08/01/2024		500		483,806
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	0.81%	08/01/2025		500		479,681
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	0.91%	08/01/2026		715		678,987
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	1.25%	08/01/2027		1,000		952,240
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	1.30%	08/01/2028		1,000		941,959
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	1.64%	08/01/2029		1,000		952,202
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB	1.69%	08/01/2030		500		472,294
Maryland (State of) Transportation Authority, Series 2010 B, RB	5.60%	07/01/2030		1,200		1,428,180
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB	4.75%	06/01/2042		1,500		1,559,378

						23,055,020


Massachusetts-2.52%
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds	4.48%	05/01/2024		4,300		4,546,387
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds	4.91%	05/01/2029		7,765		8,999,964
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds	4.50%	08/01/2031		2,000		2,294,605
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds	0.39%	07/01/2022		4,000		3,997,016
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds	0.51%	07/01/2023		2,000		1,978,219
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds	0.70%	11/01/2025		2,000		1,916,560
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds	0.99%	11/01/2026		1,000		952,266
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds	1.14%	11/01/2027		3,000		2,845,508
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds	1.37%	11/01/2028		2,500		2,365,845
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds	1.67%	11/01/2031		2,000		1,859,358
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds	1.87%	11/01/2033		2,000		1,855,403
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds	3.28%	06/01/2046		1,500		1,537,959
Massachusetts (State of) Bay Transportation Authority, Series 2010, RB	5.87%	07/01/2040		2,000		2,684,528
Massachusetts (State of) Clean Water Trust (The), Series 2010, RB	5.19%	08/01/2040		1,110		1,270,490
Massachusetts (State of) College Building Authority, Series 2009 C, RB	5.83%	05/01/2030		5,000		5,981,918
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 D, RB, (INS - AGM)^(a)	3.52%	10/01/2046		5,000		4,743,976
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB	2.72%	07/01/2042		1,200		1,114,902
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB	2.87%	07/01/2051		525		486,729
Massachusetts (State of) School Building Authority, Series 2009, RB	5.72%	08/15/2039		450		602,827

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


		65

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)			Value
Massachusetts-(continued)
University of Massachusetts Building Authority, Series 2010 2, RB	4.55%	11/01/2025		$	1,500		$	1,633,973
University of Massachusetts Building Authority, Series 2021 2, Ref. RB	2.65%	11/01/2036			3,805			3,797,254

								57,465,687


Michigan-1.28%
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)^(a)	2.62%	07/01/2036			8,800			8,715,006
Macomb (County of), MI, Series 2020, Ref. GO Bonds	1.67%	11/01/2029			3,000			2,887,098
Michigan (State of) Building Authority, Series 2020, Ref. RB	2.71%	10/15/2040			4,000			3,797,458
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	0.34%	09/01/2022			1,000			997,306
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	0.54%	09/01/2023			1,000			985,238
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	0.80%	09/01/2024			500			486,250
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	1.12%	09/01/2025			250			241,751
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	1.27%	09/01/2026			500			479,701
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	1.53%	09/01/2027			500			479,439
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	1.68%	09/01/2028			1,000			955,258
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	1.88%	09/01/2029			500			479,082
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	2.03%	09/01/2030			1,000			961,276
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	2.13%	09/01/2031			1,000			960,220
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB	3.23%	09/01/2047			2,000			1,967,772
University of Michigan, Series 2010 A, RB	5.51%	04/01/2030			250			296,621
University of Michigan, Series 2020 B, RB	1.67%	04/01/2030			1,050			1,004,799
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)^(a)	2.88%	11/15/2043			3,500			3,340,928

								29,035,203


Minnesota-0.14%
Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB	3.23%	01/01/2046			3,000			3,091,049


Mississippi-1.86%
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB	2.92%	06/01/2041			4,000			3,782,611
Mississippi (State of), Series 2009 D, GO Bonds	5.54%	10/01/2029			2,899			3,295,319
Mississippi (State of), Series 2010, GO Bonds	5.25%	11/01/2034			1,000			1,200,815
Mississippi (State of), Series 2020 A, Ref. GO Bonds	0.94%	11/01/2026			14,500			13,858,381
Mississippi (State of), Series 2020 A, Ref. GO Bonds	1.04%	11/01/2027			5,000			4,750,046
Mississippi (State of), Series 2020 A, Ref. GO Bonds	1.63%	11/01/2031			7,500			7,103,633
Mississippi (State of), Series 2020 A, Ref. GO Bonds	1.73%	11/01/2032			7,000			6,593,798
Mississippi (State of), Series 2020 A, Ref. GO Bonds	1.78%	11/01/2033			2,000			1,864,737

								42,449,340


Missouri-1.91%
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB	0.89%	03/01/2022			3,000			3,000,000
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB	1.08%	03/01/2023			3,390			3,369,031
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB	1.30%	03/01/2024			2,815			2,767,002
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB	1.40%	03/01/2025			3,000			2,914,595
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB	4.20%	10/01/2049			5,000			5,887,590
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB	4.96%	05/01/2023			2,250			2,343,395
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB	5.06%	05/01/2024			6,000			6,404,499
Missouri (State of) Highway & Transportation Commission, Series 2010 B, RB	5.02%	05/01/2025			1,000			1,086,778
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street), Series 2009 A, RB .	6.89%	01/01/2042			10,000			14,487,770
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street), Series 2010 A, RB .	7.60%	01/01/2032			1,000			1,291,818

								43,552,478

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


		66

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Montana-0.13%
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), Series 2021 B, RB	3.25%	08/15/2051	$	1,500	$	1,462,296
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB	3.00%	08/15/2051		1,500		1,453,430

						2,915,726


Nebraska-0.26%
University of Nebraska Facilities Corp., Series 2019 A, Ref. RB	3.04%	10/01/2049		6,000		5,982,060


Nevada-0.37%
Clark (County of), NV, Series 2010 A, GO Bonds	6.55%	07/01/2030		1,500		1,807,027
Clark (County of), NV, Series 2010 A, GO Bonds	6.75%	07/01/2038		1,620		2,269,298
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB	7.45%	02/01/2040		3,000		4,254,673

						8,330,998


New Hampshire-0.52%
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB	3.78%	01/01/2036		4,200		4,160,564
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB	3.28%	10/01/2037		2,960		2,749,100
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB	3.30%	04/01/2032		3,000		2,825,459
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), Series 2020, Ref. RB	3.18%	01/01/2036		1,980		1,862,082
New Hampshire (State of) Turnpike System, Series 2009, RB	6.01%	11/01/2039		250		337,357

						11,934,562


New Jersey-3.13%
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB	6.18%	01/15/2027		425		470,720
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2010 G, RB	6.19%	07/01/2040		3,000		3,007,305
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, Ref. RB, (INS - AGM)^(a)	4.43%	07/01/2051		2,000		2,161,358
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)^(a)	3.96%	07/01/2048		1,400		1,438,808
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		10,227,775
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB	6.56%	12/15/2040		7,455		10,249,636
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB	5.75%	12/15/2028		1,990		2,277,206
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	0.90%	01/01/2025		500		485,894
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	1.05%	01/01/2026		7,725		7,441,930
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	1.28%	01/01/2027		500		480,652
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	1.48%	01/01/2028		230		220,491
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	1.71%	01/01/2029		250		239,582
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	1.81%	01/01/2030		500		477,195
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	1.86%	01/01/2031		500		473,131
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB	2.78%	01/01/2040		1,000		920,274
New Jersey Institute of Technology, Series 2020 B, Ref. RB	3.42%	07/01/2042		6,955		7,055,142
Passaic (County of), NJ Improvement Authority, Series 2010, RB	6.54%	08/01/2031		1,000		1,003,289
Passaic (County of), NJ Valley Water Commission, Series 2009, RB	7.57%	12/15/2029		500		639,187
Passaic (County of), NJ Valley Water Commission, Series 2009, RB	7.82%	12/15/2039		500		763,545
Rutgers The State University of New Jersey, Series 2010, RB	5.55%	05/01/2029		905		1,023,703
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB	3.27%	05/01/2043		3,500		3,517,447
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB	2.56%	05/01/2040		6,000		5,599,516
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB	2.68%	05/01/2046		5,000		4,560,631
South Jersey Port Corp., Series 2009, RB	7.37%	01/01/2040		5,000		6,488,250

						71,222,667


New York-14.01%
Long Island (City of), NY Power Authority, Series 2020 C, Ref. RB	0.76%	03/01/2023		5,250		5,235,497
Long Island (City of), NY Power Authority, Series 2021 C, Ref. RB	0.36%	03/01/2023		3,000		2,979,690

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


		67

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
Metropolitan Transportation Authority, Series 2009, RB	5.87%	11/15/2039	$	335	$	415,768
Metropolitan Transportation Authority, Series 2009, RB	7.34%	11/15/2039		2,015		3,093,619
Metropolitan Transportation Authority, Series 2010 A2, RB	6.09%	11/15/2040		2,500		3,331,805
Metropolitan Transportation Authority, Series 2010 E, RB	6.81%	11/15/2040		6,525		9,014,473
Metropolitan Transportation Authority, Series 2010, RB	6.65%	11/15/2039		1,800		2,387,118
Metropolitan Transportation Authority, Series 2010, RB	6.67%	11/15/2039		7,250		9,654,214
Metropolitan Transportation Authority, Series 2010, RB	6.69%	11/15/2040		3,745		5,127,079
Monroe County Industrial Development Corp. (University of Rochester), Series 2020, RB	2.85%	07/01/2050		3,000		2,804,330
New York & New Jersey (States of) Port Authority, Series 2011, RB	4.93%	10/01/2051		5,485		6,955,298
New York & New Jersey (States of) Port Authority, Series 2012, RB	4.46%	10/01/2062		8,200		9,851,549
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB	1.09%	07/01/2023		23,945		23,862,957
New York & New Jersey (States of) Port Authority, Series 2021, RB	3.14%	02/15/2051		2,000		1,889,350
New York & New Jersey (States of) Port Authority, Series 2021, RB	3.18%	07/15/2060		7,500		7,005,375
New York (City of), NY, Series 2010 D-1, GO Bonds	5.99%	12/01/2036		1,500		1,923,002
New York (City of), NY, Series 2010 G-1, GO Bonds	5.97%	03/01/2036		8,495		11,173,298
New York (City of), NY, Series 2010 H-1, GO Bonds	5.65%	06/01/2027		1,000		1,115,924
New York (City of), NY, Series 2010 H-1, GO Bonds	5.85%	06/01/2040		5,000		6,757,873
New York (City of), NY, Series 2011 F-1, GO Bonds	6.27%	12/01/2037		7,920		10,853,874
New York (City of), NY, Series 2020 D-3, GO Bonds	2.22%	03/01/2035		6,930		6,401,813
New York (City of), NY, Series 2021 D, Ref. GO Bonds	1.92%	08/01/2031		2,000		1,885,359
New York (City of), NY, Series 2021 D, Ref. GO Bonds	2.02%	08/01/2032		2,000		1,874,822
New York (City of), NY, Series 2021 D, Ref. GO Bonds	2.12%	08/01/2033		6,875		6,419,449
New York (City of), NY, Series 2021 D, Ref. GO Bonds	2.17%	08/01/2034		4,000		3,707,936
New York (City of), NY, Series 2021 D, Ref. GO Bonds	2.22%	08/01/2035		3,000		2,757,404
New York (City of), NY, Series 2021 D, Ref. GO Bonds	2.42%	08/01/2036		3,140		2,927,115
New York (City of), NY, Subseries 2019 A-2, GO Bonds	2.13%	08/01/2024		15,000		15,114,498
New York (City of), NY, Subseries 2019 A-2, GO Bonds	2.63%	08/01/2028		10,000		10,243,277
New York (City of), NY Educational Construction Fund, Series 2010 A, RB	6.00%	04/01/2035		2,000		2,589,039
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)	2.68%	03/01/2033		2,000		1,982,111
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)	2.73%	03/01/2034		3,000		2,963,315
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)^(a)	2.78%	03/01/2035		3,000		2,942,618
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB	5.72%	06/15/2042		4,460		6,185,041
New York (City of), NY Transitional Finance Authority, Series 2010, RB	5.51%	08/01/2037		1,575		1,975,840
New York (City of), NY Transitional Finance Authority, Series 2011 S-1B, RB	6.83%	07/15/2040		3,785		5,253,204
New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB	2.11%	11/01/2024		5,000		5,034,172
New York (State of) Dormitory Authority, Series 2009 F, RB	5.29%	03/15/2025		200		219,451
New York (State of) Dormitory Authority, Series 2010 C, RB	4.90%	02/15/2023		1,400		1,447,940
New York (State of) Dormitory Authority, Series 2010 D, RB	5.00%	03/15/2024		2,100		2,235,841
New York (State of) Dormitory Authority, Series 2010 D, RB	5.50%	03/15/2030		2,760		3,136,876
New York (State of) Dormitory Authority, Series 2010 H, RB	5.29%	03/15/2033		1,345		1,570,570
New York (State of) Dormitory Authority, Series 2010 H, RB	5.39%	03/15/2040		1,800		2,299,156
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB	3.14%	07/01/2043		2,000		1,994,222
New York (State of) Dormitory Authority, Series 2020 F, Ref. RB	3.19%	02/15/2043		5,000		5,066,263
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB	0.58%	03/15/2024		500		487,752
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB	1.06%	03/15/2025	��	500		485,593
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB	1.26%	03/15/2026		2,000		1,932,869
New York (State of) Dormitory Authority, Series 2021 C, RB	0.49%	03/15/2024		1,000		973,733
New York (State of) Dormitory Authority, Series 2021 C, RB	0.89%	03/15/2025		1,000		966,060
New York (State of) Dormitory Authority, Series 2021 C, RB	1.19%	03/15/2026		1,000		963,549
New York (State of) Dormitory Authority, Series 2021 C, RB	1.54%	03/15/2027		1,000		967,793
New York (State of) Dormitory Authority, Series 2021 C, RB	1.75%	03/15/2028		1,000		967,775
New York (State of) Dormitory Authority, Series 2021 C, RB	1.95%	03/15/2029		1,000		973,455
New York (State of) Dormitory Authority, Series 2021 C, RB	2.05%	03/15/2030		1,000		969,869
New York (State of) Dormitory Authority, Series 2021 C, RB	2.15%	03/15/2031		1,000		967,640
New York (State of) Dormitory Authority, Series 2021 C, RB	2.25%	03/15/2032		1,000		963,924

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


		68

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2021 C, RB	2.20%	03/15/2034	$	1,000	$	949,608
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB	3.03%	02/15/2033		6,970		7,121,434
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB	4.85%	07/01/2048		5,000		5,566,165
New York (State of) Dormitory Authority (New York University), Series 2020 B, Ref. RB	2.77%	07/01/2043		5,000		4,685,705
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019, RB .	4.01%	07/01/2049		3,000		3,439,424
New York (State of) Thruway Authority, Series 2019 M, Ref. RB	2.90%	01/01/2035		5,000		5,036,994
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB	2.95%	11/01/2041		5,000		4,832,033
New York State Environmental Facilities Corp., Series 2010, RB	5.71%	06/15/2030		1,000		1,234,174
New York State Urban Development Corp., Series 2010 B, RB	5.84%	03/15/2040		2,000		2,520,002
New York State Urban Development Corp., Series 2020 F, Ref. RB	1.80%	03/15/2031		5,000		4,685,389
New York State Urban Development Corp., Series 2020 F, Ref. RB	1.90%	03/15/2032		5,000		4,682,403
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.02%	07/01/2024		2,000		1,982,828
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.12%	01/01/2025		2,750		2,711,585
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.22%	07/01/2025		2,500		2,461,427
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.27%	01/01/2026		2,000		1,965,043
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.32%	07/01/2026		1,000		981,308
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.42%	07/01/2027		2,000		1,963,572
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.47%	07/01/2028		3,000		2,928,359
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.57%	07/01/2029		2,000		1,948,834
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB	3.67%	07/01/2030		1,000		976,612
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 B, Ref. RB	1.61%	12/01/2022		1,100		1,100,601
Triborough Bridge & Tunnel Authority, Series 2009 B, RB	5.50%	11/15/2039		2,715		3,628,631
Triborough Bridge & Tunnel Authority, Series 2010, RB	5.45%	11/15/2032		2,280		2,824,654
Westchester County Local Development Corp. (Sarah Lawrence College), Series 2020 A, Ref. RB	6.25%	06/01/2050		4,000		4,798,748
Westchester Local Development Corp. (Westchester Medical Center Obligated Group), Series 2020, Ref. RB, (INS - AGM)^(a)	3.85%	11/01/2050		7,750		8,054,711
Western Nassau County Water Authority, Series 2010 B, RB	6.70%	04/01/2040		500		714,555

						319,074,236


Ohio-3.00%
American Municipal Power, Inc., Series 2009 B, RB	6.45%	02/15/2044		2,000		2,853,330
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB	8.08%	02/15/2050		9,930		17,566,616
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB	7.50%	02/15/2050		3,395		5,349,308
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB	6.27%	02/15/2050		2,015		2,786,137
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB	6.05%	02/15/2043		8,005		11,171,743
Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Ref. RB	1.65%	06/01/2023		7,500		7,503,963
Columbus (City of), OH Regional Airport Authority, Series 2019, RB	4.20%	12/15/2048		1,000		1,049,241
Cuyahoga (County of), OH, Series 2010, RB	8.22%	02/15/2040		1,000		1,414,752
Franklin (County of), OH (Nationwide Children’s Hospital), Series 2019 B, RB	3.38%	11/01/2050		8,000		8,133,361
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB	6.39%	12/01/2030		1,000		1,206,468
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB	6.54%	12/01/2036		1,070		1,403,670
JobsOhio Beverage System, Series 2020 A, Ref. RB	2.83%	01/01/2038		2,000		1,958,413
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB	3.70%	01/01/2043		1,000		1,094,230
Ohio State University (The), Series 2020, Ref. RB	3.02%	12/01/2050		5,000		4,708,730

						68,199,962


Oklahoma-0.26%
Oklahoma (State of) Municipal Power Authority, Series 2021 B, Ref. RB, (INS - AGM)^(a)	2.80%	01/01/2041		1,000		955,578
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB	0.63%	01/01/2023		1,500		1,493,737

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


		69

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Oklahoma-(continued)
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB	0.80%	01/01/2024	$	2,000	$	1,969,589
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB	0.90%	01/01/2025		1,500		1,457,970

						5,876,874


Oregon-1.34%
Metro, Series 2019, GO Bonds	3.25%	06/01/2028		10,000		10,734,594
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB	2.99%	09/01/2036		4,000		3,993,956
Oregon (State of), Series 2003, GO Bonds	5.89%	06/01/2027		2,000		2,249,493
Oregon (State of) Department of Transportation, Series 2010, RB	5.83%	11/15/2034		1,000		1,324,210
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB	1.66%	11/15/2031		4,000		3,744,027
Oregon (State of) Facilities Authority (Willamette University), Series 2021 B, RB	4.10%	10/01/2041		1,000		1,014,313
Oregon State University, Series 2019, RB	4.05%	04/01/2052		6,000		6,398,152
Portland (Port of), OR (Portland International Airport), Series 2019, RB	4.24%	07/01/2049		1,000		1,039,365

						30,498,110


Pennsylvania-3.13%
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds	2.09%	11/01/2033		18,000		17,087,801
Commonwealth Financing Authority, Series 2010 C2, RB	5.59%	06/01/2030		2,000		2,333,575
Commonwealth Financing Authority, Series 2019 A, RB	3.81%	06/01/2041		5,000		5,440,107
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)^(a)	3.66%	06/01/2038		10,000		10,710,218
Erie (City of), PA Water Authority, Series 2020, RB, (INS - AGM)^(a)	3.46%	06/01/2060		3,140		3,223,326
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)^(a)	3.23%	12/01/2050		2,700		2,610,480
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)^(a)	3.48%	12/01/2055		4,000		4,020,189
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)^(a)	3.63%	12/01/2059		4,500		4,569,969
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds	4.65%	02/15/2026		4,060		4,350,563
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB	6.14%	04/01/2030		1,000		1,203,563
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB	3.44%	12/01/2043		3,000		3,052,110
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB	6.11%	12/01/2039		1,443		1,997,001
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB	3.42%	12/01/2041		5,000		5,095,263
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB	0.94%	04/15/2024		750		734,836
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB	1.43%	04/15/2025		500		488,776
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB	1.63%	04/15/2026		500		486,277
School District of Philadelphia (The), Series 2010, GO Bonds	6.62%	06/01/2030		1,000		1,220,737
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB	3.01%	09/15/2041		2,750		2,712,302

						71,337,093


South Carolina-1.74%
Charleston Educational Excellence Finance Corp., Series 2020, Ref. RB	1.42%	12/01/2027		10,000		9,630,908
South Carolina (State of) Jobs-Economic Development Authority, Series 2020, RB, (INS - AGM)^(a)	2.73%	07/01/2030		10,000		10,021,665
South Carolina (State of) Public Service Authority, Series 2010 C, RB	6.45%	01/01/2050		9,050		13,578,016
South Carolina (State of) Public Service Authority, Series 2016 D, RB, (INS - AGM)^(a)	2.39%	12/01/2023		1,355		1,371,511
South Carolina Student Loan Corp., Series 2020, RB	3.59%	12/01/2039		5,000		4,916,684

						39,518,784


Tennessee-0.23%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Seris 2016 B, RB	4.05%	07/01/2026		1,000		1,072,967
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.39%	07/01/2030		250		232,623
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.49%	07/01/2031		100		92,766
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.59%	07/01/2032		125		115,345
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.79%	07/01/2034		200		183,649
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Vanderbilt University Medical Center), Series 2021 B, RB	3.24%	07/01/2052		2,500		2,443,983
Tennessee (State of) School Bond Authority, Series 2021 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)	0.17%	11/01/2022		1,000		995,354

						5,136,687

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


		70

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Texas-10.04%
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)^(a)	2.86%	11/15/2042	$	2,585	$	2,539,480
Board of Regents of the University of Texas System, Series 2020 B, RB	2.44%	08/15/2049		7,500		6,781,073
Board of Regents of The University of Texas System, Series 2010 C, RB	4.64%	08/15/2030		10,000		11,527,914
Channelview Independent School District, Series 2010 B, GO Bonds, (CEP - Texas Permanent School Fund)	5.93%	08/15/2035		2,000		2,006,944
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2019 A, Ref. RB	1.94%	11/01/2023		5,800		5,841,439
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB	1.33%	11/01/2025		3,250		3,161,093
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB	1.65%	11/01/2026		2,400		2,337,005
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB	2.92%	11/01/2050		7,000		6,871,131
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	0.63%	11/01/2023		1,705		1,680,707
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	1.01%	11/01/2024		2,000		1,953,685
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	1.30%	11/01/2025		1,000		971,452
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	1.53%	11/01/2026		1,000		968,291
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	1.73%	11/01/2027		1,000	��	967,127
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	1.93%	11/01/2028		750		724,382
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	2.04%	11/01/2029		2,000		1,923,377
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	2.14%	11/01/2030		2,000		1,919,078
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	2.74%	11/01/2035		15,000		14,518,899
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	2.87%	11/01/2037		1,500		1,439,169
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	2.84%	11/01/2046		2,500		2,377,907
Dallas (City of), TX Independent School District, Series 2010 C, GO Bonds, (CEP - Texas Permanent School Fund)	6.45%	02/15/2035		5,170		5,604,832
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2024		1,000		1,059,181
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2025		250		268,620
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2026		1,000		1,094,157
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2027		250		277,193
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2028		1,000		1,123,699
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2029		500		568,511
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	1.94%	08/15/2030		1,000		989,028
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	2.01%	08/15/2031		1,000		987,328
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	2.09%	08/15/2032		250		246,351
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	2.19%	08/15/2034		250		244,671
Dallas Convention Center Hotel Development Corp., Series 2009, RB	7.09%	01/01/2042		2,780		3,812,968

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


		71

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value
Texas-(continued)
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	2.74%	08/01/2041	$	10,000	$	9,581,105
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS - AGM)^(a)	3.71%	11/15/2056		4,000		4,103,436
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS - AGM)^(a)	3.86%	11/15/2040		2,255		2,373,065
Houston (City of), TX, Series 2020 C, Ref. RB	1.82%	07/01/2027		6,050		5,877,234
North Texas Tollway Authority, Series 2009, RB	6.72%	01/01/2049		1,700		2,659,115
North Texas Tollway Authority, Series 2020, Ref. RB	3.08%	01/01/2042		500		484,408
North Texas Tollway Authority, Series 2021, Ref. RB	3.01%	01/01/2043		1,000		964,383
San Antonio (City of), TX, Series 2020, Ref. GO Bonds	0.48%	02/01/2023		13,000		12,930,637
San Antonio (City of), TX, Series 2020, Ref. GO Bonds	0.84%	02/01/2025		10,000		9,736,564
San Antonio Education Facilities Corp. (Trinity University), Series 2020, Ref. RB	3.24%	06/01/2050		10,000		9,912,648
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)^(a)	3.29%	09/01/2040		500		509,849
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)^(a)	3.42%	09/01/2050		1,000		1,012,414
Texas (State of), Series 2009, GO Bonds	5.52%	04/01/2039		9,680		13,101,432
Texas (State of), Series 2021 A, Ref. GO Bonds	0.51%	10/01/2023		1,000		986,957
Texas (State of), Series 2021 A, Ref. GO Bonds	5.00%	10/01/2025		1,000		1,112,154
Texas (State of), Series 2021 A, Ref. GO Bonds	5.00%	10/01/2026		1,450		1,653,660
Texas (State of), Series 2021 A, Ref. GO Bonds	5.00%	10/01/2027		3,175		3,706,384
Texas (State of), Series 2021 A, Ref. GO Bonds	5.00%	10/01/2028		3,250		3,853,198
Texas (State of), Series 2021 A, Ref. GO Bonds	4.00%	10/01/2029		1,790		2,030,614
Texas (State of), Series 2021 A, Ref. GO Bonds	1.84%	10/01/2030		1,780		1,737,895
Texas (State of), Series 2021 A, Ref. GO Bonds	1.94%	10/01/2031		1,595		1,555,386
Texas (State of), Series 2021 B, Ref. GO Bonds	0.51%	10/01/2023		1,000		986,957
Texas (State of), Series 2021 B, Ref. GO Bonds	0.79%	10/01/2024		1,000		978,126
Texas (State of), Series 2021 B, Ref. GO Bonds	5.00%	10/01/2025		1,000		1,112,155
Texas (State of), Series 2021 B, Ref. GO Bonds	5.00%	10/01/2026		1,570		1,790,514
Texas (State of), Series 2021 B, Ref. GO Bonds	5.00%	10/01/2027		2,780		3,245,274
Texas (State of), Series 2021 B, Ref. GO Bonds	5.00%	10/01/2028		1,685		1,997,735
Texas (State of), Series 2021 B, Ref. GO Bonds	3.00%	10/01/2029		3,655		3,891,158
Texas (State of), Series 2021 B, Ref. GO Bonds	1.84%	10/01/2030		4,200		4,100,651
Texas (State of), Series 2021 B, Ref. GO Bonds	1.94%	10/01/2031		1,000		975,164
Texas (State of), Series 2021 B, Ref. GO Bonds	2.04%	10/01/2032		1,570		1,531,123
Texas (State of), Series 2021 B, Ref. GO Bonds	2.14%	10/01/2033		1,000		976,252
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB	3.03%	08/15/2041		2,000		1,903,831
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB	5.03%	04/01/2026		2,000		2,160,899
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB	5.18%	04/01/2030		11,715		13,620,104
Texas A&M University, Series 2019 A, RB	4.20%	05/15/2048		2,500		2,760,273
Texas A&M University, Series 2019 B, Ref. RB	2.62%	05/15/2029		3,000		3,086,107
Texas A&M University, Series 2021 B, RB	2.81%	05/15/2041		1,000		980,226
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)^(a)	3.46%	09/01/2040		1,160		1,178,496
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB	2.84%	03/01/2040		5,000		4,757,770

						228,702,045


Utah-0.82%
Salt Lake (County of), UT Municipal Building Authority, Series 2009, RB	5.82%	12/01/2029		500		601,842
Utah (State of), Series 2009 D, GO Bonds	4.55%	07/01/2024		420		436,081
Utah (State of), Series 2010 B, GO Bonds	3.54%	07/01/2025		2,355		2,425,180
Utah (State of) Transit Authority, Series 2009 B, RB	5.94%	06/15/2039		1,815		2,433,351
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB	1.72%	12/15/2027		4,000		3,934,498
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB	1.82%	12/15/2028		4,000		3,920,540
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB	1.94%	12/15/2029		5,000		4,894,238

						18,645,730

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


		72

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)			Value
Virgin Islands-0.31%
Virgin Islands (Government of) Water & Power Authority, Series 2010, RB, (INS - AGM)^(a)		6.85%		07/01/2035		$	5,795		$	7,152,258

Washington-2.31%
Benton (County of), WA Public Utility District No. 1, Series 2010, RB		6.55%		11/01/2030			750			964,818
Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB		5.49%		11/01/2039			1,855			2,475,872
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB		6.88%		09/01/2032			6,500			8,549,386
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB		5.25%		09/01/2030			1,830			2,073,383
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.73%		01/01/2030			2,500			3,043,272
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.83%		01/01/2040			2,750			3,701,642
King (County of), WA, Series 2020 B, Ref. RB		1.30%		01/01/2028			15,990			15,254,543
King (County of), WA, Series 2020 B, Ref. RB		1.46%		01/01/2029			5,915			5,625,182
Seattle (Port of), WA, Series 2017, Ref. RB		3.76%		05/01/2036			500			523,205
Tacoma (City of), WA, Series 2010 B, RB		5.37%		12/01/2030			1,000			1,215,024
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)^(a)		5.79%		01/01/2032			2,570			3,305,585
University of Washington, Series 2021 B, Ref. RB		2.62%		04/01/2042			2,000			1,864,116
Washington (State of), Series 2010, GO Bonds		5.09%		08/01/2033			2,000			2,367,947
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB		6.42%		07/01/2030			1,435			1,736,416

										52,700,391


Wisconsin-1.08%
Wisconsin (State of), Series 2017 A, Ref. RB		3.95%		05/01/2036			3,000			3,202,010
Wisconsin (State of), Series 2019 1, Ref. GO Bonds		2.38%		05/01/2030			7,500			7,602,039
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		1.88%		05/01/2025			2,500			2,503,697
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		2.35%		05/01/2031			1,000			1,009,246
Wisconsin (State of), Series 2020 A, Ref. RB		2.50%		05/01/2032			2,000			2,016,882
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.21%		05/01/2023			1,000			988,548
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.36%		05/01/2024			1,000			972,743
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.65%		05/01/2025			1,500			1,445,988
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.80%		05/01/2026			1,000			955,816
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)^(a)		4.17%		12/15/2050			2,000			2,129,532
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)^(a)		3.09%		06/01/2050			2,000			1,821,452

										24,647,953

Total Municipal Obligations (Cost $2,138,073,340)										2,189,148,082


U.S. Dollar Denominated Bonds & Notes-2.11%
California-0.64%
Claremont Mckenna College, Series 2019		3.38%		01/01/2050			7,500			7,758,762
Pepperdine University, Series 2020		3.30%		12/01/2059			5,000			4,910,993
University of Southern California, Series A		3.23%		10/01/2120			2,000			1,872,920

										14,542,675


Connecticut-0.18%
Wesleyan University, Series 2020		3.37%		07/01/2050			4,000			3,999,880


District of Columbia-0.13%
Association of American Medical Colleges, Series 2020		3.32%		10/01/2041			3,000			2,956,783


Maine-0.08%
President & Trustees of Colby College (The)		3.20%		07/01/2054			2,000			1,907,541


Massachusetts-0.17%
Whitehead Institute for Biomedical Research, Series 2020		3.28%		12/01/2050			4,000			3,838,978


Minnesota-0.10%
Mayo Clinic, Series 2016		4.13%		11/15/2052			2,000			2,306,628


New Hampshire-0.09%
Trustees of Dartmouth College		3.47%		06/01/2046			2,000			2,032,875


New York-0.58%
Ford Foundation (The), Series 2020		2.82%		06/01/2070			5,000			4,643,606

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


		73

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)


	Interest Rate			Maturity Date		Principal Amount (000)			Value
New York-(continued)
Montefiore Medical Center		2.90	%		04/20/2032		$	1,045		$	1,048,789
Montefiore Obligated Group		3.79	%		09/01/2050			7,000			7,514,890

											13,207,285


Texas-0.14%
Baylor Scott & White Holdings		3.97	%		11/15/2046			3,000			3,307,103

Total U.S. Dollar Denominated Bonds & Notes (Cost $47,544,900)											48,099,748


						Shares
Money Market Funds-0.92%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(c)(Cost $20,990,146)								20,990,146			20,990,146

TOTAL INVESTMENTS IN SECURITIES^(d)-99.17% (Cost $2,206,608,386)											2,258,237,976
OTHER ASSETS LESS LIABILITIES-0.83%											18,879,896

NET ASSETS-100.00%										$	2,277,117,872

Investment Abbreviations:

AGM

BAM

CEP

COP

INS

Ref.

-Assured Guaranty Municipal Corp.

-Build America Mutual Assurance Co.

-Credit Enhancement Provider

-Certificates of Participation

-General Obligation

-Insurer

-Revenue Bonds

-Refunding

Notes to Schedule of Investments:

^(a)	Principal and/or interest payments are secured by the bond insurance company listed.

^(b)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	14,885,688		$	206,430,343		$	(200,325,885	)		$	-		$	-		$	20,990,146		$	3,825

^(c) The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

^(d)


Entity	Percentage
Assured Guaranty Municipal Corp		8.81%

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


		74

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022


Ad Valorem Property Tax			19.16
College & University Revenue			14.44
Port, Airport & Marina Revenue			9.62
Miscellaneous Revenue			8.32
Electric Power Revenue			6.86
General Fund			6.66
Lease Revenue			5.48
Water Revenue			4.89
Health, Hospital, Nursing Home Revenue			4.71
Sales Tax Revenue			4.47
Highway Tolls Revenue			3.50
Revenue Types Each Less Than 3%			10.14
Money Market Funds Plus Other Assets Less Liabilities			1.75

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


		75

Invesco Treasury Collateral ETF (CLTL)

February 28, 2022

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.86%
U.S. Treasury Bills-47.10%^(a)
0.06%–0.20%, 04/28/2022	$	2,866,000	$	2,865,104
0.30%, 06/02/2022		20,000,000		19,982,692
0.30%, 06/09/2022		15,000,000		14,984,781
0.05%–0.33%, 06/16/2022		50,895,000		50,834,832
0.33%, 06/23/2022		15,000,000		14,979,298
0.34%, 06/30/2022		15,000,000		14,977,976
0.26%–0.39%, 07/07/2022		28,207,000		28,156,336
0.09%–0.42%, 07/14/2022		47,607,000		47,512,783
0.43%, 07/21/2022		20,000,000		19,957,926
0.46%–0.56%, 07/28/2022		16,829,000		16,789,576
0.59%, 08/04/2022		15,000,000		14,961,693
0.62%, 08/11/2022		10,000,000		9,971,577
0.65%, 08/25/2022		9,064,000		9,035,256
0.11%–0.45%, 09/08/2022		4,020,000		4,006,105
0.72%, 12/29/2022		10,000,000		9,927,175
0.76%, 01/26/2023		10,000,000		9,920,123

				288,863,233


U.S. Treasury Notes-52.76%
0.13% - 1.88%, 04/30/2022		26,601,000		26,654,318
1.75% - 2.13%, 05/15/2022		40,889,000		41,018,526
0.13% - 1.88%, 05/31/2022		64,607,000		64,740,262


	Principal Amount		Value
U.S. Treasury Notes-(continued)
1.75%, 06/15/2022	$	20,549,000	$	20,624,967
0.13% - 2.13%, 06/30/2022		49,179,000		49,318,869
1.75%, 07/15/2022		16,960,000		17,035,845
0.13% - 2.00%, 07/31/2022		60,175,000		60,355,843
1.50% - 1.63%, 08/15/2022		28,472,000		28,597,620
1.88%, 08/31/2022		15,085,000		15,173,175

				323,519,425

Total U.S. Treasury Securities (Cost $612,992,268)				612,382,658


	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(c) (Cost $142,601)		142,601		142,601

TOTAL INVESTMENTS IN SECURITIES-99.89% (Cost $613,134,869)				612,525,259
OTHER ASSETS LESS LIABILITIES-0.11%				704,628

NET ASSETS-100.00%			$	613,229,887

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)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,660		$	18,073,465		$	(17,932,524	)		$	-		$	-		$	142,601		$	20

^(c)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

Portfolio Composition

Security Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022


U.S. Treasury Notes				52.76
U.S. Treasury Bills				47.10
Money Market Funds Plus Other Assets Less Liabilities				0.14

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


		76

Invesco Variable Rate Preferred ETF (VRP)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-70.45%
Automobiles-0.85%
General Motors Financial Co., Inc.
Series A, 5.75%^(b)(c)(d)	$	8,435,000	$	8,456,256
Series B, 6.50%^(b)(c)(d)		4,265,000		4,410,010
Series C, 5.70%^(b)(c)(d)		4,198,000		4,382,838

				17,249,104


Banks-32.29%
BAC Capital Trust XIV, Series G, 4.00% (3 mo. USD LIBOR + 0.40%)^(b)(d)(e)		4,100,000		3,603,141
Bank of America Corp.
Series AA, 6.10%^(c)(d)		16,105,000		16,956,874
Series DD, 6.30%^(b)(c)(d)		8,370,000		9,051,151
Series FF, 5.88%^(c)(d)		19,919,000		20,466,772
Series JJ, 5.13%^(c)(d)		8,425,000		8,535,578
Series MM, 4.30%^(c)(d)		9,375,000		9,058,594
Series RR, 4.38%^(b)(c)(d)		14,850,000		14,348,070
Series U, 5.20%^(b)(c)(d)		8,391,000		8,532,598
Series X, 6.25%^(c)(d)		16,965,000		17,728,425
Bank of Montreal (Canada), 4.80%^(b)(c)(d).		4,200,000		4,182,570
Bank of Nova Scotia (The) (Canada)
4.65%^(c)(d)		10,650,000		10,239,975
4.90%^(c)(d)		10,500,000		10,700,025
Citigroup, Inc.
3.88%^(b)(c)(d)		19,480,000		18,603,400
5.90%^(b)(c)(d)		6,350,000		6,469,062
Series A, 5.95%^(b)(c)(d)		12,760,000		12,919,500
Series D, 5.35%^(b)(c)(d)		10,515,000		10,646,437
Series M, 6.30%^(c)(d)		14,860,000		15,089,587
Series P, 5.95%^(c)(d)		16,962,000		17,619,277
Series V, 4.70%^(c)(d)		12,750,000		12,511,575
Series Y, 4.15%^(b)(c)(d)		8,400,000		8,032,500
Citizens Financial Group, Inc., Series F, 5.65%^(b)(c)(d)		3,330,000		3,471,525
Comerica, Inc., 5.63%^(c)(d)		3,350,000		3,492,375
Fifth Third Bancorp
Series H, 5.10%^(b)(c)(d)		5,075,000		5,017,906
Series L, 4.50%^(c)(d)		2,990,000		3,004,950
Huntington Bancshares, Inc.
Series E, 5.70%^(c)(d)		4,229,000		4,178,252
Series F, 5.63%^(b)(c)(d)		4,205,000		4,467,812
Series G, 4.45%^(b)(c)(d)		4,235,000		4,224,413
JPMorgan Chase & Co.
Series CC, 4.63%^(b)(c)(d)		10,575,000		10,110,229
Series FF, 5.00%^(b)(c)(d)		19,056,000		19,187,011
Series HH, 4.60%^(c)(d)		25,350,000		24,957,075
Series II, 4.00%^(b)(c)(d)		12,550,000		11,895,894
Series KK, 3.65%^(b)(c)(d)		16,950,000		16,127,925
Series Q, 5.15%^(b)(c)(d)		12,770,000		12,897,700
Series R, 6.00%^(c)(d)		12,615,000		12,979,258
Series S, 6.75%^(b)(c)(d)		16,780,000		17,545,588
Series U, 6.13%^(c)(d)		8,553,000		8,854,066
Series V, 3.53% (3 mo. USD LIBOR +
3.32%)^(d)(e)		21,144,000		21,038,280
Series W, 1.51% (3 mo. USD LIBOR +
1.00%), 05/15/2047^(e)		3,794,000		3,262,081
Series X, 6.10%^(c)(d)		13,534,000		14,100,737


	Principal Amount		Value
Banks-(continued)
KeyCorp, Series D, 5.00%^(c)(d)	$	4,365,000	$	4,419,562
M&T Bank Corp.
3.50%^(c)(d)		4,250,000		3,888,750
Series E, 6.45%^(b)(c)(d)		2,917,000		2,973,517
Series F, 5.13%^(b)(c)(d)		4,220,000		4,304,400
Series G, 5.00%^(b)(c)(d)		3,375,000		3,349,688
PNC Financial Services Group, Inc. (The)
Series O, 4.00% (3 mo. USD LIBOR + 3.68%)^(b)(d)(e)		8,545,000		8,545,796
Series R, 4.85%^(c)(d)		4,245,000		4,258,266
Series S, 5.00%^(c)(d)		4,400,000		4,474,800
Series T, 3.40%^(c)(d)		12,780,000		11,872,620
Regions Financial Corp., Series D, 5.75%^(b)(c)(d)		2,931,000		3,062,895
SVB Financial Group
4.10%^(c)(d)		6,450,000		5,833,831
Series C, 4.00%^(c)(d)		8,550,000		8,047,687
Series D, 4.25%^(c)(d)		8,550,000		8,234,719
Series E, 4.70%^(c)(d)		5,000,000		4,731,250
Truist Bank, Series A, 1.18% (3 mo. USD LIBOR + 0.67%), 05/15/2027^(e)		2,927,000		2,836,787
Truist Financial Corp.
Series L, 5.05%^(c)(d)		6,325,000		6,247,202
Series M, 5.13%^(c)(d)		4,180,000		4,127,750
Series N, 4.80%^(c)(d)		14,450,000		14,486,125
Series P, 4.95%^(c)(d)		8,400,000		8,685,936
Series Q, 5.10%^(c)(d)		8,466,000		8,825,805
U.S. Bancorp
3.70%^(b)(c)(d)		12,750,000		11,889,375
Series J, 5.30%^(c)(d)		8,380,000		8,487,934
United Overseas Bank Ltd. (Singapore), 3.88%^(c)(d)(f)		5,400,000		5,442,552
USB Capital IX, 3.50% (3 mo. USD LIBOR + 1.02%)^(d)(e)		5,630,000		4,837,031
Wells Fargo & Co.
Series BB, 3.90%^(c)(d)		29,435,000		28,349,584
Series S, 5.90%^(c)(d)		16,773,000		16,940,730
Series U, 5.88%^(c)(d)		16,796,000		17,662,674

				652,925,454


Capital Markets-6.99%
Bank of New York Mellon Corp. (The)
Series D, 4.50%^(b)(c)(d)		4,245,000		4,022,137
Series F, 4.63%^(c)(d)		8,386,000		8,422,144
Series H, 3.70%^(c)(d)		4,945,000		4,765,744
Series I, 3.75%^(c)(d)		11,000,000		10,261,240
Charles Schwab Corp. (The)
5.14% (3 mo. USD LIBOR +
4.82%)^(b)(d)(e)		3,355,000		3,355,000
Series E, 4.63% (3 mo. USD LIBOR +
3.32%)^(b)(d)(e)		5,010,000		5,000,180
Series F, 5.00%^(b)(c)(d)		4,190,000		4,116,675
Series G, 5.38%^(c)(d)		21,175,000		22,397,856
Series I, 4.00%^(b)(c)(d)		19,050,000		18,457,545
Goldman Sachs Capital II, 4.00% (3 mo. USD LIBOR + 0.77%)^(b)(d)(e)		6,532,000		5,650,180

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


		77

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2022

(Unaudited)


	Principal Amount		Value
Capital Markets-(continued)
Goldman Sachs Group, Inc. (The)
Series O, 5.30%^(b)(c)(d)	$	5,505,000	$	5,745,844
Series Q, 5.50%^(b)(c)(d)		4,184,000		4,334,415
Series R, 4.95%^(c)(d)		5,100,000		5,141,310
Series S, 4.40%^(b)(c)(d)		3,000,000		2,917,500
Series T, 3.80%^(b)(c)(d)		5,700,000		5,415,000
Series U, 3.65%^(c)(d)		6,300,000		5,827,500
Series V, 4.13%^(c)(d)		6,300,000		5,985,000
Mellon Capital IV, Series 1, 4.00% (3 mo. USD LIBOR + 0.57%)^(b)(d)(e)		4,155,000		3,708,078
Morgan Stanley, Series M, 5.88%^(b)(c)(d)		3,516,000		3,764,079
Northern Trust Corp., Series D, 4.60%^(c)(d)		4,245,000		4,325,144
State Street Corp.
1.20% (3 mo. USD LIBOR + 1.00%),
06/15/2047^(e)		4,171,000		3,595,956
Series H, 5.63%^(c)(d)		4,240,000		4,197,091

				141,405,618


Consumer Finance-2.40%
Ally Financial, Inc.
Series B, 4.70%^(c)(d)		11,440,000		10,948,080
Series C, 4.70%^(b)(c)(d)		8,420,000		7,830,600
American Express Co., 3.55%^(c)(d)		13,600,000		12,614,000
Capital One Financial Corp., Series M, 3.95%^(b)(c)(d)		8,392,000		7,892,928
Discover Financial Services
Series C, 5.50%^(c)(d)		4,780,000		4,712,124
Series D, 6.13%^(c)(d)		4,245,000		4,446,637

				48,444,369


Diversified Financial Services-0.77%
National Rural Utilities Cooperative Finance Corp.
4.75%, 04/30/2043^(c)		3,414,000		3,339,570
5.25%, 04/20/2046^(c)		2,978,000		3,100,405
Voya Financial, Inc.
4.70%, 01/23/2048^(c)		2,900,000		2,805,638
5.65%, 05/15/2053^(c)		6,350,000		6,419,945

				15,665,558


Electric Utilities-4.39%
American Electric Power Co., Inc., 3.88%, 02/15/2062^(c)		6,300,000		5,879,076
Duke Energy Corp.
3.25%, 01/15/2082^(c)		4,200,000		3,867,794
4.88%^(c)(d)		8,465,000		8,539,069
Edison International
Series A, 5.38%^(c)(d)		10,650,000		10,530,188
Series B, 5.00%^(c)(d)		6,300,000		6,047,921
Emera, Inc. (Canada), Series 16-A, 6.75%, 06/15/2076^(c)		10,232,000		11,159,326
NextEra Energy Capital Holdings, Inc.
4.80%, 12/01/2077^(c)		4,645,000		4,565,762
5.65%, 05/01/2079^(c)		4,250,000		4,497,358
3.80%, 03/15/2082^(c)		5,055,000		4,754,840
PPL Capital Funding, Inc., Series A, 2.89% (3 mo. USD LIBOR + 2.67%), 03/30/2067^(e)		4,000,000		3,391,360


	Principal Amount		Value
Electric Utilities-(continued)
Southern California Edison Co., Series E, 4.52% (3 mo. USD LIBOR + 4.20%)^(d)(e)	$	2,900,000	$	2,839,523
Southern Co. (The)
Series 21-A, 3.75%, 09/15/2051^(b)(c)		8,550,000		7,973,730
Series B, 4.00%, 01/15/2051^(c)		10,494,000		10,114,012
Series B, 5.50%, 03/15/2057^(c)		4,621,000		4,563,300

				88,723,259


Industrial Conglomerates-2.26%
General Electric Co., Series D, 3.53% (3 mo. USD LIBOR + 3.33%)^(b)(d)(e)		48,164,000		45,741,351


Insurance-5.81%
Aegon N.V. (Netherlands), 5.50%, 04/11/2048^(c)		6,890,000		7,342,673
Allstate Corp. (The)
6.50%, 05/15/2057^(c)		4,300,000		5,364,250
Series B, 5.75%, 08/15/2053^(c)		6,819,000		6,864,687
American International Group, Inc., Series A-9, 5.75%, 04/01/2048^(c)		6,354,000		6,544,620
Assurant, Inc., 7.00%, 03/27/2048^(c)		3,400,000		3,740,000
Lincoln National Corp.
2.83% (3 mo. USD LIBOR + 2.36%), 05/17/2066^(e)		4,680,000		3,861,000
2.29% (3 mo. USD LIBOR + 2.04%), 04/20/2067^(e)		3,610,000		2,833,850
Markel Corp., 6.00%^(b)(c)(d)		5,000,000		5,289,700
MetLife, Inc., Series D, 5.88%^(c)(d)		4,190,000		4,372,204
Nationwide Financial Services, Inc., 6.75%, 05/15/2037		3,308,000		3,771,120
PartnerRe Finance B LLC, 4.50%, 10/01/2050^(c)		4,195,000		4,132,075
Principal Financial Group, Inc., 3.55% (3 mo. USD LIBOR + 3.04%), 05/15/2055^(e)		3,368,000		3,303,231
Progressive Corp. (The), Series B, 5.38%^(c)(d)		4,190,000		4,083,993
Prudential Financial, Inc.
5.88%, 09/15/2042^(c)		8,397,000		8,522,955
5.63%, 06/15/2043^(c)		12,753,000		13,103,707
5.20%, 03/15/2044^(c)		4,210,000		4,246,838
5.38%, 05/15/2045^(c)		8,397,000		8,627,162
4.50%, 09/15/2047^(b)(c)		6,325,000		6,182,688
5.70%, 09/15/2048^(c)		8,387,000		8,825,221
3.70%, 10/01/2050^(b)(c)		6,898,000		6,372,027

				117,384,001


Machinery-0.31%
Stanley Black & Decker, Inc., 4.00%, 03/15/2060^(c)		6,340,000		6,199,569


Media-0.27%
Paramount Global, 6.25%, 02/28/2057^(c)		5,426,000		5,494,856


Multi-Utilities-2.70%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082^(c)		6,300,000		5,985,882
CMS Energy Corp.
4.75%, 06/01/2050^(c)		4,175,000		4,206,313
3.75%, 12/01/2050^(c)		3,350,000		3,028,769

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


		78

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2022

(Unaudited)


	Principal Amount		Value
Multi-Utilities-(continued)
Dominion Energy, Inc.
Series A, 5.75%, 10/01/2054^(c)	$	5,771,000	$	5,939,443
Series B, 4.65%^(c)(d)		6,715,000		6,664,503
Series C, 4.35%^(c)(d)		6,445,000		6,299,987
NiSource, Inc., 5.65%^(c)(d)		3,400,000		3,340,500
Sempra Energy
4.13%, 04/01/2052^(c)		8,400,000		7,967,001
4.88%^(c)(d)		7,600,000		7,752,000
WEC Energy Group, Inc., 2.62% (3 mo. USD LIBOR + 2.11%), 05/15/2067^(e)		4,206,000		3,375,315

				54,559,713


Oil, Gas & Consumable Fuels-9.25%
BP Capital Markets PLC (United Kingdom)
4.38%^(c)(d)		21,144,000		21,196,860
4.88%^(c)(d)		21,100,000		20,978,147
Buckeye Partners L.P., 6.38%, 01/22/2078^(c)		3,300,000		2,759,625
DCP Midstream L.P., Series A, 7.38%^(c)(d)		4,200,000		3,979,500
Enbridge, Inc. (Canada)
5.50%, 07/15/2077^(c)		8,390,000		8,233,871
6.25%, 03/01/2078^(c)		7,168,000		7,421,825
Series 16-A, 6.00%, 01/15/2077^(c)		6,300,000		6,570,757
Series 20-A, Conv., 5.75%,
07/15/2080^(c)		8,562,000		8,949,773
Energy Transfer L.P.
3.33% (3 mo. USD LIBOR + 3.02%),
11/01/2066^(e)		4,736,000		3,700,710
Series A, 6.25%^(c)(d)		7,978,000		6,721,465
Series B, 6.63%^(c)(d)		4,600,000		4,168,750
Series F, 6.75%^(c)(d)		4,200,000		4,026,750
Series G, 7.13%^(c)(d)		9,225,000		9,063,563
Series H, 6.50%^(c)(d)		7,700,000		7,631,932
EnLink Midstream Partners L.P., Series C, 6.00%^(c)(d)		3,400,000		2,448,765
Enterprise Products Operating LLC
5.38%, 02/15/2078^(c)		5,851,000		5,438,840
Series D, 4.88%, 08/16/2077^(c)		5,885,000		5,046,455
Series E, 5.25%, 08/16/2077^(c)		8,389,000		7,965,100
Plains All American Pipeline L.P., Series B, 6.13%^(c)(d)		6,678,000		5,557,432
TransCanada PipeLines Ltd. (Canada), 2.72% (3 mo. USD LIBOR + 2.21%), 05/15/2067^(b)(e)		8,508,000		6,734,252
Transcanada Trust (Canada)
5.63%, 05/20/2075^(c)		6,271,000		6,255,323
5.30%, 03/15/2077^(c)		12,530,000		12,091,450
5.50%, 09/15/2079^(c)		9,375,000		9,491,719
Series 16-A, 5.88%, 08/15/2076^(c)		10,187,000		10,492,610

				186,925,474

Trading Companies & Distributors-0.31%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079^(b)(c)		6,393,000		6,306,439


	Principal Amount		Value
Wireless Telecommunication Services-1.85%
Vodafone Group PLC (United Kingdom)
7.00%, 04/04/2079^(c)	$	16,720,000	$	18,586,119
3.25%, 06/04/2081^(b)(c)		4,250,000		3,949,355
4.13%, 06/04/2081^(c)		8,415,000		7,756,653
5.13%, 06/04/2081^(c)		8,000,000		7,152,320

				37,444,447

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,471,587,294)				1,424,469,212


	Shares
Preferred Stocks-28.36%
Banks-10.18%
Bank of America Corp.
Series 2, Pfd., (3 mo. USD LIBOR + 0.65%), 3.00%^(b)(e)		100,402		2,068,281
Series 4, Pfd., (3 mo. USD LIBOR + 0.75%), 4.00%^(b)(e)		70,620		1,573,414
Series 5, Pfd., (3 mo. USD LIBOR + 0.50%), 4.00%^(b)(e)		143,894		3,224,665
Series E, Pfd., (3 mo. USD LIBOR + 0.35%), 4.00%^(b)(e)		109,197		2,478,772
Series K, Pfd., 6.45%^(b)(c)		352,564		9,272,433
Series Z, Pfd., 6.50%^(b)(c)		11,763,000		12,571,706
Citigroup, Inc.
Series W, Pfd., 4.00%^(c)		12,750,000		12,349,650
Series U, Pfd., 5.00%^(b)(c)		12,725,000		12,903,150
Series T, Pfd., 6.25%^(c)		12,757,000		13,745,668
Series K, Pfd., 6.88%^(c)		501,974		13,347,489
Series J, Pfd., 7.13%^(c)		318,979		8,628,382
Citizens Financial Group, Inc., Series D, Pfd., 6.35%^(c)		102,739		2,697,926
ConnectOne Bancorp, Inc., Series A, Pfd., 5.25%^(b)(c)		39,205		960,523
F.N.B. Corp., Pfd., 7.25%^(c)		38,950		1,032,175
Fifth Third Bancorp, Series I, Pfd., 6.63%^(c)		151,181		4,009,320
First Horizon Corp., Series D, Pfd., 6.10%^(c)		33,784		889,195
Heartland Financial USA, Inc., Series E, Pfd., 7.00%^(b)(c)		25,000		667,000
JPMorgan Chase & Co., Series I, Pfd., (3 mo. USD LIBOR + 3.47%), 3.77%^(e)		24,791,000		24,720,934
KeyCorp, Series E, Pfd., 6.13%^(c)		170,836		4,656,989
People’s United Financial, Inc., Series A, Pfd., 5.63%^(c)		86,332		2,252,402
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%^(c)		503,986		12,705,487
Regions Financial Corp.
Series C, Pfd., 5.70%^(c)		170,836		4,574,988
Series B, Pfd., 6.38%^(c)		170,836		4,595,488
Synovus Financial Corp.
Series E, Pfd., 5.88%^(b)(c)		119,347		3,182,984
Series D, Pfd., 6.30%^(c)		67,209		1,711,141
Truist Financial Corp., Series I, Pfd., (3 mo. USD LIBOR + 0.53%), 4.00%^(b)(e)		57,954		1,303,965

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


		79

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Banks-(continued)
U.S. Bancorp
Series A, Pfd., (3 mo. USD LIBOR +
1.02%), 3.50%^(b)(e)		4,909	$	4,143,196
Series B, Pfd., (3 mo. USD LIBOR +
0.60%), 3.50%^(b)(e)		335,991		7,136,449
Valley National Bancorp, Series A, Pfd., 6.25%^(c)		39,261		1,037,668
Wells Fargo & Co.
Series Q, Pfd., 5.85%^(c)		580,251		14,819,611
Series R, Pfd., 6.63%^(c)		281,799		7,586,029
WesBanco, Inc., Series A, Pfd., 6.75%^(c)		50,393		1,344,485
Western Alliance Bancorporation, Series A, Pfd., 4.25%^(c)		102,050		2,532,881
Wintrust Financial Corp.
Series D, Pfd., 6.50%^(c)		44,883		1,197,030
Series E, Pfd., 6.88%^(c)		98,675		2,649,424
Zions Bancorporation N.A., Series G, Pfd., 6.30%^(c)		50,184		1,312,813

				205,883,713


Capital Markets-6.24%
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%^(b)(c)		8,415,000		8,656,931
Charles Schwab Corp. (The), Series H, Pfd., 4.00%^(c)		21,195,000		19,643,950
Goldman Sachs Group, Inc. (The)
Series A, Pfd., (3 mo. USD LIBOR +
0.75%), 3.75%^(b)(e)		253,376		5,650,285
Series C, Pfd., (3 mo. USD LIBOR +
0.75%), 4.00%^(b)(e)		66,466		1,484,850
Series D, Pfd., (3 mo. USD LIBOR +
0.67%), 4.00%^(b)(e)		456,077		10,348,387
Series P, Pfd., 5.00%^(b)(c)		12,735,000		12,299,463
Series J, Pfd., 5.50%^(c)		337,841		8,675,757
Series K, Pfd., 6.38%^(c)		236,489		6,290,607
Morgan Stanley
Series A, Pfd., (3 mo. USD LIBOR +
0.70%), 4.00%^(b)(e)		369,596		8,256,775
Series K, Pfd., 5.85%^(c)		335,991		9,054,958
Series I, Pfd., 6.38%^(c)		335,991		9,058,317
Series F, Pfd., 6.88%^(c)		285,596		7,716,804
Series E, Pfd., 7.13%^(c)		289,796		7,833,186
State Street Corp.
Series G, Pfd., 5.35%^(c)		170,836		4,545,946
Series D, Pfd., 5.90%^(c)		251,994		6,516,565

				126,032,781


Diversified Financial Services-1.39%
Citigroup Capital XIII, Pfd., (3 mo. USD LIBOR + 6.37%), 6.67%^(b)(e)		758,339		20,141,484
Compass Diversified Holdings, Series B, Pfd., 7.88%^(c)		35,997		960,400
Equitable Holdings, Inc., Series B, Pfd., 4.95%^(b)(c)		4,250,000		4,284,000
Voya Financial, Inc., Series B, Pfd., 5.35%^(c)		102,795		2,678,837

				28,064,721


Electric Utilities-0.34%
SCE Trust III, Series H, Pfd., 5.75%^(b)(c)		92,391		2,184,123


	Shares		Value
Electric Utilities-(continued)
SCE Trust IV, Series J, Pfd., 5.38%^(c)		109,207	$	2,404,738
SCE Trust V, Series K, Pfd., 5.45%^(c)		100,789		2,357,455

				6,946,316


Food Products-0.42%
CHS, Inc.
Series 3, Pfd., 6.75%^(b)(c)		168,070		4,516,041
Series 2, Pfd., 7.10%^(c)		143,261		3,886,671

				8,402,712


Insurance-2.90%
Allstate Corp. (The), Pfd., 5.10%^(b)(c)		169,990		4,310,946
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%^(c)		136,321		3,515,719
Series B, Pfd., 6.63%^(c)		100,789		2,671,916
Argo Group International Holdings Ltd., Pfd., 7.00%^(b)(c)		54,196		1,399,341
Aspen Insurance Holdings Ltd., Pfd., 5.95% (Bermuda)^(c)		92,391		2,367,981
Athene Holding Ltd.
Series A, Pfd., 6.35%^(b)(c)		289,796		7,853,472
Series C, Pfd., 6.38%^(c)		205,075		5,534,974
Enstar Group Ltd., Series D, Pfd., 7.00%^(c)		136,873		3,636,716
Hartford Financial Services Group, Inc. (The), Pfd., 7.88%^(b)(c)		201,598		5,106,477
MetLife, Inc.
Series G, Pfd., 3.85%^(b)(c)		8,545,000		8,502,275
Series A, Pfd., (3 mo. USD LIBOR + 1.00%), 4.00%^(b)(e)		205,075		4,798,755
Reinsurance Group of America, Inc.
Pfd., 5.75%^(b)(c)		136,955		3,725,176
Pfd., 6.20%^(c)		136,703		3,453,118
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)^(c)		68,050		1,815,574

				58,692,440


Marine-0.07%
Atlas Corp., Series I, Pfd., 8.00% (Canada)^(b)(c)		54,060		1,428,806


Mortgage REITs-3.19%
ACRES Commercial Realty Corp., Pfd., 8.63%^(b)(c)		42,701		1,070,941
AGNC Investment Corp.
Series F, Pfd., 6.13%^(c)		193,179		4,522,320
Series E, Pfd., 6.50%^(b)(c)		137,740		3,312,647
Series D, Pfd., 6.88%^(b)(c)		78,961		1,935,334
Series C, Pfd., 7.00%^(b)(c)		109,207		2,657,006
Annaly Capital Management, Inc.
Series G, Pfd., 6.50%^(b)(c)		144,540		3,286,839
Series I, Pfd., 6.75%^(b)(c)		151,350		3,671,751
Series F, Pfd., 6.95%^(b)(c)		241,918		5,769,744
Arbor Realty Trust, Inc., Series F, Pfd., 6.25%^(c)		94,173		2,304,413
Chimera Investment Corp.
Series C, Pfd., 7.75%^(c)		87,355		2,148,933
Series B, Pfd., 8.00%^(b)(c)		110,844		2,750,040
Series D, Pfd., 8.00%^(b)(c)		67,209		1,662,751
Dynex Capital, Inc., Series C, Pfd., 6.90%^(b)(c)		40,231		989,683

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


		80

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Mortgage REITs-(continued)
Ellington Financial, Inc.
Series B, Pfd., 6.25%^(c)		40,473	$	971,352
Pfd., 6.75%^(c)		41,184		998,712
Granite Point Mortgage Trust, Inc., Series A, Pfd., (SOFR + 5.83%), 7.00%^(b)(e)		65,073		1,604,700
MFA Financial, Inc., Series C, Pfd., 6.50%^(b)(c)		92,391		2,111,134
New Residential Investment Corp.
Series C, Pfd., 6.38%^(c)		137,664		2,995,569
Series D, Pfd., 7.00%^(c)		157,028		3,784,375
Series B, Pfd., 7.13%^(c)		94,910		2,239,876
Series A, Pfd., 7.50%^(b)(c)		55,659		1,384,239
New York Mortgage Trust, Inc.
Series F, Pfd., 6.88%^(b)(c)		41,697		948,607
Series E, Pfd., 7.88%^(c)		62,382		1,522,121
Series D, Pfd., 8.00%^(b)(c)		52,581		1,240,386
PennyMac Mortgage Investment Trust
Series B, Pfd., 8.00%^(b)(c)		65,530		1,678,879
Series A, Pfd., 8.13%^(b)(c)		41,321		1,064,429
Two Harbors Investment Corp.
Series C, Pfd., 7.25%^(b)(c)		99,110		2,305,299
Series B, Pfd., 7.63%^(b)(c)		96,591		2,287,275
Series A, Pfd., 8.13%^(b)(c)		52,091		1,306,963

				64,526,318


Multi-Utilities-0.84%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)^(c)		120,733		3,223,571
Pfd., 6.88% (Canada)^(c)		96,591		2,541,309
CenterPoint Energy, Inc., Series A, Pfd., 6.13%^(c)		6,742,000		6,661,939
NiSource, Inc., Series B, Pfd., 6.50%^(b)(c)		170,204		4,455,941

				16,882,760


Oil, Gas & Consumable Fuels-1.92%
Altera Infrastructure L.P., Series E, Pfd., 8.88% (United Kingdom)^(c)		33,524		224,946
DCP Midstream L.P.
Series B, Pfd., 7.88%^(c)		58,059		1,378,901
Series C, Pfd., 7.95%^(c)		39,690		956,926
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)^(c)		205,075		5,311,442
Energy Transfer L.P.
Series C, Pfd., 7.38%^(c)		151,181		3,546,706
Series E, Pfd., 7.60%^(c)		268,782		6,569,032
Series D, Pfd., 7.63%^(c)		152,086		3,695,690
GasLog Partners L.P.
Series B, Pfd., 8.20% (Greece)^(c)		35,819		912,310
Series A, Pfd., 8.63% (Greece)^(c)		48,308		1,248,762
NGL Energy Partners L.P., Series B, Pfd., 9.00%^(c)		111,452		1,827,813
NuStar Energy L.P.
Series A, Pfd., (SOFR + 0.19%), 6.97%^(e)		81,645		1,861,506
Series B, Pfd., 7.63%^(c)		131,476		2,726,812
Series C, Pfd., 9.00%^(c)		62,045		1,488,460


	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
NuStar Logistics L.P., Pfd., (3 mo. USD LIBOR + 6.73%), 6.98%^(e)		136,787	$	3,408,732
Seapeak LLC, Series B, Pfd., 8.50% (Bermuda)^(c)		57,108		1,428,271
Tsakos Energy Navigation Ltd.
Series E, Pfd., 9.25% (Greece)^(c)		41,254		983,908
Series F, Pfd., 9.50% (Greece)^(c)		54,512		1,307,743

				38,877,960


Thrifts & Mortgage Finance-0.29%
Merchants Bancorp, Series B, Pfd., 6.00%^(b)(c)		45,500		1,147,965
New York Community Bancorp, Inc., Series A, Pfd., 6.38%^(c)		176,005		4,753,895

				5,901,860


Trading Companies & Distributors-0.58%
Air Lease Corp., Series A, Pfd., 6.15%^(c).		85,821		2,152,391
Fortress Transportation and
Infrastructure Investors LLC Series B, Pfd., 8.00%^(c)		41,690		1,005,980
Series A, Pfd., 8.25%^(c)		37,126		899,934
Series C, Pfd., 8.25%^(c)		35,976		897,241
Textainer Group Holdings Ltd., Pfd., 7.00% (China)^(b)(c)		53,302		1,372,527
WESCO International, Inc., Series A, Pfd., 10.63%^(c)		184,613		5,387,007

				11,715,080

Total Preferred Stocks (Cost $598,969,571)				573,355,467


Money Market Funds-0.82%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(g)(h) (Cost $16,526,124)		16,526,124		16,526,124

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.63% (Cost $2,087,082,989)				2,014,350,803


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.72%
Invesco Private Government Fund, 0.12%^(g)(h)(i)		52,804,676		52,804,676
Invesco Private Prime Fund, 0.08%^(g)(h)(i)		123,431,900		123,444,246

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $176,258,494)				176,248,922

TOTAL INVESTMENTS IN SECURITIES-108.35% (Cost $2,263,341,483)				2,190,599,725
OTHER ASSETS LESS LIABILITIES-(8.35)%				(168,773,342	)

NET ASSETS-100.00%			$	2,021,826,383

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


		81

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2022

(Unaudited)

Investment Abbreviations:


Conv.		-Convertible
LIBOR Pfd.		-London Interbank Offered Rate -Preferred
REIT		-Real Estate Investment Trust
SOFR		-Secured Overnight Financing Rate
USD		-U.S. Dollar

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 28, 2022.

^(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 February 28, 2022.

^(f)

^(g)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	135,319,843		$	(118,793,719	)		$	-			$	-			$	16,526,124		$	1,606
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,043,680			100,446,412			(73,685,416	)			-				-				52,804,676			4,826	*
Invesco Private Prime Fund			61,032,838			189,589,552			(127,157,217	)			(9,573	)			(11,354	)			123,444,246			36,420	*

Total		$	87,076,518		$	425,355,807		$	(319,636,352	)		$	(9,573	)		$	(11,354	)		$	192,775,046		$	42,852

*	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.

^(h)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

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


		82

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022


Financials				72.45
Energy				11.17
Utilities				8.27
Industrials				3.53
Sector Types Each Less Than 3%				3.39
Money Market Funds Plus Other Assets Less Liabilities				1.19

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


		83

Invesco VRDO Tax-Free ETF (PVI)

February 28, 2022

(Unaudited)

Schedule of Investments


	Interest Rate			Maturity Date		Principal Amount (000)			Value
Municipal Obligations-96.19%
California-19.35%
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-7, Ref. VRD RB^(a)		0.15	%		07/01/2034		$	2,000		$	2,000,000
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC - Bank of the West)^(a)(b)		0.20	%		09/01/2033			1,000			1,000,000
Riverside (City of), CA, Series 2008 A, Ref. VRD RB, (LOC - Barclays Bank PLC)^(a)(b)		0.17	%		10/01/2029			1,300			1,300,000
San Diego (County of), CA Regional Transportation Commission, Series 2008 B, VRD RB^(a)		0.19	%		04/01/2038			1,300			1,300,000
San Diego (County of), CA Regional Transportation Commission, Series 2008 C, VRD RB^(a)		0.18	%		04/01/2038			1,500			1,500,000
San Mateo (County of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)^(a)(b)		0.20	%		04/01/2039			1,800			1,800,000


											8,900,000


District of Columbia-5.33%
District of Columbia, Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)^(a)(b)		0.20	%		08/15/2038			1,150			1,150,000
District of Columbia (Georgetown University), Series 2007 B-2, Ref. VRD RB, (LOC - Bank of America, N.A.)^(a)(b)		0.19	%		04/01/2041			1,300			1,300,000


											2,450,000


Florida-6.52%
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)^(a)(b)		0.20	%		09/01/2035			1,500			1,500,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)^(a)(c)		0.22	%		10/01/2038			1,500			1,500,000


											3,000,000


Indiana-5.22%
Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing), Series 2008, VRD RB, (LOC - Fannie Mae)^(a)(b)		0.18	%		05/15/2038			2,400			2,400,000


Louisiana-5.00%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank N.A.)^(a)(b)		0.23	%		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)		0.18	%		07/01/2047			300			300,000


											2,300,000


Maryland-4.78%
Washington (State of) Suburban Sanitary Commission, Series 2015 A-2, VRD RB^(a)		0.20	%		06/01/2023			2,200			2,200,000


Massachusetts-0.65%
Massachusetts (State of) Bay Transportation Authority, Subseries 2018 A-2, Ref. VRD RB^(a)		0.18	%		07/01/2026			300			300,000


Missouri-5.87%
Kansas City (City of), MO (H Roe Bartle), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking)^(a)(b)		0.21	%		04/15/2025			300			300,000
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB^(a)		0.19	%		05/15/2038			2,400			2,400,000


											2,700,000


Nevada-2.72%
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, (LOC - Bank of America, N.A.)^(a)(b)		0.20	%		07/01/2029			1,250			1,250,000


New York-23.05%
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB^(a)		0.20	%		11/01/2038			1,800			1,800,000
Build NYC Resource Corp. (The Asia Society Project), Series 2015, Ref. VRD RB, (LOC - TD Bank, N.A.)^(a)(b)		0.20	%		04/01/2045			2,400			2,400,000
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD RB, (LOC - TD Bank, N.A.)^(a)(b)		0.19	%		11/01/2026			2,000			2,000,000
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds^(a)		0.02	%		08/01/2044			1,000			1,000,000

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


		84

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

February 28, 2022

(Unaudited)


	Interest Rate			Maturity Date		Principal Amount (000)			Value

New York-(continued)
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010, VRD RB, (LOC - Helaba)^(a)(b)		0.20	%		11/01/2044		$	1,000		$	1,000,000
Triborough Bridge & Tunnel Authority, Series 2005 A, VRD RB, (LOC - Barclays Bank PLC)^(a)(b)		0.20	%		11/01/2041			2,400			2,400,000


											10,600,000


North Carolina-0.22%
Charlotte (City of), NC, Series 2006 B, VRD RB^(a)		0.19	%		07/01/2036			100			100,000


Ohio-2.72%
Franklin (County of), OH (OhioHealth Corp.), Series 2009 A, Ref. VRD RB^(a)		0.20	%		11/15/2041			1,250			1,250,000


Pennsylvania-4.35%
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group), Series 2019 D, Ref. VRD RB^(a)		0.24	%		06/01/2037			2,000			2,000,000


Tennessee-2.06%
Sevier (County of), TN Public Building Authority, Series 2010 D-1, VRD RB, (LOC - Bank of America, N.A.)^(a)(b)		0.22	%		06/01/2026			945			945,000


Texas-7.92%
Austin (City of), TX, Series 2008, Ref. VRD RB, (LOC - Barclays Bank PLC)^(a)(b)		0.21	%		05/15/2031			1,630			1,630,000
Board of Regents of the University of Texas System, Series 2008 B, VRD RB^(a)		0.17	%		08/01/2025			500			500,000
Texas (State of), Series 2015 B, VRD GO Bonds^(a)		0.18	%		06/01/2046			1,510			1,510,000


											3,640,000


Wisconsin-0.43%
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)^(a)(b)		0.20	%		08/15/2034			200			200,000

TOTAL INVESTMENTS IN SECURITIES^(d)-96.19% (Cost $44,235,000)											44,235,000
OTHER ASSETS LESS LIABILITIES-3.81%											1,752,190


NET ASSETS-100.00%										$	45,987,190

Investment Abbreviations:

AGC -Assured Guaranty Corp.

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 February 28, 2022.

^(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)


Entities		Percentage
TD Bank, N.A		13.34%
Barclays Bank PLC		12.05%
Bank of America, N.A		7.90%
Fannie Mae		5.43%

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


		85

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

February 28, 2022

(Unaudited)


Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)
as of February 28, 2022

Water Revenue				13.11

Health, Hospital, Nursing Home Revenue				12.94

Miscellaneous Revenue				12.42

Ad Valorem Property Tax				9.79

Sales Tax Revenue				8.26

Port, Airport & Marina Revenue				7.07

Lease Revenue				6.74

Electric Power Revenue				6.40

Local or GTD Housing				5.65

Highway Tolls Revenue				5.22

Transit Revenue				4.35

Revenue Types Each Less Than 3%				4.24

Other Assets Less Liabilities				3.81

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


		86

(This Page Intentionally Left Blank)


		87

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	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)		$	423,121,727			$	572,963,319		$	840,179,838			$	860,092,882			$	40,218,019
Affiliated investments in securities, at value			46,275,738				-			23,430,287				285,926,504				7,100,973
Cash			69,150				19,912,604			-				1,005,427				-
Deposits with brokers:
Cash segregated as collateral			731,405				-			-				-				-
Receivable for:
Dividends and interest			502,438				5,384,895			1,436,464				11,156,072				366,552
Securities lending			4,279				-			86,124				39,305				729
Investments sold			-				5,843,694			-				7,696,282				736,671
Fund shares sold			233,891				-			-				-				-
Other assets			-				-			63,044				-				-

Total assets			470,938,628				604,104,512			865,195,757				1,165,916,472				48,422,944


Liabilities:
Due to custodian			-				-			1,799,407				-				185
Payable for:
Investments purchased			233,891				-			-				16,007,932				861,289
Collateral upon return of securities loaned			46,277,129				-			11,424,212				269,877,471				7,001,928
Collateral upon receipt of securities in-kind			731,405				-			-				-				-
Fund shares repurchased			-				5,368,387			-				386,820				-
Accrued unitary management fees			79,309				135,922			336,713				343,807				6,853
Accrued expenses			-				-			-				643				-
Accrued tax expenses			-				-			-				137				-
Other payables			-				25,000			-				-				-

Total liabilities			47,321,734				5,529,309			13,560,332				286,616,810				7,870,255

Net Assets		$	423,616,894			$	598,575,203		$	851,635,425			$	879,299,662			$	40,552,689


Net assets consist of:
Shares of beneficial interest		$	437,546,045			$	589,733,957		$	885,233,465			$	937,469,651			$	40,844,644
Distributable earnings (loss)			(13,929,151	)			8,841,246			(33,598,040	)			(58,169,989	)			(291,955	)

Net Assets		$	423,616,894			$	598,575,203		$	851,635,425			$	879,299,662			$	40,552,689

Shares outstanding (unlimited amount authorized, $0.01 par value)			12,020,000				22,300,000			38,840,000				47,200,000				1,600,000
Net asset value		$	35.24			$	26.84		$	21.93			$	18.63			$	25.35

Market price		$	35.29			$	26.83		$	21.87			$	18.65			$	25.33

Unaffiliated investments in securities, at cost		$	435,001,193			$	563,065,708		$	837,407,496			$	885,127,482			$	40,822,556

Affiliated investments in securities, at cost		$	46,277,129			$	-		$	22,188,314			$	285,956,205			$	7,101,465

^(a)Includes securities on loan with an aggregate value of:		$	45,952,846			$	-		$	10,929,028			$	261,594,216			$	6,760,467

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


		88


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 ETF (PVI)

	$	2,347,209,307		$	111,450,169		$	6,712,594,036			$	2,237,247,830		$	612,382,658			$	1,997,824,679			$	44,235,000
		-			-			134,302,884				20,990,146			142,601				192,775,046				-
		14,474,461			1,134,665			-				-			-				18,404				1,755,655

		-			-			6,639				-			-				633,396				-

		23,443,333			1,113,037			40,302,890				19,368,535			884,274				21,287,453				5,219
		-			-			251,704				-			-				186,765				-
		-			-			9,740,030				-			43,804,652				251,049				-
		-			-			4,780,713				-			-				603,060				-
		-			-			-				-			-				-				-

		2,385,127,101			113,697,871			6,901,978,896				2,277,606,511			657,214,185				2,213,579,852				45,995,874


		-			-			20,762,428				-			-				-				-

		1,099,980			-			6,893,782				-			43,945,871				14,076,306				-
		-			-			134,311,461				-			-				176,258,494				-
		-			-			6,639				-			-				633,396				-
		-			-			6,162,366				-			-				-				-
		532,582			24,533			2,633,016				488,639			38,427				780,487				8,684
		-			-			-				-			-				4,139				-
		-			-			-				-			-				647				-
		-			-			-				-			-				-				-

		1,632,562			24,533			170,769,692				488,639			43,984,298				191,753,469				8,684

	$	2,383,494,539		$	113,673,338		$	6,731,209,204			$	2,277,117,872		$	613,229,887			$	2,021,826,383			$	45,987,190


	$	2,361,588,082		$	112,093,610		$	7,453,421,713			$	2,231,529,287		$	613,829,380			$	2,130,774,913			$	46,033,004
		21,906,457			1,579,728			(722,212,509	)			45,588,585			(599,493	)			(108,948,530	)			(45,814	)

	$	2,383,494,539		$	113,673,338		$	6,731,209,204			$	2,277,117,872		$	613,229,887			$	2,021,826,383			$	45,987,190


		91,750,000			4,550,000			492,500,000				71,850,000			5,810,001				82,200,000				1,850,000
	$	25.98		$	24.98		$	13.67			$	31.69		$	105.55			$	24.60			$	24.86

	$	25.96		$	24.93		$	13.71			$	31.43		$	105.56			$	24.65			$	24.87

	$	2,317,385,930		$	110,221,789		$	7,200,824,237			$	2,185,618,240		$	612,992,268			$	2,070,556,865			$	44,235,000

	$	-		$	-		$	134,311,461			$	20,990,146		$	142,601			$	192,784,618			$	-


	$	-		$	-		$	130,707,076			$	-		$	-			$	170,316,788			$	-


		89

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	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	$	3,094,061		$	6,885,311		$	-		$	16,014,639		$	537,851
Unaffiliated dividend income		-			-			35,005,955			-			-
Affiliated dividend income		22			-			479,326			1,040			21
Securities lending income		17,179			-			882,172			273,262			3,628
Foreign withholding tax		-			-			-			-			-

Total investment income		3,111,262			6,885,311			36,367,453			16,288,941			541,500


Expenses:
Unitary management fees		512,100			787,968			2,320,428			2,275,902			50,757
Tax expenses		70			69			-			647			132

Net expenses		512,170			788,037			2,320,428			2,276,549			50,889

Net investment income (loss)		2,599,092			6,097,274			34,047,025			14,012,392			490,611


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,640,814	)		-			18,783,636			739,649			100,787
Affiliated investment securities		(6,390	)		-			35,383			(30,909	)		(1,105	)
Unaffiliated in-kind redemptions		221,926			(402,764	)		-			6,428,548			255,788
Affiliated in-kind redemptions		-			-			42,928			-			-
Distributions of underlying fund shares		-			-			489,593			-			-

Net realized gain (loss)		(1,425,278	)		(402,764	)		19,351,540			7,137,288			355,470

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(18,994,444	)		(24,808,055	)		(128,651,472	)		(53,512,806	)		(2,749,569	)
Affiliated investment securities		(1,391	)		-			(474,443	)		(29,703	)		(492	)

Change in net unrealized appreciation (depreciation)		(18,995,835	)		(24,808,055	)		(129,125,915	)		(53,542,509	)		(2,750,061	)

Net realized and unrealized gain (loss)		(20,421,113	)		(25,210,819	)		(109,774,375	)		(46,405,221	)		(2,394,591	)

Net increase (decrease) in net assets resulting from operations .	$	(17,822,021	)	$	(19,113,545	)	$	(75,727,350	)	$	(32,392,829	)	$	(1,903,980	)

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


		90


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 ETF (PVI)

	$	31,928,119			$	1,451,640			$	-			$	33,971,149			$	292,552			$	31,074,458			$	15,710
		-				-				188,521,447				-				-				12,977,173				-
		-				-				8,607				3,825				20				1,606				-
		-				-				1,517,965				-				-				649,784				-
		-				-				(36,677	)			-				-				-				-

		31,928,119				1,451,640				190,011,342				33,974,974				292,572				44,703,021				15,710



		3,491,891				162,205				18,328,474				3,329,943				259,965				4,994,202				61,320
		108				-				-				-				-				714				84

		3,491,999				162,205				18,328,474				3,329,943				259,965				4,994,916				61,404

		28,436,120				1,289,435				171,682,868				30,645,031				32,607				39,708,105				(45,694	)





		276,282				(19,354	)			(16,048,170	)			(37,991	)			(11,824	)			(1,495,712	)			-
		-				-				(25,850	)			-				-				(11,354	)			-
		1,721,681				376,360				8,734,620				(732,090	)			(4,790	)			596,025				-
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-

		1,997,963				357,006				(7,339,400	)			(770,081	)			(16,614	)			(911,041	)			-


		(116,557,194	)			(5,812,189	)			(716,872,919	)			(135,342,594	)			(620,209	)			(132,052,629	)			-
		-				-				(8,578	)			-				-				(9,573	)			-

		(116,557,194	)			(5,812,189	)			(716,881,497	)			(135,342,594	)			(620,209	)			(132,062,202	)			-

		(114,559,231	)			(5,455,183	)			(724,220,897	)			(136,112,675	)			(636,823	)			(132,973,243	)			-


	$	(86,123,111	)		$	(4,165,748	)		$	(552,538,029	)		$	(105,467,644	)		$	(604,216	)		$	(93,265,138	)		$	(45,694	)


		91

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco 1-30 Laddered Treasury ETF (PLW)								Invesco California AMT-Free Municipal Bond ETF (PWZ)
	Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income		$	2,599,092			$	2,790,614			$	6,097,274			$	11,100,900
Net realized gain (loss)			(1,425,278	)			(1,694,506	)			(402,764	)			1,527,065
Change in net unrealized appreciation (depreciation)			(18,995,835	)			7,884,570				(24,808,055	)			5,397,337

Net increase (decrease) in net assets resulting from operations			(17,822,021	)			8,980,678				(19,113,545	)			18,025,302


Distributions to Shareholders from:
Distributable earnings			(2,726,696	)			(2,682,466	)			(6,377,702	)			(11,220,195	)


Shareholder Transactions:
Proceeds from shares sold			61,979,768				353,892,212				155,340,181				72,527,679
Value of shares repurchased			(32,648,937	)			(149,258,739	)			(51,302,030	)			(11,222,042	)
Transaction fees			-				-				-				-

Net increase (decrease) in net assets resulting from sharetransactions			29,330,831				204,633,473				104,038,151				61,305,637

Net increase (decrease) in net assets			8,782,114				210,931,685				78,546,904				68,110,744


Net assets:
Beginning of period			414,834,780				203,903,095				520,028,299				451,917,555

End of period		$	423,616,894			$	414,834,780			$	598,575,203			$	520,028,299


Changes in Shares Outstanding:
Shares sold			1,740,000				9,960,000				5,650,000				2,600,000
Shares repurchased			(920,000	)			(3,960,000	)			(1,900,000	)			(400,000	)
Shares outstanding, beginning of period			11,200,000				5,200,000				18,550,000				16,350,000

Shares outstanding, end of period			12,020,000				11,200,000				22,300,000				18,550,000

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


		92


Invesco CEF Income Composite								Invesco Fundamental High Yield^®								Invesco Fundamental Investment Grade								Invesco National AMT-Free
ETF (PCEF)								Corporate Bond (PHB)								Corporate Bond ETF (PFIG)								Municipal Bond ETF (PZA)
Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021

	$	34,047,025			$	35,658,328			$	14,012,392			$	28,236,350			$	490,611			$	1,205,417			$	28,436,120			$	54,382,367
		19,351,540				1,722,711				7,137,288				23,039,225				355,470				1,357,944				1,997,963				13,679,171
		(129,125,915	)			154,563,311				(53,542,509	)			8,186,363				(2,750,061	)			(1,886,306	)			(116,557,194	)			17,827,087

		(75,727,350	)			191,944,350				(32,392,829	)			59,461,938				(1,903,980	)			677,055				(86,123,111	)			85,888,625




		(31,060,487	)			(59,175,022	)			(14,330,016	)			(28,762,385	)			(990,791	)			(1,429,402	)			(28,803,667	)			(55,254,764	)




		67,564,374				121,889,954				298,708,248				433,207,647				-				2,726,112				179,340,230				398,255,223
		(64,695,605	)			(55,211,235	)			(207,320,508	)			(387,083,174	)			(9,258,932	)			(12,297,046	)			(151,287,252	)			(635,680,642	)
		-				-				-				-				-				-				-				6,623

		2,868,769				66,678,719				91,387,740				46,124,473				(9,258,932	)			(9,570,934	)			28,052,978				(237,418,796	)

		(103,919,068	)			199,448,047				44,664,895				76,824,026				(12,153,703	)			(10,323,281	)			(86,873,800	)			(206,784,935	)




		955,554,493				756,106,446				834,634,767				757,810,741				52,706,392				63,029,673				2,470,368,339				2,677,153,274

	$	851,635,425			$	955,554,493			$	879,299,662			$	834,634,767			$	40,552,689			$	52,706,392			$	2,383,494,539			$	2,470,368,339




		2,810,000				5,160,000				15,400,000				22,600,000				-				100,000				6,650,000				14,700,000
		(2,800,000	)			(2,480,000	)			(10,800,000	)			(20,100,000	)			(350,000	)			(450,000	)			(5,750,000	)			(23,950,000	)
		38,830,000				36,150,000				42,600,000				40,100,000				1,950,000				2,300,000				90,850,000				100,100,000

		38,840,000				38,830,000				47,200,000				42,600,000				1,600,000				1,950,000				91,750,000				90,850,000


		93

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco New York AMT-Free Municipal Bond ETF (PZT)							Invesco Preferred ETF (PGX)
	Six Months Ended February 28, 2022				Year Ended August 31, 2021			Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income (loss)		$	1,289,435		$	2,610,885			$	171,682,868		$	336,208,810
Net realized gain (loss)			357,006			1,060,070				(7,339,400	)		(34,724,575	)
Change in net unrealized appreciation (depreciation)			(5,812,189	)		1,685,253				(716,881,497	)		136,273,005

Net increase (decrease) in net assets resulting from operations			(4,165,748	)		5,356,208				(552,538,029	)		437,757,240


Distributions to Shareholders from:
Distributable earnings			(1,855,374	)		(2,676,754	)			(172,091,067	)		(339,184,665	)


Shareholder Transactions:
Proceeds from shares sold			3,925,128			19,506,459				381,942,689			1,574,794,822
Value of shares repurchased			(5,245,342	)		-				(385,349,250	)		(475,078,866	)
Transaction fees			-			-				-			-

Net increase (decrease) in net assets resulting from sharetransactions			(1,320,214	)		19,506,459				(3,406,561	)		1,099,715,956

Net increase (decrease) in net assets			(7,341,336	)		22,185,913				(728,035,657	)		1,198,288,531


Net assets:
Beginning of period			121,014,674			98,828,761				7,459,244,861			6,260,956,330

End of period		$	113,673,338		$	121,014,674			$	6,731,209,204		$	7,459,244,861


Changes in Shares Outstanding:
Shares sold			150,000			750,000				25,700,000			104,500,000
Shares repurchased			(200,000	)		-				(26,900,000	)		(32,100,000	)
Shares outstanding, beginning of period			4,600,000			3,850,000				493,700,000			421,300,000

Shares outstanding, end of period			4,550,000			4,600,000				492,500,000			493,700,000

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


		94


Invesco Taxable Municipal Bond								Invesco Treasury Collateral								Invesco Variable Rate Preferred								Invesco VRDO Tax-Free ETF
ETF (BAB)								ETF (CLTL)								ETF (VRP)								ETF (PVI)
Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021

	$	30,645,031			$	58,649,008			$	32,607			$	704,212			$	39,708,105			$	66,080,195			$	(45,694	)		$	(91,178	)
		(770,081	)			(640,194	)			(16,614	)			190,885				(911,041	)			882,622				-				1
		(135,342,594	)			11,250,834				(620,209	)			(639,820	)			(132,062,202	)			81,713,866				-				-

		(105,467,644	)			69,259,648				(604,216	)			255,277				(93,265,138	)			148,676,683				(45,694	)			(91,177	)




		(30,883,394	)			(59,063,700	)			(111,008	)			(1,087,282	)			(43,172,691	)			(68,866,675	)			(120	)			(215	)




		196,762,565				448,831,007				79,237,129				140,601,442				250,637,672				454,090,463				3,730,829				2,491,033
		(149,572,367	)			(99,412,075	)			(133,097,456	)			(410,133,506	)			(22,797,648	)			(76,283,727	)			(6,215,430	)			(3,737,464	)
		803,073				-				-				-				-				-				-				-

		47,993,271				349,418,932				(53,860,327	)			(269,532,064	)			227,840,024				377,806,736				(2,484,601	)			(1,246,431	)

		(88,357,767	)			359,614,880				(54,575,551	)			(270,364,069	)			91,402,195				457,616,744				(2,530,415	)			(1,337,823	)




		2,365,475,639				2,005,860,759				667,805,438				938,169,507				1,930,424,188				1,472,807,444				48,517,605				49,855,428

	$	2,277,117,872			$	2,365,475,639			$	613,229,887			$	667,805,438			$	2,021,826,383			$	1,930,424,188			$	45,987,190			$	48,517,605




		5,950,000				13,500,000				750,000				1,330,000				9,700,000				17,400,000				150,000				100,000
		(4,600,000	)			(3,050,000	)			(1,260,000	)			(3,880,000	)			(900,000	)			(3,000,000	)			(250,000	)			(150,000	)
		70,500,000				60,050,000				6,320,001				8,870,001				73,400,000				59,000,000				1,950,000				2,000,000

		71,850,000				70,500,000				5,810,001				6,320,001				82,200,000				73,400,000				1,850,000				1,950,000


		95

Financial Highlights

Invesco 1-30 Laddered Treasury ETF (PLW)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	37.04			$	39.21			$	36.19			$	31.68			$	32.59			$	33.81			$	32.59

Net investment income^(a)			0.23				0.41				0.47				0.69				0.57				0.66				0.65
Net realized and unrealized gain (loss) on investments			(1.79	)			(2.21	)			3.04				4.51				(0.91	)			(1.22	)			1.22

Total from investment operations			(1.56	)			(1.80	)			3.51				5.20				(0.34	)			(0.56	)			1.87

Distributions to shareholders from:
Net investment income			(0.24	)			(0.37	)			(0.49	)			(0.69	)			(0.57	)			(0.66	)			(0.65	)

Net asset value at end of period		$	35.24			$	37.04			$	39.21			$	36.19			$	31.68			$	32.59			$	33.81

Market price at end of period^(b)		$	35.29			$	37.04			$	39.14			$	36.23			$	31.64			$	32.59			$	33.84

Net Asset Value Total Return^(c)			(4.23	)%			(4.60	)%			9.82	%			16.71	%			(1.04	)%			(1.63	)%			5.76	%
Market Price Total Return^(c)			(4.09	)%			(4.43	)%			9.50	%			16.98	%			(1.17	)%			(1.72	)%			5.82	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	423,617			$	414,835			$	203,903			$	179,124			$	153,634			$	187,393			$	221,472
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.26	%^(e)			0.25	%^(d)			0.25	%			0.25	%
Net investment income			1.27	%^(d)			1.12	%			1.25	%			2.13	%^(e)			2.13	%^(d)			2.02	%			1.94	%
Portfolio turnover rate^(f)			5	%			3	%			9	%			5	%			5	%			5	%			6	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		96

Financial Highlights–(continued)

Invesco California AMT-Free Municipal Bond ETF (PWZ)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	28.03			$	27.64			$	27.62			$	25.86			$	26.09			$	26.15			$	25.43

Net investment income^(a)			0.30				0.64				0.67				0.67				0.54				0.65				0.74
Net realized and unrealized gain (loss) on investments			(1.18	)			0.40				0.02				1.76				(0.23	)			(0.07	)			0.70

Total from investment operations			(0.88	)			1.04				0.69				2.43				0.31				0.58				1.44

Distributions to shareholders from:
Net investment income			(0.31	)			(0.65	)			(0.67	)			(0.67	)			(0.53	)			(0.65	)			(0.75	)
Return of capital			-				-				-				-				(0.01	)			(0.01	)			(0.01	)

Total distributions			(0.31	)			(0.65	)			(0.67	)			(0.67	)			(0.54	)			(0.66	)			(0.76	)

Transaction fees^(a)			-				-				0.00	^(b)			0.00	^(b)			0.00	^(b)			0.02				0.04

Net asset value at end of period		$	26.84			$	28.03			$	27.64			$	27.62			$	25.86			$	26.09			$	26.15

Market price at end of period^(c)		$	26.83			$	28.05			$	27.58			$	27.62			$	25.83			$	26.08			$	26.21

Net Asset Value Total Return^(d)			(3.18	)%			3.80	%			2.56	%			9.58	%			1.22	%			2.36	%			5.84	%
Market Price Total Return^(d)			(3.28	)%			4.10	%			2.34	%			9.70	%			1.15	%			2.08	%			5.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	598,575			$	520,028			$	451,918			$	346,602			$	250,796			$	237,413			$	189,620
Ratio to average net assets of:
Expenses			0.28	%^(e)			0.28	%			0.28	%			0.28	%			0.28	%^(e)			0.28	%			0.28	%
Net investment income			2.17	%^(e)			2.31	%			2.46	%			2.55	%			2.49	%^(e)			2.52	%			2.81	%
Portfolio turnover rate^(f)			0	%^(g)			7	%			12	%			13	%			6	%			24	%			6	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

^(g)	Amount represents less than 0.5%.

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


		97

Financial Highlights–(continued)

Invesco CEF Income Composite ETF (PCEF)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	24.61			$	20.92			$	22.35			$	22.99			$	23.96			$	22.23			$	21.91

Net investment income^(a)(b)			0.86				0.98				1.35				1.18				1.26				1.13				1.30
Net realized and unrealized gain (loss) on investments			(2.75	)			4.33				(1.05	)			(0.19	)			(0.84	)			2.28				0.77

Total from investment operations			(1.89	)			5.31				0.30				0.99				0.42				3.41				2.07

Distributions to shareholders from:
Net investment income			(0.79	)			(1.62	)			(1.73	)			(1.63	)			(1.39	)			(1.13	)			(1.34	)
Return of capital			-				-				-				-				-				(0.55	)			(0.41	)

Total distributions			(0.79	)			(1.62	)			(1.73	)			(1.63	)			(1.39	)			(1.68	)			(1.75	)

Net asset value at end of period		$	21.93			$	24.61			$	20.92			$	22.35			$	22.99			$	23.96			$	22.23

Market price at end of period^(c)		$	21.87			$	24.64			$	20.91			$	22.35			$	23.01			$	23.96			$	22.23

Net Asset Value Total Return^(d)			(7.82	)%			26.36	%			1.84	%			4.72	%			1.85	%			15.86	%			10.11	%
Market Price Total Return^(d)			(8.18	)%			26.58	%			1.80	%			4.62	%			1.94	%			15.86	%			10.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	851,635			$	955,554			$	756,106			$	760,959			$	723,177			$	703,177			$	642,473
Ratio to average net assets of:
Expenses^(e)			0.50	%^(f)			0.50	%			0.50	%			0.50	%			0.50	%^(f)			0.50	%			0.50	%
Net investment income^(b)			7.34	%^(f)			4.30	%			6.36	%			5.35	%			6.53	%^(f)			4.85	%			5.99	%
Portfolio turnover rate^(g)			9	%			25	%			21	%			20	%			12	%			15	%			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)

^(e)

^(f)	Annualized.

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

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


		98

Financial Highlights–(continued)

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


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	19.59			$	18.90			$	19.06			$	18.56			$	19.08			$	18.79			$	18.25

Net investment income^(a)			0.29				0.68				0.76				0.77				0.64				0.80				0.85
Net realized and unrealized gain (loss) on investments			(0.95	)			0.71				(0.15	)			0.51				(0.52	)			0.29				0.54

Total from investment operations			(0.66	)			1.39				0.61				1.28				0.12				1.09				1.39

Distributions to shareholders from:
Net investment income			(0.30	)			(0.70	)			(0.77	)			(0.78	)			(0.64	)			(0.80	)			(0.85	)

Net asset value at end of period		$	18.63			$	19.59			$	18.90			$	19.06			$	18.56			$	19.08			$	18.79

Market price at end of period^(b)		$	18.65			$	19.61			$	18.89			$	19.07			$	18.55			$	19.07			$	18.70

Net Asset Value Total Return^(c)			(3.39	)%			7.49	%			3.38	%			7.12	%			0.70	%			5.96	%			7.97	%
Market Price Total Return^(c)			(3.38	)%			7.66	%			3.28	%			7.25	%			0.70	%			6.42	%			7.56	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	879,300			$	834,635			$	757,811			$	760,546			$	948,530			$	1,197,922			$	1,088,137
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%			0.50	%			0.50	%^(d)			0.50	%			0.50	%
Net investment income			3.08	%^(d)			3.55	%			4.09	%			4.18	%			4.12	%^(d)			4.23	%			4.69	%
Portfolio turnover rate^(e)			23	%			32	%			35	%			17	%			12	%			9	%			14	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		99

Financial Highlights–(continued)

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,					Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018					2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	27.03			$	27.40			$	26.33			$	24.80			$	25.63				$	25.85			$	25.24
Net investment income^(a)			0.28				0.60				0.71				0.76				0.57		��			0.65				0.65

Net realized and unrealized gain (loss) on investments			(1.39	)			(0.26	)			1.07				1.53				(0.83	)				(0.22	)			0.62

Total from investment operations			(1.11	)			0.34				1.78				2.29				(0.26	)				0.43				1.27

Distributions to shareholders from:
Net investment income			(0.28	)			(0.61	)			(0.71	)			(0.76	)			(0.57	)				(0.65	)			(0.66	)
Net realized gains			(0.29	)			(0.10	)			-				-				-					-				-
Return of capital			-				-				-				-				(0.00	)^(b)				-				(0.00	)^(b)

Total distributions			(0.57	)			(0.71	)			(0.71	)			(0.76	)			(0.57	)				(0.65	)			(0.66	)

Net asset value at end of period		$	25.35			$	27.03			$	27.40			$	26.33			$	24.80				$	25.63			$	25.85

Market price at end of period^(c)		$	25.33			$	27.04			$	27.39			$	26.31			$	24.80				$	25.62			$	25.87

Net Asset Value Total Return^(d)			(4.18	)%			1.25	%			6.91	%			9.45	%			(1.01	)%				1.73	%			5.08	%
Market Price Total Return^(d)			(4.29	)%			1.34	%			6.95	%			9.36	%			(0.98	)%				1.61	%			5.03	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	40,553			$	52,706			$	63,030			$	92,171			$	106,620				$	49,970			$	58,154
Ratio to average net assets of:
Expenses			0.22	%^(e)			0.22	%			0.22	%			0.23	%^(f)			0.22	%^(e)				0.22	%			0.22	%
Net investment income			2.13	%^(e)			2.21	%			2.68	%			3.03	%^(f)			2.77	%^(e)				2.53	%			2.55	%
Portfolio turnover rate^(g)			15	%			34	%			36	%			28	%			24	%				42	%			20	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

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


		100

Financial Highlights–(continued)

Invesco National AMT-Free Municipal Bond ETF (PZA)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	27.19			$	26.74			$	26.76			$	25.11			$	25.58			$	25.69			$	25.10

Net investment income^(a)			0.30				0.63				0.68				0.76				0.65				0.77				0.82
Net realized and unrealized gain
(loss) on investments			(1.20	)			0.46				(0.02	)			1.65				(0.46	)			(0.11	)			0.57

Total from investment operations			(0.90	)			1.09				0.66				2.41				0.19				0.66				1.39

Distributions to shareholders from:
Net investment income			(0.31	)			(0.64	)			(0.69	)			(0.76	)			(0.66	)			(0.78	)			(0.83	)
Return of capital			-				-				-				-				-				-				(0.00	)^(b)

Total distributions			(0.31	)			(0.64	)			(0.69	)			(0.76	)			(0.66	)			(0.78	)			(0.83	)

Transaction fees^(a)			-				0.00	^(b)			0.01				0.00	^(b)			0.00	^(b)			0.01				0.03

Net asset value at end of period		$	25.98			$	27.19			$	26.74			$	26.76			$	25.11			$	25.58			$	25.69

Market price at end of period^(c)		$	25.96			$	27.21			$	26.73			$	26.80			$	25.12			$	25.55			$	25.77

Net Asset Value Total Return^(d)			(3.35	)%			4.11	%			2.60	%			9.83	%			0.77	%			2.70	%			5.71	%
Market Price Total Return^(d)			(3.49	)%			4.23	%			2.42	%			9.96	%			0.93	%			2.25	%			5.82	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,383,495			$	2,470,368			$	2,677,153			$	2,005,998			$	1,659,981			$	1,611,258			$	1,379,633
Ratio to average net assets of:
Expenses			0.28	%^(e)			0.28	%			0.28	%			0.28	%			0.28	%^(e)			0.28	%			0.28	%
Net investment income			2.28	%^(e)			2.32	%			2.59	%			2.99	%			3.10	%^(e)			3.06	%			3.17	%
Portfolio turnover rate^(f)			1	%			10	%			15	%			11	%			8	%			23	%			6	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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


		101

Financial Highlights–(continued)

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


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	26.31			$	25.67			$	25.68			$	23.99			$	24.47			$	24.64			$	24.14

Net investment income^(a)			0.29				0.61				0.67				0.69				0.58				0.73				0.81
Net realized and unrealized gain (loss) on investments			(1.21	)			0.66				(0.01	)			1.70				(0.47	)			(0.17	)			0.51

Total from investment operations			(0.92	)			1.27				0.66				2.39				0.11				0.56				1.32

Distributions to shareholders from:
Net investment income			(0.29	)			(0.63	)			(0.67	)			(0.70	)			(0.59	)			(0.73	)			(0.81	)
Net realized gains			(0.12	)			-				-				-				-				-				-
Return of capital			-				-				-				-				-				-				(0.01	)

Total distributions			(0.41	)			(0.63	)			(0.67	)			(0.70	)			(0.59	)			(0.73	)			(0.82	)

Net asset value at end of period		$	24.98			$	26.31			$	25.67			$	25.68			$	23.99			$	24.47			$	24.64

Market price at end of period^(b)		$	24.93			$	26.29			$	25.73			$	25.70			$	23.92			$	24.53			$	24.67

Net Asset Value Total Return^(c)			(3.53	)%			5.00	%			2.66	%			10.17	%			0.46	%			2.37	%			5.50	%
Market Price Total Return^(c)			(3.66	)%			4.66	%			2.83	%			10.58	%			(0.08	)%			2.49	%			6.02	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	113,673			$	121,015			$	98,829			$	79,601			$	63,577			$	66,061			$	64,063
Ratio to average net assets of:
Expenses			0.28	%^(d)			0.28	%			0.28	%			0.29	%^(e)			0.28	%^(d)			0.28	%			0.28	%
Net investment income			2.23	%^(d)			2.35	%			2.64	%			2.84	%^(e)			2.89	%^(d)			3.01	%			3.26	%
Portfolio turnover rate^(f)			3	%			15	%			12	%			11	%			7	%			22	%			21	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		102

Financial Highlights–(continued)

Invesco Preferred ETF (PGX)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,					Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018					2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	15.11			$	14.86			$	14.93			$	14.60			$	14.97				$	14.96			$	14.78

Net investment income^(a)			0.34				0.73				0.75				0.78				0.71					0.84				0.84
Net realized and unrealized gain (loss) on investments			(1.44	)			0.26				(0.06	)			0.36				(0.40	)				0.02				0.20

Total from investment operations			(1.10	)			0.99				0.69				1.14				0.31					0.86				1.04

Distributions to shareholders from:
Net investment income			(0.34	)			(0.74	)			(0.76	)			(0.81	)			(0.68	)				(0.85	)			(0.86	)
																					��
Net asset value at end of period		$	13.67			$	15.11			$	14.86			$	14.93			$	14.60				$	14.97			$	14.96

Market price at end of period^(b)		$	13.71			$	15.12			$	14.91			$	14.97			$	14.62				$	14.96			$	15.00

Net Asset Value Total Return^(c)			(7.38	)%			6.81	%			4.98	%			8.23	%			2.18	%				5.97	%			7.22	%
Market Price Total Return^(c)			(7.17	)%			6.52	%			5.04	%			8.37	%			2.39	%				5.60	%			7.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,731,209			$	7,459,245			$	6,260,956			$	5,352,615			$	5,378,011				$	5,333,535			$	4,730,845
Ratio to average net assets of:
Expenses			0.50	%^(d)(e)			0.50	%^(e)			0.50	%^(e)			0.50	%^(e)			0.50	%^(d)(e)				0.50	%			0.50	%
Net investment income			4.68	%^(d)(e)			4.89	%^(e)			5.20	%^(e)			5.45	%^(e)			5.83	%^(d)(e)				5.66	%			5.63	%
Portfolio turnover rate^(f)			8	%			25	%			18	%			15	%			16	%				10	%			14	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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

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


		103

Financial Highlights–(continued)

Invesco Taxable Municipal Bond ETF (BAB)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	33.55			$	33.40			$	32.83			$	29.66			$	30.38			$	30.68			$	29.11

Net investment income^(a)			0.42				0.85				1.07				1.23				1.01				1.21				1.26
Net realized and unrealized gain (loss) on investments			(1.86	)			0.16				0.58				3.14				(0.72	)			(0.32	)			1.54

Total from investment operations			(1.44	)			1.01				1.65				4.37				0.29				0.89				2.80

Distributions to shareholders from:
Net investment income			(0.43	)			(0.86	)			(1.10	)			(1.23	)			(1.02	)			(1.21	)			(1.27	)

Transaction fees^(a)			0.01				-				0.02				0.03				0.01				0.02				0.04

Net asset value at end of period		$	31.69			$	33.55			$	33.40			$	32.83			$	29.66			$	30.38			$	30.68

Market price at end of period^(b)		$	31.43			$	33.46			$	33.41			$	32.97			$	29.51			$	30.45			$	30.74

Net Asset Value Total Return^(c)			(4.32	)%			3.08	%			5.28	%			15.31	%			1.02	%			3.14	%			9.93	%
Market Price Total Return^(c)			(4.83	)%			2.78	%			4.88	%			16.39	%			0.29	%			3.19	%			9.90	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,277,118			$	2,365,476			$	2,005,861			$	1,308,223			$	938,871			$	972,235			$	1,070,679
Ratio to average net assets of:
Expenses, after Waivers			0.28	%^(d)			0.28	%^(e)			0.27	%			0.28	%			0.28	%^(d)			0.28	%^(e)			0.27	%
Expenses, prior to Waivers			0.28	%^(d)			0.28	%^(e)			0.28	%			0.28	%			0.28	%^(d)			0.28	%^(e)			0.27	%
Net investment income			2.58	%^(d)			2.58	%^(e)			3.32	%			4.06	%			4.06	%^(d)			4.05	%^(e)			4.14	%
Portfolio turnover rate^(f)			2	%			5	%			18	%			7	%			4	%			6	%			0	%^(g)

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

^(f)

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


		104

Financial Highlights–(continued)

Invesco Treasury Collateral ETF (CLTL)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				For the Period January 10, 2017^(a) Through October 31,
	(Unaudited)				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	105.67			$	105.77			$	105.60			$	105.48			$	105.93			$	105.35

Net investment income^(b)			0.01				0.09				1.27				2.39				1.28				0.66
Net realized and unrealized gain (loss) on investments			(0.11	)			(0.06	)			0.37				0.16				0.00	^(c)			(0.08	)

Total from investment operations			(0.10	)			0.03				1.64				2.55				1.28				0.58

Distributions to shareholders from:
Net investment income			-				(0.09	)			(1.45	)			(2.43	)			(1.73	)			-
Net realized gains			(0.02	)			(0.04	)			(0.02	)			-				-				-

Total distributions			(0.02	)			(0.13	)			(1.47	)			(2.43	)			(1.73	)			-

Net asset value at end of period		$	105.55			$	105.67			$	105.77			$	105.60			$	105.48			$	105.93

Market price at end of period^(d)		$	105.56			$	105.68			$	105.78			$	105.62			$	105.54			$	105.94

Net Asset Value Total Return^(e)			(0.10	)%			0.03	%			1.56	%			2.44	%			1.22	%			0.55	%^(f)
Market Price Total Return^(e)			(0.09	)%			0.04	%			1.55	%			2.41	%			1.27	%			0.56	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	613,230			$	667,805			$	938,170			$	547,018			$	468,323			$	454,429
Ratio to average net assets of:
Expenses			0.08	%^(g)			0.08	%			0.08	%			0.08	%			0.08	%^(g)			0.08	%^(g)
Net investment income			0.01	%^(g)			0.09	%			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)

^(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.


		105

Financial Highlights–(continued)

Invesco Variable Rate Preferred ETF (VRP)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	26.30			$	24.96			$	25.28			$	25.14			$	25.87			$	25.33			$	24.36

Net investment income^(a)			0.51				1.07				1.13				1.14				0.91				1.21				1.23
Net realized and unrealized gain (loss) on investments			(1.66	)			1.38				(0.31	)			0.33				(0.66	)			0.56				0.98

Total from investment operations			(1.15	)			2.45				0.82				1.47				0.25				1.77				2.21

Distributions to shareholders from:
Net investment income			(0.55	)			(1.11	)			(1.14	)			(1.33	)			(0.98	)			(1.23	)			(1.24	)

Net asset value at end of period		$	24.60			$	26.30			$	24.96			$	25.28			$	25.14			$	25.87			$	25.33

Market price at end of period^(b)		$	24.65			$	26.38			$	25.01			$	25.33			$	25.11			$	25.94			$	25.42

Net Asset Value Total Return^(c)			(4.44	)%			10.00	%			3.48	%			6.17	%			1.01	%			7.18	%			9.43	%
Market Price Total Return^(c)			(4.54	)%			10.11	%			3.51	%			6.52	%			0.62	%			7.08	%			9.63	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,021,826			$	1,930,424			$	1,472,807			$	1,529,601			$	2,192,114			$	1,890,954			$	899,060
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%			0.50	%			0.50	%^(d)			0.50	%			0.50	%
Net investment income			3.98	%^(d)			4.14	%			4.61	%			4.63	%			4.31	%^(d)			4.72	%			5.03	%
Portfolio turnover rate^(e)			4	%			15	%			22	%			13	%			7	%			4	%			17	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		106

Financial Highlights–(continued)

Invesco VRDO Tax-Free ETF (PVI)


	Six Months Ended February 28, 2022				Years Ended August 31,												Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2021				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	24.88			$	24.93			$	24.93			$	24.93			$	24.93			$	24.93			$	24.93

Net investment income (loss)^(a)			(0.02	)			(0.05	)			0.17				0.31				0.20				0.13				0.02
Net realized and unrealized gain on investments			-				0.00	^(b)			(0.00	)^(b)			-				-				(0.00	)^(b)			-

Total from investment operations			(0.02	)			(0.05	)			0.17				0.31				0.20				0.13				0.02

Distributions to shareholders from:
Net investment income			(0.00	)^(b)			(0.00	)^(b)			(0.17	)			(0.31	)			(0.20	)			(0.13	)			(0.02	)
Return of capital			-				-				-				-				-				(0.00	)^(b)			(0.00	)^(b)

Total distributions			(0.00	)^(b)			(0.00	)^(b)			(0.17	)			(0.31	)			(0.20	)			(0.13	)			(0.02	)

Net asset value at end of period		$	24.86			$	24.88			$	24.93			$	24.93			$	24.93			$	24.93			$	24.93

Market price at end of period^(c)		$	24.87			$	24.88			$	24.93			$	24.96			$	24.93			$	24.93			$	24.91

Net Asset Value Total Return^(d)			(0.08	)%			(0.20	)%			0.69	%			1.26	%			0.82	%			0.51	%			0.07	%
Market Price Total Return^(d)			(0.04	)%			(0.20	)%			0.58	%			1.38	%			0.82	%			0.59	%			(0.01	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	45,987			$	48,518			$	49,855			$	57,338			$	62,327			$	83,512			$	59,831
Ratio to average net assets of:
Expenses			0.25	%^(e)			0.25	%			0.25	%			0.26	%^(f)			0.25	%^(e)			0.25	%			0.25	%
Net investment income (loss)			(0.19	)%^(e)			(0.19	)%			0.70	%			1.25	%^(f)			0.98	%^(e)			0.51	%			0.06	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

February 28, 2022

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco 1-30 Laddered Treasury ETF (PLW)		“1-30 Laddered Treasury ETF”

Invesco California AMT-Free Municipal Bond ETF (PWZ)		“California AMT-Free Municipal Bond ETF”

Invesco CEF Income Composite ETF (PCEF)		“CEF Income Composite ETF”

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

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)		“Fundamental Investment Grade Corporate Bond ETF”

Invesco 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 ETF (PVI)		“VRDO Tax-Free ETF”

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of 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 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.


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


Fund		Underlying Index

1-30 Laddered Treasury ETF		Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index

California AMT-Free Municipal Bond ETF		ICE BofA California Long-Term Core Plus Municipal Securities Index

CEF Income Composite ETF		S-Network Composite Closed-End Fund Index^SM

Fundamental High Yield^® Corporate Bond ETF		RAFI^® Bonds U.S. High Yield 1-10 Index

Fundamental Investment Grade Corporate Bond ETF		RAFI^® Bonds U.S. Investment Grade 1-10 Index

National AMT-Free Municipal Bond ETF		ICE BofA National Long-Term Core Plus Municipal Securities Index

New York AMT-Free Municipal Bond ETF		ICE BofA New York Long-Term Core Plus Municipal Securities Index

Preferred ETF		ICE BofA Core Plus Fixed Rate Preferred Securities Index

Taxable Municipal Bond ETF		ICE BofA US Taxable Municipal Securities Plus Index

Treasury Collateral ETF		ICE U.S. Treasury Short Bond Index

Variable Rate Preferred ETF		ICE Variable Rate Preferred & Hybrid Securities Index

VRDO Tax-Free ETF		ICE US Municipal AMT-Free VRDO Constrained Index

NOTE 2–Significant Accounting Policies

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

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

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.


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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.

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

D.	Dividends and Distributions to Shareholders - Each Fund 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


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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.

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

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.


		111

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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF had affiliated securities lending transactions with Invesco. The CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF paid Invesco $31,263, $15,180 and $6,918 in fees for securities lending agent services.

K.	Other Risks

ADR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”). 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. ADRs 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 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.


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Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. 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 historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB and foreign central banks or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

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 including, among others, greater market volatility, the availability of less reliable financial information, higher transactional costs, taxation by foreign governments, decreased market liquidity and political instability. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. securities, and therefore, not all material information regarding these issuers will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact a Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments.

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.


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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 call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

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 the ability of an issuer of municipal securities 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. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.


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Non-Diversified Fund Risk. Because California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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 Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

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.

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


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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.

NOTE 3–Investment Advisory Agreement and Other Agreements


		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 ETF		0.25%

For the six months ended February 28, 2022, no fees were waived.

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.


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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		ICE Data Indices, LLC

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		ICE Data Indices, LLC

New York AMT-Free Municipal Bond ETF		ICE Data Indices, LLC

Preferred ETF		ICE Data Indices, LLC

Taxable Municipal Bond ETF		ICE Data Indices, LLC

Treasury Collateral ETF		ICE Data Indices, LLC

Variable Rate Preferred ETF		ICE Data Indices, LLC

VRDO Tax-Free ETF		ICE Data Indices, LLC

For the six months ended February 28, 2022, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:


CEF Income Composite ETF		$	4,269

NOTE 4–Additional Valuation Information

Level 1 –

Prices are determined using quoted prices in an active market for identical assets.

Level 2 –

Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2022, for each Fund (except for 1-30 Laddered Treasury ETF, California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free ETF). As of February 28, 2022, all of the securities in 1-30 Laddered Treasury ETF, California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an 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.


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	Level 1			Level 2			Level 3			Total

CEF Income Composite ETF

Investments in Securities

Closed-End Funds		$	852,186,266		$	-		$	-		$	852,186,266

Money Market Funds			-			11,423,859			-			11,423,859


Total Investments		$	852,186,266		$	11,423,859		$	-		$	863,610,125


Fundamental High Yield^®Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	860,092,882		$	-		$	860,092,882

Money Market Funds			16,078,734			269,847,770			-			285,926,504


Total Investments		$	16,078,734		$	1,129,940,652		$	-		$	1,146,019,386


Fundamental Investment Grade Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	40,218,019		$	-		$	40,218,019

Money Market Funds			99,537			7,001,436			-			7,100,973


Total Investments		$	99,537		$	47,219,455		$	-		$	47,318,992


Preferred ETF

Investments in Securities

Preferred Stocks		$	6,712,594,036		$	-		$	-		$	6,712,594,036

Money Market Funds			-			134,302,884			-			134,302,884


Total Investments		$	6,712,594,036		$	134,302,884		$	-		$	6,846,896,920


Taxable Municipal Bond ETF

Investments in Securities

Municipal Obligations		$	-		$	2,189,148,082		$	-		$	2,189,148,082

U.S. Dollar Denominated Bonds & Notes			-			48,099,748			-			48,099,748

Money Market Funds			20,990,146			-			-			20,990,146


Total Investments		$	20,990,146		$	2,237,247,830		$	-		$	2,258,237,976


Treasury Collateral ETF

Investments in Securities

U.S. Treasury Securities		$	-		$	612,382,658		$	-		$	612,382,658

Money Market Funds			142,601			-			-			142,601


Total Investments		$	142,601		$	612,382,658		$	-		$	612,525,259


Variable Rate Preferred ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,424,469,212		$	-		$	1,424,469,212

Preferred Stocks			437,015,801			136,339,666			-			573,355,467

Money Market Funds			16,526,124			176,248,922			-			192,775,046


Total Investments		$	453,541,925		$	1,737,057,800		$	-		$	2,190,599,725

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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


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


	No expiration
	Short-Term		Long-Term		Total*

1-30 Laddered Treasury ETF	$	219,610	$	-	$	219,610

California AMT-Free Municipal Bond ETF		255,013		34,393		289,406

CEF Income Composite ETF		5,346,496		36,268,955		41,615,451

Fundamental High Yield^®Corporate Bond ETF		15,015,105		24,805,027		39,820,132

Fundamental Investment Grade Corporate Bond ETF		-		-		-

National AMT-Free Municipal Bond ETF		9,229,067		318,269		9,547,336

New York AMT-Free Municipal Bond ETF		-		-		-

Preferred ETF		31,908,129		181,720,781		213,628,910

Taxable Municipal Bond ETF		3,763,899		1,268,662		5,032,561

Treasury Collateral ETF		-		-		-

Variable Rate Preferred ETF		5,877,726		24,504,697		30,382,423

VRDO Tax-Free ETF		-		-		-

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

NOTE 6–Investment Transactions


	Purchases		Sales

1-30 Laddered Treasury ETF	$	-	$	-

California AMT-Free Municipal Bond ETF		135,024,585		1,820,000

CEF Income Composite ETF		91,785,887		85,166,239

Fundamental High Yield^®Corporate Bond ETF		200,782,701		202,494,512

Fundamental Investment Grade Corporate Bond ETF		6,771,079		7,072,740

National AMT-Free Municipal Bond ETF		207,554,196		22,251,193

New York AMT-Free Municipal Bond ETF		4,929,853		2,872,626

Preferred ETF		580,046,915		577,361,773

Taxable Municipal Bond ETF		226,339,744		50,245,071

Treasury Collateral ETF		-		-

Variable Rate Preferred ETF		95,479,759		88,889,250

VRDO Tax-Free ETF		-		-

For the six months ended February 28, 2022, the cost of securities purchased and proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:


	Purchases		Sales

1-30 Laddered Treasury ETF	$	33,937,259	$	19,025,858

Treasury Collateral ETF		-		-

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

1-30 Laddered Treasury ETF	$	59,166,264	$	31,082,823

California AMT-Free Municipal Bond ETF		-		43,562,886

CEF Income Composite ETF		64,730,422		62,159,860

Fundamental High Yield^®Corporate Bond ETF		286,316,798		176,874,565

Fundamental Investment Grade Corporate Bond ETF		-		9,159,225

National AMT-Free Municipal Bond ETF		-		127,498,950

New York AMT-Free Municipal Bond ETF		-		3,538,456

Preferred ETF		363,744,551		373,174,022

Taxable Municipal Bond ETF		-		138,061,123


		119


	In-kind		In-kind
	Purchases		Sales

Treasury Collateral ETF	$	43,197,731	$	58,197,559

Variable Rate Preferred ETF		231,201,626		16,468,469

VRDO Tax-Free ETF		-		-

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


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

1-30 Laddered Treasury ETF	$	607,855	$	(12,872,662	)	$	(12,264,807	)	$	481,662,272

California AMT-Free Municipal Bond ETF		17,560,851		(7,747,007	)		9,813,844			563,149,475

CEF Income Composite ETF		54,527,707		(68,848,374	)		(14,320,667	)		877,930,792

Fundamental High Yield^®Corporate Bond ETF		3,643,691		(28,813,212	)		(25,169,521	)		1,171,188,907

Fundamental Investment Grade Corporate Bond ETF		457,048		(1,065,045	)		(607,997	)		47,926,989

National AMT-Free Municipal Bond ETF		70,002,428		(40,179,051	)		29,823,377			2,317,385,930

New York AMT-Free Municipal Bond ETF		2,991,243		(1,762,863	)		1,228,380			110,221,789

Preferred ETF		6,724,759		(504,879,502	)		(498,154,743	)		7,345,051,663

Taxable Municipal Bond ETF		101,094,575		(49,464,985	)		51,629,590			2,206,608,386

Treasury Collateral ETF		223		(609,833	)		(609,610	)		613,134,869

Variable Rate Preferred ETF		5,240,736		(88,823,674	)		(83,582,938	)		2,274,182,663

VRDO Tax-Free ETF		-		-			-			44,235,000

NOTE 7–Trustees’ and Officer’s Fees

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. 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 ETF, such transactions are principally in exchange for the deposit or delivery of cash.

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.


		120

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

In addition to the fees and expenses which the Invesco CEF Income Composite ETF and Invesco Preferred ETF (collectively the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	September 1, 2021			February 28, 2022			Six-Month Period			Six-Month Period⁽¹⁾

Invesco 1-30 Laddered Treasury ETF (PLW)

Actual		$	1,000.00		$	957.70		0.25	%		$	1.21

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25

Invesco California AMT-Free Municipal Bond ETF (PWZ)

Actual			1,000.00			968.20		0.28				1.37

Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28				1.40


		121

Calculating your ongoing Fund expenses–(continued)


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	September 1, 2021			February 28, 2022			Six-Month Period			Six-Month Period⁽¹⁾

Invesco CEF Income Composite ETF (PCEF)

Actual		$	1,000.00		$	921.80		0.50	%		$	2.38

Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50				2.51

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

Actual			1,000.00			966.10		0.50				2.44

Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50				2.51

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

Actual			1,000.00			958.20		0.22				1.07

Hypothetical (5% return before expenses)			1,000.00			1,023.70		0.22				1.10

Invesco National AMT-Free Municipal Bond ETF (PZA)

Actual			1,000.00			966.50		0.28				1.37

Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28				1.40

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

Actual			1,000.00			964.70		0.28				1.36

Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28				1.40

Invesco Preferred ETF (PGX)

Actual			1,000.00			926.20		0.50				2.39

Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50				2.51

Invesco Taxable Municipal Bond ETF (BAB)

Actual			1,000.00			956.80		0.28				1.36

Hypothetical (5% return before expenses)			1,000.00			1,023.41		0.28				1.40

Invesco Treasury Collateral ETF (CLTL)

Actual			1,000.00			999.00		0.08				0.40

Hypothetical (5% return before expenses)			1,000.00			1,024.40		0.08				0.40

Invesco Variable Rate Preferred ETF (VRP)

Actual			1,000.00			955.60		0.50				2.42

Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.50				2.51

Invesco VRDO Tax-Free ETF (PVI)

Actual			1,000.00			999.20		0.25				1.24

Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25

⁽¹⁾


		122

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

LOGO

Invesco Semi-Annual Report to Shareholders

February 28, 2022


RSPE		Invesco ESG S&P 500 Equal Weight ETF

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

QVML		Invesco S&P 500 QVM Multi-factor ETF

QVMM		Invesco S&P MidCap 400 QVM Multi-factor ETF

XMLV		Invesco S&P MidCap Low Volatility ETF

QVMS		Invesco S&P SmallCap 600 QVM Multi-factor ETF

XSHD		Invesco S&P SmallCap High Dividend Low Volatility ETF

XSLV		Invesco S&P SmallCap Low Volatility ETF

XSHQ		Invesco S&P SmallCap Quality ETF

Table of Contents


Schedules of Investments

Invesco ESG S&P 500 Equal Weight ETF (RSPE)			3

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)			6

Invesco Russell 1000 Equal Weight ETF (EQAL)			14

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)			25

Invesco S&P 500 Enhanced Value ETF (SPVU)			31

Invesco S&P 500^®ex-Rate Sensitive Low Volatility ETF (XRLV)			34

Invesco S&P 500^®High Beta ETF (SPHB)			37

Invesco S&P 500^®High Dividend Low Volatility ETF (SPHD)			40

Invesco S&P 500^®Low Volatility ETF (SPLV)			42

Invesco S&P 500 Minimum Variance ETF (SPMV)			45

Invesco S&P 500 Momentum ETF (SPMO)			48

Invesco S&P 500 QVM Multi-factor ETF (QVML)			51

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)			57

Invesco S&P MidCap Low Volatility ETF (XMLV)			62

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)			65

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			71

Invesco S&P SmallCap Low Volatility ETF (XSLV)			73

Invesco S&P SmallCap Quality ETF (XSHQ)			76

Statements of Assets and Liabilities			80

Statements of Operations			84

Statements of Changes in Net Assets			88

Financial Highlights			94

Notes to Financial Statements			112

Fund Expenses			125

Approval of Investment Advisory Contracts			128


		2

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-5.31%
Activision Blizzard, Inc.		457	$	37,246
Alphabet, Inc., Class A^(b)		5		13,506
Alphabet, Inc., Class C^(b)		4		10,791
AT&T, Inc.		1,168		27,670
Comcast Corp., Class A		553		25,858
Electronic Arts, Inc.		214		27,839
Interpublic Group of Cos., Inc. (The)		747		27,490
Take-Two Interactive Software, Inc.^(b)		159		25,758
Verizon Communications, Inc.		536		28,767
Walt Disney Co. (The)^(b)		177		26,277

				251,202


Consumer Discretionary-11.80%
Aptiv PLC^(b)		159		20,581
Best Buy Co., Inc.		253		24,450
Booking Holdings, Inc.^(b)		12		26,067
Dollar Tree, Inc.^(b)		195		27,706
eBay, Inc.		403		22,000
Etsy, Inc.^(b)		110		17,038
General Motors Co.^(b)		445		20,790
Hasbro, Inc.		268		26,009
Hilton Worldwide Holdings, Inc.^(b)		188		27,986
Home Depot, Inc. (The)		66		20,845
Lowe’s Cos., Inc.		105		23,211
Marriott International, Inc., Class A^(b)		172		29,264
McDonald’s Corp.		104		25,456
Newell Brands, Inc.		1,185		28,144
NIKE, Inc., Class B		159		21,711
PVH Corp.		259		25,354
Royal Caribbean Cruises Ltd.^(b)(c)		359		28,979
Starbucks Corp.		233		21,387
Tapestry, Inc.		622		25,440
Target Corp.		113		22,574
TJX Cos., Inc. (The)		364		24,060
Whirlpool Corp.		119		23,951
Yum! Brands, Inc.		206		25,251

				558,254


Consumer Staples-7.23%
Campbell Soup Co.		647		29,095
Colgate-Palmolive Co.		348		26,779
General Mills, Inc.		422		28,455
Hershey Co. (The)		148		29,934
Kellogg Co.		437		27,942
Kraft Heinz Co. (The)		817		32,043
Kroger Co. (The)		632		29,578
McCormick & Co., Inc.		305		29,027
Mondelez International, Inc., Class A		445		29,139
PepsiCo, Inc.		163		26,690
Procter & Gamble Co. (The)		178		27,748
Walgreens Boots Alliance, Inc.		558		25,718

				342,148


Financials-14.72%
Aflac, Inc.		477		29,140
Allstate Corp. (The)		248		30,345
American Express Co.		160		31,126
Bank of America Corp.		613		27,095


	Shares		Value
Financials-(continued)
Bank of New York Mellon Corp. (The)		481	$	25,565
Capital One Financial Corp.		182		27,895
Chubb Ltd.		143		29,121
Citigroup, Inc.		433		25,647
Comerica, Inc.		320		30,557
Fifth Third BanCorp		616		29,469
Hartford Financial Services Group, Inc. (The)		395		27,445
Invesco Ltd.^(d)		1,147		24,362
JPMorgan Chase & Co.		168		23,822
KeyCorp.		1,172		29,382
Lincoln National Corp.		399		26,901
MetLife, Inc.		447		30,195
Moody’s Corp.		68		21,898
Morgan Stanley		267		24,228
Nasdaq, Inc.		131		22,421
Northern Trust Corp.		227		25,855
Principal Financial Group, Inc.		378		26,702
Regions Financial Corp.		1,196		28,931
S&P Global, Inc.		115		43,166
State Street Corp.		291		24,831
Travelers Cos., Inc. (The)		176		30,242

				696,341


Health Care-13.67%
Abbott Laboratories		205		24,727
AbbVie, Inc.		222		32,805
Agilent Technologies, Inc.		173		22,552
Amgen, Inc.^(c)		127		28,763
Anthem, Inc.		65		29,370
Baxter International, Inc.		336		28,550
Becton, Dickinson and Co.		110		29,841
Biogen, Inc.^(b)		115		24,266
Boston Scientific Corp.^(b)		650		28,710
Cardinal Health, Inc.		561		30,300
Cigna Corp.		130		30,911
CVS Health Corp.		291		30,162
DaVita, Inc.^(b)		258		29,095
Edwards Lifesciences Corp.^(b)		227		25,508
Gilead Sciences, Inc.		388		23,435
Hologic, Inc.^(b)		356		25,336
Humana, Inc.		62		26,928
Illumina, Inc.^(b)		72		23,515
Medtronic PLC		241		25,303
Merck & Co., Inc.		370		28,335
Quest Diagnostics, Inc.		169		22,185
Regeneron Pharmaceuticals, Inc.^(b)		41		25,353
Thermo Fisher Scientific, Inc.		42		22,848
UnitedHealth Group, Inc.		58		27,600

				646,398


Industrials-14.96%
Alaska Air Group, Inc.^(b)		526		29,530
Caterpillar, Inc.		133		24,948
CSX Corp.		733		24,856
Cummins, Inc.		123		25,107
Deere & Co.		75		27,001
Delta Air Lines, Inc.^(b)		696		27,784
Dover Corp.		158		24,784
Emerson Electric Co.		293		27,226

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


		3

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Fortive Corp.		358	$	23,181
General Electric Co.		275		26,265
Illinois Tool Works, Inc.		113		24,446
Ingersoll Rand, Inc.		450		22,734
Johnson Controls International PLC		340		22,087
Nielsen Holdings PLC		1,307		22,768
Norfolk Southern Corp.		94		24,113
Pentair PLC		362		20,963
Republic Services, Inc.		200		24,056
Rockwell Automation, Inc.		78		20,793
Roper Technologies, Inc.		57		25,549
Snap-on, Inc.		126		26,483
Stanley Black & Decker, Inc.		141		22,941
Trane Technologies PLC		134		20,627
Union Pacific Corp.		109		26,809
United Parcel Service, Inc., Class B		132		27,775
United Rentals, Inc.^(b)		76		24,443
Verisk Analytics, Inc.		118		20,926
W.W. Grainger, Inc.		54		25,761
Waste Management, Inc.		166		23,970
Xylem, Inc.		218		19,391

				707,317


Information Technology-15.52%
Accenture PLC, Class A		72		22,753
Adobe, Inc.^(b)		41		19,175
Advanced Micro Devices, Inc.^(b)		186		22,941
Akamai Technologies, Inc.^(b)		242		26,199
ANSYS, Inc.^(b)		67		21,721
Applied Materials, Inc.		172		23,082
Autodesk, Inc.^(b)		98		21,582
Automatic Data Processing, Inc.		116		23,715
Cisco Systems, Inc.		475		26,491
DXC Technology Co.^(b)		865		29,436
Hewlett Packard Enterprise Co.		1,738		27,669
HP, Inc.		738		25,358
Intel Corp.		523		24,947
Intuit, Inc.		40		18,975
Juniper Networks, Inc.		835		28,215
Keysight Technologies, Inc.^(b)		134		21,087
Lam Research Corp.		38		21,331
Mastercard, Inc., Class A		79		28,505
Micron Technology, Inc.		315		27,991
Microsoft Corp.		81		24,202
Motorola Solutions, Inc.		107		23,586
NortonLifeLock, Inc.		1,109		32,139
NVIDIA Corp.		85		20,727
Oracle Corp.		304		23,095
QUALCOMM, Inc.		148		25,454
salesforce.com, inc.^(b)		102		21,474
Seagate Technology Holdings PLC		256		26,409
TE Connectivity Ltd. (Switzerland)		170		24,213
Texas Instruments, Inc.		138		23,459
Visa, Inc., Class A		130		28,096

				734,027


Materials-6.48%
Air Products and Chemicals, Inc.		92		21,740
Albemarle Corp.		102		19,981
CF Industries Holdings, Inc.		450		36,536
Dow, Inc.		493		29,067


	Shares		Value
Materials-(continued)
Ecolab, Inc.		117	$	20,622
Freeport-McMoRan, Inc.		699		32,818
Linde PLC (United Kingdom)		81		23,752
LyondellBasell Industries N.V., Class A		299		29,072
Mosaic Co. (The)		752		39,427
Newmont Corp.		480		31,776
PPG Industries, Inc.		164		21,886

				306,677


Real Estate-6.74%
AvalonBay Communities, Inc.		110		26,245
Boston Properties, Inc.		231		28,254
CBRE Group, Inc., Class A^(b)		263		25,471
Healthpeak Properties, Inc.		784		24,351
Host Hotels & Resorts, Inc.^(b)		1,600		29,232
Iron Mountain, Inc.		565		27,787
Kimco Realty Corp.		1,145		26,942
Prologis, Inc.		170		24,794
Simon Property Group, Inc.		172		23,660
Ventas, Inc.		536		28,944
Welltower, Inc.		316		26,320
Weyerhaeuser Co.		686		26,672

				318,672


Utilities-3.43%
American Water Works Co., Inc.		153		23,117
Consolidated Edison, Inc.		332		28,476
Edison International		405		25,685
Eversource Energy		310		25,358
FirstEnergy Corp.		687		28,751
Sempra Energy		215		31,007

				162,394

Total Common Stocks & Other Equity Interests (Cost $4,994,006)				4,723,430


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $531)		531		531

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $4,994,537)				4,723,961


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.25%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		17,784		17,784
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		41,493		41,497

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $59,281)				59,281

TOTAL INVESTMENTS IN SECURITIES-101.12% (Cost $5,053,818)				4,783,242
OTHER ASSETS LESS LIABILITIES-(1.12)%				(53,210	)

NET ASSETS-100.00%			$	4,730,032

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


		4

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2022			Dividend Income

Invesco Ltd.		$	-		$	29,344		$	-			$	(4,982	)		$	-		$	24,362		$	195

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			23,295			(22,764	)			-				-			531			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			44,572			(26,788	)			-				-			17,784			1	*

Invesco Private Prime Fund			-			99,735			(58,238	)			-				-			41,497			2	*


Total		$	-		$	196,946		$	(107,790	)		$	(4,982	)		$	-		$	84,174		$	198

*	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 February 28, 2022.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology				15.52

Industrials				14.96

Financials				14.72

Health Care				13.67

Consumer Discretionary				11.80

Consumer Staples				7.23

Real Estate				6.74

Materials				6.48

Communication Services				5.31

Utilities				3.43

Money Market Funds Plus Other Assets Less Liabilities				0.14

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


		5

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Communication Services-3.40%
Alphabet, Inc., Class A^(b)		1	$	2,701
Alphabet, Inc., Class C^(b)		1		2,698
AT&T, Inc.		243		5,757
Cable One, Inc.		3		4,299
Charter Communications, Inc., Class A^(b)		8		4,814
Comcast Corp., Class A		109		5,097
Discovery, Inc., Class A^(b)		84		2,356
Discovery, Inc., Class C^(b)		161		4,503
DISH Network Corp., Class A^(b)		176		5,625
Electronic Arts, Inc.		45		5,854
Fox Corp., Class A		108		4,518
Fox Corp., Class B		51		1,951
IAC/InterActiveCorp.^(b)		43		4,935
Interpublic Group of Cos., Inc. (The)		163		5,998
Meta Platforms, Inc., Class A^(b)		17		3,588
New York Times Co. (The), Class A		117		5,147
News Corp., Class A		195		4,352
News Corp., Class B		60		1,346
Nexstar Media Group, Inc., Class A		37		6,847
Omnicom Group, Inc.		81		6,795
Paramount Global, Class A		168		5,720
Paramount Global, Class B		181		5,540
Sirius XM Holdings, Inc.^(c)		895		5,513
T-Mobile US, Inc.^(b)		51		6,284
Verizon Communications, Inc.		108		5,796
World Wrestling Entertainment, Inc., Class A^(c)		113		6,696

				124,730


Consumer Discretionary-11.23%
Advance Auto Parts, Inc.		25		5,112
Amazon.com, Inc.^(b)		1		3,071
Aptiv PLC^(b)		34		4,401
AutoNation, Inc.^(b)		44		5,045
AutoZone, Inc.^(b)		3		5,590
Bath & Body Works, Inc.		77		4,109
Best Buy Co., Inc.		53		5,122
BorgWarner, Inc.		125		5,126
Boyd Gaming Corp.^(b)		95		6,739
Brunswick Corp.		59		5,636
Burlington Stores, Inc.^(b)		19		4,292
Capri Holdings Ltd.^(b)		91		6,164
CarMax, Inc.^(b)		39		4,264
Carter’s, Inc.		55		5,317
Chipotle Mexican Grill, Inc.^(b)		3		4,570
Choice Hotels International, Inc.		39		5,630
Columbia Sportswear Co.		56		5,192
D.R. Horton, Inc.		56		4,782
Darden Restaurants, Inc.		40		5,809
Deckers Outdoor Corp.^(b)		14		4,041
Dick’s Sporting Goods, Inc.^(c)		47		4,935
Dollar General Corp.		24		4,760
Dollar Tree, Inc.^(b)		41		5,825
Domino’s Pizza, Inc.		11		4,754
eBay, Inc.		80		4,367
Etsy, Inc.^(b)		21		3,253
Five Below, Inc.^(b)		28		4,581
Floor & Decor Holdings, Inc., Class A^(b)		43		4,112


	Shares		Value
Consumer Discretionary-(continued)
Foot Locker, Inc.		121	$	3,826
Ford Motor Co.		275		4,829
Gap, Inc. (The)^(c)		337		4,903
Garmin Ltd.		41		4,528
General Motors Co.^(b)		93		4,345
Gentex Corp.		159		4,813
Genuine Parts Co.		43		5,253
Harley-Davidson, Inc.		147		6,071
Hasbro, Inc.^(c)		56		5,435
Home Depot, Inc. (The)		14		4,422
Kohl’s Corp.		111		6,174
Lear Corp.		32		5,035
Leggett & Platt, Inc.^(c)		133		4,932
Lennar Corp., Class A		48		4,314
Lennar Corp., Class B		2		151
Lithia Motors, Inc., Class A		19		6,476
LKQ Corp.		96		4,507
Lowe’s Cos., Inc.		23		5,084
Mattel, Inc.^(b)		252		6,295
McDonald’s Corp.		23		5,630
Mohawk Industries, Inc.^(b)		33		4,646
Newell Brands, Inc.		257		6,104
NIKE, Inc., Class B		33		4,506
NVR, Inc.^(b)		1		4,958
O’Reilly Automotive, Inc.^(b)		8		5,194
Penske Automotive Group, Inc.		55		5,406
Polaris, Inc.		49		5,954
Pool Corp.		10		4,586
PulteGroup, Inc.		108		5,363
PVH Corp.		52		5,090
Qurate Retail, Inc., Class A		708		3,901
Ralph Lauren Corp.^(c)		47		6,206
RH^(b)(c)		10		4,019
Ross Stores, Inc.		52		4,752
Service Corp. International		83		5,051
Skechers U.S.A., Inc., Class A^(b)		121		5,564
Starbucks Corp.		49		4,498
Tapestry, Inc.		139		5,685
Target Corp.		23		4,595
Tempur Sealy International, Inc.		124		4,093
Thor Industries, Inc.^(c)		52		4,706
TJX Cos., Inc. (The)		79		5,222
Toll Brothers, Inc.		85		4,612
TopBuild Corp.^(b)		21		4,508
Tractor Supply Co.		24		4,891
Travel + Leisure Co.		115		6,446
Ulta Beauty, Inc.^(b)		15		5,617
Vail Resorts, Inc.		17		4,429
VF Corp.		76		4,410
Wayfair, Inc., Class A^(b)(c)		23		3,240
Wendy’s Co. (The)		264		6,003
Whirlpool Corp.		25		5,032
Williams-Sonoma, Inc.^(c)		29		4,201
YETI Holdings, Inc.^(b)(c)		64		3,940
Yum China Holdings, Inc. (China)		108		5,618
Yum! Brands, Inc.		44		5,394

				412,062

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


		6

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Staples-6.79%
Albertsons Cos., Inc., Class A		157	$	4,577
Altria Group, Inc.		125		6,411
Archer-Daniels-Midland Co.		87		6,825
Brown-Forman Corp., Class A		16		977
Brown-Forman Corp., Class B		63		4,109
Bunge Ltd.		64		6,691
Campbell Soup Co.		135		6,071
Casey’s General Stores, Inc.		28		5,266
Church & Dwight Co., Inc.		60		5,871
Clorox Co. (The)		33		4,811
Coca-Cola Co. (The)		103		6,411
Colgate-Palmolive Co.		72		5,540
Conagra Brands, Inc.		177		6,190
Constellation Brands, Inc., Class A		24		5,175
Costco Wholesale Corp.		11		5,712
Darling Ingredients, Inc.^(b)		83		6,016
Estee Lauder Cos., Inc. (The), Class A		17		5,038
Flowers Foods, Inc.		209		5,729
General Mills, Inc.		88		5,934
Hain Celestial Group, Inc. (The)^(b)(c)		140		5,090
Hershey Co. (The)		31		6,270
Hormel Foods Corp.		128		6,098
Ingredion, Inc.		59		5,236
JM Smucker Co. (The)		43		5,794
Kellogg Co.		88		5,627
Keurig Dr Pepper, Inc.		160		6,187
Kimberly-Clark Corp.		41		5,336
Kraft Heinz Co. (The)		164		6,432
Kroger Co. (The)		136		6,365
McCormick & Co., Inc.		63		5,996
Mondelez International, Inc., Class A		92		6,024
Monster Beverage Corp.^(b)		67		5,655
PepsiCo, Inc.		35		5,731
Philip Morris International, Inc.		63		6,367
Post Holdings, Inc.^(b)		57		5,993
Procter & Gamble Co. (The)		37		5,768
Reynolds Consumer Products, Inc.		184		5,478
Seaboard Corp.		1		3,859
Spectrum Brands Holdings, Inc.		55		5,103
Sysco Corp.		79		6,881
Tyson Foods, Inc., Class A		69		6,393
US Foods Holding Corp.^(b)		179		6,997
Walgreens Boots Alliance, Inc.		125		5,761
Walmart, Inc.		40		5,406

				249,201

Energy-2.50%
Antero Midstream Corp.^(c)		565		5,673
Chevron Corp.		48		6,912
ConocoPhillips		79		7,494
Continental Resources, Inc.		127		7,040
Coterra Energy, Inc.		272		6,346
EOG Resources, Inc.		65		7,470
HollyFrontier Corp.		167		5,085
Kinder Morgan, Inc.		352		6,125
Marathon Petroleum Corp.		88		6,852
ONEOK, Inc.		92		6,007
Pioneer Natural Resources Co.		31		7,427
Targa Resources Corp.		105		6,864


	Shares		Value
Energy-(continued)
Texas Pacific Land Corp.		5	$	5,944
Williams Cos., Inc. (The)		203		6,350

				91,589

Financials-17.30%
Affiliated Managers Group, Inc.		32		4,428
Aflac, Inc.		100		6,109
AGNC Investment Corp.		356		4,596
Alleghany Corp.^(b)		8		5,295
Ally Financial, Inc.		120		5,988
American Express Co.		36		7,003
American Financial Group, Inc.		41		5,551
Ameriprise Financial, Inc.		19		5,696
Aon PLC, Class A		19		5,551
Arch Capital Group Ltd.^(b)		132		6,219
Arthur J. Gallagher & Co.		33		5,220
Assurant, Inc.		36		6,110
Assured Guaranty Ltd.		112		6,941
Bank of America Corp.		123		5,437
Bank of Hawaii Corp.		68		5,860
Bank of New York Mellon Corp. (The)		100		5,315
Bank OZK		121		5,689
Berkshire Hathaway, Inc., Class B^(b)		20		6,429
BlackRock, Inc.		6		4,463
Blackstone, Inc., Class A		40		5,099
BOK Financial Corp.^(c)		53		5,443
Brown & Brown, Inc.		84		5,679
Capital One Financial Corp.		40		6,131
Cboe Global Markets, Inc.		43		5,043
Charles Schwab Corp. (The)		71		5,997
Chubb Ltd.		31		6,313
Cincinnati Financial Corp.		48		5,894
Citigroup, Inc.		87		5,153
Citizens Financial Group, Inc.		116		6,081
CME Group, Inc., Class A		25		5,913
CNA Financial Corp.		129		5,895
Comerica, Inc.		67		6,398
Commerce Bancshares, Inc.		83		5,958
Credit Acceptance Corp.^(b)(c)		9		4,951
Cullen/Frost Bankers, Inc.		44		6,192
Discover Financial Services		51		6,295
East West Bancorp, Inc.		72		6,304
Evercore, Inc., Class A		40		5,080
Everest Re Group Ltd.		21		6,263
F.N.B. Corp.		467		6,272
FactSet Research Systems, Inc.		12		4,873
Fidelity National Financial, Inc.		109		5,193
Fifth Third Bancorp		129		6,171
First American Financial Corp.		73		4,894
First Citizens BancShares, Inc., Class A		7		5,519
First Hawaiian, Inc.		209		6,076
First Horizon Corp.		341		8,007
First Republic Bank		26		4,505
Franklin Resources, Inc.		169		5,024
Goldman Sachs Group, Inc. (The)		15		5,119
Hartford Financial Services Group, Inc. (The)		83		5,767
Huntington Bancshares, Inc.		367		5,696
Interactive Brokers Group, Inc., Class A		72		4,765
Intercontinental Exchange, Inc.		43		5,509
Invesco Ltd.^(d)		245		5,204

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


		7

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Janus Henderson Group PLC		132	$	4,431
Jefferies Financial Group, Inc.		144		5,118
KeyCorp.		244		6,117
Lazard Ltd., Class A		127		4,392
Lincoln National Corp.		85		5,731
Loews Corp.		101		6,195
LPL Financial Holdings, Inc.		35		6,333
M&T Bank Corp.		38		6,925
Markel Corp.^(b)		5		6,215
Marsh & McLennan Cos., Inc.		33		5,129
MetLife, Inc.		95		6,417
MGIC Investment Corp.		385		5,844
Moody’s Corp.		15		4,830
Morgan Stanley		57		5,172
Morningstar, Inc.		18		5,052
Nasdaq, Inc.		28		4,792
New Residential Investment Corp.		512		5,315
New York Community Bancorp, Inc.		457		5,274
Northern Trust Corp.		48		5,467
Old Republic International Corp.		228		6,008
OneMain Holdings, Inc.		108		5,506
People’s United Financial, Inc.		324		6,830
Pinnacle Financial Partners, Inc.		57		5,762
PNC Financial Services Group, Inc. (The)		28		5,579
Popular, Inc.		71		6,521
Primerica, Inc.		39		5,066
Principal Financial Group, Inc.		80		5,651
Prosperity Bancshares, Inc.		76		5,659
Prudential Financial, Inc.		54		6,030
Raymond James Financial, Inc.		57		6,250
Regions Financial Corp.		243		5,878
S&P Global, Inc.^(c)		24		9,093
SEI Investments Co.		92		5,389
Signature Bank		18		6,208
SLM Corp.		300		5,910
Starwood Property Trust, Inc.		217		5,173
State Street Corp.		61		5,205
Stifel Financial Corp.		77		5,659
SVB Financial Group^(b)		8		4,848
Synchrony Financial		123		5,262
Synovus Financial Corp.		121		6,371
T. Rowe Price Group, Inc.		28		4,048
TFS Financial Corp.		300		5,151
Travelers Cos., Inc. (The)		37		6,358
Truist Financial Corp.		92		5,724
U.S. Bancorp		99		5,597
Unum Group		240		6,701
Virtu Financial, Inc., Class A		195		6,841
Voya Financial, Inc.		87		5,859
W.R. Berkley Corp.		72		6,502
Webster Financial Corp.		207		12,463
Wells Fargo & Co.		115		6,138
Western Alliance Bancorporation		52		4,874
Willis Towers Watson PLC		24		5,335
Zions Bancorporation N.A.		87		6,167

				634,941

Health Care-10.10%
Abbott Laboratories		43		5,187
AbbVie, Inc.		47		6,945


	Shares		Value
Health Care-(continued)
ABIOMED, Inc.^(b)		18	$	5,593
Agilent Technologies, Inc.		37		4,823
Align Technology, Inc.^(b)		9		4,603
AmerisourceBergen Corp.		48		6,841
Amgen, Inc.^(c)		27		6,115
Anthem, Inc.		13		5,874
Avantor, Inc.^(b)		143		4,961
Baxter International, Inc.		72		6,118
Becton, Dickinson and Co.		23		6,239
Biogen, Inc.^(b)		24		5,064
Bio-Rad Laboratories, Inc., Class A^(b)		7		4,382
Boston Scientific Corp.^(b)		141		6,228
Bruker Corp.		67		4,715
Cardinal Health, Inc.		117		6,319
Catalent, Inc.^(b)		43		4,388
Centene Corp.^(b)		77		6,362
Cerner Corp.		77		7,180
Charles River Laboratories International, Inc.^(b)		15		4,367
Chemed Corp.		12		5,739
Cigna Corp.		28		6,658
Cooper Cos., Inc. (The)		15		6,135
CVS Health Corp.		61		6,323
Danaher Corp.		17		4,665
DaVita, Inc.^(b)		57		6,428
DENTSPLY SIRONA, Inc.		112		6,064
Edwards Lifesciences Corp.^(b)		51		5,731
Eli Lilly and Co.		22		5,499
Envista Holdings Corp.^(b)		141		6,768
Exelixis, Inc.^(b)		328		6,734
Gilead Sciences, Inc.		79		4,772
Globus Medical, Inc., Class A^(b)		85		5,977
HCA Healthcare, Inc.		24		6,007
Henry Schein, Inc.^(b)		77		6,651
Hologic, Inc.^(b)		75		5,338
Horizon Therapeutics PLC^(b)		51		4,650
Humana, Inc.		13		5,646
ICU Medical, Inc.^(b)		24		5,682
Illumina, Inc.^(b)		15		4,899
Integra LifeSciences Holdings Corp.^(b)		87		5,834
IQVIA Holdings, Inc.^(b)		21		4,833
Johnson & Johnson		35		5,760
Laboratory Corp. of America Holdings^(b)		19		5,154
Masimo Corp.^(b)		20		3,149
Medtronic PLC		52		5,459
Merck & Co., Inc.		73		5,590
Mettler-Toledo International, Inc.^(b)		4		5,635
Molina Healthcare, Inc.^(b)		19		5,831
PerkinElmer, Inc.		29		5,209
Pfizer, Inc.		99		4,647
Premier, Inc., Class A		145		5,211
QIAGEN N.V.^(b)		99		4,919
Quest Diagnostics, Inc.		36		4,726
Regeneron Pharmaceuticals, Inc.^(b)		8		4,947
ResMed, Inc.		21		5,182
Royalty Pharma PLC, Class A^(c)		139		5,457
STERIS PLC		25		6,000
Stryker Corp.		23		6,057
Syneos Health, Inc.^(b)		56		4,435
Thermo Fisher Scientific, Inc.		9		4,896
United Therapeutics Corp.^(b)		29		4,820

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


		8

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
UnitedHealth Group, Inc.		12	$	5,710
Universal Health Services, Inc., Class B		47		6,765
Waters Corp.^(b)		17		5,384
Zimmer Biomet Holdings, Inc.		45		5,724
Zoetis, Inc.		25		4,841

				370,845

Industrials-16.69%
3M Co.		32		4,757
A.O. Smith Corp.		68		4,663
Acuity Brands, Inc.		28		5,106
Advanced Drainage Systems, Inc.		44		5,136
AECOM		80		5,813
AGCO Corp.		49		5,888
Air Lease Corp.		136		5,679
Allegion PLC		44		5,039
AMERCO		8		4,621
AMETEK, Inc.		40		5,192
Armstrong World Industries, Inc.		51		4,508
AZEK Co., Inc. (The)^(b)		140		4,129
Booz Allen Hamilton Holding Corp.		64		5,164
Builders FirstSource, Inc.^(b)		77		5,730
C.H. Robinson Worldwide, Inc.		57		5,511
CACI International, Inc., Class A^(b)		21		5,876
Carlisle Cos., Inc.		24		5,698
Carrier Global Corp.		100		4,488
Caterpillar, Inc.		28		5,252
Cintas Corp.		13		4,879
Clean Harbors, Inc.^(b)		55		5,249
Colfax Corp.^(b)		120		4,825
Copart, Inc.^(b)		39		4,792
Crane Co.		57		5,762
CSX Corp.		156		5,290
Cummins, Inc.		26		5,307
Curtiss-Wright Corp.		44		6,491
Deere & Co.		16		5,760
Donaldson Co., Inc.		97		5,264
Dover Corp.		33		5,176
Eaton Corp. PLC		33		5,092
Emerson Electric Co.		63		5,854
Equifax, Inc.		20		4,367
Expeditors International of Washington, Inc.		44		4,548
Fastenal Co.		92		4,734
Fortive Corp.		73		4,727
Fortune Brands Home & Security, Inc.		55		4,780
FTI Consulting, Inc.^(b)(c)		39		5,694
Gates Industrial Corp. PLC^(b)(c)		337		5,338
Generac Holdings, Inc.^(b)		14		4,417
General Dynamics Corp.		29		6,799
Graco, Inc.		75		5,407
HEICO Corp.^(c)		16		2,360
HEICO Corp., Class A		28		3,442
Honeywell International, Inc.		27		5,123
Howmet Aerospace, Inc.		196		7,040
Hubbell, Inc.		28		4,991
Huntington Ingalls Industries, Inc.		31		6,336
IDEX Corp.		24		4,606
Illinois Tool Works, Inc.		24		5,192
Ingersoll Rand, Inc.		95		4,799
ITT, Inc.		57		5,009


	Shares		Value
Industrials-(continued)
J.B. Hunt Transport Services, Inc.		29	$	5,885
Jacobs Engineering Group, Inc.		39		4,797
Johnson Controls International PLC		72		4,677
Knight-Swift Transportation Holdings, Inc.		97		5,285
L3Harris Technologies, Inc.		27		6,812
Landstar System, Inc.		32		4,941
Leidos Holdings, Inc.		61		6,212
Lennox International, Inc.		18		4,805
Lincoln Electric Holdings, Inc.		41		5,226
Lockheed Martin Corp.		16		6,941
ManpowerGroup, Inc.		61		6,483
Masco Corp.		83		4,651
MasTec, Inc.^(b)		60		4,726
MDU Resources Group, Inc.		196		5,247
Middleby Corp. (The)^(b)		32		5,684
MSA Safety, Inc.		39		5,425
MSC Industrial Direct Co., Inc., Class A		69		5,346
Nielsen Holdings PLC		281		4,895
Nordson Corp.		22		4,983
Norfolk Southern Corp.		20		5,130
Northrop Grumman Corp.		16		7,074
nVent Electric PLC		153		5,191
Old Dominion Freight Line, Inc.		16		5,024
Oshkosh Corp.		52		5,774
Otis Worldwide Corp.		68		5,326
Owens Corning		63		5,871
PACCAR, Inc.		65		5,968
Parker-Hannifin Corp.		19		5,631
Pentair PLC		75		4,343
Quanta Services, Inc.		49		5,338
Raytheon Technologies Corp.		68		6,984
Regal Rexnord Corp.		35		5,612
Republic Services, Inc.		41		4,931
Robert Half International, Inc.		51		6,135
Rockwell Automation, Inc.		16		4,265
Rollins, Inc.		168		5,482
Roper Technologies, Inc.		12		5,379
Ryder System, Inc.		68		5,361
Schneider National, Inc., Class B		224		5,851
Science Applications International Corp.		65		5,700
Sensata Technologies Holding PLC^(b)		97		5,617
SiteOne Landscape Supply, Inc.^(b)		23		3,966
Snap-on, Inc.		27		5,675
Stanley Black & Decker, Inc.		32		5,206
Textron, Inc.		77		5,631
Timken Co. (The)		83		5,441
Toro Co. (The)		55		5,160
Trane Technologies PLC		29		4,464
TransDigm Group, Inc.^(b)		10		6,666
TransUnion		49		4,447
Union Pacific Corp.		23		5,657
United Parcel Service, Inc., Class B		28		5,892
United Rentals, Inc.^(b)		16		5,146
Univar Solutions, Inc.^(b)		208		6,388
Valmont Industries, Inc.		23		4,978
Verisk Analytics, Inc.		25		4,434
Vertiv Holdings Co.		217		2,825
W.W. Grainger, Inc.		12		5,725
Wabtec Corp.		63		5,848
Waste Management, Inc.		35		5,054

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


		9

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Watsco, Inc.		19	$	5,188
Woodward, Inc.^(c)		53		6,605
XPO Logistics, Inc.^(b)		76		5,524
Xylem, Inc.		45		4,003

				612,631

Information Technology-12.22%
Accenture PLC, Class A		15		4,740
Adobe, Inc.^(b)		8		3,741
Akamai Technologies, Inc.^(b)		49		5,305
Allegro MicroSystems, Inc. (Japan)^(b)		171		4,903
Alliance Data Systems Corıp.		81		5,463
Amdocs Ltd.		79		6,217
Amphenol Corp., Class A		68		5,169
Analog Devices, Inc.		31		4,969
ANSYS, Inc.^(b)		15		4,863
Apple, Inc.		33		5,449
Applied Materials, Inc.		36		4,831
Arista Networks, Inc.^(b)		45		5,523
Arrow Electronics, Inc.^(b)		45		5,485
Aspen Technology, Inc.^(b)		37		5,639
Autodesk, Inc.^(b)		22		4,845
Automatic Data Processing, Inc.		24		4,907
Avnet, Inc.		149		6,268
Azenta, Inc.		48		4,201
Bentley Systems, Inc., Class B		115		4,415
Broadcom, Inc.		10		5,874
Broadridge Financial Solutions, Inc.		32		4,679
Cadence Design Systems, Inc.^(b)		31		4,694
CDW Corp.		29		5,001
Ciena Corp.^(b)		89		6,089
Cirrus Logic, Inc.^(b)		67		5,820
Cisco Systems, Inc.		100		5,577
Cognex Corp.		72		4,864
Cognizant Technology Solutions Corp., Class A		71		6,115
Concentrix Corp.^(c)		33		6,596
Corning, Inc.		147		5,939
Dell Technologies, Inc., Class C^(b)		97		4,943
Dolby Laboratories, Inc., Class A		65		4,882
DXC Technology Co.^(b)		181		6,159
Entegris, Inc.		37		4,828
EPAM Systems, Inc.^(b)		9		1,870
F5, Inc.^(b)		24		4,820
Fortinet, Inc.^(b)		18		6,201
Gartner, Inc.^(b)		18		5,048
Genpact Ltd.		112		4,686
Hewlett Packard Enterprise Co.		379		6,034
HP, Inc.		148		5,085
Intel Corp.		111		5,295
International Business Machines Corp.		47		5,758
Intuit, Inc.		8		3,795
Jabil, Inc.		95		5,492
Juniper Networks, Inc.		175		5,913
Keysight Technologies, Inc.^(b)		28		4,406
KLA Corp.		13		4,531
Lam Research Corp.		8		4,491
Littelfuse, Inc.		18		4,648
Lumentum Holdings, Inc.^(b)(c)		63		6,228
Mastercard, Inc., Class A		18		6,495
McAfee Corp., Class A		211		5,484


	Shares		Value
Information Technology-(continued)
Microchip Technology, Inc.		64	$	4,501
Micron Technology, Inc.		64		5,687
Microsoft Corp.		16		4,781
MKS Instruments, Inc.		35		5,271
Motorola Solutions, Inc.		23		5,070
National Instruments Corp.		131		5,260
NetApp, Inc.		60		4,703
NortonLifeLock, Inc.		225		6,521
NXP Semiconductors N.V. (China)		24		4,563
ON Semiconductor Corp.^(b)		87		5,447
Oracle Corp.		60		4,558
Paychex, Inc.		47		5,596
PTC, Inc.^(b)		49		5,453
Qorvo, Inc.^(b)		37		5,061
QUALCOMM, Inc.		31		5,332
salesforce.com, inc.^(b)		21		4,421
Skyworks Solutions, Inc.		36		4,974
SolarWinds Corp.		388		5,257
SS&C Technologies Holdings, Inc.		73		5,473
Switch, Inc., Class A		208		5,412
Synopsys, Inc.^(b)		16		4,998
TD SYNNEX Corp.		52		5,295
Teledyne Technologies, Inc.^(b)		13		5,582
Teradata Corp.^(b)		127		6,349
Teradyne, Inc.		36		4,245
Texas Instruments, Inc.		28		4,760
Trimble, Inc.^(b)		64		4,464
Ubiquiti, Inc.		19		4,824
VeriSign, Inc.^(b)		23		4,916
ViaSat, Inc.^(b)(c)		123		5,614
VMware, Inc., Class A		48		5,631
Vontier Corp.		177		4,301
Western Digital Corp.^(b)		93		4,737
Zebra Technologies Corp., Class A^(b)		10		4,133

				448,463

Materials-7.65%
Air Products and Chemicals, Inc.		19		4,490
Albemarle Corp.		21		4,114
Alcoa Corp.		125		9,418
Amcor PLC		477		5,548
AptarGroup, Inc.		47		5,728
Ashland Global Holdings, Inc.		55		5,075
Avery Dennison Corp.		27		4,757
Axalta Coating Systems Ltd.^(b)		179		4,840
Ball Corp.		60		5,384
Berry Global Group, Inc.^(b)		79		4,791
Celanese Corp.		37		5,153
CF Industries Holdings, Inc.		95		7,713
Chemours Co. (The)		181		4,996
Cleveland-Cliffs, Inc.^(b)(c)		273		6,104
Corteva, Inc.		123		6,400
Crown Holdings, Inc.		52		6,379
Dow, Inc.		103		6,073
DuPont de Nemours, Inc.		73		5,648
Eagle Materials, Inc.		36		4,926
Eastman Chemical Co.		53		6,279
Ecolab, Inc.		24		4,230
Element Solutions, Inc.		240		5,899
Freeport-McMoRan, Inc.		151		7,090

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


		10

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Materials-(continued)
Graphic Packaging Holding Co.		279	$	5,742
Huntsman Corp.		173		6,996
International Flavors & Fragrances, Inc.		39		5,187
International Paper Co.		119		5,180
Louisiana-Pacific Corp.		81		5,828
LyondellBasell Industries N.V., Class A		64		6,223
Martin Marietta Materials, Inc.		13		4,932
Mosaic Co. (The)		160		8,389
Newmont Corp.		100		6,620
Nucor Corp.		52		6,844
Packaging Corp. of America		42		6,182
PPG Industries, Inc.		36		4,804
Reliance Steel & Aluminum Co.		36		6,871
Royal Gold, Inc.		56		6,791
RPM International, Inc.		60		5,074
Sealed Air Corp.		88		5,907
Sherwin-Williams Co. (The)		16		4,210
Silgan Holdings, Inc.		131		5,486
Southern Copper Corp. (Peru)		93		6,453
Steel Dynamics, Inc.		93		6,564
United States Steel Corp.		241		6,558
Valvoline, Inc.		159		5,141
Vulcan Materials Co.		29		5,262
Westlake Corp.		61		6,729
WestRock Co.		124		5,614

				280,622

Real Estate-7.40%
Alexandria Real Estate Equities, Inc.		28		5,303
American Campus Communities, Inc.		107		5,758
American Homes 4 Rent, Class A		136		5,169
American Tower Corp.		21		4,764
AvalonBay Communities, Inc.		24		5,726
Boston Properties, Inc.		52		6,360
Brixmor Property Group, Inc.		241		6,054
Camden Property Trust		33		5,449
CBRE Group, Inc., Class A^(b)		57		5,520
Cousins Properties, Inc.^(c)		144		5,563
Crown Castle International Corp.		31		5,164
CubeSmart		101		4,869
CyrusOne, Inc.		61		5,511
Digital Realty Trust, Inc.		33		4,452
Douglas Emmett, Inc.		169		5,357
Duke Realty Corp.		92		4,876
Equity LifeStyle Properties, Inc.		67		5,000
Equity Residential		65		5,545
Essex Property Trust, Inc.		17		5,392
Extra Space Storage, Inc.		27		5,080
Federal Realty Investment Trust		45		5,291
First Industrial Realty Trust, Inc.		88		5,067
Gaming and Leisure Properties, Inc.		120		5,449
Healthcare Trust of America, Inc., Class A		163		4,791
Healthpeak Properties, Inc.		165		5,125
Highwoods Properties, Inc.		128		5,581
Invitation Homes, Inc.		137		5,179
Iron Mountain, Inc.		121		5,951
Jones Lang LaSalle, Inc.^(b)		24		5,909
Kilroy Realty Corp.		85		6,088
Kimco Realty Corp.		244		5,741
Lamar Advertising Co., Class A		51		5,562


	Shares		Value
Real Estate-(continued)
Life Storage, Inc.		41	$	5,190
Mid-America Apartment Communities, Inc.		27		5,525
National Retail Properties, Inc.		125		5,326
Prologis, Inc.		36		5,251
Public Storage		17		6,035
Rayonier, Inc.		145		5,757
Realty Income Corp.		83		5,485
Regency Centers Corp.		79		5,205
SBA Communications Corp., Class A		16		4,854
Simon Property Group, Inc.		37		5,090
SL Green Realty Corp.		80		6,362
Spirit Realty Capital, Inc.		125		5,796
Sun Communities, Inc.^(c)		29		5,249
UDR, Inc.		99		5,432
VICI Properties, Inc.		201		5,620
W.P. Carey, Inc.		72		5,573
Welltower, Inc.		68		5,664
Weyerhaeuser Co.		143		5,560

				271,620

Utilities-4.56%
AES Corp. (The)		228		4,840
Alliant Energy Corp.		97		5,665
Ameren Corp.		65		5,587
American Electric Power Co., Inc.		68		6,164
American Water Works Co., Inc.		32		4,835
Avangrid, Inc.		108		4,846
CenterPoint Energy, Inc.		209		5,716
CMS Energy Corp.		91		5,825
Consolidated Edison, Inc.		69		5,918
Constellation Energy Corp.		34		1,563
Dominion Energy, Inc.		76		6,044
DTE Energy Co.		49		5,958
Duke Energy Corp.		56		5,623
Edison International		83		5,264
Entergy Corp.		53		5,576
Essential Utilities, Inc.		113		5,323
Evergy, Inc.		85		5,305
Eversource Energy		65		5,317
Exelon Corp.		103		4,384
FirstEnergy Corp.		143		5,985
Hawaiian Electric Industries, Inc.		139		5,696
IDACORP, Inc.		52		5,405
National Fuel Gas Co.		93		5,788
NextEra Energy, Inc.		61		4,774
NiSource, Inc.		223		6,451
NRG Energy, Inc.		153		5,790
OGE Energy Corp.		156		5,858
Southern Co. (The)		88		5,700
UGI Corp.		131		5,036
WEC Energy Group, Inc.		61		5,544
Xcel Energy, Inc.		84		5,656

				167,436

Total Common Stocks & Other Equity Interests (Cost $3,296,653)				3,664,140

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


		11

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $1,289)		1,289	$	1,289

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $3,297,942)				3,665,429

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.63%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		40,001		40,001


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		93,325	$	93,335

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $133,340)				133,336

TOTAL INVESTMENTS IN SECURITIES-103.51% (Cost $3,431,282)				3,798,765
OTHER ASSETS LESS LIABILITIES-(3.51)%				(128,878	)

NET ASSETS-100.00%			$	3,669,887

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	3,874		$	2,058		$	-			$	(728	)		$	-			$	5,204		$	68

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			53,159			(51,870	)			-				-				1,289			-

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,951			146,167			(115,117	)			-				-				40,001			4	*

Invesco Private Prime Fund			19,979			284,408			(211,035	)			(4	)			(13	)			93,335			25	*


Total		$	32,804		$	485,792		$	(378,022	)		$	(732	)		$	(13	)		$	139,829		$	97

*	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 February 28, 2022.

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

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


		12

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Financials				17.30

Industrials				16.69

Information Technology				12.22

Consumer Discretionary				11.23

Health Care				10.10

Materials				7.65

Real Estate				7.40

Consumer Staples				6.79

Utilities				4.56

Communication Services				3.40

Energy				2.50

Money Market Funds Plus Other Assets Less Liabilities				0.16

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


		13

Invesco Russell 1000 Equal Weight ETF (EQAL)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Communication Services-6.50%
Activision Blizzard, Inc.		6,381	$	520,052
Alphabet, Inc., Class A^(b)		137		370,056
Altice USA, Inc., Class A^(b)		210,579		2,434,293
AT&T, Inc.		137,890		3,266,614
Cable One, Inc.		1,843		2,640,743
Charter Communications, Inc., Class A^(b)		5,145		3,096,158
Comcast Corp., Class A		66,168		3,094,016
Discovery, Inc., Class A^(b)		15,980		448,239
DISH Network Corp., Class A^(b)		97,814		3,126,136
Electronic Arts, Inc.		3,014		392,091
Fox Corp., Class A		10,308		431,184
IAC/InterActiveCorp.^(b)		3,125		358,625
Interpublic Group of Cos., Inc. (The)		10,325		379,960
Liberty Broadband Corp., Class C^(b)		21,035		3,085,835
Liberty Media Corp.-Liberty Formula One, Class C^(b)(c)		6,260		380,170
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		7,825		393,754
Live Nation Entertainment, Inc.^(b)		3,400		410,788
Loyalty Ventures, Inc.^(b)		11,404		273,696
Lumen Technologies, Inc.^(c)		262,141		2,715,781
Madison Square Garden Sports Corp., Class A^(b)		2,207		381,811
Match Group, Inc.^(b)		3,098		345,396
Meta Platforms, Inc., Class A^(b)		1,242		262,099
Netflix, Inc.^(b)		614		242,235
New York Times Co. (The), Class A		8,264		363,533
News Corp., Class A		17,307		386,292
Nexstar Media Group, Inc., Class A		2,446		452,632
Omnicom Group, Inc.		5,398		452,838
Paramount Global, Class B		12,123		371,085
Pinterest, Inc., Class A^(b)		10,579		282,988
Playtika Holding Corp.^(b)(c)		20,425		420,755
Roku, Inc., Class A^(b)		13,378		1,866,632
Sirius XM Holdings, Inc.^(c)		61,158		376,733
Skillz, Inc., (Acquired 06/25/2021 -02/23/2022; Cost $651,994)^(b)(c)(d)		44,873		139,555
Spotify Technology S.A.^(b)		1,612		251,778
Take-Two Interactive Software, Inc.^(b)		2,267		367,254
T-Mobile US, Inc.^(b)		27,596		3,400,103
TripAdvisor, Inc.^(b)(c)		14,084		358,297
Twitter, Inc.^(b)(c)		8,823		313,658
Verizon Communications, Inc.		62,718		3,366,075
Vimeo, Inc.^(b)(c)		22,046		286,378
Walt Disney Co. (The)^(b)		2,454		364,321
World Wrestling Entertainment, Inc.,
Class A^(c)		7,735		458,376
Zynga, Inc., Class A^(b)		59,336		538,771

				43,867,786


Consumer Discretionary-6.36%
Advance Auto Parts, Inc.		1,611		329,417
Amazon.com, Inc.^(b)		107		328,625
Aptiv PLC^(b)(c)		2,253		291,628
Aramark		10,446		386,084
AutoNation, Inc.^(b)		3,135		359,459
AutoZone, Inc.^(b)		189		352,181


	Shares		Value
Consumer Discretionary-(continued)
Bath & Body Works, Inc.		5,000	$	266,850
Best Buy Co., Inc.		3,597		347,614
Booking Holdings, Inc.^(b)		164		356,249
BorgWarner, Inc.		8,145		334,026
Boyd Gaming Corp.		5,956		422,519
Bright Horizons Family Solutions, Inc.^(b)		3,050		398,452
Brunswick Corp.		3,591		343,012
Burlington Stores, Inc.^(b)		1,303		294,335
Caesars Entertainment, Inc.^(b)		4,135		348,126
Capri Holdings Ltd.^(b)		5,712		386,931
CarMax, Inc.^(b)		2,558		279,666
Carnival Corp.^(b)(c)		19,634		399,159
Carter’s, Inc.		3,530		341,280
Carvana Co.^(b)(c)		1,397		210,207
Chegg, Inc.^(b)(c)		13,450		420,582
Chipotle Mexican Grill, Inc.^(b)		216		329,044
Choice Hotels International, Inc.		2,583		372,856
Churchill Downs, Inc.		1,632		393,100
Columbia Sportswear Co.		3,713		344,269
D.R. Horton, Inc.		3,522		300,779
Darden Restaurants, Inc.		2,518		365,664
Deckers Outdoor Corp.^(b)		955		275,651
Dick’s Sporting Goods, Inc.^(c)		3,336		350,280
Dollar General Corp.		1,691		335,393
Dollar Tree, Inc.^(b)		2,729		387,736
Domino’s Pizza, Inc.		709		306,437
DoorDash, Inc., Class A^(b)		2,484		260,696
DraftKings, Inc., Class A^(b)(c)		11,938		282,692
eBay, Inc.		5,633		307,505
Etsy, Inc.^(b)		1,605		248,598
Expedia Group, Inc.^(b)		2,222		435,756
Five Below, Inc.^(b)		1,885		308,405
Floor & Decor Holdings, Inc., Class A^(b)		2,964		283,418
Foot Locker, Inc.^(c)		8,413		266,019
Ford Motor Co.		19,192		337,012
frontdoor, inc.^(b)		10,908		327,785
GameStop Corp., Class A^(b)(c)		2,410		297,249
Gap, Inc. (The)^(c)		21,920		318,936
Garmin Ltd.		2,778		306,802
General Motors Co.^(b)		6,302		294,429
Gentex Corp.		10,713		324,283
Genuine Parts Co.		2,802		342,292
Grand Canyon Education, Inc.^(b)		4,981		432,500
H&R Block, Inc.		15,960		395,968
Hanesbrands, Inc.^(c)		21,613		333,921
Harley-Davidson, Inc.		10,177		420,310
Hasbro, Inc.^(c)		3,736		362,579
Hayward Holdings, Inc.^(b)(c)		13,865		248,045
Hilton Worldwide Holdings, Inc.^(b)		2,607		388,078
Home Depot, Inc. (The)		932		294,354
Hyatt Hotels Corp., Class A		4,385		425,827
Kohl’s Corp.^(c)		7,432		413,368
Las Vegas Sands Corp.^(b)		9,891		423,928
Lear Corp.		2,043		321,446
Leggett & Platt, Inc.^(c)		8,917		330,642
Lennar Corp., Class A		3,245		291,661
Leslie’s, Inc.^(b)(c)		17,788		379,062
Lithia Motors, Inc., Class A		1,325		451,586

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


		14

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
LKQ Corp.		6,580	$	308,931
Lowe’s Cos., Inc.		1,466		324,074
lululemon athletica, inc.^(b)		906		289,866
Marriott International, Inc., Class A^(b)		2,397		407,826
Marriott Vacations Worldwide Corp.		2,338		375,646
Mattel, Inc.^(b)		17,593		439,473
McDonald’s Corp.		1,431		350,266
MGM Resorts International		8,926		395,333
Mister Car Wash, Inc.^(b)		20,657		330,925
Mohawk Industries, Inc.^(b)		1,930		271,705
Newell Brands, Inc.		16,486		391,543
NIKE, Inc., Class B		2,236		305,326
Nordstrom, Inc.^(b)(c)		17,899		371,225
Norwegian Cruise Line Holdings Ltd.^(b)(c)		17,593		342,888
NVR, Inc.^(b)		71		352,049
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		7,554		326,182
O’Reilly Automotive, Inc.^(b)		568		368,768
Peloton Interactive, Inc., Class A^(b)(c)		9,220		267,933
Penn National Gaming, Inc.^(b)		7,381		379,014
Penske Automotive Group, Inc.		3,643		358,070
Petco Health & Wellness Co., Inc.^(b)(c)		18,442		323,104
Planet Fitness, Inc., Class A^(b)		4,288		362,893
Polaris, Inc.		3,486		423,584
Pool Corp.		692		317,337
PulteGroup, Inc.		6,777		336,546
PVH Corp.		3,657		357,984
QuantumScape Corp.^(b)(c)		15,433		249,089
Qurate Retail, Inc., Class A		46,234		254,749
Ralph Lauren Corp.^(c)		3,060		404,042
RH^(b)(c)		617		247,954
Rivian Automotive, Inc., Class A^(b)(c)		3,249		219,502
Ross Stores, Inc.		3,341		305,334
Royal Caribbean Cruises Ltd.^(b)(c)		5,039		406,748
Service Corp. International		5,604		341,003
Six Flags Entertainment Corp.^(b)		9,688		422,978
Skechers U.S.A., Inc., Class A^(b)		8,246		379,151
Starbucks Corp.		3,250		298,318
Tapestry, Inc.		8,675		354,808
Target Corp.		1,584		316,436
Tempur Sealy International, Inc.		8,384		276,756
Terminix Global Holdings, Inc.^(b)		10,009		425,983
Tesla, Inc.^(b)		388		337,727
Thor Industries, Inc.^(c)		3,669		332,045
TJX Cos., Inc. (The)		5,085		336,119
Toll Brothers, Inc.		5,186		281,392
TopBuild Corp.^(b)		1,261		270,711
Tractor Supply Co.		1,635		333,197
Travel + Leisure Co.		7,205		403,840
Ulta Beauty, Inc.^(b)		933		349,409
Under Armour, Inc., Class A^(b)(c)		15,719		281,213
Vail Resorts, Inc.		1,118		291,295
VF Corp.		4,935		286,329
Victoria’s Secret & Co.^(b)(c)		7,176		384,849
Vroom, Inc.^(b)(c)		33,534		203,887
Wayfair, Inc., Class A^(b)(c)		1,715		241,592
Wendy’s Co. (The)		16,929		384,965
Whirlpool Corp.		1,663		334,712
Williams-Sonoma, Inc.^(c)		2,079		301,164
Wyndham Hotels & Resorts, Inc.		4,617		398,955
Wynn Resorts Ltd.^(b)		4,302		372,209


	Shares		Value
Consumer Discretionary-(continued)
YETI Holdings, Inc.^(b)(c)		4,143	$	255,043
Yum China Holdings, Inc. (China)		7,310		380,266
Yum! Brands, Inc.		2,833		347,269

				42,902,293


Consumer Staples-9.00%
Albertsons Cos., Inc., Class A		38,909		1,134,197
Altria Group, Inc.		26,618		1,365,237
Archer-Daniels-Midland Co.		18,756		1,471,408
Beyond Meat, Inc.^(b)(c)		16,934		792,173
Boston Beer Co., Inc. (The), Class A^(b)(c)		2,338		896,529
Brown-Forman Corp., Class B		16,818		1,097,038
Bunge Ltd.		13,885		1,451,677
Campbell Soup Co.		28,144		1,265,636
Casey’s General Stores, Inc.		6,527		1,227,598
Church & Dwight Co., Inc.		12,428		1,216,080
Clorox Co. (The)		7,113		1,037,004
Coca-Cola Co. (The)		21,637		1,346,687
Colgate-Palmolive Co.		15,215		1,170,794
Conagra Brands, Inc.		37,246		1,302,493
Constellation Brands, Inc., Class A		5,079		1,095,134
Costco Wholesale Corp.		716		371,783
Coty, Inc., Class A^(b)		37,080		340,024
Darling Ingredients, Inc.^(b)		18,192		1,318,556
Estee Lauder Cos., Inc. (The), Class A		1,058		313,517
Flowers Foods, Inc.		46,119		1,264,122
Freshpet, Inc.^(b)(c)		11,430		1,088,479
General Mills, Inc.		18,557		1,251,299
Grocery Outlet Holding Corp.^(b)(c)		43,182		1,200,891
Hain Celestial Group, Inc. (The)^(b)(c)		30,463		1,107,635
Herbalife Nutrition Ltd.^(b)(c)		31,791		1,131,124
Hershey Co. (The)		6,471		1,308,824
Hormel Foods Corp.		26,495		1,262,222
Ingredion, Inc.^(c)		12,322		1,093,454
JM Smucker Co. (The)		9,090		1,224,878
Kellogg Co.		19,138		1,223,684
Keurig Dr Pepper, Inc.		34,316		1,327,000
Kimberly-Clark Corp.		8,758		1,139,854
Kraft Heinz Co. (The)		35,465		1,390,937
Kroger Co. (The)		27,173		1,271,696
Lamb Weston Holdings, Inc.		20,933		1,390,579
McCormick & Co., Inc.		13,377		1,273,089
Molson Coors Beverage Co., Class B		26,045		1,359,028
Mondelez International, Inc., Class A		19,459		1,274,175
Monster Beverage Corp.^(b)		13,439		1,134,252
Olaplex Holdings, Inc.^(b)(c)		44,085		739,746
PepsiCo, Inc.		7,139		1,168,940
Philip Morris International, Inc.		13,262		1,340,390
Pilgrim’s Pride Corp.^(b)		42,151		993,921
Post Holdings, Inc.^(b)(c)		11,792		1,239,811
Procter & Gamble Co. (The)		7,743		1,207,056
Reynolds Consumer Products, Inc.^(c)		40,225		1,197,498
Seaboard Corp.		300		1,157,844
Spectrum Brands Holdings, Inc.		12,133		1,125,700
Sysco Corp.		16,072		1,399,871
Tyson Foods, Inc., Class A		14,178		1,313,733
US Foods Holding Corp.^(b)		36,015		1,407,826
Walgreens Boots Alliance, Inc.		24,140		1,112,613
Walmart, Inc.		2,725		368,311

				60,704,047

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


		15

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Energy-9.52%
Antero Midstream Corp.^(c)		175,661	$	1,763,636
APA Corp.		65,325		2,327,530
Baker Hughes Co., Class A		68,371		2,008,740
Cheniere Energy, Inc.		16,645		2,212,120
Chevron Corp.		14,393		2,072,592
ConocoPhillips		23,437		2,223,234
Continental Resources, Inc.^(c)		37,143		2,058,836
Coterra Energy, Inc.		81,669		1,905,338
Devon Energy Corp.		40,179		2,392,659
Diamondback Energy, Inc.		15,415		2,128,812
DT Midstream, Inc.		36,221		1,923,335
EOG Resources, Inc.		19,571		2,249,099
EQT Corp.		82,106		1,899,933
Exxon Mobil Corp.		27,156		2,129,574
Halliburton Co.		72,391		2,427,270
Hess Corp.		21,592		2,182,088
HollyFrontier Corp.		52,286		1,592,109
Kinder Morgan, Inc.		106,207		1,848,002
Marathon Oil Corp.		106,012		2,391,631
Marathon Petroleum Corp.		26,848		2,090,654
New Fortress Energy, Inc.^(c)		67,692		1,867,622
NOV, Inc.		125,772		2,156,990
Occidental Petroleum Corp.		56,232		2,459,025
ONEOK, Inc.		27,546		1,798,754
Phillips 66		23,516		1,980,988
Pioneer Natural Resources Co.		9,292		2,226,363
Schlumberger N.V		55,536		2,179,233
Targa Resources Corp.		32,584		2,130,016
Texas Pacific Land Corp.		1,339		1,591,709
Valero Energy Corp.		24,181		2,019,355
Williams Cos., Inc. (The)		63,881		1,998,198

				64,235,445


Financials-9.32%
Affiliated Managers Group, Inc.		2,636		364,717
Aflac, Inc.		7,724		471,859
AGNC Investment Corp.		27,957		360,925
Alleghany Corp.^(b)		657		434,881
Allstate Corp. (The)		4,116		503,634
Ally Financial, Inc.		9,156		456,884
American Express Co.		2,063		401,336
American Financial Group, Inc.		3,227		436,904
American International Group, Inc.		8,069		494,146
Ameriprise Financial, Inc.		1,484		444,888
Annaly Capital Management, Inc.^(c)		52,307		364,057
Aon PLC, Class A		1,492		435,873
Apollo Global Management, Inc.^(c)		12,588		821,493
Arch Capital Group Ltd.^(b)		10,192		480,145
Ares Management Corp., Class A		5,539		449,158
Arthur J. Gallagher & Co.		2,636		416,989
Assurant, Inc.		2,848		483,334
Assured Guaranty Ltd.		9,124		565,414
AXIS Capital Holdings Ltd.		8,454		461,757
Bank of America Corp.		9,963		440,365
Bank of Hawaii Corp.		5,382		463,821
Bank of New York Mellon Corp. (The)		7,763		412,603
Bank OZK		9,677		455,013
Berkshire Hathaway, Inc., Class B^(b)		1,561		501,783
BlackRock, Inc.		476		354,092
Blackstone, Inc., Class A		3,312		422,181


	Shares		Value
Financials-(continued)
BOK Financial Corp.^(c)		4,202	$	431,545
Brighthouse Financial, Inc.^(b)		8,628		450,899
Brown & Brown, Inc.		6,607		446,699
Capital One Financial Corp.		2,323		356,046
Carlyle Group, Inc. (The)		8,218		385,178
Cboe Global Markets, Inc.		3,436		403,008
Charles Schwab Corp. (The)		5,488		463,516
Chubb Ltd.		2,331		474,685
Cincinnati Financial Corp.		3,840		471,514
Citigroup, Inc.		7,131		422,369
Citizens Financial Group, Inc.		9,357		490,494
CME Group, Inc., Class A		1,940		458,868
CNA Financial Corp.		10,051		459,331
Comerica, Inc.		5,279		504,092
Commerce Bancshares, Inc.		6,509		467,216
Credit Acceptance Corp.^(b)(c)		676		371,881
Cullen/Frost Bankers, Inc.		3,470		488,333
Discover Financial Services		3,835		473,392
East West Bancorp, Inc.		5,640		493,838
Equitable Holdings, Inc.		13,623		444,927
Erie Indemnity Co., Class A^(c)		2,336		409,034
Evercore, Inc., Class A		3,251		412,910
Everest Re Group Ltd.		1,637		488,186
F.N.B. Corp.		36,774		493,875
FactSet Research Systems, Inc.		980		397,968
Fidelity National Financial, Inc.		8,789		418,708
Fifth Third Bancorp		10,128		484,524
First American Financial Corp.		5,851		392,251
First Citizens BancShares, Inc., Class A		536		422,609
First Hawaiian, Inc.		16,281		473,289
First Horizon Corp.		27,032		634,711
First Republic Bank		2,110		365,579
Franklin Resources, Inc.		13,319		395,974
Globe Life, Inc.		4,826		487,233
GoHealth, Inc., Class A^(b)(c)		115,882		258,417
Goldman Sachs Group, Inc. (The)		1,097		374,395
Hanover Insurance Group, Inc. (The)		3,400		474,334
Hartford Financial Services Group, Inc. (The) .		6,495		451,273
Huntington Bancshares, Inc.		28,715		445,657
Interactive Brokers Group, Inc., Class A		5,803		384,043
Intercontinental Exchange, Inc.		3,284		420,746
Invesco Ltd.^(e)		19,091		405,493
Janus Henderson Group PLC		10,678		358,460
Jefferies Financial Group, Inc.		11,556		410,700
JPMorgan Chase & Co.		2,765		392,077
Kemper Corp.		8,285		442,750
KeyCorp		19,271		483,124
KKR & Co., Inc., Class A		5,834		350,740
Lazard Ltd., Class A		10,092		348,981
Lemonade, Inc.^(b)(c)		9,495		241,648
Lincoln National Corp.		6,495		437,893
Loews Corp.		7,822		479,801
LPL Financial Holdings, Inc.		2,750		497,612
M&T Bank Corp.		2,912		530,654
Markel Corp.^(b)		356		442,476
MarketAxess Holdings, Inc.		1,167		445,129
Marsh & McLennan Cos., Inc.		2,587		402,046
Mercury General Corp.		8,453		464,915
MetLife, Inc.		7,266		490,818
MGIC Investment Corp.		30,554		463,810

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


		16

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Moody’s Corp.		1,124	$	361,962
Morgan Stanley		4,396		398,893
Morningstar, Inc.		1,390		390,104
MSCI, Inc.		712		357,203
Nasdaq, Inc.		2,167		370,882
New Residential Investment Corp.		39,352		408,474
New York Community Bancorp, Inc.		36,165		417,344
Northern Trust Corp.		3,719		423,594
Old Republic International Corp.		18,163		478,595
OneMain Holdings, Inc.		8,755		446,330
PacWest Bancorp		9,824		485,502
People’s United Financial, Inc.		25,026		527,548
Pinnacle Financial Partners, Inc.		4,594		464,362
PNC Financial Services Group, Inc. (The)		2,210		440,343
Popular, Inc.		5,608		515,095
Primerica, Inc.		2,951		383,305
Principal Financial Group, Inc.		6,182		436,696
Progressive Corp. (The)		4,654		492,998
Prosperity Bancshares, Inc.		6,062		451,377
Prudential Financial, Inc.		4,160		464,506
Raymond James Financial, Inc.		4,528		496,495
Regions Financial Corp.		19,848		480,123
Reinsurance Group of America, Inc.		4,266		472,929
RenaissanceRe Holdings Ltd. (Bermuda)		2,644		398,662
Rocket Cos., Inc., Class A^(c)		27,069		349,461
S&P Global, Inc.^(c)		1,697		637,599
SEI Investments Co.		7,268		425,759
Signature Bank		1,400		482,846
SLM Corp.		23,576		464,447
Starwood Property Trust, Inc.		17,860		425,782
State Street Corp.		4,716		402,416
Stifel Financial Corp.		6,275		461,213
SVB Financial Group^(b)		632		382,992
Synchrony Financial		7,232		309,385
Synovus Financial Corp.		9,447		497,385
T. Rowe Price Group, Inc.		2,217		320,490
TFS Financial Corp.		24,547		421,472
Tradeweb Markets, Inc., Class A		4,681		395,451
Travelers Cos., Inc. (The)		2,888		496,245
Truist Financial Corp.		7,418		461,548
U.S. Bancorp		7,745		437,902
Umpqua Holdings Corp.		22,688		484,389
Unum Group		18,358		512,555
Upstart Holdings, Inc.^(b)(c)		2,457		388,181
UWM Holdings Corp.^(c)		64,174		278,515
Virtu Financial, Inc., Class A		16,159		566,858
Voya Financial, Inc.		7,008		471,989
W.R. Berkley Corp.		5,544		500,623
Webster Financial Corp.		16,383		986,420
Wells Fargo & Co.		8,909		475,473
Western Alliance Bancorporation		4,120		386,209
White Mountains Insurance Group Ltd.		441		463,138
Willis Towers Watson PLC		1,903		423,037
Wintrust Financial Corp.		4,998		496,601
Zions Bancorporation N.A		7,034		498,640

				62,899,269

Health Care-9.43%
10X Genomics, Inc., Class A^(b)(c)		3,836		312,519
Abbott Laboratories		4,159		501,659


	Shares		Value
Health Care-(continued)
AbbVie, Inc.		4,441	$	656,247
ABIOMED, Inc.^(b)		1,766		548,767
Acadia Healthcare Co., Inc.^(b)		9,469		536,987
Adaptive Biotechnologies Corp.^(b)(c)		20,059		289,451
Agilent Technologies, Inc.		3,565		464,733
agilon health, inc.^(b)(c)		24,046		486,210
Align Technology, Inc.^(b)		816		417,351
Alnylam Pharmaceuticals, Inc.^(b)		3,193		504,015
Amedisys, Inc.^(b)		3,513		562,923
AmerisourceBergen Corp.		9,752		1,389,953
Amgen, Inc.^(c)		2,590		586,583
Anthem, Inc.		1,327		599,605
Avantor, Inc.^(b)		13,884		481,636	��
Baxter International, Inc.		6,838		581,025
Becton, Dickinson and Co.		2,254		611,465
Biogen, Inc.^(b)		2,375		501,149
BioMarin Pharmaceutical, Inc.^(b)		6,438		502,937
Bio-Rad Laboratories, Inc., Class A^(b)		730		456,951
Bio-Techne Corp.		1,174		492,387
Boston Scientific Corp.^(b)		13,348		589,581
Bristol-Myers Squibb Co.		9,578		657,721
Bruker Corp.		6,840		481,331
Cardinal Health, Inc.		11,368		613,986
Catalent, Inc.^(b)		4,449		453,976
Centene Corp.^(b)		7,354		607,587
Cerner Corp.		7,332		683,709
Certara, Inc.^(b)(c)		19,753		500,541
Change Healthcare, Inc.^(b)		19,902		426,301
Charles River Laboratories International, Inc.^(b)		1,550		451,298
Chemed Corp.		1,104		528,032
Cigna Corp.		2,606		619,655
Cooper Cos., Inc. (The)		1,347		550,950
CureVac N.V. (Germany)^(b)(c)		13,914		234,033
CVS Health Corp.		12,195		1,264,012
Danaher Corp.		1,730		474,729
DaVita, Inc.^(b)		5,247		591,704
Definitive Healthcare Corp.^(b)		17,233		398,427
DENTSPLY SIRONA, Inc.		10,384		562,190
DexCom, Inc.^(b)		989		409,357
Edwards Lifesciences Corp.^(b)		4,590		515,778
Elanco Animal Health, Inc.^(b)		19,341		549,478
Eli Lilly and Co.		2,274		568,386
Encompass Health Corp.		8,917		588,700
Envista Holdings Corp.^(b)(c)		13,422		644,256
Exact Sciences Corp.^(b)(c)		6,795		530,418
Exelixis, Inc.^(b)		33,262		682,869
Figs, Inc., Class A^(b)(c)		12,025		197,571
Gilead Sciences, Inc.		7,839		473,476
Globus Medical, Inc., Class A^(b)		8,110		570,295
Guardant Health, Inc.^(b)(c)		5,857		388,143
HCA Healthcare, Inc.		2,284		571,708
Henry Schein, Inc.^(b)		7,273		628,242
Hologic, Inc.^(b)		7,328		521,534
Horizon Therapeutics PLC^(b)		5,497		501,161
Humana, Inc.		1,220		529,870
ICU Medical, Inc.^(b)		2,449		579,752
IDEXX Laboratories, Inc.^(b)		911		484,971
Illumina, Inc.^(b)		1,481		483,695
Incyte Corp.^(b)		8,292		566,344

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


		17

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
Insulet Corp.^(b)		2,049	$	542,350
Integra LifeSciences Holdings Corp.^(b)(c)		8,443		566,188
Intuitive Surgical, Inc.^(b)		1,624		471,496
Ionis Pharmaceuticals, Inc.^(b)(c)		18,197		607,416
Iovance Biotherapeutics, Inc.^(b)(c)		29,541		462,907
IQVIA Holdings, Inc.^(b)		2,045		470,595
Jazz Pharmaceuticals PLC^(b)		4,474		614,817
Johnson & Johnson		3,331		548,183
Laboratory Corp. of America Holdings^(b)		1,953		529,771
Maravai LifeSciences Holdings, Inc., Class A^(b)(c)		12,926		505,019
Masimo Corp.^(b)		1,989		313,168
McKesson Corp.		5,149		1,415,769
Medtronic PLC		4,884		512,771
Merck & Co., Inc.		7,566		579,404
Mettler-Toledo International, Inc.^(b)		217		305,697
Mirati Therapeutics, Inc.^(b)(c)		4,057		358,192
Moderna, Inc.^(b)		2,022		310,579
Molina Healthcare, Inc.^(b)		1,875		575,381
Natera, Inc.^(b)		6,026		396,209
Nektar Therapeutics^(b)(c)		36,504		373,801
Neurocrine Biosciences, Inc.^(b)		6,750		606,622
Novavax, Inc.^(b)(c)		3,099		258,364
Novocure Ltd.^(b)(c)		6,283		514,326
Oak Street Health, Inc.^(b)(c)		17,463		305,777
Organon & Co.		19,221		717,520
Penumbra, Inc.^(b)(c)		2,209		489,824
PerkinElmer, Inc.		2,941		528,233
Perrigo Co. PLC		15,036		534,079
Pfizer, Inc.		10,583		496,766
Premier, Inc., Class A		14,482		520,483
QIAGEN N.V.^(b)		10,171		505,397
Quest Diagnostics, Inc.		3,501		459,576
Quidel Corp.^(b)(c)		3,976		420,621
Regeneron Pharmaceuticals, Inc.^(b)		825		510,147
Repligen Corp.^(b)		2,191		430,970
ResMed, Inc.		2,080		513,240
Royalty Pharma PLC, Class A^(c)		14,437		566,797
Sage Therapeutics, Inc.^(b)		14,260		518,636
Sarepta Therapeutics, Inc.^(b)(c)		6,460		494,901
Seagen, Inc.^(b)		3,799		489,577
Signify Health, Inc., Class A^(b)(c)		39,056		548,737
Sotera Health Co.^(b)		24,961		545,897
STERIS PLC		2,372		569,280
Stryker Corp.		2,123		559,092
Syneos Health, Inc.^(b)		5,459		432,353
Tandem Diabetes Care, Inc.^(b)		4,112		463,135
Teladoc Health, Inc.^(b)(c)		5,814		441,341
Teleflex, Inc.		1,721		578,789
Thermo Fisher Scientific, Inc.		877		477,088
Ultragenyx Pharmaceutical, Inc.^(b)(c)		7,034		473,529
United Therapeutics Corp.^(b)		2,947		489,791
UnitedHealth Group, Inc.		1,165		554,388
Universal Health Services, Inc., Class B		4,267		614,149
Veeva Systems, Inc., Class A^(b)		2,058		471,385
Vertex Pharmaceuticals, Inc.^(b)		2,641		607,483
Viatris, Inc.		43,261		476,304
Waters Corp.^(b)		1,011		320,214
West Pharmaceutical Services, Inc.		1,283		496,624


	Shares		Value
Health Care-(continued)
Zimmer Biomet Holdings, Inc.		4,391	$	558,491
Zoetis, Inc.		2,398		464,373

				63,644,332

Industrials-9.47%
3M Co.		1,966		292,246
A.O. Smith Corp.		4,188		287,213
Acuity Brands, Inc.		1,740		317,324
ADT, Inc.^(c)		40,564		296,523
Advanced Drainage Systems, Inc.		2,562		299,037
AECOM		4,746		344,844
AGCO Corp.		2,895		347,863
Air Lease Corp.		7,784		325,060
Alaska Air Group, Inc.^(b)		7,324		411,169
Allegion PLC		2,642		302,562
Allison Transmission Holdings, Inc.		10,003		399,520
AMERCO		526		303,823
American Airlines Group, Inc.^(b)(c)		20,772		358,317
AMETEK, Inc.		2,454		318,505
Armstrong World Industries, Inc.		3,046		269,266
Axon Enterprise, Inc.^(b)		2,374		332,953
AZEK Co., Inc. (The)^(b)		8,336		245,829
Boeing Co. (The)^(b)		1,677		344,355
Booz Allen Hamilton Holding Corp.		4,147		334,621
Builders FirstSource, Inc.^(b)		4,451		331,243
BWX Technologies, Inc.		7,232		386,333
C.H. Robinson Worldwide, Inc.		3,445		333,063
CACI International, Inc., Class A^(b)		1,536		429,757
Carlisle Cos., Inc.		1,451		344,467
Carrier Global Corp.		6,183		277,493
Caterpillar, Inc.		1,699		318,698
ChargePoint Holdings, Inc.^(b)(c)		82,184		1,193,312
Cintas Corp.		771		289,372
Clarivate PLC^(b)(c)		16,760		251,065
Clean Harbors, Inc.^(b)		14,630		1,396,141
Colfax Corp.^(b)		7,564		304,148
Copa Holdings S.A., Class A (Panama)^(c)		4,938		418,940
Copart, Inc.^(b)		2,530		310,886
Core & Main, Inc., Class A^(b)		12,542		281,944
CoStar Group, Inc.^(b)		11,389		694,843
Crane Co.		3,371		340,741
CSX Corp.		9,481		321,501
Cummins, Inc.		1,582		322,918
Curtiss-Wright Corp.		2,605		384,290
Deere & Co.		962		346,339
Delta Air Lines, Inc.^(b)		9,782		390,497
Donaldson Co., Inc.		5,907		320,573
Dover Corp.		2,020		316,857
Driven Brands Holdings, Inc.^(b)(c)		11,552		339,282
Dun & Bradstreet Holdings, Inc.^(b)(c)		22,051		409,267
Eaton Corp. PLC		2,056		317,220
Emerson Electric Co.		3,776		350,866
Equifax, Inc.		1,187		259,170
Expeditors International of Washington, Inc.		2,706		279,692
Fastenal Co.		27,071		1,393,074
FedEx Corp.		1,413		314,068
Flowserve Corp.		11,135		338,170
Fluence Energy, Inc.^(b)(c)		54,296		734,625
Fortive Corp.		4,613		298,692
Fortune Brands Home & Security, Inc.		3,265		283,728

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


		18

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
FTI Consulting, Inc.^(b)(c)		2,379	$	347,334
Gates Industrial Corp. PLC^(b)		21,490		340,402
Generac Holdings, Inc.^(b)		965		304,429
General Dynamics Corp.		1,723		403,957
General Electric Co.		3,542		338,296
Graco, Inc.		4,390		316,475
GXO Logistics, Inc.^(b)		3,695		310,121
HEICO Corp.^(c)		2,403		354,467
Hexcel Corp.		32,621		1,888,756
Honeywell International, Inc.		1,684		319,539
Howmet Aerospace, Inc.		11,269		404,782
Hubbell, Inc.		1,671		297,856
Huntington Ingalls Industries, Inc.		1,862		380,593
IAA, Inc.^(b)		7,463		274,191
IDEX Corp.		1,472		282,477
Illinois Tool Works, Inc.		1,434		310,232
Ingersoll Rand, Inc.		5,785		292,258
ITT, Inc.		3,413		299,900
J.B. Hunt Transport Services, Inc.		1,750		355,127
Jacobs Engineering Group, Inc.		2,436		299,628
JetBlue Airways Corp.^(b)		26,130		399,005
Johnson Controls International PLC		4,382		284,655
Kirby Corp.^(b)		5,992		390,379
Knight-Swift Transportation Holdings, Inc.		5,779		314,840
L3Harris Technologies, Inc.		1,609		405,967
Landstar System, Inc.		1,966		303,570
Legalzoom.com, Inc.^(b)(c)		21,157		330,261
Leidos Holdings, Inc.		4,646		473,149
Lennox International, Inc.		1,059		282,679
Lincoln Electric Holdings, Inc.		2,546		324,513
Lockheed Martin Corp.		1,012		439,006
Lyft, Inc., Class A^(b)		9,239		359,767
ManpowerGroup, Inc.		3,709		394,193
Masco Corp.		5,071		284,179
MasTec, Inc.^(b)(c)		3,712		292,357
MDU Resources Group, Inc.		12,097		323,837
Mercury Systems, Inc.^(b)(c)		7,437		447,856
Middleby Corp. (The)^(b)		1,856		329,663
MSA Safety, Inc.		2,333		324,520
MSC Industrial Direct Co., Inc., Class A		4,192		324,796
Nielsen Holdings PLC		18,074		314,849
Nordson Corp.		1,299		294,211
Norfolk Southern Corp.		1,212		310,902
Northrop Grumman Corp.		946		418,264
nVent Electric PLC		9,242		313,581
Old Dominion Freight Line, Inc.		999		313,716
Oshkosh Corp.^(c)		3,094		343,558
Otis Worldwide Corp.		4,022		315,043
Owens Corning		3,712		345,921
PACCAR, Inc.		3,914		359,344
Parker-Hannifin Corp.		1,090		323,065
Pentair PLC		4,721		273,393
Plug Power, Inc.^(b)(c)		49,398		1,249,275
Quanta Services, Inc.		3,047		331,940
Raytheon Technologies Corp.		4,024		413,265
Regal Rexnord Corp.^(c)		2,128		341,225
Republic Services, Inc.		10,877		1,308,286
Robert Half International, Inc.		3,214		386,612
Rockwell Automation, Inc.		1,003		267,380
Rollins, Inc.		11,637		379,715


	Shares		Value
Industrials-(continued)
Roper Technologies, Inc.		874	$	391,744
Ryder System, Inc.^(c)		4,265		336,253
Schneider National, Inc., Class B		13,577		354,631
Science Applications International Corp.		4,932		432,487
Sensata Technologies Holding PLC^(b)		5,859		339,295
Shoals Technologies Group, Inc., Class A^(b)(c)		62,703		991,334
SiteOne Landscape Supply, Inc.^(b)		1,591		274,336
Snap-on, Inc.		1,625		341,542
Southwest Airlines Co.^(b)		8,635		378,213
Spirit AeroSystems Holdings, Inc., Class A		8,402		420,100
Stanley Black & Decker, Inc.		1,804		293,511
Stericycle, Inc.^(b)		24,938		1,455,382
Sunrun, Inc.^(b)(c)		34,672		945,852
Textron, Inc.		4,653		340,274
Timken Co. (The)		24,759		1,623,200
Toro Co. (The)		3,441		322,800
Trane Technologies PLC		1,719		264,606
TransDigm Group, Inc.^(b)		566		377,290
TransUnion		2,989		271,282
Trex Co., Inc.^(b)		2,536		232,906
TuSimple Holdings, Inc., Class A^(b)(c)		9,821		171,082
Uber Technologies, Inc.^(b)		10,038		361,669
Union Pacific Corp.		1,408		346,298
United Airlines Holdings, Inc.^(b)(c)		8,476		376,334
United Parcel Service, Inc., Class B		1,685		354,558
United Rentals, Inc.^(b)		976		313,901
Univar Solutions, Inc.^(b)		60,842		1,868,458
Valmont Industries, Inc.		1,367		295,887
Verisk Analytics, Inc.		1,548		274,522
Vertiv Holdings Co.		15,764		205,247
Virgin Galactic Holdings, Inc.^(b)(c)		22,148		214,393
W.W. Grainger, Inc.		688		328,217
Wabtec Corp.		3,779		350,767
Waste Management, Inc.		8,988		1,297,867
Watsco, Inc.		1,120		305,827
Woodward, Inc.^(c)		3,219		401,184
XPO Logistics, Inc.^(b)		4,363		317,103
Xylem, Inc.		2,817		250,572

				63,928,786


Information Technology-13.27%
Accenture PLC, Class A		941		297,375
Adobe, Inc.^(b)		649		303,524
Advanced Micro Devices, Inc.^(b)		6,158		759,528
Akamai Technologies, Inc.^(b)		3,673		397,639
Allegro MicroSystems, Inc. (Japan)^(b)(c)		12,118		347,423
Alliance Data Systems Corp.		4,719		318,297
Alteryx, Inc., Class A^(b)(c)		6,253		389,562
Amdocs Ltd.		5,750		452,525
Amphenol Corp., Class A		4,945		375,869
Analog Devices, Inc.		2,234		358,088
Anaplan, Inc.^(b)		8,872		420,267
ANSYS, Inc.^(b)		1,046		339,103
Apple, Inc.		2,351		388,197
Applied Materials, Inc.		2,686		360,461
Arista Networks, Inc.^(b)		24,452		3,000,994
Arrow Electronics, Inc.^(b)		3,264		397,816
Aspen Technology, Inc.^(b)		2,801		426,900
Atlassian Corp. PLC, Class A^(b)		1,097		335,375
Autodesk, Inc.^(b)		1,536		338,273

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


		19

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Automatic Data Processing, Inc.		1,488	$	304,207
Avalara, Inc.^(b)		2,738		284,506
Avnet, Inc.		10,591		445,563
Azenta, Inc.		3,925		343,516
Bentley Systems, Inc., Class B		8,600		330,154
Bill.com Holdings, Inc.^(b)(c)		1,358		323,041
Black Knight, Inc.^(b)		5,578		313,428
Block, Inc., Class A^(b)		1,854		236,385
Broadcom, Inc.		703		412,970
Broadridge Financial Solutions, Inc.		2,523		368,888
C3.ai, Inc., Class A^(b)(c)		12,766		286,214
Cadence Design Systems, Inc.^(b)		2,284		345,866
CDK Global, Inc.		10,276		465,914
CDW Corp.		2,117		365,098
Ceridian HCM Holding, Inc.^(b)		3,939		287,193
Ciena Corp.^(b)		43,734		2,992,280
Cirrus Logic, Inc.^(b)		4,630		402,208
Cisco Systems, Inc.		54,924		3,063,111
Citrix Systems, Inc.		5,028		515,370
Cloudflare, Inc., Class A^(b)		2,733		318,176
Cognex Corp.		4,576		309,155
Cognizant Technology Solutions Corp., Class A		5,067		436,421
Coherent, Inc.^(b)		1,305		344,938
CommScope Holding Co., Inc.^(b)		280,373		2,674,758
Concentrix Corp.^(c)		2,372		474,139
Corning, Inc.		10,948		442,299
Coupa Software, Inc.^(b)(c)		2,516		304,461
Crowdstrike Holdings, Inc., Class A^(b)		2,039		398,033
Datadog, Inc., Class A^(b)		2,353		379,092
Datto Holding Corp.^(b)(c)		16,818		394,550
Dell Technologies, Inc., Class C^(b)		7,134		363,549
DocuSign, Inc.^(b)		2,748		325,446
Dolby Laboratories, Inc., Class A		4,628		347,563
DoubleVerify Holdings, Inc.^(b)(c)		13,012		359,782
Dropbox, Inc., Class A^(b)		17,082		387,591
Duck Creek Technologies, Inc.^(b)(c)		14,513		340,765
DXC Technology Co.^(b)		13,425		456,853
Dynatrace, Inc.^(b)		6,544		290,684
Elastic N.V.^(b)		3,354		290,624
Enphase Energy, Inc.^(b)		7,858		1,309,929
Entegris, Inc.		2,798		365,083
EPAM Systems, Inc.^(b)		580		120,495
Euronet Worldwide, Inc.^(b)		2,933		376,099
Everbridge, Inc.^(b)		3,553		140,415
F5, Inc.^(b)		1,820		365,547
Fair Isaac Corp.^(b)		850		400,512
Fastly, Inc., Class A^(b)(c)		9,970		185,442
Fidelity National Information Services, Inc.		3,305		314,735
First Solar, Inc.^(b)		17,592		1,324,502
Fiserv, Inc.^(b)		3,350		327,195
Five9, Inc.^(b)		3,033		333,630
FleetCor Technologies, Inc.^(b)		1,565		366,523
Fortinet, Inc.^(b)		1,297		446,842
Gartner, Inc.^(b)		1,320		370,154
Genpact Ltd.		6,854		286,771
Global Payments, Inc.		2,734		364,661
GLOBALFOUNDRIES, Inc.^(b)(c)		6,436		391,180
Globant S.A.^(b)		1,482		406,068
GoDaddy, Inc., Class A^(b)		5,802		483,945


	Shares		Value
Information Technology-(continued)
Guidewire Software, Inc.^(b)(c)		3,609	$	318,133
Hewlett Packard Enterprise Co.		26,741		425,717
HP, Inc.		11,349		389,952
HubSpot, Inc.^(b)		549		288,225
Informatica, Inc., Class A^(b)(c)		11,713		236,134
Intel Corp.		8,150		388,755
International Business Machines Corp.		3,332		408,203
Intuit, Inc.		621		294,584
IPG Photonics Corp.^(b)		2,402		313,101
Jabil, Inc.		6,661		385,072
Jack Henry & Associates, Inc.		2,216		391,789
Jamf Holding Corp.^(b)(c)		12,678		433,714
Juniper Networks, Inc.		96,080		3,246,543
Keysight Technologies, Inc.^(b)		1,728		271,935
KLA Corp.		1,010		351,985
Kyndryl Holdings, Inc.^(b)(c)		22,520		357,167
Lam Research Corp.		580		325,583
Littelfuse, Inc.		1,153		297,716
Lumentum Holdings, Inc.^(b)(c)		32,612		3,224,022
Mandiant, Inc.^(b)		24,798		491,000
Manhattan Associates, Inc.^(b)		2,738		366,016
Marvell Technology, Inc.		4,570		312,268
Mastercard, Inc., Class A		1,009		364,067
McAfee Corp., Class A		16,010		416,100
Microchip Technology, Inc.		4,748		333,927
Micron Technology, Inc.		4,841		430,171
Microsoft Corp.		1,230		367,512
MKS Instruments, Inc.		2,155		324,543
MongoDB, Inc.^(b)		798		304,828
Monolithic Power Systems, Inc.		794		364,208
Motorola Solutions, Inc.		12,203		2,689,907
N-able, Inc.^(b)(c)		33,488		387,456
National Instruments Corp.		9,563		383,954
nCino, Inc.^(b)(c)		7,387		339,285
NCR Corp.^(b)(c)		10,216		413,952
NetApp, Inc.		4,607		361,097
New Relic, Inc.^(b)		4,031		267,013
NortonLifeLock, Inc.		17,208		498,688
Nuance Communications, Inc.^(b)		7,495		416,122
Nutanix, Inc., Class A^(b)		12,347		329,665
NVIDIA Corp.		1,357		330,904
NXP Semiconductors N.V. (China)		1,820		346,018
Okta, Inc.^(b)		1,796		328,381
ON Semiconductor Corp.^(b)		6,488		406,214
Oracle Corp.		4,635		352,121
Palantir Technologies, Inc., Class A^(b)(c)		21,336		252,832
Palo Alto Networks, Inc.^(b)		776		461,138
Paychex, Inc.		2,835		337,535
Paycom Software, Inc.^(b)		970		329,034
Paycor HCM, Inc.^(b)(c)		13,431		377,008
Paylocity Holding Corp.^(b)		1,440		305,914
PayPal Holdings, Inc.^(b)		1,806		202,146
Paysafe Ltd.^(b)(c)		85,948		274,174
Pegasystems, Inc.		3,627		315,984
Procore Technologies, Inc.^(b)(c)		4,992		325,428
PTC, Inc.^(b)		3,431		381,802
Pure Storage, Inc., Class A^(b)(c)		12,631		327,648
Qorvo, Inc.^(b)		2,565		350,841
QUALCOMM, Inc.		2,253		387,493
RingCentral, Inc., Class A^(b)		2,204		288,371

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


		20

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Sabre Corp.^(b)(c)		42,522	$	464,765
salesforce.com, inc.^(b)		1,555		327,374
ServiceNow, Inc.^(b)		639		370,569
Shift4 Payments, Inc., Class A^(b)(c)		6,181		325,430
Skyworks Solutions, Inc.		2,551		352,472
Smartsheet, Inc., Class A^(b)(c)		5,680		302,006
Snowflake, Inc., Class A^(b)		1,135		301,524
SolarWinds Corp.		28,835		390,714
Splunk, Inc.^(b)		3,634		429,175
SS&C Technologies Holdings, Inc.		5,284		396,141
StoneCo Ltd., Class A (Brazil)^(b)(c)		19,716		221,608
Switch, Inc., Class A		15,634		406,797
Synopsys, Inc.^(b)		1,157		361,435
TD SYNNEX Corp.		3,821		389,092
Teledyne Technologies, Inc.^(b)		803		344,792
Teradata Corp.^(b)(c)		9,596		479,704
Teradyne, Inc.		2,629		310,012
Texas Instruments, Inc.		2,124		361,059
Thoughtworks Holding, Inc.^(b)(c)		14,590		333,527
Trade Desk, Inc. (The), Class A^(b)		3,991		340,512
Trimble, Inc.^(b)		3,989		278,233
Twilio, Inc., Class A^(b)		1,532		267,794
Tyler Technologies, Inc.^(b)		798		341,751
Ubiquiti, Inc.		11,031		2,800,661
Unity Software, Inc.^(b)(c)		2,928		311,686
Universal Display Corp.^(c)		2,606		403,695
VeriSign, Inc.^(b)		1,711		365,675
ViaSat, Inc.^(b)(c)		67,424		3,077,231
Visa, Inc., Class A^(c)		1,642		354,869
VMware, Inc., Class A		3,645		427,631
Vontier Corp.		11,093		269,560
Western Digital Corp.^(b)		7,173		365,393
Western Union Co. (The)^(c)		19,211		349,256
WEX, Inc.^(b)		2,619		441,328
Wix.com Ltd. (Israel)^(b)		2,688		246,167
Wolfspeed, Inc.^(b)(c)		3,491		358,596
Workday, Inc., Class A^(b)		1,467		336,016
Xerox Holdings Corp.		19,530		384,936
Zebra Technologies Corp., Class A^(b)		574		237,257
Zendesk, Inc.^(b)(c)		4,062		473,914
Zoom Video Communications, Inc., Class A^(b)		2,181		289,201
Zscaler, Inc.^(b)		1,353		323,570

				89,515,958


Materials-10.14%
Air Products and Chemicals, Inc.		5,803		1,371,249
Albemarle Corp.		6,604		1,293,658
Alcoa Corp.		34,024		2,563,368
Amcor PLC		29,965		348,493
AptarGroup, Inc.		2,900		353,452
Ardagh Group S.A.^(f)		13,287		282,083
Ardagh Metal Packaging S.A.^(b)		37,127		308,525
Ashland Global Holdings, Inc.		16,318		1,505,825
Avery Dennison Corp.		8,034		1,415,591
Axalta Coating Systems Ltd.^(b)		10,745		290,545
Ball Corp.		3,737		335,358
Berry Global Group, Inc.^(b)		4,835		293,243
Celanese Corp.		10,721		1,493,221
CF Industries Holdings, Inc.		29,062		2,359,544
Chemours Co. (The)		51,790		1,429,404


	Shares		Value
Materials-(continued)
Cleveland-Cliffs, Inc.^(b)(c)		80,895	$	1,808,812
Corteva, Inc.		24,713		1,285,817
Crown Holdings, Inc.		3,341		409,840
Diversey Holdings Ltd.^(b)(c)		26,001		248,830
Dow, Inc.		31,262		1,843,207
DuPont de Nemours, Inc.		4,401		340,505
Eagle Materials, Inc.		2,130		291,448
Eastman Chemical Co.		14,623		1,732,387
Ecolab, Inc.		7,379		1,300,623
Element Solutions, Inc.		72,858		1,790,850
FMC Corp.		15,823		1,855,247
Freeport-McMoRan, Inc.		44,203		2,075,331
Graphic Packaging Holding Co.		17,161		353,173
Huntsman Corp.		52,238		2,112,505
International Flavors & Fragrances, Inc.		11,527		1,533,091
International Paper Co.		36,825		1,602,992
Louisiana-Pacific Corp.		4,656		334,999
LyondellBasell Industries N.V., Class A		18,909		1,838,522
Martin Marietta Materials, Inc.		821		311,487
Mosaic Co. (The)		47,586		2,494,934
NewMarket Corp.		5,113		1,624,707
Newmont Corp.		30,256		2,002,947
Nucor Corp.		15,061		1,982,329
Olin Corp.		29,609		1,525,160
Packaging Corp. of America		2,683		394,911
PPG Industries, Inc.		2,117		282,514
Reliance Steel & Aluminum Co.		10,839		2,068,840
Royal Gold, Inc.		17,105		2,074,152
RPM International, Inc.		3,594		303,945
Scotts Miracle-Gro Co. (The)		11,456		1,604,527
Sealed Air Corp.		5,413		363,375
Sherwin-Williams Co. (The)		1,030		271,024
Silgan Holdings, Inc.		8,334		349,028
Sonoco Products Co.		5,814		341,398
Southern Copper Corp. (Peru)^(c)		27,817		1,930,222
Steel Dynamics, Inc.		27,844		1,965,229
Sylvamo Corp.^(b)(c)		55,500		1,936,950
United States Steel Corp.^(c)		73,801		2,008,125
Valvoline, Inc.		48,474		1,567,164
Vulcan Materials Co.		1,738		315,360
Westlake Corp.		17,704		1,952,928
WestRock Co.		7,891		357,226

				68,430,220


Real Estate-8.59%
Alexandria Real Estate Equities, Inc.		4,253		805,518
American Campus Communities, Inc.		16,437		884,475
American Homes 4 Rent, Class A		21,549		819,078
American Tower Corp.		3,321		753,435
Americold Realty Trust^(c)		27,690		739,877
Apartment Income REIT Corp.		17,345		895,176
AvalonBay Communities, Inc.		3,699		882,544
Boston Properties, Inc.		7,828		957,443
Brixmor Property Group, Inc.		37,485		941,623
Camden Property Trust		5,242		865,507
CBRE Group, Inc., Class A^(b)		8,756		848,019
Cousins Properties, Inc.^(c)		22,859		883,043
Crown Castle International Corp.		4,741		789,803
CubeSmart		16,502		795,561
CyrusOne, Inc.		10,067		909,554

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


		21

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
Digital Realty Trust, Inc.		5,396	$	728,028
Douglas Emmett, Inc.^(c)		26,613		843,632
Duke Realty Corp.		14,729		780,637
EPR Properties		19,201		956,210
Equinix, Inc.		1,126		799,156
Equity LifeStyle Properties, Inc.		10,574		789,032
Equity Residential		10,358		883,537
Essex Property Trust, Inc.		2,602		825,276
Extra Space Storage, Inc.		4,365		821,275
Federal Realty Investment Trust		6,929		814,712
First Industrial Realty Trust, Inc.		14,318		824,430
Gaming and Leisure Properties, Inc.		19,295		876,186
Healthcare Trust of America, Inc., Class A		26,389		775,573
Healthpeak Properties, Inc.		26,289		816,536
Highwoods Properties, Inc.		20,313		885,647
Host Hotels & Resorts, Inc.^(b)		53,372		975,107
Howard Hughes Corp. (The)^(b)		9,566		914,318
Hudson Pacific Properties, Inc.^(c)		35,143		927,775
Invitation Homes, Inc.		21,038		795,236
Iron Mountain, Inc.		19,013		935,059
JBG SMITH Properties		31,659		844,662
Jones Lang LaSalle, Inc.^(b)		3,470		854,383
Kilroy Realty Corp.		13,236		947,962
Kimco Realty Corp.		38,761		912,046
Lamar Advertising Co., Class A		7,842		855,249
Life Storage, Inc.		6,441		815,366
Medical Properties Trust, Inc.		40,905		832,008
Mid-America Apartment Communities, Inc.		4,161		851,382
National Retail Properties, Inc.^(c)		19,683		838,693
Omega Healthcare Investors, Inc.^(c)		31,637		891,214
Opendoor Technologies, Inc.^(b)(c)		59,474		496,608
Orion Office REIT, Inc.^(b)(c)		46,932		799,252
Park Hotels & Resorts, Inc.^(b)		47,936		903,114
Prologis, Inc.		5,709		832,658
Public Storage		2,619		929,797
Rayonier, Inc.		23,180		920,246
Realty Income Corp.		13,322		880,451
Regency Centers Corp.		12,271		808,536
Rexford Industrial Realty, Inc.		12,011		842,331
SBA Communications Corp., Class A		2,541		770,914
Simon Property Group, Inc.		5,905		812,292
SL Green Realty Corp.		12,505		994,398
Spirit Realty Capital, Inc.^(c)		19,185		889,609
STORE Capital Corp.		26,466		813,036
Sun Communities, Inc.^(c)		4,471		809,251
UDR, Inc.		15,417		845,931
Ventas, Inc.		18,065		975,510
VICI Properties, Inc.		31,551		882,166
Vornado Realty Trust		21,135		914,723
W.P. Carey, Inc.		11,367		879,806
Welltower, Inc.		10,683		889,787
Weyerhaeuser Co.		22,614		879,232
Zillow Group, Inc., Class C^(b)(c)		14,394		827,943

				57,978,574


Utilities-8.24%
AES Corp. (The)		59,594		1,265,181
Alliant Energy Corp.		25,166		1,469,694
Ameren Corp.		16,874		1,450,320
American Electric Power Co., Inc.		17,516		1,587,825	��


	Shares		Value
Utilities-(continued)
American Water Works Co., Inc.		8,323	$	1,257,522
Atmos Energy Corp.^(c)		15,368		1,687,560
Avangrid, Inc.		29,748		1,334,793
Brookfield Renewable Corp., Class A^(c)		42,364		1,583,143
CenterPoint Energy, Inc.		53,131		1,453,133
CMS Energy Corp.		23,539		1,506,731
Consolidated Edison, Inc.		17,914		1,536,484
Constellation Energy Corp.		9,162		421,269
Dominion Energy, Inc.		19,203		1,527,215
DTE Energy Co.		12,696		1,543,707
Duke Energy Corp.		14,587		1,464,681
Edison International		22,002		1,395,367
Entergy Corp.		13,771		1,448,847
Essential Utilities, Inc.		29,173		1,374,340
Evergy, Inc.		22,025		1,374,580
Eversource Energy		16,717		1,367,451
Exelon Corp.		27,534		1,171,847
FirstEnergy Corp.		37,136		1,554,142
Hawaiian Electric Industries, Inc.		36,293		1,487,287
IDACORP, Inc.		13,450		1,398,127
National Fuel Gas Co.		23,573		1,467,183
NextEra Energy, Inc.		16,272		1,273,609
NiSource, Inc.		56,597		1,637,351
NRG Energy, Inc.		38,029		1,439,017
OGE Energy Corp.		40,834		1,533,317
PG&E Corp.^(b)(c)		117,151		1,332,007
Pinnacle West Capital Corp.		21,934		1,553,585
PPL Corp.		51,155		1,338,726
Public Service Enterprise Group, Inc.		22,952		1,487,978
Sempra Energy		11,590		1,671,510
Southern Co. (The)		22,662		1,467,818
UGI Corp.		32,888		1,264,215
Vistra Corp.		70,042		1,598,358
WEC Energy Group, Inc.		15,764		1,432,632
Xcel Energy, Inc.		21,908		1,475,066

				55,633,618


Total Common Stocks & Other Equity Interests (Cost $615,150,035)				673,740,328


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(g)(Cost $253,367)		253,367		253,367

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $615,403,402)				673,993,695


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.55%
Invesco Private Government Fund, 0.12%^(e)(g)(h)		25,333,699		25,333,699

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


		22

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(e)(g)(h)		59,375,685	$	59,381,624

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $84,719,172)				84,715,323

TOTAL INVESTMENTS IN SECURITIES-112.43% (Cost $700,122,574)				758,709,018
OTHER ASSETS LESS LIABILITIES-(12.43)%				(83,869,853	)

NET ASSETS-100.00%			$	674,839,165

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 February 28, 2022.

^(d)	Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	389,852		$	128,139		$	(37,820	)		$	(94,586	)		$	19,908			$	405,493		$	6,167

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			9,564,776			(9,311,409	)			-				-				253,367			42

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			16,042,144			64,414,929			(55,123,374	)			-				-				25,333,699			3,013	*

Invesco Private Prime Fund			37,431,669			128,241,741			(106,275,731	)			(3,850	)			(12,205	)			59,381,624			25,986	*


Total		$	53,863,665		$	202,349,585		$	(170,748,334	)		$	(98,436	)		$	7,703			$	85,374,183		$	35,208

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

^(g)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

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


		23

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Information Technology				13.27

Materials				10.14

Energy				9.52

Industrials				9.47

Health Care				9.43

Financials				9.32

Consumer Staples				9.00

Real Estate				8.59

Utilities				8.24

Communication Services				6.50

Consumer Discretionary				6.36

Money Market Funds Plus Other Assets Less Liabilities				0.16

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


		24

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.98%
Activision Blizzard, Inc.		341	$	27,791
Alphabet, Inc., Class A^(b)		7		18,908
AT&T, Inc.		879		20,824
Cable One, Inc.		11		15,761
Charter Communications, Inc., Class A^(b)		31		18,655
Discovery, Inc., Class A^(b)		304		8,527
Discovery, Inc., Class C^(b)		593		16,586
Electronic Arts, Inc.		164		21,335
Fox Corp., Class A		392		16,397
Fox Corp., Class B		185		7,078
Interpublic Group of Cos., Inc. (The)		591		21,749
Liberty Broadband Corp., Class A^(b)		18		2,607
Liberty Broadband Corp., Class C^(b)		111		16,284
Liberty Media Corp.-Liberty Formula One,
Class A^(b)		355		19,937
Match Group, Inc.^(b)		153		17,058
Netflix, Inc.^(b)		32		12,625
New York Times Co. (The), Class A		433		19,048
Paramount Global, Class A^(c)		608		20,702
Paramount Global, Class B		658		20,141
Pinterest, Inc., Class A^(b)		524		14,017
Sirius XM Holdings, Inc.^(c)		3,250		20,020
Verizon Communications, Inc.		395		21,200
World Wrestling Entertainment, Inc., Class A^(c)		409		24,237

				401,487


Consumer Discretionary-12.29%
Advance Auto Parts, Inc.		90		18,403
Amazon.com, Inc.^(b)		6		18,428
Aptiv PLC^(b)		122		15,792
AutoNation, Inc.^(b)		159		18,231
AutoZone, Inc.^(b)		11		20,497
Best Buy Co., Inc.		191		18,458
BorgWarner, Inc.		456		18,701
Boyd Gaming Corp.^(b)		346		24,545
Bright Horizons Family Solutions, Inc.^(b)		164		21,425
Brunswick Corp.		210		20,059
Burlington Stores, Inc.^(b)		70		15,812
CarMax, Inc.^(b)		139		15,197
Carter’s, Inc.		198		19,143
Chipotle Mexican Grill, Inc.^(b)		12		18,280
D.R. Horton, Inc.		200		17,080
Darden Restaurants, Inc.		143		20,766
Deckers Outdoor Corp.^(b)		49		14,143
Dick’s Sporting Goods, Inc.^(c)		170		17,850
Dollar General Corp.		88		17,454
Dollar Tree, Inc.^(b)		147		20,886
Domino’s Pizza, Inc.		39		16,856
eBay, Inc.		297		16,213
Five Below, Inc.^(b)		103		16,852
Foot Locker, Inc.		438		13,850
Ford Motor Co.		1,011		17,753
frontdoor, inc.^(b)		583		17,519
Garmin Ltd.		148		16,345
General Motors Co.^(b)		335		15,651
Gentex Corp.		585		17,708
Genuine Parts Co.		155		18,935


	Shares		Value
Consumer Discretionary-(continued)
Grand Canyon Education, Inc.^(b)		279	$	24,226
Harley-Davidson, Inc.		535		22,095
Hasbro, Inc.		202		19,604
Home Depot, Inc. (The)		49		15,476
Lear Corp.		115		18,094
Leggett & Platt, Inc.^(c)		489		18,132
Lennar Corp., Class A		172		15,459
Lennar Corp., Class B		10		755
LKQ Corp.		347		16,292
Lowe’s Cos., Inc.		80		17,685
Mattel, Inc.^(b)		916		22,882
McDonald’s Corp.		80		19,582
Mohawk Industries, Inc.^(b)		118		16,612
Newell Brands, Inc.		935		22,206
NIKE, Inc., Class B		117		15,976
NVR, Inc.^(b)		4		19,834
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		318		13,731
O’Reilly Automotive, Inc.^(b)		31		20,126
Penske Automotive Group, Inc.		196		19,265
Polaris, Inc.		176		21,386
Pool Corp.		36		16,509
Service Corp. International		299		18,194
Skechers U.S.A., Inc., Class A^(b)		440		20,231
Starbucks Corp.		180		16,522
Tapestry, Inc.		505		20,655
Tempur Sealy International, Inc.		454		14,987
Terminix Global Holdings, Inc.^(b)		538		22,897
Thor Industries, Inc.^(c)		185		16,743
Toll Brothers, Inc.		302		16,387
Tractor Supply Co.		87		17,730
Travel + Leisure Co.		414		23,205
Under Armour, Inc., Class A^(b)(c)		441		7,889
Under Armour, Inc., Class C^(b)(c)		478		7,471
Vail Resorts, Inc.		59		15,372
Wayfair, Inc., Class A^(b)(c)		80		11,270
Wendy’s Co. (The)		958		21,785
Whirlpool Corp.		90		18,114
Williams-Sonoma, Inc.		105		15,210
Yum China Holdings, Inc. (China)		393		20,444
Yum! Brands, Inc.		161		19,735

				1,239,600


Consumer Staples-8.52%
Albertsons Cos., Inc., Class A		568		16,557
Altria Group, Inc.		454		23,286
Archer-Daniels-Midland Co.		316		24,790
Boston Beer Co., Inc. (The), Class A^(b)(c)		45		17,256
Brown-Forman Corp., Class B		282		18,395
Bunge Ltd.		231		24,151
Campbell Soup Co.		489		21,990
Casey’s General Stores, Inc.		104		19,560
Church & Dwight Co., Inc.		215		21,038
Clorox Co. (The)		118		17,203
Coca-Cola Co. (The)		375		23,340
Colgate-Palmolive Co.		260		20,007
Conagra Brands, Inc.		641		22,416
Costco Wholesale Corp.		37		19,212
Darling Ingredients, Inc.^(b)		303		21,962

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


		25

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Flowers Foods, Inc.		764	$	20,941
General Mills, Inc.		318		21,443
Grocery Outlet Holding Corp.^(b)(c)		712		19,801
Hain Celestial Group, Inc. (The)^(b)(c)		511		18,580
Hershey Co. (The)		113		22,855
Hormel Foods Corp.		464		22,105
Ingredion, Inc.		210		18,635
JM Smucker Co. (The)		154		20,752
Kellogg Co.		324		20,717
Keurig Dr Pepper, Inc.		582		22,506
Kimberly-Clark Corp.		148		19,262
Kraft Heinz Co. (The)		594		23,297
Kroger Co. (The)		486		22,745
Lamb Weston Holdings, Inc.		389		25,841
McCormick & Co., Inc.		226		21,508
Mondelez International, Inc., Class A		334		21,870
PepsiCo, Inc.		122		19,976
Philip Morris International, Inc.		225		22,741
Post Holdings, Inc.^(b)		206		21,659
Procter & Gamble Co. (The)		135		21,045
Reynolds Consumer Products, Inc.^(c)		668		19,886
Seaboard Corp.		5		19,297
Spectrum Brands Holdings, Inc.		196		18,185
Tyson Foods, Inc., Class A		250		23,165
Walgreens Boots Alliance, Inc.		447		20,602
Walmart, Inc.		142		19,193

				859,770

Energy-1.65%
Baker Hughes Co., Class A		834		24,503
Continental Resources, Inc.		458		25,387
Coterra Energy, Inc.		993		23,167
Hess Corp.		268		27,084
Kinder Morgan, Inc.		1,279		22,254
ONEOK, Inc.		333		21,745
Williams Cos., Inc. (The)		733		22,928

				167,068

Financials-18.19%
Affiliated Managers Group, Inc.		117		16,188
AGNC Investment Corp.		1,302		16,809
Alleghany Corp.^(b)		31		20,520
Allstate Corp. (The)		182		22,270
Ally Financial, Inc.		434		21,657
American Financial Group, Inc.		147		19,902
American International Group, Inc.		378		23,149
Ameriprise Financial, Inc.		69		20,686
Annaly Capital Management, Inc.^(c)		2,464		17,149
Aon PLC, Class A		67		19,573
Ares Management Corp., Class A		244		19,786
Arthur J. Gallagher & Co.		120		18,983
Assurant, Inc.		131		22,232
Assured Guaranty Ltd.		406		25,160
Bank of Hawaii Corp.		245		21,114
Bank OZK		441		20,736
BOK Financial Corp.		191		19,616
Brown & Brown, Inc.		307		20,756
Capital One Financial Corp.		142		21,764
Carlyle Group, Inc. (The)		364		17,061
Cboe Global Markets, Inc.		154		18,063
Charles Schwab Corp. (The)		255		21,537


	Shares		Value
Financials-(continued)
Chubb Ltd.		112	$	22,808
Citizens Financial Group, Inc.		420		22,016
Comerica, Inc.		242		23,109
Commerce Bancshares, Inc.		301		21,606
Credit Acceptance Corp.^(b)(c)		31		17,054
Cullen/Frost Bankers, Inc.		158		22,235
Discover Financial Services		184		22,713
East West Bancorp, Inc.		259		22,678
Erie Indemnity Co., Class A		105		18,386
Evercore, Inc., Class A		144		18,289
F.N.B. Corp.		1,695		22,764
FactSet Research Systems, Inc.		43		17,462
Fifth Third Bancorp		468		22,389
First Citizens BancShares, Inc., Class A		25		19,711
First Hawaiian, Inc.		761		22,122
First Horizon Corp.		1,240		29,115
First Republic Bank		93		16,113
Franklin Resources, Inc.		614		18,254
Globe Life, Inc.		229		23,120
Hartford Financial Services Group, Inc. (The)		301		20,913
Huntington Bancshares, Inc.		1,332		20,673
Invesco Ltd.^(d)		889		18,882
Janus Henderson Group PLC		472		15,845
JPMorgan Chase & Co.		124		17,583
KeyCorp		885		22,187
Lazard Ltd., Class A		459		15,872
LPL Financial Holdings, Inc.		126		22,800
M&T Bank Corp.		136		24,783
MarketAxess Holdings, Inc.		57		21,742
Marsh & McLennan Cos., Inc.		119		18,494
Mercury General Corp.		380		20,900
MetLife, Inc.		342		23,102
Morningstar, Inc.		63		17,681
Nasdaq, Inc.		98		16,773
New York Community Bancorp, Inc.		1,658		19,133
Old Republic International Corp.		828		21,818
OneMain Holdings, Inc.		384		19,576
PacWest Bancorp		450		22,239
People’s United Financial, Inc.		1,174		24,748
Pinnacle Financial Partners, Inc.		208		21,025
Popular, Inc.		253		23,238
Progressive Corp. (The)		210		22,245
Prosperity Bancshares, Inc.		277		20,625
Raymond James Financial, Inc.		206		22,588
Regions Financial Corp.		882		21,336
SEI Investments Co.		334		19,566
SLM Corp.		1,089		21,453
Stifel Financial Corp.		281		20,654
SVB Financial Group^(b)		29		17,574
Synchrony Financial		448		19,165
Synovus Financial Corp.		440		23,166
TFS Financial Corp.		1,095		18,801
Tradeweb Markets, Inc., Class A		203		17,149
Travelers Cos., Inc. (The)		134		23,025
Truist Financial Corp.		335		20,844
U.S. Bancorp		356		20,128
Umpqua Holdings Corp.		1,036		22,119
UWM Holdings Corp.^(c)		2,859		12,408
Virtu Financial, Inc., Class A		705		24,731
W.R. Berkley Corp.		265		23,930

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


		26

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Webster Financial Corp.		751	$	45,218
Western Alliance Bancorporation		180		16,873
White Mountains Insurance Group Ltd.		20		21,004
Willis Towers Watson PLC		86		19,118
Wintrust Financial Corp.		226		22,455
Zions Bancorporation N.A.		314		22,259

				1,835,096

Health Care-12.03%
Abbott Laboratories		154		18,575
Agilent Technologies, Inc.		132		17,207
Align Technology, Inc.^(b)		33		16,878
Amedisys, Inc.^(b)		143		22,914
AmerisourceBergen Corp.		173		24,658
Amgen, Inc.^(c)		98		22,195
Avantor, Inc.^(b)		517		17,935
Baxter International, Inc.		261		22,177
Becton, Dickinson and Co.		81		21,974
Biogen, Inc.^(b)		85		17,936
BioMarin Pharmaceutical, Inc.^(b)		231		18,046
Bio-Rad Laboratories, Inc., Class A^(b)		26		16,275
Boston Scientific Corp.^(b)		514		22,703
Bruker Corp.		245		17,241
Cardinal Health, Inc.		426		23,008
Catalent, Inc.^(b)		153		15,612
Centene Corp.^(b)		279		23,051
Cerner Corp.		279		26,017
Charles River Laboratories International, Inc.^(b)		54		15,723
Chemed Corp.		42		20,088
Cooper Cos., Inc. (The)		53		21,678
CVS Health Corp.		220		22,803
Danaher Corp.		61		16,739
DENTSPLY SIRONA, Inc.		404		21,872
DexCom, Inc.^(b)		36		14,901
Eli Lilly and Co.		79		19,746
Envista Holdings Corp.^(b)		514		24,672
Exelixis, Inc.^(b)		1,191		24,451
Gilead Sciences, Inc.		285		17,214
Henry Schein, Inc.^(b)		278		24,014
Hologic, Inc.^(b)		269		19,145
Horizon Therapeutics PLC^(b)		185		16,866
Humana, Inc.		47		20,413
ICU Medical, Inc.^(b)		88		20,832
IDEXX Laboratories, Inc.^(b)		33		17,567
Illumina, Inc.^(b)		55		17,963
Incyte Corp.^(b)		301		20,558
Johnson & Johnson		124		20,407
Laboratory Corp. of America Holdings^(b)		69		18,717
Masimo Corp.^(b)		71		11,179
Molina Healthcare, Inc.^(b)		69		21,174
Neurocrine Biosciences, Inc.^(b)		245		22,018
Penumbra, Inc.^(b)		80		17,739
PerkinElmer, Inc.		106		19,039
Pfizer, Inc.		357		16,757
Premier, Inc., Class A		531		19,084
QIAGEN N.V.^(b)		359		17,839
Quest Diagnostics, Inc.		129		16,934
Quidel Corp.^(b)		136		14,387
Regeneron Pharmaceuticals, Inc.^(b)		31		19,169
Repligen Corp.^(b)		71		13,966


	Shares		Value
Health Care-(continued)
ResMed, Inc.		77	$	19,000
Royalty Pharma PLC, Class A^(c)		504		19,787
Sage Therapeutics, Inc.^(b)		526		19,131
STERIS PLC		91		21,840
Tandem Diabetes Care, Inc.^(b)		157		17,683
Thermo Fisher Scientific, Inc.		31		16,864
United Therapeutics Corp.^(b)		103		17,119
Veeva Systems, Inc., Class A^(b)		72		16,492
Vertex Pharmaceuticals, Inc.^(b)		96		22,082
Waters Corp.^(b)		60		19,004
West Pharmaceutical Services, Inc.		45		17,419
Zoetis, Inc.		89		17,235

				1,213,712

Industrials-11.77%
3M Co.		114		16,946
A.O. Smith Corp.		245		16,802
Advanced Drainage Systems, Inc.		161		18,792
AECOM		289		20,999
Allegion PLC		160		18,323
Allison Transmission Holdings, Inc.		559		22,326
Booz Allen Hamilton Holding Corp.		232		18,720
BWX Technologies, Inc.		417		22,276
C.H. Robinson Worldwide, Inc.		208		20,109
Carrier Global Corp.		363		16,291
Caterpillar, Inc.		102		19,133
Copart, Inc.^(b)		138		16,957
CoStar Group, Inc.^(b)		260		15,863
Cummins, Inc.		94		19,187
Expeditors International of Washington, Inc.		159		16,434
Fortive Corp.		266		17,224
FTI Consulting, Inc.^(b)(c)		138		20,148
Gates Industrial Corp. PLC^(b)(c)		1,232		19,515
General Dynamics Corp.		103		24,148
Graco, Inc.		274		19,753
HEICO Corp., Class A		161		19,790
Huntington Ingalls Industries, Inc.		111		22,688
Illinois Tool Works, Inc.		85		18,389
Jacobs Engineering Group, Inc.		141		17,343
Johnson Controls International PLC		261		16,955
Knight-Swift Transportation Holdings, Inc.		345		18,796
Landstar System, Inc.		118		18,220
Lennox International, Inc.		65		17,350
Lincoln Electric Holdings, Inc.		148		18,864
Lockheed Martin Corp.		60		26,028
Masco Corp.		302		16,924
MasTec, Inc.^(b)(c)		216		17,012
MDU Resources Group, Inc.		713		19,087
Mercury Systems, Inc.^(b)		407		24,510
MSA Safety, Inc.		139		19,335
MSC Industrial Direct Co., Inc., Class A		250		19,370
Nordson Corp.		78		17,666
Northrop Grumman Corp.		57		25,202
Old Dominion Freight Line, Inc.		56		17,586
Otis Worldwide Corp.		242		18,956
PACCAR, Inc.		237		21,759
Pentair PLC		275		15,925
Quanta Services, Inc.		177		19,282
Regal Rexnord Corp.		125		20,044
Republic Services, Inc.		149		17,922

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


		27

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Rockwell Automation, Inc.		59	$	15,728
Rollins, Inc.		619		20,198
Ryder System, Inc.		246		19,395
Schneider National, Inc., Class B		815		21,288
Sensata Technologies Holding PLC^(b)		356		20,616
Snap-on, Inc.		98		20,598
Southwest Airlines Co.^(b)		459		20,104
Stanley Black & Decker, Inc.		114		18,548
Toro Co. (The)		195		18,293
Trane Technologies PLC		105		16,163
Trex Co., Inc.^(b)		146		13,409
Univar Solutions, Inc.^(b)		757		23,247
Valmont Industries, Inc.		82		17,749
Verisk Analytics, Inc.		89		15,783
Vertiv Holdings Co.		787		10,247
Waste Management, Inc.		122		17,617
Watsco, Inc.		68		18,568
Xylem, Inc.		165		14,677

				1,187,177

Information Technology-10.60%
Akamai Technologies, Inc.^(b)		179		19,379
Amdocs Ltd.		286		22,508
Amphenol Corp., Class A		246		18,698
Analog Devices, Inc.		109		17,472
Arrow Electronics, Inc.^(b)		163		19,866
Automatic Data Processing, Inc.		86		17,582
Black Knight, Inc.^(b)		270		15,171
Broadcom, Inc.		35		20,560
Broadridge Financial Solutions, Inc.		116		16,960
Cadence Design Systems, Inc.^(b)		112		16,960
CDK Global, Inc.		505		22,897
CDW Corp.		106		18,281
Cirrus Logic, Inc.^(b)		242		21,023
Citrix Systems, Inc.		248		25,420
Cognizant Technology Solutions Corp., Class A		255		21,963
Corning, Inc.		532		21,493
Dell Technologies, Inc., Class C^(b)		351		17,887
Entegris, Inc.		131		17,093
F5, Inc.^(b)		87		17,474
Fiserv, Inc.^(b)		204		19,925
Intel Corp.		402		19,175
International Business Machines Corp.		167		20,459
IPG Photonics Corp.^(b)		120		15,642
Jabil, Inc.		337		19,482
Jack Henry & Associates, Inc.		132		23,338
Juniper Networks, Inc.		634		21,423
Keysight Technologies, Inc.^(b)		101		15,894
KLA Corp.		48		16,728
Lam Research Corp.		28		15,718
Littelfuse, Inc.		65		16,784
Lumentum Holdings, Inc.^(b)(c)		228		22,540
Microchip Technology, Inc.		233		16,387
Micron Technology, Inc.		230		20,438
Microsoft Corp.		59		17,629
MKS Instruments, Inc.		126		18,976
Monolithic Power Systems, Inc.		36		16,513
Motorola Solutions, Inc.		80		17,634
NortonLifeLock, Inc.		820		23,764
NXP Semiconductors N.V. (China)		88		16,731


	Shares		Value
Information Technology-(continued)
ON Semiconductor Corp.^(b)		317	$	19,847
Oracle Corp.		217		16,486
Paychex, Inc.		166		19,764
Paycom Software, Inc.^(b)		47		15,943
Paylocity Holding Corp.^(b)		80		16,995
QUALCOMM, Inc.		111		19,091
ServiceNow, Inc.^(b)		33		19,137
Skyworks Solutions, Inc.		131		18,100
SolarWinds Corp.		1,419		19,227
Switch, Inc., Class A		761		19,801
Synopsys, Inc.^(b)		59		18,431
Texas Instruments, Inc.		102		17,339
Tyler Technologies, Inc.^(b)		39		16,702
VeriSign, Inc.^(b)		82		17,525
ViaSat, Inc.^(b)		452		20,629
VMware, Inc., Class A		171		20,062
Western Digital Corp.^(b)		343		17,472
Zoom Video Communications, Inc., Class A^(b)		99		13,127

				1,069,545

Materials-7.37%
Air Products and Chemicals, Inc.		69		16,305
Amcor PLC		1,734		20,166
AptarGroup, Inc.		167		20,354
Ashland Global Holdings, Inc.		195		17,995
Avery Dennison Corp.		96		16,915
Axalta Coating Systems Ltd.^(b)		648		17,522
Ball Corp.		215		19,294
Celanese Corp.		131		18,246
CF Industries Holdings, Inc.		341		27,686
Corteva, Inc.		437		22,737
Crown Holdings, Inc.		185		22,694
Dow, Inc.		370		21,815
DuPont de Nemours, Inc.		265		20,503
Eagle Materials, Inc.		128		17,514
Eastman Chemical Co.		190		22,509
Element Solutions, Inc.		869		21,360
FMC Corp.		195		22,864
Huntsman Corp.		628		25,396
International Flavors & Fragrances, Inc.		138		18,354
International Paper Co.		433		18,848
LyondellBasell Industries N.V., Class A		231		22,460
Martin Marietta Materials, Inc.		49		18,591
NewMarket Corp.		60		19,066
Newmont Corp.		363		24,031
Olin Corp.		377		19,419
Packaging Corp. of America		151		22,226
Reliance Steel & Aluminum Co.		131		25,004
Royal Gold, Inc.		200		24,252
RPM International, Inc.		216		18,267
Sherwin-Williams Co. (The)		59		15,525
Silgan Holdings, Inc.		475		19,893
Southern Copper Corp. (Peru)		342		23,731
Valvoline, Inc.		576		18,622
Vulcan Materials Co.		105		19,052
Westlake Corp.		219		24,158
WestRock Co.		449		20,326

				743,700

Real Estate-6.82%
Alexandria Real Estate Equities, Inc.		99		18,751

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


		28

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
American Campus Communities, Inc.		389	$	20,932
American Homes 4 Rent, Class A		495		18,815
American Tower Corp.		76		17,242
AvalonBay Communities, Inc.		85		20,280
Camden Property Trust		120		19,813
CBRE Group, Inc., Class A^(b)		206		19,951
Crown Castle International Corp.		108		17,992
CubeSmart		368		17,741
CyrusOne, Inc.		220		19,877
Digital Realty Trust, Inc.		120		16,190
Duke Realty Corp.		334		17,702
Equinix, Inc.		24		17,034
Equity LifeStyle Properties, Inc.		242		18,058
Essex Property Trust, Inc.		60		19,030
Extra Space Storage, Inc.		98		18,439
First Industrial Realty Trust, Inc.		322		18,541
Gaming and Leisure Properties, Inc.		437		19,844
Healthcare Trust of America, Inc., Class A		589		17,311
Healthpeak Properties, Inc.		601		18,667
Invitation Homes, Inc.		491		18,560
Iron Mountain, Inc.		433		21,295
Jones Lang LaSalle, Inc.^(b)		85		20,929
Life Storage, Inc.		146		18,482
Medical Properties Trust, Inc.		942		19,160
Mid-America Apartment Communities, Inc.		97		19,847
Prologis, Inc.		129		18,815
Public Storage		60		21,301
Rayonier, Inc.		532		21,120
Realty Income Corp.		298		19,695
Rexford Industrial Realty, Inc.		280		19,636
SBA Communications Corp., Class A		58		17,597
Sun Communities, Inc.^(c)		107		19,367
UDR, Inc.		358		19,643
VICI Properties, Inc.^(c)		733		20,495
W.P. Carey, Inc.		259		20,047

				688,199


Utilities-6.71%
AES Corp. (The)		828		17,579
Alliant Energy Corp.		353		20,615
Ameren Corp.		238		20,456
American Electric Power Co., Inc.		243		22,028
American Water Works Co., Inc.		116		17,527
Atmos Energy Corp.		218		23,939
Avangrid, Inc.		384		17,230
CenterPoint Energy, Inc.		762		20,841
CMS Energy Corp.		331		21,187
Consolidated Edison, Inc.		251		21,528
Constellation Energy Corp.		123		5,656
Dominion Energy, Inc.		276		21,950
DTE Energy Co.		179		21,765


	Shares		Value
Utilities-(continued)
Duke Energy Corp.		202	$	20,283
Edison International		298		18,899
Entergy Corp.		195		20,516
Essential Utilities, Inc.		414		19,504
Evergy, Inc.		311		19,410
Eversource Energy		238		19,468
Exelon Corp.		372		15,832
FirstEnergy Corp.		518		21,678
Hawaiian Electric Industries, Inc.		505		20,695
IDACORP, Inc.		185		19,231
National Fuel Gas Co.		338		21,037
NextEra Energy, Inc.		223		17,454
NiSource, Inc.		803		23,231
NRG Energy, Inc.		549		20,774
OGE Energy Corp.		566		21,253
Pinnacle West Capital Corp.		305		21,603
Sempra Energy		164		23,652
Southern Co. (The)		321		20,791
UGI Corp.		473		18,182
WEC Energy Group, Inc.		223		20,266
Xcel Energy, Inc.		306		20,603

				676,663

Total Common Stocks & Other Equity Interests (Cost $10,428,313)				10,082,017


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $7,801)		7,801		7,801

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $10,436,114)				10,089,818


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.11%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		124,577		124,577
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		290,651		290,681

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $415,274)				415,258

TOTAL INVESTMENTS IN SECURITIES-104.12% (Cost $10,851,388)				10,505,076
OTHER ASSETS LESS LIABILITIES-(4.12)%				(416,031	)

NET ASSETS-100.00%			$	10,089,045

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


		29

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	-		$	20,129		$	(21	)		$	(1,225	)		$	(1	)		$	18,882		$	151

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			25,035			189,817			(207,051	)			-				-				7,801			1

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			65,535			643,334			(584,292	)			-				-				124,577			13	*

Invesco Private Prime Fund			152,915			1,208,903			(1,071,060	)			(16	)			(61	)			290,681			109	*


Total		$	243,485		$	2,062,183		$	(1,862,424	)		$	(1,241	)		$	(62	)		$	441,941		$	274

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022




Financials				18.19

Consumer Discretionary				12.29

Health Care				12.03

Industrials				11.77

Information Technology				10.60

Consumer Staples				8.52

Materials				7.37

Real Estate				6.82

Utilities				6.71

Communication Services				3.98

Energy				1.65

Money Market Funds Plus Other Assets Less Liabilities				0.07

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


		30

Invesco S&P 500 Enhanced Value ETF (SPVU)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-6.82%
AT&T, Inc.		377,193	$	8,935,702
Discovery, Inc., Class C^(b)		16,902		472,749
DISH Network Corp., Class A^(b)		19,359		618,714
Fox Corp., Class A		15,146		633,557
Lumen Technologies, Inc.^(c)		46,232		478,963
Paramount Global, Class B		55,973		1,713,334

				12,853,019

Consumer Discretionary-8.73%
Best Buy Co., Inc.		13,644		1,318,556
BorgWarner, Inc.		14,541		596,326
D.R. Horton, Inc.		16,200		1,383,480
Ford Motor Co.		212,382		3,729,428
General Motors Co.^(b)		108,733		5,080,006
Lennar Corp., Class A		15,929		1,431,699
Mohawk Industries, Inc.^(b)		3,339		470,064
Newell Brands, Inc.		17,714		420,707
PulteGroup, Inc.		15,254		757,514
PVH Corp.		3,709		363,074
Whirlpool Corp.		4,456		896,859

				16,447,713

Consumer Staples-6.22%
Archer-Daniels-Midland Co.		43,309		3,397,591
Conagra Brands, Inc.		23,547		823,438
Kraft Heinz Co. (The)		41,162		1,614,374
Kroger Co. (The)		39,205		1,834,794
Tyson Foods, Inc., Class A		18,510		1,715,137
Walgreens Boots Alliance, Inc.		50,922		2,346,995

				11,732,329

Energy-6.03%
Baker Hughes Co., Class A		34,939		1,026,508
Kinder Morgan, Inc.		88,175		1,534,245
Marathon Petroleum Corp.		62,309		4,852,002
Phillips 66		24,226		2,040,798
Valero Energy Corp.		22,815		1,905,280

				11,358,833

Financials-40.17%
Aflac, Inc.		23,770		1,452,109
Allstate Corp. (The)		13,639		1,668,868
American International Group, Inc.		38,991		2,387,809
Assurant, Inc.		2,619		444,470
Bank of America Corp.		190,787		8,432,785
Bank of New York Mellon Corp. (The)		23,162		1,231,060
Berkshire Hathaway, Inc., Class B^(b)		32,276		10,375,120
Capital One Financial Corp.		19,095		2,926,691
Chubb Ltd.		14,636		2,980,475
Cincinnati Financial Corp.		5,272		647,349
Citigroup, Inc.		97,610		5,781,440
Citizens Financial Group, Inc.		15,927		834,893
Comerica, Inc.		3,838		366,491
Discover Financial Services		9,056		1,117,873
Everest Re Group Ltd		1,697		506,079
Fifth Third Bancorp		18,544		887,145
Franklin Resources, Inc.		9,180		272,921
Globe Life, Inc.		3,278		330,947


	Shares		Value
Financials-(continued)
Goldman Sachs Group, Inc. (The)		12,872	$	4,393,085
Hartford Financial Services Group, Inc. (The)		12,568		873,225
Huntington Bancshares, Inc.		38,075		590,924
Invesco Ltd.^(d)		13,575		288,333
KeyCorp		31,237		783,112
Lincoln National Corp.		8,701		586,621
Loews Corp.		8,903		546,110
M&T Bank Corp.		4,080		743,498
MetLife, Inc.		34,283		2,315,817
Morgan Stanley		35,075		3,182,706
People’s United Financial, Inc.		11,498		242,378
Principal Financial Group, Inc.		8,968		633,500
Progressive Corp. (The)		14,434		1,528,994
Prudential Financial, Inc.		22,638		2,527,759
Regions Financial Corp.		33,000		798,270
State Street Corp.		10,295		878,472
Synchrony Financial		18,973		811,665
Travelers Cos., Inc. (The)		9,208		1,582,211
Truist Financial Corp.		36,852		2,292,931
Wells Fargo & Co.		132,669		7,080,545
Zions Bancorporation N.A		5,355		379,616

				75,704,297

Health Care-18.03%
AmerisourceBergen Corp.		8,079		1,151,500
Anthem, Inc.		11,468		5,181,816
Bio-Rad Laboratories, Inc., Class A^(b)		1,260		788,710
Cardinal Health, Inc.		17,716		956,841
Centene Corp.^(b)		37,570		3,104,033
Cigna Corp.		29,942		7,119,609
CVS Health Corp.		97,765		10,133,342
Humana, Inc.		5,870		2,549,458
Laboratory Corp. of America Holdings^(b)		4,202		1,139,835
Organon & Co.		13,165		491,449
Quest Diagnostics, Inc.		5,279		692,974
Universal Health Services, Inc., Class B		4,734		681,365

				33,990,932

Industrials-2.27%
C.H. Robinson Worldwide, Inc.		6,048		584,721
FedEx Corp.		13,218		2,937,965
Huntington Ingalls Industries, Inc.		2,111		431,488
Nielsen Holdings PLC		18,976		330,562

				4,284,736

Information Technology-2.40%
DXC Technology Co.^(b)		17,545		597,056
Hewlett Packard Enterprise Co.		83,530		1,329,798
HP, Inc.		49,969		1,716,935
Western Digital Corp.^(b)		17,328		882,688

				4,526,477

Materials-8.18%
Celanese Corp.		5,377		748,909
Corteva, Inc.		29,971		1,559,391
Dow, Inc.		50,638		2,985,616
DuPont de Nemours, Inc.		32,210		2,492,088
International Paper Co.		24,056		1,047,158
LyondellBasell Industries N.V., Class A		18,968		1,844,259

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


		31

Invesco S&P 500 Enhanced Value ETF (SPVU)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Materials-(continued)
Mosaic Co. (The)		25,680	$	1,346,402
Nucor Corp.		18,773		2,470,902
WestRock Co.		20,610		933,015

				15,427,740

Real Estate-0.33%
Kimco Realty Corp.		26,533		624,321


Utilities-0.65%
NRG Energy, Inc.		21,084		797,819
Pinnacle West Capital Corp.		5,911		418,676

				1,216,495

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $182,179,700)				188,166,892


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.22%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		122,036	$	122,036
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		284,723		284,751

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $406,813)				406,787

TOTAL INVESTMENTS IN SECURITIES-100.05% (Cost $182,586,513)				188,573,679
OTHER ASSETS LESS LIABILITIES-(0.05)%				(93,573	)

NET ASSETS-100.00%			$	188,480,106

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	249,301		$	120,102		$	(36,911	)		$	(43,429	)		$	(730	)		$	288,333		$	3,728

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			2,030,294			(2,030,294	)			-				-				-			13

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			22,602			1,337,372			(1,237,938	)			-				-				122,036			23	*

Invesco Private Prime Fund			49,691			2,802,021			(2,566,769	)			(26	)			(166	)			284,751			210	*


Total		$	321,594		$	6,289,789		$	(5,871,912	)		$	(43,455	)		$	(896	)		$	695,120		$	3,974

*	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 February 28, 2022.

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

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


		32

Invesco S&P 500 Enhanced Value ETF (SPVU)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022


Financials				40.17

Health Care				18.03

Consumer Discretionary				8.73

Materials				8.18

Communication Services				6.82

Consumer Staples				6.22

Energy				6.03

Sector Types Each Less Than 3%				5.65

Money Market Funds Plus Other Assets Less Liabilities				0.17

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


		33

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.33%
Verizon Communications, Inc.		13,436	$	721,110


Consumer Discretionary-4.08%
Home Depot, Inc. (The)		1,391		439,319
McDonald’s Corp.		2,728		667,733
O’Reilly Automotive, Inc.^(b)		846		549,257
Yum! Brands, Inc.		4,519		553,939

				2,210,248


Consumer Staples-15.60%
Altria Group, Inc.		9,672		496,077
Archer-Daniels-Midland Co.		6,699		525,536
Campbell Soup Co.		12,383		556,863
Coca-Cola Co. (The)		12,360		769,286
Conagra Brands, Inc.		15,271		534,027
Constellation Brands, Inc., Class A		2,327		501,748
General Mills, Inc.		8,388		565,603
JM Smucker Co. (The)		4,143		558,269
Kellogg Co.		9,204		588,504
Kraft Heinz Co. (The)		14,241		558,532
McCormick & Co., Inc.		6,133		583,678
Mondelez International, Inc., Class A		10,139		663,902
Monster Beverage Corp.^(b)		5,713		482,177
Philip Morris International, Inc.		5,770		583,174
Tyson Foods, Inc., Class A		5,253		486,743

				8,454,119


Financials-14.72%
Aflac, Inc.		8,102		494,951
Allstate Corp. (The)		4,043		494,701
Arthur J. Gallagher & Co.		3,457		546,863
Assurant, Inc.		3,254		552,236
Berkshire Hathaway, Inc., Class B^(b)		2,082		669,259
Brown & Brown, Inc.		7,498		506,940
CME Group, Inc., Class A		2,190		518,001
Intercontinental Exchange, Inc.		4,870		623,944
Loews Corp.		8,076		495,382
Marsh & McLennan Cos., Inc.		3,883		603,457
Moody’s Corp.		1,458		469,520
Nasdaq, Inc.		2,864		490,174
Progressive Corp. (The)		4,920		521,175
Travelers Cos., Inc. (The)		2,868		492,808
W.R. Berkley Corp.		5,509		497,463

				7,976,874

Health Care-14.78%
Abbott Laboratories		3,846		463,905
AbbVie, Inc.		3,842		567,732
Agilent Technologies, Inc.		3,429		447,004
AmerisourceBergen Corp.		3,424		488,023
Amgen, Inc.^(c)		2,290		518,639
Baxter International, Inc.		6,788		576,776
Becton, Dickinson and Co.		2,118		574,571
Bristol-Myers Squibb Co.		8,650		593,996
Cooper Cos., Inc. (The)		1,226		501,459
CVS Health Corp.		4,788		496,276
Johnson & Johnson		4,413		726,247
McKesson Corp.		1,780		489,429
Medtronic PLC		4,994		524,320


	Shares		Value
Health Care-(continued)
Stryker Corp.		1,949	$	513,269
UnitedHealth Group, Inc.		1,117		531,547

				8,013,193


Industrials-22.71%
3M Co.		3,714		552,086
AMETEK, Inc.		4,155		539,277
C.H. Robinson Worldwide, Inc.		5,642		545,469
CSX Corp.		14,388		487,897
Dover Corp.		3,170		497,246
Eaton Corp. PLC		3,306		510,083
Fastenal Co.		9,604		494,222
Fortive Corp.		7,670		496,633
General Dynamics Corp.		2,889		677,326
Honeywell International, Inc.		2,869		544,393
IDEX Corp.		2,671		512,565
Illinois Tool Works, Inc.		2,809		607,699
Johnson Controls International PLC		7,201		467,777
L3Harris Technologies, Inc.		2,343		591,162
Lockheed Martin Corp.		1,364		591,703
Masco Corp.		8,083		452,971
Norfolk Southern Corp.		1,804		462,762
Northrop Grumman Corp.		1,342		593,352
Republic Services, Inc.		4,819		579,629
Rockwell Automation, Inc.		1,715		457,185
Union Pacific Corp.		2,234		549,452
Waste Management, Inc.		4,458		643,735
Xylem, Inc.		5,143		457,470

				12,312,094


Information Technology-8.02%
Accenture PLC, Class A		1,425		450,328
Amphenol Corp., Class A		6,269		476,507
Automatic Data Processing, Inc.		2,356		481,661
Broadridge Financial Solutions, Inc.		3,423		500,477
Cisco Systems, Inc.		9,441		526,525
International Business Machines Corp.		3,601		441,158
Microsoft Corp.		1,604		479,259
Motorola Solutions, Inc.		2,188		482,301
Paychex, Inc.		4,284		510,053

				4,348,269


Materials-3.89%
Air Products and Chemicals, Inc.		2,106		497,648
Amcor PLC		46,937		545,877
Linde PLC (United Kingdom)		1,916		561,848
Sherwin-Williams Co. (The)		1,922		505,736

				2,111,109


Real Estate-3.81%
AvalonBay Communities, Inc.		2,320		553,529
Equity Residential		6,129		522,804
Essex Property Trust, Inc.		1,501		476,072
UDR, Inc.		9,299		510,236

				2,062,641


Utilities-11.01%
CenterPoint Energy, Inc.		18,655		510,214
Dominion Energy, Inc.		7,275		578,581
DTE Energy Co.		5,415		658,410

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


		34

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Utilities-(continued)
Edison International		8,955	$	567,926
Exelon Corp.		14,609		621,759
FirstEnergy Corp.		13,654		571,420
PPL Corp.		22,285		583,198
Public Service Enterprise Group, Inc.		9,167		594,297
Sempra Energy		4,159		599,811
Southern Co. (The)		10,532		682,158

				5,967,774


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $49,655,534)				54,177,431


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.97%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		157,511	$	157,511
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		367,489		367,526

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $525,037)				525,037

TOTAL INVESTMENTS IN SECURITIES-100.92% (Cost $50,180,571)				54,702,468
OTHER ASSETS LESS LIABILITIES-(0.92)%				(496,271	)

NET ASSETS-100.00%			$	54,206,197

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	354,379		$	(354,379	)		$	-		$	-			$	-		$	2

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			112,764			1,302,202			(1,257,455	)			-			-				157,511			10	*

Invesco Private Prime Fund			262,366			3,014,844			(2,909,647	)			-			(37	)			367,526			90	*


Total		$	375,130		$	4,671,425		$	(4,521,481	)		$	-		$	(37	)		$	525,037		$	102

*	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 February 28, 2022.

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

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


		35

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Industrials				22.71

Consumer Staples				15.60

Health Care				14.78

Financials				14.72

Utilities				11.01

Information Technology				8.02

Consumer Discretionary				4.08

Materials				3.89

Real Estate				3.81

Communication Services				1.33

Money Market Funds Plus Other Assets Less Liabilities				0.05

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


		36

Invesco S&P 500^® High Beta ETF (SPHB)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.65%
Live Nation Entertainment, Inc.^(b)		78,815	$	9,522,428
Match Group, Inc.^(b)(c)		85,678		9,552,240
Meta Platforms, Inc., Class A^(b)		41,814		8,824,009
Twitter, Inc.^(b)(c)		286,980		10,202,139

				38,100,816

Consumer Discretionary-16.40%
Aptiv PLC^(b)(c)		67,716		8,765,159
Bath & Body Works, Inc.		166,705		8,897,046
Caesars Entertainment, Inc.^(b)		144,965		12,204,603
Carnival Corp.^(b)(c)		443,227		9,010,805
D.R. Horton, Inc.		116,851		9,979,075
Etsy, Inc.^(b)(c)		85,176		13,192,911
Expedia Group, Inc.^(b)		47,680		9,350,525
Lennar Corp., Class A		104,024		9,349,677
MGM Resorts International		186,477		8,259,066
Mohawk Industries, Inc.^(b)		62,513		8,800,580
Norwegian Cruise Line Holdings Ltd.^(b)(c)		487,736		9,505,975
Penn National Gaming, Inc.^(b)(c)		276,146		14,180,097
PulteGroup, Inc.		195,550		9,711,013
PVH Corp.		96,185		9,415,550
Ross Stores, Inc.		94,133		8,602,815
Royal Caribbean Cruises Ltd.^(b)(c)		106,371		8,586,267
Tesla, Inc.^(b)		15,510		13,500,369

				171,311,533

Energy-5.62%
APA Corp.		359,427		12,806,384
Devon Energy Corp.		212,168		12,634,604
Diamondback Energy, Inc.		79,799		11,020,242
Marathon Oil Corp.		476,737		10,755,187
Occidental Petroleum Corp.		261,688		11,443,616

				58,660,033

Financials-9.27%
Ameriprise Financial, Inc.		29,034		8,704,103
BlackRock, Inc.		11,079		8,241,557
Discover Financial Services		76,025		9,384,526
Franklin Resources, Inc.		337,503		10,033,964
Invesco Ltd.^(d)		502,001		10,662,501
Lincoln National Corp.		133,639		9,009,942
MSCI, Inc.		17,735		8,897,472
Signature Bank		29,388		10,135,627
SVB Financial Group^(b)		20,579		12,470,874
T. Rowe Price Group, Inc.		64,466		9,319,205

				96,859,771

Health Care-5.57%
Align Technology, Inc.^(b)		22,682		11,600,936
Bio-Techne Corp.		23,636		9,913,175
DexCom, Inc.^(b)		21,489		8,894,512
IDEXX Laboratories, Inc.^(b)		17,265		9,191,023
Illumina, Inc.^(b)		24,555		8,019,663
Intuitive Surgical, Inc.^(b)		36,256		10,526,204

				58,145,513

Industrials-7.24%
Boeing Co. (The)^(b)		46,076		9,461,246
Copart, Inc.^(b)		72,192		8,870,953


	Shares		Value
Industrials-(continued)
Fortune Brands Home & Security, Inc.		96,273	$	8,366,124
Generac Holdings, Inc.^(b)		34,835		10,989,397
Quanta Services, Inc.		90,528		9,862,120
Textron, Inc.		130,223		9,523,208
United Airlines Holdings, Inc.^(b)(c)		199,223		8,845,501
United Rentals, Inc.^(b)		30,259		9,731,900

				75,650,449

Information Technology-48.90%
Adobe, Inc.^(b)		20,165		9,430,767
Advanced Micro Devices, Inc.^(b)		101,847		12,561,809
Amphenol Corp., Class A		114,984		8,739,934
Analog Devices, Inc.		58,198		9,328,557
ANSYS, Inc.^(b)		35,176		11,403,707
Apple, Inc.		55,696		9,196,524
Applied Materials, Inc.		108,844		14,606,865
Arista Networks, Inc.^(b)		75,164		9,224,878
Autodesk, Inc.^(b)		45,240		9,963,205
Broadcom, Inc.		18,272		10,733,704
Cadence Design Systems, Inc.^(b)		80,339		12,165,735
CDW Corp.		47,702		8,226,687
Ceridian HCM Holding, Inc.^(b)		142,518		10,390,987
DXC Technology Co.^(b)		245,986		8,370,904
Enphase Energy, Inc.^(b)		89,105		14,853,804
EPAM Systems, Inc.^(b)		24,493		5,088,421
Fortinet, Inc.^(b)		37,850		13,040,082
Intuit, Inc.		18,317		8,689,035
IPG Photonics Corp.^(b)		64,616		8,422,696
Keysight Technologies, Inc.^(b)		53,188		8,370,196
KLA Corp.		36,658		12,775,313
Lam Research Corp.		24,179		13,572,882
Mastercard, Inc., Class A		24,536		8,853,080
Microchip Technology, Inc.		181,069		12,734,583
Micron Technology, Inc.		140,819		12,513,176
Monolithic Power Systems, Inc.		32,442		14,881,145
NetApp, Inc.		103,302		8,096,811
NVIDIA Corp.		59,436		14,493,469
NXP Semiconductors N.V. (China)		67,242		12,784,049
Paycom Software, Inc.^(b)		34,545		11,718,009
PayPal Holdings, Inc.^(b)		96,754		10,829,675
PTC, Inc.^(b)		83,887		9,334,945
Qorvo, Inc.^(b)		89,766		12,278,193
QUALCOMM, Inc.		62,251		10,706,549
salesforce.com, inc.^(b)		44,002		9,263,741
Seagate Technology Holdings PLC		86,302		8,902,914
ServiceNow, Inc.^(b)		18,669		10,826,526
Skyworks Solutions, Inc.		82,578		11,409,802
SolarEdge Technologies, Inc.^(b)		55,222		17,639,011
Synopsys, Inc.^(b)		38,259		11,951,729
TE Connectivity Ltd. (Switzerland)		63,150		8,994,455
Teradyne, Inc.		128,904		15,200,360
Texas Instruments, Inc.		55,157		9,376,138
Trimble, Inc.^(b)		159,780		11,144,655
Tyler Technologies, Inc.^(b)		20,164		8,635,435
Western Digital Corp.^(b)		212,419		10,820,624
Zebra Technologies Corp., Class A^(b)		20,007		8,269,693

				510,815,459

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


		37

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Materials-3.28%
Albemarle Corp.		48,392	$	9,479,509
Freeport-McMoRan, Inc.		272,035		12,772,043
Mosaic Co. (The)		228,564		11,983,611

				34,235,163


Total Common Stocks & Other Equity Interests (Cost $1,100,400,263)				1,043,778,737


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $8,365)		8,365		8,365

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $1,100,408,628)				1,043,787,102


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.49%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		20,346,753	$	20,346,753
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		47,471,011		47,475,759

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,825,500)				67,822,512

TOTAL INVESTMENTS IN SECURITIES-106.42% (Cost $1,168,234,128)				1,111,609,614
OTHER ASSETS LESS LIABILITIES-(6.42)%				(67,092,583	)

NET ASSETS-100.00%			$	1,044,517,031

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	15,462,443		$	13,014,351		$	(15,058,053	)		$	(2,331,786	)		$	(424,454	)		$	10,662,501		$	181,979

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			5,581,604			(5,573,239	)			-				-				8,365			41

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			21,945,466			157,651,087			(159,249,800	)			-				-				20,346,753			3,340	*

Invesco Private Prime Fund			51,206,086			332,647,271			(336,360,137	)			(2,989	)			(14,472	)			47,475,759			30,194	*


Total		$	88,613,995		$	508,894,313		$	(516,241,229	)		$	(2,334,775	)		$	(438,926	)		$	78,493,378		$	215,554

*	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 February 28, 2022.

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

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


		38

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Information Technology				48.90

Consumer Discretionary				16.40

Financials				9.27

Industrials				7.24

Energy				5.62

Health Care				5.57

Communication Services				3.65

Materials				3.28

Money Market Funds Plus Other Assets Less Liabilities				0.07

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


		39

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-7.45%
AT&T, Inc.		3,598,457	$	85,247,447
Omnicom Group, Inc.		828,273		69,483,822
Verizon Communications, Inc.		1,502,224		80,624,362

				235,355,631

Consumer Staples-19.82%
Altria Group, Inc.^(b)		1,897,565		97,326,109
Campbell Soup Co.^(b)		1,231,371		55,374,754
Coca-Cola Co. (The)		776,406		48,323,509
Conagra Brands, Inc.		1,596,827		55,841,040
General Mills, Inc.		725,055		48,890,459
Kellogg Co.		887,633		56,755,254
Kimberly-Clark Corp.		368,780		47,996,717
Kraft Heinz Co. (The)		2,007,085		78,717,874
Philip Morris International, Inc.		840,417		84,940,946
Walgreens Boots Alliance, Inc.		1,133,605		52,247,854

				626,414,516

Energy-8.99%
Chevron Corp.		583,073		83,962,512
Kinder Morgan, Inc.		5,472,513		95,221,726
Williams Cos., Inc. (The)		3,353,764		104,905,738

				284,089,976

Financials-7.17%
Citigroup, Inc.		882,934		52,296,181
Prudential Financial, Inc.		637,228		71,152,878
Truist Financial Corp.^(b)		837,204		52,090,833
U.S. Bancorp		903,888		51,105,828

				226,645,720

Health Care-11.26%
AbbVie, Inc.		476,561		70,421,419
Amgen, Inc.^(b)		226,804		51,366,570
Bristol-Myers Squibb Co.		822,785		56,500,646
Cardinal Health, Inc.		1,226,693		66,253,689
Gilead Sciences, Inc.		934,763		56,459,685
Merck & Co., Inc.		716,105		54,839,321

				355,841,330

Industrials-3.28%
3M Co.		316,067		46,983,359
Lockheed Martin Corp.		130,952		56,806,978

				103,790,337

Information Technology-2.42%
International Business Machines Corp.^(b)		623,432		76,376,654

Materials-7.55%
Amcor PLC		5,408,780		62,904,111


	Shares		Value
Materials-(continued)
International Paper Co.		1,446,500	$	62,966,145
Newmont Corp.		921,526		61,005,021
Packaging Corp. of America		352,519		51,887,272

				238,762,549

Real Estate-11.83%
Boston Properties, Inc.		484,856		59,302,737
Federal Realty Investment Trust		416,261		48,943,968
Healthpeak Properties, Inc.		1,563,309		48,556,378
Realty Income Corp.		952,022		62,919,134
Regency Centers Corp.		739,353		48,715,969
Ventas, Inc.^(b)		1,115,696		60,247,584
Welltower, Inc.		541,951		45,139,099

				373,824,869

Utilities-20.21%
American Electric Power Co., Inc.		620,015		56,204,360
Consolidated Edison, Inc.		726,182		62,284,630
Duke Energy Corp.^(b)		593,982		59,641,733
Edison International		1,036,339		65,724,619
Entergy Corp.^(b)		519,224		54,627,557
FirstEnergy Corp.		1,487,996		62,272,633
Pinnacle West Capital Corp.^(b)		1,097,486		77,734,933
PPL Corp.		3,061,495		80,119,324
Sempra Energy		414,057		59,715,301
Southern Co. (The)		930,600		60,274,962

				638,600,052

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $3,067,323,253)				3,159,701,634


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.13%
Invesco Private Government Fund, 0.12%^(c)(d)(e)		20,204,536		20,204,536
Invesco Private Prime Fund, 0.08%^(c)(d)(e)		47,139,204		47,143,919

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,350,237)				67,348,455
TOTAL INVESTMENTS IN SECURITIES-102.11% (Cost $3,134,673,490)				3,227,050,089
OTHER ASSETS LESS LIABILITIES-(2.11)%				(66,537,558	)

NET ASSETS-100.00%			$	3,160,512,531

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


		40

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(c)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	26,231,948		$	(26,231,948	)		$	-			$	-			$	-		$	134

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			19,226,639			106,143,557			(105,165,660	)			-				-				20,204,536			2,442	*

Invesco Private Prime Fund			44,862,158			222,437,138			(220,141,784	)			(1,783	)			(11,810	)			47,143,919			22,180	*


Total		$	64,088,797		$	354,812,643		$	(351,539,392	)		$	(1,783	)		$	(11,810	)		$	67,348,455		$	24,756

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022




Utilities				20.21

Consumer Staples				19.82

Real Estate				11.83

Health Care				11.26

Energy				8.99

Materials				7.55

Communication Services				7.45

Financials				7.17

Industrials				3.28

Information Technology				2.42

Money Market Funds Plus Other Assets Less Liabilities				0.02

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


		41

Invesco S&P 500^® Low Volatility ETF (SPLV)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-1.26%
Verizon Communications, Inc.^(b)		2,114,210	$	113,469,651


Consumer Discretionary-3.08%
McDonald’s Corp.		429,419		105,108,889
O’Reilly Automotive, Inc.^(c)		132,683		86,143,111
Yum! Brands, Inc.		708,518		86,850,136

				278,102,136


Consumer Staples-22.93%
Archer-Daniels-Midland Co.		1,050,223		82,389,994
Brown-Forman Corp., Class B		1,203,670		78,515,394
Campbell Soup Co.^(b)		1,941,398		87,304,668
Church & Dwight Co., Inc.^(b)		945,465		92,513,750
Coca-Cola Co. (The)		1,944,833		121,046,406
Colgate-Palmolive Co.		1,394,777		107,328,090
Conagra Brands, Inc.		2,394,056		83,720,138
Constellation Brands, Inc., Class A		364,745		78,646,317
Costco Wholesale Corp.^(b)		157,406		81,733,066
General Mills, Inc.		1,314,986		88,669,506
Hershey Co. (The)		569,258		115,138,123
Hormel Foods Corp.^(b)		1,811,013		86,276,659
JM Smucker Co. (The)		649,517		87,522,416
Kellogg Co.		1,442,995		92,265,100
Kimberly-Clark Corp.		739,969		96,306,966
McCormick & Co., Inc.		961,472		91,503,290
Mondelez International, Inc., Class A		1,595,920		104,500,842
PepsiCo, Inc.		693,168		113,499,328
Philip Morris International, Inc.		904,557		91,423,576
Procter & Gamble Co. (The)		729,501		113,721,911
Tyson Foods, Inc., Class A		823,566		76,311,626
Walmart, Inc.		722,667		97,675,672

				2,068,012,838


Financials-8.77%
Aflac, Inc.		1,270,117		77,591,448
Arthur J. Gallagher & Co.		542,007		85,740,087
Assurant, Inc.		510,141		86,576,029
Berkshire Hathaway, Inc., Class B^(c)		327,687		105,334,986
Brown & Brown, Inc.^(b)		1,175,449		79,472,107
CME Group, Inc., Class A		343,440		81,233,863
Intercontinental Exchange, Inc.		766,137		98,157,472
Marsh & McLennan Cos., Inc.		608,726		94,602,108
Progressive Corp. (The)		774,321		82,023,824

				790,731,924


Health Care-9.02%
AbbVie, Inc.		602,218		88,989,754
Amgen, Inc.^(b)		359,141		81,338,254
Baxter International, Inc.		1,064,222		90,426,943
Becton, Dickinson and Co.		333,619		90,504,162
Bristol-Myers Squibb Co.^(b)		1,356,053		93,120,160
Gilead Sciences, Inc.		1,478,516		89,302,366
Johnson & Johnson		694,439		114,283,826
Medtronic PLC		782,963		82,203,285
UnitedHealth Group, Inc.		175,211		83,377,659

				813,546,409


Industrials-14.74%
3M Co.^(b)		582,310		86,560,381


	Shares		Value
Industrials-(continued)
AMETEK, Inc.		651,439	$	84,550,268
Dover Corp.		496,996		77,958,792
Eaton Corp. PLC		518,154		79,945,981
Fastenal Co.^(b)		1,505,571		77,476,684
General Dynamics Corp.		454,784		106,624,109
Honeywell International, Inc.		449,764		85,342,719
IDEX Corp.^(b)		418,638		80,336,632
Illinois Tool Works, Inc.		440,367		95,268,997
L3Harris Technologies, Inc.		367,358		92,688,097
Lockheed Martin Corp.		213,928		92,801,966
Republic Services, Inc.^(b)		755,520		90,873,946
Roper Technologies, Inc.^(b)		203,809		91,351,270
Union Pacific Corp.		350,224		86,137,593
Waste Management, Inc.		701,351		101,275,084

				1,329,192,519


Information Technology-3.51%
Cisco Systems, Inc.		1,480,057		82,542,779
Motorola Solutions, Inc.		343,030		75,614,103
Paychex, Inc.^(b)		671,658		79,967,602
VeriSign, Inc.^(c)		368,828		78,825,920

				316,950,404


Materials-3.67%
Air Products and Chemicals, Inc.		330,183		78,022,243
Amcor PLC		7,358,376		85,577,913
Linde PLC (United Kingdom)		300,357		88,076,686
Sherwin-Williams Co. (The)		301,307		79,282,911

				330,959,753


Real Estate-9.33%
Alexandria Real Estate Equities, Inc.^(b)		454,981		86,173,401
AvalonBay Communities, Inc.		363,673		86,768,741
Duke Realty Corp.		1,605,576		85,095,528
Equity Residential		960,916		81,966,135
Healthpeak Properties, Inc.		2,572,296		79,895,514
Mid-America Apartment Communities, Inc.		396,928		81,215,438
Prologis, Inc.		565,714		82,509,387
Public Storage		244,787		86,904,281
Realty Income Corp.		1,369,680		90,522,151
UDR, Inc.		1,457,844		79,991,900

				841,042,476


Utilities-23.68%
Alliant Energy Corp.^(b)		1,559,146		91,054,126
Ameren Corp.		1,118,064		96,097,601
American Electric Power Co., Inc.^(b)		1,158,991		105,062,534
Atmos Energy Corp.^(b)		798,827		87,719,193
CenterPoint Energy, Inc.^(b)		2,924,542		79,986,224
CMS Energy Corp.^(b)		1,496,604		95,797,622
Consolidated Edison, Inc.^(b)		1,149,916		98,628,295
Dominion Energy, Inc.		1,140,414		90,697,125
DTE Energy Co.^(b)		852,461		103,650,733
Duke Energy Corp.		1,028,608		103,282,529
Edison International		1,403,963		89,039,334
Entergy Corp.		738,126		77,658,237
Evergy, Inc.		1,474,644		92,032,532
Eversource Energy		971,001		79,427,882
Exelon Corp.		2,298,250		97,813,520

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


		42

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Utilities-(continued)
FirstEnergy Corp.		2,140,485	$	89,579,297
NiSource, Inc.		3,365,240		97,356,393
PPL Corp.		3,493,635		91,428,428
Public Service Enterprise Group, Inc.		1,442,206		93,498,215
Sempra Energy		651,991		94,030,142
Southern Co. (The)^(b)		1,657,616		107,363,788
WEC Energy Group, Inc.		938,196		85,263,253
Xcel Energy, Inc.		1,326,616		89,321,055

				2,135,788,058


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $8,912,475,725)				9,017,796,168


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.74%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		20,119,060	$	20,119,060
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		46,939,779		46,944,474

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,065,443)				67,063,534

TOTAL INVESTMENTS IN SECURITIES-100.73% (Cost $8,979,541,168)				9,084,859,702
OTHER ASSETS LESS LIABILITIES-(0.73)%				(65,970,548	)

NET ASSETS-100.00%			$	9,018,889,154

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 February 28, 2022.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	59,531,025		$	(59,531,025	)		$	-			$	-			$	-		$	507

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,232,687			174,759,027			(174,872,654	)			-				-				20,119,060			2,521	*

Invesco Private Prime Fund			47,209,603			364,746,760			(364,998,808	)			(1,910	)			(11,171	)			46,944,474			22,280	*


Total		$	67,442,290		$	599,036,812		$	(599,402,487	)		$	(1,910	)		$	(11,171	)		$	67,063,534		$	25,308

* 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 February 28, 2022.

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

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


		43

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Utilities				23.68

Consumer Staples				22.93

Industrials				14.74

Real Estate				9.33

Health Care				9.02

Financials				8.77

Materials				3.67

Information Technology				3.51

Consumer Discretionary				3.08

Communication Services				1.26

Money Market Funds Plus Other Assets Less Liabilities				0.01

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


		44

Invesco S&P 500 Minimum Variance ETF (SPMV)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-4.81%
Alphabet, Inc., Class C^(b)		108	$	291,365
AT&T, Inc.		1,497		35,464
Electronic Arts, Inc.		929		120,854
T-Mobile US, Inc.^(b)		1,988		244,941
Verizon Communications, Inc.		8,766		470,471

				1,163,095


Consumer Discretionary-8.41%
Amazon.com, Inc.^(b)		144		442,261
Home Depot, Inc. (The)		1,031		325,621
McDonald’s Corp.		1,704		417,088
NIKE, Inc., Class B		3,054		417,024
TJX Cos., Inc. (The)		6,512		430,443

				2,032,437


Consumer Staples-11.62%
Coca-Cola Co. (The)		2,596		161,575
Colgate-Palmolive Co.		5,211		400,986
Conagra Brands, Inc.		3,129		109,421
General Mills, Inc.		5,625		379,294
Hershey Co. (The)		279		56,430
Hormel Foods Corp.		3,875		184,605
Kellogg Co.		574		36,702
Kimberly-Clark Corp.		1,544		200,952
McCormick & Co., Inc.		2,127		202,427
Mondelez International, Inc., Class A		7,462		488,612
Monster Beverage Corp.^(b)		586		49,458
Procter & Gamble Co. (The)		3,466		540,315

				2,810,777


Energy-0.32%
Exxon Mobil Corp.		977		76,616


Financials-12.32%
Aon PLC, Class A		1,651		482,323
Bank of America Corp.		4,478		197,928
Berkshire Hathaway, Inc., Class B^(b)		1,799		578,288
Chubb Ltd.		2,772		564,490
JPMorgan Chase & Co.		235		33,323
Marsh & McLennan Cos., Inc.		3,114		483,947
Progressive Corp. (The)		5,365		568,314
Travelers Cos., Inc. (The)		402		69,076

				2,977,689


Health Care-18.83%
Abbott Laboratories		3,350		404,076
Becton, Dickinson and Co.		117		31,740
Bristol-Myers Squibb Co.		307		21,082
Cerner Corp.		2,672		249,164
CVS Health Corp.		494		51,203
Edwards Lifesciences Corp.^(b)		2,433		273,396
Eli Lilly and Co.		1,342		335,433
Humana, Inc.		105		45,604
Incyte Corp.^(b)		2,566		175,258
Intuitive Surgical, Inc.^(b)		269		78,099
Johnson & Johnson		2,992		492,393
Laboratory Corp. of America Holdings^(b)		743		201,546
Medtronic PLC		3,245		340,692
Merck & Co., Inc.		5,808		444,777


	Shares		Value
Health Care-(continued)
Organon & Co.		558	$	20,830
Regeneron Pharmaceuticals, Inc.^(b)		247		152,735
Stryker Corp.		734		193,299
UnitedHealth Group, Inc.		1,237		588,651
Vertex Pharmaceuticals, Inc.^(b)		1,972		453,599

				4,553,577


Industrials-4.54%
Republic Services, Inc.		2,502		300,940
Rollins, Inc.		2,833		92,441
Verisk Analytics, Inc.		1,334		236,572
Waste Management, Inc.		3,235		467,134

				1,097,087


Information Technology-23.55%
Accenture PLC, Class A		1,460		461,389
Adobe, Inc.^(b)		758		354,501
Advanced Micro Devices, Inc.^(b)		617		76,101
Akamai Technologies, Inc.^(b)		670		72,534
Analog Devices, Inc.		454		72,772
Apple, Inc.		3,168		523,100
Automatic Data Processing, Inc.		839		171,525
Cisco Systems, Inc.		2,174		121,244
Citrix Systems, Inc.		1,205		123,512
Cognizant Technology Solutions Corp., Class A		1,998		172,088
Global Payments, Inc.		1,009		134,580
Intel Corp.		6,046		288,394
Intuit, Inc.		880		417,446
Micron Technology, Inc.		230		20,438
Microsoft Corp.		1,688		504,358
NVIDIA Corp.		769		187,521
Oracle Corp.		1,050		79,768
QUALCOMM, Inc.		3,506		602,997
salesforce.com, inc.^(b)		916		192,845
Texas Instruments, Inc.		2,621		445,544
Tyler Technologies, Inc.^(b)		524		224,408
VeriSign, Inc.^(b)		1,232		263,303
Visa, Inc., Class A^(c)		846		182,838

				5,693,206


Materials-2.48%
Corteva, Inc.		3,247		168,942
Newmont Corp.		6,521		431,690

				600,632


Real Estate-5.59%
American Tower Corp.		1,699		385,452
Crown Castle International Corp.		2,652		441,797
Digital Realty Trust, Inc.		1,297		174,991
Prologis, Inc.		1,233		179,833
Public Storage		477		169,345

				1,351,418


Utilities-7.43%
Ameren Corp.		835		71,768
American Electric Power Co., Inc.		418		37,892
Dominion Energy, Inc.		3,408		271,038
Duke Energy Corp.		670		67,275
Eversource Energy		1,112		90,962
NextEra Energy, Inc.		5,882		460,384

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


		45

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Utilities-(continued)
Public Service Enterprise Group, Inc.		5,116	$	331,670
Sempra Energy		193		27,834
Southern Co. (The)		4,874		315,689
WEC Energy Group, Inc.		320		29,082
Xcel Energy, Inc.		1,369		92,175

				1,795,769

Total Common Stocks & Other Equity Interests (Cost $22,235,067)				24,152,303


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $1,320)		1,320		1,320

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $22,236,387)				24,153,623


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.77%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		56,164	$	56,164
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		131,035		131,049

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $187,233)				187,213

TOTAL INVESTMENTS IN SECURITIES-100.68% (Cost $22,423,620)				24,340,836
OTHER ASSETS LESS LIABILITIES-(0.68)%				(165,340	)

NET ASSETS-100.00%			$	24,175,496

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	14,106		$	179,848		$	(192,634	)		$	-			$	-			$	1,320		$	2

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			145,158			253,050			(342,044	)			-				-				56,164			7	*

Invesco Private Prime Fund			337,735			553,004			(759,630	)			(20	)			(40	)			131,049			62	*


Total		$	496,999		$	985,902		$	(1,294,308	)		$	(20	)		$	(40	)		$	188,533		$	71

*	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 February 28, 2022.

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

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


		46

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Information Technology				23.55

Health Care				18.83

Financials				12.32

Consumer Staples				11.62

Consumer Discretionary				8.41

Utilities				7.43

Real Estate				5.59

Communication Services				4.81

Industrials				4.54

Sector Types Each Less Than 3%				2.80

Money Market Funds Plus Other Assets Less Liabilities				0.10

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


		47

Invesco S&P 500 Momentum ETF (SPMO)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-18.48%
Alphabet, Inc., Class A^(b)		2,858	$	7,719,858
Alphabet, Inc., Class C^(b)		2,841		7,664,507
Interpublic Group of Cos., Inc. (The)		5,781		212,741
News Corp., Class A		5,804		129,545
News Corp., Class B		1,596		35,798

				15,762,449


Consumer Discretionary-12.57%
Aptiv PLC^(b)		4,387		567,853
Bath & Body Works, Inc.		6,188		330,254
Caesars Entertainment, Inc.^(b)		3,497		294,412
Darden Restaurants, Inc.		1,504		218,411
Expedia Group, Inc.^(b)		1,521		298,283
Ford Motor Co.		52,690		925,236
Garmin Ltd.		2,245		247,938
General Motors Co.^(b)		22,779		1,064,235
LKQ Corp.		3,258		152,963
MGM Resorts International		5,331		236,110
Mohawk Industries, Inc.^(b)		1,021		143,736
NIKE, Inc., Class B		15,178		2,072,556
Starbucks Corp.		14,730		1,352,067
Tapestry, Inc.		6,514		266,423
Target Corp.		10,906		2,178,692
Yum! Brands, Inc.		3,064		375,585

				10,724,754


Consumer Staples-1.00%
Estee Lauder Cos., Inc. (The), Class A		2,867		849,578

Energy-0.95%
Devon Energy Corp.		7,983		475,388
ONEOK, Inc.		5,150		336,295

				811,683


Financials-26.40%
American Express Co.		7,219		1,404,384
Ameriprise Financial, Inc.		1,334		399,920
Berkshire Hathaway, Inc., Class B^(b)		20,127		6,469,824
Capital One Financial Corp.		9,578		1,468,020
Charles Schwab Corp. (The)		24,319		2,053,983
Discover Financial Services		6,007		741,504
Fifth Third Bancorp		7,423		355,116
First Republic Bank		2,275		394,167
Goldman Sachs Group, Inc. (The)		5,688		1,941,258
Invesco Ltd.^(c)		6,216		132,028
Morgan Stanley		24,813		2,251,532
PNC Financial Services Group, Inc. (The)		4,846		965,565
Raymond James Financial, Inc.		2,828		310,090
SVB Financial Group^(b)		1,127		682,962
Synchrony Financial		8,601		367,951
Wells Fargo & Co.		48,441		2,585,296

				22,523,600


Health Care-5.96%
Agilent Technologies, Inc.		4,176		544,383
Align Technology, Inc.^(b)		909		464,917
Charles River Laboratories International, Inc.^(b)		918		267,285
HCA Healthcare, Inc.		3,671		918,888
IDEXX Laboratories, Inc.^(b)		910		484,439


	Shares		Value
Health Care-(continued)
IQVIA Holdings, Inc.^(b)		2,051	$	471,976
Mettler-Toledo International, Inc.^(b)		238		335,280
Moderna, Inc.^(b)		8,220		1,262,592
Waters Corp.^(b)		1,055		334,150

				5,083,910


Industrials-14.69%
Carrier Global Corp.		15,336		688,280
Copart, Inc.^(b)		2,331		286,433
Deere & Co.		5,393		1,941,588
Dover Corp.		2,075		325,484
Eaton Corp. PLC		5,990		924,197
Emerson Electric Co.		6,985		649,046
Expeditors International of Washington, Inc.		2,090		216,022
FedEx Corp.		2,459		546,562
Generac Holdings, Inc.^(b)		1,176		370,993
General Electric Co.		15,419		1,472,669
Honeywell International, Inc.		8,071		1,531,472
Howmet Aerospace, Inc.		5,365		192,711
Johnson Controls International PLC		13,655		887,029
Parker-Hannifin Corp.		1,559		462,072
Pentair PLC		2,364		136,899
Quanta Services, Inc.		2,884		314,183
Robert Half International, Inc.		1,465		176,225
Textron, Inc.		3,001		219,463
Trane Technologies PLC		4,121		634,345
United Rentals, Inc.^(b)		938		301,680
Xylem, Inc.		2,860		254,397

				12,531,750


Information Technology-12.70%
Applied Materials, Inc.		11,881		1,594,430
Automatic Data Processing, Inc.		5,695		1,164,286
DXC Technology Co.^(b)		3,169		107,841
Enphase Energy, Inc.^(b)		1,953		325,565
Fortinet, Inc.^(b)		1,870		644,252
Gartner, Inc.^(b)		1,501		420,911
HP, Inc.		13,114		450,597
Intuit, Inc.		3,284		1,557,831
Keysight Technologies, Inc.^(b)		2,265		356,443
Motorola Solutions, Inc.		2,284		503,462
NetApp, Inc.		2,498		195,793
Oracle Corp.		19,198		1,458,472
Paychex, Inc.		4,800		571,488
Seagate Technology Holdings PLC		2,877		296,791
TE Connectivity Ltd. (Switzerland)		4,297		612,022
Trimble, Inc.^(b)		3,536		246,636
Zebra Technologies Corp., Class A^(b)		794		328,192

				10,835,012


Materials-4.16%
Albemarle Corp.		1,761		344,962
Avery Dennison Corp.		1,347		237,341
Freeport-McMoRan, Inc.		28,488		1,337,512
International Paper Co.		4,602		200,325
Martin Marietta Materials, Inc.		713		270,512
Mosaic Co. (The)		4,496		235,725

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


		48

Invesco S&P 500 Momentum ETF (SPMO)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Materials-(continued)
Nucor Corp.		6,172	$	812,359
Sealed Air Corp.		1,565		105,059

				3,543,795

Real Estate-3.00%
CBRE Group, Inc., Class A^(b)		5,508		533,450
Extra Space Storage, Inc.		2,016		379,311
Mid-America Apartment Communities, Inc.		1,817		371,776
Public Storage		2,215		786,369
Simon Property Group, Inc.		3,562		489,989

				2,560,895


Total Common Stocks & Other Equity Interests (Cost $90,567,417)				85,227,426


	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)(Cost $28,666)		28,666	$	28,666

TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $90,596,083)				85,256,092
OTHER ASSETS LESS LIABILITIES-0.06%				52,559

NET ASSETS-100.00%			$	85,308,651

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)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	-		$	196,792		$	(31,296	)		$	(31,315	)		$	(2,153	)		$	132,028		$	2,318

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			24,856			731,714			(727,904	)			-				-				28,666			4

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			736,601			(736,601	)			-				-				-			2	*

Invesco Private Prime Fund			-			1,716,084			(1,716,084	)			-				-				-			28	*


Total		$	24,856		$	3,381,191		$	(3,211,885	)		$	(31,315	)		$	(2,153	)		$	160,694		$	2,352

*	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 February 28, 2022.

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


		49

Invesco S&P 500 Momentum ETF (SPMO)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Financials				26.40

Communication Services				18.48

Industrials				14.69

Information Technology				12.70

Consumer Discretionary				12.57

Health Care				5.96

Materials				4.16

Real Estate				3.00

Sector Types Each Less Than 3%				1.95

Money Market Funds Plus Other Assets Less Liabilities				0.09

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


		50

Invesco S&P 500 QVM Multi-factor ETF (QVML)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-10.50%
Activision Blizzard, Inc.		18,561	$	1,512,722
Alphabet, Inc., Class C^(b)		13,449		36,282,981
AT&T, Inc.		169,824		4,023,131
Charter Communications, Inc., Class A^(b)(c)		3,082		1,854,686
Comcast Corp., Class A		112,914		5,279,859
Discovery, Inc., Class C^(b)		11,288		315,725
DISH Network Corp., Class A^(b)		5,815		185,847
Electronic Arts, Inc.		6,753		878,498
Fox Corp., Class A		10,841		453,479
Interpublic Group of Cos., Inc. (The)		8,686		319,645
Lumen Technologies, Inc.^(c)		24,465		253,457
Meta Platforms, Inc., Class A^(b)		56,481		11,919,185
Netflix, Inc.^(b)		10,919		4,307,764
News Corp., Class A		12,254		273,509
Omnicom Group, Inc.		4,969		416,849
Paramount Global, Class B		14,189		434,325
Take-Two Interactive Software, Inc.^(b)		2,755		446,310
T-Mobile US, Inc.^(b)		13,426		1,654,218
Verizon Communications, Inc.		99,503		5,340,326
Walt Disney Co. (The)^(b)		41,449		6,153,519

				82,306,035

Consumer Discretionary-7.85%
Advance Auto Parts, Inc.		1,490		304,675
Aptiv PLC^(b)		6,145		795,409
AutoZone, Inc.^(b)		475		885,110
Bath & Body Works, Inc.		6,272		334,737
Best Buy Co., Inc.		5,429		524,658
Booking Holdings, Inc.^(b)		903		1,961,542
BorgWarner, Inc.		5,414		222,028
Caesars Entertainment, Inc.^(b)		4,967		418,172
CarMax, Inc.^(b)		3,726		407,364
Chipotle Mexican Grill, Inc.^(b)		641		976,467
D.R. Horton, Inc.		7,181		613,257
Darden Restaurants, Inc.		2,877		417,798
Dollar General Corp.		5,699		1,130,340
Dollar Tree, Inc.^(b)		5,405		767,942
eBay, Inc.		15,762		860,448
Etsy, Inc.^(b)		3,407		527,710
Ford Motor Co.		91,755		1,611,218
Garmin Ltd.		3,519		388,638
General Motors Co.^(b)		33,366		1,558,859
Genuine Parts Co.		3,289		401,784
Hasbro, Inc.		3,024		293,479
Home Depot, Inc. (The)		25,002		7,896,382
Lennar Corp., Class A		6,029		541,886
LKQ Corp.		6,307		296,114
Lowe’s Cos., Inc.		16,256		3,593,551
MGM Resorts International		8,896		394,004
Mohawk Industries, Inc.^(b)		1,264		177,946
Newell Brands, Inc.		8,576		203,680
NIKE, Inc., Class B		30,669		4,187,852
NVR, Inc.^(b)		72		357,008
O’Reilly Automotive, Inc.^(b)		1,574		1,021,904
Penn National Gaming, Inc.^(b)		3,871		198,776
Pool Corp.		948		434,734
PulteGroup, Inc.		5,649		280,529


		Shares		Value
Consumer Discretionary-(continued)
PVH Corp.			1,754	$	171,699
Ralph Lauren Corp.			1,096		144,716
Ross Stores, Inc.			8,313		759,725
Tapestry, Inc.			6,194		253,335
Target Corp.			12,154		2,428,005
Tesla, Inc.^(b)			20,976		18,258,140
TJX Cos., Inc. (The)			27,188		1,797,127
Tractor Supply Co.			2,644		538,821
Ulta Beauty, Inc.^(b)	��		1,232		461,384
Under Armour, Inc., Class A^(b)			8,823		157,843
VF Corp.			7,304		423,778
Whirlpool Corp.			1,446		291,036
Yum! Brands, Inc.			6,655		815,770

					61,487,380

Consumer Staples-6.12%
Archer-Daniels-Midland Co.			13,098		1,027,538
Brown-Forman Corp., Class B			4,396		286,751
Campbell Soup Co.			4,726		212,528
Church & Dwight Co., Inc.			5,577		545,709
Coca-Cola Co. (The)			89,431		5,566,185
Conagra Brands, Inc.			11,164		390,405
Constellation Brands, Inc., Class A			3,900		840,918
Costco Wholesale Corp.			10,858		5,638,016
Estee Lauder Cos., Inc. (The), Class A			5,217		1,545,954
General Mills, Inc.			14,079		949,347
Hershey Co. (The)			3,397		687,077
Hormel Foods Corp.			6,573		313,138
JM Smucker Co. (The)			2,541		342,400
Kellogg Co.			6,077		388,563
Kraft Heinz Co. (The)			17,348		680,389
Kroger Co. (The)			15,923		745,196
Molson Coors Beverage Co., Class B			4,374		228,235
Mondelez International, Inc., Class A			32,667		2,139,035
Monster Beverage Corp.^(b)			8,540		720,776
PepsiCo, Inc.			32,013		5,241,809
Philip Morris International, Inc.			35,969		3,635,387
Procter & Gamble Co. (The)			55,578		8,664,054
Sysco Corp.			11,768		1,024,993
Tyson Foods, Inc., Class A			6,716		622,305
Walgreens Boots Alliance, Inc.			16,008		737,809
Walmart, Inc.			35,372		4,780,880

					47,955,397

Energy-4.01%
APA Corp.			8,818		314,185
Baker Hughes Co., Class A			18,678		548,760
Chevron Corp.			44,484		6,405,696
ConocoPhillips			30,588		2,901,578
Coterra Energy, Inc.			18,945		441,987
Devon Energy Corp.			14,234		847,635
Diamondback Energy, Inc.			3,859		532,928
EOG Resources, Inc.			13,612		1,564,291
Exxon Mobil Corp.			97,923		7,679,122
Halliburton Co.			19,508		654,103
Hess Corp.			6,154		621,923
Kinder Morgan, Inc.			44,792		779,381
Marathon Oil Corp.			18,178		410,096
Marathon Petroleum Corp.			14,634		1,139,549

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


		51

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Energy-(continued)
Occidental Petroleum Corp.		20,633	$	902,281
ONEOK, Inc.		10,323		674,092
Phillips 66		10,178		857,395
Pioneer Natural Resources Co.		5,271		1,262,931
Schlumberger N.V.		31,170		1,223,111
Valero Energy Corp.		9,341		780,067
Williams Cos., Inc. (The)		28,426		889,165

				31,430,276

Financials-12.77%
Aflac, Inc.		14,216		868,455
Allstate Corp. (The)		7,118		870,958
American Express Co.		14,004		2,724,338
American International Group, Inc.		19,754		1,209,735
Ameriprise Financial, Inc.		2,645		792,945
Aon PLC, Class A		5,356		1,564,702
Arthur J. Gallagher & Co.		4,818		762,159
Assurant, Inc.		1,415		240,140
Bank of America Corp.		180,008		7,956,354
Bank of New York Mellon Corp. (The)		18,649		991,194
Berkshire Hathaway, Inc., Class B^(b)		43,637		14,027,114
BlackRock, Inc.		3,381		2,515,092
Brown & Brown, Inc.		5,361		362,457
Capital One Financial Corp.		10,170		1,558,756
Cboe Global Markets, Inc.		2,538		297,682
Charles Schwab Corp. (The)		34,538		2,917,079
Chubb Ltd.		10,048		2,046,175
Cincinnati Financial Corp.		3,511		431,116
Citigroup, Inc.		49,896		2,955,340
Citizens Financial Group, Inc.		10,250		537,305
CME Group, Inc., Class A		8,241		1,949,244
Comerica, Inc.		3,148		300,603
Discover Financial Services		6,864		847,292
Everest Re Group Ltd.		901		268,696
Fifth Third Bancorp		15,987		764,818
First Republic Bank		4,191		726,133
Franklin Resources, Inc.		6,659		197,972
Globe Life, Inc.		2,116		213,631
Goldman Sachs Group, Inc. (The)		7,803		2,663,086
Hartford Financial Services Group, Inc. (The)		8,086		561,815
Huntington Bancshares, Inc.		34,242		531,436
Intercontinental Exchange, Inc.		13,109		1,679,525
Invesco Ltd.^(d)		7,783		165,311
JPMorgan Chase & Co.		71,288		10,108,638
KeyCorp		22,389		561,292
Lincoln National Corp.		4,157		280,265
Loews Corp.		4,613		282,961
M&T Bank Corp.		2,992		545,232
MarketAxess Holdings, Inc.		841		320,783
Marsh & McLennan Cos., Inc.		11,601		1,802,911
MetLife, Inc.		17,014		1,149,296
Moody’s Corp.		3,837		1,235,629
Morgan Stanley		32,997		2,994,148
Nasdaq, Inc.		2,766		473,401
Northern Trust Corp.		4,878		555,604
People’s United Financial, Inc.		10,173		214,447
PNC Financial Services Group, Inc. (The)		10,000		1,992,500
Principal Financial Group, Inc.		5,757		406,674
Progressive Corp. (The)		13,802		1,462,046
Prudential Financial, Inc.		9,032		1,008,513


	Shares		Value
Financials-(continued)
Raymond James Financial, Inc.		4,447	$	487,614
Regions Financial Corp.		23,114		559,128
S&P Global, Inc.^(c)		8,238		3,094,840
State Street Corp.		8,452		721,209
SVB Financial Group^(b)		1,380		836,280
Synchrony Financial		13,020		556,996
T. Rowe Price Group, Inc.		5,378		777,444
Travelers Cos., Inc. (The)		5,759		989,569
Truist Financial Corp.		31,979		1,989,733
U.S. Bancorp		31,597		1,786,494
W.R. Berkley Corp.		3,240		292,572
Wells Fargo & Co.		95,855		5,115,781
Willis Towers Watson PLC		2,994		665,566
Zions Bancorporation N.A.		3,957		280,512

				100,046,736

Health Care-13.71%
Abbott Laboratories		40,660		4,904,409
AbbVie, Inc.		40,351		5,962,667
Agilent Technologies, Inc.		7,071		921,776
AmerisourceBergen Corp.		3,459		493,011
Anthem, Inc.		5,748		2,597,234
Baxter International, Inc.		11,163		948,520
Becton, Dickinson and Co.		6,671		1,809,709
Biogen, Inc.^(b)		3,613		762,379
Bio-Rad Laboratories, Inc., Class A^(b)		507		317,362
Bio-Techne Corp.		922		386,696
Boston Scientific Corp.^(b)		31,409		1,387,336
Cardinal Health, Inc.		6,715		362,677
Catalent, Inc.^(b)		4,144		422,854
Centene Corp.^(b)		13,604		1,123,962
Cerner Corp.		6,684		623,283
Charles River Laboratories International, Inc.^(b)		1,214		353,468
Cigna Corp.		7,563		1,798,330
Cooper Cos., Inc. (The)		1,078		440,924
CVS Health Corp.		30,471		3,158,319
Danaher Corp.		15,500		4,253,355
DaVita, Inc.^(b)		1,452		163,742
DENTSPLY SIRONA, Inc.		4,826		261,280
DexCom, Inc.^(b)		2,326		962,755
Edwards Lifesciences Corp.^(b)		13,516		1,518,793
Eli Lilly and Co.		19,457		4,863,277
Gilead Sciences, Inc.		29,927		1,807,591
HCA Healthcare, Inc.		5,577		1,395,979
Henry Schein, Inc.^(b)		3,190		275,552
Hologic, Inc.^(b)		6,013		427,945
Humana, Inc.		2,959		1,285,153
IDEXX Laboratories, Inc.^(b)		2,019		1,074,815
Illumina, Inc.^(b)		3,441		1,123,831
Intuitive Surgical, Inc.^(b)		8,194		2,378,964
IQVIA Holdings, Inc.^(b)		4,403		1,013,218
Johnson & Johnson		60,294		9,922,584
Laboratory Corp. of America Holdings^(b)		2,242		608,165
McKesson Corp.		3,570		981,607
Medtronic PLC		30,790		3,232,642
Merck & Co., Inc.		62,524		4,788,088
Mettler-Toledo International, Inc.^(b)		533		750,858
Moderna, Inc.^(b)		10,542		1,619,251
Organon & Co.		6,088		227,265

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


		52

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
PerkinElmer, Inc.		2,590	$	465,190
Pfizer, Inc.		141,475		6,640,836
Quest Diagnostics, Inc.		2,736		359,155
Regeneron Pharmaceuticals, Inc.^(b)		2,469		1,526,731
ResMed, Inc.		3,355		827,846
STERIS PLC		2,288		549,120
Stryker Corp.		7,337		1,932,199
Teleflex, Inc.		1,039		349,426
Thermo Fisher Scientific, Inc.		9,418		5,123,392
UnitedHealth Group, Inc.		21,565		10,262,137
Universal Health Services, Inc., Class B		1,675		241,083
Vertex Pharmaceuticals, Inc.^(b)		5,666		1,303,293
Viatris, Inc.		28,863		317,782
Waters Corp.^(b)		1,402		444,055
West Pharmaceutical Services, Inc.		1,815		702,550
Zimmer Biomet Holdings, Inc.		4,669		593,850
Zoetis, Inc.		11,063		2,142,350

				107,492,621

Industrials-8.09%
3M Co.		13,492		2,005,586
A.O. Smith Corp.		3,058		209,718
Alaska Air Group, Inc.^(b)		2,852		160,111
Allegion PLC		2,016		230,872
American Airlines Group, Inc.^(b)(c)		15,141		261,182
AMETEK, Inc.		5,401		700,996
C.H. Robinson Worldwide, Inc.		3,031		293,037
Carrier Global Corp.		20,085		901,415
Caterpillar, Inc.		12,514		2,347,376
Cintas Corp.		1,978		742,383
Copart, Inc.^(b)		4,983		612,311
CSX Corp.		51,049		1,731,072
Cummins, Inc.		3,293		672,167
Deere & Co.		6,558		2,361,011
Dover Corp.		3,313		519,677
Eaton Corp. PLC		9,177		1,415,919
Emerson Electric Co.		13,706		1,273,561
Equifax, Inc.		2,776		606,112
Expeditors International of Washington, Inc.		3,875		400,520
Fastenal Co.		13,057		671,913
FedEx Corp.		5,588		1,242,045
Fortive Corp.		8,434		546,101
Fortune Brands Home & Security, Inc.		3,114		270,607
Generac Holdings, Inc.^(b)		1,742		549,549
General Dynamics Corp.		5,269		1,235,317
General Electric Co.		25,610		2,446,011
Honeywell International, Inc.		16,469		3,124,993
Howmet Aerospace, Inc.		8,420		302,446
Huntington Ingalls Industries, Inc.		924		188,866
IDEX Corp.		1,736		333,138
Illinois Tool Works, Inc.		6,677		1,444,502
Ingersoll Rand, Inc.		9,472		478,525
J.B. Hunt Transport Services, Inc.		1,974		400,584
Jacobs Engineering Group, Inc.		3,104		381,792
Johnson Controls International PLC		16,159		1,049,689
L3Harris Technologies, Inc.		4,682		1,181,315
Leidos Holdings, Inc.		3,312		337,294
Lockheed Martin Corp.		5,814		2,522,113
Nielsen Holdings PLC		7,998		139,325
Norfolk Southern Corp.		5,517		1,415,221


	Shares		Value
Industrials-(continued)
Northrop Grumman Corp.		3,480	$	1,538,647
Old Dominion Freight Line, Inc.		2,252		707,196
Otis Worldwide Corp.		9,608		752,595
PACCAR, Inc.		7,863		721,902
Parker-Hannifin Corp.		2,976		882,057
Pentair PLC		3,949		228,687
Quanta Services, Inc.		3,285		357,868
Raytheon Technologies Corp.		34,051		3,497,038
Republic Services, Inc.		4,959		596,469
Robert Half International, Inc.		2,734		328,873
Rockwell Automation, Inc.		2,702		720,299
Rollins, Inc.		5,489		179,106
Roper Technologies, Inc.		2,503		1,121,895
Snap-on, Inc.		1,247		262,094
Southwest Airlines Co.^(b)		14,007		613,507
Stanley Black & Decker, Inc.		3,571		581,002
Textron, Inc.		5,090		372,232
Trane Technologies PLC		5,314		817,984
Union Pacific Corp.		14,981		3,684,577
United Airlines Holdings, Inc.^(b)		7,283		323,365
United Parcel Service, Inc., Class B		17,035		3,584,505
United Rentals, Inc.^(b)		1,657		532,924
Verisk Analytics, Inc.		3,824		678,148
W.W. Grainger, Inc.		1,005		479,445
Wabtec Corp.		4,425		410,728
Waste Management, Inc.		9,188		1,326,747
Xylem, Inc.		4,242		377,326

				63,383,588

Information Technology-29.32%
Accenture PLC, Class A		14,607		4,616,104
Adobe, Inc.^(b)		11,795		5,516,286
Akamai Technologies, Inc.^(b)		3,950		427,627
Amphenol Corp., Class A		13,928		1,058,667
Analog Devices, Inc.		12,565		2,014,044
Apple, Inc.		357,897		59,095,953
Applied Materials, Inc.		20,646		2,770,693
Arista Networks, Inc.^(b)		5,346		656,115
Automatic Data Processing, Inc.		10,064		2,057,484
Broadcom, Inc.		9,316		5,472,591
Broadridge Financial Solutions, Inc.		2,743		401,054
Cadence Design Systems, Inc.^(b)		6,436		974,603
CDW Corp.		3,161		545,146
Cisco Systems, Inc.		97,838		5,456,425
Cognizant Technology Solutions Corp., Class A		12,181		1,049,150
Corning, Inc.		17,958		725,503
DXC Technology Co.^(b)		5,818		197,987
Enphase Energy, Inc.^(b)		3,595		599,286
F5, Inc.^(b)		1,443		289,827
Fidelity National Information Services, Inc.		14,383		1,369,693
Fiserv, Inc.^(b)		13,358		1,304,676
FleetCor Technologies, Inc.^(b)		1,848		432,802
Fortinet, Inc.^(b)		3,367		1,159,999
Gartner, Inc.^(b)		1,976		554,110
Global Payments, Inc.		6,488		865,369
Hewlett Packard Enterprise Co.		28,987		461,474
HP, Inc.		27,868		957,544
Intel Corp.		93,107		4,441,204
International Business Machines Corp.		20,595		2,523,093

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


		53

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Intuit, Inc.		6,393	$	3,032,647
IPG Photonics Corp.^(b)		831		108,321
Jack Henry & Associates, Inc.		1,737		307,102
Juniper Networks, Inc.		7,520		254,101
Keysight Technologies, Inc.^(b)		4,277		673,071
KLA Corp.		3,572		1,244,842
Lam Research Corp.		3,275		1,838,421
Mastercard, Inc., Class A		19,345		6,980,063
Microchip Technology, Inc.		12,638		888,831
Micron Technology, Inc.		26,537		2,358,078
Microsoft Corp.		179,031		53,492,672
Monolithic Power Systems, Inc.		1,069		490,350
Motorola Solutions, Inc.		4,079		899,134
NetApp, Inc.		5,343		418,784
NVIDIA Corp.		61,761		15,060,420
NXP Semiconductors N.V. (China)		6,267		1,191,482
Oracle Corp.		40,569		3,082,027
Paychex, Inc.		7,489		891,640
Paycom Software, Inc.^(b)		1,163		394,501
PTC, Inc.^(b)		2,311		257,168
Qorvo, Inc.^(b)		2,427		331,965
QUALCOMM, Inc.		26,920		4,629,971
salesforce.com, inc.^(b)		25,094		5,283,040
Seagate Technology Holdings PLC		4,910		506,516
Skyworks Solutions, Inc.		3,777		521,868
Synopsys, Inc.^(b)		3,447		1,076,808
TE Connectivity Ltd. (Switzerland)		7,671		1,092,581
Teledyne Technologies, Inc.^(b)		1,074		461,154
Teradyne, Inc.		3,788		446,681
Texas Instruments, Inc.		21,829		3,710,712
Trimble, Inc.^(b)		5,943		414,524
Tyler Technologies, Inc.^(b)		973		416,697
Visa, Inc., Class A^(c)		37,771		8,163,069
Western Digital Corp.^(b)		7,240		368,806
Zebra Technologies Corp., Class A^(b)		1,254		518,328

				229,800,884

Materials-2.82%
Air Products and Chemicals, Inc.		5,195		1,227,578
Albemarle Corp.		2,840		556,328
Amcor PLC		36,197		420,971
Avery Dennison Corp.		1,900		334,780
Ball Corp.		7,843		703,831
Celanese Corp.		2,535		353,075
CF Industries Holdings, Inc.		5,235		425,030
Corteva, Inc.		16,577		862,501
Dow, Inc.		18,009		1,061,811
DuPont de Nemours, Inc.		11,932		923,179
Eastman Chemical Co.		2,918		345,695
Ecolab, Inc.		5,728		1,009,617
FMC Corp.		2,858		335,100
Freeport-McMoRan, Inc.		33,937		1,593,342
International Flavors & Fragrances, Inc.		5,769		767,277
International Paper Co.		9,239		402,174
Linde PLC (United Kingdom)		11,903		3,490,436
LyondellBasell Industries N.V., Class A		6,142		597,187
Martin Marietta Materials, Inc.		1,415		536,851
Mosaic Co. (The)		8,495		445,393
Newmont Corp.		18,797		1,244,361
Nucor Corp.		6,678		878,958


	Shares		Value
Materials-(continued)
Packaging Corp. of America		2,265	$	333,385
PPG Industries, Inc.		5,359		715,159
Sealed Air Corp.		3,481		233,680
Sherwin-Williams Co. (The)		5,660		1,489,316
Vulcan Materials Co.		3,056		554,511
WestRock Co.		6,345		287,238

				22,128,764

Real Estate-1.92%
Alexandria Real Estate Equities, Inc.		3,154		597,368
AvalonBay Communities, Inc.		3,284		783,530
Boston Properties, Inc.		3,146		384,787
CBRE Group, Inc., Class A^(b)		7,534		729,668
Duke Realty Corp.		8,602		455,906
Equity Residential		8,011		683,338
Essex Property Trust, Inc.		1,529		484,953
Extra Space Storage, Inc.		3,086		580,631
Federal Realty Investment Trust		1,570		184,601
Healthpeak Properties, Inc.		12,358		383,839
Host Hotels & Resorts, Inc.^(b)		15,945		291,315
Iron Mountain, Inc.		6,709		329,949
Kimco Realty Corp.		14,240		335,067
Mid-America Apartment Communities, Inc.		2,652		542,626
Prologis, Inc.		16,872		2,460,781
Public Storage		3,508		1,245,410
Realty Income Corp.		13,120		867,101
Regency Centers Corp.		3,439		226,596
Simon Property Group, Inc.		7,700		1,059,212
UDR, Inc.		6,458		354,350
Ventas, Inc.		8,825		476,550
Vornado Realty Trust		3,668		158,751
Welltower, Inc.		9,477		789,339
Weyerhaeuser Co.		17,242		670,369

				15,076,037

Utilities-2.75%
AES Corp. (The)		15,091		320,382
Alliant Energy Corp.		5,663		330,719
Ameren Corp.		5,828		500,917
American Electric Power Co., Inc.		11,673		1,058,158
American Water Works Co., Inc.		4,178		631,254
Atmos Energy Corp.		3,015		331,077
CenterPoint Energy, Inc.		13,398		366,435
CMS Energy Corp.		6,639		424,962
Consolidated Edison, Inc.		8,123		696,710
Dominion Energy, Inc.		18,495		1,470,907
DTE Energy Co.		4,425		538,036
Duke Energy Corp.		17,864		1,793,724
Edison International		8,934		566,594
Entergy Corp.		4,613		485,334
Evergy, Inc.		5,229		326,342
Eversource Energy		7,813		639,103
Exelon Corp.		23,295		991,435
FirstEnergy Corp.		12,537		524,673
NextEra Energy, Inc.		45,499		3,561,207
NiSource, Inc.		9,087		262,887
NRG Energy, Inc.		5,475		207,174
Pinnacle West Capital Corp.		2,673		189,329
PPL Corp.		17,724		463,837
Public Service Enterprise Group, Inc.		11,933		773,616
Sempra Energy		7,335		1,057,854

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


		54

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Utilities-(continued)
Southern Co. (The)		24,118	$	1,562,123
WEC Energy Group, Inc.		7,151		649,883
Xcel Energy, Inc.		12,343		831,054

				21,555,726

Total Common Stocks & Other Equity Interests (Cost $761,895,227)				782,663,444


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $90,569)		90,569		90,569

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $761,985,796)				782,754,013


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.62%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		3,813,422	$	3,813,422
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		8,897,095		8,897,985

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,712,346)				12,711,407

TOTAL INVESTMENTS IN SECURITIES-101.49% (Cost $774,698,142)				795,465,420
OTHER ASSETS LESS LIABILITIES-(1.49)%				(11,685,736	)

NET ASSETS-100.00%			$	783,779,684

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	211,675		$	21,285		$	(31,961	)		$	(29,853	)		$	(5,835	)		$	165,311		$	2,855

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			6,346,368			(6,255,799	)			-				-				90,569			50

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			8,286,398			(4,472,976	)			-				-				3,813,422			303	*

Invesco Private Prime Fund			-			16,590,877			(7,691,209	)			(939	)			(744	)			8,897,985			2,125	*



Total		$	211,675		$	31,244,928		$	(18,451,945	)		$	(30,792	)		$	(6,579	)		$	12,967,287		$	5,333

*	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 February 28, 2022.

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

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


		55

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Information Technology				29.32

Health Care				13.71

Financials				12.77

Communication Services				10.50

Industrials				8.09

Consumer Discretionary				7.85

Consumer Staples				6.12

Energy				4.01

Sector Types Each Less Than 3%				7.49

Money Market Funds Plus Other Assets Less Liabilities				0.14

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


		56

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.46%
Iridium Communications, Inc.^(b)		12,453	$	493,014
John Wiley & Sons, Inc., Class A		4,018		202,146
New York Times Co. (The), Class A		17,153		754,561
TEGNA, Inc.		21,808		499,839
World Wrestling Entertainment, Inc., Class A^(c).		4,531		268,507
Yelp, Inc.^(b)		6,436		218,116
Ziff Davis, Inc.^(b)		4,847		487,608

				2,923,791

Consumer Discretionary-14.90%
Adient PLC^(b)		8,649		387,043
American Eagle Outfitters, Inc.^(c)		14,434		304,269
AutoNation, Inc.^(b)		4,550		521,703
Boyd Gaming Corp.^(b)		7,535		534,533
Brunswick Corp.		7,490		715,445
Callaway Golf Co.^(b)(c)		11,115		274,985
Capri Holdings Ltd.^(b)		13,819		936,099
Carter’s, Inc.		4,221		408,086
Choice Hotels International, Inc.		3,215		464,085
Columbia Sportswear Co.		3,358		311,354
Cracker Barrel Old Country Store, Inc.		2,263		303,853
Crocs, Inc.^(b)		6,209		519,880
Dana, Inc.		13,578		252,822
Deckers Outdoor Corp.^(b)		2,797		807,326
Dick’s Sporting Goods, Inc.^(c)		7,067		742,035
Five Below, Inc.^(b)		5,618		919,161
Foot Locker, Inc.		9,380		296,596
Fox Factory Holding Corp.^(b)		4,109		484,944
GameStop Corp., Class A^(b)(c)		7,114		877,441
Gentex Corp.		23,524		712,071
Goodyear Tire & Rubber Co. (The)^(b)		25,698		398,062
Graham Holdings Co., Class B		388		233,238
Grand Canyon Education, Inc.^(b)		4,296		373,022
H&R Block, Inc.		17,601		436,681
Harley-Davidson, Inc.		15,038		621,069
Helen of Troy Ltd.^(b)(c)		2,305		474,069
KB Home		8,211		317,027
Kohl’s Corp.		15,843		881,188
Lear Corp.		5,396		849,007
Lithia Motors, Inc., Class A		3,089		1,052,793
Marriott Vacations Worldwide Corp.		4,072		654,248
Mattel, Inc.^(b)		34,231		855,090
Murphy USA, Inc.		2,229		402,869
Nordstrom, Inc.^(b)(c)		11,134		230,919
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		7,423		320,525
Polaris, Inc.		5,780		702,328
RH^(b)(c)		1,742		700,058
Scientific Games Corp.^(b)		9,598		603,906
Service Corp. International		16,366		995,871
Skechers U.S.A., Inc., Class A^(b)		13,166		605,373
Taylor Morrison Home Corp., Class A^(b)		11,453		337,864
Tempur Sealy International, Inc.		18,615		614,481
Texas Roadhouse, Inc.		6,532		619,952
Thor Industries, Inc.^(c)		5,674		513,497
Toll Brothers, Inc.		10,281		557,847
TopBuild Corp.^(b)		3,222		691,699
Travel + Leisure Co.		8,210		460,171


	Shares		Value
Consumer Discretionary-(continued)
Tri Pointe Homes, Inc.^(b)		10,520	$	235,332
Urban Outfitters, Inc.^(b)		6,533		179,723
Victoria’s Secret & Co.^(b)(c)		7,553		405,067
Visteon Corp.^(b)		2,561		307,755
Williams-Sonoma, Inc.^(c)		8,108		1,174,525
Wyndham Hotels & Resorts, Inc.		9,113		787,454
YETI Holdings, Inc.^(b)(c)		8,764		539,512

				29,905,953

Consumer Staples-3.63%
BJ’s Wholesale Club Holdings, Inc.^(b)		13,908		874,396
Casey’s General Stores, Inc.		3,885		730,691
Coty, Inc., Class A^(b)		32,077		294,146
Darling Ingredients, Inc.^(b)		16,356		1,185,483
Flowers Foods, Inc.		20,002		548,255
Hain Celestial Group, Inc. (The)^(b)		9,787		355,855
Ingredion, Inc.		6,500		576,810
Lancaster Colony Corp.		1,900		319,599
Nu Skin Enterprises, Inc., Class A		4,819		223,553
Performance Food Group Co.^(b)		13,550		759,342
Pilgrim’s Pride Corp.^(b)		4,942		116,532
Post Holdings, Inc.^(b)		5,618		590,677
Sanderson Farms, Inc.		2,125		379,504
Sprouts Farmers Market, Inc.^(b)(c)		11,755		334,782

				7,289,625

Energy-2.72%
Antero Midstream Corp.		32,157		322,856
ChampionX Corp.^(b)		18,050		386,451
CNX Resources Corp.^(b)		21,077		344,398
DT Midstream, Inc.		9,467		502,698
EQT Corp.		28,354		656,112
Equitrans Midstream Corp.		38,915		249,445
HollyFrontier Corp.		14,851		452,213
Murphy Oil Corp.		13,590		471,165
NOV, Inc.		35,274		604,949
Targa Resources Corp.		22,493		1,470,367

				5,460,654

Financials-15.57%
Affiliated Managers Group, Inc.		4,136		572,257
Alleghany Corp.^(b)		1,347		891,606
American Financial Group, Inc.		6,471		876,109
Associated Banc-Corp.		15,208		370,923
Bank of Hawaii Corp.		3,946		340,066
Bank OZK		12,025		565,415
Brighthouse Financial, Inc.^(b)		8,047		420,536
Cadence Bank		19,713		623,325
Cathay General Bancorp		7,594		357,146
CNO Financial Group, Inc.		12,280		296,808
Commerce Bancshares, Inc.		10,972		787,570
Cullen/Frost Bankers, Inc.		5,593		787,103
East West Bancorp, Inc.		13,993		1,225,227
Essent Group Ltd.		10,664		471,136
Evercore, Inc., Class A		4,073		517,312
F.N.B. Corp.		31,234		419,473
Federated Hermes, Inc., Class B		9,198		300,499
First American Financial Corp.		10,749		720,613
First Financial Bankshares, Inc.		12,461		597,131

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


		57

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
First Horizon Corp.		53,529	$	1,256,861
FirstCash Holdings, Inc.		4,039		290,970
Fulton Financial Corp.		16,054		289,293
Glacier Bancorp, Inc.		10,238		567,185
Hancock Whitney Corp.		8,368		465,930
Hanover Insurance Group, Inc. (The)		3,348		467,079
Home BancShares, Inc.		14,914		349,137
Interactive Brokers Group, Inc., Class A		8,457		559,684
International Bancshares Corp.		5,253		225,932
Janus Henderson Group PLC		17,978		603,521
Jefferies Financial Group, Inc.		19,480		692,319
Kemper Corp.		6,174		329,939
Mercury General Corp.		2,628		144,540
MGIC Investment Corp.		33,458		507,892
Navient Corp.		16,125		283,961
New York Community Bancorp, Inc.		45,795		528,474
Old Republic International Corp.		28,035		738,722
PacWest Bancorp		11,668		576,633
Pinnacle Financial Partners, Inc.		7,570		765,176
Primerica, Inc.		3,897		506,181
PROG Holdings, Inc.		6,891		211,140
Prosperity Bancshares, Inc.		9,118		678,926
Reinsurance Group of America, Inc.		6,295		697,864
RenaissanceRe Holdings Ltd. (Bermuda)		4,441		669,614
RLI Corp.		3,839		389,659
SEI Investments Co.		10,467		613,157
Selective Insurance Group, Inc.		5,704		474,516
SLM Corp.		29,297		577,151
Stifel Financial Corp.		10,490		771,015
Synovus Financial Corp.		14,156		745,313
Texas Capital Bancshares, Inc.^(b)		4,920		327,672
UMB Financial Corp.		4,158		423,534
Umpqua Holdings Corp.		21,530		459,665
United Bankshares, Inc.		12,858		470,860
Unum Group		19,882		555,105
Valley National Bancorp		39,163		547,107
Washington Federal, Inc.		6,694		238,173
Webster Financial Corp.		9,113		548,694
Wintrust Financial Corp.		5,641		560,490

				31,249,339

Health Care-8.38%
Acadia Healthcare Co., Inc.^(b)		8,591		487,196
Amedisys, Inc.^(b)		2,929		469,343
Chemed Corp.		1,479		707,391
Encompass Health Corp.		9,306		614,382
Envista Holdings Corp.^(b)		15,157		727,536
Exelixis, Inc.^(b)		31,728		651,376
Globus Medical, Inc., Class A^(b)		7,125		501,030
Halozyme Therapeutics, Inc.^(b)		14,247		505,341
HealthEquity, Inc.^(b)		10,556		566,963
ICU Medical, Inc.^(b)		1,997		472,750
Integra LifeSciences Holdings Corp.^(b)		7,141		478,875
LHC Group, Inc.^(b)		2,791		380,051
LivaNova PLC^(b)(c)		5,132		404,504
Masimo Corp.^(b)		4,976		783,471
Medpace Holdings, Inc.^(b)		2,815		430,611
Molina Healthcare, Inc.^(b)		5,668		1,739,339
Neogen Corp.^(b)		10,547		376,528
Neurocrine Biosciences, Inc.^(b)		9,462		850,350


	Shares		Value
Health Care-(continued)
Option Care Health, Inc.^(b)		13,627	$	350,214
Patterson Cos., Inc.		9,273		277,263
Perrigo Co. PLC		13,238		470,214
Progyny, Inc.^(b)(c)		6,954		273,709
Quidel Corp.^(b)		3,966		419,563
Repligen Corp.^(b)		5,572		1,096,012
STAAR Surgical Co.^(b)		4,644		368,362
Syneos Health, Inc.^(b)		9,967		789,386
Tenet Healthcare Corp.^(b)		10,400		894,296
United Therapeutics Corp.^(b)		4,439		737,762

				16,823,818

Industrials-19.68%
Acuity Brands, Inc.		3,603		657,079
AECOM		13,559		985,197
AGCO Corp.		5,788		695,486
ASGN, Inc.^(b)		5,072		561,927
Avis Budget Group, Inc.^(b)		5,290		970,398
Axon Enterprise, Inc.^(b)		7,406		1,038,692
Brink’s Co. (The)		4,815		337,339
Builders FirstSource, Inc.^(b)		19,037		1,416,734
CACI International, Inc., Class A^(b)		2,273		635,963
Carlisle Cos., Inc.		4,888		1,160,411
Clean Harbors, Inc.^(b)		4,999		477,055
Colfax Corp.^(b)		13,076		525,786
Crane Co.		4,727		477,805
Curtiss-Wright Corp.		3,909		576,656
Donaldson Co., Inc.		12,198		661,985
Dycom Industries, Inc.^(b)		2,984		259,787
EMCOR Group, Inc.		5,036		581,859
EnerSys		3,990		290,193
Flowserve Corp.		12,470		378,714
Fluor Corp.^(b)(c)		13,047		282,598
FTI Consulting, Inc.^(b)		3,445		502,970
GATX Corp.		3,347		356,891
Graco, Inc.		15,955		1,150,196
GXO Logistics, Inc.^(b)		10,514		882,440
Hexcel Corp.		8,194		474,433
Hubbell, Inc.		5,152		918,344
IAA, Inc.^(b)		12,941		475,452
Insperity, Inc.		3,639		327,328
ITT, Inc.		8,041		706,563
JetBlue Airways Corp.^(b)		29,783		454,786
KBR, Inc.		13,567		673,466
Kennametal, Inc.		8,119		257,453
Kirby Corp.^(b)		5,642		367,576
Knight-Swift Transportation Holdings, Inc.		16,015		872,497
Landstar System, Inc.		3,797		586,295
Lincoln Electric Holdings, Inc.		5,939		756,985
ManpowerGroup, Inc.		5,191		551,699
MasTec, Inc.^(b)		5,614		442,159
MDU Resources Group, Inc.		19,475		521,346
Middleby Corp. (The)^(b)		5,364		952,754
MillerKnoll, Inc.		7,155		278,186
MSA Safety, Inc.		3,543		492,831
MSC Industrial Direct Co., Inc., Class A		4,513		349,667
nVent Electric PLC		15,961		541,557
Oshkosh Corp.		6,614		734,419
Owens Corning		9,313		867,878
Regal Rexnord Corp.		6,620		1,061,517

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


		58

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Ryder System, Inc.		5,514	$	434,724
Saia, Inc.^(b)		2,672		767,479
Science Applications International Corp.		5,799		508,514
Simpson Manufacturing Co., Inc.		3,899		462,070
Stericycle, Inc.^(b)		8,933		521,330
Terex Corp.		6,469		267,040
Tetra Tech, Inc.		5,353		849,896
Timken Co. (The)		6,618		433,876
Toro Co. (The)		10,650		999,077
Trex Co., Inc.^(b)		11,030		1,012,995
Trinity Industries, Inc.^(c)		7,907		228,196
Univar Solutions, Inc.^(b)		15,980		490,746
Valmont Industries, Inc.		1,961		424,458
Watsco, Inc.		3,106		848,124
Werner Enterprises, Inc.		6,180		268,583
Woodward, Inc.		6,251		779,062
XPO Logistics, Inc.^(b)		9,180		667,202

				39,492,724

Information Technology-12.49%
ACI Worldwide, Inc.^(b)		10,362		347,334
Alliance Data Systems Corp.		4,629		312,226
Amkor Technology, Inc.		8,950		202,896
Arrow Electronics, Inc.^(b)		7,021		855,719
Aspen Technology, Inc.^(b)		6,701		1,021,299
Avnet, Inc.		9,364		393,943
Azenta, Inc.		7,728		676,355
Belden, Inc.		4,402		248,053
Blackbaud, Inc.		4,088		255,459
CDK Global, Inc.		11,788		534,468
Cerence, Inc.^(b)		3,800		137,218
Ciena Corp.^(b)		15,165		1,037,589
Cirrus Logic, Inc.^(b)		5,288		459,369
Cognex Corp.		17,816		1,203,649
Coherent, Inc.^(b)		2,420		639,654
CommVault Systems, Inc.^(b)		4,470		281,208
Concentrix Corp.		4,055		810,554
Digital Turbine, Inc.^(b)(c)		8,161		395,645
First Solar, Inc.^(b)		10,292		774,885
Genpact Ltd.		16,442		687,933
II-VI Incorporated^(b)(c)		9,902		687,793
Jabil, Inc.		13,780		796,622
Kyndryl Holdings, Inc.^(b)		15,696		248,939
Lattice Semiconductor Corp.^(b)		13,154		823,703
Littelfuse, Inc.		2,399		619,446
Lumentum Holdings, Inc.^(b)(c)		7,134		705,267
Manhattan Associates, Inc.^(b)		6,468		864,642
Maximus, Inc.		5,925		467,245
Mimecast Ltd.^(b)		6,333		503,663
MKS Instruments, Inc.		5,145		774,837
National Instruments Corp.		12,744		511,672
NCR Corp.^(b)		11,705		474,287
Paylocity Holding Corp.^(b)		3,999		849,548
Qualys, Inc.^(b)		3,334		417,784
Semtech Corp.^(b)		6,205		430,503
Silicon Laboratories, Inc.^(b)		3,939		605,464
SiTime Corp.^(b)(c)		1,338		270,463
SunPower Corp.^(b)(c)		9,644		172,917
Synaptics, Inc.^(b)		3,459		790,139
TD SYNNEX Corp.		3,948		402,025


	Shares		Value
Information Technology-(continued)
Teradata Corp.^(b)(c)		10,912	$	545,491
Universal Display Corp.		3,901		604,304
ViaSat, Inc.^(b)(c)		6,883		314,140
Vishay Intertechnology, Inc.		12,830		246,208
Vontier Corp.		16,943		411,715
Xerox Holdings Corp.		12,117		238,826

				25,053,099

Materials-7.15%
AptarGroup, Inc.		6,606		805,139
Ashland Global Holdings, Inc.		5,473		505,048
Avient Corp.		9,020		472,558
Cabot Corp.		5,341		390,748
Chemours Co. (The)		15,439		426,116
Cleveland-Cliffs, Inc.^(b)(c)		43,841		980,285
Commercial Metals Co.		11,418		440,164
Eagle Materials, Inc.		3,976		544,036
Greif, Inc., Class A		2,587		148,727
Ingevity Corp.^(b)		3,766		256,954
Louisiana-Pacific Corp.		8,463		608,913
Minerals Technologies, Inc.		3,210		224,668
NewMarket Corp.		718		228,152
Olin Corp.		13,684		704,863
Reliance Steel & Aluminum Co.		6,081		1,160,680
Royal Gold, Inc.		6,561		795,587
RPM International, Inc.		12,302		1,040,380
Scotts Miracle-Gro Co. (The)		3,938		551,556
Sensient Technologies Corp.		4,182		343,468
Silgan Holdings, Inc.		8,432		353,132
Sonoco Products Co.		9,601		563,771
Steel Dynamics, Inc.		19,157		1,352,101
United States Steel Corp.^(c)		26,199		712,875
Valvoline, Inc.		17,594		568,814
Worthington Industries, Inc.		3,103		176,933

				14,355,668

Real Estate-10.51%
American Campus Communities, Inc.		13,187		709,593
Apartment Income REIT Corp.		15,220		785,504
Brixmor Property Group, Inc.		27,767		697,507
Camden Property Trust		9,684		1,598,925
Corporate Office Properties Trust		10,447		273,816
Cousins Properties, Inc.^(c)		14,278		551,559
Douglas Emmett, Inc.		16,735		530,500
EastGroup Properties, Inc.		3,922		748,161
EPR Properties		7,256		361,349
First Industrial Realty Trust, Inc.		12,370		712,265
Healthcare Realty Trust, Inc.		14,226		371,014
Highwoods Properties, Inc.		10,251		446,944
Hudson Pacific Properties, Inc.^(c)		14,339		378,550
JBG SMITH Properties		11,325		302,151
Jones Lang LaSalle, Inc.^(b)		4,628		1,139,506
Kilroy Realty Corp.		9,839		704,669
Kite Realty Group Trust		20,365		446,604
Lamar Advertising Co., Class A		8,293		904,435
Life Storage, Inc.		7,409		937,905
Macerich Co. (The)^(c)		21,634		331,000
Medical Properties Trust, Inc.		57,729		1,174,208
National Retail Properties, Inc.		16,830		717,126
National Storage Affiliates Trust		7,905		460,624
Omega Healthcare Investors, Inc.^(c)		23,523		662,643

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


		59

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
Park Hotels & Resorts, Inc.^(b)		21,035	$	396,299
Pebblebrook Hotel Trust^(c)		12,329		277,526
Physicians Realty Trust		21,191		344,566
PotlatchDeltic Corp.		6,182		339,392
PS Business Parks, Inc.		1,984		316,031
Rayonier, Inc.		13,779		547,026
Rexford Industrial Realty, Inc.		12,932		906,921
Sabra Health Care REIT, Inc.		20,951		281,372
SL Green Realty Corp.		6,004		477,438
Spirit Realty Capital, Inc.		11,363		526,902
STORE Capital Corp.		23,535		722,995

				21,083,026

Utilities-3.46%
ALLETE, Inc.		4,932		310,420
Black Hills Corp.		6,131		429,109
Essential Utilities, Inc.		21,178		997,696
Hawaiian Electric Industries, Inc.		10,386		425,618
IDACORP, Inc.		4,906		509,979
National Fuel Gas Co.		8,529		530,845
New Jersey Resources Corp.		8,912		388,742
NorthWestern Corp.		5,093		308,025
OGE Energy Corp.		19,273		723,701
ONE Gas, Inc.		4,976		413,456
PNM Resources, Inc.		9,373		423,378
Southwest Gas Holdings, Inc.		5,612		398,115

Investment Abbreviations:

REIT -Real Estate Investment Trust


	Shares		Value
Utilities-(continued)
Spire, Inc.		4,920	$	330,181
UGI Corp.		19,460		748,042

				6,937,307

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $202,914,746)				200,575,004


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.00%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		4,210,196		4,210,196
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		9,822,808		9,823,791

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,034,586)				14,033,987

TOTAL INVESTMENTS IN SECURITIES-106.95% (Cost $216,949,332)				214,608,991
OTHER ASSETS LESS LIABILITIES-(6.95)%				(13,938,855	)

NET ASSETS-100.00%			$	200,670,136

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,820,148		$	(1,820,148	)		$	-			$	-			$	-		$	15

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			190,193			14,680,221			(10,660,218	)			-				-				4,210,196			385	*

Invesco Private Prime Fund			443,783			31,125,148			(21,743,276	)			(599	)			(1,265	)			9,823,791			2,785	*



Total		$	633,976		$	47,625,517		$	(34,223,642	)		$	(599	)		$	(1,265	)		$	14,033,987		$	3,185

*	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.


		60

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)

(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022




Industrials				19.68

Financials				15.57

Consumer Discretionary				14.90

Information Technology				12.49

Real Estate				10.51

Health Care				8.38

Materials				7.15

Consumer Staples				3.63

Utilities				3.46

Sector Types Each Less Than 3%				4.18

Money Market Funds Plus Other Assets Less Liabilities				0.05

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


		61

Invesco S&P MidCap Low Volatility ETF (XMLV)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Consumer Discretionary-2.27%
Gentex Corp.^(b)		480,722	$	14,551,455
Service Corp. International		213,366		12,983,321

				27,534,776

Consumer Staples-6.84%
Casey’s General Stores, Inc.		76,595		14,405,988
Flowers Foods, Inc.		680,301		18,647,050
Ingredion, Inc.^(b)		178,658		15,854,111
Lancaster Colony Corp.		111,522		18,759,116
Post Holdings, Inc.^(b)(c)		145,811		15,330,568

				82,996,833

Financials-11.87%
Alleghany Corp.^(c)		23,862		15,794,735
Commerce Bancshares, Inc.		192,114		13,789,943
First American Financial Corp.		198,179		13,285,920
Hanover Insurance Group, Inc. (The)		110,935		15,476,542
Mercury General Corp.^(b)		297,950		16,387,250
Old Republic International Corp.		512,925		13,515,574
RenaissanceRe Holdings Ltd. (Bermuda)		89,987		13,568,240
RLI Corp.		145,429		14,761,043
Selective Insurance Group, Inc.^(b)		173,684		14,448,772
Voya Financial, Inc.		194,937		13,129,007

				144,157,026

Health Care-2.33%
Chemed Corp.		29,355		14,040,203
Encompass Health Corp.		215,971		14,258,405

				28,298,608

Industrials-19.52%
CACI International, Inc., Class A^(c)		60,718		16,988,289
Carlisle Cos., Inc.		66,195		15,714,693
Donaldson Co., Inc.		265,206		14,392,730
FTI Consulting, Inc.^(b)(c)		113,333		16,546,618
Graco, Inc.		225,946		16,288,447
Hubbell, Inc.		78,423		13,978,900
ITT, Inc.		146,136		12,840,970
Landstar System, Inc.		88,251		13,626,837
Lincoln Electric Holdings, Inc.^(b)		120,864		15,405,326
MDU Resources Group, Inc.		538,489		14,415,351
MSA Safety, Inc.		106,164		14,767,412
MSC Industrial Direct Co., Inc., Class A		191,196		14,813,866
Stericycle, Inc.^(b)(c)		236,801		13,819,706
Toro Co. (The)		153,040		14,356,682
Watsco, Inc.		54,874		14,983,895
Werner Enterprises, Inc.^(b)		323,687		14,067,437

				237,007,159

Information Technology-5.55%
Arrow Electronics, Inc.^(c)		107,869		13,147,074
CDK Global, Inc.		308,326		13,979,501
Genpact Ltd.		315,556		13,202,863
Maximus, Inc.^(b)		189,424		14,937,976
Vontier Corp.		500,287		12,156,974

				67,424,388

Materials-7.84%
AptarGroup, Inc.		138,073		16,828,337


	Shares		Value
Materials-(continued)
Ashland Global Holdings, Inc.		148,628	$	13,715,392
RPM International, Inc.^(b)		186,779		15,795,900
Sensient Technologies Corp.^(b)		181,706		14,923,514
Silgan Holdings, Inc.		374,663		15,690,886
Sonoco Products Co.		310,316		18,221,756

				95,175,785

Real Estate-27.60%
American Campus Communities, Inc.		299,989		16,142,408
Apartment Income REIT Corp.		281,664		14,536,679
Camden Property Trust^(b)		101,751		16,800,108
Corporate Office Properties Trust		548,628		14,379,540
Cousins Properties, Inc.^(b)		400,388		15,466,988
EastGroup Properties, Inc.		83,309		15,892,025
First Industrial Realty Trust, Inc.		326,991		18,828,142
Healthcare Realty Trust, Inc.		515,110		13,434,069
Highwoods Properties, Inc.^(b)		337,892		14,732,091
JBG SMITH Properties		532,747		14,213,690
Kilroy Realty Corp.		200,815		14,382,370
Life Storage, Inc.		121,514		15,382,457
Medical Properties Trust, Inc.		717,276		14,589,394
National Retail Properties, Inc.^(b)		357,501		15,233,118
National Storage Affiliates Trust		240,988		14,042,371
Omega Healthcare Investors, Inc.^(b)		494,296		13,924,318
Physicians Realty Trust		1,049,158		17,059,309
PS Business Parks, Inc.		100,152		15,953,212
Rayonier, Inc.		351,351		13,948,635
Rexford Industrial Realty, Inc.		229,296		16,080,528
Spirit Realty Capital, Inc.		332,310		15,409,215
STORE Capital Corp.		478,309		14,693,652

				335,124,319

Utilities-16.13%
ALLETE, Inc.		242,295		15,250,047
Black Hills Corp.		245,007		17,148,040
Essential Utilities, Inc.		370,589		17,458,448
Hawaiian Electric Industries, Inc.		374,270		15,337,585
IDACORP, Inc.		164,464		17,096,033
National Fuel Gas Co.		255,840		15,923,482
New Jersey Resources Corp.		346,598		15,118,605
NorthWestern Corp.		282,474		17,084,027
OGE Energy Corp.		484,947		18,209,760
ONE Gas, Inc.		191,982		15,951,784
Spire, Inc.		236,185		15,850,375
UGI Corp.		402,756		15,481,941

				195,910,127

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $1,145,981,060)				1,213,629,021


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.72%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		17,213,227		17,213,227

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


		62

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		40,160,181	$	40,164,198

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $57,380,763)				57,377,425

TOTAL INVESTMENTS IN SECURITIES-104.67% (Cost $1,203,361,823)				1,271,006,446
OTHER ASSETS LESS LIABILITIES-(4.67)%				(56,720,842	)

NET ASSETS-100.00%			$	1,214,285,604

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 February 28, 2022. (c) Non-income producing security.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,334,039		$	(8,334,039	)		$	-			$	-			$	-		$	62

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			17,197,102			112,610,829			(112,594,704	)			-				-				17,213,227			2,451	*

Invesco Private Prime Fund			40,126,570			197,883,749			(197,831,744	)			(3,339	)			(11,038	)			40,164,198			22,201	*



Total		$	57,323,672		$	318,828,617		$	(318,760,487	)		$	(3,339	)		$	(11,038	)		$	57,377,425		$	24,714

*	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 February 28, 2022.

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

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


		63

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2022

(Unaudited)

Portfolio Composition

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

as of February 28, 2022




Real Estate				27.60

Industrials				19.52

Utilities				16.13

Financials				11.87

Materials				7.84

Consumer Staples				6.84

Information Technology				5.55

Sector Types Each Less Than 3%				4.60

Money Market Funds Plus Other Assets Less Liabilities				0.05

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


		64

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-1.10%
AMC Networks, Inc., Class A^(b)(c)		1,624	$	67,315
ATN International, Inc.		596		19,865
E.W. Scripps Co. (The), Class A^(b)		3,099		68,984
Gannett Co., Inc.^(b)		8,219		40,766
Loyalty Ventures, Inc.^(b)		1,078		25,872
Marcus Corp. (The)^(b)(c)		1,170		21,271
QuinStreet, Inc.^(b)		2,374		26,707
Scholastic Corp.		1,705		71,746
Shenandoah Telecommunications Co.		2,822		63,072
TechTarget, Inc.^(b)(c)		1,484		116,316
Thryv Holdings, Inc.^(b)		990		30,096

				552,010

Consumer Discretionary-11.65%
Aaron’s Co., Inc. (The)		1,709		35,872
Abercrombie & Fitch Co., Class A^(b)		3,478		132,442
Adtalem Global Education, Inc.^(b)		2,665		55,379
American Axle & Manufacturing Holdings, Inc.^(b)		5,947		55,069
American Public Education, Inc.^(b)		883		17,625
America’s Car-Mart, Inc.^(b)		325		31,258
Asbury Automotive Group, Inc.^(b)		1,271		246,714
Barnes & Noble Education, Inc.^(b)		1,950		10,686
Bed Bath & Beyond, Inc.^(b)(c)		5,799		97,945
Big Lots, Inc.^(c)		1,945		67,608

BJ’s Restaurants, Inc.^(b)		1,092		35,020
Bloomin’ Brands, Inc.^(b)		4,210		103,608
Boot Barn Holdings, Inc.^(b)		1,630		141,843
Buckle, Inc. (The)		1,601		57,636
Caleres, Inc.		2,197		45,610
Cato Corp. (The), Class A		1,048		18,445
Cavco Industries, Inc.^(b)		463		126,228
Century Communities, Inc.		1,486		94,688
Cheesecake Factory, Inc. (The)^(b)		2,601		111,297
Chico’s FAS, Inc.^(b)		7,272		34,178
Children’s Place, Inc. (The)^(b)(c)		760		47,850
Chuy’s Holdings, Inc.^(b)		1,111		36,219
Conn’s, Inc.^(b)(c)		1,184		21,715
Cooper-Standard Holdings, Inc.^(b)		841		10,698
Designer Brands, Inc., Class A^(b)(c)		3,235		42,217
Dorman Products, Inc.^(b)		1,632		152,461
El Pollo Loco Holdings, Inc.^(b)		1,035		13,734
Ethan Allen Interiors, Inc.		1,141		29,734
Fiesta Restaurant Group, Inc.^(b)		908		9,144
Fossil Group, Inc.^(b)		2,927		39,573
Genesco, Inc.^(b)		796		51,063
Gentherm, Inc.^(b)		1,896		160,857
G-III Apparel Group Ltd.^(b)		2,526		70,071
Group 1 Automotive, Inc.		1,010		183,749
Guess?, Inc.^(c)		2,054		44,983
Haverty Furniture Cos., Inc., (Acquired 06/30/2021 - 02/17/2022; Cost $35,424)^(c)(d)		848		24,092
Hibbett, Inc.^(c)		922		41,564
Installed Building Products, Inc.		1,273		123,099
iRobot Corp.^(b)(c)		1,631		101,383
Kontoor Brands, Inc.		2,761		136,780
La-Z-Boy, Inc.		2,454		71,608


	Shares		Value
Consumer Discretionary-(continued)
LCI Industries		1,392	$	173,332
LGI Homes, Inc.^(b)(c)		1,157		145,932
Liquidity Services, Inc.^(b)		1,588		27,361
LL Flooring Holdings, Inc.^(b)		1,460		23,448
M.D.C. Holdings, Inc.		2,911		129,074
M/I Homes, Inc.^(b)		1,489		73,393
MarineMax, Inc.^(b)		1,188		54,363
Meritage Homes Corp.^(b)		2,060		203,075
Monarch Casino & Resort, Inc.^(b)		712		55,465
Monro, Inc.		1,860		86,825
Motorcar Parts of America, Inc.^(b)		910		14,696
Movado Group, Inc.		1,038		40,918
ODP Corp. (The)^(b)		2,674		117,656
Oxford Industries, Inc.		835		73,806
Patrick Industries, Inc.		1,373		97,950
Perdoceo Education Corp.^(b)		3,554		37,210
PetMed Express, Inc.^(c)		1,194		32,178
Rent-A-Center, Inc.^(c)		3,045		86,508
Ruth’s Hospitality Group, Inc.		1,603		39,770
Sally Beauty Holdings, Inc.^(b)(c)		6,208		107,274
Shoe Carnival, Inc.		1,001		29,189
Shutterstock, Inc.		1,346		121,853
Signet Jewelers Ltd.^(c)		3,328		234,624
Sonic Automotive, Inc., Class A		1,123		60,316
Standard Motor Products, Inc.		1,089		47,600
Steven Madden Ltd.		4,363		186,126
Strategic Education, Inc.		1,246		73,539
Sturm Ruger & Co., Inc.		1,098		79,506
Unifi, Inc.^(b)		696		13,064
Universal Electronics, Inc.^(b)		719		23,892
Vera Bradley, Inc.^(b)		1,670		12,625
Vista Outdoor, Inc.^(b)		3,569		130,090
Winnebago Industries, Inc.^(c)		1,974		126,474
Wolverine World Wide, Inc.		4,564		105,109
Zumiez, Inc.^(b)(c)		1,214		54,011

				5,849,997

Consumer Staples-4.85%
Andersons, Inc. (The)		1,743		79,481
B&G Foods, Inc.^(c)		3,787		112,095
Cal-Maine Foods, Inc.^(c)		2,174		96,243
Celsius Holdings, Inc.^(b)(c)		2,096		133,913
Central Garden & Pet Co., Class A^(b)		2,776		122,255
Chefs’ Warehouse, Inc. (The)^(b)		1,758		57,750
Coca-Cola Consolidated, Inc.		278		138,147
Edgewell Personal Care Co.		3,040		108,467
elf Beauty, Inc.^(b)		2,604		68,824
Fresh Del Monte Produce, Inc.		1,818		47,050
Inter Parfums, Inc.		945		87,772
J&J Snack Foods Corp.		809		132,449
John B. Sanfilippo & Son, Inc.		496		39,442
Medifast, Inc.		673		125,178
MGP Ingredients, Inc.^(c)		653		51,985
National Beverage Corp.^(c)		1,328		58,445
PriceSmart, Inc.		1,369		99,554
Seneca Foods Corp., Class A^(b)		339		16,865
Simply Good Foods Co. (The)^(b)		4,761		188,678
SpartanNash Co.		2,080		58,531

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


		65

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
TreeHouse Foods, Inc.^(b)		2,996	$	117,593
United Natural Foods, Inc.^(b)		2,925		117,673
Universal Corp.		1,332		72,075
USANA Health Sciences, Inc.^(b)		683		60,111
Vector Group Ltd.		7,732		86,676
WD-40 Co.^(c)		744		157,646

				2,434,898

Energy-5.46%
Archrock, Inc.		7,496		62,591
Bristow Group, Inc.^(b)		1,216		40,298
Callon Petroleum Co.^(b)(c)		2,181		122,921
Civitas Resources, Inc.^(c)		2,532		127,790
CONSOL Energy, Inc.^(b)		1,846		56,746
Core Laboratories N.V.		2,463		67,880
DMC Global, Inc.^(b)		1,025		30,135
Dorian LPG Ltd.		1,506		20,753
Dril-Quip, Inc.^(b)		1,945		56,094
Green Plains, Inc.^(b)(c)		3,147		103,033
Helix Energy Solutions Group, Inc.^(b)		7,593		30,752
Helmerich & Payne, Inc.		5,729		207,562
Laredo Petroleum, Inc.^(b)(c)		653		49,994
Matador Resources Co.		6,026		298,889
Nabors Industries Ltd.^(b)		394		49,463
Oceaneering International, Inc.^(b)		4,980		72,907
Oil States International, Inc.^(b)		3,260		17,050
Par Pacific Holdings, Inc.^(b)		2,483		33,769
Patterson-UTI Energy, Inc.		9,178		132,438
PBF Energy, Inc., Class A^(b)		5,349		88,900
ProPetro Holding Corp.^(b)		4,611		58,882
Range Resources Corp.^(b)(c)		15,627		358,640
Ranger Oil Corp.^(b)(c)		800		27,008
Renewable Energy Group, Inc.^(b)		2,994		184,131
REX American Resources Corp.^(b)		277		26,165
RPC, Inc.^(b)(c)		3,797		33,300
SM Energy Co.		6,380		226,554
US Silica Holdings, Inc.^(b)		4,289		62,019
World Fuel Services Corp.		3,443		97,575

				2,744,239

Financials-20.33%
Allegiance Bancshares, Inc.		1,079		46,235
Ambac Financial Group, Inc.^(b)		2,551		32,729
American Equity Investment Life Holding Co.		4,485		169,040
Ameris Bancorp		3,782		187,209
AMERISAFE, Inc.		1,110		52,281
Apollo Commercial Real Estate Finance, Inc.		7,430		96,962
ARMOUR Residential REIT, Inc.		4,606		37,447
Assured Guaranty Ltd.		4,199		260,212
Axos Financial, Inc.^(b)		3,050		166,957
B. Riley Financial, Inc.^(c)		919		54,726
Banc of California, Inc.		2,965		58,262
BancFirst Corp.		1,049		81,958
Bancorp, Inc. (The)^(b)		3,520		103,136
BankUnited, Inc.		5,155		227,851
Banner Corp.		1,960		120,756
Berkshire Hills Bancorp, Inc.		2,757		85,743
Blucora, Inc.^(b)		2,664		53,014
Brightsphere Investment Group, Inc.		3,481		83,092
Brookline Bancorp, Inc.		4,429		75,913
Capitol Federal Financial, Inc.		7,479		81,671


	Shares		Value
Financials-(continued)
Central Pacific Financial Corp.		1,578	$	46,062
City Holding Co.		867		69,074
Columbia Banking System, Inc.^(c)		4,417		161,795
Community Bank System, Inc.		3,011		219,622
Customers Bancorp, Inc.^(b)		1,722		105,989
CVB Financial Corp.^(c)		6,830		161,051
Dime Community Bancshares, Inc.		1,936		65,805
Donnelley Financial Solutions, Inc.^(b)		1,705		54,731
Eagle Bancorp, Inc.		1,848		110,732
eHealth, Inc.^(b)(c)		1,124		17,467
Ellington Financial, Inc.		2,603		45,995
Employers Holdings, Inc.		1,570		61,010
Encore Capital Group, Inc.^(b)(c)		1,780		117,462
Enova International, Inc.^(b)		2,096		85,454
EZCORP, Inc., Class A^(b)		3,159		18,922
FB Financial Corp.		2,040		90,658
First Bancorp		11,785		166,404
First Bancorp/Southern Pines NC		1,978		88,773
First Commonwealth Financial Corp.		5,484		88,567
First Financial Bancorp		5,306		130,422
First Hawaiian, Inc.		7,247		210,670
Flagstar Bancorp, Inc.		2,959		134,871
Franklin BSP Realty Trust, Inc		1,719		22,691
Genworth Financial, Inc., Class A^(b)		27,871		113,156
Granite Point Mortgage Trust, Inc.		3,174		35,612
Greenhill & Co., Inc.		763		13,490
Hanmi Financial Corp.		1,747		45,632
HCI Group, Inc.		390		24,281
Heritage Financial Corp.		2,120		55,586
Hilltop Holdings, Inc.		3,586		110,879
HomeStreet, Inc.		1,198		61,649
Hope Bancorp, Inc.		6,999		118,703
Horace Mann Educators Corp.		2,327		96,780
Independent Bank Corp.		2,630		226,206
Independent Bank Group, Inc.		2,081		160,549
Invesco Mortgage Capital, Inc.^(e)		16,251		35,427
Investors Bancorp, Inc.		12,898		215,913
KKR Real Estate Finance Trust, Inc.^(c)		2,254		48,393
Lakeland Financial Corp.		1,405		112,695
Meta Financial Group, Inc.		1,869		103,524
Mr. Cooper Group, Inc.^(b)		4,753		241,595
National Bank Holdings Corp., Class A		1,734		76,955
NBT Bancorp, Inc.		2,459		94,352
New York Mortgage Trust, Inc.		20,637		72,436
NMI Holdings, Inc., Class A^(b)		4,621		106,930
Northfield Bancorp, Inc.		2,566		40,286
Northwest Bancshares, Inc.		7,089		99,813
OFG Bancorp		2,861		80,623
Pacific Premier Bancorp, Inc.		5,399		208,995
Park National Corp.		818		109,661
PennyMac Mortgage Investment Trust		5,384		83,990
Piper Sandler Cos		798		118,112
PRA Group, Inc.^(b)		2,509		111,977
Preferred Bank		797		62,549
ProAssurance Corp.		2,994		72,155
Provident Financial Services, Inc.		4,509		106,999
Ready Capital Corp.		3,096		45,976
Redwood Trust, Inc.		5,985		62,184
Renasant Corp.		3,234		118,073
S&T Bancorp, Inc.		2,187		67,994

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


		66

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Safety Insurance Group, Inc.		802	$	66,919
Seacoast Banking Corp. of Florida		3,122		114,421
Selectquote, Inc.^(b)(c)		6,593		20,504
ServisFirst Bancshares, Inc.^(c)		2,803		244,926
Simmons First National Corp., Class A^(c)		6,124		174,657
SiriusPoint Ltd. (Bermuda)^(b)		4,879		36,056
Southside Bancshares, Inc.		1,829		76,251
Stewart Information Services Corp.		1,461		99,173
StoneX Group, Inc.^(b)		856		64,585
Tompkins Financial Corp.		672		53,155
Triumph Bancorp, Inc.^(b)		1,317		132,121
TrustCo Bank Corp.		1,116		38,134
Trustmark Corp.		3,429		107,979
Two Harbors Investment Corp.		18,918		95,725
United Community Banks, Inc.		4,930		190,594
United Fire Group, Inc.		1,139		31,448
Universal Insurance Holdings, Inc.		1,499		17,328
Veritex Holdings, Inc.		2,846		115,633
Virtus Investment Partners, Inc.		413		99,376
Walker & Dunlop, Inc.		1,569		217,071
Westamerica Bancorporation		1,474		87,438
WisdomTree Investments, Inc.^(c)		6,062		34,129
World Acceptance Corp.^(b)(c)		220		43,223
WSFS Financial Corp.		2,758		140,189

				10,210,586

Health Care-11.09%
Addus HomeCare Corp.^(b)		858		72,964
Allscripts Healthcare Solutions, Inc.^(b)		6,855		133,398
AMN Healthcare Services, Inc.^(b)		2,757		292,628
Amphastar Pharmaceuticals, Inc.^(b)		1,971		54,616
AngioDynamics, Inc.^(b)		2,167		50,990
Anika Therapeutics, Inc.^(b)		824		26,780
Apollo Medical Holdings, Inc.^(b)		2,525		121,503
Artivion, Inc.^(b)		2,088		40,820
Avanos Medical, Inc.^(b)		2,698		95,482
Avid Bioservices, Inc.^(b)(c)		3,825		78,336
BioLife Solutions, Inc.^(b)		1,763		41,431
Cara Therapeutics, Inc.^(b)		2,512		26,049
Collegium Pharmaceutical, Inc.^(b)		1,993		38,804
Community Health Systems, Inc.^(b)		7,001		73,581
Computer Programs & Systems, Inc.^(b)		820		25,240
CONMED Corp.		1,539		224,940
Corcept Therapeutics, Inc.^(b)		6,967		155,294
CorVel Corp.^(b)		524		83,347
Covetrus, Inc.^(b)		5,688		100,791
Cross Country Healthcare, Inc.^(b)		2,120		47,340
Cutera, Inc.^(b)(c)		829		31,800
Eagle Pharmaceuticals, Inc.^(b)		683		32,367
Emergent BioSolutions, Inc.^(b)		2,959		122,443
Enanta Pharmaceuticals, Inc.^(b)		1,223		86,124
Ensign Group, Inc. (The)		2,887		242,624
Fulgent Genetics, Inc.^(b)(c)		1,206		75,134
Hanger, Inc.^(b)		2,084		37,762
HealthStream, Inc.^(b)		1,364		27,948
Heska Corp.^(b)(c)		566		80,372
Innoviva, Inc.^(b)(c)		3,603		69,214
Inogen, Inc.^(b)		1,089		37,995
Integer Holdings Corp.^(b)		1,795		150,547
Joint Corp. (The)^(b)(c)		900		36,900


	Shares		Value
Health Care-(continued)
Lantheus Holdings, Inc.^(b)		3,731	$	178,416
LeMaitre Vascular, Inc.^(c)		1,047		49,701
Ligand Pharmaceuticals, Inc.^(b)(c)		1,008		102,030
MEDNAX, Inc.^(b)		4,566		107,164
Meridian Bioscience, Inc.^(b)		2,545		64,389
Merit Medical Systems, Inc.^(b)		2,786		181,174
Mesa Laboratories, Inc.		289		73,790
ModivCare, Inc.^(b)		677		79,886
Myriad Genetics, Inc.^(b)		4,461		108,759
Natus Medical, Inc.^(b)		1,910		53,136
NextGen Healthcare, Inc.^(b)		3,047		59,508
Omnicell, Inc.^(b)		2,465		318,675
OptimizeRx Corp.^(b)(c)		1,083		49,049
OraSure Technologies, Inc.^(b)		4,327		33,751
Organogenesis Holdings, Inc.^(b)(c)		3,533		26,286
Orthofix Medical, Inc.^(b)		1,156		39,281
Owens & Minor, Inc.		4,229		186,710
Phibro Animal Health Corp., Class A		1,121		23,877
Prestige Consumer Healthcare, Inc.^(b)		2,816		167,637
RadNet, Inc.^(b)		2,401		59,233
REGENXBIO, Inc.^(b)(c)		2,124		55,670
Select Medical Holdings Corp.		5,490		127,094
Supernus Pharmaceuticals, Inc.^(b)		2,992		95,594
SurModics, Inc.^(b)		787		35,321
Tactile Systems Technology, Inc.^(b)		1,029		20,950
Tivity Health, Inc.^(b)		2,361		64,408
uniQure N.V. (Netherlands)^(b)		1,977		33,589
US Physical Therapy, Inc.^(c)		658		60,516
Vanda Pharmaceuticals, Inc.^(b)		3,208		36,443
Varex Imaging Corp.^(b)(c)		2,236		52,859
Vericel Corp.^(b)		2,493		102,737
Xencor, Inc.^(b)		3,421		107,112

				5,570,309

Industrials-17.13%
AAON, Inc.		2,250		131,760
AAR Corp.^(b)		1,779		79,948
ABM Industries, Inc.		3,813		170,937
Aerojet Rocketdyne Holdings, Inc.		4,239		164,261
Alamo Group, Inc.		542		75,398
Albany International Corp., Class A		1,753		153,949
Allegiant Travel Co.^(b)		789		137,357
American Woodmark Corp.^(b)		892		47,793
Apogee Enterprises, Inc.		1,349		60,799
Applied Industrial Technologies, Inc.		2,074		209,681
ArcBest Corp.		1,448		134,201
Arcosa, Inc.		2,529		133,202
Astec Industries, Inc.		1,213		60,407
Atlas Air Worldwide Holdings, Inc.^(b)(c)		1,572		123,182
AZZ, Inc.		1,389		68,381
Barnes Group, Inc.		2,526		117,333
Boise Cascade Co.		2,224		177,787
Brady Corp., Class A		2,661		122,619
Chart Industries, Inc.^(b)		2,087		301,363
Comfort Systems USA, Inc.		2,037		175,141
CoreCivic, Inc.^(b)		7,440		67,778
Deluxe Corp.		2,430		75,597
DXP Enterprises, Inc.^(b)		1,011		29,026
Encore Wire Corp.		1,277		148,668
Enerpac Tool Group Corp.		3,253		56,114

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


		67

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
EnPro Industries, Inc.		1,128	$	124,576
ESCO Technologies, Inc.		1,425		99,137
Exponent, Inc.		2,808		266,086
Federal Signal Corp.		3,368		121,619
Forrester Research, Inc.^(b)		632		32,820
Forward Air Corp.		1,409		145,381
Franklin Electric Co., Inc.		2,151		181,889
GEO Group, Inc. (The)^(c)		8,032		47,871
Gibraltar Industries, Inc.^(b)		1,749		84,512
GMS, Inc.^(b)		2,317		125,697
Granite Construction, Inc.		2,572		77,855
Greenbrier Cos., Inc. (The)^(c)		1,754		77,930
Griffon Corp.		2,588		59,653
Harsco Corp.^(b)		4,078		48,569
Healthcare Services Group, Inc.		4,521		71,522
Heartland Express, Inc.		2,672		38,370
Heidrick & Struggles International, Inc.		1,111		47,495
Hillenbrand, Inc.		3,746		178,722
HNI Corp.		2,364		96,191
Hub Group, Inc., Class A^(b)		1,833		154,705
Insteel Industries, Inc.		1,117		41,452
Interface, Inc.		3,080		40,194
John Bean Technologies Corp.		1,795		203,499
Kaman Corp.		1,436		62,337
Kelly Services, Inc., Class A		2,031		43,098
Korn Ferry		3,088		204,611
Lindsay Corp.		596		78,201
ManTech International Corp., Class A		1,543		128,640
Marten Transport Ltd.		3,379		58,288
Matson, Inc.		2,432		269,393
Matthews International Corp., Class A		1,716		56,937
Meritor, Inc.^(b)		3,918		139,520
Moog, Inc., Class A		1,581		131,397
Mueller Industries, Inc.		3,107		177,254
MYR Group, Inc.^(b)		955		85,711
National Presto Industries, Inc.		288		22,896
NOW, Inc.^(b)		6,216		58,057
Park Aerospace Corp.		1,029		14,272
PGT Innovations, Inc.^(b)		3,165		68,079
Pitney Bowes, Inc.		9,420		46,912
Powell Industries, Inc.		444		9,386
Quanex Building Products Corp.		1,792		40,965
Resideo Technologies, Inc.^(b)		8,173		210,373
Resources Connection, Inc.		1,789		29,697
SkyWest, Inc.^(b)		2,718		76,403
SPX Corp.^(b)		2,496		126,547
SPX FLOW, Inc.		2,355		202,271
Standex International Corp.		680		72,032
Tennant Co.		1,015		79,962
Titan International, Inc.^(b)		2,530		28,336
TrueBlue, Inc.^(b)		1,979		53,829
UFP Industries, Inc.		3,261		279,631
UniFirst Corp.		828		150,075
US Ecology, Inc.^(b)(c)		1,709		81,075
Veritiv Corp.^(b)		788		84,450
Wabash National Corp.^(c)		2,637		44,935

				8,603,997

Information Technology-13.16%
3D Systems Corp.^(b)		7,023		125,150


	Shares		Value
Information Technology-(continued)
ADTRAN, Inc.		2,744	$	56,499
Advanced Energy Industries, Inc.		2,095		179,856
Agilysys, Inc.^(b)		1,026		43,123
Alarm.com Holdings, Inc.^(b)		2,533		166,747
Axcelis Technologies, Inc.^(b)		1,750		121,135
Badger Meter, Inc.		1,563		155,378
Benchmark Electronics, Inc.		1,887		49,326
CEVA, Inc.^(b)		1,264		51,533
Cohu, Inc.^(b)		2,611		81,411
Comtech Telecommunications Corp.		1,519		31,261
Consensus Cloud Solutions, Inc.^(b)		942		52,432
CSG Systems International, Inc.		1,830		112,948
CTS Corp.		1,800		68,292
Digi International, Inc.^(b)		1,800		36,144
Diodes, Inc.^(b)		2,495		223,527
Ebix, Inc.		1,312		38,717
ePlus, Inc.^(b)		1,443		67,677
EVERTEC, Inc.		2,871		115,874
ExlService Holdings, Inc.^(b)		1,817		219,475
Extreme Networks, Inc.^(b)		7,235		83,130
Fabrinet (Thailand)^(b)		2,027		202,963
FARO Technologies, Inc.^(b)		1,014		55,506
FormFactor, Inc.^(b)		4,232		171,354
Harmonic, Inc.^(b)(c)		5,891		54,845
Ichor Holdings Ltd.^(b)		1,637		57,671
Insight Enterprises, Inc.^(b)		1,954		203,216
InterDigital, Inc.		1,731		111,511
Itron, Inc.^(b)		2,494		118,889
Knowles Corp.^(b)(c)		5,286		115,129
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		3,044		159,019
MaxLinear, Inc.^(b)		3,701		227,056
Methode Electronics, Inc.		2,194		100,134
NETGEAR, Inc.^(b)		1,632		43,427
NetScout Systems, Inc.^(b)		4,084		127,135
Onto Innovation, Inc.^(b)		2,742		236,388
OSI Systems, Inc.^(b)		954		76,959
PC Connection, Inc.		613		29,908
Perficient, Inc.^(b)		1,911		194,731
Photronics, Inc.^(b)		2,650		48,813
Plantronics, Inc.^(b)		2,145		60,425
Plexus Corp.^(b)		1,481		120,657
Progress Software Corp.		2,559		112,801
Rambus, Inc.^(b)		5,802		156,654
Rogers Corp.^(b)		1,087		296,751
Sanmina Corp.^(b)		3,563		141,736
ScanSource, Inc.^(b)		1,358		42,886
SMART Global Holdings, Inc.^(b)		2,405		66,017
SPS Commerce, Inc.^(b)		2,009		260,869
TTEC Holdings, Inc.		990		78,705
TTM Technologies, Inc.^(b)		6,004		75,470
Ultra Clean Holdings, Inc.^(b)		2,422		110,952
Veeco Instruments, Inc.^(b)(c)		2,880		82,282
Viavi Solutions, Inc.^(b)		12,170		199,588
Vonage Holdings Corp.^(b)(c)		14,467		293,969
Xperi Holding Corp.		5,468		94,706

				6,608,757

Materials-5.33%
AdvanSix, Inc.		1,593		63,816
American Vanguard Corp.		1,421		21,414

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


		68

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Materials-(continued)
Arconic Corp.^(b)		5,708	$	175,236
Balchem Corp.		1,781		246,383
Carpenter Technology Corp.		2,606		100,044
Clearwater Paper Corp.^(b)		946		27,273
Ferro Corp.^(b)		4,693		101,979
FutureFuel Corp.		1,441		10,606
GCP Applied Technologies, Inc.^(b)		2,274		71,813
Glatfelter Corp.		2,417		33,210
H.B. Fuller Co.		2,838		194,034
Hawkins, Inc.		976		44,174
Haynes International, Inc.		720		26,323
Innospec, Inc.		1,324		126,442
Kaiser Aluminum Corp.		839		80,963
Koppers Holdings, Inc.^(b)		1,156		33,096
Kraton Corp.^(b)		1,867		86,162
Livent Corp.^(b)(c)		9,911		233,404
Materion Corp.		1,133		94,662
Mercer International, Inc. (Germany)		2,119		28,331
Myers Industries, Inc.		2,017		33,523
Neenah, Inc.		950		37,002
O-I Glass, Inc.^(b)		8,854		113,154
Olympic Steel, Inc.		475		12,716
Quaker Chemical Corp.		732		135,866
Rayonier Advanced Materials, Inc.^(b)		3,288		19,301
Schweitzer-Mauduit International, Inc., Class A		1,726		53,886
Stepan Co.		1,160		120,199
SunCoke Energy, Inc.		4,503		35,709
Sylvamo Corp.^(b)		1,961		68,439
TimkenSteel Corp.^(b)		2,290		41,289
Tredegar Corp.		1,335		15,366
Trinseo PLC		2,061		107,090
Warrior Met Coal, Inc.		2,744		86,436

				2,679,341

Real Estate-7.73%
Acadia Realty Trust		4,675		100,232
Agree Realty Corp.		3,784		242,744
Alexander & Baldwin, Inc.		3,872		86,849
American Assets Trust, Inc.		2,885		105,476
Armada Hoffler Properties, Inc.		3,269		47,989
Brandywine Realty Trust		9,152		121,996
CareTrust REIT, Inc.		5,032		88,060
Centerspace		749		70,399
Chatham Lodging Trust^(b)		2,566		35,282
Community Healthcare Trust, Inc.		1,278		53,293
Diversified Healthcare Trust		13,387		38,555
Easterly Government Properties, Inc.^(c)		4,643		96,667
Essential Properties Realty Trust, Inc.		6,452		163,107
Four Corners Property Trust, Inc.		4,135		109,081
Franklin Street Properties Corp.		4,935		28,524
Getty Realty Corp.		2,125		58,544
Global Net Lease, Inc.		5,396		76,677
Hersha Hospitality Trust^(b)		1,701		15,700
Independence Realty Trust, Inc.		5,864		148,183
Industrial Logistics Properties Trust		3,650		81,650
Innovative Industrial Properties, Inc.		1,348		254,044
iStar, Inc.		4,027		101,158
LTC Properties, Inc.		2,129		72,024
LXP Industrial Trust		15,751		243,510


	Shares		Value
Real Estate-(continued)
Marcus & Millichap, Inc.^(b)		1,325	$	65,892
NexPoint Residential Trust, Inc.		1,236		105,023
Office Properties Income Trust		2,707		67,810
Orion Office REIT, Inc.^(b)(c)		2,984		50,818
RE/MAX Holdings, Inc., Class A		1,012		29,996
Realogy Holdings Corp.^(b)		6,368		115,770
Retail Opportunity Investments Corp.		6,554		119,021
RPT Realty		4,375		56,656
Safehold, Inc.		745		45,713
Saul Centers, Inc.		705		32,451
SITE Centers Corp.		9,906		154,038
St. Joe Co. (The)		1,797		97,092
Summit Hotel Properties, Inc.^(b)(c)		5,759		56,957
Tanger Factory Outlet Centers, Inc.^(c)		5,723		95,460
Urstadt Biddle Properties, Inc., Class A		1,646		30,994
Veris Residential, Inc.^(b)		4,189		70,794
Washington REIT		4,798		112,081
Whitestone REIT		2,341		27,577
Xenia Hotels & Resorts, Inc.^(b)		5,920		109,757

				3,883,644

Utilities-2.13%
American States Water Co.		2,064		173,706
Avista Corp.		3,844		171,558
California Water Service Group		2,800		159,404
Chesapeake Utilities Corp.		945		125,638
Middlesex Water Co.		1,016		101,590
Northwest Natural Holding Co.		1,643		85,452
South Jersey Industries, Inc.^(c)		6,127		207,889
Unitil Corp.		861		43,472

				1,068,709

Total Common Stocks & Other Equity Interests (Cost $51,300,434)				50,206,487


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $1,258)		1,258		1,258

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $51,301,692)				50,207,745


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.66%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		1,756,251		1,756,251
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		4,101,938		4,102,348

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,858,951)				5,858,599

TOTAL INVESTMENTS IN SECURITIES-111.62% (Cost $57,160,643)				56,066,344
OTHER ASSETS LESS LIABILITIES-(11.62)%				(5,837,630	)

NET ASSETS-100.00%			$	50,228,714

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


		69

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)	Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Invesco Mortgage Capital, Inc.		$	40,772		$	10,440		$	(838	)		$	(14,693	)		$	(254	)		$	35,427		$	2,778

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			41,917			819,404			(860,063	)			-				-				1,258			4

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			27,926			4,106,713			(2,378,388	)			-				-				1,756,251			137	*

Invesco Private Prime Fund			65,162			8,270,979			(4,233,184	)			(352	)			(257	)			4,102,348			894	*



Total		$	175,777		$	13,207,536		$	(7,472,473	)		$	(15,045	)		$	(511	)		$	5,895,284		$	3,813

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022




Financials				20.33

Industrials				17.13

Information Technology				13.16

Consumer Discretionary				11.65

Health Care				11.09

Real Estate				7.73

Energy				5.46

Materials				5.33

Consumer Staples				4.85

Sector Types Each Less Than 3%				3.23

Money Market Funds Plus Other Assets Less Liabilities				0.04

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


		70

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-4.45%
ATN International, Inc.		3,228	$	107,589
Cogent Communications Holdings, Inc.		5,258		333,357
Scholastic Corp.		2,778		116,899
Telephone & Data Systems, Inc.		13,597		235,908

				793,753

Consumer Discretionary-7.10%
Ethan Allen Interiors, Inc.		12,133		316,186
M.D.C. Holdings, Inc.		4,608		204,319
Strategic Education, Inc.^(b)		5,680		335,233
Sturm Ruger & Co., Inc.		5,646		408,827

				1,264,565

Consumer Staples-6.72%
Andersons, Inc. (The)		3,680		167,808
Edgewell Personal Care Co.		2,107		75,178
Fresh Del Monte Produce, Inc.		4,965		128,494
J&J Snack Foods Corp.		791		129,503
SpartanNash Co.		9,753		274,449
Universal Corp.		7,798		421,950

				1,197,382

Energy-3.12%
Archrock, Inc.		66,635		556,401

Financials-24.75%
Apollo Commercial Real Estate Finance, Inc.		40,031		522,405
ARMOUR Residential REIT, Inc.		59,944		487,345
Ellington Financial, Inc.		27,920		493,346
Granite Point Mortgage Trust, Inc.		36,613		410,798
KKR Real Estate Finance Trust, Inc.^(b)		19,282		413,985
New York Mortgage Trust, Inc.		148,761		522,151
PennyMac Mortgage Investment Trust		31,199		486,704
Ready Capital Corp.		37,924		563,171
Two Harbors Investment Corp.		100,473		508,393

				4,408,298

Health Care-1.09%
Phibro Animal Health Corp., Class A		9,112		194,086

Industrials-8.84%
Healthcare Services Group, Inc.		20,168		319,058
HNI Corp.		5,425		220,743
ManTech International Corp., Class A		2,169		180,829
Matthews International Corp., Class A		5,249		174,162
Park Aerospace Corp.		17,708		245,610
Powell Industries, Inc.		9,756		206,242
Resources Connection, Inc.		13,698		227,387

				1,574,031

Information Technology-4.83%
Benchmark Electronics, Inc.		7,555		197,488
CSG Systems International, Inc.		2,366		146,029
InterDigital, Inc.		2,199		141,660
Methode Electronics, Inc.		1,957		89,317
Progress Software Corp		2,434		107,291

Investment Abbreviations:

REIT -Real Estate Investment Trust


	Shares		Value
Information Technology-(continued)
TTEC Holdings, Inc.		1,128	$	89,676
Xperi Holding Corp.		5,163		89,423

				860,884

Materials-7.91%
Glatfelter Corp.		14,176		194,778
Myers Industries, Inc.		11,242		186,842
Neenah, Inc.		6,449		251,189
Schweitzer-Mauduit International, Inc., Class A		15,050		469,861
Tredegar Corp.		26,613		306,316

				1,408,986

Real Estate-21.43%
Brandywine Realty Trust		33,882		451,647
CareTrust REIT, Inc.		17,001		297,517
Easterly Government Properties, Inc.		16,584		345,279
Getty Realty Corp.		13,114		361,291
Global Net Lease, Inc.		38,766		550,865
Industrial Logistics Properties Trust		18,161		406,262
LTC Properties, Inc.		14,679		496,591
Office Properties Income Trust		21,767		545,263
Universal Health Realty Income Trust		6,368		363,676

				3,818,391

Utilities-9.70%
American States Water Co.		1,145		96,363
Avista Corp.		6,997		312,276
California Water Service Group		1,632		92,910
Chesapeake Utilities Corp.		747		99,314
Northwest Natural Holding Co.		6,491		337,597
South Jersey Industries, Inc.^(b)		14,791		501,858
Unitil Corp.		5,692		287,389

				1,727,707

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $18,359,741)				17,804,484


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.82%
Invesco Private Government Fund, 0.12%^(c)(d)(e).		364,310		364,310
Invesco Private Prime Fund, 0.08%^(c)(d)(e)		850,345		850,430

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,214,740)				1,214,740

TOTAL INVESTMENTS IN SECURITIES-106.76% (Cost $19,574,481)				19,019,224
OTHER ASSETS LESS LIABILITIES-(6.76)%				(1,204,996	)

NET ASSETS-100.00%			$	17,814,228

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)–(continued)

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(c)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	24,196		$	353,806		$	(378,002	)		$	-		$	-			$	-		$	1

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			379,013			3,081,696			(3,096,399	)			-			-				364,310			36	*

Invesco Private Prime Fund			884,363			6,146,869			(6,180,671	)			-			(131	)			850,430			316	*



Total		$	1,287,572		$	9,582,371		$	(9,655,072	)		$	-		$	(131	)		$	1,214,740		$	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.

^(d)	The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022




Financials				24.75

Real Estate				21.43

Utilities				9.70

Industrials				8.84

Materials				7.91

Consumer Discretionary				7.10

Consumer Staples				6.72

Information Technology				4.83

Communication Services				4.45

Energy				3.12

Health Care				1.09

Money Market Funds Plus Other Assets Less Liabilities				0.06

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


		72

Invesco S&P SmallCap Low Volatility ETF (XSLV)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-0.74%
Cogent Communications Holdings, Inc.		122,291	$	7,753,249

Consumer Discretionary-0.77%
Standard Motor Products, Inc.		184,744		8,075,160

Consumer Staples-7.33%
Cal-Maine Foods, Inc.^(b)		230,295		10,195,160
Hostess Brands, Inc.^(b)(c)		467,068		10,060,645
J&J Snack Foods Corp.^(b)		69,722		11,414,886
John B. Sanfilippo & Son, Inc.		128,166		10,191,760
PriceSmart, Inc.		109,137		7,936,442
SpartanNash Co.^(b)		300,049		8,443,379
Universal Corp.		188,645		10,207,581
USANA Health Sciences, Inc.^(b)(c)		89,492		7,876,191

				76,326,044

Financials-31.48%
AMERISAFE, Inc.		164,439		7,745,077
Apollo Commercial Real Estate Finance, Inc.		620,472		8,097,160
ARMOUR Residential REIT, Inc.^(b)		1,137,288		9,246,151
Assured Guaranty Ltd.		136,551		8,462,066
BancFirst Corp.^(b)		99,622		7,783,467
Brookline Bancorp, Inc.		472,604		8,100,433
Capitol Federal Financial, Inc.		878,276		9,590,774
City Holding Co.		114,282		9,104,847
Community Bank System, Inc.		123,360		8,997,878
CVB Financial Corp.		356,797		8,413,273
Eagle Bancorp, Inc.		125,558		7,523,435
Ellington Financial, Inc.		595,239		10,517,873
Employers Holdings, Inc.		221,511		8,607,917
Encore Capital Group, Inc.^(c)		113,537		7,492,307
First Commonwealth Financial Corp.		449,122		7,253,320
Granite Point Mortgage Trust, Inc.		647,360		7,263,379
HomeStreet, Inc.^(b)		153,907		7,920,054
Horace Mann Educators Corp.^(b)		220,684		9,178,248
KKR Real Estate Finance Trust, Inc.^(b)		486,992		10,455,718
Lakeland Financial Corp.^(b)		92,715		7,436,670
Mr. Cooper Group, Inc.^(c)		187,419		9,526,508
National Bank Holdings Corp., Class A		171,199		7,597,812
NBT Bancorp, Inc.		207,724		7,970,370
New York Mortgage Trust, Inc.		2,347,702		8,240,434
Northfield Bancorp, Inc.		595,072		9,342,630
Northwest Bancshares, Inc.		710,821		10,008,360
PennyMac Mortgage Investment Trust^(b)		569,592		8,885,635
PRA Group, Inc.^(b)(c)		187,733		8,378,524
Preferred Bank		100,178		7,861,969
Provident Financial Services, Inc.		328,080		7,785,338
Ready Capital Corp.		512,613		7,612,303
Redwood Trust, Inc.		638,907		6,638,244
Safety Insurance Group, Inc.		116,106		9,687,885
ServisFirst Bancshares, Inc.^(b)		94,058		8,218,788
SiriusPoint Ltd. (Bermuda)^(c)		926,208		6,844,677
Southside Bancshares, Inc.		187,370		7,811,455
Stewart Information Services Corp.		109,026		7,400,685
TrustCo Bank Corp.		272,242		9,302,509
Westamerica Bancorporation^(b)		161,437		9,576,443

				327,880,616


	Shares		Value
Health Care-2.89%
HealthStream, Inc.^(c)		329,460	$	6,750,635
Mesa Laboratories, Inc.		31,439		8,027,320
Omnicell, Inc.^(c)		49,989		6,462,578
Prestige Consumer Healthcare, Inc.^(c)		148,493		8,839,788

				30,080,321

Industrials-13.77%
AAON, Inc.^(b)		142,424		8,340,349
Alamo Group, Inc.		59,529		8,281,079
AZZ, Inc.^(b)		162,746		8,011,986
Barnes Group, Inc.		164,513		7,641,629
Brady Corp., Class A		187,261		8,628,987
ESCO Technologies, Inc.		116,155		8,080,903
Exponent, Inc.		94,631		8,967,234
Federal Signal Corp.		219,221		7,916,070
Forrester Research, Inc.^(c)		143,592		7,456,733
Franklin Electric Co., Inc.		99,342		8,400,360
Heartland Express, Inc.		717,048		10,296,809
ManTech International Corp., Class A		97,921		8,163,674
Marten Transport Ltd.		483,743		8,344,567
Park Aerospace Corp.^(b)		610,368		8,465,804
Standex International Corp.		78,490		8,314,446
Tennant Co.		122,957		9,686,552
UniFirst Corp.		46,674		8,459,662

				143,456,844

Information Technology-10.66%
Benchmark Electronics, Inc.		309,921		8,101,335
CSG Systems International, Inc.^(b)		188,824		11,654,217
EVERTEC, Inc.		182,635		7,371,149
ExlService Holdings, Inc.^(c)		70,758		8,546,859
Insight Enterprises, Inc.^(b)(c)		90,446		9,406,384
InterDigital, Inc.^(b)		111,037		7,153,004
Knowles Corp.^(b)(c)		511,457		11,139,533
OSI Systems, Inc.^(c)		134,146		10,821,558
Plexus Corp.^(b)(c)		95,217		7,757,329
Sanmina Corp.^(c)		212,056		8,435,588
TTM Technologies, Inc.^(c)		976,246		12,271,412
Viavi Solutions, Inc.^(b)(c)		508,523		8,339,777

				110,998,145

Materials-5.41%
American Vanguard Corp.		518,305		7,810,856
Balchem Corp.^(b)		69,225		9,576,586
H.B. Fuller Co.		118,826		8,124,134
Innospec, Inc.		89,127		8,511,628
Neenah, Inc.		155,530		6,057,894
Quaker Chemical Corp.^(b)		36,973		6,862,559
Stepan Co.		90,567		9,384,553

				56,328,210

Real Estate-21.07%
Agree Realty Corp.		185,824		11,920,610
American Assets Trust, Inc.		221,324		8,091,605
Armada Hoffler Properties, Inc.		579,199		8,502,641
Brandywine Realty Trust		608,274		8,108,292
CareTrust REIT, Inc.		420,703		7,362,302
Centerspace^(b)		95,686		8,993,527
Community Healthcare Trust, Inc.		221,400		9,232,380

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


		73

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
Easterly Government Properties, Inc.^(b)		636,041	$	13,242,374
Essential Properties Realty Trust, Inc.		315,958		7,987,418
Four Corners Property Trust, Inc.		368,722		9,726,886
Getty Realty Corp.		384,074		10,581,239
Global Net Lease, Inc.^(b)		661,260		9,396,505
Independence Realty Trust, Inc.		350,738		8,863,149
Industrial Logistics Properties Trust		420,240		9,400,769
LTC Properties, Inc.^(b)		279,019		9,439,213
LXP Industrial Trust^(b)		705,938		10,913,801
Marcus & Millichap, Inc.^(c)		158,830		7,898,616
NexPoint Residential Trust, Inc.		114,500		9,729,065
Office Properties Income Trust		318,273		7,972,739
Retail Opportunity Investments Corp.		498,462		9,052,070
Universal Health Realty Income Trust^(b)		134,360		7,673,300
Urstadt Biddle Properties, Inc., Class A		422,426		7,954,282
Washington REIT		373,121		8,716,107
Whitestone REIT		741,267		8,732,125

				219,491,015

Utilities-5.74%
American States Water Co.		133,974		11,275,252
Avista Corp.		229,305		10,233,882
California Water Service Group		175,934		10,015,923
Chesapeake Utilities Corp.		77,770		10,339,521
Northwest Natural Holding Co.		190,973		9,932,506
Unitil Corp.		157,669		7,960,708

				59,757,792

Total Common Stocks & Other Equity Interests (Cost $1,033,060,883)				1,040,147,396


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $694,034)		694,034	$	694,034

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $1,033,754,917)				1,040,841,430


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.49%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		35,926,052		35,926,052
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		83,710,909		83,719,282

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,650,151)				119,645,334

TOTAL INVESTMENTS IN SECURITIES-111.42% (Cost $1,153,405,068)				1,160,486,764
OTHER ASSETS LESS LIABILITIES-(11.42)%				(118,941,545	)

NET ASSETS-100.00%			$	1,041,545,219

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 28, 2022.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	11,069,689		$	(10,375,655)		$	-		$	-		$	694,034		$	80

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)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	20,074,424		$	128,612,324		$	(112,760,696	)		$	-			$	-			$	35,926,052		$	4,841	*

Invesco Private Prime Fund			46,840,322			269,495,327			(232,586,232	)			(4,818	)			(25,317	)			83,719,282			44,039	*



Total		$	66,914,746		$	409,177,340		$	(355,722,583	)		$	(4,818	)		$	(25,317	)		$	120,339,368		$	48,960

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022




Financials				31.48

Real Estate				21.07

Industrials				13.77

Information Technology				10.66

Consumer Staples				7.33

Utilities				5.74

Materials				5.41

Sector Types Each Less Than 3%				4.40

Money Market Funds Plus Other Assets Less Liabilities				0.14

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


		75

Invesco S&P SmallCap Quality ETF (XSHQ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-0.87%
Shenandoah Telecommunications Co.		9,199	$	205,598
Thryv Holdings, Inc.^(b)		1,274		38,729


				244,327

Consumer Discretionary-21.58%
Aaron’s Co., Inc. (The)		4,808		100,920
Abercrombie & Fitch Co., Class A^(b)		9,713		369,871
Boot Barn Holdings, Inc.^(b)		3,920		341,118
Buckle, Inc. (The)^(c)		3,218		115,848
Cavco Industries, Inc.^(b)		957		260,907
Ethan Allen Interiors, Inc.		2,493		64,968
Gentherm, Inc.^(b)		4,109		348,608
Group 1 Automotive, Inc.		2,417		439,725
Haverty Furniture Cos., Inc., (Acquired 06/18/2021 - 02/14/2022; Cost $68,515)^(d)		2,083		59,178
Hibbett, Inc.^(c)		2,583		116,442
iRobot Corp.^(b)(c)		3,623		225,206
LGI Homes, Inc.^(b)(c)		2,398		302,460
Liquidity Services, Inc.^(b)		3,817		65,767
LL Flooring Holdings, Inc.^(b)		4,059		65,188
Meritage Homes Corp.^(b)		4,754		468,649
Movado Group, Inc.		3,106		122,438
ODP Corp. (The)^(b)		5,895		259,380
Oxford Industries, Inc.		1,867		165,024
PetMed Express, Inc.^(c)		3,055		82,332
Shoe Carnival, Inc.^(c)		1,537		44,819
Shutterstock, Inc.		2,918		264,166
Signet Jewelers Ltd.		10,958		772,539
Steven Madden Ltd.		10,028		427,794
Sturm Ruger & Co., Inc.		3,350		242,573
Vista Outdoor, Inc.^(b)		9,051		329,909


				6,055,829

Consumer Staples-4.56%
John B. Sanfilippo & Son, Inc.		1,297		103,137
Medifast, Inc.		3,351		623,286
National Beverage Corp.^(c)		956		42,074
Seneca Foods Corp., Class A^(b)		685		34,079
USANA Health Sciences, Inc.^(b)		1,065		93,731
WD-40 Co.^(c)		1,804		382,249


				1,278,556

Energy-0.25%
Oil States International, Inc.^(b)		7,805		40,820
RPC, Inc.^(b)(c)		3,467		30,406


				71,226

Financials-42.48%
American Equity Investment Life Holding Co.		11,304		426,048
Ameris Bancorp		10,666		527,967
AMERISAFE, Inc.		2,035		95,848
ARMOUR Residential REIT, Inc.		8,553		69,536
BancFirst Corp.^(c)		1,342		104,850
Banner Corp.		4,659		287,041
Berkshire Hills Bancorp, Inc.		7,982		248,240
Brightsphere Investment Group, Inc.		7,447		177,760
Central Pacific Financial Corp.		2,745		80,127


	Shares		Value
Financials-(continued)
City Holding Co.		1,818	$	144,840
Columbia Banking System, Inc.^(c)		9,661		353,882
Community Bank System, Inc.		7,925		578,049
CVB Financial Corp.^(c)		18,399		433,848
Dime Community Bancshares, Inc.^(c)		2,889		98,197
Donnelley Financial Solutions, Inc.^(b)		3,028		97,199
Eagle Bancorp, Inc.		5,394		323,208
FB Financial Corp.		4,422		196,514
First Bancorp/Southern Pines NC		4,189		188,002
First Commonwealth Financial Corp.		9,903		159,933
First Financial Bancorp		9,710		238,672
First Hawaiian, Inc.		14,386		418,201
Hanmi Financial Corp.		3,274		85,517
HCI Group, Inc.		826		51,427
Heritage Financial Corp.		6,286		164,819
HomeStreet, Inc.		2,206		113,521
Independent Bank Corp.		7,119		612,305
Independent Bank Group, Inc.		3,846		296,719
Investors Bancorp, Inc.		19,840		332,122
Lakeland Financial Corp.		2,953		236,860
National Bank Holdings Corp., Class A		5,173		229,578
NBT Bancorp, Inc.		5,337		204,781
New York Mortgage Trust, Inc.		53,511		187,824
Northwest Bancshares, Inc.		13,364		188,165
Park National Corp.		1,228		164,626
Piper Sandler Cos		1,511		223,643
Renasant Corp.		6,182		225,705
S&T Bancorp, Inc.		3,782		117,582
Seacoast Banking Corp. of Florida		6,360		233,094
ServisFirst Bancshares, Inc.^(c)		6,995		611,223
Simmons First National Corp., Class A^(c)		15,569		444,028
Tompkins Financial Corp.		1,276		100,932
Triumph Bancorp, Inc.^(b)		2,234		224,115
TrustCo Bank Corp.		3,143		107,396
Trustmark Corp.		9,826		309,421
United Community Banks, Inc.		11,631		449,654
Universal Insurance Holdings, Inc.		2,517		29,097
Virtus Investment Partners, Inc.		677		162,900
Westamerica Bancorporation		2,612		154,944
WSFS Financial Corp.		8,083		410,859


				11,920,819

Health Care-4.91%
Allscripts Healthcare Solutions, Inc.^(b)		25,775		501,581
CorVel Corp.^(b)		866		137,746
Cross Country Healthcare, Inc.^(b)		4,994		111,516
MEDNAX, Inc.^(b)		12,521		293,868
REGENXBIO, Inc.^(b)(c)		4,148		108,719
Tivity Health, Inc.^(b)		8,213		224,051


				1,377,481

Industrials-19.49%
AAON, Inc.		3,945		231,019
Astec Industries, Inc.		2,692		134,062
Boise Cascade Co.		6,080		486,035
Encore Wire Corp.		3,103		361,251
Exponent, Inc.		7,291		690,895
Franklin Electric Co., Inc.		3,953		334,266
Healthcare Services Group, Inc		11,849		187,451

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


		76

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Heidrick & Struggles International, Inc.		3,976	$	169,974
Insteel Industries, Inc.		2,538		94,185
Kelly Services, Inc., Class A		4,805		101,962
Marten Transport Ltd.		5,346		92,218
Matson, Inc.		6,822		755,673
Mueller Industries, Inc.		8,065		460,108
MYR Group, Inc.^(b)		2,418		217,015
NOW, Inc.^(b)		20,305		189,649
Park Aerospace Corp.		2,593		35,965
SPX Corp.^(b)		6,391		324,024
SPX FLOW, Inc.		5,301		455,303
TrueBlue, Inc.^(b)		5,448		148,186


				5,469,241

Information Technology-4.36%
3D Systems Corp.^(b)(c)		21,447		382,186
Badger Meter, Inc.		3,431		341,076
EVERTEC, Inc.		5,743		231,787
NETGEAR, Inc.^(b)		3,943		104,923
TTM Technologies, Inc.^(b)		13,052		164,064


				1,224,036

Materials-1.40%
Ferro Corp.^(b)		10,969		238,356
FutureFuel Corp.		2,002		14,735
TimkenSteel Corp.^(b)		5,761		103,871
Tredegar Corp.		3,110		35,796


				392,758

Total Common Stocks & Other Equity Interests (Cost $28,915,739)				28,034,273


	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $12,792)		12,792	$	12,792

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $28,928,531)				28,047,065


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.73%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		1,155,915		1,155,915
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		2,696,865		2,697,135

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,853,126)				3,853,050

TOTAL INVESTMENTS IN SECURITIES-113.68% (Cost $32,781,657)				31,900,115
OTHER ASSETS LESS LIABILITIES-(13.68)%				(3,838,328	)

NET ASSETS-100.00%			$	28,061,787

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 February 28, 2022.

^(d)	Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	37,806		$	843,012		$	(868,026)		$	-		$	-		$	12,792		$	3

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


		77

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	268,595		$	5,105,342		$	(4,218,022)			$	-			$	-			$	1,155,915		$	121*

Invesco Private Prime Fund			626,722			10,470,310			(8,399,132	)			(76	)			(689	)			2,697,135			981	*



Total		$	933,123		$	16,418,664		$	(13,485,180	)		$	(76	)		$	(689	)		$	3,865,842		$	1,105

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022




Financials				42.48

Consumer Discretionary				21.58

Industrials				19.49

Health Care				4.91

Consumer Staples				4.56

Information Technology				4.36

Sector Types Each Less Than 3%				2.52

Money Market Funds Plus Other Assets Less Liabilities				0.10

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


		78

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		79

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco ESG S&P 500 Equal Weight ETF (RSPE)				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)
Assets:
Unaffiliated investments in securities, at value^(a)		$	4,699,068			$	3,658,936			$	673,334,835		$	10,063,135			$	187,878,559
Affiliated investments in securities, at value			84,174				139,829				85,374,183			441,941				695,120
Cash			-				-				-			-				-
Receivable for:
Dividends			6,807				5,207				940,005			13,914				389,856
Securities lending			-				38				11,622			118				67
Investments sold			-				-				-			-				-
Fund shares sold			-				-				-			-				-

Total assets			4,790,049				3,804,010				759,660,645			10,519,108				188,963,602


Liabilities:
Due to custodian			-				9				274			-				58,144
Payable for:
Investments purchased			-				-				-			12,075				-
Investments purchased - affiliated broker			-				-				-			-				-
Collateral upon return of securities loaned			59,281				133,340				84,719,172			415,274				406,813
Fund shares repurchased			-				-				-			-				-
Accrued unitary management fees			736				774				102,034			2,714				18,539

Total liabilities			60,017				134,123				84,821,480			430,063				483,496

Net Assets		$	4,730,032			$	3,669,887			$	674,839,165		$	10,089,045			$	188,480,106


Net assets consist of:
Shares of beneficial interest		$	5,000,025			$	8,853,753			$	650,777,314		$	39,228,820			$	189,480,249
Distributable earnings (loss)			(269,993	)			(5,183,866	)			24,061,851			(29,139,775	)			(1,000,143	)

Net Assets		$	4,730,032			$	3,669,887			$	674,839,165		$	10,089,045			$	188,480,106

Shares outstanding (unlimited amount authorized, $0.01 par value)			200,001				100,001				14,975,001			250,001				4,230,001
Net asset value		$	23.65			$	36.70			$	45.06		$	40.36			$	44.56

Market price		$	23.65			$	36.71			$	45.05		$	40.36			$	44.50

Unaffiliated investments in securities, at cost		$	4,964,662			$	3,291,867			$	614,763,393		$	10,408,206			$	181,857,208

Affiliated investments in securities, at cost		$	89,156			$	139,415			$	85,359,181		$	443,182			$	729,305

^(a)Includes securities on loan with an aggregate value of:		$	56,966			$	131,092			$	83,938,170		$	406,339			$	401,502

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


		80


Invesco S&P 500^®ex-Rate				Invesco S&P				Invesco S&P 500^®High				Invesco S&P				Invesco S&P 500			Invesco S&P			Invesco S&P			Invesco S&P
Sensitive Low				500^®High				Dividend Low				500^®Low				Minimum			500			500 QVM			MidCap 400
Volatility				Beta				Volatility				Volatility				Variance			Momentum			Multi-factor			QVM Multi-factor
ETF (XRLV)				ETF (SPHB)				ETF (SPHD)				ETF (SPLV)				ETF (SPMV)			ETF (SPMO)			ETF (QVML)			ETF (QVMM)

	$	54,177,431			$	1,033,116,236			$	3,159,701,634			$	9,017,796,168			$	24,152,303		$	85,095,398		$	782,498,133		$	200,575,004
		525,037				78,493,378				67,348,455				67,063,534				188,533			160,694			12,967,287			14,033,987
		-				-				-				-				63			-			576			-

		100,809				949,810				12,585,673				18,126,862				23,688			61,251			1,092,190			149,607
		21				5,909				4,682				4,633				14			7			855			1,556
		-				6,870,222				10,418,356				71,894,081				-			-			-			-
		-				-				4,524,134				80,087,567				-			-			-			-

		54,803,298				1,119,435,555				3,254,582,934				9,254,972,845				24,364,601			85,317,350			796,559,041			214,760,154




		61,484				2,233				11,044,674				4,537,492				-			-			-			32,523
		-				-				4,526,870				88,536,134				-			-			-			-
		-				-				-				2,028,842				-			-			-			-
		525,037				67,825,500				67,350,237				67,065,443				187,233			-			12,712,346			14,034,586
		-				6,877,419				10,411,617				72,149,563				-			-			-			-
		10,580				213,372				737,005				1,766,217				1,872			8,699			67,011			22,909

		597,101				74,918,524				94,070,403				236,083,691				189,105			8,699			12,779,357			14,090,018

	$	54,206,197			$	1,044,517,031			$	3,160,512,531			$	9,018,889,154			$	24,175,496		$	85,308,651		$	783,779,684		$	200,670,136



	$	72,869,006			$	1,088,969,526			$	3,596,331,218			$	10,452,163,611			$	21,694,101		$	84,526,854		$	760,898,791		$	203,282,120
		(18,662,809	)			(44,452,495	)			(435,818,687	)			(1,433,274,457	)			2,481,395			781,797			22,880,893			(2,611,984	)

	$	54,206,197			$	1,044,517,031			$	3,160,512,531			$	9,018,889,154			$	24,175,496		$	85,308,651		$	783,779,684		$	200,670,136

		1,120,001				13,820,000				70,230,000				141,510,000				630,001			1,440,001			30,350,001			8,130,001
	$	48.40			$	75.58			$	45.00			$	63.73			$	38.37		$	59.24		$	25.82		$	24.68

	$	48.36			$	75.53			$	44.99			$	63.72			$	38.32		$	59.20		$	25.80		$	24.70

	$	49,655,534			$	1,088,108,348			$	3,067,323,253			$	8,912,475,725			$	22,235,067		$	90,404,074		$	761,688,275		$	202,914,746

	$	525,037			$	80,125,780			$	67,350,237			$	67,065,443			$	188,553		$	192,009		$	13,009,867		$	14,034,586

	$	513,430			$	64,320,515			$	65,578,590			$	64,736,741			$	180,892		$	-		$	12,314,305		$	13,787,957


		81

Statements of Assets and Liabilities–(continued)

February 28, 2022

(Unaudited)


	Invesco S&P MidCap Low Volatility ETF (XMLV)				Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)				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)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,213,629,021			$	50,171,060			$	17,804,484			$	1,040,147,396			$	28,034,273
Affiliated investments in securities, at value			57,377,425				5,895,284				1,214,740				120,339,368				3,865,842
Cash			-				-				-				7,627				-
Receivable for:
Dividends			1,297,738				26,484				22,392				897,430				20,667
Securities lending			4,654				545				61				9,329				263
Investments sold			8,090,718				-				-				-				-

Total assets			1,280,399,556				56,093,373				19,041,677				1,161,401,150				31,921,045


Liabilities:
Due to custodian			398,625				-				8,588				-				-
Payable for:
Collateral upon return of securities loaned			57,380,763				5,858,951				1,214,740				119,650,151				3,853,126
Fund shares repurchased			8,095,259				-				-				-				-
Accrued unitary management fees			239,305				5,708				4,121				205,780				6,132

Total liabilities			66,113,952				5,864,659				1,227,449				119,855,931				3,859,258

Net Assets		$	1,214,285,604			$	50,228,714			$	17,814,228			$	1,041,545,219			$	28,061,787


Net assets consist of:
Shares of beneficial interest		$	1,712,324,819			$	51,598,333			$	24,967,520			$	1,569,926,499			$	27,566,161
Distributable earnings (loss)			(498,039,215	)			(1,369,619	)			(7,153,292	)			(528,381,280	)			495,626

Net Assets		$	1,214,285,604			$	50,228,714			$	17,814,228			$	1,041,545,219			$	28,061,787

Shares outstanding (unlimited amount authorized, $0.01 par value)			22,500,000				2,060,001				830,001				21,560,000				760,001
Net asset value		$	53.97			$	24.38			$	21.46			$	48.31			$	36.92

Market price		$	53.97			$	24.43			$	21.49			$	48.35			$	36.96

Unaffiliated investments in securities, at cost		$	1,145,981,060			$	51,241,344			$	18,359,741			$	1,033,060,883			$	28,915,739

Affiliated investments in securities, at cost		$	57,380,763			$	5,919,299			$	1,214,740			$	120,344,185			$	3,865,918

^(a)Includes securities on loan with an aggregate value of:		$	56,074,526			$	5,733,869			$	1,189,384			$	116,608,583			$	3,776,969

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


		82

(This Page Intentionally Left Blank)


		83

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco ESG S&P 500 Equal Weight ETF (RSPE)^(a)			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)
Investment income:
Unaffiliated dividend income	$	27,003		$	27,072		$	6,098,806		$	87,324		$	1,648,029
Affiliated dividend income		195			68			6,209			152			3,741
Securities lending income		-			69			70,005			508			270
Foreign withholding tax		(56	)		(8	)		(14,185	)		-			-

Total investment income		27,142			27,201			6,160,835			87,984			1,652,040


Expenses:
Unitary management fees		2,785			4,198			668,695			17,771			94,303

Net expenses		2,785			4,198			668,695			17,771			94,303

Net investment income		24,357			23,003			5,492,140			70,213			1,557,737


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(9,358	)		49,548			(1,714,382	)		57,472			(663,222	)
Affiliated investment securities		-			(13	)		(12,205	)		(62	)		(1,283	)
Unaffiliated in-kind redemptions		-			-			44,098,772			-			2,633,558
Affiliated in-kind redemptions		-			-			19,908			-			387

Net realized gain (loss)		(9,358	)		49,535			42,392,093			57,410			1,969,440

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(265,594	)		(116,209	)		(62,315,674	)		(240,187	)		3,236,079
Affiliated investment securities		(4,982	)		(732	)		(98,436	)		(1,241	)		(43,455	)

Change in net unrealized appreciation (depreciation)		(270,576	)		(116,941	)		(62,414,110	)		(241,428	)		3,192,624

Net realized and unrealized gain (loss)		(279,934	)		(67,406	)		(20,022,017	)		(184,018	)		5,162,064

Net increase (decrease) in net assets resulting from operations	$	(255,577	)	$	(44,403	)	$	(14,529,877	)	$	(113,805	)	$	6,719,801

^(a) For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

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


		84


Invesco S&P 500^®ex-Rate				Invesco S&P				Invesco S&P 500^®High				Invesco S&P				Invesco S&P 500				Invesco S&P				Invesco S&P				Invesco S&P
Sensitive Low				500^®High				Dividend Low				500^®Low				Minimum				500				500 QVM				MidCap 400
Volatility				Beta				Volatility				Volatility				Variance				Momentum				Multi-factor				QVM Multi-factor
ETF (XRLV)				ETF (SPHB)				ETF (SPHD)				ETF (SPLV)				ETF (SPMV)				ETF (SPMO)				ETF (QVML)				ETF (QVMM)

	$	542,697			$	6,784,941			$	61,766,945			$	98,133,629			$	214,527			$	414,709			$	5,759,316			$	1,584,187
		2				182,020				134				507				2				2,322				2,905				15
		111				39,038				27,826				27,939				79				34				2,683				4,643
		-				(13,626	)			-				-				-				-				(1,073	)			-

		542,810				6,992,373				61,794,905				98,162,075				214,608				417,065				5,763,831				1,588,845


		65,185				1,731,885				4,529,763				10,578,071				12,878				62,506				439,292				153,474

		65,185				1,731,885				4,529,763				10,578,071				12,878				62,506				439,292				153,474

		477,625				5,260,488				57,265,142				87,584,004				201,730				354,559				5,324,539				1,435,371




		145,914				(45,743,672	)			(11,628,333	)			(176,810,746	)			(95,901	)			2,725,126				(1,749,115	)			(2,357,537	)
		(37	)			(495,650	)			(11,810	)			(11,171	)			(40	)			-				(6,579	)			(1,265	)
		1,178,351				174,417,422				170,666,551				415,332,673				734,292				8,701,389				2,104,238				1,729,947
		-				56,724				-				-				-				(2,153	)			-				-

		1,324,228				128,234,824				159,026,408				238,510,756				638,351				11,424,362				348,544				(628,855	)


		(2,653,905	)			(130,725,826	)			(97,241,080	)			(370,855,423	)			(1,188,931	)			(18,329,668	)			(19,208,329	)			(6,475,983	)
		-				(2,334,775	)			(1,783	)			(1,910	)			(20	)			(31,315	)			(30,792	)			(599	)

		(2,653,905	)			(133,060,601	)			(97,242,863	)			(370,857,333	)			(1,188,951	)			(18,360,983	)			(19,239,121	)			(6,476,582	)

		(1,329,677	)			(4,825,777	)			61,783,545				(132,346,577	)			(550,600	)			(6,936,621	)			(18,890,577	)			(7,105,437	)


	$	(852,052	)		$	434,711			$	119,048,687			$	(44,762,573	)		$	(348,870	)		$	(6,582,062	)		$	(13,566,038	)		$	(5,670,066	)


		85

Statements of Operations–(continued)

For the six months ended February 28, 2022

(Unaudited)


	Invesco S&P MidCap Low Volatility ETF (XMLV)			Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)			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)
Investment income:
Unaffiliated dividend income	$	13,956,444		$	364,901		$	507,663		$	12,857,590		$	392,126
Affiliated dividend income		62			2,782			1			80			3
Securities lending income		27,792			3,434			4,015			60,126			6,188
Foreign withholding tax		-			(411	)		-			-			-

Total investment income		13,984,298			370,706			511,679			12,917,796			398,317


Expenses:
Unitary management fees		1,678,055			38,187			29,444			1,445,354			53,765

Net expenses		1,678,055			38,187			29,444			1,445,354			53,765

Net investment income		12,306,243			332,519			482,235			11,472,442			344,552


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		326,394			(708,026	)		(262,432	)		(9,623,994	)		(772,403	)
Affiliated investment securities		(11,038	)		(518	)		(131	)		(25,317	)		(689	)
Unaffiliated in-kind redemptions		62,657,567			493,103			1,020,796			90,217,082			4,610,232
Affiliated in-kind redemptions		-			7			-			-			-

Net realized gain (loss)		62,972,923			(215,434	)		758,233			80,567,771			3,837,140

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(96,691,709	)		(1,182,671	)		(2,089,968	)		(94,736,045	)		(4,157,568	)
Affiliated investment securities		(3,339	)		(15,045	)		-			(4,818	)		(76	)

Change in net unrealized appreciation (depreciation)		(96,695,048	)		(1,197,716	)		(2,089,968	)		(94,740,863	)		(4,157,644	)

Net realized and unrealized gain (loss)		(33,722,125	)		(1,413,150	)		(1,331,735	)		(14,173,092	)		(320,504	)

Net increase (decrease) in net assets resulting from operations	$	(21,415,882	)	$	(1,080,631	)	$	(849,500	)	$	(2,700,650	)	$	24,048

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


		86

(This Page Intentionally Left Blank)


		87

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco ESG S&P 500 Equal Weight ETF (RSPE)				Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
	Period Ended February 28, 2022^(a)				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income		$	24,357			$	23,003			$	33,948
Net realized gain (loss)			(9,358	)			49,535				379,534
Change in net unrealized appreciation (depreciation)			(270,576	)			(116,941	)			419,969

Net increase (decrease) in net assets resulting from operations			(255,577	)			(44,403	)			833,451


Distributions to Shareholders from:
Distributable earnings			(14,416	)			(14,438	)			(62,177	)


Shareholder Transactions:
Proceeds from shares sold			5,000,025				923,048				891,854
Value of shares repurchased			-				-				(1,595,374	)

Net increase (decrease) in net assets resulting from share transactions			5,000,025				923,048				(703,520	)

Net increase (decrease) in net assets			4,730,032				864,207				67,754


Net assets:
Beginning of period			-				2,805,680				2,737,926

End of period		$	4,730,032			$	3,669,887			$	2,805,680


Changes in Shares Outstanding:
Shares sold			200,001				25,000				25,000
Shares repurchased			-				-				(50,000	)
Shares outstanding, beginning of period			-				75,001				100,001

Shares outstanding, end of period			200,001				100,001				75,001

^(a) For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

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


		88


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)
Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021


	$	5,492,140			$	8,728,295			$	70,213			$	111,294			$	1,557,737			$	2,970,469			$	477,625			$	701,540
		42,392,093				78,689,946				57,410				3,260,872				1,969,440				22,802,858				1,324,228				11,465,116
		(62,414,110	)			102,940,640				(241,428	)			(934,476	)			3,192,624				16,336,911				(2,653,905	)			(322,266	)

		(14,529,877	)			190,358,881				(113,805	)			2,437,690				6,719,801				42,110,238				(852,052	)			11,844,390



		(3,873,225	)			(9,830,643	)			(35,675	)			(183,366	)			(1,797,645	)			(2,498,604	)			(417,960	)			(693,963	)



		135,579,461				268,809,895				-				26,107,168				75,829,087				210,946,971				11,116,669				34,246,456
		(115,978,202	)			(251,036,335	)			-				(28,018,770	)			(37,514,361	)			(174,356,931	)			(7,896,750	)			(62,142,975	)

		19,601,259				17,773,560				-				(1,911,602	)			38,314,726				36,590,040				3,219,919				(27,896,519	)

		1,198,157				198,301,798				(149,480	)			342,722				43,236,882				76,201,674				1,949,907				(16,746,092	)



		673,641,008				475,339,210				10,238,525				9,895,803				145,243,224				69,041,550				52,256,290				69,002,382

	$	674,839,165			$	673,641,008			$	10,089,045			$	10,238,525			$	188,480,106			$	145,243,224			$	54,206,197			$	52,256,290



		2,950,000				6,200,000				-				650,000				1,690,000				5,260,000				220,000				760,000
		(2,525,000	)			(5,850,000	)			-				(700,000	)			(880,000	)			(4,240,000	)			(160,000	)			(1,450,000	)
		14,550,001				14,200,001				250,001				300,001				3,420,001				2,400,001				1,060,001				1,750,001

		14,975,001				14,550,001				250,001				250,001				4,230,001				3,420,001				1,120,001				1,060,001


		89

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco S&P 500^®High Beta ETF (SPHB)								Invesco S&P 500^®High Dividend Low Volatility ETF (SPHD)
	Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income		$	5,260,488			$	14,949,744			$	57,265,142			$	108,100,501
Net realized gain (loss)			128,234,824				327,517,863				159,026,408				215,453,002
Change in net unrealized appreciation (depreciation)			(133,060,601	)			83,850,423				(97,242,863	)			456,663,845

Net increase (decrease) in net assets resulting from operations			434,711				426,318,030				119,048,687				780,217,348


Distributions to Shareholders from:
Distributable earnings			(6,357,072	)			(12,725,571	)			(55,818,259	)			(112,794,689	)


Shareholder Transactions:
Proceeds from shares sold			1,052,409,244				3,346,191,795				1,011,671,886				1,371,320,962
Value of shares repurchased			(1,681,311,205	)			(2,211,617,973	)			(948,866,045	)			(1,451,006,246	)

Net increase (decrease) in net assets resulting from share transactions			(628,901,961	)			1,134,573,822				62,805,841				(79,685,284	)

Net increase (decrease) in net assets			(634,824,322	)			1,548,166,281				126,036,269				587,737,375


Net assets:
Beginning of period			1,679,341,353				131,175,072				3,034,476,262				2,446,738,887

End of period		$	1,044,517,031			$	1,679,341,353			$	3,160,512,531			$	3,034,476,262


Changes in Shares Outstanding:
Shares sold			13,510,000				53,150,000				22,600,000				33,000,000
Shares repurchased			(22,160,000	)			(33,680,000	)			(20,960,000	)			(36,160,000	)
Shares outstanding, beginning of period			22,470,000				3,000,000				68,590,000				71,750,000

Shares outstanding, end of period			13,820,000				22,470,000				70,230,000				68,590,000

^(b) For the period June 28, 2021 (commencement of investment operations) through August 31, 2021.

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


		90


Invesco S&P 500^®Low Volatility ETF (SPLV)								Invesco S&P 500 Minimum Variance ETF (SPMV)								Invesco S&P 500 Momentum ETF (SPMO)								Invesco S&P 500 QVM Multi-factor ETF (QVML)
Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Period Ended August 31, 2021^(b)

	$	87,584,004			$	129,630,140			$	201,730			$	237,738			$	354,559			$	534,801			$	5,324,539			$	1,729,257
		238,510,756				1,621,826,884				638,351				1,001,342				11,424,362				17,883,277				348,544				(45,123	)
		(370,857,333	)			(365,561,446	)			(1,188,951	)			2,752,250				(18,360,983	)			(2,464,717	)			(19,239,121	)			40,006,399

		(44,762,573	)			1,385,895,578				(348,870	)			3,991,330				(6,582,062	)			15,953,361				(13,566,038	)			41,690,533



		(78,892,532	)			(134,891,402	)			(191,892	)			(186,067	)			(306,438	)			(623,950	)			(5,243,602	)			-



		4,929,272,791				9,009,311,788				4,682,067				23,062,609				93,754,279				125,975,874				32,277,414				751,164,307
		(4,004,205,780	)			(11,276,805,649	)			(4,242,751	)			(7,438,064	)			(89,722,791	)			(127,011,676	)			(22,542,930	)			-

		925,067,011				(2,267,493,861	)			439,316				15,624,545				4,031,488				(1,035,802	)			9,734,484				751,164,307

		801,411,906				(1,016,489,685	)			(101,446	)			19,429,808				(2,857,012	)			14,293,609				(9,075,156	)			792,854,840



		8,217,477,248				9,233,966,933				24,276,942				4,847,134				88,165,663				73,872,054				792,854,840				-

	$	9,018,889,154			$	8,217,477,248			$	24,175,496			$	24,276,942			$	85,308,651			$	88,165,663			$	783,779,684			$	792,854,840



		75,800,000				152,410,000				120,000				680,000				1,480,000				2,430,000				1,200,000				30,000,001
		(62,540,000	)			(193,010,000	)			(110,000	)			(210,000	)			(1,430,000	)			(2,490,000	)			(850,000	)			-
		128,250,000				168,850,000				620,001				150,001				1,390,001				1,450,001				30,000,001				-

		141,510,000				128,250,000				630,001				620,001				1,440,001				1,390,001				30,350,001				30,000,001


		91

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)								Invesco S&P MidCap Low Volatility ETF (XMLV)
	Six Months Ended February 28, 2022				Period Ended August 31, 2021^(b)				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income		$	1,435,371			$	328,704			$	12,306,243			$	21,177,246
Net realized gain (loss)			(628,855	)			31,858				62,972,923				324,176,601
Change in net unrealized appreciation (depreciation)			(6,476,582	)			4,136,241				(96,695,048	)			70,060,832

Net increase (decrease) in net assets resulting from operations			(5,670,066	)			4,496,803				(21,415,882	)			415,414,679


Distributions to Shareholders from:
Distributable earnings			(1,271,790	)			-				(9,135,399	)			(20,787,187	)


Shareholder Transactions:
Proceeds from shares sold			13,408,018				204,346,633				163,180,765				727,702,057
Value of shares repurchased			(12,345,457	)			(2,294,005	)			(371,885,954	)			(1,711,489,682	)

Net increase (decrease) in net assets resulting from share transactions			1,062,561				202,052,628				(208,705,189	)			(983,787,625	)

Net increase (decrease) in net assets			(5,879,295	)			206,549,431				(239,256,470	)			(589,160,133	)


Net assets:
Beginning of period			206,549,431				-				1,453,542,074				2,042,702,207

End of period		$	200,670,136			$	206,549,431			$	1,214,285,604			$	1,453,542,074


Changes in Shares Outstanding:
Shares sold			530,000				8,180,001				2,880,000				14,120,000
Shares repurchased			(490,000	)			(90,000	)			(6,670,000	)			(34,630,000	)
Shares outstanding, beginning of period			8,090,001				-				26,290,000				46,800,000

Shares outstanding, end of period			8,130,001				8,090,001				22,500,000				26,290,000

^(b) For the period June 28, 2021 (commencement of investment operations) through August 31, 2021.

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


		92


Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)								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)
Six Months Ended February 28, 2022				Period Ended August 31, 2021^(b)				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021

	$	332,519			$	125,928			$	482,235			$	923,364			$	11,472,442			$	21,417,913			$	344,552			$	311,105
		(215,434	)			(152,686	)			758,233				5,097,525				80,567,771				390,048,168				3,837,140				3,740,061
		(1,197,716	)			103,417				(2,089,968	)			2,148,436				(94,740,863	)			79,784,995				(4,157,644	)			3,185,084

		(1,080,631	)			76,659				(849,500	)			8,169,325				(2,700,650	)			491,251,076				24,048				7,236,250



		(340,415	)			-				(436,286	)			(856,557	)			(6,255,237	)			(24,160,014	)			(339,286	)			(225,371	)



		3,528,402				52,260,561				4,090,084				13,912,970				325,018,341				609,822,649				24,082,172				53,924,296
		(2,984,818	)			(1,231,044	)			(6,679,817	)			(20,362,966	)			(429,703,278	)			(1,535,832,801	)			(35,735,443	)			(24,947,928	)

		543,584				51,029,517				(2,589,733	)			(6,449,996	)			(104,684,937	)			(926,010,152	)			(11,653,271	)			28,976,368

		(877,462	)			51,106,176				(3,875,519	)			862,772				(113,640,824	)			(458,919,090	)			(11,968,509	)			35,987,247



		51,106,176				-				21,689,747				20,826,975				1,155,186,043				1,614,105,133				40,030,296				4,043,049

	$	50,228,714			$	51,106,176			$	17,814,228			$	21,689,747			$	1,041,545,219			$	1,155,186,043			$	28,061,787			$	40,030,296



		140,000				2,090,001				190,000				640,000				6,540,000				14,000,000				620,000				1,630,000
		(120,000	)			(50,000	)			(300,000	)			(950,000	)			(8,680,000	)			(36,100,000	)			(930,000	)			(710,000	)
		2,040,001				-				940,001				1,250,001				23,700,000				45,800,000				1,070,001				150,001

		2,060,001				2,040,001				830,001				940,001				21,560,000				23,700,000				760,001				1,070,001


		93

Financial Highlights

Invesco ESG S&P 500 Equal Weight ETF (RSPE)


	For the Period November 15, 2021^(a)Through February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.12
Net realized and unrealized gain (loss) on investments			(1.40	)

Total from investment operations			(1.28	)

Distributions to shareholders from:
Net investment income			(0.07	)

Net asset value at end of period		$	23.65

Market price at end of period^(c)		$	23.65

Net Asset Value Total Return^(d)			(5.12	)%^(e)
Market Price Total Return^(d)			(5.12	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,730
Ratio to average net assets of:
Expenses			0.20	%^(f)
Net investment income			1.75	%^(f)
Portfolio turnover rate^(g)			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (November 17, 2021, the first day of trading on the exchange) to February 28, 2022 was (4.77)%. The market price total return from Fund Inception to February 28, 2022 was (4.77)%.

^(f)	Annualized.

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

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


		94

Financial Highlights–(continued)

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									Ten Months Ended August 31, 2018				For the Period July 11, 2017^(a)Through October 31, 2017
	Six Months Ended February 28, 2022 (Unaudited)				2021			2020			2019			Ten Months Ended August 31, 2018				For the Period July 11, 2017^(a)Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period		$	37.41		$	27.38		$	27.73		$	28.81			$	26.39			$	24.98

Net investment income^(b)			0.29			0.46			0.53			0.45				0.39				0.11
Net realized and unrealized gain (loss) on investments			(0.81	)		10.36			(0.15	)		(0.91	)			2.34				1.35

Total from investment operations			(0.52	)		10.82			0.38			(0.46	)			2.73				1.46

Distributions to shareholders from:
Net investment income			(0.19	)		(0.79	)		(0.73	)		(0.62	)			(0.31	)			(0.05	)

Net asset value at end of period		$	36.70		$	37.41		$	27.38		$	27.73			$	28.81			$	26.39

Market price at end of period^(c)		$	36.71		$	37.41		$	27.40		$	27.71			$	28.83			$	26.43

Net Asset Value Total Return^(d)			(1.37	)%		40.16	%		1.72	%		(1.34	)%			10.38	%			5.84	%^(e)
Market Price Total Return^(d)			(1.35	)%		40.06	%		1.88	%		(1.49	)%			10.29	%			6.00	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,670		$	2,806		$	2,738		$	18,023			$	145,500			$	67,301
Ratio to average net assets of:
Expenses			0.29	%^(f)		0.29	%		0.29	%		0.30	%^(g)			0.29	%^(f)			0.29	%^(f)
Net investment income			1.59	%^(f)		1.43	%		1.85	%		1.63	%^(g)			1.69	%^(f)			1.35	%^(f)
Portfolio turnover rate^(h)			18	%		54	%		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)

^(e)	The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%.

^(f)	Annualized.

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

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

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


		95

Financial Highlights–(continued)

Invesco Russell 1000 Equal Weight ETF (EQAL)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									Ten Months Ended August 31, 2018				Years Ended October 31,
	Six Months Ended February 28, 2022 (Unaudited)				2021			2020			2019			Ten Months Ended August 31, 2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	46.30		$	33.47		$	31.51		$	33.30			$	29.90		$	25.38		$	24.44

Net investment income^(a)			0.38			0.61			0.61			0.53				0.41			0.42			0.41
Net realized and unrealized gain (loss) on investments			(1.36	)		12.90			2.01			(1.84	)			3.31			4.50			0.95

Total from investment operations			(0.98	)		13.51			2.62			(1.31	)			3.72			4.92			1.36

Distributions to shareholders from:
Net investment income			(0.26	)		(0.68	)		(0.66	)		(0.48	)			(0.32	)		(0.40	)		(0.42	)

Net asset value at end of period		$	45.06		$	46.30		$	33.47		$	31.51			$	33.30		$	29.90		$	25.38

Market price at end of period^(b)		$	45.05		$	46.28		$	33.52		$	31.51			$	33.31		$	29.91		$	25.41

Net Asset Value Total Return^(c)			(2.10	)%		40.74	%		8.71	%		(3.88	)%			12.50	%		19.48	%		5.67	%
Market Price Total Return^(c)			(2.08	)%		40.46	%		8.87	%		(3.91	)%			12.49	%		19.38	%		5.62	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	674,839		$	673,641		$	475,339		$	560,932			$	474,554		$	315,495		$	115,484
Ratio to average net assets of:
Expenses			0.20	%^(d)		0.20	%		0.20	%		0.20	%			0.20	%^(d)		0.20	%		0.20	%
Net investment income			1.64	%^(d)		1.49	%		1.95	%		1.67	%			1.57	%^(d)		1.48	%		1.70	%
Portfolio turnover rate^(e)			10	%		40	%		29	%		27	%			19	%		29	%		31	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		96

Financial Highlights–(continued)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									Ten Months Ended August 31, 2018				Year Ended October 31, 2017				For the Period November 2, 2015^(a)Through October 31, 2016
	Six Months Ended February 28, 2022 (Unaudited)				2021			2020			2019			Ten Months Ended August 31, 2018				Year Ended October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period		$	40.95		$	32.99		$	33.19		$	33.29			$	29.81			$	25.93			$	25.31

Net investment income^(b)			0.28			0.41			0.59			0.58				0.42				0.45				0.42
Net realized and unrealized gain (loss) on investments			(0.73	)		8.22			0.01			(0.07	)			3.44				3.83				0.53

Total from investment operations			(0.45	)		8.63			0.60			0.51				3.86				4.28				0.95

Distributions to shareholders from:
Net investment income			(0.14	)		(0.67	)		(0.80	)		(0.61	)			(0.38	)			(0.40	)			(0.33	)

Net asset value at end of period		$	40.36		$	40.95		$	32.99		$	33.19			$	33.29			$	29.81			$	25.93

Market price at end of period^(c)		$	40.36		$	40.96		$	33.06		$	33.19			$	33.29			$	29.81			$	25.95

Net Asset Value Total Return^(d)			(1.09	)%		26.61	%		2.08	%		1.69	%			13.04	%			16.60	%			3.78	%^(e)
Market Price Total Return^(d)			(1.12	)%		26.38	%		2.30	%		1.69	%			13.04	%			16.51	%			3.86	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted) .		$	10,089		$	10,239		$	9,896		$	111,185			$	164,778			$	153,515			$	138,704
Ratio to average net assets of: Expenses			0.35	%^(f)		0.35	%		0.35	%		0.36	%^(g)			0.35	%^(f)			0.35	%			0.35	%^(f)
Net investment income			1.38	%^(f)		1.12	%		1.76	%		1.82	%^(g)			1.63	%^(f)			1.60	%			1.66	%^(f)
Portfolio turnover rate^(h).			43	%		42	%		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)

^(e)	The net asset value total return from Fund Inception (November 5, 2015, the first day of trading on the Exchange) to October 31, 2016 was 4.19%. The market price total return from Fund Inception to October 31, 2016 was 4.15%.

^(f)	Annualized.

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

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

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


		97

Financial Highlights–(continued)

Invesco S&P 500 Enhanced Value ETF (SPVU)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									Ten Months Ended August 31, 2018				Years Ended October 31,
	Six Months Ended February 28, 2022 (Unaudited)				2021			2020			2019			Ten Months Ended August 31, 2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	42.47		$	28.77		$	33.42		$	35.99			$	33.08		$	26.44		$	25.78

Net investment income^(a)			0.47			0.96			0.99			0.93				0.68			0.57			0.63
Net realized and unrealized gain (loss) on investments			2.20			13.63			(4.69	)		(2.67	)			3.12			6.44			0.38

Total from investment operations			2.67			14.59			(3.70	)		(1.74	)			3.80			7.01			1.01

Distributions to shareholders from:
Net investment income			(0.58	)		(0.89	)		(0.95	)		(0.83	)			(0.89	)		(0.37	)		(0.35	)

Net asset value at end of period		$	44.56		$	42.47		$	28.77		$	33.42			$	35.99		$	33.08		$	26.44

Market price at end of period^(b)		$	44.50		$	42.44		$	28.82		$	33.45			$	36.01		$	33.10		$	26.45

Net Asset Value Total Return^(c)			6.38	%		51.49	%		(11.04	)%		(4.79	)%			11.61	%		26.58	%		4.03	%
Market Price Total Return^(c)			6.31	%		51.13	%		(10.97	)%		(4.76	)%			11.60	%		26.61	%		3.86	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	188,480		$	145,243		$	69,042		$	60,160			$	26,996		$	51,275		$	1,322
Ratio to average net assets of:
Expenses			0.13	%^(d)		0.13	%		0.13	%		0.15	%^(e)			0.16	%^(d)		0.25	%		0.25	%
Net investment income			2.15	%^(d)		2.53	%		3.14	%		2.72	%^(e)			2.35	%^(d)		1.81	%		2.53	%
Portfolio turnover rate^(f)			12	%		36	%		39	%		54	%			34	%		36	%		42	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.


		98

Financial Highlights–(continued)

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									`Ten Months Ended August 31, 2018				Years Ended October 31,
					2021			2020			2019			`Ten Months Ended August 31, 2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	49.30		$	39.43		$	38.76		$	36.10			$	32.38		$	26.74		$	25.36

Net investment income^(a)			0.45			0.57			0.72			0.63				0.43			0.51			0.44
Net realized and unrealized gain (loss) on investments			(0.96	)		9.88			0.71			2.68				3.73			5.62			1.39

Total from investment operations			(0.51	)		10.45			1.43			3.31				4.16			6.13			1.83

Distributions to shareholders from:
Net investment income			(0.39	)		(0.58	)		(0.76	)		(0.65	)			(0.44	)		(0.49	)		(0.45	)

Net asset value at end of period		$	48.40		$	49.30		$	39.43		$	38.76			$	36.10		$	32.38		$	26.74

Market price at end of period^(b)		$	48.36		$	49.27		$	39.49		$	38.77			$	36.11		$	32.38		$	26.75

Net Asset Value Total Return^(c)			(1.05	)%		26.73	%		3.86	%		9.35	%			12.92	%		23.11	%		7.29	%
Market Price Total Return^(c)			(1.07	)%		26.46	%		3.99	%		9.35	%			12.96	%		23.06	%		7.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	54,206		$	52,256		$	69,002		$	166,657			$	146,189		$	131,153		$	164,423
Ratio to average net assets of:
Expenses			0.25	%^(d)		0.25	%		0.25	%		0.26	%^(e)			0.25	%^(d)		0.25	%		0.25	%
Net investment income			1.83	%^(d)		1.33	%		1.87	%		1.74	%^(e)			1.52	%^(d)		1.75	%		1.65	%
Portfolio turnover rate^(f)			31	%		64	%		84	%		62	%			68	%		61	%		52	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		99

Financial Highlights–(continued)

Invesco S&P 500^® High Beta ETF (SPHB)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									Ten Months Ended August 31, 2018				Years Ended October 31,
	Six Months Ended February 28, 2022 (Unaudited)				2021			2020			2019			Ten Months Ended August 31, 2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	74.74		$	43.73		$	40.44		$	45.25			$	40.12		$	32.29		$	31.38

Net investment income^(a)			0.29			0.89			0.99	^(b)		0.44				0.51			0.44			0.39
Net realized and unrealized gain (loss) on investments			0.90	^(c)		30.93			3.25			(4.67	)			5.15			8.01			0.84

Total from investment operations			1.19			31.82			4.24			(4.23	)			5.66			8.45			1.23

Distributions to shareholders from:
Net investment income			(0.35	)		(0.81	)		(0.95	)		(0.58	)			(0.53	)		(0.62	)		(0.32	)

Net asset value at end of period		$	75.58		$	74.74		$	43.73		$	40.44			$	45.25		$	40.12		$	32.29

Market price at end of period^(d)		$	75.53		$	74.75		$	43.83		$	40.46			$	45.28		$	40.12		$	32.32

Net Asset Value Total Return^(e)			1.62	%		73.38	%		11.38	%		(9.32	)%			14.14	%		26.32	%		4.02	%
Market Price Total Return^(e)			1.53	%		73.01	%		11.59	%		(9.33	)%			14.22	%		26.20	%		3.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,044,517		$	1,679,341		$	131,175		$	90,993			$	171,934		$	359,072		$	489,204
Ratio to average net assets of:
Expenses			0.25	%^(f)		0.25	%		0.25	%		0.25	%			0.25	%^(f)		0.25	%		0.25	%
Net investment income			0.76	%^(f)		1.30	%		2.39	%^(b)		1.07	%			1.42	%^(f)		1.18	%		1.28	%
Portfolio turnover rate^(g)			39	%		103	%		113	%		69	%			76	%		80	%		55	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(e)

^(f)	Annualized.

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

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


		100

Financial Highlights–(continued)

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,												Ten Months Ended August 31, 2018				Years Ended October 31,
	Six Months Ended February 28, 2022 (Unaudited)				2021				2020				2019				Ten Months Ended August 31, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	44.24			$	34.10			$	40.52			$	41.68			$	41.24			$	37.69			$	33.22

Net investment income^(a)			0.83				1.57				1.53				1.64				1.35				1.33				1.29
Net realized and unrealized gain (loss) on investments			0.74				10.21				(6.10	)			(1.06	)			0.45				3.68				4.51

Total from investment operations			1.57				11.78				(4.57	)			0.58				1.80				5.01				5.80

Distributions to shareholders from:
Net investment income			(0.81	)			(1.64	)			(1.85	)			(1.74	)			(1.36	)			(1.46	)			(1.33	)

Net asset value at end of period		$	45.00			$	44.24			$	34.10			$	40.52			$	41.68			$	41.24			$	37.69

Market price at end of period^(b)		$	44.99			$	44.23			$	34.16			$	40.55			$	41.68			$	41.25			$	37.72

Net Asset Value Total Return^(c)			3.61	%			35.25	%			(11.46	)%			1.42	%			4.48	%			13.48	%			17.75	%
Market Price Total Return^(c)			3.61	%			34.98	%			(11.37	)%			1.49	%			4.45	%			13.42	%			17.66	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,160,513			$	3,034,476			$	2,446,739			$	3,304,185			$	2,656,868			$	2,973,601			$	2,623,431
Ratio to average net assets of:
Expenses			0.30	%^(d)			0.30	%			0.30	%			0.30	%			0.30	%^(d)			0.30	%			0.30	%
Net investment income			3.79	%^(d)			3.90	%			4.02	%			3.97	%			3.95	%^(d)			3.31	%			3.48	%
Portfolio turnover rate^(e)			29	%			45	%			76	%			43	%			46	%			56	%			50	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		101

Financial Highlights–(continued)

Invesco S&P 500^® Low Volatility ETF (SPLV)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									Ten Months Ended August 31, 2018				Years Ended October 31,
	Six Months Ended February 28, 2022 (Unaudited)				2021			2020			2019			Ten Months Ended August 31, 2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	64.07		$	54.69		$	56.75		$	49.77			$	46.56		$	40.47		$	38.34

Net investment income^(a)			0.66			0.91			1.27			1.16				0.81			0.95			0.81
Net realized and unrealized gain (loss) on investments			(0.41	)		9.42			(2.01	)		6.96				3.23			6.09			2.16

Total from investment operations.			0.25			10.33			(0.74	)		8.12				4.04			7.04			2.97

Distributions to shareholders from:
Net investment income			(0.59	)		(0.95	)		(1.32	)		(1.14	)			(0.83	)		(0.95	)		(0.84	)

Net asset value at end of period		$	63.73		$	64.07		$	54.69		$	56.75			$	49.77		$	46.56		$	40.47

Market price at end of period^(b)		$	63.72		$	64.05		$	54.77		$	56.77			$	49.78		$	46.57		$	40.50

Net Asset Value Total Return^(c)			0.39	%		19.09	%		(1.19	)%		16.57	%			8.77	%		17.57	%		7.80	%
Market Price Total Return^(c)			0.40	%		18.87	%		(1.08	)%		16.59	%			8.76	%		17.51	%		7.72	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,018,889		$	8,217,477		$	9,233,967		$	12,348,879			$	7,381,362		$	7,140,364		$	6,451,015
Ratio to average net assets of:
Expenses			0.25	%^(d)		0.25	%		0.25	%		0.25	%			0.25	%^(d)		0.25	%		0.25	%
Net investment income			2.07	%^(d)		1.58	%		2.33	%		2.24	%			2.06	%^(d)		2.18	%		2.02	%
Portfolio turnover rate^(e)			38	%		64	%		86	%		51	%			68	%		49	%		53	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		102

Financial Highlights–(continued)

��

Invesco S&P 500 Minimum Variance ETF (SPMV)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,									Ten Months Ended August 31, 2018				For the Period July 11, 2017^(a)Through October 31, 2017
					2021			2020			2019			Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	39.16		$	32.31		$	30.22		$	29.19			$	26.29			$	24.92

Net investment income^(b)			0.31			0.60			0.63			0.46				0.47				0.15
Net realized and unrealized gain (loss) on investments			(0.81	)		6.70			2.57			1.65				3.04				1.30

Total from investment operations			(0.50	)		7.30			3.20			2.11				3.51				1.45

Distributions to shareholders from:
Net investment income			(0.29	)		(0.45	)		(0.58	)		(0.55	)			(0.61	)			(0.08	)
Net realized gains			-			-			(0.53	)		(0.53	)			-				-

Total distributions			(0.29	)		(0.45	)		(1.11	)		(1.08	)			(0.61	)			(0.08	)

Net asset value at end of period		$	38.37		$	39.16		$	32.31		$	30.22			$	29.19			$	26.29

Market price at end of period^(c)		$	38.32		$	39.22		$	32.39		$	30.24			$	29.19			$	26.30

Net Asset Value Total Return^(d)			(1.29	)%		22.82	%		11.02	%		7.86	%			13.50	%			5.81	%^(e)
Market Price Total Return^(d)			(1.57	)%		22.71	%		11.22	%		7.94	%			13.45	%			5.85	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	24,175		$	24,277		$	4,847		$	1,511			$	1,460			$	2,629
Ratio to average net assets of:
Expenses			0.10	%^(f)		0.10	%		0.10	%		0.58	%^(g)			0.13	%^(f)			0.13	%^(f)
Net investment income			1.57	%^(f)		1.67	%		2.11	%		1.62	%^(g)			2.08	%^(f)			1.97	%^(f)
Portfolio turnover rate^(h)			9	%		22	%		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)

^(e)	The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.48%.

^(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.


		103

Financial Highlights–(continued)

Invesco S&P 500 Momentum ETF (SPMO)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,												Ten Months Ended August 31, 2018				Years Ended October 31,
					2021				2020				2019				Ten Months Ended August 31, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	63.43			$	50.95			$	40.57			$	40.07			$	33.26			$	26.56			$	26.06

Net investment income^(a)			0.23				0.38				0.62				0.51				0.34				0.46				0.41
Net realized and unrealized gain (loss) on investments			(4.22	)			12.58				10.42				0.46				6.67				6.72				0.44

Total from investment operations			(3.99	)			12.96				11.04				0.97				7.01				7.18				0.85

Distributions to shareholders from:
Net investment income			(0.20	)			(0.48	)			(0.66	)			(0.47	)			(0.20	)			(0.48	)			(0.35	)

Net asset value at end of period		$	59.24			$	63.43			$	50.95			$	40.57			$	40.07			$	33.26			$	26.56

Market price at end of period^(b)		$	59.20			$	63.41			$	51.10			$	40.59			$	40.08			$	33.23			$	26.58

Net Asset Value Total Return^(c)			(6.31	)%			25.65	%			27.77	%			2.52	%			21.12	%			27.35	%			3.28	%
Market Price Total Return^(c)			(6.35	)%			25.24	%			28.08	%			2.55	%			21.26	%			27.14	%			3.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	85,309			$	88,166			$	73,872			$	75,053			$	50,082			$	1,663			$	1,328
Ratio to average net assets of:
Expenses			0.13	%^(d)			0.13	%			0.13	%			0.14	%^(e)			0.13	%^(d)			0.25	%			0.25	%
Net investment income			0.74	%^(d)			0.70	%			1.48	%			1.32	%^(e)			1.10	%^(d)			1.61	%			1.60	%
Portfolio turnover rate^(f)			70	%			70	%			90	%			83	%			41	%			140	%			105	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		104

Financial Highlights–(continued)

Invesco S&P 500 QVM Multi-factor ETF (QVML)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period June 28, 2021^(a) Through August 31, 2021


Per Share Operating Performance:
Net asset value at beginning of period		$	26.43			$	25.00

Net investment income^(b)			0.18				0.06
Net realized and unrealized gain (loss) on investments			(0.62	)			1.37

Total from investment operations			(0.44	)			1.43

Distributions to shareholders from:
Net investment income			(0.17	)			-

Net asset value at end of period		$	25.82			$	26.43

Market price at end of period^(c)		$	25.80			$	26.44

Net Asset Value Total Return^(d)			(1.66	)%			5.72	%^(e)
Market Price Total Return^(d)			(1.77	)%			5.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	783,780			$	792,855
Ratio to average net assets of:
Expenses			0.11	%^(f)			0.11	%^(f)
Net investment income			1.33	%^(f)			1.34	%^(f)
Portfolio turnover rate^(g)			9	%			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.

^(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.


		105

Financial Highlights–(continued)

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period June 28, 2021^(a) Through August 31, 2021


Per Share Operating Performance:
Net asset value at beginning of period		$	25.53			$	25.00

Net investment income^(b)			0.18				0.04
Net realized and unrealized gain (loss) on investments			(0.87	)			0.49

Total from investment operations			(0.69	)			0.53

Distributions to shareholders from:
Net investment income			(0.16	)			-

Net asset value at end of period		$	24.68			$	25.53

Market price at end of period^(c)		$	24.70			$	25.53

Net Asset Value Total Return^(d)			(2.71	)%			2.12	%^(e)
Market Price Total Return^(d)			(2.63	)%			2.12	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	200,670			$	206,549
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%^(f)
Net investment income			1.40	%^(f)			0.98	%^(f)
Portfolio turnover rate^(g)			12	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.

^(f)	Annualized.

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

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


		106

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,												Ten Months Ended August 31, 2018				Years Ended October 31,
					2021				2020				2019				Ten Months Ended August 31, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	55.29			$	43.65			$	51.87			$	49.02			$	45.02			$	38.21			$	34.38

Net investment income^(a)			0.50				0.62				1.02				1.09				0.96				0.69				0.69
Net realized and unrealized gain (loss) on investments			(1.45	)			11.59				(7.93	)			2.72				3.92				6.80				3.72

Total from investment operations			(0.95	)			12.21				(6.91	)			3.81				4.88				7.49				4.41

Distributions to shareholders from:
Net investment income			(0.37	)			(0.57	)			(1.31	)			(0.96	)			(0.88	)			(0.68	)			(0.58	)

Net asset value at end of period		$	53.97			$	55.29			$	43.65			$	51.87			$	49.02			$	45.02			$	38.21

Market price at end of period^(b)		$	53.97			$	55.26			$	43.70			$	51.88			$	49.04			$	45.02			$	38.23

Net Asset Value Total Return^(c)			(1.73	)%			28.21	%			(13.26	)%			7.99	%			11.00	%			19.76	%			12.96	%
Market Price Total Return^(c)			(1.67	)%			27.99	%			(13.17	)%			7.97	%			11.04	%			19.69	%			12.89	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,214,286			$	1,453,542			$	2,042,702			$	3,231,736			$	1,443,641			$	1,195,218			$	682,094
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%^(d)			0.25	%			0.25	%
Net investment income			1.83	%^(d)			1.26	%			2.13	%			2.21	%			2.52	%^(d)			1.64	%			1.86	%
Portfolio turnover rate^(e)			32	%			57	%			84	%			61	%			50	%			57	%			51	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		107

Financial Highlights–(continued)

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)


	Six Months Ended February 28, 2022 (Unaudited)				For the Period June 28, 2021^(a) Through August 31, 2021


Per Share Operating Performance:
Net asset value at beginning of period		$	25.05			$	25.00

Net investment income^(b)			0.16				0.06
Net realized and unrealized gain (loss) on investments			(0.66	)			(0.01	)

Total from investment operations			(0.50	)			0.05

Distributions to shareholders from:
Net investment income			(0.17	)			-

Net asset value at end of period		$	24.38			$	25.05

Market price at end of period^(c)		$	24.43			$	25.05

Net Asset Value Total Return^(d)			(2.00	)%			0.20	%^(e)
Market Price Total Return^(d)			(1.80	)%			0.20	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	50,229			$	51,106
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%^(f)
Net investment income			1.31	%^(f)			1.51	%^(f)
Portfolio turnover rate^(g)			13	%			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.

^(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.


		108

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,												Ten Months Ended August 31, 2018				For the Period November 29, 2016^(a)Through October 31, 2017
	Six Months Ended February 28, 2022 (Unaudited)				2021				2020				2019				Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	23.07			$	16.66			$	22.42			$	26.86			$	25.13			$	25.02

Net investment income^(b)			0.54				0.86				0.82				1.02				0.78				0.81
Net realized and unrealized gain (loss) on investments			(1.65	)			6.36				(5.31	)			(4.28	)			1.98				0.24

Total from investment operations			(1.11	)			7.22				(4.49	)			(3.26	)			2.76				1.05

Distributions to shareholders from:
Net investment income			(0.50	)			(0.81	)			(1.27	)			(1.18	)			(1.03	)			(0.94	)

Net asset value at end of period		$	21.46			$	23.07			$	16.66			$	22.42			$	26.86			$	25.13

Market price at end of period^(c)		$	21.49			$	23.06			$	16.69			$	22.35			$	26.85			$	25.15

Net Asset Value Total Return^(d)			(4.85	)%			43.97	%			(20.41	)%			(12.29	)%			11.39	%			4.31	%^(e)
Market Price Total Return^(d)			(4.68	)%			43.65	%			(20.01	)%			(12.52	)%			11.26	%			4.39	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	17,814			$	21,690			$	20,827			$	23,536			$	12,086			$	7,538
Ratio to average net assets of:
Expenses			0.30	%^(f)			0.30	%			0.30	%			0.34	%^(g)			0.30	%^(f)			0.30	%^(f)
Net investment income			4.91	%^(f)			4.13	%			4.15	%			4.29	%^(g)			3.74	%^(f)			3.58	%^(f)
Portfolio turnover rate^(h)			30	%			72	%			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)

^(e)	The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the Exchange) to October 31, 2017 was 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.04%.

^(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.


		109

Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,												Ten Months Ended August 31, 2018				Years Ended October 31,
	Six Months Ended February 28, 2022 (Unaudited)				2021				2020				2019				Ten Months Ended August 31, 2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	48.74			$	35.24			$	47.57			$	51.10			$	46.43			$	37.90			$	34.30

Net investment income^(a)			0.49				0.65				1.08				1.24				0.87				0.97				0.78
Net realized and unrealized gain (loss) on investments			(0.66	)			13.52				(12.05	)			(3.46	)			4.55				8.46				3.58

Total from investment operations			(0.17	)			14.17				(10.97	)			(2.22	)			5.42				9.43				4.36

Distributions to shareholders from:
Net investment income			(0.26	)			(0.67	)			(1.36	)			(1.31	)			(0.75	)			(0.90	)			(0.76	)

Net asset value at end of period		$	48.31			$	48.74			$	35.24			$	47.57			$	51.10			$	46.43			$	37.90

Market price at end of period^(b)		$	48.35			$	48.73			$	35.30			$	47.59			$	51.10			$	46.47			$	37.93

Net Asset Value Total Return^(c)			(0.34	)%			40.64	%			(23.22	)%			(4.17	)%			11.81	%			25.05	%			12.90	%
Market Price Total Return^(c)			(0.24	)%			40.38	%			(23.12	)%			(4.14	)%			11.71	%			25.06	%			12.99	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,041,545			$	1,155,186			$	1,614,105			$	2,045,602			$	1,433,356			$	1,079,472			$	651,821
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%^(d)			0.25	%			0.25	%
Net investment income			1.98	%^(d)			1.55	%			2.55	%			2.62	%			2.24	%^(d)			2.25	%			2.15	%
Portfolio turnover rate^(e)			34	%			68	%			103	%			56	%			66	%			59	%			48	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		110

Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)


	Six Months Ended February 28, 2022 (Unaudited)				Years Ended August 31,												Ten Months Ended August 31, 2018				For the Period April 3, 2017^(a)Through October 31, 2017
	Six Months Ended February 28, 2022 (Unaudited)				2021				2020				2019				Ten Months Ended August 31, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	37.41			$	26.95			$	26.40			$	31.80			$	26.11			$	24.54

Net investment income^(b)			0.35				0.38				0.36				0.35				0.26				0.16
Net realized and unrealized gain (loss) on investments			(0.48	)			10.42				0.54				(5.41	)			5.65				1.51

Total from investment operations			(0.13	)			10.80				0.90				(5.06	)			5.91				1.67

Distributions to shareholders from:
Net investment income			(0.36	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net realized gains			-				-				-				(0.00	)^(c)			-				-

Total distributions			(0.36	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)

Net asset value at end of period		$	36.92			$	37.41			$	26.95			$	26.40			$	31.80			$	26.11

Market price at end of period^(d)		$	36.96			$	37.43			$	26.99			$	26.39			$	31.81			$	26.14

Net Asset Value Total Return^(e)			(0.33	)%			40.38	%			3.61	%			(15.88	)%			22.75	%			6.81	%^(f)
Market Price Total Return^(e)			(0.27	)%			40.25	%			3.80	%			(15.94	)%			22.65	%			6.93	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,062			$	40,030			$	4,043			$	3,960			$	42,924			$	1,305
Ratio to average net assets of:
Expenses			0.29	%^(g)			0.29	%			0.29	%			0.34	%^(h)			0.29	%^(g)			0.29	%^(g)
Net investment income			1.86	%^(g)			1.07	%			1.37	%			1.23	%^(h)			1.06	%^(g)			1.11	%^(g)
Portfolio turnover rate⁽ⁱ⁾			23	%			90	%			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)

^(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)	Annualized.

^(h)	Ratios include non-recurring costs associated with a proxy statement of 0.05%.

⁽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.


		111

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization


Full Name		Short Name
Invesco ESG S&P 500 Equal Weight ETF (RSPE)		“ESG S&P 500 Equal Weight ETF”

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)		“Russell 1000 Enhanced Equal Weight ETF”

Invesco Russell 1000 Equal Weight ETF (EQAL)		“Russell 1000 Equal Weight ETF”

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)		“Russell 1000 Low Beta Equal Weight ETF”

Invesco S&P 500 Enhanced Value ETF (SPVU)		“S&P 500 Enhanced Value ETF”

Invesco S&P 500^®ex-Rate Sensitive Low Volatility ETF (XRLV)		“S&P 500^®ex-Rate Sensitive Low Volatility ETF”

Invesco S&P 500^®High Beta ETF (SPHB)		“S&P 500^®High Beta ETF”

Invesco S&P 500^®High Dividend Low Volatility ETF (SPHD)		“S&P 500^®High Dividend Low Volatility ETF”

Invesco S&P 500^®Low Volatility ETF (SPLV)		“S&P 500^®Low Volatility ETF”

Invesco S&P 500 Minimum Variance ETF (SPMV)		“S&P 500 Minimum Variance ETF”

Invesco S&P 500 Momentum ETF (SPMO)		“S&P 500 Momentum ETF”

Invesco S&P 500 QVM Multi-factor ETF (QVML)		“S&P 500 QVM Multi-factor ETF”

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)		“S&P MidCap 400 QVM Multi-factor ETF”

Invesco S&P MidCap Low Volatility ETF (XMLV)		“S&P MidCap Low Volatility ETF”

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)		“S&P SmallCap 600 QVM Multi-factor 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.


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


Fund		Underlying Index
ESG S&P 500 Equal Weight ETF		S&P 500 Equal Weight ESG Leaders Select 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 500 QVM Multi-factor ETF		S&P 500^®Quality, Value & Momentum Top 90% Multi-Factor Index

S&P MidCap 400 QVM Multi-factor ETF		S&P MidCap 400^®Quality, Value & Momentum Top 90% Multi-Factor Index

S&P MidCap Low Volatility ETF		S&P MidCap 400^®Low Volatility Index

S&P SmallCap 600 QVM Multi-factor ETF		S&P SmallCap 600^®Quality, Value & Momentum Top 90% Multi-Factor Index

S&P SmallCap High Dividend Low Volatility ETF		S&P SmallCap 600^®Low Volatility High Dividend Index

S&P SmallCap Low Volatility ETF		S&P SmallCap 600^®Low Volatility Index

S&P SmallCap Quality ETF		S&P SmallCap 600^®Quality Index

NOTE 2–Significant Accounting Policies

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

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

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.


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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, 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.

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.


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organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - Each Fund (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 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.

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.


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collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund (except ESG S&P 500 Equal Weight ETF) had affiliated securities lending transactions with Invesco. The fees paid to Invesco for each Fund were less than $500 (except for the Russell 1000 Equal Weight ETF, S&P 500^® High Beta ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF, S&P MidCap Low Volatility ETF and S&P SmallCap Low Volatility ETF, which paid Invesco $1,975, $890, $836, $858, $691 and $1,571, respectively, in fees for securities lending agent services).

K.	Other Risks


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ESG Investing Strategy Risk. The stocks of companies with favorable environmental, social and governance (“ESG”) attributes may underperform the stock market as a whole. As a result, ESG S&P 500 Equal Weight ETF may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in ESG S&P 500 Equal Weight ETF investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

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.

Non-Diversified Fund Risk. Because ESG S&P 500 Equal Weight ETF, S&P 500 Momentum ETF, S&P 500 QVM Multi-factor ETF, S&P Midcap 400 QVM Multi-factor ETF and S&P SmallCap 600 QVM Multi-factor ETF are non-diversified, and to the extent S&P 500 Enhanced Value ETF, S&P 500^® ex-Rate Sensitivity Low Volatility ETF, S&P 500^® High Beta ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.


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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.

NOTE 3—Investment Advisory Agreement and Other Agreements


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

ESG S&P 500 Equal Weight ETF		0.20	%

Russell 1000 Enhanced Equal Weight ETF		0.29	%

Russell 1000 Equal Weight ETF		0.20	%

Russell 1000 Low Beta Equal Weight ETF		0.35	%

S&P 500 Enhanced Value ETF		0.13	%

S&P 500^®ex-Rate Sensitive Low Volatility ETF		0.25	%

S&P 500^®High Beta ETF		0.25	%

S&P 500^®High Dividend Low Volatility ETF		0.30	%

S&P 500^®Low Volatility ETF		0.25	%

S&P 500 Minimum Variance ETF		0.10	%

S&P 500 Momentum ETF		0.13	%

S&P 500 QVM Multi-factor ETF		0.11	%

S&P MidCap 400 QVM Multi-factor ETF		0.15	%

S&P MidCap Low Volatility ETF		0.25	%

S&P SmallCap 600 QVM Multi-factor ETF		0.15	%

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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These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2022, no fees were waived.

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


Fund		Licensor
ESG S&P 500 Equal Weight ETF		S&P Dow Jones Indices LLC

Russell 1000 Enhanced Equal Weight ETF		Frank Russell Company

Russell 1000 Equal Weight ETF		Frank Russell Company

Russell 1000 Low Beta Equal Weight ETF		Frank Russell Company

S&P 500 Enhanced Value ETF		S&P Dow Jones Indices LLC

S&P 500^®ex-Rate Sensitive Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500^®High Beta ETF		S&P Dow Jones Indices LLC

S&P 500^®High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500^®Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500 Minimum Variance ETF		S&P Dow Jones Indices LLC

S&P 500 Momentum ETF		S&P Dow Jones Indices LLC

S&P 500 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P MidCap 400 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P MidCap Low Volatility ETF		S&P Dow Jones Indices LLC

S&P SmallCap 600 QVM Multi-factor 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


ESG S&P 500 Equal Weight ETF*	$	27

Russell 1000 Enhanced Equal Weight ETF		4

Russell 1000 Equal Weight ETF		7,673

Russell 1000 Low Beta Equal Weight ETF		1

S&P 500 Enhanced Value ETF		2,032

S&P 500^®ex-Rate Sensitive Low Volatility ETF		1,723

S&P 500^®High Beta ETF		45,509

S&P 500^®High Dividend Low Volatility ETF		71,839

S&P 500^®Low Volatility ETF		142,797

S&P 500 Momentum ETF		5,009

S&P 500 QVM Multi-factor ETF		2,845

S&P MidCap 400 QVM Multi-factor ETF		5,501

S&P MidCap Low Volatility ETF		25,276

S&P SmallCap 600 QVM Multi-factor ETF		2,458

S&P SmallCap High Dividend Low Volatility ETF		2,132

S&P SmallCap Low Volatility ETF		12,630

S&P SmallCap Quality ETF		2,213

*	For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.


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NOTE 4–Security Transactions with Affiliated Funds

For the six months ended February 28, 2022, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
S&P MidCap 400 QVM Multi-factor ETF		$	-		$	1,427,065		$	(73,009	)

S&P MidCap Low Volatility ETF			-			15,316,483			1,092,563

S&P SmallCap 600 QVM Multi-factor ETF			-			73,554			14,455

*	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


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 February 28, 2022, for each Fund (except for S&P 500 Momentum ETF). As of February 28, 2022, all of the securities in S&P 500 Momentum 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
ESG S&P 500 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	4,723,430		$	-		$	-		$	4,723,430

Money Market Funds			531			59,281			-			59,812



Total Investments		$	4,723,961		$	59,281		$	-		$	4,783,242



Russell 1000 Enhanced Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,664,140		$	-		$	-		$	3,664,140

Money Market Funds			1,289			133,336			-			134,625



Total Investments		$	3,665,429		$	133,336		$	-		$	3,798,765



Russell 1000 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	673,458,245		$	-		$	282,083		$	673,740,328

Money Market Funds			253,367			84,715,323			-			84,968,690



Total Investments		$	673,711,612		$	84,715,323		$	282,083		$	758,709,018


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	Level 1			Level 2			Level 3			Total
Russell 1000 Low Beta Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	10,082,017		$	-		$	-		$	10,082,017

Money Market Funds			7,801			415,258			-			423,059



Total Investments		$	10,089,818		$	415,258		$	-		$	10,505,076



S&P 500 Enhanced Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	188,166,892		$	-		$	-		$	188,166,892

Money Market Funds			-			406,787			-			406,787



Total Investments		$	188,166,892		$	406,787		$	-		$	188,573,679



S&P 500^®ex-Rate Sensitive Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	54,177,431		$	-		$	-		$	54,177,431

Money Market Funds			-			525,037			-			525,037



Total Investments		$	54,177,431		$	525,037		$	-		$	54,702,468



S&P 500^®High Beta ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,043,778,737		$	-		$	-		$	1,043,778,737

Money Market Funds			8,365			67,822,512			-			67,830,877



Total Investments		$	1,043,787,102		$	67,822,512		$	-		$	1,111,609,614



S&P 500^®High Dividend Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,159,701,634		$	-		$	-		$	3,159,701,634

Money Market Funds			-			67,348,455			-			67,348,455



Total Investments		$	3,159,701,634		$	67,348,455		$	-		$	3,227,050,089



S&P 500^®Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	9,017,796,168		$	-		$	-		$	9,017,796,168

Money Market Funds			-			67,063,534			-			67,063,534



Total Investments		$	9,017,796,168		$	67,063,534		$	-		$	9,084,859,702



S&P 500 Minimum Variance ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	24,152,303		$	-		$	-		$	24,152,303

Money Market Funds			1,320			187,213			-			188,533



Total Investments		$	24,153,623		$	187,213		$	-		$	24,340,836



S&P 500 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	782,663,444		$	-		$	-		$	782,663,444

Money Market Funds			90,569			12,711,407			-			12,801,976



Total Investments		$	782,754,013		$	12,711,407		$	-		$	795,465,420



S&P MidCap 400 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	200,122,791		$	452,213		$	-		$	200,575,004

Money Market Funds			-			14,033,987			-			14,033,987



Total Investments		$	200,122,791		$	14,486,200		$	-		$	214,608,991



S&P MidCap Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,213,629,021		$	-		$	-		$	1,213,629,021

Money Market Funds			-			57,377,425			-			57,377,425



Total Investments		$	1,213,629,021		$	57,377,425		$	-		$	1,271,006,446


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	Level 1			Level 2			Level 3			Total
S&P SmallCap 600 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	50,206,487		$	-		$	-		$	50,206,487

Money Market Funds			1,258			5,858,599			-			5,859,857



Total Investments		$	50,207,745		$	5,858,599		$	-		$	56,066,344



S&P SmallCap High Dividend Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	17,804,484		$	-		$	-		$	17,804,484

Money Market Funds			-			1,214,740			-			1,214,740



Total Investments		$	17,804,484		$	1,214,740		$	-		$	19,019,224



S&P SmallCap Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,040,147,396		$	-		$	-		$	1,040,147,396

Money Market Funds			694,034			119,645,334			-			120,339,368



Total Investments		$	1,040,841,430		$	119,645,334		$	-		$	1,160,486,764



S&P SmallCap Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	28,034,273		$	-		$	-		$	28,034,273

Money Market Funds			12,792			3,853,050			-			3,865,842



Total Investments		$	28,047,065		$	3,853,050		$	-		$	31,900,115

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

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


	No expiration
	Short-Term			Long-Term			Total*
Russell 1000 Enhanced Equal Weight ETF		$	3,295,719		$	2,309,179		$	5,604,898

Russell 1000 Equal Weight ETF			6,651,757			61,989,477			68,641,234

Russell 1000 Low Beta Equal Weight ETF			17,989,310			10,883,446			28,872,756

S&P 500 Enhanced Value ETF			5,604,855			3,103,581			8,708,436

S&P 500^®ex-Rate Sensitive Low Volatility ETF			18,008,201			6,409,868			24,418,069

S&P 500^®High Beta ETF			78,430,255			19,465,474			97,895,729

S&P 500^®High Dividend Low Volatility ETF			318,248,357			328,126,099			646,374,456

S&P 500^®Low Volatility ETF			1,401,317,250			347,920,924			1,749,238,174

S&P 500 Minimum Variance ETF			-			57,639			57,639

S&P 500 Momentum ETF			4,578,039			553,744			5,131,783

S&P 500 QVM Multi-factor ETF			23,758			-			23,758

S&P MidCap 400 QVM Multi-factor ETF			126,315			-			126,315

S&P MidCap Low Volatility ETF			383,309,513			241,877,610			625,187,123

S&P SmallCap 600 QVM Multi-factor ETF			177,861			-			177,861

S&P SmallCap High Dividend Low Volatility ETF			3,362,493			3,662,688			7,025,181

S&P SmallCap Low Volatility ETF			337,494,084			278,345,458			615,839,542

S&P SmallCap Quality ETF			1,947,502			343,803			2,291,305

*	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.


		122

NOTE 7–Investment Transactions


	Purchases		Sales

ESG S&P 500 Equal Weight ETF*	$	5,240,589	$	237,226

Russell 1000 Enhanced Equal Weight ETF		556,808		533,943

Russell 1000 Equal Weight ETF		65,592,554		64,399,117

Russell 1000 Low Beta Equal Weight ETF		4,459,800		4,404,289

S&P 500 Enhanced Value ETF		17,540,641		18,276,267

S&P 500^®ex-Rate Sensitive Low Volatility ETF		16,607,160		16,388,990

S&P 500^®High Beta ETF		541,155,731		536,016,874

S&P 500^®High Dividend Low Volatility ETF		894,363,351		892,646,409

S&P 500^®Low Volatility ETF		3,206,756,626		3,203,995,417

S&P 500 Minimum Variance ETF		2,310,478		2,163,399

S&P 500 Momentum ETF		65,711,283		65,535,627

S&P 500 QVM Multi-factor ETF		69,393,771		69,386,345

S&P MidCap 400 QVM Multi-factor ETF		25,661,424		25,313,626

S&P MidCap Low Volatility ETF		428,604,158		425,334,719

S&P SmallCap 600 QVM Multi-factor ETF		6,862,887		6,815,141

S&P SmallCap High Dividend Low Volatility ETF		6,111,758		6,093,470

S&P SmallCap Low Volatility ETF		391,431,154		384,982,216

S&P SmallCap Quality ETF		8,296,520		9,004,442

*	For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind

	Purchases		Sales

ESG S&P 500 Equal Weight ETF*	$	-	$	-

Russell 1000 Enhanced Equal Weight ETF		905,883		-

Russell 1000 Equal Weight ETF		133,161,034		113,672,916

Russell 1000 Low Beta Equal Weight ETF		-		-

S&P 500 Enhanced Value ETF		75,690,075		37,037,903

S&P 500^®ex-Rate Sensitive Low Volatility ETF		11,109,103		8,041,926

S&P 500^®High Beta ETF		1,050,955,770		1,685,752,368

S&P 500^®High Dividend Low Volatility ETF		1,011,477,423		939,818,793

S&P 500^®Low Volatility ETF		4,927,797,538		3,992,697,950

S&P 500 Minimum Variance ETF		4,679,814		4,363,275

S&P 500 Momentum ETF		93,506,168		89,617,011

S&P 500 QVM Multi-factor ETF		32,129,827		22,635,412

S&P MidCap 400 QVM Multi-factor ETF		13,309,538		12,281,556

S&P MidCap Low Volatility ETF		163,002,470		372,077,723

S&P SmallCap 600 QVM Multi-factor ETF		3,513,225		2,975,879

S&P SmallCap High Dividend Low Volatility ETF		4,089,096		6,554,471

S&P SmallCap Low Volatility ETF		324,096,700		430,454,867

S&P SmallCap Quality ETF		23,949,994		34,862,619

*	For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

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


		123


						Net

	Gross		Gross			Unrealized

	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost

ESG S&P 500 Equal Weight ETF*	$	128,489	$	(399,065	)	$	(270,576	)	$	5,053,818

Russell 1000 Enhanced Equal Weight ETF		465,952		(104,265	)		361,687			3,437,078

Russell 1000 Equal Weight ETF		102,737,142		(54,350,569	)		48,386,573			710,322,445

Russell 1000 Low Beta Equal Weight ETF		441,554		(800,521	)		(358,967	)		10,864,043

S&P 500 Enhanced Value ETF		13,081,642		(8,030,023	)		5,051,619			183,522,060

S&P 500^®ex-Rate Sensitive Low Volatility ETF		5,306,390		(942,600	)		4,363,790			50,338,678

S&P 500^®High Beta ETF		45,594,118		(122,069,781	)		(76,475,663	)		1,188,085,277

S&P 500^®High Dividend Low Volatility ETF		178,012,864		(130,267,575	)		47,745,289			3,179,304,800

S&P 500^®Low Volatility ETF		306,018,454		(237,256,965	)		68,761,489			9,016,098,213

S&P 500 Minimum Variance ETF		2,460,099		(621,294	)		1,838,805			22,502,031

S&P 500 Momentum ETF		3,100,911		(8,732,197	)		(5,631,286	)		90,887,378

S&P 500 QVM Multi-factor ETF		62,365,166		(41,619,253	)		20,745,913			774,719,507

S&P MidCap 400 QVM Multi-factor ETF		12,284,790		(14,633,890	)		(2,349,100	)		216,958,091

S&P MidCap Low Volatility ETF		100,900,440		(40,787,946	)		60,112,494			1,210,893,952

S&P SmallCap 600 QVM Multi-factor ETF		3,650,365		(4,744,721	)		(1,094,356	)		57,160,700

S&P SmallCap High Dividend Low Volatility ETF		692,854		(1,708,855	)		(1,016,001	)		20,035,225

S&P SmallCap Low Volatility ETF		55,005,430		(53,332,144	)		1,673,286			1,158,813,478

S&P SmallCap Quality ETF		1,132,687		(2,289,140	)		(1,156,453	)		33,056,568

* In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for 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.

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.


		124

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

Actual		$1,000.00		$ 948.80⁽²⁾		0.20%		$0.57⁽³⁾

Hypothetical (5% return before expenses)		1,000.00		1,023.80⁽²⁾		0.20		1.00⁽³⁾

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

Actual		1,000.00		986.30		0.29		1.43

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco Russell 1000 Equal Weight ETF (EQAL)

Actual		1,000.00		979.00		0.20		0.98

Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20		1.00

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

Actual		1,000.00		989.10		0.35		1.73

Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76

Invesco S&P 500 Enhanced Value ETF (SPVU)

Actual		1,000.00		1,063.80		0.13		0.67

Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13		0.65


		125

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

Actual		$1,000.00		$ 989.50		0.25%		$1.23

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P 500^® High Beta ETF (SPHB)

Actual		1,000.00		1,016.20		0.25		1.25

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

Actual		1,000.00		1,036.10		0.30		1.51

Hypothetical (5% return before expenses)		1,000.00		1,023.31		0.30		1.51

Invesco S&P 500^® Low Volatility ETF (SPLV)

Actual		1,000.00		1,003.90		0.25		1.24

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P 500 Minimum Variance ETF (SPMV)

Actual		1,000.00		987.10		0.10		0.49

Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10		0.50

Invesco S&P 500 Momentum ETF (SPMO)

Actual		1,000.00		936.90		0.13		0.62

Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13		0.65

Invesco S&P 500 QVM Multi-factor ETF (QVML)

Actual		1,000.00		983.40		0.11		0.54

Hypothetical (5% return before expenses)		1,000.00		1,024.25		0.11		0.55

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

Actual		1,000.00		972.90		0.15		0.73

Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15		0.75

Invesco S&P MidCap Low Volatility ETF (XMLV)

Actual		1,000.00		982.70		0.25		1.23

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

Actual		1,000.00		980.00		0.15		0.74

Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15		0.75

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

Actual		1,000.00		951.50		0.30		1.45

Hypothetical (5% return before expenses)		1,000.00		1,023.31		0.30		1.51

Invesco S&P SmallCap Low Volatility ETF (XSLV)

Actual		1,000.00		996.60		0.25		1.24

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25


		126

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P SmallCap Quality ETF (XSHQ)

Actual		$1,000.00		$ 996.70		0.29%		$1.44

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

⁽¹⁾

⁽²⁾

The actual ending account value is based on the actual total return of the Fund for the period November 15, 2021 (commencement of investment operations) through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period November 15, 2021 (commencement of investment operations) to February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 106/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


		127

Approval of Investment Advisory Contracts

At a meeting held on September 14, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, Invesco Alerian Galaxy Crypto Economy ETF and Invesco ESG S&P 500 Equal Weight ETF (each, a “Fund” and collectively, the “Funds”).

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that each of the Funds’ portfolio managers also manages other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Funds’ portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds.

The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:

Fund

ETF Peer Group

(Number of Peers)

Open-End

Index Fund

Peer Group

(Number of Peers)

Open-End Active
Fund Peer Group
(Number of Peers)

Select Peer Group

(Number of Peers)

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Higher than

median (38)

Higher than

median (2)

Lower than

median (35)

Lower than

median (4)

Invesco Alerian Galaxy Crypto Economy ETF

Lower than

median (14)

Lower than

median (2)

Lower than

median (11)

Lower than

median (5)

Invesco ESG S&P 500 Equal Weight ETF

Lower than

median (51)

Lower than

median (23)

Lower than

median (156)

Higher than

median (6)

Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.


		128

Approval of Investment Advisory Contracts–(continued)

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of 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 proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of that Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be 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 affiliated money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be 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 Agreement for each Fund. No single factor was determinative in the Board’s analysis.


		129

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-HBLV-SAR-1

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders
		February 28, 2022
		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

Table of Contents



Schedules of Investments

Invesco S&P 500 Revenue ETF (RWL)			3

Invesco S&P MidCap 400 Revenue ETF (RWK)			9

Invesco S&P SmallCap 600 Revenue ETF (RWJ)			14

Invesco S&P Ultra Dividend Revenue ETF (RDIV)			21

Statements of Assets and Liabilities			23

Statements of Operations			24

Statements of Changes in Net Assets			26

Financial Highlights			28

Notes to Financial Statements			32

Fund Expenses			40


		2

Invesco S&P 500 Revenue ETF (RWL)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-8.12%
Activision Blizzard, Inc.		13,701	$	1,116,632
Alphabet, Inc., Class A^(b)		3,594		9,707,897
Alphabet, Inc., Class C^(b)		3,579		9,655,498
AT&T, Inc.		675,622		16,005,485
Charter Communications, Inc., Class A^(b)(c)		7,435		4,474,234
Comcast Corp., Class A		208,600		9,754,136
Discovery, Inc., Class A^(b)(c)		22,571		633,117
Discovery, Inc., Class C^(b)		23,471		656,484
DISH Network Corp., Class A^(b)(c)		49,621		1,585,887
Electronic Arts, Inc.		4,546		591,389
Fox Corp., Class A		15,946		667,021
Fox Corp., Class B		17,150		656,159
Interpublic Group of Cos., Inc. (The)		23,584		867,891
Live Nation Entertainment, Inc.^(b)(c)		3,020		364,876
Lumen Technologies, Inc.^(c)		145,843		1,510,934
Match Group, Inc.^(b)(c)		1,917		213,726
Meta Platforms, Inc., Class A^(b)		30,267		6,387,245
Netflix, Inc.^(b)		4,166		1,643,570
News Corp., Class A		19,757		440,976
News Corp., Class B		19,998		448,555
Omnicom Group, Inc.		17,756		1,489,551
Paramount Global, Class B		78,273		2,395,937
Take-Two Interactive Software, Inc.^(b)		1,809		293,058
T-Mobile US, Inc.^(b)		61,707		7,602,919
Twitter, Inc.^(b)(c)		9,332		331,753
Verizon Communications, Inc.		237,819		12,763,746
Walt Disney Co. (The)^(b)		39,130		5,809,240

				98,067,916

Consumer Discretionary-11.46%
Advance Auto Parts, Inc.		4,094		837,141
Amazon.com, Inc.^(b)		11,820		36,302,293
Aptiv PLC^(b)		8,229		1,065,162
AutoZone, Inc.^(b)		658		1,226,111
Bath & Body Works, Inc.		14,898		795,106
Best Buy Co., Inc.		44,793		4,328,796
Booking Holdings, Inc.^(b)		367		797,216
BorgWarner, Inc.		29,070		1,192,161
Caesars Entertainment, Inc.^(b)		8,323		700,713
CarMax, Inc.^(b)(c)		15,440		1,688,055
Carnival Corp.^(b)(c)		3,023		61,458
Chipotle Mexican Grill, Inc.^(b)		375		571,256
D.R. Horton, Inc.		22,456		1,917,742
Darden Restaurants, Inc.		4,683		680,065
Dollar General Corp.		13,606		2,698,614
Dollar Tree, Inc.^(b)		16,326		2,319,598
Domino’s Pizza, Inc.		715		309,030
eBay, Inc.		14,795		807,659
Etsy, Inc.^(b)(c)		854		132,276
Expedia Group, Inc.^(b)		3,831		751,297
Ford Motor Co.		558,095		9,800,148
Garmin Ltd.		3,207		354,181
General Motors Co.^(b)		184,214		8,606,478
Genuine Parts Co.		12,104		1,478,625
Hasbro, Inc.^(c)		5,405		524,555
Hilton Worldwide Holdings, Inc.^(b)		2,968		441,817
Home Depot, Inc. (The)		31,610		9,983,386


	Shares		Value
Consumer Discretionary-(continued)
Las Vegas Sands Corp.^(b)(c)		10,310	$	441,887
Lennar Corp., Class A		19,367		1,740,706
LKQ Corp.		19,680		923,976
Lowe’s Cos., Inc.		32,370		7,155,712
Marriott International, Inc., Class A^(b)		6,443		1,096,212
McDonald’s Corp.		7,555		1,849,237
MGM Resorts International		17,369		769,273
Mohawk Industries, Inc.^(b)		5,512		775,979
Newell Brands, Inc.		41,560		987,050
NIKE, Inc., Class B		24,289		3,316,663
Norwegian Cruise Line Holdings Ltd.^(b)(c)		693		13,507
NVR, Inc.^(b)		133		659,473
O’Reilly Automotive, Inc.^(b)		1,704		1,106,305
Penn National Gaming, Inc.^(b)(c)		9,721		499,173
Pool Corp.		803		368,240
PulteGroup, Inc.		20,105		998,414
PVH Corp.		7,660		749,837
Ralph Lauren Corp.^(c)		4,065		536,743
Ross Stores, Inc.		14,249		1,302,216
Royal Caribbean Cruises Ltd.^(b)(c)		680		54,890
Starbucks Corp.		22,084		2,027,090
Tapestry, Inc.		12,411		507,610
Target Corp.		38,543		7,699,735
Tesla, Inc.^(b)		4,116		3,582,690
TJX Cos., Inc. (The)		54,294		3,588,833
Tractor Supply Co.		4,674		952,515
Ulta Beauty, Inc.^(b)		1,786		668,857
Under Armour, Inc., Class A^(b)(c)		10,456		187,058
Under Armour, Inc., Class C^(b)(c)		12,306		192,343
VF Corp.		12,797		742,482
Whirlpool Corp.		8,482		1,707,172
Wynn Resorts Ltd.^(b)(c)		3,462		299,532
Yum! Brands, Inc.		4,268		523,172

				138,395,521

Consumer Staples-12.60%
Altria Group, Inc.		41,662		2,136,844
Archer-Daniels-Midland Co.		112,366		8,815,113
Brown-Forman Corp., Class B		4,479		292,165
Campbell Soup Co.		17,403		782,613
Church & Dwight Co., Inc.		4,772		466,940
Clorox Co. (The)		3,795		553,273
Coca-Cola Co. (The)		59,923		3,729,608
Colgate-Palmolive Co.		19,469		1,498,140
Conagra Brands, Inc.		30,841		1,078,510
Constellation Brands, Inc., Class A		3,338		719,740
Costco Wholesale Corp.		31,166		16,182,946
Estee Lauder Cos., Inc. (The), Class A		4,204		1,245,771
General Mills, Inc.		25,203		1,699,438
Hershey Co. (The)		4,209		851,312
Hormel Foods Corp.		19,933		949,608
JM Smucker Co. (The)		5,300		714,175
Kellogg Co.		20,277		1,296,511
Kimberly-Clark Corp.		12,646		1,645,877
Kraft Heinz Co. (The)		68,504		2,686,727
Kroger Co. (The)		270,303		12,650,180
Lamb Weston Holdings, Inc.		5,850		388,616
McCormick & Co., Inc.		6,034		574,256

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


		3

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

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Molson Coors Beverage Co., Class B		19,095	$	996,377
Mondelez International, Inc., Class A		40,470		2,649,976
Monster Beverage Corp.^(b)		5,230		441,412
PepsiCo, Inc.		39,715		6,502,934
Philip Morris International, Inc.		30,321		3,064,543
Procter & Gamble Co. (The)		44,140		6,880,985
Sysco Corp.		67,513		5,880,382
Tyson Foods, Inc., Class A		49,711		4,606,221
Walgreens Boots Alliance, Inc.		246,815		11,375,703
Walmart, Inc.		360,527		48,728,829

				152,085,725

Energy-8.10%
APA Corp.		22,943		817,459
Baker Hughes Co., Class A		71,828		2,110,307
Chevron Corp.		101,526		14,619,744
ConocoPhillips		44,805		4,250,202
Coterra Energy, Inc.		8,205		191,423
Devon Energy Corp.		22,152		1,319,152
Diamondback Energy, Inc.		4,437		612,750
EOG Resources, Inc.		16,561		1,903,190
Exxon Mobil Corp.		345,103		27,062,977
Halliburton Co.		52,781		1,769,747
Hess Corp.		7,418		749,663
Kinder Morgan, Inc.		88,611		1,541,831
Marathon Oil Corp.		25,635		578,326
Marathon Petroleum Corp.		142,971		11,133,152
Occidental Petroleum Corp.		65,738		2,874,723
ONEOK, Inc.		20,375		1,330,487
Phillips 66		117,290		9,880,510
Pioneer Natural Resources Co.		6,927		1,659,709
Schlumberger N.V.		63,892		2,507,122
Valero Energy Corp.		118,772		9,918,650
Williams Cos., Inc. (The)		31,409		982,473

				97,813,597

Financials-12.97%
Aflac, Inc.		34,786		2,125,077
Allstate Corp. (The)		40,812		4,993,756
American Express Co.		21,800		4,240,972
American International Group, Inc.		77,845		4,767,228
Ameriprise Financial, Inc.		3,930		1,178,175
Aon PLC, Class A		3,654		1,067,480
Arthur J. Gallagher & Co.		4,108		649,845
Assurant, Inc.		5,861		994,670
Bank of America Corp.		187,587		8,291,345
Bank of New York Mellon Corp. (The)		24,846		1,320,565
Berkshire Hathaway, Inc., Class B^(b)		82,858		26,634,704
BlackRock, Inc.		1,910		1,420,830
Brown & Brown, Inc.		3,880		262,327
Capital One Financial Corp.		18,616		2,853,274
Cboe Global Markets, Inc.		2,344		274,928
Charles Schwab Corp. (The)		20,235		1,709,048
Chubb Ltd.		18,738		3,815,806
Cincinnati Financial Corp.		6,851		841,234
Citigroup, Inc.		117,471		6,957,807
Citizens Financial Group, Inc.		13,443		704,682
CME Group, Inc., Class A		1,806		427,173
Comerica, Inc.		3,104		296,401
Discover Financial Services		9,645		1,190,579
Everest Re Group Ltd		3,772		1,124,886


	Shares		Value
Financials-(continued)
FactSet Research Systems, Inc.		318	$	129,137
Fifth Third Bancorp.		16,566		792,517
First Republic Bank		2,190		379,439
Franklin Resources, Inc.		21,244		631,584
Globe Life, Inc.		4,872		491,877
Goldman Sachs Group, Inc. (The)		14,775		5,042,560
Hartford Financial Services Group, Inc. (The)		28,642		1,990,046
Huntington Bancshares, Inc.^(c)		32,312		501,482
Intercontinental Exchange, Inc.		6,546		838,674
Invesco Ltd.^(d)		27,470		583,463
JPMorgan Chase & Co.		71,504		10,139,267
KeyCorp.		28,599		716,977
Lincoln National Corp.		24,613		1,659,408
Loews Corp.		22,854		1,401,864
M&T Bank Corp.		3,486		635,254
MarketAxess Holdings, Inc.		177		67,513
Marsh & McLennan Cos., Inc.		9,853		1,531,255
MetLife, Inc.		103,298		6,977,780
Moody’s Corp.		1,322		425,724
Morgan Stanley		54,509		4,946,147
MSCI, Inc.		286		143,483
Nasdaq, Inc.		2,529		432,838
Northern Trust Corp.		4,792		545,809
People’s United Financial, Inc.		10,198		214,974
PNC Financial Services Group, Inc. (The)		8,315		1,656,764
Principal Financial Group, Inc.		17,182		1,213,737
Progressive Corp. (The)		43,553		4,613,569
Prudential Financial, Inc.		58,564		6,539,256
Raymond James Financial, Inc.		9,043		991,565
Regions Financial Corp.		26,606		643,599
S&P Global, Inc.^(c)		2,387		896,789
Signature Bank		634		218,660
State Street Corp.		10,464		892,893
SVB Financial Group^(b)		705		427,230
Synchrony Financial		20,932		895,471
T. Rowe Price Group, Inc.		3,339		482,686
Travelers Cos., Inc. (The)		19,732		3,390,550
Truist Financial Corp.		34,949		2,174,527
U.S. Bancorp.		35,708		2,018,930
W.R. Berkley Corp.		10,049		907,425
Wells Fargo & Co		153,997		8,218,820
Willis Towers Watson PLC		3,661		813,840
Zions Bancorporation N.A.		4,136		293,201

				156,651,376

Health Care-20.09%
Abbott Laboratories		27,998		3,377,119
AbbVie, Inc.		39,068		5,773,078
ABIOMED, Inc.^(b)		300		93,222
Agilent Technologies, Inc.		3,596		468,775
Align Technology, Inc.^(b)		508		259,822
AmerisourceBergen Corp.		154,502		22,021,170
Amgen, Inc.^(c)		10,876		2,463,196
Anthem, Inc.		27,624		12,481,904
Baxter International, Inc.		13,645		1,159,416
Becton, Dickinson and Co.		7,335		1,989,839
Biogen, Inc.^(b)		3,347		706,250
Bio-Rad Laboratories, Inc., Class A^(b)		362		226,598
Bio-Techne Corp.		196		82,204

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


		4

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

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
Boston Scientific Corp.^(b)		24,697	$	1,090,866
Bristol-Myers Squibb Co.		71,685		4,922,609
Cardinal Health, Inc.		306,902		16,575,777
Catalent, Inc.^(b)		3,033		309,487
Centene Corp.^(b)		137,953		11,397,677
Cerner Corp.		6,803		634,380
Charles River Laboratories International, Inc.^(b)		862		250,980
Cigna Corp.		70,472		16,756,832
Cooper Cos., Inc. (The)		646		264,227
CVS Health Corp.		256,325		26,568,086
Danaher Corp.		7,854		2,155,216
DaVita, Inc.^(b)		9,719		1,096,012
DENTSPLY SIRONA, Inc.		7,038		381,037
DexCom, Inc.^(b)		377		156,044
Edwards Lifesciences Corp.^(b)		3,707		416,556
Eli Lilly and Co.		10,112		2,527,494
Gilead Sciences, Inc.		34,945		2,110,678
HCA Healthcare, Inc.		21,147		5,293,306
Henry Schein, Inc.^(b)		14,322		1,237,134
Hologic, Inc.^(b)		6,690		476,127
Humana, Inc.		15,835		6,877,457
IDEXX Laboratories, Inc.^(b)		468		249,140
Illumina, Inc.^(b)		1,033		337,378
Incyte Corp.^(b)		3,927		268,214
Intuitive Surgical, Inc.^(b)		1,395		405,010
IQVIA Holdings, Inc.^(b)		4,424		1,018,051
Johnson & Johnson		49,073		8,075,944
Laboratory Corp. of America Holdings^(b)		5,115		1,387,495
McKesson Corp.		95,718		26,318,621
Medtronic PLC		25,161		2,641,653
Merck & Co., Inc.		59,813		4,580,480
Mettler-Toledo International, Inc.^(b)		205		288,792
Moderna, Inc.^(b)		4,102		630,067
Organon & Co.		24,435		912,159
PerkinElmer, Inc.		2,395		430,166
Pfizer, Inc.		116,663		5,476,161
Quest Diagnostics, Inc.		6,123		803,766
Regeneron Pharmaceuticals, Inc.^(b)		1,799		1,112,430
ResMed, Inc.		1,145		282,529
STERIS PLC		1,511		362,640
Stryker Corp.		5,713		1,504,519
Teleflex, Inc.		748		251,560
Thermo Fisher Scientific, Inc.		5,416		2,946,304
UnitedHealth Group, Inc.		51,923		24,708,598
Universal Health Services, Inc., Class B		8,603		1,238,230
Vertex Pharmaceuticals, Inc.^(b)		3,062		704,321
Viatris, Inc.		119,641		1,317,247
Waters Corp.^(b)		703		222,661
West Pharmaceutical Services, Inc.		568		219,861
Zimmer Biomet Holdings, Inc.		5,609		713,409
Zoetis, Inc.		2,946		570,493

				242,578,474

Industrials-9.65%
3M Co.		17,704		2,631,700
A.O. Smith Corp.		3,616		247,985
Alaska Air Group, Inc.^(b)		8,717		489,372
Allegion PLC		1,943		222,512
American Airlines Group, Inc.^(b)(c)		121,079		2,088,613


	Shares		Value
Industrials-(continued)
AMETEK, Inc.		3,240	$	420,520
Boeing Co. (The)^(b)		27,211		5,587,507
C.H. Robinson Worldwide, Inc.		17,908		1,731,345
Carrier Global Corp.		32,064		1,439,032
Caterpillar, Inc.		21,156		3,968,442
Cintas Corp.		1,405		527,325
Copart, Inc.^(b)		1,740		213,811
CSX Corp.		28,745		974,743
Cummins, Inc.		9,767		1,993,640
Deere & Co.		10,911		3,928,178
Delta Air Lines, Inc.^(b)		56,883		2,270,769
Dover Corp.		4,026		631,518
Eaton Corp. PLC		10,173		1,569,592
Emerson Electric Co.		17,561		1,631,768
Equifax, Inc.		1,420		310,043
Expeditors International of Washington, Inc.		9,790		1,011,894
Fastenal Co.		8,082		415,900
FedEx Corp.		31,235		6,942,603
Fortive Corp.		6,141		397,630
Fortune Brands Home & Security, Inc.		6,169		536,086
Generac Holdings, Inc.^(b)		891		281,084
General Dynamics Corp.		16,769		3,931,492
General Electric Co.		69,046		6,594,583
Honeywell International, Inc.		14,650		2,779,838
Howmet Aerospace, Inc.		14,153		508,376
Huntington Ingalls Industries, Inc.		4,616		943,510
IDEX Corp.		1,021		195,930
Illinois Tool Works, Inc.		5,212		1,127,564
Ingersoll Rand, Inc.		8,149		411,687
J.B. Hunt Transport Services, Inc.		5,104		1,035,755
Jacobs Engineering Group, Inc.		8,683		1,068,009
Johnson Controls International PLC		26,462		1,718,972
L3Harris Technologies, Inc.		7,411		1,869,869
Leidos Holdings, Inc.		13,583		1,383,293
Lockheed Martin Corp.		17,104		7,419,715
Masco Corp.		10,595		593,744
Nielsen Holdings PLC		18,356		319,762
Norfolk Southern Corp.		3,332		854,725
Northrop Grumman Corp.		8,908		3,938,583
Old Dominion Freight Line, Inc.		1,229		385,943
Otis Worldwide Corp.		14,663		1,148,553
PACCAR, Inc.		22,429		2,059,207
Parker-Hannifin Corp.		4,153		1,230,908
Pentair PLC		4,220		244,380
Quanta Services, Inc.		9,277		1,010,636
Raytheon Technologies Corp.		65,695		6,746,877
Republic Services, Inc.		7,167		862,047
Robert Half International, Inc.		4,860		584,609
Rockwell Automation, Inc.^(c)		1,786		476,112
Rollins, Inc.^(c)		6,579		214,673
Roper Technologies, Inc.		1,148		514,557
Snap-on, Inc.		1,864		391,776
Southwest Airlines Co.^(b)(c)		26,901		1,178,264
Stanley Black & Decker, Inc.		7,842		1,275,893
Textron, Inc.		14,955		1,093,659
Trane Technologies PLC		6,027		927,736
TransDigm Group, Inc.^(b)		713		475,279
Union Pacific Corp.		7,572		1,862,333
United Airlines Holdings, Inc.^(b)(c)		40,153		1,782,793

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


		5

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

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
United Parcel Service, Inc., Class B		40,085	$	8,434,686
United Rentals, Inc.^(b)		2,361		759,345
Verisk Analytics, Inc.		1,161		205,892
W.W. Grainger, Inc.		2,208		1,053,348
Wabtec Corp.		7,562		701,905
Waste Management, Inc.		9,316		1,345,230
Xylem, Inc.		3,777		335,964

				116,461,624

Information Technology-10.38%
Accenture PLC, Class A		11,851		3,745,153
Adobe, Inc.^(b)		2,055		961,082
Advanced Micro Devices, Inc.^(b)		9,494		1,170,990
Akamai Technologies, Inc.^(b)		2,651		286,997
Amphenol Corp., Class A		10,806		821,364
Analog Devices, Inc.		3,552		569,350
ANSYS, Inc.^(b)		432		140,050
Apple, Inc.		181,440		29,959,373
Applied Materials, Inc.		13,404		1,798,817
Arista Networks, Inc.^(b)		1,890		231,960
Autodesk, Inc.^(b)		1,380		303,917
Automatic Data Processing, Inc.		5,761		1,177,779
Broadcom, Inc.		3,743		2,198,788
Broadridge Financial Solutions, Inc.		2,605		380,877
Cadence Design Systems, Inc.^(b)		1,414		214,122
CDW Corp.		9,213		1,588,874
Ceridian HCM Holding, Inc.^(b)(c)		805		58,693
Cisco Systems, Inc.		76,212		4,250,343
Citrix Systems, Inc.		3,477		356,392
Cognizant Technology Solutions Corp., Class A		19,455		1,675,659
Corning, Inc.		32,384		1,308,314
DXC Technology Co.^(b)		48,360		1,645,691
Enphase Energy, Inc.^(b)		539		89,851
EPAM Systems, Inc.^(b)		444		92,241
F5, Inc.^(b)(c)		1,036		208,081
Fidelity National Information Services, Inc.		11,537		1,098,668
Fiserv, Inc.^(b)		13,576		1,325,968
FleetCor Technologies, Inc.^(b)		1,070		250,594
Fortinet, Inc.^(b)		850		292,842
Gartner, Inc.^(b)		1,249		350,245
Global Payments, Inc.		5,873		783,341
Hewlett Packard Enterprise Co.		162,987		2,594,753
HP, Inc.		155,376		5,338,719
Intel Corp.		137,991		6,582,171
International Business Machines Corp.		53,375		6,538,971
Intuit, Inc.		1,346		638,502
IPG Photonics Corp.^(b)(c)		748		97,502
Jack Henry & Associates, Inc.		1,026		181,397
Juniper Networks, Inc.		12,188		411,833
Keysight Technologies, Inc.^(b)		2,200		346,214
KLA Corp.		1,648		574,328
Lam Research Corp.		1,980		1,111,473
Mastercard, Inc., Class A		4,521		1,631,267
Microchip Technology, Inc.		6,147		432,318
Micron Technology, Inc.		28,774		2,556,858
Microsoft Corp.		45,748		13,669,045
Monolithic Power Systems, Inc.		203		93,116
Motorola Solutions, Inc.		2,702		595,602
NetApp, Inc.		6,018		471,691


	Shares		Value
Information Technology-(continued)
NortonLifeLock, Inc.^(c)		9,809	$	284,265
NVIDIA Corp.		7,167		1,747,673
NXP Semiconductors N.V. (China)		4,141		787,287
Oracle Corp.		35,421		2,690,933
Paychex, Inc.		3,014		358,847
Paycom Software, Inc.^(b)		222		75,305
PayPal Holdings, Inc.^(b)		11,669		1,306,111
PTC, Inc.^(b)		1,320		146,890
Qorvo, Inc.^(b)		2,519		344,549
QUALCOMM, Inc.		16,255		2,795,697
salesforce.com, inc.^(b)		8,352		1,758,347
Seagate Technology Holdings PLC		9,814		1,012,412
ServiceNow, Inc.^(b)		758		439,579
Skyworks Solutions, Inc.		2,759		381,211
SolarEdge Technologies, Inc.^(b)(c)		514		164,182
Synopsys, Inc.^(b)		1,051		328,322
TE Connectivity Ltd. (Switzerland)		8,236		1,173,053
Teledyne Technologies, Inc.^(b)(c)		813		349,086
Teradyne, Inc.		1,977		233,128
Texas Instruments, Inc.		7,962		1,353,460
Trimble, Inc.^(b)		3,672		256,122
Tyler Technologies, Inc.^(b)		252		107,922
VeriSign, Inc.^(b)		500		106,860
Visa, Inc., Class A^(c)		10,034		2,168,548
Western Digital Corp.^(b)		27,665		1,409,255
Zebra Technologies Corp., Class A^(b)		789		326,125

				125,307,345

Materials-3.20%
Air Products and Chemicals, Inc.		3,098		732,057
Albemarle Corp.		1,128		220,964
Amcor PLC		100,693		1,171,060
Avery Dennison Corp.		3,451		608,066
Ball Corp.		12,742		1,143,467
Celanese Corp.		4,326		602,525
CF Industries Holdings, Inc.		7,408		601,455
Corteva, Inc.		28,432		1,479,317
Dow, Inc.		83,351		4,914,375
DuPont de Nemours, Inc.		19,642		1,519,702
Eastman Chemical Co.		7,531		892,198
Ecolab, Inc.		4,768		840,408
FMC Corp.		3,901		457,392
Freeport-McMoRan, Inc.		47,958		2,251,628
International Flavors & Fragrances, Inc.		5,982		795,606
International Paper Co.		42,576		1,853,333
Linde PLC (United Kingdom)		7,912		2,320,115
LyondellBasell Industries N.V., Class A		40,798		3,966,789
Martin Marietta Materials, Inc.		1,060		402,164
Mosaic Co. (The)		26,486		1,388,661
Newmont Corp.		19,290		1,276,998
Nucor Corp.		24,679		3,248,250
Packaging Corp. of America		5,103		751,111
PPG Industries, Inc.		8,936		1,192,509
Sealed Air Corp.^(c)		7,295		489,713
Sherwin-Williams Co. (The)		5,048		1,328,280
Vulcan Materials Co.		2,244		407,174
WestRock Co.		38,302		1,733,932

				38,589,249

Real Estate-0.81%
Alexandria Real Estate Equities, Inc.^(c)		817		154,740

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


		6

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

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
American Tower Corp.		2,952	$	669,720
AvalonBay Communities, Inc.		798		190,395
Boston Properties, Inc.^(c)		2,218		271,284
CBRE Group, Inc., Class A^(b)		22,422		2,171,571
Crown Castle International Corp.		2,858		476,114
Digital Realty Trust, Inc.		2,337		315,308
Duke Realty Corp.		1,619		85,807
Equinix, Inc.		732		519,522
Equity Residential		2,442		208,303
Essex Property Trust, Inc.		371		117,670
Extra Space Storage, Inc.		654		123,050
Federal Realty Investment Trust		623		73,252
Healthpeak Properties, Inc.		4,849		150,610
Host Hotels & Resorts, Inc.^(b)		11,530		210,653
Iron Mountain, Inc.^(c)		8,039		395,358
Kimco Realty Corp.		4,694		110,450
Mid-America Apartment Communities, Inc.^(c)		708		144,864
Prologis, Inc.		2,574		375,418
Public Storage		840		298,217
Realty Income Corp.		2,405		158,946
Regency Centers Corp.		1,359		89,544
SBA Communications Corp., Class A		567		172,022
Simon Property Group, Inc.		2,897		398,511
UDR, Inc.		1,887		103,540
Ventas, Inc.		6,827		368,658
Vornado Realty Trust		3,242		140,314
Welltower, Inc.		4,879		406,372
Weyerhaeuser Co.		22,276		866,091

				9,766,304

Utilities-2.51%
AES Corp. (The)		39,672		842,237
Alliant Energy Corp.		5,376		313,958
Ameren Corp.		6,268		538,735
American Electric Power Co., Inc.		17,115		1,551,475
American Water Works Co., Inc.		1,954		295,230
Atmos Energy Corp.^(c)		3,149		345,792
CenterPoint Energy, Inc.		25,702		702,950
CMS Energy Corp.		10,132		648,549
Consolidated Edison, Inc.		14,159		1,214,417
Constellation Energy Corp.		21,236		976,431


	Shares		Value
Utilities-(continued)
Dominion Energy, Inc.		15,891	$	1,263,811
DTE Energy Co.		10,962		1,332,870
Duke Energy Corp.		21,524		2,161,225
Edison International		19,444		1,233,138
Entergy Corp.		9,349		983,608
Evergy, Inc.		7,366		459,712
Eversource Energy		9,716		794,769
Exelon Corp.		63,983		2,723,116
FirstEnergy Corp.		24,640		1,031,184
NextEra Energy, Inc.		20,206		1,581,524
NiSource, Inc.		16,074		465,021
NRG Energy, Inc.		50,068		1,894,573
Pinnacle West Capital Corp.^(c)		5,004		354,433
PPL Corp.		19,208		502,673
Public Service Enterprise Group, Inc.		14,219		921,818
Sempra Energy		8,755		1,262,646
Southern Co. (The)		30,787		1,994,074
WEC Energy Group, Inc.		7,612		691,779
Xcel Energy, Inc.		17,298		1,164,674

				30,246,422

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $963,909,861)				1,205,963,553


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.64%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		5,964,626		5,964,626
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		13,916,070		13,917,462

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,882,087)				19,882,088

TOTAL INVESTMENTS IN SECURITIES-101.53% (Cost $983,791,948)				1,225,845,641
OTHER ASSETS LESS LIABILITIES-(1.53)%				(18,517,224	)

NET ASSETS-100.00%			$	1,207,328,417

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 February 28, 2022.

^(d)


	Value August 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value February 28, 2022		Dividend Income
Invesco Ltd.	$	449,253	$	245,476	$	(9,486)	$	(106,661	)	$	4,881	$	583,463	$	8,420

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


		7

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

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	9,737,779		$	(9,737,779	)		$	-			$	-			$	-		$	70

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,278,231			58,491,877			(53,805,482	)			-				-				5,964,626			798	*

Invesco Private Prime Fund			2,982,538			139,567,104			(128,628,134	)			1				(4,047	)			13,917,462			6,923	*



Total		$	4,710,022		$	208,042,236		$	(192,180,881	)		$	(106,660	)		$	834			$	20,465,551		$	16,211

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Health Care			20.09

Financials			12.97

Consumer Staples			12.60

Consumer Discretionary			11.46

Information Technology			10.38

Industrials			9.65

Communication Services			8.12

Energy			8.10

Materials			3.20

Sector Types Each Less Than 3%			3.32

Money Market Funds Plus Other Assets Less Liabilities			0.11

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


		8

Invesco S&P MidCap 400 Revenue ETF (RWK)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-0.84%
Cable One, Inc.		217	$	310,928
Iridium Communications, Inc.^(b)		3,584		141,891
John Wiley & Sons, Inc., Class A		8,729		439,156
New York Times Co. (The), Class A^(c)		10,753		473,025
TEGNA, Inc.		35,472		813,018
TripAdvisor, Inc.^(b)(c)		7,080		180,115
World Wrestling Entertainment, Inc., Class A^(c)		5,009		296,833
Yelp, Inc.^(b)		6,626		224,555
Ziff Davis, Inc.^(b)		3,931		395,459

				3,274,980

Consumer Discretionary-22.26%
Adient PLC^(b)(c)		69,927		3,129,233
American Eagle Outfitters, Inc.^(c)		44,566		939,451
AutoNation, Inc.^(b)		50,281		5,765,219
Boyd Gaming Corp.^(b)		12,099		858,303
Brunswick Corp.		14,076		1,344,540
Callaway Golf Co.^(b)(c)		24,173		598,040
Capri Holdings Ltd.^(b)		18,668		1,264,570
Carter’s, Inc.		7,768		751,010
Choice Hotels International, Inc.		1,598		230,671
Churchill Downs, Inc.		1,610		387,801
Columbia Sportswear Co.		6,972		646,444
Cracker Barrel Old Country Store, Inc.^(c)		5,608		752,986
Crocs, Inc.^(b)		3,238		271,118
Dana, Inc.		95,152		1,771,730
Deckers Outdoor Corp.^(b)		1,784		514,934
Dick’s Sporting Goods, Inc.^(c)		25,675		2,695,875
Five Below, Inc.^(b)		3,241		530,260
Foot Locker, Inc.^(c)		48,000		1,517,760
Fox Factory Holding Corp.^(b)		1,651		194,851
GameStop Corp., Class A^(b)(c)		8,524		1,051,350
Gentex Corp.		12,573		380,585
Goodyear Tire & Rubber Co. (The)^(b)(c)		176,946		2,740,894
Graham Holdings Co., Class B		1,285		772,452
Grand Canyon Education, Inc.^(b)		2,763		239,911
H&R Block, Inc.^(c)		30,856		765,537
Hanesbrands, Inc.^(c)		94,588		1,461,385
Harley-Davidson, Inc.		33,196		1,370,995
Helen of Troy Ltd.^(b)(c)		2,147		441,573
KB Home		28,470		1,099,227
Kohl’s Corp.^(c)		89,224		4,962,639
Lear Corp.		25,318		3,983,534
Leggett & Platt, Inc.^(c)		28,473		1,055,779
Lithia Motors, Inc., Class A		17,161		5,848,812
Macy’s, Inc.		211,943		5,493,563
Marriott Vacations Worldwide Corp.		5,308		852,836
Mattel, Inc.^(b)		60,260		1,505,295
Murphy USA, Inc.^(c)		19,854		3,588,412
Nordstrom, Inc.^(b)(c)		161,912		3,358,055
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		8,513		367,591
Papa John’s International, Inc.		3,801		406,023
Polaris, Inc.		18,616		2,262,030
RH^(b)(c)		1,402		563,422
Scientific Games Corp.^(b)		11,179		703,383
Service Corp. International		14,509		882,873


	Shares		Value
Consumer Discretionary-(continued)
Six Flags Entertainment Corp.^(b)		8,036	$	350,852
Skechers U.S.A., Inc., Class A^(b)		31,826		1,463,359
Taylor Morrison Home Corp., Class A^(b)(c)		45,422		1,339,949
Tempur Sealy International, Inc.		25,035		826,405
Texas Roadhouse, Inc.		8,822		837,296
Thor Industries, Inc.^(c)		29,323		2,653,732
Toll Brothers, Inc.		26,905		1,459,865
TopBuild Corp.^(b)		2,732		586,506
Travel + Leisure Co.		13,609		762,784
Tri Pointe Homes, Inc.^(b)		33,184		742,326
Urban Outfitters, Inc.^(b)(c)		34,190		940,567
Victoria’s Secret & Co.^(b)(c)		28,523		1,529,688
Visteon Corp.^(b)		5,887		707,441
Wendy’s Co. (The)		20,662		469,854
Williams-Sonoma, Inc.^(c)		11,101		1,608,091
Wingstop, Inc.^(c)		412		59,884
Wyndham Hotels & Resorts, Inc.		4,275		369,403
YETI Holdings, Inc.^(b)(c)		3,598		221,493

				87,252,447

Consumer Staples-7.93%
BJ’s Wholesale Club Holdings, Inc.^(b)		58,395		3,671,294
Boston Beer Co., Inc. (The), Class A^(b)(c)		1,026		393,430
Casey’s General Stores, Inc.		11,886		2,235,519
Coty, Inc., Class A^(b)		116,321		1,066,663
Darling Ingredients, Inc.^(b)		17,107		1,239,915
Energizer Holdings, Inc.		18,615		621,555
Flowers Foods, Inc.		40,852		1,119,753
Grocery Outlet Holding Corp.^(b)(c)		27,017		751,343
Hain Celestial Group, Inc. (The)^(b)(c)		12,002		436,393
Ingredion, Inc.		16,936		1,502,901
Lancaster Colony Corp.		2,379		400,171
Nu Skin Enterprises, Inc., Class A		14,379		667,042
Performance Food Group Co.^(b)		178,723		10,015,637
Pilgrim’s Pride Corp.^(b)		119,470		2,817,103
Post Holdings, Inc.^(b)(c)		14,775		1,553,443
Sanderson Farms, Inc.		5,580		996,532
Sprouts Farmers Market, Inc.^(b)(c)		56,135		1,598,725

				31,087,419

Energy-3.46%
Antero Midstream Corp.^(c)		24,097		241,934
ChampionX Corp.^(b)		31,141		666,729
CNX Resources Corp.^(b)(c)		34,907		570,380
DT Midstream, Inc.		4,192		222,595
EQT Corp.		56,407		1,305,258
Equitrans Midstream Corp.		35,154		225,337
HollyFrontier Corp.		114,684		3,492,128
Murphy Oil Corp.^(c)		21,153		733,374
NOV, Inc.		94,157		1,614,793
Targa Resources Corp.		68,437		4,473,727

				13,546,255

Financials-11.32%
Affiliated Managers Group, Inc.		3,337		461,707
Alleghany Corp.^(b)		3,980		2,634,442
American Financial Group, Inc.		12,395		1,678,159
Associated Banc-Corp.		12,059		294,119
Bank of Hawaii Corp.		1,957		168,654

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


		9

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

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Bank OZK		6,243	$	293,546
Brighthouse Financial, Inc.^(b)		24,753		1,293,592
Cadence Bank		8,924		282,177
Cathay General Bancorp.		3,959		186,192
CNO Financial Group, Inc.		42,220		1,020,457
Commerce Bancshares, Inc.^(c)		4,993		358,398
Cullen/Frost Bankers, Inc.		2,570		361,676
East West Bancorp, Inc.		5,580		488,585
Essent Group Ltd.		5,523		244,006
Evercore, Inc., Class A		5,542		703,889
F.N.B. Corp.		25,812		346,655
Federated Hermes, Inc., Class B^(c)		9,079		296,611
First American Financial Corp.		28,676		1,922,439
First Financial Bankshares, Inc.		2,434		116,637
First Horizon Corp.		49,478		1,161,743
FirstCash Holdings, Inc.		6,053		436,058
Fulton Financial Corp.		14,783		266,390
Glacier Bancorp, Inc.^(c)		3,388		187,695
Hancock Whitney Corp.		6,638		369,604
Hanover Insurance Group, Inc. (The)		9,400		1,311,394
Home BancShares, Inc.		7,591		177,705
Interactive Brokers Group, Inc., Class A		9,405		622,423
International Bancshares Corp.		3,481		149,718
Janus Henderson Group PLC		16,002		537,187
Jefferies Financial Group, Inc.		58,454		2,077,455
Kemper Corp.^(c)		26,271		1,403,922
Kinsale Capital Group, Inc.		677		142,008
Mercury General Corp.		18,578		1,021,790
MGIC Investment Corp.		20,089		304,951
Navient Corp.		41,552		731,731
New York Community Bancorp, Inc.		34,269		395,464
Old Republic International Corp.		90,382		2,381,566
PacWest Bancorp.		6,598		326,073
Pinnacle Financial Partners, Inc.		3,244		327,904
Primerica, Inc.		4,213		547,227
PROG Holdings, Inc.^(b)		14,752		452,001
Prosperity Bancshares, Inc.		3,971		295,681
Reinsurance Group of America, Inc.		38,519		4,270,216
RenaissanceRe Holdings Ltd. (Bermuda)		7,714		1,163,117
RLI Corp.		2,521		255,882
SEI Investments Co.		7,481		438,237
Selective Insurance Group, Inc.		9,737		810,021
SLM Corp.		28,305		557,608
Stifel Financial Corp.		15,817		1,162,549
Synovus Financial Corp.		10,929		575,412
Texas Capital Bancshares, Inc.^(b)		4,267		284,182
UMB Financial Corp.		3,266		332,675
Umpqua Holdings Corp.		16,448		351,165
United Bankshares, Inc.^(c)		7,609		278,642
Unum Group		134,202		3,746,920
Valley National Bancorp.		25,829		360,831
Washington Federal, Inc.		4,852		172,634
Webster Financial Corp.		5,511		331,817
Wintrust Financial Corp.		5,188		515,480

				44,387,019

Health Care-6.70%
Acadia Healthcare Co., Inc.^(b)		9,357		530,636
Amedisys, Inc.^(b)		3,328		533,279
Arrowhead Pharmaceuticals, Inc.^(b)(c)		476		20,944


	Shares		Value
Health Care-(continued)
Bruker Corp.		7,100	$	499,627
Chemed Corp.		1,001		478,768
Encompass Health Corp.		19,113		1,261,840
Envista Holdings Corp.^(b)(c)		16,436		788,928
Exelixis, Inc.^(b)		18,125		372,106
Globus Medical, Inc., Class A^(b)		3,332		234,306
Haemonetics Corp.^(b)		4,335		250,173
Halozyme Therapeutics, Inc.^(b)		3,243		115,029
HealthEquity, Inc.^(b)		4,366		234,498
ICU Medical, Inc.^(b)		1,396		330,475
Integra LifeSciences Holdings Corp.^(b)(c)		5,669		380,163
Jazz Pharmaceuticals PLC^(b)		5,650		776,423
LHC Group, Inc.^(b)		3,949		537,735
LivaNova PLC^(b)(c)		3,048		240,244
Masimo Corp.^(b)		1,051		165,480
Medpace Holdings, Inc.^(b)		1,286		196,719
Molina Healthcare, Inc.^(b)		20,362		6,248,487
Neogen Corp.^(b)(c)		2,916		104,101
Neurocrine Biosciences, Inc.^(b)		3,224		289,741
NuVasive, Inc.^(b)(c)		5,328		288,351
Option Care Health, Inc.^(b)		31,260		803,382
Patterson Cos., Inc.^(c)		53,915		1,612,059
Penumbra, Inc.^(b)(c)		694		153,888
Perrigo Co. PLC		28,698		1,019,353
Progyny, Inc.^(b)(c)		2,431		95,684
Quidel Corp.^(b)(c)		3,357		355,137
R1 RCM, Inc.^(b)(c)		14,072		382,618
Repligen Corp.^(b)		579		113,889
STAAR Surgical Co.^(b)		580		46,006
Syneos Health, Inc.^(b)		12,035		953,172
Tandem Diabetes Care, Inc.^(b)		1,201		135,269
Tenet Healthcare Corp.^(b)		62,379		5,363,970
United Therapeutics Corp.^(b)(c)		2,134		354,671

				26,267,151

Industrials-19.80%
Acuity Brands, Inc.		4,189		763,948
AECOM		44,259		3,215,859
AGCO Corp.		22,111		2,656,858
ASGN, Inc.^(b)		7,813		865,602
Avis Budget Group, Inc.^(b)		8,028		1,472,656
Axon Enterprise, Inc.^(b)		1,488		208,692
Brink’s Co. (The)^(c)		15,602		1,093,076
Builders FirstSource, Inc.^(b)		54,112		4,027,015
CACI International, Inc., Class A^(b)		5,547		1,551,995
Carlisle Cos., Inc.		4,601		1,092,277
Clean Harbors, Inc.^(b)		8,621		822,702
Colfax Corp.^(b)		19,500		784,095
Crane Co		7,473		755,371
Curtiss-Wright Corp.		4,554		671,806
Donaldson Co., Inc.		12,240		664,265
Dycom Industries, Inc.^(b)		8,020		698,221
EMCOR Group, Inc.		18,313		2,115,884
EnerSys		10,043		730,427
Flowserve Corp.		28,090		853,093
Fluor Corp.^(b)(c)		130,177		2,819,634
FTI Consulting, Inc.^(b)(c)		4,557		665,322
GATX Corp.		2,903		309,547
Graco, Inc.		5,850		421,727
GXO Logistics, Inc.^(b)(c)		21,019		1,764,125

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


		10

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

February 28, 2022

(Unaudited)


	Shares		Value
Industrials-(continued)
Hexcel Corp.		5,835	$	337,847
Hubbell, Inc.		5,261		937,773
IAA, Inc.^(b)		8,042		295,463
Insperity, Inc.^(c)		10,229		920,099
ITT, Inc.		6,690		587,850
JetBlue Airways Corp.^(b)		82,116		1,253,911
KBR, Inc.		33,473		1,661,600
Kennametal, Inc.		12,862		407,854
Kirby Corp.^(b)		8,985		585,373
Knight-Swift Transportation Holdings, Inc.		21,699		1,182,162
Landstar System, Inc.		8,050		1,243,001
Lennox International, Inc.		3,023		806,929
Lincoln Electric Holdings, Inc.		5,490		699,755
ManpowerGroup, Inc.		52,239		5,551,961
MasTec, Inc.^(b)(c)		20,477		1,612,769
MDU Resources Group, Inc.		47,610		1,274,520
Mercury Systems, Inc.^(b)(c)		4,791		288,514
Middleby Corp. (The)^(b)		4,000		710,480
MillerKnoll, Inc.		15,899		618,153
MSA Safety, Inc.		2,235		310,889
MSC Industrial Direct Co., Inc., Class A^(c)		9,286		719,479
nVent Electric PLC		14,901		505,591
Oshkosh Corp.		16,702		1,854,590
Owens Corning		21,652		2,017,750
Regal Rexnord Corp.^(c)		4,949		793,572
Ryder System, Inc.^(c)		27,674		2,181,818
Saia, Inc.^(b)		1,576		452,674
Science Applications International Corp.		21,213		1,860,168
Simpson Manufacturing Co., Inc.		2,704		320,451
Stericycle, Inc.^(b)		10,858		633,673
Sunrun, Inc.^(b)(c)		8,504		231,989
Terex Corp.		19,833		818,706
Tetra Tech, Inc.		4,533		719,704
Timken Co. (The)		14,247		934,033
Toro Co. (The)		9,339		876,092
Trex Co., Inc.^(b)		1,905		174,955
Trinity Industries, Inc.^(c)		14,515		418,903
Univar Solutions, Inc.^(b)		79,182		2,431,679
Valmont Industries, Inc.		3,172		686,579
Vicor Corp.^(b)		722		53,984
Watsco, Inc.		4,630		1,264,268
Werner Enterprises, Inc.		13,650		593,229
Woodward, Inc.^(c)		5,033		627,263
XPO Logistics, Inc.^(b)		56,723		4,122,628

				77,604,878

Information Technology-13.36%
ACI Worldwide, Inc.^(b)		9,386		314,619
Alliance Data Systems Corp.		14,281		963,253
Amkor Technology, Inc.		59,874		1,357,344
Arrow Electronics, Inc.^(b)		64,901		7,910,134
Aspen Technology, Inc.^(b)		1,194		181,978
Avnet, Inc.		126,796		5,334,308
Azenta, Inc.^(c)		2,327		203,659
Belden, Inc.		8,728		491,823
Blackbaud, Inc.^(b)(c)		2,826		176,597
CDK Global, Inc.		10,480		475,163
Cerence, Inc.^(b)(c)		1,215		43,874
Ciena Corp.^(b)		11,253		769,930
Cirrus Logic, Inc.^(b)		4,054		352,171


	Shares		Value
Information Technology-(continued)
CMC Materials, Inc.		1,966	$	364,555
Cognex Corp.		3,213		217,070
Coherent, Inc.^(b)		1,348		356,303
CommVault Systems, Inc.^(b)		2,637		165,894
Concentrix Corp.^(c)		7,700		1,539,153
Digital Turbine, Inc.^(b)(c)		3,197		154,991
Envestnet, Inc.^(b)		3,450		258,129
Fair Isaac Corp.^(b)		784		369,413
First Solar, Inc.^(b)		6,567		494,429
Genpact Ltd.		18,571		777,011
II-VI Incorporated^(b)(c)		11,507		799,276
Jabil, Inc.		108,468		6,270,535
Kyndryl Holdings, Inc.^(b)		252,559		4,005,586
Lattice Semiconductor Corp.^(b)		1,517		94,995
Littelfuse, Inc.		1,536		396,611
LiveRamp Holdings, Inc.^(b)		2,419		104,404
Lumentum Holdings, Inc.^(b)(c)		4,204		415,607
Manhattan Associates, Inc.^(b)		1,031		137,824
Maximus, Inc.		13,384		1,055,462
Mimecast Ltd.^(b)		1,680		133,610
MKS Instruments, Inc.		4,274		643,664
National Instruments Corp.		7,890		316,783
NCR Corp.^(b)(c)		39,381		1,595,718
Paylocity Holding Corp.^(b)		685		145,521
Power Integrations, Inc.		1,870		168,300
Qualys, Inc.^(b)		714		89,471
Sabre Corp.^(b)(c)		41,231		450,655
SailPoint Technologies Holding, Inc.^(b)(c)		2,108		87,208
Semtech Corp.^(b)		1,979		137,303
Silicon Laboratories, Inc.^(b)(c)		1,012		155,555
SiTime Corp.^(b)(c)		157		31,736
SunPower Corp.^(b)(c)		13,174		236,210
Synaptics, Inc.^(b)		1,181		269,776
TD SYNNEX Corp.		52,024		5,297,604
Teradata Corp.^(b)(c)		11,017		550,740
Universal Display Corp.^(c)		837		129,660
ViaSat, Inc.^(b)(c)		13,256		605,004
Vishay Intertechnology, Inc.^(c)		35,360		678,558
Vontier Corp.		23,734		576,736
Western Union Co. (The)^(c)		67,800		1,232,604
WEX, Inc.^(b)		3,228		543,950
Wolfspeed, Inc.^(b)(c)		1,203		123,572
Xerox Holdings Corp.		82,359		1,623,296

				52,375,335

Materials-9.41%
AptarGroup, Inc.		6,395		779,423
Ashland Global Holdings, Inc.		5,467		504,495
Avient Corp.		20,017		1,048,691
Cabot Corp.^(c)		14,701		1,075,525
Chemours Co. (The)		45,406		1,253,205
Cleveland-Cliffs, Inc.^(b)(c)		206,080		4,607,949
Commercial Metals Co		49,414		1,904,910
Eagle Materials, Inc.		2,557		349,874
Greif, Inc., Class A		20,157		1,158,826
Ingevity Corp.^(b)(c)		4,503		307,240
Louisiana-Pacific Corp.		13,821		994,421
Minerals Technologies, Inc.		6,167		431,628
NewMarket Corp.		1,697		539,239
Olin Corp.		34,109		1,756,954

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


		11

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

February 28, 2022

(Unaudited)


	Shares		Value
Materials-(continued)
Reliance Steel & Aluminum Co.		18,740	$	3,576,904
Royal Gold, Inc.		1,574		190,863
RPM International, Inc.		15,264		1,290,876
Scotts Miracle-Gro Co. (The)^(c)		7,854		1,100,031
Sensient Technologies Corp.		3,337		274,068
Silgan Holdings, Inc.		31,369		1,313,734
Sonoco Products Co.		22,344		1,312,040
Steel Dynamics, Inc.		63,279		4,466,232
United States Steel Corp.^(c)		184,473		5,019,510
Valvoline, Inc.		20,619		666,612
Worthington Industries, Inc.		16,861		961,414

				36,884,664

Real Estate-2.72%
American Campus Communities, Inc.		3,984		214,379
Apartment Income REIT Corp.		2,790		143,992
Brixmor Property Group, Inc.		11,326		284,509
Camden Property Trust		1,560		257,572
Corporate Office Properties Trust		5,923		155,242
Cousins Properties, Inc.^(c)		4,568		176,462
CyrusOne, Inc.		3,109		280,898
Douglas Emmett, Inc.		6,454		204,592
EastGroup Properties, Inc.		446		85,079
EPR Properties		2,338		116,432
First Industrial Realty Trust, Inc.		1,788		102,953
Healthcare Realty Trust, Inc.		3,978		103,746
Highwoods Properties, Inc.		4,037		176,013
Hudson Pacific Properties, Inc.^(c)		8,156		215,318
JBG SMITH Properties		5,355		142,871
Jones Lang LaSalle, Inc.^(b)		17,111		4,213,070
Kilroy Realty Corp.		3,288		235,487
Kite Realty Group Trust^(c)		3,203		70,242
Lamar Advertising Co., Class A		3,570		389,344
Life Storage, Inc.		1,256		158,997
Macerich Co. (The)^(c)		10,984		168,055
Medical Properties Trust, Inc.		16,185		329,203
National Retail Properties, Inc.		3,717		158,381
National Storage Affiliates Trust		1,997		116,365
Omega Healthcare Investors, Inc.^(c)		9,262		260,911
Park Hotels & Resorts, Inc.^(b)		13,425		252,927
Pebblebrook Hotel Trust^(c)		6,151		138,459
Physicians Realty Trust		6,019		97,869
PotlatchDeltic Corp.		5,624		308,758
PS Business Parks, Inc.		592		94,300
Rayonier, Inc.		6,493		257,772
Rexford Industrial Realty, Inc.		1,363		95,587
Sabra Health Care REIT, Inc.		10,770		144,641
SL Green Realty Corp.		2,838		225,678
Spirit Realty Capital, Inc.^(c)		2,956		137,070
STORE Capital Corp.		5,224		160,481

				10,673,655


	Shares		Value
Utilities-2.14%
ALLETE, Inc.		5,125	$	322,568
Black Hills Corp.		6,759		473,062
Essential Utilities, Inc.		8,676		408,726
Hawaiian Electric Industries, Inc.		16,344		669,777
IDACORP, Inc.		3,185		331,081
National Fuel Gas Co.		7,142		444,518
New Jersey Resources Corp.		12,966		565,577
NorthWestern Corp.		5,706		345,099
OGE Energy Corp.		23,982		900,524
ONE Gas, Inc.		5,700		473,613
PNM Resources, Inc.		9,105		411,273
Southwest Gas Holdings, Inc.		12,390		878,947
Spire, Inc.		8,595		576,810
UGI Corp.		40,799		1,568,314

				8,369,889

Total Common Stocks & Other Equity Interests (Cost $345,837,904)				391,723,692


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $55,885)		55,885		55,885

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $345,893,789)				391,779,577


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.54%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		21,800,329		21,800,329
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		50,862,068		50,867,155

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $72,671,429)				72,667,484

TOTAL INVESTMENTS IN SECURITIES-118.50% (Cost $418,565,218)				464,447,061
OTHER ASSETS LESS LIABILITIES-(18.50)%				(72,497,849	)

NET ASSETS-100.00%			$	391,949,212

Investment Abbreviations:

REIT-Real Estate Investment Trust

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


		12

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

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	106,364		$	4,169,173		$	(4,219,652	)		$	-			$	-			$	55,885		$	19

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			7,318,420			62,967,710			(48,485,801	)			-				-				21,800,329			2,157	*

Invesco Private Prime Fund			17,259,450			129,040,742			(95,420,870	)			(3,945	)			(8,222	)			50,867,155			17,342	*



Total		$	24,684,234		$	196,177,625		$	(148,126,323	)		$	(3,945	)		$	(8,222	)		$	72,723,369		$	19,518

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Consumer Discretionary			22.26

Industrials			19.80

Information Technology			13.36

Financials			11.32

Materials			9.41

Consumer Staples			7.93

Health Care			6.70

Energy			3.46

Sector Types Each Less Than 3%			5.70

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		13

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-2.34%
AMC Networks, Inc., Class A^(b)(c)		66,398	$	2,752,197
ATN International, Inc.		11,478		382,562
Cars.com, Inc.^(b)		29,664		479,964
Cinemark Holdings, Inc.^(b)(c)		47,160		827,186
Cogent Communications Holdings, Inc.		6,540		414,636
Consolidated Communications Holdings, Inc.^(b)(c)		139,020		989,822
E.W. Scripps Co. (The), Class A^(b)		95,918		2,135,135
Gannett Co., Inc.^(b)(c)		545,598		2,706,166
Loyalty Ventures, Inc.^(b)		20,425		490,200
Marcus Corp. (The)^(b)(c)		15,121		274,900
QuinStreet, Inc.^(b)(c)		27,992		314,910
Scholastic Corp.		30,031		1,263,704
Shenandoah Telecommunications Co.		7,915		176,900
TechTarget, Inc.^(b)(c)		2,054		160,993
Telephone & Data Systems, Inc.		227,811		3,952,521
Thryv Holdings, Inc.^(b)(c)		25,360		770,944

				18,092,740

Consumer Discretionary-20.67%
Aaron’s Co., Inc. (The)		63,535		1,333,600
Abercrombie & Fitch Co., Class A^(b)		87,751		3,341,558
Adtalem Global Education, Inc.^(b)		33,423		694,530
American Axle & Manufacturing Holdings, Inc.^(b)(c)		464,917		4,305,131
American Public Education, Inc.^(b)(c)		13,691		273,272
America’s Car-Mart, Inc.^(b)(c)		8,599		827,052
Asbury Automotive Group, Inc.^(b)(c)		46,232		8,974,094
Barnes & Noble Education, Inc.^(b)		176,538		967,428
Bed Bath & Beyond, Inc.^(b)(c)		438,683		7,409,356
Big Lots, Inc.^(c)		116,351		4,044,361
BJ’s Restaurants, Inc.^(b)		23,680		759,418
Bloomin’ Brands, Inc.^(b)		165,035		4,061,511
Boot Barn Holdings, Inc.^(b)		7,695		669,619
Brinker International, Inc.^(b)		81,693		3,475,220
Buckle, Inc. (The)^(c)		20,616		742,176
Caleres, Inc.		97,649		2,027,193
Cato Corp. (The), Class A		37,431		658,786
Cavco Industries, Inc.^(b)		3,357		915,219
Century Communities, Inc.		39,183		2,496,741
Cheesecake Factory, Inc. (The)^(b)(c)		55,632		2,380,493
Chico’s FAS, Inc.^(b)(c)		266,984		1,254,825
Children’s Place, Inc. (The)^(b)(c)		17,926		1,128,621
Chuy’s Holdings, Inc.^(b)		10,989		358,241
Conn’s, Inc.^(b)(c)		66,492		1,219,463
Cooper-Standard Holdings, Inc.^(b)		78,928		1,003,964
Dave & Buster’s Entertainment, Inc.^(b)		21,361		925,786
Designer Brands, Inc., Class A^(b)(c)		164,223		2,143,110
Dine Brands Global, Inc.^(c)		9,140		766,298
Dorman Products, Inc.^(b)		9,541		891,320
El Pollo Loco Holdings, Inc.^(b)(c)		28,966		384,379
Ethan Allen Interiors, Inc.^(c)		24,070		627,264
Fiesta Restaurant Group, Inc.^(b)		41,363		416,525
Fossil Group, Inc.^(b)(c)		145,196	��	1,963,050
Genesco, Inc.^(b)(c)		31,115		1,996,027
Gentherm, Inc.^(b)		11,119		943,336
G-III Apparel Group Ltd.^(b)		78,786		2,185,524


	Shares		Value
Consumer Discretionary-(continued)
Group 1 Automotive, Inc.		55,211	$	10,044,537
Guess?, Inc.^(c)		86,017		1,883,772
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 02/18/2022; Cost $793,741)^(c)(d)		26,618		756,217
Hibbett, Inc.^(c)		18,992		856,159
Installed Building Products, Inc.^(c)		11,307		1,093,387
iRobot Corp.^(b)(c)		20,781		1,291,747
Kontoor Brands, Inc.		39,541		1,958,861
La-Z-Boy, Inc.		49,507		1,444,614
LCI Industries^(c)		21,468		2,673,195
LGI Homes, Inc.^(b)(c)		16,751		2,112,804
Liquidity Services, Inc.^(b)		10,179		175,384
LL Flooring Holdings, Inc.^(b)(c)		56,458		906,716
M.D.C. Holdings, Inc.^(c)		74,458		3,301,468
M/I Homes, Inc.^(b)		47,307		2,331,762
MarineMax, Inc.^(b)(c)		30,725		1,405,976
Meritage Homes Corp.^(b)		35,228		3,472,776
Monarch Casino & Resort, Inc.^(b)		4,187		326,167
Monro, Inc.		18,761		875,764
Motorcar Parts of America, Inc.^(b)(c)		27,518		444,416
Movado Group, Inc.		14,349		565,638
ODP Corp. (The)^(b)		199,192		8,764,448
Oxford Industries, Inc.		8,427		744,863
Patrick Industries, Inc.		42,500		3,031,950
Perdoceo Education Corp.^(b)		51,810		542,451
PetMed Express, Inc.^(c)		9,361		252,279
Red Robin Gourmet Burgers, Inc.^(b)(c)		53,859		945,225
Rent-A-Center, Inc.^(c)		69,907		1,986,058
Ruth’s Hospitality Group, Inc.^(c)		16,651		413,111
Sally Beauty Holdings, Inc.^(b)(c)		156,985		2,712,701
Shake Shack, Inc., Class A^(b)(c)		7,833		585,282
Shoe Carnival, Inc.^(c)		27,443		800,238
Shutterstock, Inc.		5,707		516,655
Signet Jewelers Ltd.^(c)		69,308		4,886,214
Sleep Number Corp.^(b)(c)		25,384		1,667,729
Sonic Automotive, Inc., Class A^(c)		202,043		10,851,730
Standard Motor Products, Inc.		20,804		909,343
Steven Madden Ltd.		28,589		1,219,607
Strategic Education, Inc.^(c)		17,209		1,015,675
Sturm Ruger & Co., Inc.^(c)		9,610		695,860
Tupperware Brands Corp.^(b)(c)		98,106		1,788,472
Unifi, Inc.^(b)		25,742		483,177
Universal Electronics, Inc.^(b)		13,710		455,583
Vera Bradley, Inc.^(b)		53,322		403,114
Vista Outdoor, Inc.^(b)(c)		55,845		2,035,550
Winnebago Industries, Inc.^(c)		45,112		2,890,326
Wolverine World Wide, Inc.		60,803		1,400,293
WW International, Inc.^(b)		64,231		654,514
Zumiez, Inc.^(b)(c)		20,631		917,873

				160,056,172

Consumer Staples-9.76%
Andersons, Inc. (The)		277,405		12,649,668
B&G Foods, Inc.^(c)		56,633		1,676,337
Calavo Growers, Inc.		21,437		915,146
Cal-Maine Foods, Inc.^(c)		32,397		1,434,215
Celsius Holdings, Inc.^(b)(c)		3,111		198,762

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


		14

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

February 28, 2022

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Central Garden & Pet Co.^(b)(c)		27,712	$	1,311,886
Central Garden & Pet Co., Class A^(b)		30,762		1,354,758
Chefs’ Warehouse, Inc. (The)^(b)(c)		39,375		1,293,469
Coca-Cola Consolidated, Inc.		8,567		4,257,199
Edgewell Personal Care Co.^(c)		40,011		1,427,592
elf Beauty, Inc.^(b)		9,851		260,362
Fresh Del Monte Produce, Inc.		137,603		3,561,166
Inter Parfums, Inc.		7,467		693,535
J&J Snack Foods Corp.		6,636		1,086,446
John B. Sanfilippo & Son, Inc.		8,402		668,127
Medifast, Inc.		6,065		1,128,090
MGP Ingredients, Inc.^(c)		5,622		447,567
National Beverage Corp.^(c)		19,092		840,239
PriceSmart, Inc.		42,332		3,078,383
Seneca Foods Corp., Class A^(b)		26,059		1,296,435
Simply Good Foods Co. (The)^(b)		22,744		901,345
SpartanNash Co.		315,104		8,867,027
Tootsie Roll Industries, Inc.^(c)		11,797		398,149
TreeHouse Foods, Inc.^(b)(c)		92,466		3,629,291
United Natural Foods, Inc.^(b)		435,392		17,515,820
Universal Corp.^(c)		35,400		1,915,494
USANA Health Sciences, Inc.^(b)		10,275		904,303
Vector Group Ltd.		134,621		1,509,101
WD-40 Co.^(c)		1,753		371,443

				75,591,355

Energy-11.31%
Archrock, Inc.		89,513		747,434
Bristow Group, Inc.^(b)		31,101		1,030,687
Callon Petroleum Co.^(b)(c)		26,730		1,506,503
Civitas Resources, Inc.^(c)		6,973		351,927
CONSOL Energy, Inc.^(b)		38,085		1,170,733
Core Laboratories N.V.^(c)		15,760		434,346
DMC Global, Inc.^(b)(c)		5,233		153,850
Dorian LPG Ltd.^(c)		20,604		283,923
Dril-Quip, Inc.^(b)		13,819		398,540
Green Plains, Inc.^(b)(c)		57,632		1,886,872
Helix Energy Solutions Group, Inc.^(b)		173,494		702,651
Helmerich & Payne, Inc.^(c)		41,403		1,500,031
Laredo Petroleum, Inc.^(b)(c)		13,483		1,032,258
Matador Resources Co.		33,196		1,646,522
Nabors Industries Ltd.^(b)(c)		16,801		2,109,198
Nabors Industries Ltd., Wts., expiring 06/11/2026^(b)		5,690		79,660
Oceaneering International, Inc.^(b)		126,631		1,853,878
Oil States International, Inc.^(b)		85,323		446,239
Par Pacific Holdings, Inc.^(b)		248,825		3,384,020
Patterson-UTI Energy, Inc.		103,656		1,495,756
PBF Energy, Inc., Class A^(b)(c)		1,500,327		24,935,435
ProPetro Holding Corp.^(b)		73,331		936,437
Range Resources Corp.^(b)(c)		125,093		2,870,884
Ranger Oil Corp.^(b)(c)		12,132		409,576
Renewable Energy Group, Inc.^(b)(c)		54,569		3,355,993
REX American Resources Corp.^(b)		5,845		552,119
RPC, Inc.^(b)(c)		135,438		1,187,791
SM Energy Co.^(c)		54,416		1,932,312
Southwestern Energy Co.^(b)(c)		692,566		3,455,904
Talos Energy, Inc.^(b)(c)		87,734		1,378,301


	Shares		Value
Energy-(continued)
US Silica Holdings, Inc.^(b)		88,502	$	1,279,739
World Fuel Services Corp.		813,278		23,048,298

				87,557,817

Financials-9.47%
Allegiance Bancshares, Inc.		5,384		230,704
Ambac Financial Group, Inc.^(b)		17,324		222,267
American Equity Investment Life Holding Co.		82,523		3,110,292
Ameris Bancorp		19,616		970,992
AMERISAFE, Inc.		5,215		245,627
Apollo Commercial Real Estate Finance, Inc.		23,861		311,386
Assured Guaranty Ltd		15,043		932,215
Axos Financial, Inc.^(b)		11,020		603,235
B. Riley Financial, Inc.^(c)		18,555		1,104,950
Banc of California, Inc.		12,549		246,588
BancFirst Corp.^(c)		6,104		476,906
Bancorp, Inc. (The)^(b)		10,405		304,866
BankUnited, Inc.		22,455		992,511
Banner Corp.		9,057		558,002
Berkshire Hills Bancorp, Inc.		13,292		413,381
Blucora, Inc.^(b)		42,309		841,949
Brightsphere Investment Group, Inc.		16,717		399,035
Brookline Bancorp, Inc.		18,028		309,000
Capitol Federal Financial, Inc.		20,851		227,693
Central Pacific Financial Corp.		7,971		232,673
City Holding Co.^(c)		2,420		192,801
Columbia Banking System, Inc.^(c)		15,639		572,857
Community Bank System, Inc.		7,139		520,719
Customers Bancorp, Inc.^(b)		11,703		720,320
CVB Financial Corp.^(c)		19,096		450,284
Dime Community Bancshares, Inc.^(c)		9,247		314,306
Donnelley Financial Solutions, Inc.^(b)		18,509		594,139
Eagle Bancorp, Inc.		6,171		369,766
eHealth, Inc.^(b)(c)		19,204		298,430
Ellington Financial, Inc.		8,502		150,230
Employers Holdings, Inc.		14,430		560,750
Encore Capital Group, Inc.^(b)(c)		23,203		1,531,166
Enova International, Inc.^(b)		23,573		961,071
EZCORP, Inc., Class A^(b)(c)		88,748		531,601
FB Financial Corp.		13,507		600,251
First Bancorp		58,638		827,969
First Bancorp/Southern Pines NC		5,943		266,722
First Commonwealth Financial Corp.		22,522		363,730
First Financial Bancorp		24,419		600,219
First Hawaiian, Inc.		23,056		670,238
Flagstar Bancorp, Inc.		39,283		1,790,519
Franklin BSP Realty Trust, Inc.		11,627		153,476
Genworth Financial, Inc., Class A^(b)		1,717,778		6,974,179
Granite Point Mortgage Trust, Inc.		14,502		162,712
Green Dot Corp., Class A^(b)		33,025		946,166
Greenhill & Co., Inc.		16,122		285,037
Hanmi Financial Corp.		9,563		249,786
HCI Group, Inc.		3,038		189,146
Heritage Financial Corp.		9,170		240,437
Hilltop Holdings, Inc.		54,311		1,679,296
HomeStreet, Inc.		6,956		357,956
Hope Bancorp, Inc.^(c)		35,634		604,353
Horace Mann Educators Corp.		29,791		1,239,008

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


		15

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

February 28, 2022

(Unaudited)


	Shares		Value
Financials-(continued)
Independent Bank Corp.^(c)		5,047	$	434,092
Independent Bank Group, Inc.^(c)		7,912		610,411
Invesco Mortgage Capital, Inc.^(c)(e)		42,047		91,662
Investors Bancorp, Inc.		55,781		933,774
James River Group Holdings Ltd.		25,782		685,801
KKR Real Estate Finance Trust, Inc.^(c)		10,777		231,382
Lakeland Financial Corp.^(c)		2,712		217,530
LendingTree, Inc.^(b)		8,023		970,863
Meta Financial Group, Inc.		8,167		452,370
Mr. Cooper Group, Inc.^(b)		66,528		3,381,618
National Bank Holdings Corp., Class A		6,393		283,721
NBT Bancorp, Inc.		11,293		433,312
New York Mortgage Trust, Inc.		50,516		177,311
NMI Holdings, Inc., Class A^(b)		19,398		448,870
Northfield Bancorp, Inc.		9,241		145,084
Northwest Bancshares, Inc.		33,748		475,172
OFG Bancorp		20,058		565,234
Pacific Premier Bancorp, Inc.		17,673		684,122
Palomar Holdings, Inc.^(b)		2,815		181,370
Park National Corp.^(c)		2,984		400,035
PennyMac Mortgage Investment Trust^(c)		77,258		1,205,225
Piper Sandler Cos.		9,146		1,353,699
PRA Group, Inc.^(b)(c)		20,279		905,052
Preferred Bank		2,682		210,483
ProAssurance Corp.		35,731		861,117
Provident Financial Services, Inc.		17,466		414,468
Ready Capital Corp.^(c)		34,975		519,379
Redwood Trust, Inc.		43,087		447,674
Renasant Corp.		16,903		617,129
S&T Bancorp, Inc.		9,777		303,967
Safety Insurance Group, Inc.		9,520		794,349
Seacoast Banking Corp. of Florida		8,460		310,059
Selectquote, Inc.^(b)(c)		89,910		279,620
ServisFirst Bancshares, Inc.^(c)		4,613		403,084
Simmons First National Corp., Class A^(c)		24,375		695,175
SiriusPoint Ltd. (Bermuda)^(b)		214,408		1,584,475
Southside Bancshares, Inc.		5,355		223,250
Stewart Information Services Corp.		35,101		2,382,656
StoneX Group, Inc.^(b)		20,771		1,567,172
Tompkins Financial Corp.		8,518		673,774
Triumph Bancorp, Inc.^(b)		2,875		288,420
Trupanion, Inc.^(b)(c)		3,778		338,622
TrustCo Bank Corp.		4,708		160,872
Trustmark Corp.		19,040		599,570
United Community Banks, Inc.		18,648		720,932
United Fire Group, Inc.		41,107		1,134,964
Universal Insurance Holdings, Inc.		59,180		684,121
Veritex Holdings, Inc.		7,624		309,763
Virtus Investment Partners, Inc.		2,590		623,206
Walker & Dunlop, Inc.		6,192		856,663
Westamerica Bancorporation		3,151		186,917
WisdomTree Investments, Inc.^(c)		38,770		218,275
World Acceptance Corp.^(b)(c)		1,980		389,011
WSFS Financial Corp.^(c)		11,299		574,328

				73,345,117

Health Care-7.91%
Addus HomeCare Corp.^(b)(c)		7,705		655,233
Allscripts Healthcare Solutions, Inc.^(b)		71,580		1,392,947
AMN Healthcare Services, Inc.^(b)		24,788		2,630,998


	Shares		Value
Health Care-(continued)
Amphastar Pharmaceuticals, Inc.^(b)		16,263	$	450,648
AngioDynamics, Inc.^(b)(c)		9,811		230,853
ANI Pharmaceuticals, Inc.^(b)		4,052		151,747
Anika Therapeutics, Inc.^(b)		3,133		101,822
Apollo Medical Holdings, Inc.^(b)(c)		8,530		410,464
Artivion, Inc.^(b)(c)		13,037		254,873
Avanos Medical, Inc.^(b)		21,074		745,809
Avid Bioservices, Inc.^(b)(c)		3,188		65,290
BioLife Solutions, Inc.^(b)(c)		2,357		55,390
Cara Therapeutics, Inc.^(b)		9,910		102,767
Cardiovascular Systems, Inc.^(b)		11,456		241,263
Coherus Biosciences, Inc.^(b)(c)		18,099		213,387
Collegium Pharmaceutical, Inc.^(b)(c)		15,108		294,153
Community Health Systems, Inc.^(b)(c)		815,643		8,572,408
Computer Programs & Systems, Inc.^(b)		7,959		244,978
CONMED Corp.^(c)		6,136		896,838
Corcept Therapeutics, Inc.^(b)		15,731		350,644
CorVel Corp.^(b)		2,624		417,373
Covetrus, Inc.^(b)		213,299		3,779,658
Cross Country Healthcare, Inc.^(b)		41,345		923,234
Cutera, Inc.^(b)(c)		4,778		183,284
Cytokinetics, Inc.^(b)(c)		476		16,812
Eagle Pharmaceuticals, Inc.^(b)(c)		3,268		154,871
Emergent BioSolutions, Inc.^(b)(c)		34,866		1,442,755
Enanta Pharmaceuticals, Inc.^(b)		1,172		82,532
Endo International PLC^(b)(c)		542,526		1,687,256
Ensign Group, Inc. (The)		26,791		2,251,516
Fulgent Genetics, Inc.^(b)(c)		10,551		657,327
Glaukos Corp.^(b)		5,947		328,929
Hanger, Inc.^(b)		55,690		1,009,103
Harmony Biosciences Holdings, Inc.^(b)(c)		5,926		236,803
HealthStream, Inc.^(b)		8,624		176,706
Heska Corp.^(b)(c)		1,272		180,624
Innoviva, Inc.^(b)(c)		19,662		377,707
Inogen, Inc.^(b)		8,612		300,473
Integer Holdings Corp.^(b)		11,959		1,003,001
Joint Corp. (The)^(b)(c)		896		36,736
Lantheus Holdings, Inc.^(b)		12,134		580,248
LeMaitre Vascular, Inc.		2,622		124,466
Ligand Pharmaceuticals, Inc.^(b)(c)		1,614		163,369
MEDNAX, Inc.^(b)		59,521		1,396,958
Meridian Bioscience, Inc.^(b)(c)		14,868		376,160
Merit Medical Systems, Inc.^(b)		14,159		920,760
Mesa Laboratories, Inc.		371		94,727
ModivCare, Inc.^(b)		10,953		1,292,454
Myriad Genetics, Inc.^(b)		21,295		519,172
Natus Medical, Inc.^(b)		16,724		465,262
Nektar Therapeutics^(b)(c)		2,515		25,754
NeoGenomics, Inc.^(b)(c)		12,573		269,188
NextGen Healthcare, Inc.^(b)		30,400		593,712
Omnicell, Inc.^(b)(c)		5,011		647,822
OptimizeRx Corp.^(b)(c)		823		37,274
OraSure Technologies, Inc.^(b)(c)		23,469		183,058
Organogenesis Holdings, Inc.^(b)(c)		38,669		287,697
Orthofix Medical, Inc.^(b)		12,734		432,701
Owens & Minor, Inc.^(c)		199,458		8,806,071
Pacira BioSciences, Inc.^(b)(c)		7,636		509,245
Pennant Group, Inc. (The)^(b)		17,782		288,957
Phibro Animal Health Corp., Class A		37,436		797,387
Prestige Consumer Healthcare, Inc.^(b)		15,090		898,308

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


		16

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

February 28, 2022

(Unaudited)


	Shares		Value
Health Care-(continued)
RadNet, Inc.^(b)		40,104	$	989,366
REGENXBIO, Inc.^(b)(c)		2,445		64,083
Select Medical Holdings Corp.		177,263		4,103,638
Simulations Plus, Inc.^(c)		824		32,457
Supernus Pharmaceuticals, Inc.^(b)		16,539		528,421
SurModics, Inc.^(b)(c)		1,999		89,715
Tabula Rasa HealthCare, Inc.^(b)(c)		25,448		145,054
Tactile Systems Technology, Inc.^(b)		8,682		176,766
Tivity Health, Inc.^(b)(c)		15,314		417,766
uniQure N.V. (Netherlands)^(b)(c)		14,825		251,877
US Physical Therapy, Inc.^(c)		4,251		390,964
Vanda Pharmaceuticals, Inc.^(b)		14,202		161,335
Varex Imaging Corp.^(b)(c)		24,615		581,899
Vericel Corp.^(b)(c)		3,382		139,372
Xencor, Inc.^(b)(c)		4,023		125,960
Zynex, Inc.^(c)		9,480		59,629

				61,278,264

Industrials-18.73%
AAON, Inc.		5,427		317,805
AAR Corp.^(b)(c)		40,714		1,829,687
ABM Industries, Inc.^(c)		111,775		5,010,873
Aerojet Rocketdyne Holdings, Inc.		43,274		1,676,868
AeroVironment, Inc.^(b)		5,482		389,496
Alamo Group, Inc.		7,285		1,013,416
Albany International Corp., Class A		8,898		781,422
Allegiant Travel Co.^(b)		6,644		1,156,654
American Woodmark Corp.^(b)		23,385		1,252,968
Apogee Enterprises, Inc.		24,385		1,099,032
Applied Industrial Technologies, Inc.		27,899		2,820,589
ArcBest Corp.		28,391		2,631,278
Arcosa, Inc.		30,294		1,595,585
Astec Industries, Inc.		13,227		658,705
Atlas Air Worldwide Holdings, Inc.^(b)(c)		36,924		2,893,365
AZZ, Inc.		13,878		683,214
Barnes Group, Inc.		22,660		1,052,557
Boise Cascade Co.		96,561		7,719,086
Brady Corp., Class A		19,026		876,718
Chart Industries, Inc.^(b)(c)		6,413		926,037
CIRCOR International, Inc.^(b)(c)		23,755		639,960
Comfort Systems USA, Inc.		25,654		2,205,731
CoreCivic, Inc.^(b)		163,385		1,488,437
Deluxe Corp.		48,998		1,524,328
DXP Enterprises, Inc.^(b)		30,128		864,975
Encore Wire Corp.		15,032		1,750,025
Enerpac Tool Group Corp.		19,910		343,448
EnPro Industries, Inc.		8,993		993,187
ESCO Technologies, Inc.		6,887		479,129
Exponent, Inc.		3,124		296,030
Federal Signal Corp.		23,116		834,719
Forrester Research, Inc.^(b)		7,079		367,612
Forward Air Corp.		11,367		1,172,847
Franklin Electric Co., Inc.		14,029		1,186,292
GEO Group, Inc. (The)^(c)		269,805		1,608,038
Gibraltar Industries, Inc.^(b)		14,879		718,953
GMS, Inc.^(b)		54,864		2,976,372
Granite Construction, Inc.^(c)		78,227		2,367,931
Greenbrier Cos., Inc. (The)^(c)		32,991		1,465,790
Griffon Corp.		76,939		1,773,444
Harsco Corp.^(b)		113,970		1,357,383


	Shares		Value
Industrials-(continued)
Hawaiian Holdings, Inc.^(b)(c)		55,080	$	1,056,434
Healthcare Services Group, Inc.		84,026		1,329,291
Heartland Express, Inc.		30,733		441,326
Heidrick & Struggles International, Inc.		17,149		733,120
Hillenbrand, Inc.		48,438		2,310,977
HNI Corp.		43,081		1,752,966
Hub Group, Inc., Class A^(b)		39,557		3,338,611
Insteel Industries, Inc.		13,151		488,034
Interface, Inc.		60,731		792,540
John Bean Technologies Corp.^(c)		9,429		1,068,966
Kaman Corp.		14,786		641,860
KAR Auction Services, Inc.^(b)(c)		117,570		2,170,342
Kelly Services, Inc., Class A		243,361		5,164,120
Korn Ferry		22,383		1,483,098
Lindsay Corp.		3,236		424,596
ManTech International Corp., Class A		31,379		2,616,067
Marten Transport Ltd.		47,674		822,377
Matson, Inc.		33,932		3,758,648
Matthews International Corp., Class A		39,048		1,295,613
Meritor, Inc.^(b)		130,182		4,635,781
Moog, Inc., Class A		32,213		2,677,222
Mueller Industries, Inc.		51,366		2,930,430
MYR Group, Inc.^(b)		19,286		1,730,918
National Presto Industries, Inc.		3,674		292,083
NOW, Inc.^(b)		146,861		1,371,682
NV5 Global, Inc.^(b)		4,591		492,385
Park Aerospace Corp.		3,250		45,078
PGT Innovations, Inc.^(b)(c)		41,892		901,097
Pitney Bowes, Inc.		470,050		2,340,849
Powell Industries, Inc.		13,393		283,128
Proto Labs, Inc.^(b)		8,023		451,133
Quanex Building Products Corp.		39,585		904,913
Resideo Technologies, Inc.^(b)		192,418		4,952,839
Resources Connection, Inc.		32,635		541,741
SkyWest, Inc.^(b)		52,645		1,479,851
SPX Corp.^(b)		20,301		1,029,261
SPX FLOW, Inc.		15,107		1,297,540
Standex International Corp.		5,540		586,852
Tennant Co.		11,192		881,706
Titan International, Inc.^(b)		170,414		1,908,637
Triumph Group, Inc.^(b)		77,309		1,935,817
TrueBlue, Inc.^(b)		64,560		1,756,032
UFP Industries, Inc.		74,875		6,420,531
UniFirst Corp.		7,566		1,371,338
US Ecology, Inc.^(b)		23,846		1,131,254
Veritiv Corp.^(b)		43,437		4,655,143
Viad Corp.^(b)		6,400		223,616
Wabash National Corp.^(c)		78,974		1,345,717

				145,063,546

Information Technology-8.71%
3D Systems Corp.^(b)(c)		24,287		432,794
8x8, Inc.^(b)(c)		27,648		358,318
ADTRAN, Inc.^(c)		21,721		447,235
Advanced Energy Industries, Inc.		13,922		1,195,204
Agilysys, Inc.^(b)		2,744		115,330
Alarm.com Holdings, Inc.^(b)		7,594		499,913
Arlo Technologies, Inc.^(b)		37,698		349,837
Axcelis Technologies, Inc.^(b)		7,425		513,959
Badger Meter, Inc.		3,734		371,197

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


		17

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

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Benchmark Electronics, Inc.		72,843	$	1,904,116
Bottomline Technologies (DE), Inc.^(b)		7,624		431,823
CalAmp Corp.^(b)(c)		26,974		190,436
CEVA, Inc.^(b)		2,206		89,939
Cohu, Inc.^(b)		21,332		665,132
Comtech Telecommunications Corp.^(c)		20,069		413,020
Consensus Cloud Solutions, Inc.^(b)		10,507		584,820
CSG Systems International, Inc.		15,724		970,485
CTS Corp.		12,026		456,266
Diebold Nixdorf, Inc.^(b)(c)		390,737		3,399,412
Digi International, Inc.^(b)		10,554		211,924
Diodes, Inc.^(b)		13,186		1,181,334
Ebix, Inc.		26,195		773,015
ePlus, Inc.^(b)		24,746		1,160,587
EVERTEC, Inc.		9,791		395,165
ExlService Holdings, Inc.^(b)		6,704		809,776
Extreme Networks, Inc.^(b)		65,355		750,929
Fabrinet (Thailand)^(b)		14,838		1,485,729
FARO Technologies, Inc.^(b)		3,964		216,989
FormFactor, Inc.^(b)		14,956		605,568
Harmonic, Inc.^(b)(c)		37,385		348,054
Ichor Holdings Ltd.^(b)(c)		19,939		702,451
Insight Enterprises, Inc.^(b)(c)		75,948		7,898,592
InterDigital, Inc.^(c)		4,985		321,134
Itron, Inc.^(b)		27,220		1,297,577
Knowles Corp.^(b)(c)		33,661		733,137
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		19,312		1,008,859
LivePerson, Inc.^(b)(c)		10,228		207,424
MaxLinear, Inc.^(b)		9,490		582,212
Methode Electronics, Inc.^(c)		22,865		1,043,559
NETGEAR, Inc.^(b)		38,012		1,011,499
NetScout Systems, Inc.^(b)		22,317		694,728
OneSpan, Inc.^(b)		10,880		149,926
Onto Innovation, Inc.^(b)(c)		6,590		568,124
OSI Systems, Inc.^(b)		10,658		859,781
PC Connection, Inc.		52,954		2,583,626
PDF Solutions, Inc.^(b)		2,791		76,362
Perficient, Inc.^(b)		4,260		434,094
Photronics, Inc.^(b)		31,370		577,835
Plantronics, Inc.^(b)(c)		53,417		1,504,757
Plexus Corp.^(b)		30,615		2,494,204
Progress Software Corp.		8,881		391,475
Rambus, Inc.^(b)(c)		8,634		233,118
Rogers Corp.^(b)		2,847		777,231
Sanmina Corp.^(b)		147,705		5,875,705
ScanSource, Inc.^(b)		81,014		2,558,422
SMART Global Holdings, Inc.^(b)(c)		41,487		1,138,818
SPS Commerce, Inc.^(b)		2,212		287,228
TTEC Holdings, Inc.		22,126		1,759,017
TTM Technologies, Inc.^(b)		130,772		1,643,804
Ultra Clean Holdings, Inc.^(b)		28,191		1,291,430
Unisys Corp.^(b)		91,262		1,950,269
Veeco Instruments, Inc.^(b)(c)		18,415		526,117
Viavi Solutions, Inc.^(b)		63,477		1,041,023
Vonage Holdings Corp.^(b)(c)		55,735		1,132,535
Xperi Holding Corp.		46,425		804,081

				67,488,460


	Shares		Value
Materials-7.49%
AdvanSix, Inc.		28,893	$	1,157,454
Allegheny Technologies, Inc.^(b)		149,661		3,852,274
American Vanguard Corp.		30,352		457,405
Arconic Corp.^(b)(c)		184,932		5,677,412
Balchem Corp.		3,935		544,368
Carpenter Technology Corp.^(c)		43,135		1,655,953
Century Aluminum Co.^(b)(c)		121,272		2,864,445
Clearwater Paper Corp.^(b)		35,623		1,027,011
Ferro Corp.^(b)		43,912		954,208
FutureFuel Corp.		29,603		217,878
GCP Applied Technologies, Inc.^(b)		25,761		813,532
Glatfelter Corp.		48,484		666,170
H.B. Fuller Co.		34,192		2,337,707
Hawkins, Inc.		15,208		688,314
Haynes International, Inc.		7,128		260,600
Innospec, Inc.		13,229		1,263,369
Kaiser Aluminum Corp.^(c)		18,731		1,807,541
Koppers Holdings, Inc.^(b)		44,292		1,268,080
Kraton Corp.^(b)		34,039		1,570,900
Livent Corp.^(b)(c)		11,610		273,416
Materion Corp.		13,846		1,156,833
Mercer International, Inc. (Germany)		122,455		1,637,223
Myers Industries, Inc.		29,576		491,553
Neenah, Inc.		17,763		691,869
O-I Glass, Inc.^(b)(c)		468,997		5,993,782
Olympic Steel, Inc.		77,744		2,081,207
Quaker Chemical Corp.^(c)		6,016		1,116,630
Rayonier Advanced Materials, Inc.^(b)(c)		238,545		1,400,259
Schweitzer-Mauduit International, Inc., Class A		37,783		1,179,585
Stepan Co.		15,981		1,655,951
SunCoke Energy, Inc.		184,946		1,466,622
Sylvamo Corp.^(b)(c)		91,968		3,209,683
TimkenSteel Corp.^(b)(c)		66,212		1,193,802
Tredegar Corp.		59,475		684,557
Trinseo PLC^(c)		71,103		3,694,512
Warrior Met Coal, Inc.		32,161		1,013,072

				58,025,177

Real Estate-2.79%
Acadia Realty Trust		11,186		239,828
Agree Realty Corp.		3,925		251,789
Alexander & Baldwin, Inc.		11,295		253,347
American Assets Trust, Inc.		8,323		304,289
Armada Hoffler Properties, Inc.		17,662		259,278
Brandywine Realty Trust		30,657		408,658
CareTrust REIT, Inc.		7,390		129,325
Centerspace		1,478		138,917
Chatham Lodging Trust^(b)		11,316		155,595
Community Healthcare Trust, Inc.		1,667		69,514
DiamondRock Hospitality Co.^(b)(c)		39,800		380,090
Diversified Healthcare Trust		444,675		1,280,664
Douglas Elliman, Inc.^(b)		67,443		508,520
Easterly Government Properties, Inc.^(c)		10,198		212,322
Essential Properties Realty Trust, Inc.		6,350		160,528
Four Corners Property Trust, Inc.		6,899		181,996
Franklin Street Properties Corp.		28,460		164,499
Getty Realty Corp.		4,037		111,219
Global Net Lease, Inc.		20,446		290,538
Hersha Hospitality Trust^(b)		21,653		199,857

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


		18

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

February 28, 2022

(Unaudited)


	Shares		Value
Real Estate-(continued)
Independence Realty Trust, Inc.		7,734	$	195,438
Industrial Logistics Properties Trust		8,154		182,405
Innovative Industrial Properties, Inc.^(c)		715		134,749
iStar, Inc.		19,079		479,264
LTC Properties, Inc.		4,241		143,473
LXP Industrial Trust^(c)		18,716		289,349
Marcus & Millichap, Inc.^(b)		18,718		930,846
NexPoint Residential Trust, Inc.		2,239		190,248
Office Properties Income Trust		20,245		507,137
Orion Office REIT, Inc.^(b)(c)		2,328		39,646
RE/MAX Holdings, Inc., Class A		8,981		266,197
Realogy Holdings Corp.^(b)(c)		410,242		7,458,200
Retail Opportunity Investments Corp.		12,746		231,467
RPT Realty		13,030		168,739
Safehold, Inc.^(c)		2,011		123,395
Saul Centers, Inc.		3,912		180,069
Service Properties Trust		123,601		1,066,677
SITE Centers Corp.		28,826		448,244
St. Joe Co. (The)		3,862		208,664
Summit Hotel Properties, Inc.^(b)(c)		26,828		265,329
Tanger Factory Outlet Centers, Inc.^(c)		18,213		303,793
Uniti Group, Inc.^(c)		69,858		906,058
Universal Health Realty Income Trust		1,184		67,618
Urstadt Biddle Properties, Inc., Class A		5,880		110,720
Veris Residential, Inc.^(b)		14,754		249,343
Washington REIT		7,384		172,490
Whitestone REIT		10,751		126,647
Xenia Hotels & Resorts, Inc.^(b)		24,020		445,331

				21,592,309

Utilities-0.80%
American States Water Co.		4,348		365,928
Avista Corp.		28,708		1,281,238
California Water Service Group		10,092		574,537
Chesapeake Utilities Corp.		3,425		455,354


	Shares		Value
Utilities-(continued)
Middlesex Water Co.		1,202	$	120,188
Northwest Natural Holding Co.		14,907		775,313
South Jersey Industries, Inc.^(c)		64,145		2,176,440
Unitil Corp.		8,592		433,810

				6,182,808

Total Common Stocks & Other Equity Interests (Cost $733,253,826)				774,273,765


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $92,887)		92,887		92,887

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $733,346,713)				774,366,652


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.46%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		54,522,202		54,522,202
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		127,165,307		127,178,027

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $181,710,075)				181,700,229

TOTAL INVESTMENTS IN SECURITIES-123.45% (Cost $915,056,788)				956,066,881
OTHER ASSETS LESS LIABILITIES-(23.45)%				(181,617,306	)

NET ASSETS-100.00%			$	774,449,575

Investment Abbreviations:

REIT -Real Estate Investment Trust

Wts. -Warrants

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 February 28, 2022.

^(d)	Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value February 28, 2022		Dividend Income
Invesco Mortgage Capital, Inc.	$	-	$	130,924	$	(2,376	)	$	(36,936	)	$	50	$	91,662	$	6,187

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


		19

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

February 28, 2022

(Unaudited)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	10,251,821		$	(10,158,934	)		$	-			$	-			$	92,887		$	29

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			19,362,671			117,044,651			(81,885,120	)			-				-				54,522,202			5,385	*

Invesco Private Prime Fund			46,059,431			237,570,643			(156,426,397	)			(9,846	)			(15,804	)			127,178,027			43,471	*



Total		$	65,422,102		$	364,998,039		$	(248,472,827	)		$	(46,782	)		$	(15,754	)		$	181,884,778		$	55,072

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Consumer Discretionary			20.67

Industrials			18.73

Energy			11.31

Consumer Staples			9.76

Financials			9.47

Information Technology			8.71

Health Care			7.91

Materials			7.49

Sector Types Each Less Than 3%			5.93

Money Market Funds Plus Other Assets Less Liabilities			0.02

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


		20

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Communication Services-3.57%
Omnicom Group, Inc.		323,072	$	27,102,510


Consumer Discretionary-4.92%
Hanesbrands, Inc.^(b)		721,458		11,146,526
Leggett & Platt, Inc.^(b)		211,764		7,852,209
Newell Brands, Inc.		769,911		18,285,387

				37,284,122

Consumer Staples-7.49%
Kellogg Co.		369,801		23,645,076
Walgreens Boots Alliance, Inc.		718,930		33,135,484

				56,780,560

Energy-5.49%
Marathon Petroleum Corp.		535,013		41,661,462


Financials-17.77%
Associated Banc-Corp.		78,702		1,919,542
Citizens Financial Group, Inc.		241,092		12,638,043
F.N.B. Corp.		169,692		2,278,963
First Horizon Corp.		332,813		7,814,449
Franklin Resources, Inc.		442,274		13,148,806
Fulton Financial Corp.		94,935		1,710,729
KeyCorp.		510,062		12,787,254
Mercury General Corp.		126,759		6,971,745
Navient Corp.		332,785		5,860,344
Old Republic International Corp.		642,476		16,929,243
Principal Financial Group, Inc.		332,410		23,481,442
Umpqua Holdings Corp.		113,012		2,412,806
United Bankshares, Inc.^(b)		52,364		1,917,570
Unum Group.		892,962		24,931,499

				134,802,435

Health Care-16.16%
Cardinal Health, Inc.		741,170		40,030,592
Merck & Co., Inc.		477,663		36,579,432
Patterson Cos., Inc.		390,202		11,667,040
Pfizer, Inc.		730,634		34,295,960

				122,573,024

Industrials-0.69%
MSC Industrial Direct Co., Inc., Class A		67,969		5,266,238


Information Technology-2.70%
Western Union Co. (The)^(b)		489,837		8,905,236
Xerox Holdings Corp.		588,487		11,599,079

				20,504,315

Materials-2.92%
Amcor PLC		1,903,910		22,142,473

Real Estate-4.81%
American Campus Communities, Inc.		29,996		1,614,085
Boston Properties, Inc.		42,091		5,148,150
Corporate Office Properties Trust		44,756		1,173,055
Douglas Emmett, Inc.^(b)		48,250		1,529,525
Federal Realty Investment Trust		12,781		1,502,790
Healthcare Realty Trust, Inc.		28,832		751,939
Healthpeak Properties, Inc.		90,780		2,819,627
Highwoods Properties, Inc.		29,418		1,282,625


	Shares		Value
Real Estate-(continued)
Realty Income Corp.		45,423	$	3,002,006
Regency Centers Corp.		27,414		1,806,308
Simon Property Group, Inc.		57,795		7,950,280
STORE Capital Corp.		40,682		1,249,751
Ventas, Inc.		123,611		6,674,994

				36,505,135

Utilities-33.25%
ALLETE, Inc.		35,954		2,262,945
American Electric Power Co., Inc.		312,927		28,366,833
Black Hills Corp.		48,084		3,365,399
Consolidated Edison, Inc.		276,916		23,751,085
Dominion Energy, Inc.		298,309		23,724,515
DTE Energy Co.		211,364		25,699,749
Edison International		407,187		25,823,800
Entergy Corp.		180,350		18,974,623
Evergy, Inc.		150,009		9,362,062
FirstEnergy Corp.		458,520		19,189,062
National Fuel Gas Co.		52,076		3,241,210
New Jersey Resources Corp.		93,893		4,095,613
NiSource, Inc.		298,342		8,631,034
NorthWestern Corp.		40,036		2,421,377
Pinnacle West Capital Corp.		90,956		6,442,413
Southern Co. (The)		558,943		36,202,738
Southwest Gas Holdings, Inc.		92,767		6,580,891
Spire, Inc.		60,637		4,069,349

				252,204,698

Total Common Stocks & Other Equity Interests (Cost $710,087,700)				756,826,972


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)(Cost $425,930)		425,930		425,930

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $710,513,630)				757,252,902


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.03%
Invesco Private Government Fund, 0.12%^(c)(d)(e)		4,621,834		4,621,834
Invesco Private Prime Fund, 0.08%^(c)(d)(e)		10,783,200		10,784,279

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,406,327)				15,406,113

TOTAL INVESTMENTS IN SECURITIES-101.86% (Cost $725,919,957)				772,659,015
OTHER ASSETS LESS LIABILITIES-(1.86)%				(14,075,195	)

NET ASSETS-100.00%			$	758,583,820

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


		21

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

February 28, 2022

(Unaudited)

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 February 28, 2022.

^(c)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income

Invesco Ltd.		$	10,878,839		$	2,365,390		$	(13,314,408	)		$	554,413			$	(484,234	)		$	-		$	-

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			12,483,933			(12,058,003	)			-				-				425,930			95

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,271,511			50,493,004			(47,142,681	)			-				-				4,621,834			866	*

Invesco Private Prime Fund			2,966,859			114,344,286			(106,523,326	)			(214	)			(3,326	)			10,784,279			7,396	*



Total		$	15,117,209		$	179,686,613		$	(179,038,418	)		$	554,199			$	(487,560	)		$	15,832,043		$	8,357

*	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 February 28, 2022.

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

Portfolio Composition

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

as of February 28, 2022



Utilities			33.25

Financials			17.77

Health Care			16.16

Consumer Staples			7.49

Energy			5.49

Consumer Discretionary			4.92

Real Estate			4.81

Communication Services			3.57

Sector Types Each Less Than 3%			6.31

Money Market Funds Plus Other Assets Less Liabilities			0.23

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


		22

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	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)		$	1,205,380,090		$	391,723,692		$	774,182,103			$	756,826,972
Affiliated investments in securities, at value			20,465,551			72,723,369			181,884,778				15,832,043
Cash			-			-			762				3,282
Receivable for:
Dividends			2,436,820			285,023			304,486				3,223,414
Securities lending			2,213			5,259			12,799				1,684

Total assets			1,228,284,674			464,737,343			956,384,928				775,887,395


Liabilities:
Due to custodian			714,298			-			-				-
Payable for:
Investments purchased			-			-			-				955,730
Investments purchased - affiliated broker			-			-			-				715,497
Collateral upon return of securities loaned			19,882,087			72,671,429			181,710,075				15,406,327
Accrued unitary management fees			359,872			116,702			225,278				226,021

Total liabilities			20,956,257			72,788,131			181,935,353				17,303,575

Net Assets		$	1,207,328,417		$	391,949,212		$	774,449,575			$	758,583,820


Net assets consist of:
Shares of beneficial interest		$	996,821,497		$	370,955,260		$	841,592,389			$	1,136,520,191
Distributable earnings (loss)			210,506,920			20,993,952			(67,142,814	)			(377,936,371	)

Net Assets		$	1,207,328,417		$	391,949,212		$	774,449,575			$	758,583,820

Shares outstanding (unlimited amount authorized, $0.01 par value)			15,501,400			4,311,400			6,481,400				18,050,000
Net asset value		$	77.89		$	90.91		$	119.49			$	42.03

Market price		$	77.84		$	90.86		$	119.56			$	42.01

Unaffiliated investments in securities, at cost		$	963,376,266		$	345,837,904		$	733,125,228			$	710,087,700

Affiliated investments in securities, at cost		$	20,415,682		$	72,727,314		$	181,931,560			$	15,832,257

^(a)Includes securities on loan with an aggregate value of:		$	19,328,496		$	70,968,768		$	178,984,890			$	14,637,946

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


		23

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	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		$	10,503,818			$	2,789,570			$	3,956,844			$	13,569,204
Affiliated dividend income			8,490				19				6,216				95
Securities lending income			9,940				24,671				77,973				9,265
Foreign withholding tax			-				-				(4,254	)			-

Total investment income			10,522,248				2,814,260				4,036,779				13,578,564


Expenses:
Unitary management fees			2,148,220				768,816				1,376,607				1,406,005

Net expenses			2,148,220				768,816				1,376,607				1,406,005

Net investment income			8,374,028				2,045,444				2,660,172				12,172,559


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(2,894,875	)			(4,172,039	)			(796,347	)			(9,832,936	)
Affiliated investment securities			(4,047	)			(8,222	)			(15,804	)			(500,308	)
Unaffiliated in-kind redemptions			56,680,345				28,994,329				28,527,104				41,107,586
Affiliated in-kind redemptions			4,881				-				50				12,748

Net realized gain			53,786,304				24,814,068				27,715,003				30,787,090

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(26,329,161	)			(26,350,082	)			(26,352,512	)			(15,507,125	)
Affiliated investment securities			(106,660	)			(3,945	)			(46,782	)			554,199

Change in net unrealized appreciation (depreciation)			(26,435,821	)			(26,354,027	)			(26,399,294	)			(14,952,926	)

Net realized and unrealized gain (loss)			27,350,483				(1,539,959	)			1,315,709				15,834,164

Net increase in net assets resulting from operations		$	35,724,511			$	505,485			$	3,975,881			$	28,006,723

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


		24

(This Page Intentionally Left Blank)


		25

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco S&P 500 Revenue ETF (RWL)								Invesco S&P MidCap 400 Revenue ETF (RWK)
	Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021
Operations:
Net investment income		$	8,374,028			$	14,717,952			$	2,045,444			$	2,841,300
Net realized gain			53,786,304				46,375,044				24,814,068				47,755,587
Change in net unrealized appreciation (depreciation)			(26,435,821	)			219,833,850				(26,354,027	)			83,864,676

Net increase in net assets resulting from operations			35,724,511				280,926,846				505,485				134,461,563


Distributions to Shareholders from:
Distributable earnings			(7,772,209	)			(14,732,391	)			(2,042,031	)			(2,621,053	)


Shareholder Transactions:
Proceeds from shares sold			243,086,516				230,894,296				66,126,705				193,528,029
Value of shares repurchased			(112,808,758	)			(230,073,228	)			(66,457,568	)			(140,916,965	)

Net increase (decrease) in net assets resulting from share transactions			130,277,758				821,068				(330,863	)			52,611,064

Net increase (decrease) in net assets			158,230,060				267,015,523				(1,867,409	)			184,451,574


Net assets:
Beginning of period			1,049,098,357				782,082,834				393,816,621				209,365,047

End of period		$	1,207,328,417			$	1,049,098,357			$	391,949,212			$	393,816,621

Changes in Shares Outstanding:
Shares sold			3,125,000				3,450,000				730,000				2,340,000
Shares repurchased			(1,475,000	)			(3,550,000	)			(740,000	)			(1,720,000	)
Shares outstanding, beginning of period			13,851,400				13,951,400				4,321,400				3,701,400

Shares outstanding, end of period			15,501,400				13,851,400				4,311,400				4,321,400

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


		26


Invesco S&P SmallCap 600 Revenue ETF (RWJ)								Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Six Months Ended February 28, 2022				Year Ended August 31, 2021				Six Months Ended February 28, 2022				Year Ended August 31, 2021

	$	2,660,172			$	2,878,621			$	12,172,559			$	22,957,582
		27,715,003				114,021,534				30,787,090				131,727,423
		(26,399,294	)			81,051,685				(14,952,926	)			107,119,261

		3,975,881				197,951,840				28,006,723				261,804,266



		(2,569,576	)			(2,423,825	)			(12,282,239	)			(36,059,664	)



		193,910,951				456,506,540				276,809,202				614,858,749
		(63,977,343	)			(236,349,496	)			(274,021,307	)			(705,034,060	)


		129,933,608				220,157,044				2,787,895				(90,175,311	)

		131,339,913				415,685,059				18,512,379				135,569,291


		643,109,662				227,424,603				740,071,441				604,502,150

	$	774,449,575			$	643,109,662			$	758,583,820			$	740,071,441


		1,590,000				3,980,000				6,860,000				16,350,000
		(540,000	)			(2,150,000	)			(6,780,000	)			(19,530,000	)
		5,431,400				3,601,400				17,970,000				21,150,000

		6,481,400				5,431,400				18,050,000				17,970,000


		27

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)


	Six Months Ended February 28, 2022				Years Ended August 31,								Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2021				2020				2019				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	75.74			$	56.06			$	52.61			$	53.43			$	50.69			$	46.43			$	40.74

Net investment income^(a)			0.58				1.06				1.08				0.20				1.03				0.90				0.83
Net realized and unrealized gain (loss) on investments			2.12				19.68				3.53				(1.02	)			2.72				4.41				5.60

Total from investment operations			2.70				20.74				4.61				(0.82	)			3.75				5.31				6.43

Distributions to shareholders from:
Net investment income			(0.55	)			(1.06	)			(1.16	)			-				(1.01	)	��		(1.05	)			(0.74	)

Net asset value at end of period		$	77.89			$	75.74			$	56.06			$	52.61			$	53.43			$	50.69			$	46.43

Market price at end of period		$	77.84	^(b)		$	75.74	^(b)		$	56.16	^(b)		$	52.62	^(b)		$	53.41	^(b)

Net Asset Value Total Return^(c)			3.61	%			37.38	%			9.09	%			(1.54	)%			7.51	%			11.49	%			15.96	%
Market Price Total Return^(c)			3.54	%			37.13	%			9.26	%			(1.47	)%			7.41	%			11.46	%			15.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,207,328			$	1,049,098			$	782,083			$	918,178			$	956,549			$	917,494			$	689,504
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%^(e)			0.39	%			0.39	%			0.42	%
Expenses, prior to Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%^(e)			0.39	%			0.41	%			0.52	%
Net investment income			1.52	%^(d)			1.60	%			2.01	%			2.26	%^(e)			1.99	%			1.81	%			1.89	%
Portfolio turnover rate^(f)			7	%			17	%			14	%			0	%^(g)			19	%			15	%			15	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(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.

^(g)	Amount represents less than 0.5%.

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


		28

Financial Highlights–(continued)

Invesco S&P MidCap 400 Revenue ETF (RWK)


	Six Months Ended February 28, 2022				Years Ended August 31,								Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2021				2020				2019				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	91.13			$	56.56			$	56.44			$	61.01			$	61.05			$	56.31			$	47.74

Net investment income^(a)			0.47				0.69				0.74				0.10				0.65				0.63				0.56
Net realized and unrealized gain (loss) on investments			(0.22	)			34.51				0.21				(4.67	)			(0.06	)			4.70				8.68

Total from investment operations			0.25				35.20				0.95				(4.57	)			0.59				5.33				9.24

Distributions to shareholders from:
Net investment income			(0.47	)			(0.63	)			(0.83	)			-				(0.63	)			(0.59	)			(0.67	)

Net asset value at end of period		$	90.91			$	91.13			$	56.56			$	56.44			$	61.01			$	61.05			$	56.31

Market price at end of period		$	90.86	^(b)		$	91.10	^(b)		$	56.62	^(b)		$	56.42	^(b)		$	60.91	^(b)

Net Asset Value Total Return^(c)			0.29	%			62.54	%			1.89	%			(7.49	)%			1.05	%			9.48	%			19.46	%
Market Price Total Return^(c)			0.25	%			62.32	%			2.03	%			(7.37	)%			0.90	%			9.40	%			19.45	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	391,949			$	393,817			$	209,365			$	327,418			$	356,996			$	378,611			$	329,502
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%^(e)			0.39	%			0.39	%			0.43	%
Expenses, prior to Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%^(e)			0.39	%			0.42	%			0.56	%
Net investment income			1.04	%^(d)			0.88	%			1.30	%			1.06	%^(e)			1.09	%			1.08	%			1.05	%
Portfolio turnover rate^(f)			16	%			34	%			33	%			0	%^(g)			33	%			34	%			46	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(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.

^(g)	Amount represents less than 0.5%.

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


		29

Financial Highlights–(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)


	Six Months Ended February 28, 2022				Years Ended August 31,								Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2021				2020				2019				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	118.41			$	63.15			$	58.71			$	63.30			$	73.21			$	66.03			$	55.06

Net investment income^(a)			0.45				0.66				0.89				0.11				0.79				0.69				0.55
Net realized and unrealized gain (loss) on investments			1.08				55.17				4.58				(4.70	)			(9.90	)			7.24				10.85

Total from investment operations			1.53				55.83				5.47				(4.59	)			(9.11	)			7.93				11.40

Distributions to shareholders from:
Net investment income			(0.45	)			(0.57	)			(1.03	)			-				(0.80	)			(0.75	)			(0.43	)

Net asset value at end of period		$	119.49			$	118.41			$	63.15			$	58.71			$	63.30			$	73.21			$	66.03

Market price at end of period		$	119.56	^(b)		$	118.25	^(b)		$	63.17	^(b)		$	58.69	^(b)		$	63.23	^(b)

Net Asset Value Total Return^(c)			1.33	%			88.75	%			9.63	%			(7.25	)%			(12.45	)%			12.07	%^(d)			20.75	%
Market Price Total Return^(c)			1.51	%			88.42	%			9.70	%			(7.18	)%			(12.57	)%			12.10	%^(d)			20.76	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	774,450			$	643,110			$	227,425			$	349,395			$	405,199			$	508,897			$	554,751
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)			0.39	%			0.39	%			0.39	%^(f)			0.39	%			0.39	%			0.43	%
Expenses, prior to Waivers			0.39	%^(e)			0.39	%			0.39	%			0.39	%^(f)			0.39	%			0.42	%			0.54	%
Net investment income			0.75	%^(e)			0.65	%			1.50	%			1.10	%^(f)			1.15	%			1.01	%			0.86	%
Portfolio turnover rate^(g)			21	%			40	%			49	%			1	%			39	%			38	%			46	%

^(a)	Based on average shares outstanding.

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

^(c)

^(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)	Annualized.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(g)	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.


		30

Financial Highlights–(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)


	Six Months Ended February 28, 2022				Years Ended August 31,								Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2021				2020				2019				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	41.18			$	28.58			$	35.65			$	37.65			$	38.19			$	33.82			$	31.52

Net investment income^(a)			0.69				1.23				1.62				0.21				1.46				1.73				1.50
Net realized and unrealized gain (loss) on investments			0.86				13.29				(7.33	)			(2.21	)			(0.66	)			4.56				1.96

Total from investment operations			1.55				14.52				(5.71	)			(2.00	)			0.80				6.29				3.46

Distributions to shareholders from:
Net investment income			(0.70	)			(1.92	)			(1.36	)			-				(1.34	)			(1.92	)			(1.14	)
Net realized gains			-				-				-				-				-				-				(0.02	)

Total distributions			(0.70	)			(1.92	)			(1.36	)			-				(1.34	)			(1.92	)			(1.16	)

Net asset value at end of period		$	42.03			$	41.18			$	28.58			$	35.65			$	37.65			$	38.19			$	33.82

Market price at end of period		$	42.01	^(b)		$	41.16	^(b)		$	28.63	^(b)		$	35.67	^(b)		$	37.67	^(b)

Net Asset Value Total Return^(c)			3.87	%			52.38	%			(16.26	)%			(5.31	)%			2.26	%			19.13	%			11.10	%
Market Price Total Return^(c)			3.87	%			52.06	%			(16.17	)%			(5.31	)%			2.26	%			19.12	%			11.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	758,584			$	740,071			$	604,502			$	1,572,300			$	1,782,599			$	610,987			$	510,630
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%^(e)			0.39	%			0.39	%			0.41	%
Expenses, prior to Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%^(e)			0.39	%			0.41	%			0.52	%
Net investment income			3.38	%^(d)			3.37	%			4.77	%			3.36	%^(e)			3.93	%			4.90	%			4.48	%
Portfolio turnover rate^(f)			44	%			97	%			98	%			12	%			122	%			74	%			81	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(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.


		31

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization


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”

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.

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


		32

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.

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. 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.

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


		33

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.

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

D. 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.

E. 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.

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

G. 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.

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

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for


		34

international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund had affiliated securities lending transactions with Invesco. The fees paid to Invesco by each Fund (except for S&P MidCap 400 Revenue ETF and S&P SmallCap 600 Revenue ETF) were less than $500. S&P MidCap 400 Revenue ETF and S&P SmallCap 600 Revenue ETF) paid Invesco $845 and $1,971, respectively, in fees for securities lending agent services.

J. Other Risks


		35

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.

NOTE 3–Investment Advisory Agreement and Other Agreements


		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%


		36

For the six months ended February 28, 2022, no fees were waived.

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



S&P 500 Revenue ETF	$	12,002

S&P MidCap 400 Revenue ETF		14,140

S&P SmallCap 600 Revenue ETF		42,526

S&P Ultra Dividend Revenue ETF		30,795

NOTE 4–Security Transactions with Affiliated Funds

For the six months ended February 28, 2022, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases	Securities Sales	Net Realized Gains (Losses)*
S&P MidCap 400 Revenue ETF	$-	$847,714	$(220,915)

*	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


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.


		37


	Level 1			Level 2			Level 3		Total

S&P 500 Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,205,963,553		$	-		$-		$	1,205,963,553

Money Market Funds			-			19,882,088		-			19,882,088



Total Investments		$	1,205,963,553		$	19,882,088		$-		$	1,225,845,641



S&P MidCap 400 Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	391,723,692		$	-		$-		$	391,723,692

Money Market Funds			55,885			72,667,484		-			72,723,369



Total Investments		$	391,779,577		$	72,667,484		$-		$	464,447,061



S&P SmallCap 600 Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	774,273,765		$	-		$-		$	774,273,765

Money Market Funds			92,887			181,700,229		-			181,793,116



Total Investments		$	774,366,652		$	181,700,229		$-		$	956,066,881



S&P Ultra Dividend Revenue ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	756,826,972		$	-		$-		$	756,826,972

Money Market Funds			425,930			15,406,113		-			15,832,043



Total Investments		$	757,252,902		$	15,406,113		$-		$	772,659,015

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

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


	No expiration
	Short-Term		Long-Term		Total*

S&P 500 Revenue ETF	$	10,432,365	$	73,061,456	$	83,493,821

S&P MidCap 400 Revenue ETF		20,511,281		28,333,318		48,844,599

S&P SmallCap 600 Revenue ETF		33,191,459		100,646,308		133,837,767

S&P Ultra Dividend Revenue ETF		343,161,145		115,592,245		458,753,390

*	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.


		38

NOTE 7–Investment Transactions


	Purchases		Sales

S&P 500 Revenue ETF	$	75,737,612	$	75,596,955

S&P MidCap 400 Revenue ETF		61,888,682		62,062,519

S&P SmallCap 600 Revenue ETF		145,731,822		145,048,660

S&P Ultra Dividend Revenue ETF		328,962,867		332,862,145

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

S&P 500 Revenue ETF	$	241,719,725	$	111,343,231

S&P MidCap 400 Revenue ETF		65,965,487		66,070,554

S&P SmallCap 600 Revenue ETF		193,554,430		64,190,589

S&P Ultra Dividend Revenue ETF		276,568,922		269,116,606

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


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

S&P 500 Revenue ETF	$	260,048,555	$	(23,309,544	)	$	236,739,011	$	989,106,630

S&P MidCap 400 Revenue ETF		58,047,911		(13,577,567	)		44,470,344		419,976,717

S&P SmallCap 600 Revenue ETF		88,951,767		(50,693,212	)		38,258,555		917,808,326

S&P Ultra Dividend Revenue ETF		61,974,821		(15,327,502	)		46,647,319		726,011,696

NOTE 8–Trustees’ and Officer’s Fees

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for 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.

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.


		39

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	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	$1,036.10	0.39%	$1.97

Hypothetical (5% return before expenses)	1,000.00	1,022.86	0.39	1.96

Invesco S&P MidCap 400 Revenue ETF (RWK)

Actual	1,000.00	1,002.90	0.39	1.94

Hypothetical (5% return before expenses)	1,000.00	1,022.86	0.39	1.96

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

Actual	1,000.00	1,013.30	0.39	1.95

Hypothetical (5% return before expenses)	1,000.00	1,022.86	0.39	1.96

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

Actual	1,000.00	1,038.70	0.39	1.97

Hypothetical (5% return before expenses)	1,000.00	1,022.86	0.39	1.96

⁽¹⁾


		40

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

O-REV-SAR-1

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders
		February 28, 2022
		QQMG		Invesco ESG NASDAQ 100 ETF

		QQJG		Invesco ESG NASDAQ Next Gen 100 ETF

		QQQM		Invesco NASDAQ 100 ETF

		QQQJ		Invesco NASDAQ Next Gen 100 ETF

Table of Contents



Schedules of Investments

Invesco ESG NASDAQ 100 ETF (QQMG)			3

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			6

Invesco NASDAQ 100 ETF (QQQM)			9

Invesco NASDAQ Next Gen 100 ETF (QQQJ)			12

Statements of Assets and Liabilities			15

Statements of Operations			16

Statements of Changes in Net Assets			17

Financial Highlights			18

Notes to Financial Statements			22

Fund Expenses			31

Approval of Investment Advisory Contracts			33


		2

Invesco ESG NASDAQ 100 ETF (QQMG)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-15.19%
Activision Blizzard, Inc.		696	$	56,723
Alphabet, Inc., Class A^(b)		128		345,746
Alphabet, Inc., Class C^(b)		128		345,321
Baidu, Inc., ADR (China)^(b)		153		23,323
Charter Communications, Inc., Class A^(b)		106		63,789
Comcast Corp., Class A		3,009		140,701
Electronic Arts, Inc.		333		43,320
Match Group, Inc.^(b)		165		18,396
Meta Platforms, Inc., Class A^(b)		1,026		216,517
NetEase, Inc., ADR (China)		305		29,079
Netflix, Inc.^(b)		441		173,983
Sirius XM Holdings, Inc.^(c)		3,909		24,079
T-Mobile US, Inc.^(b)		889		109,534

				1,590,511

Consumer Discretionary-10.80%
Airbnb, Inc., Class A^(b)		219		33,176
Amazon.com, Inc.^(b)		119		365,480
Booking Holdings, Inc.^(b)		33		71,684
Dollar Tree, Inc.^(b)		217		30,832
eBay, Inc.		624		34,064
JD.com, Inc., ADR (China)^(b)		370		26,503
lululemon athletica, inc.^(b)		127		40,633
Marriott International, Inc., Class A^(b)		251		42,705
MercadoLibre, Inc. (Brazil)^(b)		39		43,939
O’Reilly Automotive, Inc.^(b)		79		51,290
Pinduoduo, Inc., ADR (China)^(b)		199		10,320
Ross Stores, Inc.		379		34,637
Starbucks Corp.		957		87,843
Tesla, Inc.^(b)		297		258,518

				1,131,624

Consumer Staples-5.49%
Costco Wholesale Corp.		315		163,564
Keurig Dr Pepper, Inc.		1,110		42,924
Kraft Heinz Co. (The)		286		11,217
Mondelez International, Inc., Class A		1,002		65,611
Monster Beverage Corp.^(b)		264		22,281
PepsiCo, Inc.		1,422		232,838
Walgreens Boots Alliance, Inc.		802		36,964

				575,399

Health Care-5.02%
Align Technology, Inc.^(b)		67		34,268
Amgen, Inc.^(c)		496		112,334
Biogen, Inc.^(b)		117		24,688
DexCom, Inc.^(b)		53		21,937
Gilead Sciences, Inc.		963		58,165
IDEXX Laboratories, Inc.^(b)		71		37,797
Illumina, Inc.^(b)		190		62,054
Intuitive Surgical, Inc.^(b)		155		45,001
Moderna, Inc.^(b)		169		25,959
Regeneron Pharmaceuticals, Inc.^(b)		89		55,034
Seagen, Inc.^(b)		88		11,341
Vertex Pharmaceuticals, Inc.^(b)		163		37,493

				526,071


	Shares		Value
Industrials-1.72%
Cintas Corp.		83	$	31,152
Copart, Inc.^(b)		174		21,381
CSX Corp.		2,037		69,075
Fastenal Co.		379		19,503
PACCAR, Inc.		178		16,342
Verisk Analytics, Inc.		128		22,699

				180,152

Information Technology-61.76%
Adobe, Inc.^(b)		542		253,483
Advanced Micro Devices, Inc.^(b)		1,423		175,513
ANSYS, Inc.^(b)		92		29,825
Apple, Inc.		8,892		1,468,247
Applied Materials, Inc.		1,099		147,486
ASML Holding N.V., New York Shares (Netherlands)		98		65,318
Atlassian Corp. PLC, Class A^(b)		126		38,521
Autodesk, Inc.^(b)		232		51,093
Automatic Data Processing, Inc.		476		97,313
Broadcom, Inc.		259		152,147
Cadence Design Systems, Inc.^(b)		318		48,155
Cisco Systems, Inc.		5,166		288,108
Cognizant Technology Solutions Corp., Class A		506		43,582
Crowdstrike Holdings, Inc., Class A^(b)		190		37,090
Datadog, Inc., Class A^(b)		199		32,061
DocuSign, Inc.^(b)		189		22,383
Fiserv, Inc.^(b)		613		59,872
Fortinet, Inc.^(b)		143		49,266
Intel Corp.		4,015		191,516
Intuit, Inc.		286		135,670
KLA Corp.		149		51,927
Lam Research Corp.		153		85,887
Marvell Technology, Inc.		702		47,968
Microchip Technology, Inc.		218		15,332
Micron Technology, Inc.		1,069		94,991
Microsoft Corp.		4,714		1,408,496
NVIDIA Corp.		2,248		548,175
NXP Semiconductors N.V. (China)		228		43,347
Okta, Inc.^(b)		160		29,254
Palo Alto Networks, Inc.^(b)		109		64,773
Paychex, Inc.		353		42,028
PayPal Holdings, Inc.^(b)		1,189		133,085
QUALCOMM, Inc.		1,034		177,838
Skyworks Solutions, Inc.		48		6,632
Splunk, Inc.^(b)		153		18,069
Synopsys, Inc.^(b)		169		52,794
Texas Instruments, Inc.		781		132,762
VeriSign, Inc.^(b)		84		17,952
Workday, Inc., Class A^(b)		223		51,078
Zoom Video Communications, Inc., Class A^(b)		217		28,774
Zscaler, Inc.^(b)		128		30,611

				6,468,422

Total Common Stocks & Other Equity Interests (Cost $11,375,099)				10,472,179

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


		3

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $9,341)		9,341	$	9,341

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $11,384,440)				10,481,520


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.32%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		41,452		41,452


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		96,713	$	96,722

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $138,174)				138,174

TOTAL INVESTMENTS IN SECURITIES-101.39% (Cost $11,522,614)				10,619,694
OTHER ASSETS LESS LIABILITIES-(1.39)%				(145,180	)

NET ASSETS-100.00%			$	10,474,514

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	40,411		$	(31,070	)		$	-		$	-			$	9,341		$	-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			85,763			(44,311	)			-			-				41,452			1	*
Invesco Private Prime Fund			-			184,887			(88,163	)			-			(2	)			96,722			3	*

Total		$	-		$	311,061		$	(163,544	)		$	-		$	(2	)		$	147,515		$	4

*	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 February 28, 2022.

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

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


		4

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			61.76

Communication Services			15.19

Consumer Discretionary			10.80

Consumer Staples			5.49

Health Care			5.02

Industrials			1.72

Money Market Funds Plus Other Assets Less Liabilities			0.02

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


		5

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-15.33%
Bilibili, Inc., ADR (China)^(b)(c)		151	$	4,773
Discovery, Inc., Class A^(b)		338		9,481
Discovery, Inc., Class C^(b)		659		18,432
DISH Network Corp., Class A^(b)		436		13,935
Fox Corp., Class A		739		30,912
Fox Corp., Class B		575		22,000
IAC/InterActiveCorp.^(b)		91		10,443
Liberty Broadband Corp., Class C^(b)		234		34,328
Liberty Global PLC, Class A (United Kingdom)^(b)		207		5,336
Liberty Global PLC, Class C (United Kingdom)^(b)		423		10,943
Liberty Media Corp.-Liberty Formula One, Class C^(b)		406		24,656
News Corp., Class A		920		20,534
News Corp., Class B		467		10,475
Paramount Global, Class B		1,261		38,599
Roku, Inc., Class A^(b)		125		17,441
Take-Two Interactive Software, Inc.^(b)		229		37,098
Yandex N.V., Class A (Russia)^(b)(d)		265		4,601
ZoomInfo Technologies, Inc., Class A^(b)		382		20,892

				334,879

Consumer Discretionary-14.25%
Etsy, Inc.^(b)		222		34,386
Expedia Group, Inc.^(b)		186		36,476
Hasbro, Inc.		357		34,647
Li Auto, Inc., ADR (China)^(b)		506		15,408
LKQ Corp.		700		32,865
Pool Corp.		95		43,565
Tractor Supply Co.		262		53,393
Trip.com Group Ltd., ADR (China)^(b)		777		20,062
Ulta Beauty, Inc.^(b)		108		40,446

				311,248

Consumer Staples-2.51%
Coca-Cola Europacific Partners PLC (United Kingdom)		1,072		54,897


Health Care-15.07%
10X Genomics, Inc., Class A^(b)		149		12,139
Alnylam Pharmaceuticals, Inc.^(b)		108		17,048
BeiGene Ltd., ADR (China)^(b)(c)		49		10,315
BioMarin Pharmaceutical, Inc.^(b)		222		17,343
Bio-Techne Corp.		71		29,778
Bruker Corp.		246		17,311
Cerner Corp.		520		48,490
DENTSPLY SIRONA, Inc.		382		20,681
Guardant Health, Inc.^(b)(c)		157		10,404
Hologic, Inc.^(b)		233		16,583
Horizon Therapeutics PLC^(b)		48		4,376
ICON PLC^(b)		115		27,371
Incyte Corp.^(b)		271		18,509
Insulet Corp.^(b)		48		12,705
Masimo Corp.^(b)		33		5,196
Novavax, Inc.^(b)		53		4,419
Repligen Corp.^(b)		128		25,178
Sanofi, ADR (France)		379		19,879
Viatris, Inc.		1,045		11,505

				329,230


	Shares		Value
Industrials-8.03%
American Airlines Group, Inc.^(b)		578	$	9,971
C.H. Robinson Worldwide, Inc.		227		21,946
CoStar Group, Inc.^(b)		453		27,638
Expeditors International of Washington, Inc.		318		32,868
J.B. Hunt Transport Services, Inc.		236		47,892
Lyft, Inc., Class A^(b)		387		15,070
Sunrun, Inc.^(b)		296		8,075
United Airlines Holdings, Inc.^(b)		271		12,032

				175,492

Information Technology-42.91%
Akamai Technologies, Inc.^(b)		286		30,962
CDW Corp.		367		63,293
Check Point Software Technologies Ltd. (Israel)^(b)		228		33,033
Citrix Systems, Inc.		278		28,495
Cognex Corp.		392		26,484
Coupa Software, Inc.^(b)		119		14,400
Enphase Energy, Inc.^(b)		130		21,671
Entegris, Inc.		205		26,748
F5, Inc.^(b)		112		22,495
First Solar, Inc.^(b)		183		13,778
Jack Henry & Associates, Inc.		154		27,227
Logitech International S.A., Class R (Switzerland)		402		30,005
Manhattan Associates, Inc.^(b)		112		14,972
MongoDB, Inc.^(b)		108		41,255
Monolithic Power Systems, Inc.		76		34,861
NetApp, Inc.		459		35,976
NortonLifeLock, Inc.		1,267		36,718
ON Semiconductor Corp.^(b)		522		32,682
Open Text Corp. (Canada)		594		25,839
Paylocity Holding Corp.^(b)		89		18,907
PTC, Inc.^(b)		210		23,369
Qorvo, Inc.^(b)		76		10,395
Seagate Technology Holdings PLC		572		59,008
SolarEdge Technologies, Inc.^(b)		71		22,679
SS&C Technologies Holdings, Inc.		383		28,714
Teradyne, Inc.		303		35,730
Trade Desk, Inc. (The), Class A^(b)		524		44,708
Trimble, Inc.^(b)		597		41,641
Western Digital Corp.^(b)		763		38,867
Zebra Technologies Corp., Class A^(b)		127		52,494

				937,406

Materials-0.31%
Steel Dynamics, Inc.		97		6,846

Real Estate-1.50%
Opendoor Technologies, Inc.^(b)		1,586		13,243
Zillow Group, Inc., Class A^(b)		83		4,754
Zillow Group, Inc., Class C^(b)		258		14,840

				32,837

Total Common Stocks & Other Equity Interests (Cost $2,446,811)				2,182,835

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


		6

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $1,416)		1,416	$	1,416

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $2,448,227)				2,184,251


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.17%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		7,589		7,589


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		17,946	$	17,948

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,537)				25,537

TOTAL INVESTMENTS IN SECURITIES-101.15% (Cost $2,473,764)				2,209,788
OTHER ASSETS LESS LIABILITIES-(1.15)%				(25,056	)

NET ASSETS-100.00%			$	2,184,732

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

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

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	29,362		$	(27,946	)		$	-		$	-			$	1,416		$	-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			82,697			(75,108	)			-			-				7,589			1	*
Invesco Private Prime Fund			-			138,079			(120,128	)			-			(3	)			17,948			4	*

Total		$	-		$	250,138		$	(223,182	)		$	-		$	(3	)		$	26,953		$	5

*	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 February 28, 2022.

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

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


		7

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			42.91

Communication Services			15.33

Health Care			15.07

Consumer Discretionary			14.25

Industrials			8.03

Sector Types Each Less Than 3%			4.32

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		8

Invesco NASDAQ 100 ETF (QQQM)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-17.60%
Activision Blizzard, Inc.		219,125	$	17,858,688
Alphabet, Inc., Class A^(b)		51,019		137,809,462
Alphabet, Inc., Class C^(b)		53,888		145,380,124
Baidu, Inc., ADR (China)^(b)		68,282		10,408,908
Charter Communications, Inc., Class A^(b)(c)		50,432		30,348,969
Comcast Corp., Class A		1,282,722		59,980,081
Electronic Arts, Inc.		79,574		10,351,782
Match Group, Inc.^(b)		79,651		8,880,290
Meta Platforms, Inc., Class A^(b)		600,846		126,796,531
NetEase, Inc., ADR (China)		79,721		7,600,600
Netflix, Inc.^(b)		124,622		49,165,871
Sirius XM Holdings, Inc.^(c)		1,125,190		6,931,170
T-Mobile US, Inc.^(b)		351,403		43,296,364

				654,808,840

Consumer Discretionary-16.12%
Airbnb, Inc., Class A^(b)		97,562		14,779,667
Amazon.com, Inc.^(b)		85,997		264,119,146
Booking Holdings, Inc.^(b)		11,542		25,072,110
Dollar Tree, Inc.^(b)		63,281		8,990,965
eBay, Inc.		176,124		9,614,609
JD.com, Inc., ADR (China)^(b)(c)		208,627		14,943,952
Lucid Group, Inc.^(b)(c)		463,182		13,423,014
lululemon athletica, inc.^(b)		35,046		11,212,617
Marriott International, Inc., Class A^(b)		91,621		15,588,397
MercadoLibre, Inc. (Brazil)^(b)(c)		14,185		15,981,530
O’Reilly Automotive, Inc.^(b)		18,949		12,302,449
Pinduoduo, Inc., ADR (China)^(b)(c)		116,967		6,065,909
Ross Stores, Inc.		99,967		9,135,984
Starbucks Corp.		330,067		30,296,850
Tesla, Inc.^(b)		170,287		148,222,913

				599,750,112

Consumer Staples-5.56%
Costco Wholesale Corp.		124,307		64,546,410
Keurig Dr Pepper, Inc.		398,915		15,426,043
Kraft Heinz Co. (The)		344,359		13,505,760
Mondelez International, Inc., Class A		392,460		25,698,281
Monster Beverage Corp.^(b)		148,861		12,563,868
PepsiCo, Inc.		388,977		63,691,094
Walgreens Boots Alliance, Inc.		243,513		11,223,514

				206,654,970

Health Care-5.75%
Align Technology, Inc.^(b)		22,195		11,351,855
Amgen, Inc.^(c)		158,470		35,890,286
AstraZeneca PLC, ADR (United Kingdom)		165,606		10,082,093
Biogen, Inc.^(b)		41,330		8,721,043
DexCom, Inc.^(b)		27,256		11,281,531
Gilead Sciences, Inc.		352,888		21,314,435
IDEXX Laboratories, Inc.^(b)		23,851		12,697,080
Illumina, Inc.^(b)		43,976		14,362,562
Intuitive Surgical, Inc.^(b)		100,513		29,181,939
Moderna, Inc.^(b)		114,072		17,521,459
Regeneron Pharmaceuticals, Inc.^(b)		29,732		18,385,080
Seagen, Inc.^(b)		51,450		6,630,361
Vertex Pharmaceuticals, Inc.^(b)		71,518		16,450,570

				213,870,294


	Shares		Value
Industrials-3.02%
Cintas Corp.		29,088	$	10,917,308
Copart, Inc.^(b)		66,738		8,200,766
CSX Corp.		623,981		21,159,196
Fastenal Co.		161,809		8,326,691
Honeywell International, Inc.		193,668		36,748,503
Old Dominion Freight Line, Inc.		32,346		10,157,614
PACCAR, Inc.		97,661		8,966,257
Verisk Analytics, Inc.^(c)		45,330		8,038,822

				112,515,157

Information Technology-50.84%
Adobe, Inc.^(b)		133,849		62,598,500
Advanced Micro Devices, Inc.^(b)		459,914		56,725,814
Analog Devices, Inc.		151,191		24,234,405
ANSYS, Inc.^(b)		24,537		7,954,650
Apple, Inc.		2,782,075		459,376,224
Applied Materials, Inc.		254,014		34,088,679
ASML Holding N.V., New York Shares (Netherlands)		22,812		15,204,426
Atlassian Corp. PLC, Class A^(b)		39,501		12,076,246
Autodesk, Inc.^(b)		61,857		13,622,767
Automatic Data Processing, Inc.		118,540		24,234,318
Broadcom, Inc.		115,792		68,020,852
Cadence Design Systems, Inc.^(b)		77,971		11,807,149
Cisco Systems, Inc.		1,186,543		66,173,503
Cognizant Technology Solutions Corp., Class A		147,777		12,728,033
Crowdstrike Holdings, Inc., Class A^(b)		57,903		11,303,245
Datadog, Inc., Class A^(b)		72,363		11,658,403
DocuSign, Inc.^(b)		55,338		6,553,679
Fiserv, Inc.^(b)		185,737		18,140,933
Fortinet, Inc.^(b)		46,006		15,849,987
Intel Corp.		1,144,175		54,577,147
Intuit, Inc.		79,674		37,794,955
KLA Corp.		42,647		14,862,479
Lam Research Corp.		39,607		22,233,389
Marvell Technology, Inc.		231,715		15,833,086
Microchip Technology, Inc.		156,106		10,978,935
Micron Technology, Inc.		314,710		27,965,131
Microsoft Corp.		1,273,154		380,405,684
NVIDIA Corp.		596,608		145,482,861
NXP Semiconductors N.V. (China)		74,822		14,225,159
Okta, Inc.^(b)(c)		41,531		7,593,528
Palo Alto Networks, Inc.^(b)		27,766		16,499,945
Paychex, Inc.		101,447		12,078,280
PayPal Holdings, Inc.^(b)		330,549		36,998,350
QUALCOMM, Inc.		315,094		54,193,017
Skyworks Solutions, Inc.		46,533		6,429,465
Splunk, Inc.^(b)		45,438		5,366,228
Synopsys, Inc.^(b)		42,893		13,399,344
Texas Instruments, Inc.		259,824		44,167,482
VeriSign, Inc.^(b)		31,250		6,678,750
Workday, Inc., Class A^(b)		54,302		12,437,873
Zoom Video Communications, Inc., Class A^(b)		68,146		9,036,160
Zscaler, Inc.^(b)		39,399		9,422,271

				1,891,011,332

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


		9

Invesco NASDAQ 100 ETF (QQQM)—(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Utilities-1.05%
American Electric Power Co., Inc.		141,685	$	12,843,745
Constellation Energy Corp.		91,739		4,218,144
Exelon Corp.		275,241		11,714,257
Xcel Energy, Inc.		151,542		10,203,323

				38,979,469

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $4,008,946,539)				3,717,590,174


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.48%
Invesco Private Government Fund, 0.12%^(d)(e)(f)		27,691,659		27,691,659


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.08%^(d)(e)(f)		64,609,301	$	64,615,763

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $92,307,421)				92,307,422

TOTAL INVESTMENTS IN SECURITIES-102.42% (Cost $4,101,253,960)				3,809,897,596
OTHER ASSETS LESS LIABILITIES-(2.42)%				(90,066,396	)

NET ASSETS-100.00%			$	3,719,831,200

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

^(d)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	10,238,851		$	(10,238,851	)		$	-		$	-			$	-		$	140
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,570,028			283,436,339			(259,314,708	)			-			-				27,691,659			2,451	*
Invesco Private Prime Fund			8,330,066			646,459,592			(590,154,668	)			1			(19,228	)			64,615,763			17,231	*

Total		$	11,900,094		$	940,134,782		$	(859,708,227	)		$	1		$	(19,228	)		$	92,307,422		$	19,822

*	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 February 28, 2022.

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

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


		10

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			50.84

Communication Services			17.60

Consumer Discretionary			16.12

Health Care			5.75

Consumer Staples			5.56

Industrials			3.02

Utilities			1.05

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		11

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

February 28, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%^(a)
Communication Services-14.21%
Bilibili, Inc., ADR (China)^(b)(c)		120,982	$	3,824,241
Discovery, Inc., Class A^(b)(c)		113,065		3,171,473
Discovery, Inc., Class C^(b)		220,614		6,170,574
DISH Network Corp., Class A^(b)		194,008		6,200,496
Fox Corp., Class A		214,068		8,954,464
Fox Corp., Class B		166,533		6,371,553
IAC/InterActiveCorp.^(b)		55,989		6,425,298
Liberty Broadband Corp., Class C^(b)		99,517		14,599,144
Liberty Global PLC, Class A (United Kingdom)^(b)		118,204		3,047,299
Liberty Global PLC, Class C (United Kingdom)^(b)		235,945		6,103,897
Liberty Media Corp.-Liberty Formula One, Class C^(b)		136,217		8,272,458
News Corp., Class A		262,620		5,861,678
News Corp., Class B		133,392		2,991,982
Paramount Global, Class B		405,411		12,409,631
Playtika Holding Corp.^(b)		273,716		5,638,550
Roku, Inc., Class A^(b)		78,651		10,974,174
Take-Two Interactive Software, Inc.^(b)		77,056		12,483,072
Yandex N.V., Class A (Russia)^(b)(d)		215,735		3,745,247
ZoomInfo Technologies, Inc., Class A^(b)		269,416		14,734,361

				141,979,592

Consumer Discretionary-13.42%
Caesars Entertainment, Inc.^(b)		142,837		12,025,447
DraftKings, Inc., Class A^(b)(c)		271,600		6,431,488
Etsy, Inc.^(b)		84,708		13,120,422
Expedia Group, Inc.^(b)		97,572		19,134,845
Hasbro, Inc.		92,174		8,945,487
Li Auto, Inc., ADR (China)^(b)		292,220		8,898,099
LKQ Corp		194,771		9,144,498
Penn National Gaming, Inc.^(b)(c)		113,271		5,816,466
Pool Corp		26,782		12,281,690
Tractor Supply Co.		76,056		15,499,452
Trip.com Group Ltd., ADR (China)^(b)		358,977		9,268,786
Ulta Beauty, Inc.^(b)		36,312		13,598,844

				134,165,524

Consumer Staples-1.56%
Coca-Cola Europacific Partners PLC (United Kingdom)		304,615		15,599,334

Energy-1.67%
Diamondback Energy, Inc.		121,070		16,719,767

Health Care-19.98%
10X Genomics, Inc., Class A^(b)(c)		61,195		4,985,557
Alnylam Pharmaceuticals, Inc.^(b)		79,926		12,616,319
BeiGene Ltd., ADR (China)^(b)(c)		33,156		6,980,001
BioMarin Pharmaceutical, Inc.^(b)		122,673		9,583,215
BioNTech SE, ADR (Germany)^(b)(c)		58,875		8,878,939
Bio-Techne Corp		26,249		11,009,093
Bruker Corp		101,326		7,130,311
Cerner Corp.		196,610		18,333,882
DENTSPLY SIRONA, Inc.		146,065		7,907,959
Guardant Health, Inc.^(b)(c)		67,923		4,501,257
Hologic, Inc.^(b)		168,001		11,956,631
Horizon Therapeutics PLC^(b)		151,568		13,818,455


	Shares		Value
Health Care-(continued)
ICON PLC^(b)		54,387	$	12,944,650
Incyte Corp.^(b)		147,602		10,081,217
Insulet Corp.^(b)		46,095		12,200,885
Masimo Corp.^(b)		36,894		5,808,960
Novavax, Inc.^(b)(c)		50,515		4,211,436
Repligen Corp.^(b)		36,939		7,265,901
Royalty Pharma PLC, Class A		286,995		11,267,424
Sanofi, ADR (France)		177,564		9,313,232
Viatris, Inc.		808,142		8,897,643

				199,692,967

Industrials-8.64%
American Airlines Group, Inc.^(b)(c)		432,678		7,463,695
Axon Enterprise, Inc.^(b)		45,759		6,417,700
C.H. Robinson Worldwide, Inc.		86,867		8,398,301
CoStar Group, Inc.^(b)		263,898		16,100,417
Expeditors International of Washington, Inc.		113,197		11,700,042
J.B. Hunt Transport Services, Inc.		70,183		14,242,236
Lyft, Inc., Class A^(b)		221,920		8,641,565
Sunrun, Inc.^(b)(c)		138,331		3,773,670
United Airlines Holdings, Inc.^(b)(c)		216,372		9,606,917

				86,344,543

Information Technology-37.30%
Affirm Holdings, Inc.^(b)(c)		139,107		5,820,237
Akamai Technologies, Inc.^(b)(c)		108,562		11,752,922
AppLovin Corp., Class A^(b)(c)		151,294		8,787,156
Bentley Systems, Inc., Class B^(c)		180,907		6,945,020
CDW Corp.		90,702		15,642,467
Check Point Software Technologies Ltd. (Israel)^(b)		88,734		12,855,782
Citrix Systems, Inc.		83,348		8,543,170
Cognex Corp.		118,150		7,982,214
Coupa Software, Inc.^(b)(c)		49,498		5,989,752
Enphase Energy, Inc.^(b)		90,157		15,029,172
Entegris, Inc.		90,562		11,816,530
F5, Inc.^(b)		40,912		8,217,175
First Solar, Inc.^(b)		71,041		5,348,677
Jack Henry & Associates, Inc.		49,485		8,748,948
Logitech International S.A., Class R (Switzerland)		111,898		8,352,067
Manhattan Associates, Inc.^(b)		42,294		5,653,862
Monday.com Ltd.^(b)(c)		29,205		4,639,798
MongoDB, Inc.^(b)		44,218		16,890,834
Monolithic Power Systems, Inc.		30,799		14,127,501
NetApp, Inc.		149,420		11,711,540
NortonLifeLock, Inc.		388,742		11,265,743
ON Semiconductor Corp.^(b)		287,885		18,024,480
Open Text Corp. (Canada)		182,264		7,928,484
Paylocity Holding Corp.^(b)		36,762		7,809,719
PTC, Inc.^(b)		78,762		8,764,635
Qorvo, Inc.^(b)		73,664		10,075,762
Seagate Technology Holdings PLC		148,776		15,347,732
SolarEdge Technologies, Inc.^(b)		35,100		11,211,642
SS&C Technologies Holdings, Inc.		169,893		12,736,878
Teradyne, Inc.		108,915		12,843,257
Trade Desk, Inc. (The), Class A^(b)(c)		291,389		24,861,309
Trimble, Inc.^(b)		167,723		11,698,679

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


		12

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 28, 2022

(Unaudited)


	Shares		Value
Information Technology-(continued)
Western Digital Corp.^(b)		208,222	$	10,606,829
Zebra Technologies Corp., Class A^(b)		35,720		14,764,505

				372,794,478

Materials-0.94%
Steel Dynamics, Inc.		132,598		9,358,767

Real Estate-1.30%
Opendoor Technologies, Inc.^(b)(c)		409,361		3,418,164
Zillow Group, Inc., Class A^(b)(c)		41,009		2,348,585
Zillow Group, Inc., Class C^(b)(c)		125,109		7,196,270

				12,963,019

Utilities-0.98%
Alliant Energy Corp.		167,287		9,769,561

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $1,084,957,085)				999,387,552


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.21%
Invesco Private Government Fund, 0.12%^(e)(f)(g)		33,615,842	$	33,615,842
Invesco Private Prime Fund, 0.08%^(e)(f)(g)		78,429,121		78,436,966

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $112,058,691)				112,052,808

TOTAL INVESTMENTS IN SECURITIES-111.21% (Cost $1,197,015,776)				1,111,440,360
OTHER ASSETS LESS LIABILITIES-(11.21)%				(112,008,243	)

NET ASSETS-100.00%			$	999,432,117

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2022.

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

^(e)


	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	595,896		$	27,112,291		$	(27,708,187	)		$	-			$	-			$	-		$	140
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			14,361,365			122,301,051			(103,046,574	)			-				-				33,615,842			3,872	*
Invesco Private Prime Fund			33,532,835			259,301,626			(214,379,616	)			(5,883	)			(11,996	)			78,436,966			32,192	*

Total		$	48,490,096		$	408,714,968		$	(345,134,377	)		$	(5,883	)		$	(11,996	)		$	112,052,808		$	36,204

*	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 February 28, 2022.

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

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


		13

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 28, 2022

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2022

Information Technology			37.30

Health Care			19.98

Communication Services			14.21

Consumer Discretionary			13.42

Industrials			8.64

Sector Types Each Less Than 3%			6.45

Money Market Funds Plus Other Assets Less Liabilities			0.00

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


		14

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)				Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	10,472,179			$	2,182,835			$	3,717,590,174			$	999,387,552
Affiliated investments in securities, at value			147,515				26,953				92,307,422				112,052,808
Receivable for:
Dividends			6,646				820				2,659,257				368,930
Securities lending			-				-				107,946				11,897
Investments sold			-				-				2,842,200				1,941,795
Fund shares sold			-				-				25,664,167				-
Foreign tax reclaims			-				-				-				45,138

Total assets			10,626,340				2,210,608				3,841,171,166				1,113,808,120


Liabilities:
Due to custodian			1,053				-				126,039				257,690
Payable for:
Investments purchased			11,037				-				25,638,650				-
Investments purchased - affiliated broker			-				-				-				193,118
Collateral upon return of securities loaned			138,174				25,537				92,307,421				112,058,691
Fund shares repurchased			-				-				2,845,081				1,747,404
Accrued unitary management fees			1,562				339				422,775				119,100

Total liabilities			151,826				25,876				121,339,966				114,376,003

Net Assets		$	10,474,514			$	2,184,732			$	3,719,831,200			$	999,432,117


Net assets consist of:
Shares of beneficial interest		$	11,389,274			$	2,500,025			$	3,914,105,602			$	1,103,894,199
Distributable earnings (loss)			(914,760	)			(315,293	)			(194,274,402	)			(104,462,082	)

Net Assets		$	10,474,514			$	2,184,732			$	3,719,831,200			$	999,432,117

Shares outstanding (unlimited amount authorized, $0.01 par value)			450,001				100,001				26,060,001				34,320,001
Net asset value		$	23.28			$	21.85			$	142.74			$	29.12

Market price		$	23.23			$	21.84			$	142.51			$	29.11

Unaffiliated investments in securities, at cost		$	11,375,099			$	2,446,811			$	4,008,946,539			$	1,084,957,085

Affiliated investments in securities, at cost		$	147,515			$	26,953			$	92,307,421			$	112,058,691

^(a)Includes securities on loan with an aggregate value of:		$	135,035			$	24,876			$	91,399,099			$	110,634,809

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


		15

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)^(a)				Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)^(a)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	22,478			$	4,125			$	10,763,212			$	2,514,845
Affiliated dividend income			-				-				140				140
Securities lending income			19				5				344,485				74,394
Foreign withholding tax			(24	)			(19	)			(14,143	)			(24,720	)

Total investment income			22,473				4,111				11,093,694				2,564,659


Expenses:
Unitary management fees			5,524				1,630				2,254,203				875,911

Net expenses			5,524				1,630				2,254,203				875,911

Net investment income			16,949				2,481				8,839,491				1,688,748


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(22,706	)			(51,855	)			(30,842,954	)			(94,144,561	)
Affiliated investment securities			(2	)			(3	)			(19,228	)			(11,996	)
In-kind redemptions			-				-				125,447,157				75,035,593

Net realized gain (loss)			(22,708	)			(51,858	)			94,584,975				(19,120,964	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(902,920	)			(263,976	)			(487,327,850	)			(180,599,167	)
Affiliated investment securities			-				-				1				(5,883	)

Change in net unrealized appreciation (depreciation)			(902,920	)			(263,976	)			(487,327,849	)			(180,605,050	)

Net realized and unrealized gain (loss)			(925,628	)			(315,834	)			(392,742,874	)			(199,726,014	)

Net increase (decrease) in net assets resulting from operations		$	(908,679	)		$	(313,353	)		$	(383,903,383	)		$	(198,037,266	)

^(a)	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

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


		16

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)


	Invesco ESG NASDAQ 100 ETF (QQMG)			Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)			Invesco NASDAQ 100 ETF (QQQM)						Invesco NASDAQ Next Gen 100 ETF (QQQJ)
	Period Ended February 28, 2022^(a)			Period Ended February 28, 2022^(a)			Six Months Ended February 28, 2022			Period Ended August 31, 2021^(b)			Six Months Ended February 28, 2022			Period Ended August 31, 2021^(b)
Operations:
Net investment income	$	16,949		$	2,481		$	8,839,491		$	3,973,590		$	1,688,748		$	2,711,840
Net realized gain (loss)		(22,708	)		(51,858	)		94,584,975			25,379,518			(19,120,964	)		48,684,121
Change in net unrealized appreciation (depreciation)		(902,920	)		(263,976	)		(487,327,849	)		195,971,485			(180,605,050	)		95,029,634

Net increase (decrease) in net assets resulting from operations		(908,679)			(313,353	)		(383,903,383	)		225,324,593			(198,037,266	)		146,425,595


Distributions to Shareholders from:
Distributable earnings		(6,081	)		(1,940	)		(5,551,106	)		(2,671,477	)		(9,221,202	)		(2,373,270	)


Shareholder Transactions:
Proceeds from shares sold		11,389,274			2,500,025			3,024,411,814			1,850,201,568			332,340,787			1,352,687,957
Value of shares repurchased		-			-			(724,287,562	)		(263,693,247	)		(334,851,943	)		(287,538,541	)

Net increase (decrease) in net assets resulting from share transactions		11,389,274			2,500,025			2,300,124,252			1,586,508,321			(2,511,156	)		1,065,149,416

Net increase (decrease) in net assets		10,474,514			2,184,732			1,910,669,763			1,809,161,437			(209,769,624	)		1,209,201,741


Net assets:
Beginning of period		-			-			1,809,161,437			-			1,209,201,741			-

End of period	$	10,474,514		$	2,184,732		$	3,719,831,200		$	1,809,161,437		$	999,432,117		$	1,209,201,741


Changes in Shares Outstanding:
Shares sold		450,001			100,001			19,420,000			13,620,001			10,110,000			43,840,001
Shares repurchased		-			-			(4,950,000	)		(2,030,000	)		(10,550,000	)		(9,080,000	)
Shares outstanding, beginning of period		-			-			11,590,001			-			34,760,001			-

Shares outstanding, end of period		450,001			100,001			26,060,001			11,590,001			34,320,001			34,760,001

^(a)	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

^(b)	For the period October 12, 2020 (commencement of investment operations) through August 31, 2021.

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


		17

Financial Highlights

Invesco ESG NASDAQ 100 ETF (QQMG)


	For the Period
	October 25, 2021^(a)
	Through
	February 28,
	2022
	(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.05
Net realized and unrealized gain (loss) on investments			(1.75	)

Total from investment operations			(1.70	)

Distributions to shareholders from:
Net investment income			(0.02	)

Net asset value at end of period		$	23.28

Market price at end of period^(c)		$	23.23

Net Asset Value Total Return^(d)			(6.81	)%^(e)
Market Price Total Return^(d)			(7.01	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,475
Ratio to average net assets of:
Expenses			0.20	%^(f)
Net investment income			0.61	%^(f)
Portfolio turnover rate^(g)			6	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to February 28, 2022 was (7.51)%. The market price total return from Fund Inception to February 28, 2022 was (7.93)%.

^(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.


		18

Financial Highlights–(continued)

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)


	For the Period
	October 25, 2021^(a)
	Through
	February 28,
	2022
	(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00

Net investment income^(b)			0.03
Net realized and unrealized gain (loss) on investments			(3.16	)

Total from investment operations			(3.13	)

Distributions to shareholders from:
Net investment income			(0.02	)

Net asset value at end of period		$	21.85

Market price at end of period^(c)		$	21.84

Net Asset Value Total Return^(d)			(12.53	)%^(e)
Market Price Total Return^(d)			(12.57	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,185
Ratio to average net assets of:
Expenses			0.20	%^(f)
Net investment income			0.30	%^(f)
Portfolio turnover rate^(g)			35	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to February 28, 2022 was (10.82)%. The market price total return from Fund Inception to February 28, 2022 was (10.93)%.

^(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.


		19

Financial Highlights–(continued)

Invesco NASDAQ 100 ETF (QQQM)


					For the Period
	Six Months Ended				October 12, 2020^(a)
	February 28,				Through
	2022				August 31,
	(Unaudited)				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	156.10			$	120.98

Net investment income^(b)			0.45				0.74
Net realized and unrealized gain (loss) on investments			(13.49	)			34.93

Total from investment operations			(13.04	)			35.67

Distributions to shareholders from:
Net investment income			(0.32	)			(0.55	)

Net asset value at end of period		$	142.74			$	156.10

Market price at end of period^(c)		$	142.51			$	156.11

Net Asset Value Total Return^(d)			(8.38	)%			29.56	%^(e)
Market Price Total Return^(d)			(8.52	)%			29.57	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,719,831			$	1,809,161
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%^(f)
Net investment income			0.59	%^(f)			0.61	%^(f)
Portfolio turnover rate^(g)			6	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%.

^(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.


		20

Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)


					For the Period
	Six Months Ended				October 12, 2020^(a)
	February 28,				Through
	2022				August 31,
	(Unaudited)				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	34.79			$	26.71

Net investment income^(b)			0.05				0.10
Net realized and unrealized gain (loss) on investments			(5.46	)			8.06

Total from investment operations			(5.41	)			8.16

Distributions to shareholders from:
Net investment income			(0.05	)			(0.08	)
Net realized gains			(0.21	)			-

Total distributions			(0.26	)			(0.08	)

Net asset value at end of period		$	29.12			$	34.79

Market price at end of period^(c)		$	29.11			$	34.77

Net Asset Value Total Return^(d)			(15.64	)%			30.58	%^(e)
Market Price Total Return^(d)			(15.63	)%			30.51	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	999,432			$	1,209,202
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%^(f)
Net investment income			0.29	%^(f)			0.35	%^(f)
Portfolio turnover rate^(g)			35	%			29	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%.

^(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.


		21

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization


Full Name		Short Name
Invesco ESG NASDAQ 100 ETF (QQMG)		“ESG NASDAQ 100 ETF”
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)		“ESG NASDAQ Next Gen 100 ETF”
Invesco NASDAQ 100 ETF (QQQM)		“NASDAQ 100 ETF”
Invesco NASDAQ Next Gen 100 ETF (QQQJ)		“NASDAQ Next Gen 100 ETF”

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
ESG NASDAQ 100 ETF		Nasdaq-100^®ESG Index
ESG NASDAQ Next Gen 100 ETF		Nasdaq Next Generation 100 ESG Index^®
NASDAQ 100 ETF		NASDAQ-100 Index^®
NASDAQ Next Gen 100 ETF		NASDAQ Next Generation 100 Index^®

NOTE 2–Significant Accounting Policies

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

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


		22

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


		23

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.

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

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.	Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for


		24

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund (except for ESG NASDAQ Next Gen 100 ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco by ESG NASDAQ 100 ETF were less than $500. NASDAQ 100 ETF and NASDAQ Next Gen 100 ETF paid Invesco $32,634 and $2,594, respectively, in fees for securities lending agent services.

K.	Other Risks

ADR Risk. The Funds may invest in American Depositary Receipts (“ADRs”). 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. ADRs 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 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.


		25

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.

ESG Investing Strategy Risk. The stocks of companies with favorable environmental, social and governance (“ESG”) attributes may underperform the stock market as a whole. As a result, ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

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

Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies and securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies tend to have less experienced management as well as limited


		26

product and market diversification and financial resources compared to larger capitalization companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees
		(as a % of average daily net assets)
ESG NASDAQ 100 ETF		0.20%
ESG NASDAQ Next Gen 100 ETF		0.20%
NASDAQ 100 ETF		0.15%
NASDAQ Next Gen 100 ETF		0.15%

For the six months ended February 28, 2022, no fees were waived.

The Adviser has entered into licensing agreements on behalf of each Fund with Nasdaq, Inc. (the, “Licensor”).


		27


ESG NASDAQ Next Gen 100 ETF*	$	128
NASDAQ 100 ETF		71
NASDAQ Next Gen 100 ETF		25,833

*	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

NOTE 4–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
ESG NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	10,472,179	$	-	$	-	$	10,472,179
Money Market Funds		9,341		138,174		-		147,515

Total Investments	$	10,481,520	$	138,174	$	-	$	10,619,694

ESG NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,178,234	$	-	$	4,601	$	2,182,835
Money Market Funds		1,416		25,537		-		26,953

Total Investments	$	2,179,650	$	25,537	$	4,601	$	2,209,788

NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	3,717,590,174	$	-	$	-	$	3,717,590,174
Money Market Funds		-		92,307,422		-		92,307,422

Total Investments	$	3,717,590,174	$	92,307,422	$	-	$	3,809,897,596

NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	995,642,305	$	-	$	3,745,247	$	999,387,552
Money Market Funds		-		112,052,808		-		112,052,808

Total Investments	$	995,642,305	$	112,052,808	$	3,745,247	$	1,111,440,360


		28

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

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


	No expiration
	Short-Term			Long-Term			Total*
NASDAQ 100 ETF		$	1,992,161		$	-		$	1,992,161
NASDAQ Next Gen 100 ETF			-			-			-

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

NOTE 6–Investment Transactions


	Purchases		Sales
ESG NASDAQ 100 ETF*	$	5,497,762	$	475,822
ESG NASDAQ Next Gen 100 ETF*		3,323,411		824,740
NASDAQ 100 ETF		189,891,927		183,073,660
NASDAQ Next Gen 100 ETF		409,182,449		411,238,592

*	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
ESG NASDAQ 100 ETF*	$	6,375,872	$	-
ESG NASDAQ Next Gen 100 ETF*		-		-
NASDAQ 100 ETF		3,020,912,179		725,633,259
NASDAQ Next Gen 100 ETF		331,811,046		338,984,251

*	For the period October 25, 2021 (commencement of investment operations) through February 28, 2022.

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


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
ESG NASDAQ 100 ETF*	$	140,135	$	(1,043,055	)	$	(902,920	)	$	11,522,614
ESG NASDAQ Next Gen 100 ETF*		60,388		(324,364	)		(263,976	)		2,473,764
NASDAQ 100 ETF		74,612,063		(366,069,777	)		(291,457,714	)		4,101,355,310
NASDAQ Next Gen 100 ETF		61,515,141		(147,241,369	)		(85,726,228	)		1,197,166,588

*	In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

NOTE 7–Trustees’ and Officer’s Fees


		29

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 the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

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

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.


		30

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period⁽¹⁾
Invesco ESG NASDAQ 100 ETF (QQMG)	$1,000.00	$931.90⁽²⁾	0.20%	$0.67⁽³⁾

Actual

Hypothetical (5% return before expenses)	1,000.00	1,023.80⁽²⁾	0.20	1.00⁽³⁾
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)	1,000.00	874.70⁽²⁾	0.20	0.65⁽³⁾

Actual

Hypothetical (5% return before expenses)	1,000.00	1,023.80⁽²⁾	0.20	1.00⁽³⁾
Invesco NASDAQ 100 ETF (QQQM)

Actual	1,000.00	916.20	0.15	0.71

Hypothetical (5% return before expenses)	1,000.00	1,024.05	0.15	0.75


		31

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco NASDAQ Next Gen 100 ETF (QQQJ)

Actual		$1,000.00		$ 843.60		0.15%		$0.69

Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15		0.75

⁽¹⁾

⁽²⁾

The actual ending account value is based on the actual total return of the Fund for the period October 25, 2021 (commencement of investment operations) through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period October 25, 2021 (commencement of investment operations) to February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 127/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


		32

Approval of Investment Advisory Contracts

At a meeting held on June 24, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco S&P 500 QVM Multi-factor ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF, Invesco S&P SmallCap 600 QVM Multi-factor ETF, Invesco ESG NASDAQ 100 ETF and Invesco ESG NASDAQ Next Gen 100 ETF (each, a “Fund” and collectively, 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 to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that each of the Funds’ portfolio managers also manages other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Funds’ portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds.


Fund	Passive ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco S&P 500 QVM Multi-factor ETF	Lower than	Lower than	Lower than	Lower than
	median (60)	median (23)	median (155)	median (3)
Invesco S&P MidCap 400 QVM Multi-factor ETF	Lower than	Higher than	Lower than	Lower than
	median (14)	median (8)	median (83)	median (2)
Invesco S&P SmallCap 600 QVM Multi-factor ETF	Lower than	Lower than	Lower than	Lower than
	median (52)	median (32)	median (205)	median (3)
Invesco ESG NASDAQ 100 ETF	Higher than	Higher than	Lower than	Higher than
	median (17)	median (18)	median (148)	median (2)
Invesco ESG NASDAQ Next Gen 100 ETF	Lower than	Higher than	Lower than	Lower than
	median (11)	median (3)	median (101)	median (2)


		33

Approval of Investment Advisory Contracts–(continued)

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of 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 proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of that Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be 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 affiliated money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.


		34

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST2-SAR-1

invesco.com/ETFs

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)	The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are

effective.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


(a)(1)		Not applicable.

(a)(2)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3)		Not applicable.

(a)(4)		Not applicable.

(b)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Fund Trust II


By:		/s/ Anna Paglia
Name:		Anna Paglia
Title:		President

Date: May 4, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Anna Paglia
Name:		Anna Paglia
Title:		President

Date: May 4, 2022


By:		/s/ Kelli Gallegos
Name:		Kelli Gallegos
Title:		Treasurer

Date: May 4, 2022

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Money Market Funds Plus Other Assets Less Liabilities